Defendant as owner of the Lake Placid-Marcy Hotel entered into a contract for the sale of the hotel with plaintiff on June 29, 1956. Defendant had a liquor license for the premises and it was contemplated as part of the contract that plaintiff would, in turn, obtain a new liquor license of its own. It was provided that if the State Liquor Authority should not have approved plaintiff's application within eight weeks of June 29 "then the seller shall have the option (1) to...
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