(A) A lessee who fails to make timely lease payments has the right to reinstate the
original lease-purchase agreement without losing any rights or options previously
acquired under the lease-purchase agreement within three lease terms after the expiration
of the last lease term for which the lessee made a timely payment if the lessee surrenders
the leased property to the lessor when the lessor or its agent requests him to surrender
the leased property.
(B) Before reinstating a lease-purchase agreement, a lessor may require a lessee to
pay any unpaid lease payments, delinquency charges, a reasonable reinstatement fee
of not more than five dollars, and a delivery charge if redelivery of the leased property
(C) If reinstatement occurs pursuant to this section, the lessor shall provide the
lessee with either the same property leased by the lessee prior to reinstatement or
substitute property that is of comparable quality and condition. If substitute property is provided, the lessor shall provide the lessee with all
of the disclosures required by section 1351.02 of the Revised Code.
(D) A lessee who fails to make a timely lease payment shall, before such lessee is
determined to be in default, be allowed a grace period of not less than two days if
payments are made in weekly installments and not less than five days if payments are
made in monthly installments; however, no lessee shall be entitled to more than three
such monthly grace periods per year.
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