Please read completely before completing your rental reservation.
Lease Terms:
Upon completing this reservation, You ({{CUSTOMER_NAME}},) agree to lease the Property for an initial period of one month. You are not obligated to renew this Agreement beyond the initial term. If you have not returned the Property to Marich Music (Market Street Guitars, LLC) upon the expiration of the initial lease period, this lease automatically renews at the beginning of each successive monthly lease period and You agree to pay the monthly rental fee for each renewed lease period.
Ownership Terms:
If you choose to acquire ownership through monthly rental fees, You will make payments, which include: (1) the initial monthly rental payment, (2) additional monthly rental payments for a total number of payments equaling the total amount listed herein. Payments are subject to sales tax. You will not own the Property until completing the total payments necessary to acquire ownership listed herein. You cannot sell, mortgage, pawn pledge, encumber, hock or dispose of the Property until You gain ownership thereof. The payment amounts listed herein necessary to acquire ownership does not include any applicable sales tax, late charges, or reinstatement fees.
Termination Option:
At any time prior to the end of a monthly lease period, you may terminate this Agreement by returning the Property in good condition to MARICH MUSIC (62E Market Street Corning, NY), in full satisfaction of any future obligations under this Agreement. However, You are still responsible for any accrued monthly rental payments, late charges and shipping charges incurred prior to return. Your obligation will not cease until Marich Music has regained possession of the Property. You will not receive a refund of any amounts owed prior to returning the Property.
Early Purchase Option:
If you so choose, You may purchase the Property at any time during this agreement and receive a discount, provided that all payments required by the Agreement are current and the Agreement has not been terminated by default. The payoff amount will be calculated as the sum of the total amount of rental payments remaining to complete the ownership requirements of the Agreement, less 40%.
Exchange Option:
If you switch to a new agreement with a different instrument, MARICH MUSIC will subtract 100% of the total of monthly rental payments made on the previous Agreement from the beginning balance of the new agreement. This includes only instruments available in our rental fleet and not instruments for sale in the store. If the amount of accrued rental payments exceeds the value of the new agreement, no refunds will be given.
Maintenance Service:
MARICH MUSIC shall repair for the maintenance charge provided herein all defects that arise from normal wear and use or accidental damage. If the repair cannot be completed within 24 hours, a loaner instrument will be issued until your repair is complete. Rental instruments take priority in our repair shop queue. ITEMS NOT COVERED are: structural damage from negligence or abuse. Lacquer or finish deterioration, replacement of bow hair, repair of cosmetic dents, and replacement of expendable accessories including but not exclusive of mouthpieces, reeds, lubricants, strings, drumsticks and drumheads. This service applies only as long as You are not in default on this Agreement. You are responsible for keeping the Property in good condition while it is being leased, including replacement of expendable accessory items. NO REPAIR SHOP MAY WORK ON THIS INSTRUMENT OTHER THAN MARICH MUSIC. You are responsible for payment of the fair market value of the Property (not to exceed the cash price) if the Property is lost, stolen or damaged beyond repair, even if by no fault of your own.
Monthly Payment:
Rental payments are due each month on the day of your first transaction. If your payment due date falls on a weekend or banking holiday, your payment will be processed on the last business day prior to the due date. If your payment is returned or your card declined, a late charge of $10 per month will apply ten (10) days past the payment due date and future payments will be applied to any applicable late charges on the account before rental fees can be applied.
Repossession Rights:
If You do not renew this Agreement or if You breach this Agreement, MARICH MUSIC has the right to repossession of the Property. If this happens, You agree to return the Property to MARICH MUSIC (62E Market Street Corning, NY) or make arrangements for MARICH MUSIC to take possession of it. You agree MARICH MUSIC may pick up the Property from your child's school. You are responsible for any monthly rental payments, which accrue before MARICH MUSIC acquires possession. If you fail or refuse to comply with this requirement, You agree to pay MARICH MUSIC's costs incurred in taking possession to include but not exclusive of court costs and attorney fees to the extent permitted under state law or as awarded under ~ 506(b) of the bankruptcy code.
Notice of Right to Reinstate the Agreement:
If You fail to make a timely monthly rental payment, You may reinstate this agreement within three rental terms after the expiration of the rental term for which You last made a timely monthly rental payment without losing any rights or options which exist under the Agreement, by the payment of the following amounts: (1) all past due rental payments, including any applicable sales tax; (2) the reasonable cost of pick-up and delivery if the Property has been picked up by MARICH MUSIC or its representative; and (3) any applicable late charges. In order to have such right of reinstatement, You must have returned or voluntarily surrendered the Property upon the request of MARICH MUSIC (62E Market Street Corning, NY). Upon reinstatement, MARICH MUSIC will provide You with the same property or substituted property of comparable quality and condition. In the event You did not voluntarily return the Property at the request of MARICH MUSIC, You will have no such right to reinstatement.
Additional Terms and Conditions of this Agreement:
This document contains the entire agreement between You and MARICH MUSIC and cannot be modified except in writing and signed by You and MARICH MUSIC. If more than one person signs this agreement, as 'lessee' the liability shall be joint and several. If any provision of this Agreement is not allowed by state law, then that provision shall be considered void and the remaining provisions will remain in force and effect. If You signed a separate Credit Application in connection with this transaction, the terms of that application become part of this Agreement when it is signed. By signing the Agreement You acknowledge the agreement was completed before signing and that You have read the entire agreement and understand your obligations as to this Agreement.
Notice to Customer/Lessee:
Do not complete your reservation for this rental instrument before reading and accepting these terms. You are entitled to a copy of this Agreement.
