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Gulf Highlands Project and all activities necessary and
proper to accomplish the foregoing activities.
The written agreement further describes the management and
control of the joint venture’s activities as follows:
All decisions of the Venture relating to the commencement,
design, development, management, financing, pledging,
mortgaging, disposition or marketing of any project or
business activity of the Venture * * * shall be made only
with the unanimous consent of * * * [Briggs, Mr. Morris, and
Daniell].
On April 24, 1986, one day before the execution of the
written joint venture agreement, Briggs and Daniell sold a small
portion of the 40 acres to Sunshine-Jr. Stores, Inc., an
unrelated third party. On April 29, 1986, Briggs and Daniell
sold the much larger, remaining portion of the 40 acres to Towers
Development, which thereafter developed it as phase II of Gulf
Highlands.
Later in 1986, Daniell had a further dispute with Briggs and
Mr. Morris. In a letter to Briggs and Mr. Morris dated September
5, 1986, Daniell recited various grievances regarding the
handling of several of the joint venture’s real estate
activities. The letter notes that “In the fall of 1983 at the
Boar’s Head Restaurant, the three of us verbally agreed to begin
a Joint Venture on Panama City Beach where all of us would
participate equally in all profits generated from all real estate
activities on the beach.”
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