CONTRACT FOR THE LEASE
This CONTRACT FOR THE LEASE OF PERSONAL PROPERTY (hereinafter the “Agreement”) is entered into this the ____ day of _____________, 20___ by and between _____________________ (hereinafter “LESSEE”) and ____________________ (hereinafter “LESSOR”).
NOW, THEREFORE, FOR AND IN CONSIDERATION OF mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of all of which is hereby acknowledged the parties hereto do hereby covenant, contract and agree as follows, to‑wit:
SECTION 1. LEASE OF AIRCRAFT.
1.1 LEASE. LESSOR hereby leases to LESSEE and LESSEE hereby takes possession of and rents from LESSOR a certain aircraft, more definitely described as a ____________________ SERIAL NO. ________________, (hereinafter the “Aircraft”).
1.2 TERM. The initial term of the Lease shall begin on the ____ day of ______________, 20___ and shall terminate on a date certain, sixty (60) days following the beginning of the initial lease term unless terminated prior to said date in accordance with the terms set forth herein below. LESSEE may terminate the Lease upon three (3) days written notice to LESSOR provided LESSEE has paid or will pay the minimum rent as set forth in provision 1.4 below. Said term shall not be extended or modified except by written agreement of the parties hereto.
1.3 HOURLY RENT. LESSEE shall pay LESSOR one hundred and eighty dollars ($180.00) per hour of operating time as reflected by the aircraft’s Hobb’s meter which reads hours as of the date of the signing of this agreement. Rent shall be due and payable _______________.
1.4 MINIMUM RENT. LESSEE hereby agrees to pay LESSOR for a minimum of one hundred (100) hours of operating time at the aforesaid rate.
1.5 INSURANCE. LESSEE hereby agrees to provide coverage for the aircraft during the term of the lease under LESSEE’s hull policy. LESSEE hereby further agrees that in the event of total loss of the aircraft, LESSEE will pay unto LESSOR one hundred and eighty thousand dollars ($180,000.00) of the insurance proceeds for the loss of the aircraft. LESSOR agrees that in the event of total loss and payment of the aforesaid amount by LESSEE that LESSEE would upon payment be entitled to the remaining salvage.
1.6 REPAIRS. All general repairs and/or maintenance of whatever kind or nature to the Aircraft are to be made by LESSEE at LESSEE’s expense provided the item of repair or maintenance does not exceed one thousand dollars ($1,000.00). LESSOR shall be responsible for all other general repairs and/or maintenance unless necessitated by LESSEE’s negligence.
1.7 ASSIGNMENT AND SUBLEASING. LESSEE shall not have the right to assign this Lease nor sublet the Aircraft without first procuring the written consent of the LESSOR. After any consent to assignment or sublease, LESSEE shall remain fully liable for payment of rent and other covenants and obligations of the LESSEE herein contained.
SECTION 2. RELATIONSHIP OF PARTIES.
It is understood and agreed that the relationship of the parties hereto is strictly that of LESSOR and LESSEE and that the LESSOR has no ownership in the LESSEE’s enterprise and the Agreement shall not be construed as a joint venture or partnership. The LESSEE is not and shall not be deemed to be an agent or representative of the LESSOR and the LESSOR is not and shall not be deemed to be the agent or representative of the LESSEE.
SECTION 3. AGREEMENT BINDING ON ASSIGNS.
All covenants, conditions and agreements and undertakings contained in this Agreement shall extend to and be binding on the respective heirs, successors and assigns of the respective parties hereto the same as if they were in every case named and expressed.
SECTION 4. ATTORNEY’S FEES.
It is further understood and agreed by and between the Lessor and Lessee that, on account of breach or default by either party of any of their obligations hereunder, it shall become necessary for the other party to employ and/or consult with an attorney to give advice, or to enforce or demand any of either party’s rights or remedies hereunder, then, and in any such event, the defaulting or breaching party shall pay all attorney fees, court costs and other expenses occasioned by such default(s) or breach(es).
SECTION 5. NOTICES.
All notices to be given under this Agreement shall be in writing and shall be served personally or sent by United States certified or registered mail.
SECTION 6. ENTIRE AGREEMENT.
This Agreement contains all of the agreements and conditions made between the parties hereto and may not be modified orally or in any other manner other than by agreement in writing signed by all parties hereto or their respective successors in interest.
SECTION 7. GOVERNING LAW.
This Agreement shall be governed by and construed in accordance with the laws of the State of _____________.
WITNESS THE SIGNATURES of the parties hereto on this the ____ day of _______________, 20 ____.
State Specific Lease Forms
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