TERMS OF INSTRUMENT LEASE
1.The initial term of this lease is one (1) month, with the term beginning on the day of the month in which the contract is signed. During said month initial lease term, City Music (hereinafter referred to as “CM” ) Lessor, agrees to rent the above described instrument, and Lessee agrees to pay CM the monthly rent shown on the attached schedule for two months plus all applicable sales taxes.
2.At the end of the initial lease term, Lessee has the option to continue to lease the instrument on a month to month basis for the monthly rent shown on the attached schedule plus all applicable sales taxes. The monthly rent is due on the the first day of rental. If payment is not received by the aformentioned day of the month or if the Lessee’s credit card or debit card is declined, a late fee of $10.00 per month, or any portion thereof, shall be charged each month in addition to the rental fee, until such time as the total due is paid or the instrument is returned. Non-payment for a period greater than 90 days voids the rent-to-own aspect of this agreement.
3.LESSEE RIGHT TO CANCEL: This agreement may be cancelled at any time after the initial two months by the Lessee returning the instrument, it’s case and all accessories to the CM store along with payment of all monthly lease installments and late fees through the date of cancellation. There is no pro-ration of the final months lease payment. Upon receipt by CM of the instrument, case and accessories in the same condition as when rented (reasonable wear and tear accepted at CM’s sole discretion), Lessee shall have no further liability under this lease agreement. No refunds will be given of any rental payments made prior to cancellation.
4.RENT TO OWN: Lessee may choose to apply up to 100% of the rental fee towards the purchase of the rental instrument. Coupons can be used for rental payments but do not apply towards the purchase of the instrument. At such time as Lessee has paid rental payments (not including late fees, repair reserve or handling charges) totaling the List Price of the instrument plus applicable sales tax, the Lessee shall have no further obligation to make any additional rental payments and this lease agreement shall terminate. At that time, full title and ownership of the instrument shall be transferred to the Lessee. At all other times during this lease agreement, full title and ownership of the instrument shall remain with CM. (Note: fractional size string instruments are not rent to own with the exception of the ¾ bass.)
5.In the event of default by Lessee, CM has the right, in addition to all other legal or equitable remedies it my otherwise have, to recover possession of the instrument. If default occurs, all amounts due under the terms of this agreement shall be immediately due and payable, and Lessee agrees to pay all attorney fees, collection and court costs incurred by CM.
6.Damage to the instrument as a result of negligence or abuse is not covered. In addition, damage caused by fire, theft or acts of God is not covered regardless of location. Lessee agrees to pay the full cost or replacement in the event the instrument is stolen, destroyed or damaged beyond repair. CM encourages Lessee to add to their homeowner policy.
7.Lessee agrees to notify CM in writing of any change of Lessee’s address. Lessee agrees that the instrument may not be removed from the State of Missouri without the prior written consent by CM. CM makes no express or implied warranties or guarantees regarding any instruments or accessories.</br>
8.The lease agreement contains the entire agreement between the parties and can only be changed or modified in writing and signed by both Lessee and CM.
9.LATE FEES: If Lessee fails to return the instrument at the end of the initial two month lease term AND Lessee fails to exercise the option to continue the lease agreement on a monthly basis OR if Lessee exercises the option but fails to pay any monthly rental payment, then Lessee agrees to pay CM a late fee of $10.00 per month to cover CM’s accounting and notification costs, in addition to the rent due, until such time as the instrument is returned to CM.</b
Lessee acknowledges receipt of a copy of this Lease Agreement and the schedule of rental fees and price lists, has read and understands the agreement, and agrees to all terms and conditions herein.