It's actually the exercise price of the option * 100 per contract.Example: You sell a 200$ put option on Apple for 1$.

I'll definitely exercise these options on the next buyer.

Although it is rare that a homeowner redeems the property, a mortgagee or other lienholder may also exercise a right of redemption.  

If the bank did decide to exercise the due on sale clause, the seller would have to pay off the mortgage or get foreclosed on, or your friend could buy the house outright for what is owed on it via cash or new mortgage.

Did you not read the lease you gave to your tenant The right of first refusal is not that uncommon and if your tenant does not want to exercise the right the buyer can proceed, either way you have a sale of your property

Misrepresentation/omission.Actions constituting misrepresentation or omission, or both, include: Using "bait and switch" tactics by advertising or offering real property for sale or rent with the intent not to sell or rent at the price or terms advertised, unless the advertisement or offer clearly states that the property advertised is limited in specific quantity or for a specified time period and the licensee did in fact have at least that quantity for sale or rent at that price or terms at the time of advertising;Failure by a licensee representing a seller or landlord as a standard agent to disclose in a timely manner to a prospective purchaser or tenant all material adverse facts pertaining to the physical condition of the property which are actually known by the licensee;Failing as a licensee to tender promptly to the buyer and seller every written offer, every written counteroffer, and every written rejection to purchase, option or lease obtained on the property involved;Failure by a licensee acting as an agent to disclose in a timely manner to the licensee's client all material facts related to the property or concerning the transaction when the failure to so disclose would constitute failure by the licensee to exercise ordinary care as defined in the brokerage agreement; I guess it  varies from region to region, but I figured things like this would be standard.

Aligning yourself with some sort of money partner allows you to legally exercise this right, because you'll be closing before you resell (intent and ability). 4.

I thought this would be an interesting exercise - if you were starting from scratch and had $200k in cash to apply to real estate investments in New Jersey, what would you do?

Account ClosedYou and you account/advisor need to go through the exercise to project your plan into the future such that you will know whether your journey will see your properties rolled into a corporation in the future and, if so, to ensure you do (or do not) take certain actions now which may incur additional costs or taxation down the road.

But yes...it might trigger the bank to exercise the clause.