RENTAL AGREEMENT: The Loft Violin Shop Rental Agreement is subject to the terms on the reverse side of this form. The renter therein agrees to abide by the terms and conditions of the rental agreement as described.
Features of the Rental Plan: ► 100% of the monthly payment applies to purchase; ► Sizes may be exchanged as needed with no loss of equity. (Rental charges may vary with the size of the instrument); ► The rental may be returned at any time and all monies paid will be considered as rent for time used; or ► All rental money may be applied to the purchase of the instrument outfit of the renter's choice*.*Limited to the same type of instrument as described ► Rental monies accrued: • May not be applied to accessories, repairs, or other charges; • Will not be held or applied at a later date ► Maintenance is included under these conditions: • The rental account must be paid and up-to-date. • The Loft will repair any damage to the instrument or bow at no charge provided the damaged instrument or accessories are brought to The Loft. If repairs are performed elsewhere and not up to the standards of The Loft, the customer will be charged to correct the repair(s). • Replacing broken or worn strings is included as part of the rental. • The Loft reserves the right to assess repair charges for intentional damage to the instruments. • The maintenance plan does not cover lost or stolen items.
LATE FEES: • Should the rent remain unpaid for 15 days after the due date, a late fee of $5.00 will be assessed in addition to the rent due. • If the account continues in arrears, a second late charge of $5.00 will be assessed at 30 days past due and the renter will be liable for the return of the rental instrument or value thereof. • At 45 days, a third $5.00 late fee will be added and the account will be turned over for Collection. ◦ In the event of Collection, the renter will be responsible for fees up to 50% for collection as well as any and all legal and/or court fees associated with said collection. • There will be a $35.00 charge for any check returned for insufficient funds.
THE LOFT VIOLIN SHOP RESERVES THE RIGHT TO USE ANY CREDIT CARD OR BANK ACCOUNT LISTED ON THE REVERSE WITHOUT NOTIFICATION TO COLLECT SAID CHARGES. NOTE: USING ONE OF THE CONVENIENT AUTOMATIC PAYMENT OPTIONS CAN HELP YOU AVOID LATE FEES, POSTAGE, AND CHECK WRITING CHARGES.
BANKRUPTCY: In the event of bankruptcy by the renter, the rental property remains the sole property of The Loft Violin Shop and must be returned immediately. Any rental equity may still be used towards the purchase of an outfit as described above with any balance due in full at that time.