Under the Federal Aviation Act of 1958, any conveyance that affects the title to, or any interest in, any civil aircraft of the United States must be acknowledged and recorded with the Administrator of the Federal Aviation Administration in the manner prescribed by statute. After such an instrument is recorded, it is valid as to all persons without recording and regardless of notice.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The New Mexico Aircraft Lease Agreement with Option to Purchase is a legal contract that allows individuals or businesses to lease an aircraft for a specific period with the added option to buy the aircraft at the end of the lease term. This agreement offers flexibility and convenience for those who are interested in aircraft ownership but may not be ready to commit to a full purchase upfront. In a New Mexico Aircraft Lease Agreement with Option to Purchase, the lessor, who already owns the aircraft, grants the lessee the rights to use and operate the aircraft in exchange for regular lease payments. The lessee also has the right to exercise the option to purchase the aircraft at a predetermined price at any time during or at the end of the lease term. There are several types of New Mexico Aircraft Lease Agreements with Option to Purchase available, tailored to meet the specific needs of different individuals or businesses. Some common types include: 1. Fixed-Term Lease Agreement: This type of agreement sets a specific lease term, usually ranging from months to a few years. At the end of the lease term, the lessee has the option to purchase the aircraft. 2. Lease Purchase Agreement: This agreement combines the lease and purchase components into a single agreement. The lessee pays a portion of the purchase price as lease payments, and upon fulfilling the lease term, the remaining balance is paid to complete the aircraft purchase. 3. Wet Lease Agreement with Option to Purchase: In this type of agreement, the lessor not only provides the aircraft but also the crew, maintenance, and insurance. The lessee pays a wet lease fee along with the purchase option, providing a comprehensive package. 4. Dry Lease Agreement with Option to Purchase: This agreement is similar to the wet lease but excludes any operational services. The lessee is responsible for arranging crew, maintenance, and insurance separately. 5. Closed-End Lease Agreement: This type of lease has a fixed lease term, and at the end of the lease period, the lessee either exercises the option to purchase or returns the aircraft to the lessor, concluding the agreement. By entering into a New Mexico Aircraft Lease Agreement with Option to Purchase, individuals or businesses can access an aircraft without the immediate financial burden of purchasing outright. These agreements provide an opportunity to evaluate the aircraft's suitability for their needs before committing to a full purchase.
