C208 AIRCRAFT LEASE AGREEMENT
This Aircraft Lease Agreement is made effective as of this twenty fifth day of September, 2008, by and between Christian Alton, an individual ("Lessor"), and Corporate Air Virtual a Washington corporation ("Lessee"). A. Lessor is the registered owner of an aircraft described as a two Cessna Caravan 208, Registration No. N916FE, N971FE ("Aircraft"), which are 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 contained herein, the parties agree as follows: and mutual promises
1. Lease of Aircraft: Subject to availability as described below, and in Aircraft: 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 Term: 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 Rent: $25,000.00 per month for each Aircraft while in the possession of Lessee. Rent shall be due the first of every month starting November 1st 2008. In addition to the monthly 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: 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. 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.