But that is applying logic to the government which is an exercise in futility.  

When the end buyer goes to exercise his option, what kind of problems can his potential lender give him that would keep him from exercising his option?  

A seller/landlord is bound by the contract to sell you the property if you exercise your option according to the contract.

The pharmacy sets this up so that when options come up they either exercise or not and landlord has no leverage.

If it's really a promising property and you could add some value you might be in good shape when it comes time to exercise the option.

“Co-Wholesaling”, typically an exercise in futility, but you may learn something.

(in the very remote possibility that I chose not to exercise my option) After a bit of sprucing up and putting solid renters in the place, I estimate that the value of the property should exceed 100,000.

The option contract does not give you the full bundle of rights in title to the real property until you exercise the option and become the formal owner in title.

If he fails to exercise the option you can then make any deal you like or not make one.The property is in Texas, TREC and Texas law prevails.Don't write this thing up yourself, have him pay the attorney and both of you go see one, he can pay but the seller should be the client, IMO.

It may be very hard to do but a really beneficial exercise may be to step back from the issue and evaluate it from a long term cash flow/value analysis standpoint.