A&G Central Music's Terms and Conditions for Insrument Rental Agreement
EXTENSION OF LEASE. Lessee shall have the option of extending this Lease on a month-to-month rental basis. All payments for month-to-month rental of the Instrument beyond the Initial Rental Period will be due on the same day of each month. A coupon book for the monthly rental payments will be mailed to Lessee.
INSTRUMENT USAGE. Lessee agrees to lease the Instrument as provided herein and agrees that the instrument will be used by the student in conjunction with a school music program.
EARLY TERMINATION AND DEFAULT. Lessee may terminate this Lease before the end of the Initial Rental period; however, any rental fees paid are not refundable. The Instrument must be returned to Lessor.
LATE PAYMENTS. There will be a charge of $5.00 added each month to all accounts five (5) days past due.
REINSTATEMENT RIGHTS. If Lessee fails to make timely periodic payments, Lessor shall permit Lessee to bring the account current and reinstate the terms of this Agreement provided Lessee has not missed more than three (3) months of payment and provided Lessee has surrendered the instrument to Lessor during such period.
WARRANTIES. In the event an instrument is covered by a manufacturer's warranty at the time that a Lessee assumes ownership of the Instrument, Lessor shall pass the warranty on to Lessee.
STANDARDS FOR WEAR AND USE. Lessee may be charged for excessive wear and use. The following standards are applicable for determining unreasonable or excess wear and use of the leased property: (a) damage or destruction of the instrument: (b) the need to restore a finish.
REPAIRS AND REPLACEMENT (R/R). Lessee shall pay a monthly REPAIR/REPLACEMENT Warranty fee. In exchange for payment of such fee, the Company shall perform any reasonable repairs or replacement of parts necessary for the performance of the instrument provided that all payments required under this Lease are current. Notwithstanding the foregoing, Lessor shall not: (I) repair or replace any instrument in the event of damage or destruction in excess of normal wear and tear; (II) perform restoration of any finish; or (III) replace any expendable accessories.
FIRE OR THEFT. In the event of fire or theft by forced entry, Lessee shall file a police report within 48 hours of the fire or theft and shall make payment to Lessor of Twenty-Five Dollars ($25.00). Lessor shall replace the Instrument with one of equal value.
LOSS. If the Instrument is lost, Lessor has no duty to replace it and Lessee shall be responsible for the cost of the Instrument.
REMOVAL FROM THE STATE. In such instance that Lessee removes the Instrument from the State of Michigan, Lessee shall immediately become liable for the full cost of the instrument.
TERMINATION. Lessee may terminate the Agreement upon returning the Instrument and upon payment of all rental monies due Lessor. Lessor shall not apply rental credits subsequent to the date Lessee returns the Instrument to Lessor.
DEFAULT. Lessor retains full title of the Instrument described herein and upon default by Lessee may, without notice, demand, or by legal process, take possession of the Instrument wherever located and retain all monies paid thereon for the use of said instrument. Lessee shall be responsible for all collection costs incurred by Lessor.
REMEDIES. In the event Lessee violates any terms of this Agreement, Lessor shall exercise all rights under law to enforce all terms herein.
CAPTIONS. The captions appearing in this Agreement are inserted solely for convenience and do not in any way define, limit, or describe the scope of this Agreement or the intent or content of any provision thereof.
VENUE. The parties agree that Lessor conducts business in Madison Heights, Michigan, and that any litigation relating to the subject matter of the Agreement may be properly sought by either party in the 43rd District Court located in Madison Heights, Michigan.
GOVERNING LAW. This Agreement shall be subject to and governed by the laws of the State of Michigan.
INVALID PROVISION. The invalidity or un-enforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.
BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of Lessor and its successors and assigns.
MISCELLANEOUS PROVISIONS. This Agreement constitutes the entire agreement among the parties and contains all of the agreements among the parties with respect to the subject matter hereof. This Agreement supersedes any and all other agreements, either oral or in writing, among the parties hereto with respect to the subject matter hereof.
No change or modification of this Agreement shall be valid unless the same be in writing and signed by Lessor and the Lessee. No waiver of any provision on the Agreement shall be valid unless in writing and signed by the person or party against whom charged.