PRECISION APPLIANCE LEASING, LLC (herein called “PRECISION”) is pleased to have you as a customer. Your acceptance and use of each appliance described on your invoice (herein the “Equipment”) indicates your agreement to all of these Terms and Conditions of Lease, including, without limitation, payment of rent at the rental rate shown on your Invoice (herein the “Monthly Rate”). Please contact PRECISION APPLIANCE LEASING if you have any questions about these Terms and Conditions.
I. RENT PAYMENTS. PRECISION requires payment, before the delivery date of the Equipment, of the initial Monthly Rate amount plus tax and the Delivery Fee described below. After delivery, you agree to pay the Monthly Rate amount on the same day of each subsequent calendar month for as long as you rent the Equipment from PRECISION and until the Equipment is returned to PRECISION. Your Monthly Rate amount will include applicable taxes. If PRECISION notifies you of a rent increase, you agree to pay the increased Monthly Rate beginning with the next Monthly Payment date. YOUR RENTAL AGREEMENT IS NOT A PURCHASE AGREEMENT. YOU WILL NOT BECOME THE OWNER OF THE EQUIPMENT NO MATTER HOW LONG YOU PAY RENT TO PRECISION APPLIANCE LEASING. THE EQUIPMENT IS OWNED BY PRECISION APPLIANCE LEASING AND MUST BE RETURNED WHEN YOU CANCEL THE LEASE OR AFTER YOUR DEFAULT. YOU AGREE NOT TO REMOVE OR DEFACE THE STICKER ON THE EQUIPMENT SHOWING THAT PRECISION APPLIANCE LEASING OWNS THE EQUIPMENT.
II. RENTAL TERM. The date Equipment is delivered to the address shown on your initial Invoice is the date your rental term begins. You may rent the Equipment with a 3 month term and continue on a month-to-month basis at your option until the earlier of (a) the date you notify PRECISION that you want to terminate the lease with a 30-day notice or (b) the date PRECISION cancels your lease in accordance with these Terms and Conditions. If you notify PRECISION that you want to terminate the lease, you agree to continue paying rent at the Monthly Rate amount until PRECISION receives delivery of the Equipment from you and your final invoice will not be prorated.
III. FEES AND CHARGES. Your payments will be made by automatic recurring debit or credit card transactions. To avoid a Late Fee, your payment must be received by PRECISION at its home office no later than the due date. In addition to the Monthly Rate payment, you agree to pay the following fees (if applicable): (a) Delivery Fee of $35 for delivering and installing your Equipment; and an additional $35 for each rescheduled attempt (b) Late Fee of $5 each month when a Monthly Rate payment has not been paid by the due date for each piece of Equipment you have rented (or $10 each month if you have rented two pieces of Equipment or a stackable washer/dryer unit) in addition to the accruing of an additional rent in the sum of $1.00 per day plus applicable sales tax until payment is received; (c) Move Fee of $35 if you move to another unit in the same apartment community and you want to continue renting the same Equipment, or $30 if you move to another apartment community served by PRECISION and you want to continue renting the same Equipment; (d) Application Fee of $750. All of the above fees are subject to applicable state law limitations, if any, and may be changed upon notice to you.
IV. LIMITED DAMAGE WAIVER. PRECISION offers an optional Limited Damage Waiver (“LDW”) for an additional monthly recurring charge of $4.50 per month. Subject to the terms hereof, the LDW is paid in consideration for PRECISION waiving its right to recover damages against you in the event the Equipment suffers incidental physical damage such as scratches, dents, dings, or broken knobs. LDW coverage is void and of no effect if you are not in compliance with your obligations under these terms and the terms of the rental agreement, or if physical damage to the Equipment or loss is caused by vandalism, theft, or intentional abuse or damage. You are not required to purchase LDW coverage.
V. USE AND RETURN OF EQUIPMENT. You agree to use the Equipment only for your personal use at the address and apartment unit shown on your Invoice. You agree that you will not use the Equipment for business or commercial use. You agree that you will not move the Equipment to another address or unit either within or outside your apartment community. If you plan to move and would like to continue renting the Equipment, you agree to contact PRECISION to determine if the Equipment can be moved to your new unit. PRECISION must move the Equipment for you, and you agree to pay the applicable Move Fee for the removal and reinstallation of your Equipment. PRECISION allows use of the Equipment only at communities it serves and may refuse to allow the Equipment to be moved in its sole discretion. If you decide to cancel your lease, or if you are in default and Precision attempts to repossess the Equipment, you agree that the Monthly Rate amount will continue to be due until PRECISION picks up the Equipment from you. It is your responsibility to ensure that PRECISION has obtained the appropriate key release to retrieve the Equipment. PRECISION will not charge a pick up fee if you cancel the lease, you are not in default, and PRECISION picks up the Equipment in your presence or with a key release approved by your apartment manager. A pick up fee covering PRECISION’s costs will be charged if you are in default at the time the Equipment is repossessed or if an attempt to pick up fails because you did not arrange for a key release from your apartment manager. If the Equipment is lost or stolen, you agree to pay, in addition to all other amounts required by this agreement, the replacement value of the Equipment and all reasonable costs incurred by PRECISION in collecting this amount.
