Posted by Jim LaVerdi on December 23, 1999 at 24:14:56:
I will give you my thoughts on this, but you should maybe post this question to Bill Bronchick on Legalwiz.com to be sure.
As far as you taking back a second…That’s your decision! No bank should dictate what you do, or who you loan your money to.
I really don’t think that the appraisal situation is your problem. The Lessee agreed to pay your price. It’s now up to him/her to get the cash you need or they forfeit their “Option Consideration” That cash will buy you your time to find perhaps another Lessee and do it all over again! I would hope you did get a good amount of cash for consideration when the lease was signed. This is “Non Refundable” and helps you in times like this if things don’t work out. If they have been good payers I would carry a second. Hey MO MONEY for your pocket!
Good Luck, and HAPPY HOLIDAYS!