Exhibit 10.3
AIRCRAFT PREPAID LEASE/USE AGREEMENT
THIS AIRCRAFT LEASE/USE AGREEMENT (this "Lease") is made and entered on the
29th day of January, 2004 by and between Tidelands Oil and Gas Corporation it's
successors and or assigns having an address of 0000 X. Xxxxxxx - Xxxx Xx. 0 -
Xxx Xxxxxxx, Xxxxx 00000 (hereinafter referred to as "Lessee"), and Xxxxx Xxxx
an individual having principal offices at 0000 Xx. Xxx. #00, Xxxxxxx Xxxx, Xxxxx
00000 (hereinafter referred to as "Lessor"), with respect to the following
facts:
A. Lessor is the owner of the following described aircraft and
engine(s): MAKE & MODEL: BEECHCRAFT
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KING AIR AIRCRAFT SERIAL NO.: LJ 369
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ENGINE TYPE AND SIZE: XXXXX/XXXXXXX
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PT6A-20 REGISTRATION NO.: N20LA
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together with the manufacturer's specified equipment and the equipment described
in Exhibit "A" attached hereto and made a part by reference (hereinafter
referred to collectively as the "Aircraft").
X. Xxxxxx wishes to lease make use to Lessee, and Lessee wishes to lease
and make use from Lessor on an exclusive basis, the Aircraft subject to the
terms and conditions, and for the consideration set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements and covenants set
forth herein, the parties hereto agree as follows:
ARTICLE I
1. Agreement to Lease and Term.
(a) Lessor hereby agrees to lease and make use of the Aircraft to
Lessee and Lessee hereby agrees to lease and make use of the Aircraft from
Lessor on an exclusive basis, for the Term (as hereinafter defined) and on the
other terms and conditions set forth in this Lease. Lessee acknowledges that it
has inspected the Aircraft and is fully satisfied with and accepts the Aircraft
in its current condition.
(b) The terms of this Lease/use agreement shall be for a period
commencing on January 29, 2004, and ending on a date to be determined (the
"Term") based upon the time the Lessee has flown an accumulated total time of
600 hours.
2. Prepaid Rent
1. Lessee has paid in advance the sum of $300,000.00 to Lessee and
Lessee has agreed that this sum represent to Lessor a base hourly rent of US
$500.00 per hour in ADVANCE for the exclusive lease/use of the aircraft.
2. Delivery. The Aircraft will be delivered to Lessee at location in
the State of Texas of their choice upon at least 12 hours notice to Lessor. The
Aircraft will be delivered duly certified as airworthy, will include an
unexpired airworthiness certificate and shall have all systems, equipment,
radios and appliances in working order.
3. Return. Lessee shall return the Aircraft to Lessor at the same point
of pickup in Texas on the date set for termination of Lessee usage of aircraft..
Lessee agrees that it will return the Aircraft to Lessor in the same and as good
a condition as when accepted by Lessee, normal wear excepted. In the event
Lessee does not return the Aircraft in such condition, Lessor will provide
written notice to Lessee of reasonable repairs necessary to restore the Aircraft
to such condition in accordance with Article III hereof.
ARTICLE II
1. Representations and Warranties Of Lessee. The Lessee represents and
warrants to Lessor that:
(a) the Lessee is a corporation, or other form of entity and is duly
organized, validly existing and in good standing under its place of
incorporation;
(b) Lessee has all requisite power and authority to own its property,
operate its business, enter into this Lease and consummate the transactions
herein contemplated, and by proper corporate or other action, has duly
authorized the execution and delivery of this Lease/Use agreement and the
consummation of the transactions herein contemplated; and
(c) this Lease is a valid obligation of Lessee and is binding upon
Lessee in accordance with its terms; the execution by Lessee of this Lease and
the consummation by Lessee of the transactions contemplated hereby do not and
will not result in a breach of any of the terms or provisions of, or constitute
a default or a condition which upon notice or lapse of time or both would ripen
into a default under any indenture, Lease, instrument or obligation to which
Lessee is a party; and does not and will not to the knowledge of Lessor,
constitute a violation of any order, rule or regulation applicable to Lessee of
any court or of any federal or state or municipal regulatory body or
administrative agency or other governmental body having jurisdiction over
Lessee.
