LMC WILL COLLECT: * *STUDENT'S NAME:
I, __________________________ , along with Lynchburg Music Center agree to the following rental terms:
TERMINATION: You may terminate the rental agreement at anytime without penalty by returning the instrument to Lynchburg Music Center in good condition. NO refund of any payments will be made. You will be liable for any unpaid rental payments due on the date of return.
LOSS AND MAINTENANCE: You are entirely responsible for the loss, theft, destruction,damage, and maintenance of the instrument while it is in your possession. EXCEPT WITH THE ADDITIONAL PURCHASE OF A MAINTENANCE/SERVICE PROTECTION PLAN. With a Protection Plan your liability will not exceed the value of the property as stated on the agreement.
MAINTENANCE/SERVICE PROTECTION PLAN: All repairs must be done by Lynchburg Music Center. Protection Plan will not cover intentional damage or outright abuse. If the rental contract is in default of any payments, LMC will not make any repairs (including replacement parts) which may be required during the term of the rental contract to keep the instrument in good operating condition. Damage such as dents, bent keys and valves, missing or broken parts are not considered normal wear and tear. Protection Plan will cover loss due to fire and theft from a locked building or vehicle, with deductible of no more than 20% the original purchase price of the instrument. The customer must provide LMC with a written police/fire report within 48 hours of the occurrence. LMC is not required to restore the finish of any instrument or replace expendable parts/accessories such as reeds, mouthpieces, mouthpiece caps, ligatures, drum heads, and drumsticks.
AUTOMATIC DEBIT OPTION: Lynchburg Music Center is authorized and offers automatic reoccurring payments to be deducted from most major credit/debit card companies (excluding American Express) on a monthly basis. Rental payments will be deducted on a specified date and taken out each month for the extent of the rental contract.
LOCATION OF EQUIPMENT: Customer/Signer hereby agrees that the instrument will always be in the possession of those stated on the contract. Customer/Signer also agrees not to sell, dispose, hypothecate, or pledge rented instrument while contract is in effect.
DEFAULT,ACCELERATION, LATE CHARGES, AND COLLECTION COSTS: After the initial rental agreement, LMC does offer instrument rental on a month to month basis. By signing this contract, the signer promises to make monthly rental payments on time. Signer will be in DEFAULT if he/she fails to make rental payments when due, fail to comply with any terms of this agreement, make an assignment for the benefit of creditors or cause a petition for receivership or bankruptcy to be filed, commit or fail to commit any act that results in jeopardizing the rights of LMC, or causes an LMC agent to pick up the rented instrument from a school or area where the instrument is located. LMC and any LMC agents are not liable for any direct, incidental, or consequential damage arising in connection with the instrument. For each late monthly payment,the signer will be charged a $10.00 late fee when payment is not made within 10 days after the due date and until account is brought current. In the event of any legal action or suit to enforce right, LMC shall be entitled too all costs associated with such legal action.
RIGHTS TO REINSTATEMENT: If signer fails to make timely payments, he or she may reinstate the agreement without penalty if all past due rental charges are paid within 7 days of the due date. This contract contains the entire agreement between both parties. No expressed or implied statements/premises or inducements made by either party, that are are not contained in this written agreement, shall be valid or binding unless otherwise indicated there on in writing.
APPLICABLE LAW: The law governing this contact shall be in force at the date of this signed contract in the state where the customer executed the agreement.
RENTAL DEPOSIT: If there are any discrepancies during the rental agreement Lynchburg Music Center may require a rental deposit at any time during the term of the contract. Said deposit will be returned to the customer if the instrument returned is in good working condition and on or before the rental due date. Any past due payments will be deducted from the deposit. Customer will be forfeit of entire deposit if the account is 10 days past original due date. Forfeiture of the deposit is at LMC's discretion.
NOTICE TO LESSEE (CUSTOMER):Do not sign this agreement before you read it or if it contains any blank spaces. You are entitled to a completed copy of the agreement during the time of signature.
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Document Name: Rental Agreement
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