Aircraft Lease Agreement Sample
In accordance with the terms of the lease agreement, the lessor undertakes to acquire the aircraft described in Annex A to the lease agreement and to lease it to the lessee. (g) The Renter is and will be valid at all times and will be of good repute under the laws of the State of its creation (set forth in the first sentence of this Lease Agreement), and the Renter is and will remain a “citizen of the United States” within the meaning of Section 40102(15) of the FAA. During the term of the lease, the lessee may not consolidate, reorganize or merge an enterprise or enterprise with enterprise value or another entity (in a transaction where the lessee is not the surviving entity) or sell, transfer, transfer or lease all or a major part of its ownership. This aircraft lease agreement is between CHOCKS AWAY AVIATION, LLC (“the Owner”) and THE WESTMINSTER AEROBATS FLYING CLUB, Inc (“the Club”), together known as the “Parties”. (c) the lessor shall be entitled to any proceeds of the sale, lease or other assignment of the aircraft, if any, and shall have the right to apply it in the following order of priority: (i) to pay all costs, expenses and expenses of the lessor which, in exercising its rights arising from such lease or assumption of responsibility; the distance, maintenance, repair, sale, leasing or other assignment of the aircraft; (ii) to the extent not previously paid by the lessee, to pay to the lessor all sums due by the lessee under the lease agreement; (iii) reimburse the Tenant for all sums previously paid by the Tenant as lump sum damages; and (iv) any excess must be paid to the tenant. The tenant must pay immediately for the defects (i) and ii).