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Real Property Law
Contract Gave Purchaser Right to Cancel in Its Sole Discretion ELBT Realty, LLC v. Mineola Garden City Co., Ltd. NYLJ 12/2/16, p. 32, col. 6 AppDiv, Second Dept. (memorandum opinion)
In an action by purchaser for return of a down payment, seller appealed from Supreme Court's grant of purchaser's summary judgment motion. The Appellate Division affirmed, holding that the contract's express terms permitted purchaser to cancel the contract in its sole discretion.
Purchaser made a down payment of $120,000 in accordance with the terms of a contract for the purchaser of a commercial building. The payment was held in escrow by the seller's lawyer. The contract provided that, within a specified time period, if purchaser “in its sole discretion, determines that the Project is, for any reason whatsoever, unsatisfactory to Purchaser,” the latter was entitled to terminate the contract and obtain return of the down payment. One month after signing, purchaser exercised the right to terminate and requested return of the down payment. Seller refused, and purchaser brought this action. Supreme Court awarded summary judgment to purchaser, and seller appealed.
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