PU- NJ Sales Agreement

This is the agreement PU signed for for the land on which the Dinky station is built. For its right to move the tracks south to a place next to the Lot 7 garage, PU relies on paragraph 15(d) which is  included in a set of improvements pertaining to the sale.  The improvements were to have been underway by the fall of 1985.  Paragraph 15(d) identifies PU’s right to move the terminus southward as “coincident with  the minimum reservation of platform space.”  Paragraph 15(b) defines the minimum reservation of platform space as 170 feet x 12 feet.  At some point in 1987 or thereafter, the tracks were shortened and the terminus was moved from the north end to the south end of the platform, where it is now located next to the station building on the south. The current platform distance is somewhat more than 170 feet, so that the move maintained the minimum reservation of space and, as well, was conincident with that location. Other clauses in the contract confirm that the parties contemplated a move, and only one move, from the north to the south on the then-existing platform. Despite this, PU maintains that this paragraph gives it the right to move the terminus an additional 480 feet southward and in fact seems to maintain that it has the right to move the terminus to points further south so long as it constructs a 170 foot platform.