5.
ACCEPTANCE The Customer acknowledges that he
has fully inspected and accepted the instrument in good condition and
repair and further acknowledges he has
read and understands the terms and conditions of this agreement.
6. CUSTOMER Agrees that
the Owner may charge overdue rental payments by method of Visa or
Master Card.
7. OWNERSHIP The Instrument is and shall at
all times be and remain the sole and exclusive personal property of
the Owner but the Customer shall have the right to
use the same except as expressly set forth in this lease agreement.
8. USE The Instrument shall be used only for
the purpose for which it is intended and for no other purposes.
9. REPAIR & LOSS During the term of this
lease agreement the Customer shall bear the expense and cost of any
loss or damage to the instrument howsoever caused
and the Customer shall at his own expense keep the instrument in good
and workable condition and shall make all necessary repairs required
thereto, provide,
however, all repairs of whatsoever nature and kind shall be made by
the Owner, it's servants or agents at the Owner's place of business or
by such persons as may be
approved in writing by the Owner, and in any event, the cost of all
such repairs shall be paid by the customer within 15 days of the date
of an invoice from the Owner
to the Customer for such repairs.
10. CANCELLATION The customer shall have the
right to cancel this lease agreement at any time after the expiry of
the first two months of the term hereof, on the
following conditions:
a) The instrument shall be returned forthwith to the Owner at
appropriate address listed below, with all shipping and/or postage
charges and insurance prepaid.
b) The instrument shall be returned in good and workable condition,
reasonable wear and tear only excepted; and
c) The Customer shall pay the cost of any repairs to the Instrument
which the Owner, in it's sole opinion, deems necessary to place the
instrument in a good and
workable condition.
d) That the rent is paid to the current 2 month period.
11. SURRENDER Upon the expiration of the term
of this lease agreement, the Customer shall deliver the instrument to
the Owner at the noted address with all
shipping and/or postage charges and insurance prepaid.
12. DEFAULT If the customer shall default in
the payment of any rental or repair cost as hereinbefore provided or
if the Customer attempts to remove or sell or part
with possession of the Instrument, then, and in either such event, the
Customer shall, upon the demand of the owner, forthwith deliver the
instrument to the Owner
at the cost and expense of the Customer to such place as the Owner
shall designate, and/or the Owner may without notice to the Customer
enter upon any premises
of the customer and repossess the instrument and thereafter the
Customer shall be responsible for the cost and expense of the Owner
taking possession, reconditioning
and selling or otherwise disposing of the instrument.
13. PURCHASE OPTION The Customer may purchase
on an "as is, where is" basis within 24 months of signing of this
agreement by:
a) Payment of the contract price, LESS the rental already paid; with
an additional discount of 20% OFF the Contract balance if paid within
the first 6 months or
10% OFF the Contract balance if paid within the 7th to 12th month of
this Instrument Lease Agreement.
b) Payment of all outstanding interest and repair costs.
14. ASSIGNMENT The Customer shall not assign
lease agreement or the interest of the Customer hereunder without the
prior written consent of the Owner, and
neither this lease agreement for any interest therein is assignable or
transferable by operation of law.
15. INTERPRETATION This agreement is a lease
agreement only and the Customer shall not have or acquire any right,
title or interest in the Instrument except
upon proper exercise of the Option to Purchase.
16. NOTICES Service of all notices under this
lease agreement shall be sufficient if given personally or mailed to
the party involved at it's respective address, or
at such address as such party may provide in writing from time to
time.
|
