VETOES

                             (II) NOT LATER THAN 10 DAYS AFTER ENTERING INTO THE
CONTRACT FOR SALE BY THE VENDOR AND THE PURCHASER, OR THE CONTRACT IS

VOID.

(D) THE DISCLAIMER STATEMENT OR DISCLOSURE STATEMENT UNDER THIS
SECTION SHALL BE DELIVERED TO EACH PURCHASER PRIOR TO THE EXECUTION OF
THE CONTRACT FOR SALE BY THE PURCHASER IN THE CASE OF:

(1) A LAND INSTALLMENT CONTRACT;

(2) AN OPTION TO PURCHASE AGREEMENT; AND

(3) A LEASE AGREEMENT CONTAINING AN OPTION TO PURCHASE
PROVISION.                                                                                                                                   

(E) EACH PURCHASER WHO RECEIVES THE DISCLOSURE STATEMENT PRIOR
TO OR AT THE TIME OF ENTERING INTO THE CONTRACT FOR SALE SHALL NOT HAVE
THE RIGHT TO RESCIND THE CONTRACT FOR SALE BASED UPON THE INFORMATION
CONTAINED IN THE STATEMENT.

(F) (1) EACH PURCHASER WHO DOES NOT RECEIVE THE DISCLOSURE
STATEMENT PRIOR TO OR AT THE TIME OF ENTERING INTO THE CONTRACT FOR
SALE SHALL HAVE THE UNCONDITIONAL RIGHT, UPON WRITTEN NOTICE TO THE
VENDOR OR VENDOR'S AGENT, TO RESCIND THE CONTRACT FOR SALE AT ANY TIME
PRIOR TO THE RECEIPT OF THE DISCLOSURE STATEMENT OR WITHIN 5 DAYS
FOLLOWING THE RECEIPT OF THE DISCLOSURE STATEMENT AND TO THE
IMMEDIATE RETURN OF ANY DEPOSITS MADE ON ACCOUNT OF THE CONTRACT.

(2) A PURCHASER'S RIGHT TO RESCIND THE CONTRACT OF SALE
UNDER THIS SUBSECTION TERMINATES IF NOT EXERCISED BEFORE MAKING A
WRITTEN APPLICATION TO A LENDER FOR A MORTGAGE LOAN, IF THE LENDER
DISCLOSES IN WRITING AT OR BEFORE THE TIME APPLICATION IS MADE THAT THE
RIGHT TO RESCIND TERMINATES ON SUBMISSION OF THE APPLICATION.

(G) AT THE TIME THE DISCLOSURE STATEMENT REQUIRED UNDER THIS
SECTION IS DELIVERED, EACH PURCHASER SHALL DATE AND SIGN A WRITTEN
ACKNOWLEDGMENT OF RECEIPT, WHICH SHALL BE INCLUDED IN OR ATTACHED TO
THE CONTRACT FOR SALE.

(H) (1) A VENDOR IS NOT LIABLE FOR AN ERROR, INACCURACY, OR
OMISSION IN A DISCLOSURE STATEMENT MADE UNDER THIS SECTION IF THE ERROR
OR OMISSION WAS BASED UPON INFORMATION THAT WAS:

(I) NOT WITHIN THE ACTUAL KNOWLEDGE OF THE VENDOR;

(II) PROVIDED TO THE VENDOR BY A UNIT OR INSTRUMENTALITY
OF THE STATE GOVERNMENT OR OF A POLITICAL SUBDIVISION; OR

- 3378 -

S.B. 707