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Developer Sues Condo Buyers

Developer CMK is suing 27 condo buyers who failed to close on their units after signing contracts, according to Crain's. The developer agreed to cover two-thirds of the earnest money in exchange for a promissory note. Now they're suing to make sure that buyers make good on the promise. The average amount owed is about $36,000, according to Crain's. [Chicago Real Estate Daily]