CO OWNERSHIP AGREEMENT (US)

 

An agreement made ... executed this __________ day of ___________, 200_ by ... between _____________ ... _______________ ... ______________ hereafter referred ... as co-owners.

The co-owners agree ... form a co-ownership ... purchase as tenants ... common a __________ airplane, registration number N_____________, ... for operating ... airplane for ... co-owners' business ... pleasure. ... co-owners agree ... operate ... airplane ... accordance with FAA regulations.

This co-ownership shall commence ... ______________, 200_, ... shall continue until termination by mutual agreement. ... co-ownership shall be limited ... ______ co-owners. Written consent of all co-owners ... required before additional persons can purchase any share of ... airplane. If a co-owner has more than an equal share ... the co-ownership, he ... restricted ... one vote ... matters that require a vote.

COST OF CO-OWNERSHIP

Each co-owner shall contribute initial capital ... the sum of $____________ ... the co-ownership. This capital ... the beginning balance of each co-owner's capital account ... shall be periodically adjusted ... accordance with this agreement.

Individual capital accounts shall be kept for each co-owner ... shall represent ... ENTIRE value of his interest. ... Capital Account shall consist of his capital contribution, increased ... decreased ... the Valuation Date due ... changes ... the value of ... co-ownership assets. ... value of ... co-ownership assets shall be determined at a minimum of once each year.

The co-owners shall contribute a monthly sum ... the amount of $___________ for regular, fixed costs, tie-down rent, inspections, taxes ... insurance. This sum shall be subject ... review at ... review date.

Each co-owner shall pay ... the co-ownership account an hourly fee of $___________ for each hour used by that co-owner. This fee ... for operation of ... airplane ... does not include ... cost of fuel.

The co-ownership joint account shall initially provide a full supply of fuel ... oil. Cost of fuel ... oil used for maintenance ... repairs shall be borne by ... next co-owner ... fly ... airplane unless excessive. If excessive, ... cost of operating ... airplane for maintenance purposes shall be borne by ... co-ownership.

A minimum of _______________ dollars ($__________) shall be maintained ... a co-ownership fund, ... shall be replenished monthly ... equally by all co-owners. Out of this fund all fixed expenses ... be paid. ... fixed expenses are, but not limited to, tie-down at home, insurance, reserves for annual ... other required inspections, licensing ... taxes. A monthly fixed fee, exclusive of flight time, of $__________ shall be paid into ... co-owners account as of ... first of each month. ... amount of ... fixed fee may be adjusted from time ... time by mutual agreement.

Monthly, each co-owner ... contribute $_______________ ... an overhaul fund. ... fund shall be used ... overhaul ... airplane engine. ... overhaul fund shall not be refundable ... a co-owner who sells his interest ... the airplane.

By mutual agreement, special assessments may be made against each co-owner. Funds for fixed expenses ... special assessments shall be payable ... the first day of each month. ... the event that a co-owner ... more than forty-five (45) days ... arrears ... the payment of his monthly contribution ... special assessment, ... other co-owners may make any decision regarding ... aircraft.

Any payments due from a co-owner which are delinquent for more than thirty (30) days, shall result ... the loss of flight privileges of ... delinquent co-owner. If ... delinquency continues for a period of sixty (60) days, this shall be ground for voluntary dissolution of this agreement.

In ... event of a default ... the payment of ... loan secured by ... airplane, ... non-defaulting co-owners may, at their option, cure ... default. ... default shall then be considered a delinquency by ... defaulting co-owner. ... default ... the pro rata loan payment shall be deducted from ... defaulter's portion of ... co-owner's expense and/or overhaul fund ... the defaulter's pro rata portion of ... airplane equity.

Co-owner payments ... the form of services ... property, ... lieu of cash, shall not be permitted unless by mutual written consent.

By agreement, ... co-owners may add additional equipment ... the airplane. If ... co-owners are unable ... agree upon ... addition of equipment, a co-owner may add such equipment ... pay ... entire cost of such equipment ... its installation cost.

