If I cancel my Extreme Art Studio transaction, what happens to any property I traded in?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
You may cancel this transaction, without penalty or obligation, within three (3) business days from the above date. If you cancel, any property traded in, any payments made by you under the contract or sale, and any negotiable instrument executed by you will be returned within ten (10) business days following receipt by the seller of your cancellation notice, and any security interest arising out of the transaction will be cancelled.
If you cancel, you must make available to the seller at your residence or business address, in substantially as good condition as when received, any goods delivered to you under this contract or sale; or you may, if you wish, comply with the instructions of the seller regarding the return shipment of the goods at the seller's expense and risk.
If you do not agree to return the goods to the seller or if the seller does not pick them up within twenty (20) days of the date of your notice of cancellation, you may retain or dispose of the goods without any further obligation.
To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice or any other written notice to Extreme Art Studio Franchising, LLC, 7566 Market Place Drive, Eden Prairie, MN 55344 not later than midnight of the third business day after the Effective Date.
Source: Item 23 — RECEIPTS (FDD pages 49–214)
What This Means (2024 FDD)
According to the 2024 Extreme Art Studio Franchise Disclosure Document, if you cancel the transaction within three business days, any property you traded in will be returned to you. This return must occur within ten business days following Extreme Art Studio's receipt of your cancellation notice. Additionally, any payments you made and any negotiable instruments you executed will also be returned, and any security interest arising from the transaction will be cancelled.
To properly cancel the transaction, you must mail or deliver a signed and dated copy of the cancellation notice, or any other written notice, to Extreme Art Studio Franchising, LLC at their specified address in Eden Prairie, MN. This notice must be received no later than midnight of the third business day after the effective date of the transaction.
Furthermore, if you received any goods from Extreme Art Studio as part of the transaction, you must make them available to the seller in substantially as good condition as when you received them. Alternatively, you can comply with Extreme Art Studio's instructions regarding the return shipment of the goods, which will be at the seller's expense and risk. If you do not return the goods, or if Extreme Art Studio does not pick them up within twenty days of your cancellation notice, you may retain or dispose of the goods without any further obligation.