VI. LIMITED WARRANTY; REMEDY FOR DEFECTS. PRECISION UNDERTAKES NO RESPONSIBILITY FOR THE QUALITY OF THE EQUIPMENT EXCEPT AS PROVIDED IN THIS AGREEMENT. PRECISION ASSUMES NO RESPONSIBILITY THAT THE EQUIPMENT WILL BE FIT FOR ANY PARTICULAR PURPOSE FOR WHICH YOU MAY BE LEASING THE EQUIPMENT. ALL IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE EXPRESSLY EXCLUDED. When the Equipment is delivered, you agree to inspect it and report any damage or defects to PRECISION within Three (3) business days. If you discover a mechanical problem resulting from a defect in the manufacturing of the Equipment, you agree to notify PRECISION promptly. PRECISION will repair or replace the Equipment at its option without charge to you, and this remedy shall be your exclusive remedy. You agree that you will not attempt to repair the Equipment yourself or allow anyone other than PRECISION or its contractors to repair the Equipment. You will be responsible for any damage to the Equipment resulting from any faulty repair work done by you or others. Precision Appliance Leasing Terms and Conditions of Lease
VII. EQUIPMENT DAMAGE OR MALFUNCTION RESULTING FROM ABUSE. You agree to use the Equipment only in accordance with manufacturer’s instructions as indicated on the inside lid or door of the Equipment. You agree to be solely responsible and liable to PRECISION for any damage to the Equipment and the cost of any repairs caused by the negligence, misuse or abuse of Equipment, whether caused by you or anyone else.
VIII. INDEMNIFICATION. YOU AGREE TO RELEASE, INDEMNIFY AND HOLD PRECISION APPLIANCE LEASING AND ITS AGENTS HARMLESS FROM ANY LIABILITY OR DAMAGES ARISING FROM NEGLIGENCE, MISUSE OR ABUSE OF THE EQUIPMENT DURING THE TIME THE EQUIPMENT IS IN YOUR POSSESSION WHICH WAS CAUSED BY YOU, ANY UNIT CO-RENTER, FAMILY MEMBER, GUESTS, OR INVITEES.
IX. KEY RELEASE AUTHORIZATION TO ENTER YOUR APARTMENT. YOU AGREE TO ALLOW PRECISION OR ITS AUTHORIZED AGENTS OR INDEPENDENT CONTRACTORS, ACCESS TO THE EQUIPMENT IN YOUR APARTMENT (PERMISSION IS GRANTED FOR THE APARTMENT LEASING OFFICE TO RELEASE A KEY) FOR THE PURPOSE MAKING DELIVERY, REPAIR, MAINTENANCE, REPLACEMENT OR REMOVAL (INCLUDING DELINQUENT PAYMENTS) OF THE EQUIPMENT IN THE EVENT YOU ARE NOT PHYSICALLY PRESENT IN YOUR APARTMENT AT THE TIME OF DELIVERY, REPAIR, MAINTENANCE, REPLACEMENT OR REMOVAL OF THE EQUIPMENT. IN THE EVENT OF YOUR DEFAULT, AND IF YOU FAIL TO CURE YOUR DEFAULT AFTER TEN (10) DAYS WRITTEN NOTICE FROM PRECISION APPLIANCE LEASING, YOU HEREBY AUTHORIZE AND DIRECT THE MANAGEMENT OF YOUR APARTMENT COMMUNITY, ON PRECISION APPLIANCE LEASING’S REQUEST, TO PROVIDE PRECISION APPLIANCE LEASING OR ITS AGENTS OR INDEPENDENT CONTRACTORS WITH A KEY TO YOUR APARTMENT, SO THAT PRECISION APPLIANCE LEASING OR ITS AGENTS OR INDEPENDENT CONTRACTORS MAY, WITHOUT BREACH OF THE PEACE, ENTER YOUR APARTMENT IN YOUR ABSENCE AND RETRIEVE THE EQUIPMENT. YOU AGREE TO INDEMNIFY AND HOLD PRECISION APPLIANCE LEASING; IT’S AGENTS AND INDEPENDENT CONTRACTORS, AND THE MANAGEMENT AND OWNERS OF YOUR APARTMENT COMMUNITY, HARMLESS FROM ANY LIABILITY REGARDING ENTRY AND ACCESS TO YOUR APARTMENT IN RELIANCE ON THIS KEY RELEASE AUTHORIZATION FOR THE PURPOSE OF REMOVING THE EQUIPMENT AFTER YOUR DEFAULT. PRECISION APPLIANCE LEASING AGREES TO RETURN THE KEY TO YOUR APARTMENT MANAGER AFTER REMOVING THE EQUIPMENT.