In said event, one half of ... cost of ... equipment ... installation cost ... to be credited ... the purchasing co-owner upon dissolution of ... co-ownership, regardless of its depreciated value. Maintenance of equipment added by a co-owner ... at his sole expense. Upon installation, ... added equipment shall remain part of ... airplane ... removal by ... installing co-owner ... prohibited.

In ... event a withdrawing co-owner ... behind ... the payment of any monthly contributions for fixed expenses, operating expenses ... special assessments, these arrearages shall be deducted from ... amounts paid above.

MEETINGS ... RECORDS

Co-ownership meetings shall be held at least four (4) times each year, ... at least once every three (3) months. Notice of ... time ... place of each regular meeting shall be given by ... Bookkeeping Co-owner ... the other co-owners ________ (___) days prior ... the meeting. Special meetings may be called by ... Bookkeeping Co-owner with a minimum of ________ (___) days notice.

Decisions as ... the sale of ... airplane ... the operation of ... airplane shall be made by mutual consent. At least _________(___) co-owners shall be present at each regular meeting ... special meeting ... order ... constitute a quorum. Each co-owner, regardless of share size, ... have an equal vote ... the affairs of ... co-ownership.

A co-owner may be selected by mutual consent of ... co-owners ... keep ... books ... records of ... co-ownership ... he shall do ... accounting functions for ... co-ownership.

Accounting records of ... co-ownership shall be kept ... upon demand may be reviewed by ... other co-owners upon reasonable request.

The accountant-bookkeeper shall be responsible for ... receipt ... disbursement of all monies relating ... co-ownership.

A checking account shall be opened at _____________ Bank, ... ___________, ____________. ... checking account shall be opened ... the names of all ... co-owners, any one of which may sign for withdrawal.

All documents relating ... the co-ownership shall be maintained by ... Bookkeeping Co-owner ... shall be available ... the other co-owners upon request.

Notices ... co-owners about this agreement shall be ... writing ... may be served personally ... the co-owners ... by certified mail addressed ... the last known address of record ... the co-ownership records ... as shown below.

Name Address
a. _______________________ ________________________
b. _______________________ ________________________
c. _______________________ ________________________

A co-owner shall give notice of any change of address ... other co-owners within 5 days of such a change. If notice ... given by U.S. mail, it shall be considered served three (3) days after its deposit, postage prepaid, ... the United States mail.

CO-OWNERSHIP POLICIES

No co-owner, except by mutual agreement, shall:

1. Sell, assign, ... pledge his equity ... any of ... co-ownership assets, except as provided for ... this agreement;

2. Borrow ... lend money ... behalf of ... co-ownership;

3. Transfer, sell, ... release any claim of ... co-ownership ... consent ... an arbitration ... any dispute involving ... co-ownership;

4. Use ... assets of ... co-ownership for any purpose other than stated ... this agreement;

5. Commit an act detrimental ... any co-ownership activity.

A co-owner may obligate ... co-ownership ... an amount up ... $________________.

A co-owner may allow a lien against ... airplane up ... $___________________. ... the event of a lien for a debt without ... consent of all co-owners, ... co-ownership may be dissolved. ... costs required ... satisfy ... lien shall reduce ... capital account ... equity share of ... lien placing co-owner.

MAINTENANCE OF AIRCRAFT

The airplane shall comply with all Federal Air Regulations. Any violation of FARS which result ... fines shall be borne by ... co-owner causing ... fine. If ... violation ... not ... responsibility of one of ... co-owners, ... cost shall be borne equally.

If a co-owner discovers a condition that creates a hazard, he may ground ... airplane. ... condition shall immediately be reported ... the other co-owners.

Equipment problems shall be given ... the co-owner ... charge of maintenance scheduling for ... aircraft. If ... pilot noting ... equipment problem declares ... airplane unairworthy, ... airplane ... not be operated until ... problem ... corrected. ... pilot noticing a problem shall enter it into a log, which ... to remain ... the aircraft, ... share his opinion as ... whether ... airplane ... safe ... operate ... any manner. Additionally, immediate verbal ... written notice shall be given ... the other co-owner(s).

