Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Aircraft Lease Agreement

VIEWS: 1,628 PAGES: 9

An Aircraft Lease Agreement is a lease agreement whereby a Lessor leases an aircraft to the Lessee for a certain term. The lease contains conditions with respect to the maintenance and insuring of the aircraft, along with specific references to the Lessee's licenses and permits to operate the aircraft. This document should be used by aircraft owners, individuals or businesses desiring to lease an aircraft that they own. This document can also be customized to fit the needs of the contracting parties.

More Info
									An Aircraft Lease Agreement is a lease agreement whereby a Lessor leases an aircraft
to the Lessee for a certain term. The lease contains conditions with respect to the
maintenance and insuring of the aircraft, along with specific references to the Lessee's
licenses and permits to operate the aircraft. This document should be used by aircraft
owners, individuals or businesses desiring to lease an aircraft that they own. This
document can also be customized to fit the needs of the contracting parties.
                            AIRCRAFT LEASE AGREEMENT
       THIS AIRCRAFT LEASE AGREEMENT (hereinafter the “Agreement”), made this
____ day of ___________, _______, by and between ____________________ [LESSOR’S
NAME] (hereinafter the “Lessor”) and ___________________ [LESSEE’S NAME] (hereinafter
the “Lessee”).

          WHEREAS the Lessor is the registered and beneficial owner of an Aircraft as defined
herein;

        AND WHEREAS the Lessee is desirous to lease the Aircraft from the Lessor pursuant to
the terms and conditions of this Agreement; and

          AND WHEREAS the Lessor is desirous to lease the said Aircraft to the Lessee.


       NOW THEREFORE in consideration of the mutual covenants contained herein, other
good and valuable consideration, and the sum of ten dollars ($10) now paid by the Lessee to the
Lessor, the receipt and sufficiency of which is hereby acknowledged, the parties agree as
follows:

1.00 LEASED AIRCRAFT

1.01 The Lessor hereby agrees to lease to the Lessee and the Lessee agrees to lease from the
Lessor upon the terms and conditions contained herein, an Aircraft which is more particularly
described on Schedule “A” annexed hereto, together with any and all standard equipment for the
Aircraft and logbooks relating to the Aircraft.

1.02 The Lessee shall house the Aircraft at _____________________ [NAME OF
AIRPORT], in the State of _____________. The Lessee hereby acknowledges and agrees that
the Lessee may only operate the Aircraft within the State of _______________ without the prior
written consent of the Lessor.

2.00      TERM OF LEASE

2.01 The Lessee and the Lessor hereby acknowledge and agree that the term of this Agreement
shall be for a period of _________________ [AMOUNT IN WORDS] (___ [AMOUNT IN
NUMERALS]) months/years (hereinafter the “Term”) commencing on the ____ day of
____________, _____ (hereinafter the “Commencement Date”).

2.02 Upon the expiry of the Term of this Agreement, the Lessee shall have the option to
further renew the term for an additional _________________ [AMOUNT IN WORDS] (___
[AMOUNT IN NUMERALS]) months/years, provided the Lessee provides the Lessor with
thirty (30) days’ written notice of its intent to renew the Term of this Agreement.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not              2
2.03 At the end of the Term of this Agreement, and in the event the Lessee does not renew the
Term, the Lessee shall return the Aircraft in good condition, reasonable wear and tear excepted,
to the Lessor at the Lessor’s principal place of business being __________________________
[ADDRESS], or at such other address as the Lessor in writing may direct.

3.00     CONSIDERATION

3.01 The Lessee shall pay to the Lessor for the lease of the Aircraft the sum of
_____________________ [AMOUNT IN WORDS] dollars ($_________ [AMOUNT IN
NUMERALS]) per month (hereinafter the “Base Rent”).

3.02 In addition to the Base Rent payable by the Lessee to the Lessor, the Lessee shall also
pay to the Lessor the sum of _____________________ [AMOUNT IN WORDS] dollars
($_________ [AMOUNT IN NUMERALS]) (hereinafter the “Additional Expenses”) per
tachometer hour of use of the Aircraft.

3.03 Upon the execution of this Agreement by the Lessee and the Lessor, the Lessee shall pay
a deposit to the Lessor in the sum of _____________________ [AMOUNT IN WORDS] dollars
($_________ [AMOUNT IN NUMERALS]) together with the first and last month’s Base Rent
payment.

3.04 All Base Rent payments and Additional Expenses payments shall be paid to the Lessor at
the Lessor’s principal place of business on the ________ day of each and every month,
commencing on the Commencement Date and ending on the ______ day of ____________, ____
(hereinafter the “Termination Date”).

3.05 The Lessee acknowledges that any late payment to the Lessor of the Base Rent or the
Additional Expenses will result in a late payment penalty of _____________________
[AMOUNT IN WORDS] dollars ($_________ [AMOUNT IN NUMERALS]) together with
interest at the rate of _______ [AMOUNT IN WORDS] percent (__% [AMOUNT IN
NUMERALS] per month.

