RENTAL-PURCHASE AGREEMENT

NOTICE: THIS RENTAL PURCHASE AGREEMENT IS REGULATED BY STATE LAW AND MAY BE ENFORCED BY THE ATTORNEY GENERAL OR BY PRIVATE LEGAL ACTION

The Lessee agrees to rent the described instrument from Central Instrument Company, Inc. (hereafter CIC) until the renewal date for the sum of money indicated, in advance and non-refundable. At the Renewal Date, Lessee has the option of continuing rental or purchasing as described below.

This agreement is subject to the terms and conditions set forth below.

TITLE   CIC agrees to apply all monthly rental fees (excluding maintenance and processing fees and sales tax) paid as rent toward the purchase of the instrument at the stated value should Lessee decide to buy. Title to the instrument shall remain with CIC until purchase is made by the Lessee as per the options stated below.

SERVICE   CIC agrees to correct all manufacturing defects affecting performance in the instrument discovered and reported during the rental of the instrument (except for bows, drum heads and sticks) without charge to Lessee. Lessee shall be liable for loss, theft, fire, conversion, willful or negligent damage to the instrument, unless Replacement and Extended Maintenance Protection is purchased. Minor deterioration in appearance is normal and not covered by either party. Value of the instrument shall at all times be the stated value less rents actually paid. Should insurance be desired, contact your own insurance carrier as neither CIC nor any of its agents offer insurance.

TERMINATION   Provided all rents are paid to date, Lessee may terminate this agreement by purchase or by
returning the instrument post paid and rent owed to CIC premises or an agreed to affiliate store. Termination shall take effect upon actual possession by CIC and rents being paid, Lessee bearing risk of loss until then. Instrument returned to child’s music teacher or school does not constitute a returned instrument. Rental payments are non-refundable.

LESSEE RIGHTS   Lessee retains all defenses. This agreement is non-assignable by both or either party. Lessee has received and accepted the above instrument. You grant permission to Lessor to use information provided to contact/locate Lessee regarding this agreement.

REMP   Replacement and Extended Maintenance Protection (REMP) may be elected only at the inception of this agreement by checking the appropriate box on the contract. REMP is not insurance but is an agreement by
Central Instrument Company, Inc. (CIC) to provide the customer with repair, maintenance or replacement of the instrument due to fire or theft by forced entry. You must provide CIC with a police or fire report within fourteen (14) days of the incident. Improper or careless storage in an unsecured area, or loss by negligence will negate any responsibility for replacement by CIC. In the event of fire or theft by forced entry the instrument will be replaced with one of similar brand, age and condition as determined by CIC. Terms, prices and all equity of the original contract remain in force with the replacement instrument. This agreement does not cover partial loss/damage of accessories such as bows, strings, mouthpieces, stands, ligatures, neck straps, sponges, cases, reeds, drum sticks/mallets, or drum pads. Excluded from repair or maintenance is willful or negligent damage. Coverage becomes void when the account is more than ten (10) days in arrears and may be reinstated with current payment, and permission of CIC. All claims will be at the sole discretion of CIC.

ADDITIONAL CHARGES   Late charges—You agree to pay us a late charge of five dollars ($5.00) for any monthly rental payment that is ten (10) days or more past due. The five dollars ($5.00) per month late charge will continue to be added for each monthly rental payment that is more than ten days late. If we must repossess our instrument, an additional one hundred dollars ($100.00) will be assessed and due immediately along with any other balance and fees. CIC may take possession of the instrument and included accessories wherever found, at school or elsewhere, with or without your knowledge. In the event that Lessor shall incur expenses in maintaining or defending any action or proceeding by reason of any default of the Lessee, Lessee agrees to indemnify Lessor. You agree to reimburse the fees of any collection agency, which may be based on a
percentage at a maximum of thirty percent (30%) of the debt, and all costs and expenses, including reasonable attorney’s fees CIC incurs in such collection efforts.

GUARANTEE NON-PAYMENT   Lessee must provide a valid credit/debit card. Lessee using the Monthly Mail-In Coupons option and are more than fifteen (15) days past due, the credit/debit card used for guarantee non-payment will be charged for the monthly rental balance.

PAYMENT PLANS   On the renewal date, Lessee must return the instrument to CIC or choose from the plans below:

1.  Lessee may continue to rent the instrument on a month-to-month basis and at the rent stated on the attached schedule which is incorporated herein and made a part hereof, rent due in advance at the beginning of the period. Rents shall apply toward the purchase at the stated value. Payment of rent on time is of the essence. Upon failing to timely pay rent, CIC may at its option terminate this agreement, repossess the instrument, and collect rents due pro rata or continue this agreement and collect rents due. Failure to pay rent due for ninety (90) days or more may constitute conversion and Lessee shall be liable for any and all reasonable costs incurred in collection of rents and/or value including attorney’s fees. Lessee has the right to purchase at any time the leased instrument by paying all outstanding lease payments in one lump sum.

2.  At the end of the Trial Period, Lessee may purchase the instrument for the stated value less rents paid with thirty percent (30%) off that unpaid balance.

REINSTATEMENT The Lessee shall have the right under O.R.C. 1351.05 to reinstate any rental plan made pursuant to this agreement provided Lessee:

1.  Gives Lessor written notice of Lessee’s intention to reinstate the rental agreement within three (3) rental
periods after receipt of Lessee’s last rental payment, and;

2.  Lessee pays Lessor all outstanding rental payments and costs incurred in repossession if any, and;

3.  Lessee pays Lessor a reinstatement fee of five dollars ($5.00), and;

4.  Lessee pays Lessor a security deposit of not less than two (2) rental payments.


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