Dallas Texas Aircraft Lease Agreement with Option to Renew

Name: Dallas Texas Aircraft Lease Agreement with Option to Renew
Brand: US Legal Forms
Rating: 4.76 (241 reviews)

Category:

Leases - Aircrafts

State:

Multi-State

County:

Dallas

Control #:

US-02500BG

Format:

Instant download

Description

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.

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In general terms, a lease is a transfer of an aircraft without transfer of title. The owner of the aircraft, or lessor, retains legal title to the aircraft, but transfers possession of the aircraft to the lessee.

There are four main benefits to leasing aircraft instead of buying. They are financial liquidity, capacity flexibility, rapid expansion, fleet consistency and reduced maintenance costs. Financial liquidity has been critical for low cost carriers, but this benefit can accrue to any firm in the industry.

A written lease agreement must contain: The names and addresses of both parties; The description of the property; The rental amount and reasonable escalation; The frequency of rental payments, i.e. monthly; The amount of the deposit; The lease period; The notice period for termination of contract;

In layman's terms, leasing simply means transferring an aircraft without transferring its title. The owner (aka the lessor) keeps the legal title but possession transfers to the lessee.

In the charter industry, the FAA regulates two main types of aircraft leases: a dry lease or a wet lease. A wet lease means that the organization or person who owns the aircraft will provide that aircraft as well as one or more crew members to the lessee.

In a wet lease situation, because the lessor is providing both aircraft and crew, the lessor maintains operational control of all flights. In a dry lease situation, the lessee provides its own crew and the lessee exercises operational control of its flights.

Airlines lease aircraft from other airlines or leasing companies for two main reasons: to operate aircraft without the financial burden of buying them, and to provide temporary increase in capacity.

Wet lease: Under a wet leasing arrangement, the owner supplies the aircraft as well as at least one crew member, according to the FAA. The owner assumes operational responsibility, which includes performing maintenance, procuring insurance, and other legal responsibilities of operations.

An aircraft lease agreement is a contract between the aircraft owner and the lessee. The leasing company, typically airlines, provides payments for the use of airplanes.

Part 91. With a dry lease, an aircraft owner/lessor leases an aircraft to a lessee/operator without a crew. Neither the lessor nor the lessee is required to hold a charter certificate. In a dry lease situation, the lessee provides its own crew and exercises operational control of its flights.

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Dallas Texas Aircraft Lease Agreement with Option to Renew

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FAQ

How does an airplane lease work?

What are the benefits of aircraft leasing?

How do you draft a lease agreement?

What does it mean to lease a plane?

Why is it called a wet lease?

What is the difference between a wet lease and a dry lease?

Why do airlines lease aircraft?

What does a wet lease include?

What is an aircraft lease agreement?

Is a dry lease Part 91?

Interesting Questions

What is a lease agreement with option to renew and how does it work?

What are the benefits of a lease agreement with option to renew?

How long does the initial lease agreement last?

When can the lessee exercise the option to renew?

Can the lessor refuse to renew the lease agreement?

Are there any additional costs associated with renewing the lease?

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