Jasons Music Instrument Rental Agreement

This AGREEMENT, by and between Jasons Music Center, Inc. (JMC) and the renter noted herein (Renter), is entered into on the day Renter takes possession of the rented instrument. Renter agrees to rent from JMC the above-mentioned instrument under the terms described below:

1. TOTAL MONTHLY PAYMENT includes the Base Rental Price, plus the Theft, Damage & Repair Waiver fee (TDR) , plus tax, as shown above. The Initial Payment of rent, TDR, plus tax is in lieu of the Total Monthly Payment for the 3-month trial period. Starting 3 months from the date of rental the Total Monthly Payment indicated above is due and payable at the JMC office in Glen Burnie, MD on the monthly anniversary of the date of rental and is subject to a $25.00 late charge if received 10 or more days after the due date. Instruments are rented by the month; accounts will be charged for the month in which instrument(s) are returned if returned after the payment due date. Instruments returned with a balance due on their account will accrue a $25.00 monthly late fee until the balance due is paid. Returned checks are subject to a $50.00 service charge. Renter hereby authorizes JMC to charge Renter's credit or debit card for all monies due under any of the terms of this contract.

 

2. RENTAL CREDIT/EXCHANGES. The monthly Base Rental Price will accumulate as Rental Credit, 100% of which may be applied toward the purchase of the instrument rented. The rental instrument may also be exchanged for another band/orchestral instrument. During the first three (3) months of the contract, 100% of the accumulated Rental Credit will apply to the purchase of an instrument rented via an exchange. After that time, and until twelve months from the original date of rental, 75% of the accumulated Rental Credit can be applied toward the instrument exchanged for. After twelve months from the original date of rental, 50% of the accumulated Rental Credit will apply toward purchase of the instrument exchanged for. At JMC’s sole discretion, an instrument may not be exchanged if Renter has breached any part of this agreement. Unless an instrument is exchanged for another, once an instrument is returned, all rental credit is forfeited.

3. THEFT, DAMAGE, & REPAIR WAIVER FEE. The cost of this required waiver shown above is per month, and covers accidental damage to and theft of the instrument itself. Instrument cases, bows, bridges, strings, drum heads, and damage caused by negligence or abuse are not covered. Claims under this coverage are subject to a $25.00 deductible per incident. In the event of theft or fire, for coverage to be effective, a police report must be filed, stating that the instrument was forcibly or confrontationally removed from Renter’s possession, or was destroyed, and a physical copy of the report must be provided to JMC within thirty days of the occurrence. For covered events, 50% of accumulated Rental Credit will apply toward the purchase of any replacement instrument. Coverage is on a calendar-month basis and void if the account is past due.

4. CONDITION UPON RETURN. Renter agrees that, upon return of the instrument, he or she shall be responsible for restoring the instrument to the same condition, not including reasonable wear and tear, as when originally rented. If repairs are required to restore the instrument to the same condition as when originally rented, then Renter will be responsible for the first $25.00 of the cost of the required repairs, except in instances of negligent or abusive damage, in which case the Renter is responsible for the full cost of repairs or replacement.

5. SECURING CREDIT/DEBIT CARD. A valid credit/debit card (Visa, MasterCard, American Express or Discover) is required to secure this Agreement. Renter agrees that JMC is authorized to charge to the Renter’s securing credit/debit card any or all monies due under any of the terms of this agreement. Should the card issuer decline any charges to the securing credit/debit card account, Renter agrees to re-secure with a valid securing credit/debit card within 7 days.

6. LEGAL REMEDIES. Renter agrees, after written or e-mailed demand sent to the Renter’s last known address, to return the instrument to JMC within 7 days and pay all monies due. If Renter fails to return the instrument or to pay all monies due within 7 days of demand, JMC is hereby authorized to charge to the Renter’s securing credit/debit card the full value of the instrument, any or all monies due under the terms of this contract, a $25.00 processing fee, and a late fee of $25.00 per month until the balance due is paid, and to use any legal means to collect any balance due. Accounts over 30 days past due forfeit all Rental Credit toward the purchase of the instrument. Should Renter fail to return the instrument, pay all monies due, and/or re-secure with a valid securing credit/debit card (as applicable), as described above, JMC reserves the right to report the instrument as stolen and/or take whatever legal action is necessary to repossess the instrument and/or effect full payment, as the case may be. Should there be any legal action between the parties, Renter agrees to be liable for all costs, including but not limited to court costs, $50.00 per hour for JMC staff time spent on collection, and the maximum attorney’s fees permitted by law. Interest at 1 1/2% per month (18% APR) may be charged on all amounts over 30 days past due.

7. ELECTRONIC COMMUNICATIONS. Renter agrees to receive notices, responses, transactions, and all other information related to the account via e-mail electronic communications at the e-mail address provided above,  and to notify JMC of any change to e-mail address within 7 days of such change.

8. CHANGE OF ADDRESS OR RESIDENCE. Renter shall provide written notice to JMC within 7 days of permanently moving the instrument from Renter’s residence, or to any change in the address, telephone number, securing credit/debit card account, or e-mail address of Renter as indicated on this agreement. If notice is not provided as required and the Renter’s account becomes delinquent, the full purchase balance may be charged to the Renter’s credit/debit card on file and/or the instrument may be reported as stolen and Renter may be subject to legal action.

9. CREDIT CHECK AUTHORIZATION. Renter authorizes JMC to verify or check any of the information given, including credit references and employment, and to obtain credit reports.

10. ENTIRE AGREEMENT. This document contains the entire agreement of the parties concerning this rental and the rental instrument, and may not be cancelled until the account is current and the rental instrument is returned to, or purchased from, JMC. Any oral representations or modifications of this Agreement shall be of no force and effect unless contained in a subsequent written modification signed by both parties.

11. ELECTRONIC SIGNATURE. By checking the box herein, I agree that I am a signatory of this agreement and this electronic signature is the legally binding equivalent to my handwritten signature. Whenever I execute an electronic signature, it has the same validity and meaning as my handwritten signature. I will not, at any time in the future, repudiate the meaning of my electronic signature or claim that my electronic signature is not legally binding.