Granted, this probably is outside the purview of your intial question, but I like the think exercise :)

You are paid at assignment and you are out of the deal.The new Optionee, your assignee, now exercises the Option, signs the PSA as the buyer, and closes the deal.

Right now he works on his home for his exercise.  

It presumes (implied covenant of good faith and fair dealing) that the attorney will exercise his termination ability only in good faith and and for good cause.

My interests include exercising, reading, rock climbing, hiking, playing the drums, and just spending time with my family, friends, and girlfriend.

Exercise equipment, or at least boxing gloves and headgear. 

Even if you only get back part of the money or walk away it is probable a lot less stress and cost than court related action.If you have to walk away put it down to a learning exercise and good karma in that you have helped someone stay in their home.

I exercised my right to my own general contractor and they were not delighted about that.  

INSURANCE:It is Owner's responsibility to have coverage and to maintain property insurance coverageagainst any and all perils on the subject properties .Owner shall indemnify and save the Agent harmless from any and all costs, expenses, attorney's fees, suits, liabilities , damages from or connected with the lawful management of the property byAgent or the lawful performance or reasonable exercise of any of the duties, obligations, powers,or authorities herein or hereafter granted to Agent.The Owner agrees to indemnify and hold the Agent harmless from any claims, debts, demands,suits, costs, or charges, including necessary attorney's fees in connection with or arising from themanagement of herein described property including necessary attorney's fees in connection with orarising from the management of herein described property (but for any claims that arise from an alleged lack of due care exercised by Agent) and from any liability for injury suffer donor about thepremises by any person whomsoever.Owner agrees to carry liability insurance in limits of not less than $300,000.

You never pay the taxes, you just keep exercising your right of first refusal to buy subsequent year's tax liens, until you are ready to foreclose.