You agree to lease the Property for an initial period of one month. You are not obligated to renew this Agreement beyond the initial term. If you have not returned the Property to RMI, LLC at 1219 Lydia Ave Kansas City, MO 64106 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.
If 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. Payments may be subject to sales tax. You will not own the Property until completing the total payments necessary to acquire ownership listed herein. You cannot sell, mortgage, pawn pledge, encumber, hock or dispose of the Property until You gain ownership thereof. The payment amounts listed herein necessary to acquire ownership does not include any applicable sales tax, late charges, pick-up, shipping or reinstatement fees.
If any part of the manufacturer’s warranty covers the Property at the time You acquire ownership, it shall be transferred to you if allowed by the terms of the warranty.
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 RMI, LLC at 1219 Lydia Ave Kansas City, MO 64106, in full satisfaction of any future obligations under this Agreement. However, You are still responsible for any accrued monthly rental payments, late charges and shipping charges incurred prior to return. Your obligation will not cease until RMI, LLC 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 a discount, 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 the Agreement, less 50%.
If you switch to a new agreement with a different instrument, RMI, LLC will apply up to 50% of the monthly rental payments made on the previous Agreement towards the beginning total of payments balance of the new agreement. This includes agreements on Step-Up instruments.
Optional Maintenance Service:
If purchased, RMI, LLC shall repair for the maintenance charge provided herein all defects that arise from normal wear and use or accidental damage. ITEMS NOT COVERED are: damage from negligence or abuse. Lacquer or finish deterioration, replacement of bow hair, repair of cosmetic dents, and replacement of expendable accessories including but not exclusive of mouthpieces, reeds, lubricants, strings drumsticks and drumheads. This service applies only as long as You are not in default on this Agreement. 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 RMI, LLC OR ONE SO DESIGNATED by RMI, LLC. You are responsible for payment of the fair market value of the Property (not to exceed the cash price) if the Property is lost, stolen or damaged beyond repair, even if by no fault of your own.
If purchased, this service applies to the Property described herein for each consecutive month You have paid for this service under this Agreement. The Monthly Maintenance Charges may be subject to sales tax.
Rental payments are due on or before the 5th, 15th or 25th of each month. The due date of your monthly payment will be whichever of these dates is closest to 30 days from the date of this contract. If your payment due date falls on a weekend or banking holiday, your payment will be processed on the last business day prior to the due date. If your payment is returned or your card declined, a late charge of $10 per month will apply ten (10) days past the payment due date and future payments will be applied to any applicable late charges on the account before rental fees can be applied.
If You do not renew this Agreement or if You breach this Agreement, RMI, LLC has the right to repossession of the Property. If this happens, You agree to return the Property to RMI, LLC at 1219 Lydia Ave Kansas City, MO 64106 or make arrangements for RMI, LLC to take possession of it. You agree RMI, LLC may pick up the Property from your child’s school. You are responsible for any monthly rental payments, which accrue before RMI, LLC acquires possession. If you fail or refuse to comply with this requirement, You agree to pay RMI, LLC’s costs incurred in taking possession to include but not exclusive of court costs and attorney fees to the extent permitted under state law or as awarded under ~ 506(b) of the bankruptcy code.
Notice of RMI, LLC’s Right to Cancel:
If your credit rating is unacceptable to RMI, LLC, 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 RMI, LLC at 1219 Lydia Ave Kansas City, MO 64106.
Notice of Right to Reinstate the Agreement:
If You fail to make a timely monthly rental payment, You may reinstate this agreement within three rental terms after the expiration of the rental term for which You last made a timely monthly rental payment without losing any rights or options which exist under the Agreement, by the payment of the following amounts: (1) all past due rental payments, including any applicable sales tax; (2) the reasonable cost of pick-up and delivery if the Property has been picked up by RMI, LLC or its representative; and (3) any applicable late charges. In order to have such right of reinstatement, You must have returned or voluntarily surrendered the Property upon the request of RMI, LLC at 1219 Lydia Ave Kansas City, MO 64106. Upon reinstatement, RMI, LLC will provide You with the same property or substituted property of comparable quality and condition. In the event You did not voluntarily return the Property at the request of RMI, LLC, You will have no such right to reinstatement.
Additional Terms and Conditions of this Agreement:
This document contains the entire agreement between You and RMI, LLC and cannot be modified except in writing and signed by You and RMI, LLC. 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. 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. 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.
Notice to Customer/Lessee:
Do not electronically sign this Agreement before you read it. You are entitled to a copy of this Agreement.