On or about May 12, 1965 the defendant and his then wife contracted to sell certain real property located in Altamont, New York, to plaintiffs for the sum of $8,500, pursuant to the terms of a written contract which, among other things, included the following language in relation to a parcel excepted from the proposed sale: "It is also agreed by and between the parties that should the Sellers herein fail to build a home on the property excepted herein, the Purchasers shall...
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