2. Representations and Warranties of Lessor.
Lessor represents, covenants and warrants as follows:
(a) At the time of delivery to Lessee, the Aircraft shall be in
airworthy condition with all systems, equipment, radios and appliances in
working order. Lessor represents and warrants to Lessee that (i) the Aircraft
has a current, valid Certificate of Airworthiness issued by the United States
Federal Aviation Administration ("FAA"), (ii) all Airworthiness Directives and
all Service Bulletins designated as mandatory by the manufacturer, as are
applicable to the Aircraft, have been complied with, (iii) any existing services
agreements and navigational aids subscriptions related to the Aircraft, are in
full force and effect and will be paid through the end of the Term, (iv) the
Aircraft is duly registered in the name of Lessor at the FAA Civil Aviation
Registry, and Lessor shall not deregister the Aircraft, and (v) based on
Lessor's current actual knowledge, and without having conducted an independent
investigation of the truth or accuracy of the statement entered by others
contained therein, the maintenance records for the Aircraft as are required by
the FAA retained for the Aircraft accurately reflect the maintenance history of
the Aircraft.
(b) Prior to delivery Lessor shall provide the following: -Signed copy
of this Lease
-The Current Certificate of Airworthiness
-Original U.S Registration
-List of Navigation and Emergency Equipment accompanying the Aircraft
(c) Lessor is the owner of the full legal and beneficial title to the
Aircraft and has full right to lease the Aircraft to Lessee pursuant to the
terms hereof.
Lessor is an individual is duly authorized to enter into this Lease/Use
Agreement.
Lessor has all requisite power and authority to own its property,
operate its business, enter into this Lease/Use agreement and consummate the
transactions herein contemplated, and by proper corporate or other action, has
duly authorized the execution and delivery of this Lease/Use agreement and the
consummation of the transactions herein contemplated.
(d) This Lease is a valid obligation of Lessor and is binding upon
Lessor in accordance with its terms; the execution by Lessor of this Lease and
the consummation by Lessor of the transactions contemplated hereby do not and
will not result in a breach of any of the terms or provisions of, or constitute
a default or a condition which upon notice or lapse of time or both would ripen
into a default under any indenture, lease, instrument or obligation to which
Lessor is a party; and does not and will not to the knowledge of Lessor,
constitute a violation of any order, rule or regulation applicable to Lessor of
any court or of any federal or state or municipal regulatory body or
administrative agency or other governmental body having jurisdiction over
Lessor.
(e) Lessor warrants that during the term of this Lease, if no default
has occurred, Lessee's quiet enjoyment of the Aircraft shall not be interrupted
by Lessor or anyone claiming through or under Lessor, including, without
limitation, any assignee of any of them.
ARTICLE III
1. Title and Use.
(a) Title to the Aircraft shall remain with Lessor, and the Aircraft
shall remain under US Registry.
(b) Lessee shall have complete use of the Aircraft, restricted,
however, to the ordinary purposes of Lessee's business and pleasure. Lessee will
not use, operate, maintain or store the aircraft in violation of this Lease, or
any applicable law or regulation federal or state, or any reasonable written
instructions furnished therefore by Lessor. Furthermore, Lessee shall not
operate the Aircraft in any manner, which would contravene the uses and purposes
stipulated in the insurance policies discussed herein in Article VIII. Lessee
will operate, maintain and use the Aircraft in accordance with all applicable
limitations specified in all manufacturer and flight maintenance manuals for the
Aircraft and in accordance with all FAA pronouncements for the Aircraft. Lessee
shall take all steps necessary to prevent any seizure, confiscation or detention
of the Aircraft by any government authority. Except for the Aircraft Management
and Operating Agreement between BAM Xxxxxx Management Ventures, L.L.C. and
Lessee of even date herewith; nothing herein shall authorize Lessee or any other
person to operate the Aircraft on behalf of Lessor or to incur any liability or
obligation on behalf of Lessor.