3.06 In the event the Lessee provides the Lessor with a check that is returned NSF, a
_____________________ [AMOUNT IN WORDS] dollar ($_________ [AMOUNT IN
NUMERALS]) charge shall be paid by the Lessee to the Lessor.

4.00     SECURITY DEPOSIT

4.01 The Lessee hereby acknowledges and agrees that it shall pay to the Lessor the sum of
_____________________ [AMOUNT IN WORDS] dollars ($_________ [AMOUNT IN
NUMERALS]) (hereinafter the “Security Deposit”) as security for the performance of the
Lessee’s obligations contained in this Agreement.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not             3
4.02 The Lessor hereby acknowledges and agrees that it shall forthwith return the Security
Deposit to the Lessee on the Termination Date of this Agreement upon the Lessor inspecting the
Aircraft to confirm that the Aircraft is in leasable condition, upon all of the Base Rent due and
owing to the Lessor has been paid in full and that all Additional Expenses have been paid in full
by the Lessee.

5.00     MAINTENANCE OF AIRCRAFT

5.01 All maintenance, inspections, routine maintenance, and all parts and expenses shall be
the sole responsibility of the Lessee. Any and all servicing of the Aircraft shall be done by a
certified aircraft mechanic designed by the Lessor.

5.02 Upon request by the Lessor, the Lessee shall provide evidence of routine maintenance
performed on the Aircraft by the certified aircraft mechanic designated by the Lessor.

6.00     INSURANCE

6.01 Prior to the delivery of the leased Aircraft to the Lessee by the Lessor, the Lessee shall
have obtained and have in place at its own expense, insurance for the Aircraft with a minimum
insurance coverage of not less than _____________________ [AMOUNT IN WORDS] dollars
($_________ [AMOUNT IN NUMERALS]).

6.02 Such insurance shall name the Lessor as loss payee and the Lessee shall provide evidence
of such insurance coverage to the Lessor prior to the delivery of the leased Aircraft to the Lessee.

7.00     RISK OF LOSS

7.01 All risks of loss or damage to the Aircraft, from whatever cause, are hereby assumed by
Lessee. In the event of loss or damage, Lessee shall promptly report such loss or damage to the
insurance company, Lessor, and all federal, state and other governmental agencies with
jurisdiction, and shall furnish such information and execute such documents as may be required
for Lessor to make claim under the applicable insurance policy. The rights and liabilities of the
parties hereto shall be as follows:

in the event the Aircraft is lost or damaged beyond repair and the insurance company pays the
Lessee the amount of the insurance coverage, the Lessee shall, within _________________
[AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) days after such payment by the
insurance company, pay Lessor the sum of _____________________ [AMOUNT IN WORDS]
dollars ($_________ [AMOUNT IN NUMERALS]) plus all other amounts due up to the date
and time of the loss. It is the intent of the parties that in all events Lessor shall be paid in full for
the loss or destruction of the Aircraft. Upon receipt by Lessor of the full amount set forth above,
this Agreement shall terminate;




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                     4
         (i)      in the event the Aircraft is only partially damaged, this Agreement shall remain in
                  full force and effect and Lessee shall, at its cost and expense, repair the Aircraft
                  so as to place it in the same or better condition as it was before the damage.
                  During the period the Aircraft is being repaired, Lessee shall continue to make
                  monthly rental payments of the Base Rent and the Additional Expenses to the
                  Lessor. At no time or times will the Lessor be held responsible or at fault for
                  damages to Aircraft by Lessee or loss of rent;

         (ii)     in the event the Aircraft is seized, condemned, confiscated, or in any manner
                  taken by the government of the United States, any foreign government, any
                  political subdivision, or any agencies of any such governments or political
                  subdivisions, the Lessee shall be financially responsible for regaining control of
                  the Aircraft and the Lessee shall continue to pay the Base Rent and the Additional
                  Expenses to the Lessor;

         (iii)    all disposal costs of recovering, moving, storing, cleaning, or otherwise dealing
                  with the transportation and disposition of the Aircraft in the event of loss or
                  damage, from whatever cause, are the responsibilities of the Lessee; and

         (iv)     any and all costs, fees, penalties or interest assessed by the government of the
                  United States, any foreign government, any political subdivision or any agencies
                  of any such governments or political subdivisions, relating to the cleanup and
                  disposal of any and all toxic substances emitted from the Aircraft at any time are
                  the responsibility of the Lessee.

8.00     COVENANTS OF THE LESSEE

8.01 The Lessee hereby covenants and agrees to obtain any and all necessary licenses, permits
and registrations as required by the laws of the applicable jurisdiction to operate the Aircraft.

8.02 The Lessee shall pay any and all taxes and assessment fees and any other fees required by
any government agency or airport authority as they become due during the Term of this
Agreement, including any penalties or interest that may become due and owing and to file any
and all reports in connection with the foregoing required of either Lessor or Lessee except when
Lessor is required to do so.

