Plaintiff buyer and defendant seller entered into a contract for the sale of a cooperative apartment, plaintiff making a down payment of $59,000, 10% of the purchase price, to be held by defendant's attorneys in an interest-bearing escrow account pending the closing. Under paragraph 6, the contract was subject to the approval of the co-op's board of directors and was to be deemed canceled if such approval was refused. The board refused to approve the contract when plaintiff...
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