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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, 1998 and terminating on December 31, 1998.
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 15th day of January, 1998.
LESSOR: LESSEE:
XXXXXXX AVIATION, INC. XXXXXXXXX ENERGY, INC.
/S/ XXXXXX X. XXXXXXX /S/ A. XXXXX XXXXXXXXX
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XXXXXX X. XXXXXXX, PRESIDENT XXXXX XXXXXXXXX, PRESIDENT
