LEASE TERM The Lease Term is for one month and is automatically renewable. You will receive use of the instrument as long as timely payments are received and you comply with all terms of this agreement. Lease fees are non-refundable and apply only to the instrument selected on this agreement and according to the terms of this agreement.
RENTAL TERM The Rental Term is one month and is automatically renewable as long as payments are received on or before the due date and you comply with all terms of this agreement. Rental fees are nonrefundable.
RENT CREDIT 100% of rental fees paid during a maximum of 36 calendar months will apply to the purchase of a new instrument of the type being rented when full size is reached. Rental payments after the first 36 months will not increase the credit. Rent credits are nontransferable and may not be combined with any other account, credit, or discount. If the instrument is returned, the account will be closed, and any rent credit is forfeited.
EXCHANGES You may exchange the instrument for any one other orchestra or band instrument of the same group as listed on the face of this agreement, providing your account is current. Any change of instrument price or lease payment will be made as of the date of the exchange. 100% of the first 12 lease payments starting at the original contract date will transfer to the TOTAL LEASE/PURCHASE PRICE of the instrument you are receiving. Instruments may not be exchanged within the final 6 months of the Agreement.
OWNERSHIP/TITLE Title and right of possession remain with Mel Owen Music during the Lease Term. You have no right to sell, pawn, pledge, encumber, deface, or dispose of said property. Title will be transferred to you when you have paid the Total Lease/Purchase Price according to the terms of this agreement. At that time any remaining warranty will be transferred to you.
LOSS & DAMAGE The customer is responsible for all repairs, damage, or theft of the instrument unless enrolled in the CMP program. See coverage details and exclusions below. Damage or loss of leased items due to neglect or abusive treatment are the customer’s responsibility regardless of participation in CMP.
TERMINATION BY LESSEE You may terminate this agreement by returning the instrument to Mel Owen Music in the same condition as at the time of the lease, fair wear expected, and by payment of all lease payments and associated fees and charges due through the date of return. There is no prorating of lease fees. Music teachers and other third parties are not responsible for the return of the property. Lease fees will be incurred for the time you had the instrument, whether the instrument is used or not, and will be considered as payment for use of the instrument only. Lease payments will not apply to the purchase of any other product or service.
TERMINATION BY LESSOR Mel Owen Music may, without notice, terminate this agreement upon your failure to make lease payments as required or any breach of any other condition of this agreement. You shall immediately return the instrument to Mel Owen Music and pay any unpaid lease payments, fees, and/or other charges due.
DELINQUENCY CHARGES Lease payments received over 7 days past the due date will be charged a $10 late fee. There is a $35.00 charge for checks returned for any reason. If the account becomes over 60 days past due, Mel Owen Music reserves the right to, without prior notice, repossess the instrument wherever it may be found. There is a $50 pickup service fee should this become necessary. The customer will be responsible for any outstanding balance on the account plus any additional charges to recover the instrument and collect the debt. This includes but is not limited to outside collection fees of up to 30% of the outstanding debt, the pickup service fee, and reasonable attorney charges.
RIGHT OF REINSTATEMENT If you fail to make timely payments, you may reinstate the original lease purchase agreement without losing any rights or options you previously acquired under the agreement if done within (3) Lease Terms after the expiration of the last Term for which you made a timely payment provided you surrendered the lease property to Mel Owen Music or its agent within 5 days of the date you are requested to do so. Before reinstatement, you will be required to pay any unpaid lease payments and late charges.
GOVERNING LAW; ORAL STATEMENTS & PERFORMANCE This agreement is governed by Kentucky law. It is understood that no other agreement, guarantee, warranty, verbal or written, expressed or implied shall limit or qualify the terms of this agreement.
OTHER It is the customer’s responsibility to notify us of any concerns or problems with the instrument or your account so that we can resolve them. Mel Owen Music must be notified at once of any change of address, phone number, and/or student’s school or private teacher.
COMPREHENSIVE MAINTENANCE PLAN CMP coverage covers all repairs due to normal use, accidental damage, and loss by fire or theft subject to the following:
1. The instrument is protected by the CMP coverage during the life of the Lease/Purchase Agreement and when all lease fees and associated charges are paid to date.
2. The deterioration of appearance such as scratches, minor dents, and finish is not covered in so far as it does not affect the playing of the instrument.
3. All repairs and adjustments must be made by Mel Owen Music. Do not attempt any repairs on your own.
4. Accessories (reeds, straps, sticks, mouthpieces, bow sticks, lubricants, etc.) are not covered.
5. Repair or damage from neglect or abuse is the customer’s responsibility.
6. An instrument destroyed by fire, accidental damage, or loss by theft will be replaced by one of equal value as of the time of the loss. Proof of loss: Fire Dept report, Police report with instrument serial number that is dated within 24 hours of discovery of theft, damage loss determined by Mel Owen Music.
7. A claim for repair or replacement does not alter the Lease/Purchase Agreement.
8. CMP does not cover damage, theft or repairs from marching band use.