ARTICLE IV
1. Operation. During the term of this Lease, Lessor will be the operator of
this Aircraft and Lessee is responsible only for the following operating costs:
(a) Fuel, oil and associated taxes;
2. Maintenance. Lessor covenants and agrees to maintain the Aircraft, at
Lessor's cost and expense, in an airworthy condition with all systems,
equipment, radios, and appliances in working order, and in compliance with the
manufacturer's recommended maintenance program. In the event repair or
maintenance is required during the time when Lessee is in possession of the
Aircraft in order to keep the Aircraft in the condition described in the
preceding sentence, Lessor is entitled to commission the execution of such work
at Lessor's expense, so long as all such work is performed (a) by persons
licensed to perform such work by the FAA, and (b) in accordance with FAA and
manufacturers' standards. Lessee is not entitled to any reimbursement resulting
from Lessee's improper use of the Aircraft, from improper maintenance of the
Aircraft, or from any breach of this Lease by Lessee. Repairs, replacements, and
rebuilding, needed due to damage to the Aircraft occurring during the Term, are
the responsibility of Lessor and are governed by Article VIII hereof. Lessor is
not liable to Lessee for any delays or loss of use of the Aircraft as a result
of downtime for repair or maintenance; Lessor is not liable to Lessee, any
sublessee, or any other person associated with Lessee for any special,
incidental, or consequential damages, including without limitation for lost
profits, resulting from unavailability of the Aircraft for use during the Term.
ARTICLE V
1. Insurance.
a. Lessor shall secure and maintain in effect throughout the Term
insurance policies with U.S. Aircraft Insurance Group, Global/AAU, AIG Aviation
Insurance, or another insurance carrier acceptable to Lessee, insuring the
interests of Lessor as follows:
(i) Full hull coverage, including all risks, both in flight and not
in flight, and including coverage for war risk, terrorism, and allied perils, in
the amount of at least SIX HUNDRED THOUSAND AND NO/100 U.S. DOLLARS (US
$600,000.00) and naming Lessor as the sole loss payee. In the event that any
damage to the Aircraft occurs during the Term, Lessor agrees to pay the
deductible amount as provided for in such policy;
(ii) Liability insurance in the amount of at least ONE MILLION U.S.
DOLLARS (US $1,000,000.00) in coverage for single limit bodily injury and
property damage, including coverage for passengers and including contractual
liability coverage for the liability and indemnity obligations assumed
hereunder, and including coverage for war risk, terrorism, and allied perils,
and naming Lessor as an additional insured; and
(iii) Coverage for worldwide limits of geographic operations.
b. All policies providing insurance required by this Lease must:
(i) Provide thirty (30) days' (five (5) days for war risk) advance
written notice to Lessee, (x) prior to cancellation of any insurance coverage,
(y) prior to any material change restricting or reducing existing coverage, and
(z) prior to any mortgage, pledge, hypothecation, sale, assignment or transfer
of Lessee's interests in such insurance coverage;
(ii) Provide that if the insurer cancels such insurance for any
reason whatsoever, then such insurer must promptly notify Lessee of such
cancellation, and further providing that such cancellation is not effective as
to Lessee for thirty (30) days after Lessor's receipt of such notice;
(iii) Provide that the insurers must promptly notify Lessor in the
event that any premium or installment of premiums is not paid when due;
(iv) Provide that in the case of damage or destruction of the
Aircraft, the insurers may not effect settlement of any claim thereunder without
first obtaining Lessor's prior written consent;
(v) Provide that Lessor is named on a Breach of Warranty Endorsement
for physical damage coverage and that payment of any claim must be made to
Lessor; and that such Breach of Warranty Endorsement must provide, among other
things, that no act or omission of Lessee or any other person affects the
obligation of the insurer to pay the full amount of any aircraft physical damage
loss the interests of Lessor; and
(vi) Provide for a Breach of Warranty Endorsement for liability; and
such Breach of Warranty Endorsement must provide, among other things, that no
act or omission Lessee or any other person invalidates any liability coverage of
Lessor.
2. Loss. In the event of loss or damage to the Aircraft, Lessee shall
immediately report such loss or damage to Lessor, to the insurance companies
underwriting such risk and to any and all applicable governmental agencies, both
federal and state, and shall furnish such information and execute such documents
as may be required and necessary to collect the proceeds from the insurance
policies. In this event, the rights, liabilities, and obligations of the parties
hereto are as follows:
(i) In the event that the Aircraft is lost, or disappears for any
reason including but not limited to theft, or confiscation or seizure or
detention by any government, or embezzlement, secretion or conversion by any
other person, or is damaged beyond repair, the proceeds of the insurance policy
or policies must be paid to Lessor. In such event this Lease does not terminate,
and Lessee's obligation to pay further rent hereunder does not end, until the
insurance proceeds or other compensation amounts are paid to Lessor. Lessor has
no obligation to replace the Aircraft after any such loss or disappearance.
(ii) In the event that the Aircraft is partially damaged, Lessor
shall, at his sole cost and expense, fully repair the Aircraft in order that the
Aircraft is placed in as good as or the same condition as it was prior to the
damage and as required under applicable regulations, including FAR ss.43.13.
