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Document Preview Aircraft Lease Agreement |
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Title: |
Aircraft Lease Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 8KB of 37KB total |
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Price: |
$37 |
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ID: |
#368514 |
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WITH OPTION TO PURCHASE
This AIRCRAFT LEASE AGREEMENT WITH OPTION TO PURCHASE (hereinafter
referred to as the "Agreement") is made and entered into as of the 30th day of
September, 2001 (the "Effective Date") by and between Global Air Rescue, Inc.
("GAR"), a Delaware Corporation (hereinafter referred to as "Lessor") and Global
Air Charter, Inc., a Florida Corporation (hereinafter referred to as "Lessee"),
together, the "Parties."
WHEREAS, Lessee desires to lease an aircraft for use in its
business, and is a licensed and certificated air carrier under the
provisions of Federal Aviation Regulations Part 135, 14 C.F.R. Section 135
ET. SEQ. (hereinafter "Part 135" or "135"); and
WHEREAS, Lessor desires to lease to Lessee and Lessee desires to lease
from Lessor that certain aircraft (the "Aircraft") described herein below,
subject to the requirements of Federal Aviation Regulations 14 C.F.R. Sections
91 and/or 135 and the provisions and conditions contained herein, and
WHEREAS, Lessor desires to grant Lessee an option to purchase the
Aircraft, and Lessor wishes to sell, convey, or otherwise transfer to Lessee all
of Lessor's right, title, and interest in the Aircraft should Lessee exercise
said right to purchase, at Lessee's sole and absolute discretion; and
WHEREAS, Lessor is the registered owner of the Aircraft, and has the right
to lease and/or convey the Aircraft, together with the engines, and all
appliances, parts, instruments, avionics and appurtenances thereto, including
any replacement part(s) or engine(s) which may be installed on the Aircraft from
time to time, and all logs, manuals, and other records relating to the Aircraft,
NOW THEREFORE, the Parties hereby agree as follows:
1. DEFINITIONS
1.1 "Flight Hours" as used herein shall mean those flight hours
during which the Aircraft is used in flight as recorded in the Aircraft's flight
log and maintenance records for each flight leg, segment, or daily accrued total
of flight hours.
1.2 "Flight" as used herein shall mean any flight during which the
Aircraft is operated pursuant to this Agreement.
1.3 "FAA" as used herein shall mean the Federal Aviation
Administration.
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{Page}
2. AIRCRAFT
2.1 Pursuant to the terms stated herein, Lessor hereby lease to
Lessee and Lessee hereby leases from Lessor that certain aircraft described as
follows:
FAA Registration No.: N160GC
Manufacturer: Learjet, Inc.
Aircraft Serial No.: 36A-030
Model: 36A
Engines: Garrett TFE 731-2-2B P74123C/P74378
(the "Aircraft")
2.3 Lessee has examined the Aircraft and accepts the Aircraft in
its present condition, acknowledges that the Aircraft is suitable for the
purposes for which Lessee has leased the Aircraft.
2.4 During the term of this Agreement the Aircraft shall be stored
by Lessee at Lessee's sole discretion, and shall be available for Lessee for
operation at Lessee's sole discretion. Lessee shall keep Lessor reasonably
apprised of the Aircraft's location.
3. LEASE TERM
3.1 The Agreement term shall begin on October 1, 2001, and shall
end on March 31, 2004, unless terminated by Lessee upon written notice provided
pursuant to this Agreement.
3.2 This Agreement shall become effective upon its execution by
the Parties. Thereafter, all obligations contained in this Agreement shall be
conclusive and binding upon all of the Parties. Accordingly, this Agreement
shall no longer be considered executory as of the date that all Parties have
affixed their signatures hereto.
3.3 Lessee may terminate this Agreement upon written notice to
Lessor if Lessor is in default of this Agreement, notice of said default has
been provided to Lessor in accordance with this Agreement, and Lessor has failed
to cure such default within 30 calendar days.
4. LEASE PAYMENTS, FEES AND TIME OF PAYMENT
4.1 FLIGHTS
Lessee shall pay to Lessor the fixed Monthly Payment charges
described in Exhibit "A" attached hereto, plus applicable taxes, which is
incorporated herein by reference as if fully copied and set forth at length.
Said monthly charges shall be apportioned pro-rata for any partial month during
which the Aircraft is leased pursuant to this Agreement. Lessee may make such
payments directly to any person or entity that has provided
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{Page}
financing in connection with Lessor's acquisition and/or financing of the
Aircraft with notice to Lessor. Any amounts due Lessor shall be subject to
offset and/or credit for any amounts paid on behalf of Lessor by Lessee.
4.2 TIME OF PAYMENT
Lessee shall pay to Lessor no later than the tenth (10th) day of
each calendar month following the month during which the Aircraft was operated
under this Agreement the monthly charge due under this Agreement, subject to the
provisions of paragraph 4.1 herein. All amounts and payments shall be paid to
Lessor in care of CyberCare, Inc., 2500 Quantum Lakes Drive, Suite 1000, Boynton
Beach, Florida, 33426, Attn.: Mr. Arthur Kobrin, or such other place or places
as Lessor may from time to time designate by written notice to Lessee.
4.3 MAINTENANCE AND OPERATING COSTS
4.3.1 Lessee shall ensure that the Aircraft is enrolled and
maintained on an FAA approved inspection program as required for the Aircraft to
be maintained in accordance with the requirements of the manufacturer's approved
inspection program, Federal Aviation Regulations, and Lessee's Part 135
Operating Certificate, using FAA and the manufacturer's approved components and
procedures.
4.3.2 Lessee shall ensure that records on the Aircraft,
engines, and systems are maintained in accordance with applicable FAA
Regulations and the manufacturer's requirements. Such records shall be
considered part of the Aircraft.
4.3.3 Records pertaining to the performance of the Parties
obligations hereunder shall be open for inspection and audit wherever such
records are maintained in the normal course of business upon reasonable notice
throughout the term of this Agreement and for the period ending two (2) years
after the termination thereof. The Parties agree not to destroy such records
prior to the time when any other Parties right to inspect and audit terminates,
and each further agrees to retain such records in accordance with any applicable
Federal Aviation Regulation.
4.3.4 Lessee shall be financially responsible for the direct
costs of operating the Aircraft, including, but not limited to, crew salary and
benefits, fuel, oil, and additives, consumable parts and supplies (excluding
shipping costs and core charges for replacement parts and components), Aircraft
hull and liability insurance, inspection, maintenance and repair, labor, engine
and airframe maintenance fees, as applicable, landing, parking, handling,
customs, airways, and overflight fees, hangar fees, computer flight plans,
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