- You need to talk to an attorney, explain what you want the document to look like, and have them draft it.
- When you say, "the individual . . . would like to sell", you're saying the guy with the option would like to sell his option?
- If I understand this correctly I'd just let the guy with failing health pay you whatever you guys work out and then right a new option agreement for the new prospective buyer. (Or just sell the asset to the Buyer outright.)
Feb 8, 2016