X. DEFAULT. You will be in default under your lease and these Terms and Conditions if any of the following should occur: (a) you fail to pay the full Monthly Rate payment or any other applicable fees, charges or damages when due; (b) you breach any of the terms of your lease agreement or these Terms and Conditions; or (c) PRECISION in good faith believes the prospect of payment or performance is impaired. You agree to waive any requirement that PRECISION provide you with notice of default.
XI. REMEDIES. If an event of default occurs, PRECISION may exercise one or more of the following remedies: (a) cancel your lease; (b) take possession of the Equipment with or without judicial process, but any non-judicial repossession in your absence from your apartment may only be pursued without breach of the peace in accordance with Paragraph 9 above; (c) recover any unpaid Monthly Rate payments owed through the date the Equipment is picked up by PRECISION APPLIANCE LEASING; (d) cancel the lease and collect unpaid Monthly Rate payments through the date of cancellation plus an amount equal to the original cost of the Equipment plus 20% of that amount if the Equipment has been lost, stolen, or cannot be picked up by PRECISION; (d) recover all reasonable collection costs incurred by PRECISION including reasonable fees paid to third party collectors and/or attorneys to the extent allowed by applicable law; (e) CREDIT APPROVAL is not required. Customer agrees that PRECISION is authorized to investigate Customer’s credit and report to Credit Bureaus; and/or (f) pursue any other rights or remedies allowed by applicable law. Section 31.04 of the Texas Penal Code provides that any person having possession of personal property of another by virtue of a rental contract, who, with intent to avoid payment and without the owner’s consent, holds the property beyond the expiration of the rental period and thereby deprives the property owner of the property of its use in further rentals, shall be guilty of the crime of Theft. You agree to pay all of PRECISION’s expenses and costs of enforcing these Terms and Conditions, including reasonable attorney’s fees and expenses, as allowed by applicable law, whether or not a lawsuit is filed. PRECISION reserves right to report you to credit bureaus if you do not pay all amounts owed by you under these Terms and Conditions and you hereby authorize PRECISION to file such reports.
ARBITRATION. You and PRECISION agree that any disputes between us, at the request of either party, made at any time, including without linlimitationy claims, controversies or disputes that have already been initiated in any court or that could or would otherwise be subject to class actions (the “Dispute”), shall be subject to binding arbitration subject to the Federal Arbitration Act, common law principles, the due process standards of the Consumer Due Process Protocol of the American Arbitration Association (“AAA”), and the terms of this section, unless otherwise agreed. Each Dispute shall be decided by the parties who shall be licensed, practicing attorney who is knowledgeable in the subject matter of the Dispute. Each party agrees to pay half the arbitrator’s fee, but if you can demonstrate that you cannot afford the arbitrator’s fee, Precision will pay the entire fee. ARBITRATION OF A DISPUTE SHALL BE MANDATORY FOR BOTH PARTIES UPON THE ELECTION BY EITHER PARTY TO ARBITRATE, REGARDLESS OF WHEN SUCH ELECTION IS MADE (INCLUDING ELECTIONS MADE AFTER THE INITIATION OF A LAWSUIT OR COUNTER-SUIT IN ANY COURT OR TRIBUNAL OF COMPETENT JURISDICTION). IF ARBITRATION IS SELECTED BE EITHER PARTY, YOU AND PRECISION AGREE THAT SUCH ELECTION WILL PRECLUDE EITHER PARTY FROM HAVING THE DISPUTE HEARD OR DECIDED BEFORE A JURY OR COURT OF LAW. You may obtain more information on Arbitrations at www.adr.org.
Credit/Debit Card Standing Authorization Terms and Conditions
1) By providing Precision Appliance Leasing, LLC (“PRECISION”) with credit or debit card account information to make a payment to PRECISION as part of the agreement between you (Customer) and PRECISION in the PRECISION Lease and Release, Waiver and Indemnity Agreement” (the “PRECISION Lease”) you are agreeing to a Credit and Debit Card Standing Authorization (“Authorization”) with PRECISION to charge your credit or debit card account for monthly rental, past due balances, uncollected fees, liquidated damages for unreturned equipment and any applicable sales tax as agreed upon in the PRECISION Lease.
