Ok, before someone else points it out, let me say..it's a good thing
i am not a gambling man..Section 3.15 of the Agreement reads as
follows:
==========================================
3.15 6th Avenue Opening
The parties agree that the re-opening of 6th Avenue, from
Kingsley to Ocean Avenue is an important aspect of the Plan IV.
The parties acknowledge that (i) the southernly half of the
former street bed of 6th Avenue is owned by the owner of the
Berkeley Carteret Hotel and the northernly half by the Master
Developer and (ii) the half owned by the Hotel is occasionally
utilized by it for parking. The City and Master Developer agree
to negotiate and if necessary, condemn, to obtain that portion
of said former street bed owned by the Berkeley Carteret Hotel.
The City and Master Developer will replace the amount of parking
spaces in the former street bed with street parking dedicated
exclusively to the Hotel. The recreated street bed shall become
part of the Master Developer's infrastructure improvements, so
long as it is not the subject of litigation.
===========================================
I like the part about condemning if neccessary.
I am unsure exactly what the last sentence means exactly and if
possible litigation has potential to tie in with the cost overrun
stipulation in section h of the plan.
tony
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