Definition of terms: As used in this agreement, “you and “your” mean the person or persons signing this agreement as lessee. “We” and “Our” mean the Lessor/Owner (Ray’s Mid-Bell Music). “Lease” means this Rental Purchase agreement including all disclosures.

1. Additional Charges: Late Payment Charges: A $10 charge for monthly payments not made within ten (10) business days of the date payment is due. This charge will not apply if pre-authorization agreement for prearranged payments has been signed and all payments have been made in accordance with stated agreement. Reinstatement Fees: A $10 fee for the right to reinstate the agreement after failing to make a timely rental payment and if conditions governing reinstatement are met.

2. Your Reinstatement Right: If you fail to make a renewal payment you may have the right to reinstate this agreement by paying all rental payments past due, all applicable late charges, reinstatement fees, and redelivery fees provided, (1) you voluntarily returned the property to us, if requested and (2) not more than sixty (60) days have passed since you have returned the property.

3. Your Termination Right: You may terminate this agreement at any time without paying any charges other those previously due. The property must be returned in its present condition, fair wear and tear accepted.

4. Our Termination Right: We may terminate this agreement for a default in payment or breach of any other material term of this agreement. If termination occurs we shall be entitled to all rental payments and other charges due up to the date of termination as well as the reasonable expenses of repossession of the property if you fail to surrender the property to us.

5. Risk of loss (damages, disappearances, theft, or destruction of property): Damage to or loss of instrument (and/or equipment) from any casualty whatsoever shall be born by Lessee from date of rental purchase agreement forward. You are responsible for its safety until it is returned to us. If the property is damaged or partly destroyed, you agree to pay us immediately for all repairs (provisions of M&R Plus accepted, see below.) If the property disappears, is stolen or destroyed, you agree to pay us immediately the amount of the fair market value of the property as of the date of the disappearance, theft or destruction.

6.  Optional (Maintenance & Repair Plus Replacement!):  Coverage is purchased monthly or yearly at time instrument is purchased or rented or is purchased concurrently with each rental or lease payment in amount shown on front of agreement. Payments for this coverage do NOT apply to purchase.  Rental or lease account must be in CURRENT status, or these provisions are VOID.

A. If instrument (and/or equipment) becomes damaged or deteriorates in performance, the company will repair and/or regulate it to proper playing condition without charge.  In event of damage to mouthpiece, strings, drumhead(s), sticks, bows, stands and cases, repair will be made when and where possible, or, replacement allowance will be given (allowance equivalent to the price of entry-level quality replacement part.)  Limit 6 guitar strings per year (or 1 set); 1 mouthpiece; 1 bow; 4 violin, viola, cello, or bass strings (or 1 set).  NO CHARGE for installation. (Limit once per year.)  Specifically EXCLUDED: “cosmetic damages” which do not affect the performance of the product. (Note: Minor cosmetic damages will be corrected, if possible, at the discretion of attending technician).  OTHER EXCLUSIONS: Trap sets and cymbals; keyboards, digital pianos, and other electronic instruments; guitar and bass electronics and pick-ups; reeds; oils & care items; accessories. A FREE LOANER will be provided upon request (subject to availability; EXLUDES fretted.)  Coverage has NO DEDUCTIBLE costs!

B. Routine cleaning is not covered for any instrument.  If full chemical flush is necessary for a brass instrument to be brought to proper playing condition, one chemical flush can be allowed per year (based on original contract date).  This service can also cover minor accessible dents at the discretion of attending technician.    

C. Any claim for repair hereunder shall not alter or diminish the terms of the accompanying rental-purchase or lease agreement. If Lessee defaults by more than 10 (ten) days, in payment thereof, M&R plan will lapse as of such default and may be reinstated only by permission of the Company.  All repairs for which claims are made must be made by Ray’s Midbell Music or our authorized agents.

D. These provisions are void in event of obvious neglect, carelessness, and/or intentional abuse.

E. Replacement: In event of total loss of instrument (from fire, theft, casualty, or damage beyond reasonable repair), RMBM must be notified within 48 hours.  If rental/lease and M&R account is in “current” status, RMBM will cover replacement of the instrument.  This extended Maintenance & Repair PLUS Replacement coverage is only valid on Group I, Group II, and Group III Rental-Purchase and Lease Plans.  Replacement will be an instrument of estimated comparable value and condition AT THE TIME OF LOSS (not the condition on the original contract date.)  In the event of THEFT or MYSTERIOUS DISAPPEARANCE, a police report MUST be filed within 48 HOURS of loss or replacement is VOID and client is 100% responsible for replacement.  If original instrument is later recovered, it is to be returned to Ray’s Midbell Music within 48 hours of recovery.  Limit ONE TIME replacement for the original serial number for the life of the contract.  Any outstanding balance due on the original instrument rental-purchase or lease account will be due and payable under terms of original Rental-Purchase or Lease Agreement.

7. Location of Property: You agree to notify us of any change in address or school attendance of user of instrument.

8. Early Buy-Out Option: If you wish to acquire ownership by purchasing the property after paying the initial rent payment, the purchase price will be the cash price less 100% (one hundred percent) of all rent payments you have made up to that time. Note: M&R Plus fees do NOT apply toward purchase of property.

9. Instrument Transfers: When transferring from one instrument to another, we allow 100% of rent paid toward a different STUDENT LINE band instrument of EQUAL OR GREATER value. If transferring to a STUDENT band instrument of LESSER value (i.e. saxophone to trumpet), we allow a percentage of rental credit proportional to the price that the replacement instrument is to the original. M&R Plus Fees do NOT apply toward the instrument transfer. Transfers are only allowed for the SAME STUDENT.

10. Non-payment: Non-payment of rental shall be considered default and will result in termination of agreement. In event of default, Lessee does authorize Ray’s Mid-Bell Music the right to REPOSSESS instrument (wherever located.) Lessee agrees to pay for any expense (including reasonable attorney’s fees) incurred by Lessor in maintaining or defending any action or proceeding instituted by default of Lessee. A $30. fee is due and payable in event of repossession.