I have paid $100,000 on an Option for a building with the seller carrying paper. Section 5 of the Option says: “In the event the Buyer cannot make the final payment ($175,000) by July 31, 2009, the Seller will extend the Option date two (2) months with a penalty of seven and one-half percent (7 1/2 %) of the unpaid balance for each month the payment is late.” I have been out of town and returned Aug 1, 2009 (a Saturday) at which time I contacted the seller to let him know I am back. He asked that we meet on Monday the 3rd which we’ve done.
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I have paid $100,000 on an Option for a building with the seller