All Airworthiness Directives affecting ... aircraft ... be completed as soon as notification ... received. Service Bulletins issued by ... airplane manufacturer shall be likewise complied with, if necessary.

Damage ... the airplane due ... unexpected mechanical break-down, except that caused by Faulty Technique as described herein shall be ... joint responsibility of all co-owners.

Operating Expenses include, but are not limited to, periodic inspections, oil changes, tires, brakes, battery, hydraulic fluids, radios, airframe, engine, propeller, ... accessory repair ... maintenance. These expenses shall be paid by ... co-ownership.

Damage resulting from negligence shall be ... responsibility of ... co-owner causing such damage. Damage caused by ... negligence of a co-owner, not indemnified by insurance, ... be repaired at his sole expense ... forthwith. Penalties upon a co-owner for violation of laws relating ... the operation of ... airplane shall be borne solely by ... co-owner violating ... law.

USAGE OF AIRCRAFT

The airplane shall be based at ... _______________ Airport ... the costs of storage ... tie-down at said base shall be borne equally by ... co-owners. Costs for storage, parking, tie-down ... landing fees while away from home shall be borne solely by ... co-owner.

A pilot may remain overnight from home base for seven (7) consecutive nights. ... airplane must be returned by 12 p.m. ... day following a seven (7) day trip.

The airplane may not be landed at any airport more than 150 nautical miles from home unless an IFR ... VFR flight plan has been filed. No airstrips of less than _________ usable feet ... length shall be attempted. No landings ... other than paved ... concrete runways shall be allowed.

No flights shall take place into IFR conditions unless all equipment ... in proper working condition.

No person other than ... co-owners shall be authorized ... operate ... airplane except with ... express consent of all co-owners. Authorized personnel for testing after maintenance ... repair at an FAA Authorized Repair Station may, however, fly ... airplane.

The airplane may not be used commercially ... for charters. ... co-ownership may elect ... lease ... airplane for flight training. Insurance covering flight training activities shall be ... effect prior ... such activities.

The airplane may be flown into a foreign country if ... pilot obtains special insurance ... all required documents. Insurance for ... foreign country ... at ... sole expense of ... pilot.

Liability insurance ... an amount of not less than $______________ per person ... $_____________ per occurrence ... $_____________ per passenger shall be obtained ... the airplane. Hull insurance ... the amount of $________________ shall be maintained during ... term of this Agreement. Hull limit increases shall be obtained when hull value increases by $_________________. Hull damage deductibles shall not exceed $____________ for loss while NOT ... MOTION ... $__________________ while ... MOTION.

Each of ... co-owners shall be designated pilot ... command weekly beginning at ______ p.m. ... ________________. ... pilot ... command may fly any time during his assigned period without obtaining ... permission of ... other co-owners.

The non-pilot ... command co-owners may fly by obtaining permission of ... pilot ... command, which ... irrevocable during that period. If a non-pilot ... command ... unable ... contact ... pilot ... command, he may only fly trips of two hours ... less.

If a pilot ... command can not fly due ... an extended flight by a non-pilot ... command, he may rent an airplane ... charge ... non-pilot ... command ... difference between ... co-ownership airplane ... the rental airplane.

Co-owners may trade pilot ... command weeks by mutual agreement. Each co-owner may control ... airplane two consecutive weeks by trading with other co-owners.

Down time for airplane maintenance ... repairs ... be rotated among ... co-owners' priority weeks. If down time ... more than a full week, a rotation plan may be created by mutual agreement ... order ... prorate ... burden of ... loss of time privileges.

After using ... airplane each co-owner ... install gust locks, chains, chocks, ... weather covers, etc., which secure ... airplane ... the ground appropriately.

Each co-owner shall fill ... gas tanks ... add oil as needed at ... end of each flight at his expense.

If a subsequent co-owner requests ... prior co-owner pilot ... leave a specific fuel quantity ... order ... avoid an over gross weight condition ... a later flight, ... co-owner being asked shall pay ... co-owner requesting ... actual cost of his last refueling.

