Mercure, J.
In October 2002, defendant purchased approximately 35 acres of land located in the Town of Stillwater, Saratoga County from plaintiffs for $1.4 million. Defendant intended to subdivide the property and develop the site into a luxury, single-family housing development. Defendant paid plaintiffs $100,000, and executed a promissory note secured by a mortgage on the property for the remainder of the purchase price. The note provided that the first $100,000...
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