Section 1. Terms: The term “BORROWER”, refers to the responsible party listed in the Guardian or Renter Information above. The term "LENDER" refers to the Education Projects of the Santa Fe Symphony.
Section 2. Rental of Instrument: I, the BORROWER, rent from the LENDER, on the terms and conditions of this Instrument Rental Agreement (referred to hereafter as “IRA”), the musical instrument described in Section 3 of this IRA. Such instrument, bow, case and supplies, are referred to in this IRA as “INSTRUMENT”. The instrument identified above via the Instrument Inventory Number will not change unless I come to exchange the instrument (for a different size, etc.).
Section 3. Charges and Invoicing: Rent charges will ONLY be accepted as automatic payments. There is no time limit on the rental and BORROWER may return the instrument at any time. BORROWER will be charged on 15th of every month for the duration of the time BORROWER has the instrument. If BORROWER possess the instrument for fewer than 15 days out of a given month, LENDER will prorate the charge for 50% of the monthly rental cost. If BORROWER possess the instrument for 15 or more days of the month, the full month's rent will be due. If BORROWER's card does not process the transaction, BORROWER will be notified and have 15 days to pay the rental fee. If the rental fee is not paid within 15 days, 1.5% interest or a $5.00 late fee will be incurred (whichever is greater). BORROWER agrees to maintain the card provided above in active status until BORROWER has paid all amounts owed under this IRA. If at any time the card provided expires or is cancelled, this IRA terminates immediately unless a new card and authorization is provided.
Section 3.1. Financial Aid: Financial aid is only available to students currently registered in any ensemble. Students must apply for, and be approved prior to receiving a discounted rate on rentals. If BORROWER becomes ineligible for financial aid due to changes in income, or failure to comply with the behavior and preparation standards required to remain eligible for financial aid, BORROWER's financial aid status will be revoked and the rental price will no longer be reduced.
Section 3.2. Optional Insurance: The optional insurance is $4.00 a month and can be added to BORROWER's monthly payment. It covers a replacement instrument of comparable quality, condition, and value. Explanation of the insurance follows:
1. An instrument totally destroyed by fire, other accident, or theft occurring not through the fault and/or malicious intent of BORROWER, will be replaced provided that the theft, loss or destruction is reported to the proper authorities, and a written police or fire report is made within twenty-four (24) hours of the event. LENDER will require a copy of this report documenting any loss or destruction.
2. The insurance does not cover any instrument taken outside of the state of New Mexico. Instruments which are taken out of the state of New Mexico are taken at BORROWER's own risk.
3. Any claim for replacement shall not be construed to alter or diminish the terms of the original Rental Agreement. This coverage will be void if BORROWER is in default of the Rental Agreement. BORROWER's payments must be current.
4. IMPORTANT: Under no circumstances will insurance coverage apply to an instrument which has been subject to intentional or malicious damage or destruction caused by BORROWER or student.
5. LENDER shall be the sole judge in all cases.
Section 4. Inspection, Maintenance, Loss, Damage and Repairs: Prior to rental, BORROWER has inspected the instrument and agree that it is in good playing condition. BORROWER will keep the instrument in the same condition as it was issued. LENDER will replace parts of the instrument as a necessary consequence of normal wear-and-tear. BORROWER agrees to be solely responsible for any and all loss or damage to the instrument, whether by Act of God, theft, vandalism, neglect, accident, or any other cause aside from normal wear-and-tear. BORROWER will notify LENDER immediately of any loss or damage. BORROWER will not attempt to make any repairs nor allow any other person to attempt any repairs, and understand that BORROWER is responsible for any costs or damage associated with unauthorized repairs. If the instrument is damaged beyond repair, BORROWER will pay the replacement cost within 60 days of the termination of this IRA.
Section 5. Termination: This IRA may be terminated at any time and for any reason by BORROWER or LENDER. Furthermore, this IRA will automatically terminate in the event (1) BORROWER subject to any bankruptcy proceeding, (2) if BORROWER breaches any section of this IRA. Upon termination, BORROWER agrees to immediately return the instrument to LENDER in the same condition as first borrow, accounting for normal wear-and-tear. BORROWER will pay any costs to restore the instrument to the beginning rental condition, accounting for normal wear-and-tear. All amounts not paid upon termination will accrue interest at the rate of 1.5% per month.
Section 6. Collection: BORROWER will immediately return the instrument to LENDER as requested. If BORROWER has not returned the instrument as required, BORROWER will pay the full replacement cost, and any outstanding balance. BORROWER also agrees to pay all collection costs, including, but not limited to, collection fees and attorney’s fees, associated with collecting the instrument. BORROWER authorizes LENDER to charge the credit card for all unpaid amounts. LENDER may contact BORROWER at home or place of business in relation to collections.
Section 7. Governing Law: BORROWER agrees that the terms of this agreement are governed by New Mexico law and that Santa Fe County is the only place where BORROWER or LENDER may file any action relating to this agreement. BORROWER agrees to pay attorney’s fees and costs in any lawsuit relating to this agreement including appeal. If any provision of this agreement is determined to be invalid, such provision shall be automatically revised to match as closely as possible the intent hereunder while consistent with applicable law and it shall not affect the validity of any other provision.
Section 8. Certification and Signature: Under penalty of perjury, BORROWER swears/affirms that the information the BORROWER provided in this IRA is true and complete to the best of the BORROWER'S knowledge. BORROWER agrees that it will immediately notify LENDER in writing of any changes in the information BORROWER has provided. I have read, understood, and accepted all of the terms and conditions of this IRA. BORROWER understands that this writing constitutes the entire agreement and that there are no terms or conditions not contained in this IRA.