In March 1984, plaintiffs and defendant entered into a land contract by the terms of which defendant, the purchaser, was to pay plaintiffs, the sellers, $20,000 for the realty. Payment was to be made in installments of $310 on the first of each month; if a payment was more than 10 days late, defendant was obligated to pay a penalty.
The parties modified this agreement on November 8, 1985. The modification, insofar as relevant...
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