This action seeks declaratory relief with respect to a contract to purchase real property in Staten Island. The contract is dated December 28, 1989, and the purchase price is $21,000,000. $1,000,000 was placed in escrow with the seller's attorney as earnest money. The closing was initially scheduled for July 2, 1990, with time being of the essence of the contract. The contract did not make the existence of financing a condition of the contract, but paragraph 22 (h) did provide...
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