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Commitments. (Subject to Rescission by Borrowers)
Borrowers: (Print Full Names), _________(No., Street or R.F.D.), _________(City), _________(State) _________(Zip) Lender: _________(Lender's Name), _________(Mailing Address, Including Zip) Borrowers have applied to lender for a loan, additional security for which shall be a Security Interest in real property constituting their principal residence. The requested loan is subject to a right of rescission for three (3) business days, pursuant to Section 226.15, Regulation Z, and provisions of the federal Truth in Lending Act ("Act"). The full financial details of such loan, as prescribed by Act, have already been disclosed by lender to borrowers by separate Disclosure Statement. Lender is prohibited by Act from disbursing any funds other than in escrow, until the expiration of the aforementioned rescission period and the subsequent execution of the certificate of confirmation by borrowers. All parties here desire to consummate the transaction to the full extent permitted by Act. Now, therefore, the parties here mutually agree as follows: 1. Lender commits itself to make the requested loan, upon the conditions specified here. That is, such loan is approved subject to favorable results of lender's credit investigation and of a title search as to borrowers' real property intended to serve as additional security for the loan. 2. Lender shall have the right to withdraw this loan commitment, if it determines (in its sole discretion and judgment) that the result of its credit investigation and/or title search do not warrant the granting of the requested loan; the parties recognizing that lender may not reasonably cause the credit investigation and/or title search to be conducted until after borrowers have executed the aforementioned certificate of confirmation. Further, if this loan commitment should be cancelled, as aforementioned, based upon the credit investigation and/or title search, borrowers agree that they shall be responsible for such costs of title examination and credit investigation. 3. The parties here agree that the rescission period, aforementioned, shall immediately commence upon their execution under this agreement. In witness etc.
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