NOTICE
OF RIGHT OF RESCISSION
[s-CheckAmount] Mortgage on Property
situated at:
[s-IndenTrans]
Notice to Customer
Required by Federal Law:
You have entered
into a transaction on [s-TransDate] which may result in a lien,
mortgage or other security interest on your home. You have a legal
right under federal law to cancel this transaction, if you desire to
do so, without any penalty or obligation, within three business days
from the above date or any later date on which all material
disclosures required under the Truth in Lending Act have been given
to you. If you so cancel the transaction, any lien, mortgage or
other security interest on your home arising from this transaction is
automatically void. You are also entitled to receive a refund of any
down payment or other consideration if you cancel. If you decide to
cancel this transaction, you may do so by notifying:
[s-CreditorName]
Located at:
[s-Address]
No later than
[s-LateDate]. This notice may be used for that purpose by dating and
signing below.
I hereby cancel this
transaction.
___________________________ ___________________
Signature Date
See Next Page for
Important Information About Your Right of Rescission
Receipt is herewith
acknowledged of the foregoing NOTICE,
EACH of the
undersigned CUSTOMERS having received two copies thereof, and one
copy of the Disclosure Statements concerning the above identified
transaction on [date].
***************************
EFFECT OF
RESCISSION. When a customer exercised his right to rescind under
paragraph [a] of this section, he is not liable for any finance or
other charge, and any security interest becomes void upon such a
rescission. Within ten days after receipt of a notice of rescission,
the creditor shall return to the customer any money or property given
as earnest money, down payment or otherwise, and shall take any
action necessary or appropriate to reflect the termination of any
security interest created under the transaction. If the creditor has
delivered any property to the customer, the customer may retain
possession of it. Upon the performance of the creditor's obligations
under this section, the customer shall tender the property to the
creditor, except that if return of the property in kind would be
impracticable or inequitable, the customer shall tender its
reasonable value. Tender shall be made at the location of the
property or at the residence of the customer, at the option of the
customer. If the creditor does not take possession of the property
within ten days after tender by the customer, ownership of the
property vests in the customer without obligation on his part to pay
for it.
Issue two copies to
customer.