Lessor has the right to approve all repairs, which approval shall not be
unreasonably withheld or delayed. In the event there are valid and collectible
insurance proceeds available to pay for the partial damage to the Aircraft those
proceeds must be used to pay for such repairs.
(iii) Lessor is solely entitled to benefits of any payment of monies
by third parties or their insurance carrier for partial damage to or destruction
of the Aircraft. Any sums of money from third persons or their insurers for
partial damage to the Aircraft is to be payable to Lessor to be used to effect
the repair of the Aircraft. In the event the Aircraft is totally destroyed by
third parties, Lessor is entitled to any sums of money received from said third
parties or their insurers for the destruction of the Aircraft. Nothing herein is
to be construed to effect or in any way jeopardize any right of subrogation of
the Aircraft insurer to the extent of any payment made by the Aircraft insurer
under the Aircraft insurance required herein against said third parties or their
insurers.
(iv) In the event the Aircraft is lost, or disappears for any reason
including but not limited to theft, confiscation, seizure or detention by any
government, or embezzlement, secretion, or conversion by any other person, or if
the Aircraft is totally destroyed or irreparably damaged or permanently rendered
unfit for use from any cause whatsoever, and further in the event there exists
no valid and collectible insurance under any insurance policy, Lessee shall pay
to Lessor, within forty-five (45) days from the date of the loss or damage, the
sum of money equivalent to the hull coverage requirement in Section 1(a)(i)
above, whereupon this Lease terminates and Lessor has no obligation to replace
the Aircraft. The insolvency, bankruptcy, or failure of any insurance company
issuing the insurance required hereunder, the failure of any insurance company
to pay claims accruing, or any exclusion to or insufficiency of coverage, does
not affect, negate, or waive any of the provisions of this Lease. Provided that
Lessee fully and promptly pays, or causes to be paid, to Lessor all sums of
money due to Lessor hereunder, Lessee is not liable to Lessor for any delays or
loss of use of the Aircraft. Lessee is not liable to Lessor or any other person
associated with Lessor for any special, incidental, or consequential damages,
including without limitation for lost profits.
3. Certificate and Policy. Lessor shall provide Lessee with copies of all
certificates of insurance respecting the Aircraft subject to this Lease as soon
as the same can be obtained, but in no case later than the commencement date of
this Lease. Lessor shall further provide Lessee a certified copy of the policy
of insurance on the Aircraft as soon as it is available from the insurance
carrier. If Lessor provides a certificate that does not evidence the coverage's
required herein, or that is faulty in any respect, such does not constitute a
waiver of Lessor's obligations to obtain the proper insurance.
4. Waiver of Subrogation. Lessee waives any and all rights of recovery
against Lessor, his employees, agents and representatives, for any loss of or
damage in connection with the possession, use or operation of the Aircraft, to
the extent that such loss or damage is insured against under any insurance
policy in force at the time of such loss or damage. Lessee must give notice to
the appropriate insurance carrier that the foregoing waiver of subrogation is
contained in this Lease must obtain an endorsement to its policies containing
such waiver of subrogation, and must provide to Lessor a Certificate of
Insurance evidencing the waiver of subrogation is contained in this lease must
obtain an endorsement to its policies containing such waiver of subrogation and
must provide to Lessor a Certificate of Insurance evidencing the waiver of
subrogation.
ARTICLE VI
1. Default by Lessee. The following events shall constitute events of
default by Lessee hereunder:
(a) Any representation or warranty made by Lessee hereunder or in any
document or certificate furnished to Lessor by Lessee in connection herewith
shall prove to have been false in any material respect when made or furnished;
or
(b) Lessee ceases doing business as a going concern, a petition is
filed by or against Lessee under the bankruptcy act or any amendment thereof, a
receiver is appointed for Lessee or its property, Lessee commits any act of
bankruptcy, makes an assignment for the benefit of its creditors, or offers a
composition or extension of any of its indebtedness, or becomes insolvent.
(c) Lessee fails to perform any of its agreements contained herein or
in any other document executed in connection herewith, including, but not
limited to, failure to timely pay rent or failure to provide insurance on the
Aircraft and to deliver satisfactory evidence of such insurance naming Lessor as
an additional insured and loss-payee as required herein.
