TERMS AND CONDITIONS

Lease applicants must be 18 years of age.  MusicMasters shall be referred to herein as the “Lessor” and the Customer as the “Lessee.”  Rental payments shall be made at the principal place of business of Lessor at 1114 N. Monroe Street, Tallahassee, FL 32303, on or before the first day of each month, unless Lessor assisng this lease or the right to receive rentals hereunder, in which event, Lessee will receive written notice of assignment, including when and where to thereafter remit rental payments.

I. TITLE/OWNERSHIP/MANUFACTURER’S WARRANTY:                   Lessor retains title to the instrument unless transferred to Lessee by sale or contract payoff.  Any applicable manufacturer’s warranty will be transferred to the Lessee upon sale transaction or contract payoff.  Lessee shall have the right to possession only so long as he/she complies fully with the conditions of this lease agreement.  In no event shall the Lessee sell, mortgage, pledge, or otherwise encumber the instrument covered by the terms of this lease. 

II. USE/MAINTENANCE AND REPAIR/LOSS AND DAMAGE:             Lessee shall exercise due care in the use of the property.  In particular, Lessee, at his/her own cost and expense, shall keep the leased instrument in good repair and working order, and shall see that the property is not subjected to careless or needlessly rough usage.  Lessee will bring the instrument to MusicMasters for any and all needed repairs, and not to any other third-party, unless approved in advance by a MusicMasters repair technician.  Lessee also acknowledges that the instrument will not be marched with, and only will be used in a concert/class room setting if Lessee has opted into the Diamond Service Plan (“DSP”).(See Section V in DSP Agreement).  Lessee assumes and shall bear the entire risk of loss, theft, and damage to the instrument or any part thereof.  Such an event shall not impair any payment obligation of the Lessee under this lease, which shall continue in full force and effect.  In the event of loss, theft, or damage, Lessee shall pay Lessor the retail value of the instrument, including applicable taxes.  Upon such payment, this lease shall terminate as to the instrument paid for, and the Lessee shall become owner thereof.

III. DEFAULT/REINSTATEMENT:          The occurrence of any of the following events, shall, at the Lessor’s option, terminate this lease and the Lessee’s right to possession of the leased instrument:

                    a) The nonpayment of Lessee of any rental payments due within 10 days of the due date.

                    b) The noncompliance by the Lessee with any other term or condition in this lease.

Upon default, the Lessor may terminate this lease agreement.  Upon termination, the Lessee shall surrender the instrument in good order, upon demand for the return of the instrument and pay late rental fees and penalty fees to the Lessor as provided in Section V.  The Lessee hereby agrees that the Lessor (or its authorized representative) shall have the right to peaceably enter the premises in which the instrument is located and repossess said instrument and the Lessee hereby waives any action for trespass and agrees that he/she shall not be entitled to any return or allowances for any payment made hereunder.  If repossession is necessary the Lessee hereby agrees to pay the Lessor a repossession fee of $50.00 plus all costs of collection including a third-party debt collection fee of 25% of the retail value of the instrument, court costs, and attorneys’ fees, as permitted by law.  Upon default, all accrued rental credit (see section VI below) will be void and shall only be reinstated when payment is made in full for all late rental payments and fees.

                    c) Lessee also understands and acknowledges that failure to return rental property falls under Florida Statutes 812.155 as a criminal act and is subject to criminal prosecution should this lease be terminated and the leased property not returned to Lessor.

                    d) Collections: Lessee agrees to allow Lessor or its agents and assigns, including debt collectors, to contact Lessee via phone, text message, or e-mail, directly or by using an automatic telephone dialing system, interactive voice recognition system, or artificial or prerecorded voice or message, at any number or e-mail address belonging to Lessee which Lessee has given to Lessor or that may be on file, whether home, cell, or mobile service.

Lessee may reinstate this Agreement without losing any rights by returning the instrument upon request to Lessor.  Lessee will have sixty (60) days from the date of instrument return to reinstate this Agreement by making all payments due to Lessor.  Upon reinstatement, Lessee will receive the same instrument or a comparable instrument.          

IV. INSTRUMENT LOCATION & RETURN OF INSTRUMENT:  Lessee agrees that the instrument will not be moved from the street address listed upon the Agreement and will only be used at that listed location or a designated school or concert location.  The instrument must be returned to MusicMasters at 1114 North Monroe Street, Tallahassee, FL 32303 upon termination of this Agreement for any reason.  Lessee is liable for the instrument until it is physically returned to Lessor’s storefront.  It is not acceptable to leave the instrument with a school or band director.  Upon expiration or early termination of this lease for any reason other than under paragraph VI below, Lessee shall pay all fees due and surrender the instrument to the Lessor in good condition (defined to exclude only the ordinary wear and tear resulting from proper use).  After the instrument has passed the final physical inspection, Lessee shall be released from further obligation.  Instrument must be returned on or before the last business day of the month to avoid recurring monthly rental fees.

V. BILLING AND CHANGE OF ADDRESS:             It is the responsibility of the Lessee to notify MusicMasters in writing of any change of address or contact information.  The Lessee is responsible for making and verifying receipt of monthly payments even if no bill nor notification of a declined rental payments is received.  Lessee acknowledges that he/she has no claim of title in said instrument, except as may occur under the provisions of Section I or Section VI herein.  Lessee shall be liable for all costs of enforcing this agreement, including reasonable attorneys’ fees.  ALL RETURNED CHECKS OR ACH DEBITS WILL BE CHARGED A $25 RETURN CHECK CHARGE.  ALL DECLINED CREDIT CARD TRANSACTIONS WILL RESULT IN A $5 CREDIT CARD DECLINE FEE.

VI. PURCHASING:  If the Lessee decides to purchase an instrument after start his/her lease, the following applies:  During the first 90 days, the lessee will receive credit for 100% of the monthly lease charge (sales tax and DPS Payments excluded)  that has been paid PLUS an additional 15% discount on the purchase price of the instrument.  AFTER the first 90 days, the Lessee will receive credit for 100% of the Monthly Lease Charge (sales tax and DSP payments excluded) to be applied towards the retail price of the instrument being rented or an upgrade instrument of equal or greater retail value.  Should the total accrued rental credit equal or exceed the retail value of the instrument during the term of the lease, the instrument shall be considered paid off, the lease shall terminate, and ownership of the instrument will transfer to the former Lessee.  The Lessee has up to 60 days from termination of the contract due to expiration of the lease term to use all rental credit toward a comparable instrument of equal retail value.  All accessories are excluded.  NOTE: NO FINANCING OR CREDIT IS OR WILL BE EXTENDED IN CONNECTION WITH PURCHASE PROGRAM DESCRIBED HEREIN.  All amount paid by the Lessee under this lease, other than penalties, will be credited in full to the purchase price of the instrument and the sales tax due for same, if Lessee elects this option.  There is no additional financial cost or penalty whatsoever for opting to purchase the leased instrument or use the rental credit as described herein.

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