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.
Tennessee Aircraft Lease Agreement with Option to Renew is a legally binding contract between a lessor (owner) and a lessee (tenant) that outlines the terms and conditions for leasing an aircraft in the state of Tennessee. This agreement provides the lessee with the option to extend or renew the lease term for a specified period after the initial lease term expires. The Tennessee Aircraft Lease Agreement with Option to Renew typically includes essential details such as the names and addresses of both parties, a description of the aircraft being leased, the lease term, lease payments and their schedule, terms of use, insurance requirements, maintenance responsibilities, and conditions for renewal. To ensure clarity and avoid any disputes, this lease agreement will specify the rights and obligations of both the lessor and lessee. It will outline the permitted use of the aircraft, whether restricted to personal or business purposes or for specific types of operations like instructional flights or aerial photography. In Tennessee, there may be several types of aircraft lease agreements with an option to renew. These can include: 1. Short-Term Aircraft Lease with Option to Renew: This type of lease agreement is for a fixed period, typically less than a year, with the option to extend the lease for an additional term. 2. Long-Term Aircraft Lease with Option to Renew: This agreement is for an extended period, usually several years, with the option to renew the lease for subsequent terms. 3. Wet Aircraft Lease with Option to Renew: In a wet lease, the aircraft is provided with a crew, maintenance, and insurance by the lessor. This type of lease agreement can also include an option to renew the lease term. 4. Dry Aircraft Lease with Option to Renew: In contrast to a wet lease, a dry lease does not include crew, maintenance, and insurance. It solely involves the lease of the aircraft. An option to renew the lease term can be included. In conclusion, the Tennessee Aircraft Lease Agreement with Option to Renew is a comprehensive document that safeguards the rights and responsibilities of both lessor and lessee when leasing an aircraft in Tennessee. Whether considering a short-term or long-term lease, a wet or dry lease, businesses and individuals can use this agreement to ensure a smooth and secure leasing experience.
