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.
North Dakota Aircraft Lease Agreement with Option to Renew is a legally binding contract that outlines the terms and conditions for an individual or organization to lease an aircraft in the state of North Dakota. This agreement provides the lessee with the option to extend or renew the lease after the initial term expires. Key terms in this lease agreement include the identification of the aircraft being leased, duration of the lease term, monthly or periodic rental payment, and the specific conditions that must be met for the option to renew to be exercised. There are two main types of North Dakota Aircraft Lease Agreements with Option to Renew: 1. Fixed-term Lease Agreement: This type of lease agreement specifies a predetermined term for the lease, typically ranging from one to five years. During this period, the lessee is obligated to make regular rental payments and adhere to the terms and conditions mentioned in the agreement. At the end of the fixed term, the lessee has the option to renew the lease, negotiate new terms, or terminate the agreement. 2. Monthly Lease Agreement: In this type of lease agreement, the lease term is not fixed but instead renews on a monthly basis. The lessee pays monthly rental payments and can terminate the agreement at any time by providing the required notice period. However, the lessor may also terminate the lease by providing a similar notice period. This type of agreement offers more flexibility but may result in higher overall costs compared to a fixed-term lease. The North Dakota Aircraft Lease Agreement with Option to Renew also addresses important considerations such as maintenance responsibilities, insurance requirements, and liability allocation between the lessor and lessee. It may also outline restrictions on the use of the leased aircraft, permitted locations for operations, and applicable regulatory compliance. An aircraft lease agreement with an option to renew provides a practical solution for businesses, aviation enthusiasts, or organizations in North Dakota to meet their short or long-term transportation needs. By specifying the conditions for lease renewal, it offers flexibility and convenience to the lessee while establishing a clear framework for the lessor.