2) By agreeing to this Authorization you authorize PRECISION to retain your credit or debit card information on file. In addition you authorize your credit card/debit card issuer to charge your credit or debit card account for monthly rental, past due balances, uncollected fees, liquidated damages for unreturned equipment and any applicable sales tax as agreed upon in the PRECISION Lease.
3) The PRECISION Lease provides that an unpaid account balance is past due if (a) the payment is not be received by PRECISION at its home office no later than the due date (b) the oldest unpaid invoice’s payment due date. Late Fee of $5 each month when a Monthly Rate payment has not been paid by the due date for each piece of Equipment you have rented (or $10 each month if you have rented two pieces of Equipment or a stackable washer/dryer unit); in addition the PRECISION Lease provides for the accruing of additional rent in the sum of $1.00 per day plus applicable sales tax for any account with a past due balance. For failure to return the equipment as required under the PRECISION Lease terms you agree to pay, in addition to any accrued unpaid charges and all other amounts required by this agreement, the replacement value of the Equipment and all reasonable costs incurred by PRECISION in collecting this amount.
4) PRECISION, at its discretion, may choose to use this Authorization as your permission to process a charge to your credit or debit card as payment for any outstanding past due balances, uncollected fees, or liquidated damages for unreturned equipment associated with the PRECISION Lease. Any such charges will appear on your monthly credit card statement or bank account statement (for debit cards).
5) You understand that this Authorization is a standing authorization and is not a one-time credit or debit card charge authorization, and for authorization to charge your credit or debit card on a monthly basis for your monthly rent. This is an Authorization for PRECISION to charge your credit or debit card account for past due balances, uncollected fees, and liquidated damages for unreturned equipment and any applicable sales tax as agreed upon in the PRECISION Lease should such amounts ever be incurred.
6) If any credit or debit card payment made under this Authorization is declined, you authorize PRECISION to make any necessary corrections to the submitted information and re-submit the charge. Your agreement to this Authorization does not relieve you of the obligation to pay PRECISION for goods supplied and/or services rendered if any charge submitted by PRECISION is dishonored, charged-back or otherwise refused for any reason. You agree to pay all reasonable collection charges and costs, including attorney’s fees and expenses of collection, if payment is dishonored.
7) This Authorization is terminable at any time. In order to cancel this Authorization, you must contact PRECISION in writing at the following address: 3236 Garden Brook Dr., Farmers Branch, Texas 75234; or by sending e-mail notice to email@example.com. Written cancellations must include your name, credit or debit card billing address, phone number, and credit card type, last four (4) digits of your credit card number and the effective date of cancellation. Please allow ten (10) calendar days for processing any notice delivered by you to PRECISION. If either the Lease or this Authorization is cancelled, a new Authorization must be submitted.
8) If you would like to change the credit or debit card listed in this Authorization, or if you would like to change any credit or debit card account information, expiration date or any other material information contained in this Authorization, you can either update the information you must contact PRECISION in writing or by email at the addresses specified in paragraph 7 above. Again, please allow ten (10) calendar days for processing.
9) If you dispute any amount charged to your credit or debit card under this Authorization, you may contact PRECISION by writing to the address above. All billing disputes that cannot be settled by discussion between you and PRECISION shall be settled according to the dispute resolution process specified by the payment card issuer in the credit or debit card agreement to which you as the cardholder are a party. PRECISION reserves the right to require you to re-certify this Authorization to us at any time upon our written request. Any disputes for any charges due to PRECISION from you under this Authorization are also subject to the dispute resolution procedures contained in the PRECISION Lease.
10) PRECISION may amend or modify the terms or conditions of this Authorization at any time with reasonable prior notice of such amendments or modifications to you, which notice shall be communicated to you in the same manner that notices and other information are communicated with you under the PRECISION Lease. If any part of this Authorization is found to be void, unenforceable or invalid, it shall not affect the other provisions of this Authorization. PRECISIONs failure to enforce your strict performance of any provision of this Authorization shall not be construed as a waiver of PRECISIONs right to subsequently enforce such provision or any other provision of this Authorization, nor shall it be deemed a waiver of enforcement of that or any other provision. This Authorization is personal to you, meaning that you may not assign your rights or obligations hereunder, by operation of law or otherwise, and no third party is a valid assignee of your rights under this Authorization. You represent that you, the individual signing this Authorization, are over the age of eighteen (18) and have authority to bind yourself hereunder for the authorization of payment by credit or debit card as described herein.
This Authorization, along with the relevant portions of the PRECISION Lease, are the exclusive and entire agreement between you and PRECISION concerning charges under this Authorization. This Authorization and the PRECISION Lease, however, do not supersede the applicable terms and conditions of any payment card system or financial institution that has issued your credit or debit card, which terms and conditions remain in full force and effect. This Authorization is subject to the dispute resolution, governing law and venue provisions of the PRECISION Lease Terms and Conditions.