SALE OF AIRCRAFT

If upon sale of ... airplane ... other related assets, ... sale price ... in excess of ... value of ... co-owner's capital accounts, ... balance shall be distributed proportionately among ... co-owners according ... their respective ownership percentages after paying all liens.

No sale of all ... co-ownership airplane ... related assets shall be for less than ... combined value of all ... co-owners capital accounts unless by mutual written agreement. If a sales price cannot be agreed on, then ... price shall be arbitrated.

SALE ... WITHDRAWAL FROM CO-OWNERSHIP

A co-owner may withdraw from ... co-ownership upon written notice ... the other co-owners. ... withdrawal shall be effective as of ... first valuation date following notice. ... co-owners have ... right ... buy ... withdrawing co-owner's capital account value.

The purchasing co-owner(s) shall pay ... buy-out price within ten (10) days after ... exercise of ... option ... purchase. If ... co-owner(s) do not exercise ... option ... purchase, ... co-ownership shall be terminated ... liquidated.

No co-owner shall sell his interest ... the co-ownership except ... accordance with ... following:

A withdrawing co-owner shall offer his interest ... the co-owners at ... smaller of ... value of his capital account ... the amount offered by a third party for that co-owner's interest. ... capital account ... defined as ... agreed value established by actual airplane acquisition cost ... improvements.

A selling co-owner shall give ... co-owners written notice of ... proposed sale identifying ... buyer, price ... terms.

The remaining co-owners shall have seven (7) days following said Notice within which ... give written notice ... the seller of their election ... purchase ... share of ... airplane at ... lesser of ... selling co-owner's capital account ... the offer made by ... third party.

Any equity of a co-owner ... the co-ownership ... withdrawn as of ... last Valuation Date prior ... the death of a co-owner. ... surviving co-owners may buy ... deceased co-owner's capital account by paying said amount ... the deceased co-owner's estate. ... deceased co-owner's estate ... obligated ... sell ... deceased co-owner's interest ... the surviving co-owners.

In ... event of a default by a co-owner under ... terms of this agreement ... failure for thirty (30) days after notice ... cure such a default, then ... non-defaulting co-owners may initiate involuntary dissolution proceedings. ... non-defaulting co-owners are considered ... remaining co-owners ... the defaulting co-owner shall be considered as ... retiring co-owner.

In ... event a defaulting co-owner cures ... default prior ... the buy-out process, he may be reinstated with all co-ownership privileges subject ... a favorable vote of ... majority of non-defaulting co-owners.

Any legitimate, reasonable debts owed by one co-owner ... another co-owner shall become a lien upon ... co-owner's capital account ... shall be satisfied out of ... proceeds of sale upon dissolution. Indebtedness may be satisfied by a like increase ... the equity of ... of ... creditor co-owner with ... mutual consent of ... other co-owners.

In ... event that ... capital account of a withdrawing, selling ... deceased co-owner ... purchased pursuant ... the terms of this agreement, ... co-ownership shall not terminate, but shall be continued, as of ... withdrawal date.

The co-ownership may be liquidated by mutual agreement ... shall be terminated ... the event that ... remaining ... surviving co-owners fail ... exercise ... option ... acquire assets. Upon dissolution ... termination, ... co-owners shall promptly liquidate ... assets ... pay all obligations of ... co-ownership ... distribute ... remaining assets ... the surviving co-owners.

Amendments of this agreement shall be by mutual consent of ... majority of ... co-owners.

In ... event of a dispute, ... co-owners shall submit ... dispute ... arbitration pursuant ... the rules of ... American Arbitration Association.

If any portion of this Agreement ... found ... be unenforceable, ... remainder of this Agreement shall remain ... full force ... effect.

This Agreement shall be binding upon ... co-owners ... their respective heirs, successors and/or assigns.

In WITNESS WHEREOF, ... co-owners have executed this Agreement ... day ... year first above written.

[Date, Signatures]

 

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