*NOTICE TO RENTER: Do NOT sign this agreement before you read it. You are entitled to a copy of this agreement.
RENTAL TERMS: You agree to lease the property for the agreed initial term. You are not obligated to renew this agreement beyond the initial term. If you have not returned the property to Boothe Music upon the expiration of the initial lease period, this lease automatically renews at the beginning of each successive monthly lease period and you agree to pay the monthly rental fee for each renewed lease period. Rental payments are due on or before the 5th or 20th of each month. The due date of your monthly payment will be whichever of these dates is closest to 30 days from the date this contract is signed. If your payment is returned or your card declined, a late charge of $10 per month will apply starting ten (10) days past the payment due date. Payments made after the 10 day grace period will be applied to any applicable late charges on the account before being applied to rental fees.
OWNERSHIP TERMS: You choose to acquire ownership through monthly rental fees, you will make payments, which include: (1) the initial monthly rental payment, (2) additional monthly rental payments for a total number of payments equaling the total amount listed herein including sales tax. You will not own the property until completing the total payments necessary to acquire ownership listed herein. The payment amounts listed herein necessary to acquire ownership do not include any applicable paid, late charges, pick-up, or reinstatement fees. Rental payments are non-refundable.
UTAH CODE ANN - THEFT OF RENTAL PROPERTY: Theft of rental property is clearly defined in the Utah Criminal Code Section 76-6-410 Theft of Rental Property. The renter will be considered to be in violation of this statute if the renter is more than 20 days past the renewal payment due date. You may not sell, mortgage, pawn, pledge, encumber, hock or dispose of the property until you gain ownership thereof. Violation of these statutes will be considered gross deviation(s) from the terms of this agreement and will be treated as such.
BANKRUPTCY: You do not own any part of this instrument until the final payment is made. If you file for bankruptcy, you agree that this rental instrument will not be included nor protected by any type of bankruptcy and you will immediately return this instrument. If you fail or refuse to comply with this requirement, you agree to pay Boothe Music costs incurred in taking possession. Including but not exclusive of court costs and attorney fees to the extent permitted under the state law or as awarded under ~ 506(b) of the bankruptcy code.
TERMINATION OPTION: At any time prior to the end of a monthly lease period, you may terminate this agreement by returning the property in good condition to Boothe Music 135 N Main Street, Spanish Fork UT 84660, in full satisfaction of any future obligations under this agreement. You are still responsible for any accrued monthly rental payments and late charges incurred prior to the return of the property. Your obligations will not cease until Boothe Music has regained possession of the property. You will not receive a refund of any amounts owed prior to returning the property.
EARLY PURCHASE OPTION: If you so choose, you may purchase the property at any time during this agreement and receive the discount established by this agreement, provided that all payments required by the agreement are current and the agreement has not been terminated by default. The payoff amount will be calculated as the sum of the total amount of rental payments remaining to complete the ownership requirements of this agreement.
RENTAL CREDITS AND INSTRUMENT EXCHANGE OPTIONS: ORCHESTRA INSTRUMENTS: Excluding insurance/maintenance, 100% of the rental payments for the first year and 50% of any payments after the first 12 months may be applied to the purchase of an orchestra instrument for as long as the rental term has been continuous. BAND INSTRUMENTS: Excluding insurance/maintenance, 100% of the rental payments for the first year and 50% of any payments after the first 12 months may be applied to the purchase of a band instrument for as long as the rental term has been continuous. PERCUSSION: Excluding insurance/maintenance, 50% of the monthly rental payments on bell kits or snare kits may be applied toward the purchase of a drum set for as long as the rental term has been continuous. CROSS CATEGORY: Excluding insurance/maintenance, 50% of the monthly rental payments may be applied cross category i.e. band -> orchestra for as long as the rental term has been continuous. If you fail to make your lease payments or are in breach of contract, these options are null and void. Payments may not be applied to categories other than band and orchestra.
INSURANCE/MAINTENANCE SERVICE: Insurance covers half of the labor on all repairs up to the deductible of the instrument. This service applies only as long as you are not in default on this agreement. If stolen, the renter must file a police report within 48 hours and is responsible to pay the deductible of the instrument. Generally, a loaner instrument will be provided while a rental is being repaired. The loaner instrument must be returned upon pickup of the original rental instrument. You are responsible for keeping the property in good condition and for any costs associated with servicing or repairing the property while it is being leased, including replacement of expendable accessory items. No repair shop may work on this instrument other than Boothe Music or one designated by Boothe Music. You are responsible for payment of the fair market value of the property, if the property is lost, stolen or damaged beyond repair, even if by no fault of your own.
REPOSSESSION RIGHTS: If you do not renew this agreement or if you breach this agreement, Boothe Music has the right to repossession of the property. If this happens, you agree to return the property to Boothe Music 135 N Main Street, Spanish Fork, UT 84660 or make arrangements for Boothe Music to take possession of it. You agree that Boothe Music may pick up the property from your child's school. You are responsible for any monthly rental payments, which accrue before Boothe Music costs incurred in taking possession. Including but not exclusive of court costs and attorney fees.
NOTICE OF BOOTHE MUSIC'S RIGHT TO CANCEL: If you signed a separate credit application in connection with this transaction, the terms of that application become part of this agreement when it is signed. If your credit rating is unacceptable to Boothe Music we reserve the right to cancel this agreement within one week after it has been signed and to immediately pick up the property. You will be responsible for any damage to the property prior to its return to Boothe Music 135 N Main Street, Spanish Fork, UT 84660.
ADDITIONAL TERMS AND CONDITIONS OF THIS AGREEMENT: This document contains the entire agreement between you and Boothe Music and cannot be modified except in writing and signed by you and Boothe Music. If more than one person signs this agreement, as "lessee" the liability shall be joint and several. If any provision of this agreement is not allowed by state law, then that provision shall be considered void and the remaining provisions will remain in force and effect. By signing the agreement you acknowledge the agreement was completed before signing and that you have read the entire agreement and understand your obligations as to this agreement.