2. Default by Lessor. The following events shall constitute events of
default by Lessor hereunder:
(a) Any representation or warranty made by Lessor hereunder or in any
document or certificate furnished to Lessee in connection herewith shall prove
to have been false in any material respect when made or furnished; or
(b) Lessor ceases doing business as a going concern, a petition is
filed by or against Lessor under the bankruptcy act or any amendment thereof, a
receiver is appointed for Lessor or its property, Lessor commits any act of
bankruptcy, makes an assignment for the benefit of its creditors, or offers a
composition or extension of any of its indebtedness, or becomes insolvent.
(c) Lessor fails to perform any of its agreements contained herein or
in any other document executed in connection herewith, including, but not
limited to, failure to timely provide and pay for all maintenance on the
Aircraft, upon five (5) days written notice from Lessor to Lessee.
ARTICLE VII
1. Remedies of Lessor. Subject to the cure periods set forth in Article IX,
Section 1, above, upon the occurrence of any incurred event of default by Lessee
and at any time thereafter so long as the same shall be continuing, Lessor may,
at its option, declare this Lease to be in default and at any time thereafter,
so long as Lessee shall not have remedied all outstanding defaults, have and
exercise all remedies provided at law and in equity, including, without
limitation, the following:
(a) Declare the entire amount of rent hereunder immediately due and
payable without notice or demand to Lessee;
(b) Recover from Lessee an amount equal to the unpaid balance due and
to become due during the term of this Lease;
(c) Cause Lessee, at Lessee's expense, to return the Aircraft to Lessor
at Denton Air Center, Denton, Texas, and if Lessee fails to do so Lessor,
through its employees, agents or attorneys, may enter upon the premises where
the Aircraft is located and take immediate possession of the same without demand
or legal process and free of all rights of Lessee, in which case the Lessee
authorizes Lessor or its agents to enter upon any premises where the Aircraft
may be found for the purpose of repossessing the same, and Lessee specifically
waives any right of action it might otherwise have arising out of such entry and
repossession whereupon all rights of the Lessee in the Aircraft shall terminate
immediately. No such retaking of possession shall constitute a termination of
this Lease unless Lessor so notifies Lessee in writing; and/or
(d) Terminate this Lease and retain all prior payments of rent and
retake possession of the Aircraft as hereinbefore provided.
2. Remedies of Lessee. Subject to the cure periods set forth in Article IX,
Section 2, above, upon the occurrence of any incurred event of default by Lessor
and at any time thereafter so long as the same shall be continuing, Lessee may,
at its option, declare this Lease to be in default and at any time thereafter,
so long as Lessor shall not have remedied all outstanding defaults, terminate
this Lease by returning the Aircraft to Lessor as required herein, and have and
exercise all remedies provided at law and in equity.
3. Nonexclusive. Exercise by either party of the rights specified above
shall not prejudice that party's right to pursue any other remedy available at
law or in equity. The failure of either party to strictly enforce any provision
of this Lease shall not be construed as a waiver thereof and shall not later
preclude such party from demanding performance in accordance with the terms
hereof.
ARTICLE VIII
4. Indemnification of Lessor. Lessee agrees to indemnify and hold harmless
Lessor and its successors and permitted assigns from and against any and all
loss, damage, injury or death claims, demands and liability of every nature,
including reasonable attorney's fees, arising from or in connection with the
possession, use or operation of the Aircraft by Lessee.
ARTICLE.IX
5. Pilots. Lessee agrees that the Aircraft will at all times during the
term of this Lease be operated by duly qualified pilots employed and paid or
contracted for by Lessor. Lessor warrants that each of the pilots who will pilot
such Aircraft shall be duly qualified pilots, whose licenses are in good
standing and who meet the requirements established and specified by the
insurance policies required to be maintained pursuant to the terms of this
Lease.
ARTICLE X
6. Lessee's Right to Assign. Each party agrees not to assign this Lease or
any interest therein without the prior written consent of the other, and Lessee
shall not part with the possession of the same either by voluntary act,
operation of law or otherwise. Lessee may sublease the Aircraft to affiliates of
Lessee so long as Lessee first obtains Lessor's written consent, which consent
shall not be unreasonably withheld. Any such sublease does not excuse Lessee or
its sublessee from complying with all the provisions hereof, and prior to use of
the Aircraft by sublessee Lessee must provide Lessor with a written
acknowledgment from the insurers providing the coverage's required under Section
VIII that such sublease does not affect, limit, or alter the required hull and
liability insurance coverage's.
