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.
Documents relating to interests in aircraft are filed with the FAA Registry in Oklahoma City, Oklahoma. Documents must be signed in ink by the appropriate party (e.g. seller, grantor, lien claimant, etc.) or by someone on behalf of the appropriate party with a title acceptable to the FAA (President, Chief Manager etc.). The FAA Registry Examination Guidelines contain a list of titles that are acceptable to the FAA.
To be eligible for recording, an instrument granting a security interest in an aircraft must be signed in ink and describe the aircraft by manufacturer, model, serial number, and registration number. The debtor must be the registered owner of the aircraft; be the owner of record on the date the instrument is executed, as evidenced by documents on file with the FAA Aircraft Registry; or the lien document be accompanied by the debtors evidence of ownership/, application.
North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Description: The North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legally binding contract between an aircraft lessor based in North Dakota and a lessee. This agreement allows the lessee to lease an aircraft from the lessor and requires the lessee to supply a new engine in exchange for a specified number of flight hours. Under this agreement, the lessee is obligated to provide a brand-new engine as a replacement for the existing engine in the aircraft. The engine must meet the specifications and requirements set forth by the lessor. The lessor may provide the lessee with guidelines and criteria for the engine selection and installation process to ensure compliance. In return for the supply of the new engine, the lessee is granted a certain number of flight hours on the leased aircraft. These flight hours are predetermined and agreed upon by both parties and may depend on factors such as engine cost, aircraft model, and estimated engine lifespan. The lessee must adhere to any limitations or conditions specified in the agreement regarding the use and maintenance of the engine during the lease term. Additionally, as part of this agreement, the lessor is granted a security interest in the engine supplied by the lessee. This means that the lessor has the right to claim ownership of the engine if the lessee fails to fulfill their obligations under the agreement. The lessor may enforce this security interest in taking possession of the engine or seeking legal remedies if necessary. Types of North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine: 1. Fixed-Term Lease Agreement: This type of agreement outlines a specific lease term during which the lessee is responsible for supplying the new engine and fulfilling the agreed-upon flight hours. It provides a clear timeframe for both parties. 2. Revocable Lease Agreement: This agreement allows either party to terminate the lease contract with proper notice, giving flexibility to both the lessor and the lessee if circumstances change or if either party wishes to discontinue the agreement. 3. Sublease Agreement: In some cases, the lessee may sublease the aircraft to a third party. This agreement outlines the terms and conditions that govern the sublease, including the lessee's responsibility to continue supplying a new engine and adhere to the flight hours requirement. 4. Commercial Lease Agreement: This type of agreement is tailored for commercial use of the leased aircraft. It may include additional clauses related to commercial operation, such as revenue sharing or specific maintenance obligations. 5. Balloon Payment Lease Agreement: This agreement structure allows the lessee to make smaller periodic payments throughout the lease term and a significant final "balloon" payment at the end to purchase the engine or extend the lease. Note: It is important to consult with legal professionals and ensure compliance with North Dakota aircraft leasing and commercial laws when drafting or entering into any lease agreement.North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine Description: The North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legally binding contract between an aircraft lessor based in North Dakota and a lessee. This agreement allows the lessee to lease an aircraft from the lessor and requires the lessee to supply a new engine in exchange for a specified number of flight hours. Under this agreement, the lessee is obligated to provide a brand-new engine as a replacement for the existing engine in the aircraft. The engine must meet the specifications and requirements set forth by the lessor. The lessor may provide the lessee with guidelines and criteria for the engine selection and installation process to ensure compliance. In return for the supply of the new engine, the lessee is granted a certain number of flight hours on the leased aircraft. These flight hours are predetermined and agreed upon by both parties and may depend on factors such as engine cost, aircraft model, and estimated engine lifespan. The lessee must adhere to any limitations or conditions specified in the agreement regarding the use and maintenance of the engine during the lease term. Additionally, as part of this agreement, the lessor is granted a security interest in the engine supplied by the lessee. This means that the lessor has the right to claim ownership of the engine if the lessee fails to fulfill their obligations under the agreement. The lessor may enforce this security interest in taking possession of the engine or seeking legal remedies if necessary. Types of North Dakota Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine: 1. Fixed-Term Lease Agreement: This type of agreement outlines a specific lease term during which the lessee is responsible for supplying the new engine and fulfilling the agreed-upon flight hours. It provides a clear timeframe for both parties. 2. Revocable Lease Agreement: This agreement allows either party to terminate the lease contract with proper notice, giving flexibility to both the lessor and the lessee if circumstances change or if either party wishes to discontinue the agreement. 3. Sublease Agreement: In some cases, the lessee may sublease the aircraft to a third party. This agreement outlines the terms and conditions that govern the sublease, including the lessee's responsibility to continue supplying a new engine and adhere to the flight hours requirement. 4. Commercial Lease Agreement: This type of agreement is tailored for commercial use of the leased aircraft. It may include additional clauses related to commercial operation, such as revenue sharing or specific maintenance obligations. 5. Balloon Payment Lease Agreement: This agreement structure allows the lessee to make smaller periodic payments throughout the lease term and a significant final "balloon" payment at the end to purchase the engine or extend the lease. Note: It is important to consult with legal professionals and ensure compliance with North Dakota aircraft leasing and commercial laws when drafting or entering into any lease agreement.
