Tarpley Rental Contract

I hereby agree to rent from you, Tarpley Music Company, Inc. (hereafter TMC), said property. I will keep said property at the address entered, take good care of same and keep it in repair, free from all liens and claims and will be responsible for its loss or damage by fire, theft, or other casualty.

You agree that we have the right to obtain a credit report and to investigate, from time to time, your credit, employment and income records.

1) RETURN POLICY: The instrument can be returned at anytime, ending the contract. You are obligated only for months you had the instrument. Monthly payments will not be prorated.

2) EARLY PAYMENT: At any time you may exercise an early purchase option (30% discount) by paying the price, less the total of principal rental payments made times 70%, plus any applicable sales tax. Service policy payments do not apply toward early purchase option. 

3) TRADE-UP: At any time during the agreement term you may use the principal paid, up to 15 months, to apply toward the purchase of a band or orchestra instrument of equal or greater value. With approved credit, you can finance the purchase through us.

4) EXCHANGE: At any time during the agreement term you may exchange from one instrument type to another (band & orchestra only). You would pay additional rental charges which may be due during the agreement.

5) LATE FEES: A charge of $2.00 will be charged for payments more than ten (10) days past due.

6) REMITTANCE: To be drafted monthly via a credit card or bank draft on file at TMC.

7) ADDRESS CHANGE: Renter agrees to advise TMC, in advance and in writing, of any change of Renter’s address at which the instrument shall thereafter be kept. Failure to advise TMC shall constitute a material breach of agreement. Moving out of the TMC trade area may prompt return of the instrument.

8) DEFAULT: The following shall constitute events of default by renter: (a) Failure to make payments to TMC when due or within ten (10) days thereafter (b) the return to TMC of any check as non-collectible (c) willfully or negligently damaging the instrument or failure to properly care for it (d) failure to timely notify TMC in writing of any change of address as required by this agreement or (e) failure to perform any other obligation required under this agreement.

9) TMC’S REMEDIES: If agreement is in default TMC may at their option: (a) Declare the entire balance of the contract due; (b) consider the agreement terminated and may take possession of the instrument wherever found, at school or elsewhere, with or without the knowledge of the renter(s). Should legal and/or collection action be necessary to collect the balance due and/or recover the instrument, renter(s) agree(s) to pay reasonable legal and/or collection fees.

10) REINSTATEMENT. (a) Before Repossession: If you miss a payment or are late in making payments, you can reinstate this agreement, without losing rights or options previously acquired, by making payment for all past due monthly payments and late charges within twenty (20) days after the payment due date. If you do reinstate and keep up your payments, we cannot repossess. (b) After Repossession: If you return the instrument or TMC repossesses the instrument as provided in paragraphs 5-6, you can reinstate the agreement by making all late payments and paying any late charges, including repossession expense, within (30) days of the date you return the instrument or we repossess it. (c) Return of Instrument: If you reinstate the agreement, we must give you either the same instrument you had or an instrument of comparable quality and condition.

11) BANKRUPTCY. In the event of bankruptcy, Renter will either (a) return the instrument, or (b) will reaffirm this agreement in bankruptcy court, make current all arrearage, and continue to perform under the agreement.

12) OPTIONAL SERVICE & MAINTENANCE POLICY. (a) Warranty: All new instruments carry a full factory warranty, which covers workmanship of the instrument. If any part of a manufacturer’s express warranty covers the instrument and if the Renter executes the Purchase Option, the warranty will be transferred to the Renter, if allowed by the terms of the warranty. (b) Optional Service & Maintenance Policy: If you choose the service and maintenance policy, all service and maintenance necessitated by normal use is free while the instrument is on rental and the account and service policy is paid up to date. In this plan, no one other than TMC may repair the instrument. The Renter is entitled to receive all repairs necessary in TMC’s judgment without further cost to Renter, except that the payment of such service does not cover the cost of repair or replacement of: (i) the instrument in the event it is damaged due to an intentional or negligent act; and (ii) cases, strings, reeds, drum sticks, drumheads, bow hair, rosin, bridges, oils, greases, lubricants, mouthpieces, and other accessories. In such instances those shall be paid for by Renter. (iii) Cases, mouthpieces, drumheads, and bows are eligible for a one time replacement/repair for damage at a cost of 20% of the retail price with a $10 minimum. The damaged product must be presented to TMC. (iv) This policy also covers loss due to theft and fire. A certified copy of the official police or fire report must be provided to TMC, within five business days of the incident, for a claim. A comparable instrument will be provided to replace the original instrument. Payments will continue on the replacement instrument. (c) Failure to purchase optional service and maintenance policy: If the instrument is damaged and you have not purchased the optional service and maintenance policy, you are responsible for its reasonable cost of repair or its fair market value. The maximum amount for which you will be liable is total price plus sales tax. (d) The service and maintenance policy is void if payments are past due.

13) NOTICES. Written notice shall be deemed given within three (3) calendar days after being posted in the U.S. mail, postage prepaid, certified with return receipt requested, addressed to the parties’ address as shown in this Agreement.

14) TITLE TRANSFER. This Agreement is not an installment sales contract and no title is intended to change. If Renter executes Purchase Option, TMC will transfer title of said property to Renter upon payment full.

This contract is not valid until credit is approved by TMC. You agree that we have the right to obtain a credit report to determine acceptance of this contract.