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EXHIBIT 10.2
AIRCRAFT LEASE
By this Aircraft Lease XXXXXXX AVIATION, INC., a Texas corporation
("Lessor"), whose address is X.X. Xxxxxx 0000, Xxxxxx, Xxxxx 00000, leases to
XXXXXXXXX ENERGY, INC., a Delaware corporation ("Lessee"), whose address is X.X.
Xxx 000, Xxxxxx, Xxxxx 00000, the aircraft described below, on the following
terms and conditions:
1. Description of Aircraft. The property leased under this agreement is
a 1981 Beech King-Air 90 airplane, manufacturer's serial No. LA-121 and
Department of Transportation, Federal Aviation Administration No.
N182CA.
2. Term of Lease. The term of this Lease is for a period of one (1)
year, commencing as of January 1, 1999 and terminating on December 31, 1999.
3. Rental Payments. Lessee agrees to pay Lessor as rent for the use of
the aircraft a total sum of $9,200.00 per month, payable in advance on the first
day of each month during the term of this Lease, beginning January 1, 1998.
Rental payments shall be made at Lessor's address as set forth above or
at any other place that may be designated by Lessor or its assignees. Any rental
payment not made by Lessee within ten (10) days of its due date shall by subject
to a late charge of five percent (5%) of the amount not paid when due for each
ten days the amount remains unpaid.
4. Delivery of Aircraft. Lessor agrees to deliver the aircraft to
Lessee at Xxxxxx County Airport, Snyder, Texas. At delivery to Lessee on January
1, 1998, the aircraft shall be in an airworthy condition and registered in the
name of Lessor with the Secretary of Transportation, pursuant to Section 1401,
Title 49 of the United States Code, and shall be covered by a Certificate of
Airworthiness issued by the Federal Aviation Administration.
5. Maintenance. During the term of the Lease, Lessee shall at its own
expense maintain the aircraft, including the airframe, engines, propellers,
instruments, equipment, appliances, and accessories in fully operable condition,
and in compliance with all applicable maintenance and safety requirements of the
Federal Aviation Administration and the Federal Aviation Administration approved
1981 Beech King-Air airplane maintenance manual (the "Maintenance Manual"). All
maintenance and repair work shall be performed by personnel duly certified to
perform such work by the Federal Aviation Administration. Work shall be in
accordance with minimum standards of the Federal Aviation Administration and in
accordance with standards set forth in the Maintenance Manual.
Dated this 20th day of December, 1998.
LESSOR: LESSEE:
XXXXXXX AVIATION, INC. XXXXXXXXX ENERGY, INC.
/s/ XXXXXX X. XXXXXXX /s/ XXXXX XXXXXXXXX
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XXXXXX X. XXXXXXX, PRESIDENT XXXXX XXXXXXXXX, PRESIDENT
