Aircraft Lease- Small Aircraft

Aircraft lease-Small aircraft. AIRCRAFT LEASE AGREEMENT This Aircraft Lease Agreement is made effective as of this _________ day of _________, 19__[year], by and between _________ Leasing, Inc., a corporation ("Lessor"), and _________ Inc. a _________[state] corporation ("Lessee"). RECITALS A. Lessor is the registered owner of an aircraft described as a 1979 Piper Cheyenne, Serial No. _________, Registration No. _________("Aircraft"), which Aircraft is available for lease. B. Lessee desires to lease the Aircraft on the terms and conditions set out herein. NOW THEREFORE in consideration of the premises and mutual promises contained herein, the parties agree as follows: 1. Lease of Aircraft. Subject to availability as described below, and in consideration of the rent to be charged as set out below, Lessor agrees to lease the Aircraft to Lessee together with all equipment and accessories installed in or appurtenant to the Aircraft which may be at any time attached or added thereto by or with the consent of Lessor. 2. Term. This Lease shall commence on the date first set out above and shall continue until terminated by one of the parties. This Lease may be terminated by either party upon 30 days written notice to the other party. 3. Rent. The rent payable by Lessee to Lessor shall be at the rate of $_____ per hour for each hour the Aircraft is flown while in the possession of Lessee. Rent shall be due monthly within 10 days of presentation of an invoice to Lessee. In addition to the hourly rent described in the previous sentence, Lessee will be responsible for all fuel costs, any landing fees, Airport usage fees, overnight parking fees or hangar charges incurred while the Aircraft is in Lessee's possession. 4. Maintenance and Repair. Lessor shall, at its own cost and expense, repair and maintain the Aircraft so as to keep it in good operating condition. Notwithstanding the foregoing, however, any damage to the Aircraft or repair made necessary to the Aircraft which is caused by any negligence or misuse by Lessee shall be the responsibility of Lessee. Lessee specifically agrees to keep the Aircraft in a hangar during the time the Aircraft is in Lessee's possession and weather conditions indicate this is necessary and, further provided, that hangar space is available. Lessee shall return the Aircraft to Lessor in reasonably clean condition following each usage by Lessee. 5. Modification. Lessee shall not have the right to alter, modify or make additions or improvements to the Aircraft without written permission from Lessor. All such alterations, modifications, additions, and improvements as are so made shall become the property of Lessor and shall be subject to all the terms of this Agreement. In the event that repair or maintenance to the Aircraft is required on an emergency basis during the time that the Aircraft is in the possession of Lessee, Lessee shall be entitled to make such repairs or conduct such maintenance as is necessary to make the Aircraft safe and airworthy. Provided that such repair or maintenance is not the responsibility of Lessee pursuant to the second sentence of paragraph 4 above, Lessor shall reimburse Lessee for such repairs upon presentation of invoices or other proper documentation. 6. Pilot. The Aircraft shall be flown only by licensed and qualified pilots that are either (i) identified sufficiently in advance that they may be named on Lessor's insurance policy, or (ii) that meet the open pilot qualification criteria as specified by Lessor's insurance carrier. 7. Availability. Lessee's right to use the Aircraft is specifically subject to availability. Lessor shall have complete discretion as to the scheduling of the Aircraft and the timing of all necessary maintenance. Lessor makes no guarantee that the Aircraft will be available at any specific time and Lessor's scheduling of the Aircraft shall supersede Lessee's right to use the Aircraft. 8. Release/Indemnification. a. The parties acknowledge and agree that Lessor is not a manufacturer or engaged in the sale or distribution of the Aircraft. It is further acknowledged that Lessor makes no representations, promises, statements or warranties, expressed or implied, with respect to the merchantability, suitability, or fitness of the Aircraft for Lessee's purposes or otherwise. Lessee agrees that Lessor shall not be liable to Lessee for any loss, claim, demand, liability, cost, damage or expense of any kind, caused or alleged to be caused directly or indirectly by the Aircraft, or by any inadequacy thereof for the purpose of or any use of, or any defect therein, or any delay in providing, or failure to provide the same, or any interruption or loss of service or use thereof, or any loss of business, or damage whatever and however caused as a result of the lease of the Aircraft. b. Lessee agrees to indemnify Lessor from and against any loss, claim, demand, liability, cost, damage, or expense of any kind, caused, or alleged to be caused directly or indirectly by the Aircraft. Lessee's use thereof, or Lessor's lease of the Aircraft to Lessee. This indemnification shall specifically apply to attorneys' fees incurred by Lessee in connection with any such loss, claim, demand, liability, cost, damage or expense. 9. Title. The registration of and title to the Aircraft shall be in the name of Lessor and the Aircraft, at all times during the term of this Agreement, shall bear United States registration markings. 10. Taxes. Lessor shall pay or cause to be paid all taxes incurred by reason of ownership of the Aircraft during the term of this Agreement, including personal property taxes. Lessee shall pay all operating taxes, fees, and charges, including gasoline sales tax and any tax or fee assessed or charged for the use of any airport or facilities or for the use of premises occupied in any forced landings. 11. Assignment. Lessee shall not assign this Lease or any interest in the Aircraft or sublet the Aircraft without the prior written consent of Lessor which may be withheld for any reason whatever. Subject to the foregoing, this Lease inures to the benefit of, and is binding on, the successors and assigns of the parties. 12. Modification; Governing Law. This Agreement constitutes the entire understanding between the parties, and any change or modification must be in writing and signed by both parties. This Agreement is entered into under, and is to be construed in accordance with, the laws of the State of _________. IN WITNESS WHEREOF, the parties have executed this Lease Agreement at _________, _________[state], to be effective as of the day and year first above written. _________ LEASING, INC. By _________ Title _________ _________, INC. By _________ Title _________