RENTAL TERMS & CONDITIONS
Terms & Conditions of Program (“Lease-Purchase Agreement”) for PARTNER and REDUCED programs
Please Read Carefully
1. AGREEMENT: This is a month-to-month Lease-Purchase Agreement (“Rent to Own”) between the applicant (The “Renter”) and The Gift of Music Foundation (“The Foundation.”)
2. TITLE TO INSTRUMENT: The Foundation owns the instrument until renter makes all program and other payments required under this Agreement or exercises the early purchase option. If Renter declares bankruptcy, Foundation retains title, and the instrument must be returned immediately. Renter does not have the right to keep the instrument if all of the payments necessary for ownership are not made. Renter agrees not to loan, rent, sell, pawn, encumber, or otherwise use the instrument for any other purpose than band/orchestra class, practices, and performances by the student while the lease agreement is in effect.
3. TAKING OWNERSHIP OF THE INSTRUMENT: Each monthly program payment goes toward ownership of the instrument. However, if instrument is returned at any time during the lease, this agreement shall become null & void, and all accrued value toward ownership is forfeited.
a. Renter may take full ownership of the instrument by:
i. Making all program payments over the term listed in your agreement
ii. Pay off remaining balance at any time during the contract
4. INSTRUMENT CONDITION: At any time during the rental program period, The Foundation may require pictures of the instrument, from front and back, to be taken by Renter and provided to The Foundation for verification of instrument condition.
5. REPAIRS: Basic repair and maintenance of the instrument will be provided at no additional cost via our RAMP (Repair and Maintenance Program) during the regular school year (where available, per RAMP terms & conditions). Any repairs not covered by RAMP shall be the responsibility of the Renter, and only The Gift of Music Instrument Repair Center or our duly authorized repair facilities should be used for instrument repair. Any repair charges must be paid in full by Renter before instrument will be returned for Renter’s use. In cases of total loss or irreparable damage, the optional the Comprehensive Coverage Plan (CCP) may apply, if elected and in effect by Renter. (See Item 6).
6. COMPREHENSIVE COVERAGE PLAN (CCP): Optional Protection is available to cover catastrophic damage, loss, and theft of the instrument. This is a voluntary coverage program and the monthly fee and does not go toward purchase. However, if Renter declines this coverage, renter agrees to be fully responsible and liable for “total cost to purchase” (less program payments made) in the event of theft, loss, or major damage up to the full Fair Market Value (FMV) of the instrument, even if by no fault of your own.
7. INSTRUMENT MAINTENANCE: Renter agrees to keep the instrument clean and in good working order for use by the student during the entire lease agreement. Renter agrees to take reasonable steps to protect the instrument from harm during use, transport, or storage.
8. CHANGES IN INFORMATION: Renter agrees to notify The Foundation within thirty (30) days of any changes in school, address, or other contact or instrument location information while the lease agreement is effect.
9. EARLY TERMINATION: Renter may return the instrument and accessories at any time, in good playing condition and free of any damage, at which time this agreement shall terminate. No refunds shall be given for any program fees paid, and renter understands that all program payments toward ownership are, upon return of instrument, to be considered as simple rental payments paid for the term the Renter was in possession of the instrument.
10. PAYMENT: Renter agrees to automatic monthly credit card charges as outlined below until instrument is either returned or paid in full. Renter agrees to always maintain current credit or debit card information on file and notify The Foundation of any changes in payment information.
11. DEFAULT: If Renter fails to make a rental payment within 30 days of the due date or fails to observe any other term in this Agreement, all of which are material, Renter will be in default and this Agreement terminates. If default occurs, and after Renters is given any notice required by law, The Foundation will be entitled to all legal remedies, including repossession of the instrument and any damages. Renter must pay for reasonable costs of collection and court costs. Upon default, all rental credit, if any, will be void, and renter will be liable for any amounts due and the immediate return of the instrument.
12. REINSTATEMENT: If Renter defaults on payment, this Agreement and any coverages expire. Renter may be eligible to reinstate the Agreement without losing any rights previously acquired by making any and all past due payments to bring account current, and by agreement of The Foundation.
13. CREDIT AND COLLECTIONS. Renter agrees to allow The Foundation or our agents and assigns, including debt collectors, to make contact via telephone, text message or e-mail, at any number or e-mail you provided to us or that is on file (whether home or mobile service), even if there is a charge for the call or message service. Renter expressly agrees to be contacted via such methods without restriction. The Foundation may, after reasonable attempts to work with Renter to find an amicable solution, repossess (take back) the instrument from the school should this contract become severely past due for non-payment of program fees, or other breach of this contract.
14. TAXES: Applicable state and local taxes are in addition to listed prices and rates
Rev. JAN 2021