Meridian Winds

Statement of Ownership:

Meridian Winds maintains all of the rights of a secured party during the term of this agreement. The instrument listed in this agreement remains the sole property of Meridian Winds until such time as payments made equal the total purchase price listed on this agreement. A claim of ownership may only be made after Meridian Winds has received payment in full according to the terms of this agreement. No claim of ownership will apply until your payments have equaled the total purchase price as listed in this agreement.

Rental Payments:

A valid credit card must be used for all initial payments and will be kept on file for future use during the term of this agreement.

Rental/purchase payments will be automatically deducted on a monthly basis from your credit card until such time as payments made equal the total purchase price or the instrument is returned. If you do not wish to have your payment charged to the saved credit card on any given month, contact us before the due date to let us know that you have mailed a check or come in to the store to make your payment.

All payments have a 10-day grace period from the due date before a $5.00 late fee is charged.

Default:

Failure to keep a valid card on file for rental payment deductions may result in the contract entering default. If your payments are not current and you are made aware of it via phone and email, we will consider this agreement to be in default and reserve the right to demand that you immediately return to us the instrument listed in this agreement. Furthermore, upon default you:

• • Authorize Meridian Winds to take possession of the rental property listed in this agreement wherever and whenever it may be found after reasonable and documented attempts have been made to settle the account.
  • Authorize Meridian Winds to work with any school music educator or school administrator to return rental property that is in default.
  • Agree that you will surrender an instrument in default to a Meridian Winds agent if, when, and wherever you may be asked to do so.

Returns:

The instrument listed in this agreement may be returned at any time during the term of the agreement with no further obligation provided that all payments (and late fees, if applicable) as listed in this agreement are current or made current at the time of return. Instrument returns will not be accepted if the account has a past due balance.

• • Please do not leave the instrument at school for return via your band director unless you have made prior arrangements with Meridian Winds for pickup and return and your band director is informed. You are responsible for the safety and well-being of the instrument until it has been returned to Meridian Winds.

Rental Credit and Exchanges:

If this is a rental agreement and you wish to switch instruments during the first year of this agreement, all rent that was paid will be applied to diminish the purchase price of the instrument to which you are switching. If this is a rental agreement and you wish to purchase a different instrument or a step-up instrument or switch to any other rental instrument after the first year of this agreement, half of the rent paid will be applied to diminish the purchase price of the instrument to which you are switching.