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H <br />H <br /> <br />ii <br /> <br />[] <br />I[ <br /> <br />II <br />II <br />I] <br /> <br />[ <br /> <br /> conditions of the purchase in dispute. <br /> <br />(3) The hearing shall be recorded and may be transcribed at <br /> the request and expense of either party. All hearing <br /> proceedings, debates and deliberations shall be open to <br /> the public and at such times and places as contained in <br /> the notice or as thereafter publicly stated in the or- <br /> der to adjourn. <br /> <br />(4) The arbitration panel shall be required to determine <br /> the purchase price of the System according to the stan- <br /> dards established in paragraph C below. <br /> <br />(5) At the close of the hearings and within 30 days, the <br /> arbitrators shall prepare written findings and make a <br /> written decision agreed upon by a majority of the arbi- <br /> trators which shall be served by mail upon City and <br /> Grantee. <br /> <br />(6) The decision of a majority of the arbitrators shall be <br /> binding upon both parties except that City may, in its <br /> sole discretion and without any penalty or cost to City <br /> of any kind, withdraw its offer to purchase within 90 <br /> days of receipt of the final decision of a majority of <br /> the arbitrators. <br /> <br />(7) Either party may seek judicial relief to the extent <br /> authorized under Minnesota Statutes, §572.09 and <br /> §572.19 as the same may be amended, and in addition, <br /> under the following circumstances: <br /> (a) A party fails to select an arbitrator; <br /> (b) The arbitrators fail to select a third arbitrator; <br /> <br />72 <br /> <br /> <br />