I'm getting an ulsar!

Today has been one of the most stressful days I've had in a really long time. The situation with our condo is very confusing and frustrating but I'll do my best to explain what's happening. We entered into whats called a lease option to purchase when we moved in. Basically that means that we bought the condo but the loan is still in the owners name and we make the mortgage payments. All the money we pay with the mortgage payments goes towards our equity. We have 3 years to decide if we want to buy the condo and when we do it will be sold to us at an agreed upon price when we moved in minus the principal we've paid down in the time we lived here prior to purchasing it. Does that make sense? Anyway, sense the market crashed in the last year this condo is now worth $40K less than our agreed upon purchase price, making it impossible for us to buy. The value of the condo will not go up in the next two years enough to make it appraise for the agreed price so we have been trying to renegotiate our contract. Rather unsuccessfully. The owners don't want to renegotiate because they feel that just because the market is bad doesn't mean that they should have to short sale the condo to us. Which makes sense, but we were stuck trying to figure out what would work for everyone. Meanwhile we are paying their mortgage plus a hefty HOA fee and together we are paying about $500 more than we should be for something that's basically a rental to us. So I get a a call yesterday from the owners saying that they are willing to rip up the contract and let us move out so we can buy something and take advantage of the market right now, which was a totally nice thing for them to do but they want us out by the end of August....which is 3 weeks away. We don't have to leave but we would rather rent somewhere else here for WAY less than what we're paying now. We can't really buy something right now because Mike is graduating school next summer and we may have to move somewhere else. We also don't want to move anywhere else because we don't want to have to change wards and everything and then have to move again when Mike graduates. Plus we just enrolled Rylie in a school that's literally a half mile away from here and Mikes works right up the street. So we are looking for condos for rent in this same complex to keep things simpler, but there aren't any right now and we need to figure this out NOW!! The clock is ticking. I don't know what to do!!! It totally sucks that things didn't work out with this condo but you can't predict the market. It's a great time to buy but we don't know where Mike's job will take him once he's done with school. So we are in a pickle! And it's not like we have time to sit around and wait for something to pop up and be available to rent. I will keep everyone posted on how this all unfolds. I am praying for an absolute miracle.