ARTICLE XI
7. Notices. All notices provided for herein shall be deemed to be given
upon delivery of the same in writing, to the recipient thereof after depositing
in the U.S. mail, postage prepaid, certified mail, return receipt requested and
addressed to the party to be served at the address set forth on the first page
hereof, or to such other address as may be designated by such party in a written
notice to the other party pursuant to the terms of this Section.
ARTICLE XII
8. Taxes. During the terms of this Lease, Lessee shall be responsible for
its prorated portion of taxes (except those measured by the net income of
Lessor), fines, fees or penalties arising out of this Lease or the Lessee's
operation of the aircraft (i.e., in the case of sales and use taxes, Lessee will
be responsible for taxes and assessments levied against, and constituting a lien
against the Aircraft which arise during the term of the Lease).
ARTICLE XIII
9. Arbitration. Any claim arising out of or relating to this Lease, or the
breach thereof, shall be settled by binding arbitration in the City of Xxxxxx,
State of Texas, U.S.A. in accordance with the commercial Arbitration Rules of
the American Arbitration Association then in effect, and judgment upon the award
entered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.
There will be one arbitrator, which shall be appointed by the American
Arbitration Association. The arbitrator will be an individual skilled in the
legal and business aspects of the subject matter of this Agreement and of the
dispute. The arbitrator will have no power to change any of the provisions of
this Agreement and his jurisdiction is limited accordingly. The arbitrator is
not empowered to award treble, consequential, incidental, special, or punitive
damages. Costs of the arbitration will be assessed by the arbitrator against any
or all of the parties, and will be paid promptly by the party or parties so
assessed. Provided, however, Lessor is not required to seek arbitration as a
condition precedent to taking or retaking possession of the Aircraft, with or
without a court order, or to seeking any injunctive relief against Lessee as
Lessor may deem necessary in order to enforce its rights and remedies under this
Lease.
ARTICLE XIV
10. Miscellaneous.
(a) Modification. Only a written instrument executed by both parties
hereto may modify this Lease.
(b) Binding Effect. This Lease shall be binding upon the parties
hereto, their successors, permitted assigns and legal representatives.
(c) Entire Agreement. The terms and conditions of this Lease constitute
the entire agreement and supersede all previous negotiations, representations
and agreements between the parties, whether written or oral.
(d) Applicable Law; Venue. This Lease shall be construed and
performance shall be governed under the laws of the State of Texas. Any lawsuit
or other court proceeding between or among Lessor and Lessee relating to or
arising out of this Lease or the subject matter hereof shall be brought in the
federal or state courts located in Denton, Texas. The foregoing does not
prohibit Lessor from pursuing legal recourses in any other court where
jurisdiction may be proper in order to take or retake possession of the
Aircraft.
(e) Counterparts. This Lease may be executed in separate counterparts,
each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one and the same instrument.
(f) Survival of Representations and Warranties. All representations and
warranties contained herein and made by either party to the other shall survive
the execution of this Lease.
(g) Assignment. This Lease shall inure to the benefit of and be binding
upon each of the parties hereto and their respective successors and assigns.
"Lessor" "Lessee"
XXXXX XXXX TIDELANDS OIL AND GAS CORP
By: /s/ Xxxxx Xxxx By: /s/ Xxxxxxx Xxxx
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Title: PRESIDENT
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Witness: /s/
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1. Truth in Leasing. (SEE FEDERAL AVIATION REGULATION FAR 91.23.) LESSOR
CERTIFIES THAT THE VENDOR OF THIS AIRCRAFT A BEECHCRAFT KING AIR B90,
MANUFACTURER'S SERIAL NO. LJ-369 CURRENTLY REGISTERED WITH THE FEDERAL AVIATION
ADMINISTRATION AS N20LA HAS REPRESENTED TO LESSOR THAT THE AIRCRAFT HAS BEEN
MAINTAINED AND EFFECTED UNDER FAR 91 FROM THE DATE OF MANUFACTURE, TO THE DATE
HEREOF (INCLUDING DURING THE 12 MONTH PERIOD PRECEDING THE DATE OF THIS LEASE.
Witness: /s/
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Exhibit "A"
Ser. No.: LJ-369
DUAL FLIGHT DIRECTOR 108'S
DUAL HIS/RMI
DUAL TRANSPONDERS
PRIMUS COLOR RADAR WX l0A
APOLLO 618 XXXXX
M4-C AUTO PILOT
AIR CONDITIONING (FREON)
CLUB SEATING