8.03 The Lessee hereby agrees to pay any and all landing or airport fees and taxes that are
applicable.

8.04 The Lessee agrees that the Aircraft will be utilized and operated under the approved
operating instructions of the manufacturer and will also conform to all other State or Federal
laws.

8.05 The Lessee will not at any time any alterations of any kind whatsoever to the Aircraft
without the prior written consent of the Lessor.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                   5
8.06 The Lessee hereby acknowledges and agrees that it shall not at any time or times sublease
the Aircraft to a third party without the prior written consent of the Lessor.

8.07 The Lessee hereby acknowledges and agrees that this Agreement is not assignable to any
other party and the Lessee shall not permit a charge, lien, or encumbrance to be placed on the
Aircraft without the prior written consent of the Lessor.

9.00     REPRESENTATIONS, WARRANTIES AND INDEMNIFICATION

9.01     The Lessor hereby represents and warrants to the Lessee as follows:

         (i)      the Lessee agrees to indemnify and hold harmless, to the fullest extent allowed by
                  law, the Lessor from and against any and all damage that the Aircraft may incur
                  during the Lessee’s operation of the Aircraft;

         (ii)     the Lessee represents and warrants to the Lessor that it shall keep and maintain
                  any and all records, logs and reports in respect to the Aircraft as may be required
                  by the Federal Aviation Administration or such other government agency and
                  agrees to make such records, logs and reports available for inspection by the
                  Lessor;

         (iii)    the Lessee represents and warrants to the Lessor that it shall deliver all such
                  records, logs, and reports to the Lessor on the Termination Date; and

         (iv)     the Lessee represents and warrants that it shall permit only authorized person who
                  hold a valid pilot’s license to operate the Aircraft and such authorized person shall
                  have completed all training courses as may be required and hold a valid and
                  current certificate and license issued from the Federal Aviation Administration.

10.00 EVENTS OF DEFAULT

10.01 The following shall constitute an event of default of this Agreement:

         (i)      in the event the Lessee fails to repair and maintain the Aircraft;

         (ii)     in the event the Lessee fails to pay any and all taxes, licenses and other fees as
                  they become due and payable;

         (iii)    in the event the Lessee fails to maintain adequate insurance as set out herein; or

         (iv)     in the event the Lessee fails to perform any of the other covenants and obligations
                  contained in this Agreement.

In the event of any of the cases of default set out above, the Lessor shall have the right to remove
the Aircraft from the possession of the Lessee without notice and without consequence of any
legal proceedings and the Lessor shall have the right to terminate this Agreement.



© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                    6
10.02 Upon such termination, Lessee shall be liable to Lessor and shall pay Lessor on demand,
all expenses as set out herein.

11.00 GENERAL PROVISIONS

11.01 Should any provision or provisions of this Agreement and/or its conditions be illegal or
not enforceable, it or they shall be considered separate and severable from this Agreement and its
remaining provisions and conditions shall remain in force and be binding upon the parties hereto
as though they said provision or provisions or conditions had never been included.

11.02    This Agreement sets out the entire integrated agreement between the Lessor and the
Lessee relating to the subject matter contained herein and supersedes all prior agreements
between the Lessor and the Lessee whether oral or written.

11.03    No modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the Lessor and the Lessee.
The failure by either the Lessor or the Lessee to enforce any rights under this Agreement shall
not be construed as a waiver of any rights of such party.

11.04 Any notice or other communication under or for the purposes of this Agreement shall be
given or made in writing, marked Private and Confidential, and shall be served personally or
by courier or mailed by prepaid certified mail:


         (a)      in the case of the Lessor, to:

                  ______________________________ [LESSOR’S ADDRESS]

                  ______________________________

                  Fax: (____) _____-______________



         (b)      in the case of the Lessee, to:

                  ______________________________ [LESSEE’S ADDRESS]

                  ______________________________

                  Fax: (____) _____-______________




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not               7
or to such other address as the parties shall have last notified in the manner provided herein. The
date of receipt of any such notice or other communication shall be deemed to be the date of
delivery of such notice or other communication if served personally or by courier (provided,
however, that no notice or other communication shall be delivered by courier to a residential
address), or if mailed as aforesaid, the fourth day of business following the date of mailing,
provided that no day on which there is an interruption of postal service which would affect such
mailing shall be a day for determining whether effective notice has been given.

11.05 This Agreement shall enure to the benefit of, and be binding on, the parties hereto and
their respective successors and permitted assigns. No party to this Agreement may assign or
transfer, whether absolutely, by way of security or otherwise, all or any part of its respective
rights or obligations under this Agreement without the prior written consent of the other party.

11.06 This Agreement shall be governed in accordance with the laws of the State of
___________.

                IN WITNESS WHEREOF the said parties hereto have hereunto set their hands
and seals as of the date first hereabove written.

                                                                          (LESSOR)
                                                                          Per:



                                                                          Name:
                                                                          Title:
                                                                          I have authority to bind the Company.


                                                                          (LESSEE)
                                                                          Per:



                                                                          Name:
                                                                          Title:
                                                                          I have authority to bind the Company.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not                               8

								
To top