MUSICAL INSTRUMENT RENTAL AGREEMENT v. 2/2020
Leithold Piano Co., Inc., dba
Leithold Music, hereby leases to the undersigned Lessee (“Rental Customer”) for
the lease period stated, the property described with standard attachments and
equipment subject to the terms and conditions hereinafter set forth. Rental Customer in consideration of the said
rental expressly covenants and agrees as follows:
1. The
property will be kept only at Rental Customer’s stated address, and upon
termination of this agreement will be returned in substantially as good
condition as when received by Rental Customer.
However, if an instrument is damaged or lost because of fire or theft,
Rental Customer shall not be responsible for any cost of repair or replacement,
provided that Rental Customer reports the incident to Leithold Piano Co., Inc.
within 10 days of the occurrence and reports the theft within 10 days of
occurrence to the appropriate police department, with a copy of the police report
being provided to Leithold Piano Co., Inc.
2. The monthly
lease payments shall commence on the beginning date of lease period and
continue monthly thereafter for the length of the lease period on the same day
each month. Rental Customer agrees to pay
Leithold Piano Co., Inc., during the terms of the lease the monthly payments in
the amounts and at the times specified, until the total number of lease
payments has been made. Payments shall
be made at or sent to Leithold Piano Co., Inc.
If the instrument has not been returned to Leithold Piano Co., Inc., by
the end of the lease period, rent shall continue to accrue at the monthly
rental fee, on a prorated daily basis, until such time as the instrument has
been returned to Leithold Piano Co., Inc.
The fact that the instrument may have been returned to the school music
department does not relieve the Rental Customer of liability for rent until the
instrument is returned to Leithold Piano Co., Inc. Rental Customer shall be liable to Leithold
Piano Co., Inc. for any costs and expenses incurred to regain possession of the
instrument. If the Rental Customer does
not return the instrument to Leithold Piano Co., Inc. upon termination of the
lease or expiration of the lease period, the Rental Customer shall be liable to
Leithold Piano Co., Inc. for the retail price of the instrument, less a portion
of the rent actually paid, as allowed under the option to purchase in paragraph
4 of this lease.
3. The Rental
Customer may, at any time during the rental period, return the leased property
to Leithold Piano Co., Inc., 116 South Fourth Street, La Crosse, WI, in good
condition and the lease shall be deemed terminated.
4. The Rental
Customer has the option to purchase the above-described leased instrument for
the retail price of instrument indicated less rent paid for a total of 24 months
(not including sales tax). The option
must be exercised on or before the termination of the lease and only if the
lease is not in default.
5. Leithold
Piano Co., Inc. has the option at any time to terminate this contract if Rental
Customer is in default hereunder as defined in No. 425.103(2) of Wisconsin
Statutes. In such event Rental Customer
agrees to promptly return or, where necessary, make leased property immediately
available for pick up.
6. This lease
is not assignable by Rental Customer, nor may the property be rented by others.
7. Rental
Customer acknowledges that the interest of Rental Customer herein is
subordinate to any present or future encumbrances recorded or unrecorded, if
any, in favor of any lending institution.
Upon exercise of Rental Customer right to purchase, Leithold Piano Co.,
Inc. will transfer title to Rental Customer free and clear of any encumbrance.
8. The
obligations hereunder are incurred in the interest of the marriage and family.
9. The Rental
Customer will provide updates or changes to credit/debit card or ACH
information before payment is due on lease period date. If any installment is not paid in full on or
before the 10th day after monthly lease period date, a delinquency
charge of $5.00 shall be added to the account.
10. In the
event that Rental Customer is in default under the terms of this agreement,
Leithold Piano Co., Inc. shall have the right, but not the obligation, to
recover possession of any instrument left with the school music department.
Leithold Piano Co., Inc. is
not responsible for any agreement or promise other than written or printed on
the face of this agreement.
