mburrrrr
Senior Member
Thanks, the Agreement is very interesting but it does not appear to have a clause allowing anyone to end it. I am not a lawyer but this seems a serious defect to me because, as appears to be happening, situations change and what worked in 1997 may well NOT work in 2027 (??) if/when 45 The Esplanade is built.
I think we are now all agreed that (under the Condo Act and because they undoubtedly do not have $$ available) MTCC 850 cannot 'buy the parking'. In essence, the Agreement allows up to 244 residents of MTCC 850 (including 16 commercial tenants) to rent parking at a 'bulk rate'. I am not clear how the Silver Hotel Group can unilaterally decide to 'dispose of' part of the parking area covered by the Agreement - though doubtless paying $$$$ to someone might be the solution. The question is..... would the payment be to MTCC 850 (with whom they have an Agreement) or with the current 'parking renters' with whom they presumably have contracts. I can see lawyers getting quite rich over all this!
I would be happy to discuss over a beer (if 'the dog' is also invited) but really have little more to contribute. Were I on the Board at MTCC 850 I would be talking to the Corporation's lawyers and getting ready to start paying large legal bills.
Legal costs and any reimbursements would be complicated.
I will let Lola know and send you a direct message.