Rental Contract w/ Purchase Option
Sales Associate: ______ Date: ____ / _____ / _____
Lessor' musical instruments may only be rented by a live-in parent or guardian whose child attends a local school and the initial payment must be paid by bank card, not cash or check. Lessee is required to have a major credit card and present the following documents that prove local residency: ❒ Drivers License; ❒ D.M.V. Registration; ❒ Proof of Insurance
This lease, effective as of the date written above, is between Gill’s Music as "Lessor", and the customer(s) stated herein as "Lessee". Subject to the terms and conditions stated herein, front and back, Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the musical instrument identified and described above.
Lessee may return the instrument to Lessor any time after the minimum rental term of _________ months has been satisfied, provided that Lessee has given 30 days advance written notice and notwithstanding any other terms of this contract.
Lessee in good standing may apply all rental payments (excluding tax and any optional coverage) towards the purchase of this Instrument at the selling price listed above; which may PAY OFF THIS INSTRUMENT IN __________ MONTHS.
*With limitations, our optional Instrument Protection Coverage will cover Loss from theft or fire and also pay the cost of all minor repairs including adjustments and broken strings. This coverage is not comprehensive insurance and does not cover broken mouthpieces or any damage from misuse or neglect.
Lessee hereby authorizes Lessor or Lessor's agent to charge the monthly payments hereunder to the credit/debit card account indicated below. Lessee agrees to keep a valid credit/debit card on file with Lessor at all times during this contract. Lessee understands that any monthly rental payment which is not received by Lessor, for any reason, by the fifth (5th) calendar day of the month will incur a $10.00 late fee which will be assessed and added to Lessee' account balance. Accounts not cleared by the fifteenth (15th) of the month are subject to collection costs, and other additional charges.
Name on Card: ____________________________________________________________ 3-digit code: _____________
❒ VISA / ❒ MC: _____________ / _____________ / _____________ / _____________ Expiration Date:______ / ______
X _______________________________________________________________________ Date: _____ / _____ / ______
I have read this contract front and back and agree to it’s terms.
Additional Requirements, Terms and Conditions
Term of Lease: The term of this lease is month-to-month after the minimum period of time described on the reverse side, beginning as of the stated date and ending on the date the property is either returned voluntarily or involuntarily to Lessor, or purchased from Lessor.
Rent: Lessee remains obligated to pay the monthly rental fee for every month or fraction of a month that Lessee has not returned the property to Lessor. Lessee agrees to bring the account current upon the return of the property to Lessor and acknowledges that Lessor is entitled to retain all payments previously made under this rental contract.
Location of Property: Lessee shall not permit the property to be removed from his or her possession during the term of this agreement. Lessee agrees to notify Lessor in writing, within 10 days, as to any change in location of Lessee or the property.
Inspection and Care of Property: Lessee has inspected the property prior to delivery and acknowledges that the property is in good condition and repair and accepts the property in such good condition and repair. Lessee agrees to use the property in a careful and proper manner and to comply with Lessor's or the manufacturer's instructions relating to the possession, use, maintenance, repair and operation of the property.
Alterations: Lessee agrees that it will allow no alterations of any kind to the property including putting stickers on or writing a name on the case. Lessee agrees to purchase a new case for any case so permanently marked with their child’s name.
Maintenance and Repair: Lessee shall at all times during the term of this rental agreement keep the property in good repair, condition and working order. Lessee agrees that no repair shop other than Lessor's may work on the above instrument without the prior written permission of Lessor. Lessee is advised that our typical minimum shop fee for repairs and/or adjustments to band and orchestra instruments is $60.00.
*Instrument Protection Coverage: Lessee may purchase our Instrument Protection Coverage at an additional monthly cost. This coverage will replace the instrument if it is lost or stolen due to theft, provided reasonable care has been exercised and a police report is filed within 7 days of any such loss. This coverage will also cover the cost for maintenance and minor repairs to the instrument. Our Instrument Protection Coverage is NOT COMPREHENSIVE INSURANCE and specifically excludes any and all loss or damage caused by neglect, abuse or unreasonable depreciation due to damage or hard use.
Lessor's Right of Inspection: Lessor shall at all reasonable times and places have the right to inspect the property and observe its use. Lessee shall immediately notify Lessor of any attachment or other judicial process affecting the property.
Return of Property: On the expiration or earlier termination of this lease, Lessee shall return the property to Lessor' place of business in good repair, ordinary wear and tear resulting from proper use alone excepted. Such conditions for the return of the property are subject to Lessee's option to purchase the property as set forth below.
Lessee's Option to Purchase Property: Lessor grants to Lessee the option to purchase the property, provided that Lessee completely performs all of the terms and conditions of this lease on Lessee's part to be performed, including full payment of the lease payments. Should Lessee exercise the option to purchase, all of the lease payments paid shall be applied to the purchase price of the property less service charges if any according to the contract. On receipt of the balance of the purchase price by Lessor, together with applicable unpaid taxes, Lessor will transfer title to the property to Lessee. The instrument will remain the property of Lessor and will not become the property of Lessee until the full purchase price (including the selling price listed on this contract, plus any sales tax, service charges and late fees) have been paid.
Risk of Loss or Damage: Lessee assumes all risk of loss of and damage to the property from any cause; including loss due to fire or theft even if the maintenance option is in effect and even if another person was using the property at the time of loss or damage. No loss or damage to the property will impair any obligation of Lessee under this lease, which will continue in full force and effect. In the event the property is lost or damaged beyond repair, Lessee will be responsible for payment of 100% of the Selling Price, less any monthly payments previously made.
Events Constituting Default: The following events shall constitute default under this agreement: (a) The non-payment by Lessee for a period of ten days of any sum required to be paid by Lessee that is not cured within 15 days of the payment due date; (b) The non-performance by Lessee of any other term, covenant or condition of this lease that is not cured within ten days after notice of non-performance from Lessor; (c) Any affirmative act of insolvency by Lessee, or the filing by Lessee of any petition under any bankruptcy, reorganization, insolvency, or moratorium law, or any law for the relief of, or relating to, debtors; or (d) The subjection of any of Lessee's property to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency.
Lessor's Rights On Default: On the occurrence of any of the events of default described above, Lessor, without notice to or demand on Lessee, may retake possession of the property. Lessor is entitled to pursue all legal remedies available to it to enforce the terms of this contract, including the pursuit of a collection action to collect any amounts due under this contract. Lessee will be responsible for all costs incurred by Lessor, including collection costs, legal expenses, and attorneys' fees, to enforce the terms of this contract against Lessee. Any amounts turned over for formal collection will incur interest at the rate of 12% per annum from the date default occurred.
Rights of Reinstatement: If Lessee fails to make a monthly rental fee when due, Lessee may reinstate this contract without losing any rights or options previously acquired if he or she brings his or her account current within 15 days of the payment due date. Upon reinstatement, Lessor shall provide Lessee with the same instrument or a substitute instrument of comparable quality and condition. If monthly rental payments are over 10 days' late for three consecutive months or run over 30 days' late at any time, Lessee must return the property to Lessor, and all rental fees will be forfeited.
Ownership of Property: The property is, and shall at all times remain, the sole property of Lessor, and Lessee shall have no right, title or interest in the property except as expressly set forth in this lease. Lessor shall retain title to the property until such time, if ever, as Lessee chooses to exercise the option to purchase the property according to this contract.
Assignment by Lessor: Lessor may assign or transfer this contract, the instrument or its rights to receive payments under this lease at any time without notice to or approval from Lessee.
General Representations: Lessee warrants and represents that he or she is over 18 years of age and that the information stated on the reverse page is true and correct.