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Marty's Music Store
1245 East Main Street
Annville, PA 17003
School Instrument Lease Agreement
Yes, I/We
(hereinafter "Lessee" or "Customer") want to use a
(hereafter "The Leased Instrument")
in my home/or child's school. My home address is
, and will not remove it from this location without Marty's consent, subject to the following terms and conditions:
TERM OF LEASE: The term of this lease shall be: ________________ , 20______ to ________________ , 20______. Thereafter the term of this lease shall be from month to month and shall be automatically renewed each month until terminated by either party, upon seven (7) days notice.
RENTAL PAYMENTS: Customer shall pay rent to Marty's in the amount of $ __________ per month, including sales or use tax, for thinitial four (4) month term of this lease in the toatl amount of $ __________ , in advance on the first day of the initial term of this lease. If this lease is renewed beyond the initial term, Customer's monthly rental payable to Marty's will increase by $5.30 per month for the next six (6) month period and by the same amount amount for each successive six (6) month period and shall include sales or use tax, and shall be payable in advance on the first day of each month.
EARNED RENTAL CREDIT: If Customer is not in default of its obligations to Marty's under this lease, Marty's will, within __________ days of Customer's return of the Leased Instrument, credit the following portion of each payment paid by the payment due date toward the purchase of another school orchestra or band instrument of equal or greater value from Marty's (guitars and drum stes excluded).
__________ 100% of each payment.
(initial)
__________ Lease payments which are past due by ten (10) days or more shall not be applied to the earned rental
(initial) credit. Earned rental credit may be applied toward the purchase of only one (1) instrument as de scribed above. There shall be no refund if Customer does not purchase an instrument within ` __________ days of Customer's return of the Leased Instrument or if customer purchases an instru ment of lessor value then the leased instrument.
__________ Customer is responsible for all maintenance of the Leased Instrument and for any damage, injury, or
(initial) loss of the Leased Instrument, reasonable wear and tear excepted. Customer agrees to indemnify and hold Marty's harmless from any loss, damage, theft, or destruction of the Leased Instrument while it is in the Customer's possession or control.
THIS AGREEMENT IS A LEASE AND NOT A SALE CONTRACT. The Leased Instrument is the property of Marty's Music Store, Inc. Customers has only the right to use the property so long as Customer is not in default hereunder.
This lease does not give the customer the option to purchase the Leased Instrument which is the subject of this lease. At the termination of this lease, for any reason, the Leased Instrument must be returned to Marty's.
DEFAULT: Customer shall be in default upon failure to make any lease payment on time or failure to comply with any other provision of this Agreement.
UNDER DEFAULT by Customer, Marty's shall be entitled immediately to declare this lease to be terminated and to immediately recover possession of the Leased Instrument and Customer shall pay Marty's costs, including reasonable attorney's fees, incurred in enforcing its rights hereunder. Further, at Marty's sole option, Marty's may declare all earned rental credit to be forfeited upon Customer's default.
Upon termination of this lease, Customer shall promptly return the Leased Instrument to Marty's, permit and enable Marty's to take possession of the Leased Instrument, and pay any unpaid monthly rentals due.
Customer ACKNOWLEDGES RECEIPT OF THIS STATEMENT AND DELIVERY OF LEASED INSTRUMENT FOR THE CUSTOMER'S USE AS OUTLINED ABOVE AND SHALL CONTITUTE CUSTOMER'S ACCEPTANCE OF THIS AGREEMENT. YOU, THE CUSTOMER, MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY AFTER THE DATE OF THIS TRANSACTION. SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.
_________________________________
Lessee's/Customer's Signature
Credit Information (Dear Customer, your privacy is important to us; we do not share information about you with other people.)
Name
Nearest Relative (not living with you and how you are related)
Social Security No.
Nearest relative address/phone
Employer
Date Employed
Student's Name
Bank
Elementary School Name
Credit Reference
Spouses Name
