CO OWNERSHIP AGREEMENT (US)
An agreement made and executed this __________ day of ___________, 200_ by and between _____________ and _______________ and ______________ hereafter referred to as co-owners.
The co-owners agree to form a co-ownership to purchase as tenants in common a __________ airplane, registration number N_____________, and for operating the airplane for the co-owners' business or pleasure. The co-owners agree to operate the airplane in accordance with FAA regulations.
This co-ownership shall commence on ______________, 200_, and shall continue until termination by mutual agreement. The co-ownership shall be limited to ______ co-owners. Written consent of all co-owners is required before additional persons can purchase any share of the airplane. If a co-owner has more than an equal share in the co-ownership, he is restricted to one vote on matters that require a vote.
COST OF CO-OWNERSHIP
Each co-owner shall contribute initial capital in the sum of $____________ to the co-ownership. This capital is the beginning balance of each co-owner's capital account and shall be periodically adjusted in accordance with this agreement.
Individual capital accounts shall be kept for each co-owner and shall represent the ENTIRE value of his interest. The Capital Account shall consist of his capital contribution, increased or decreased on the Valuation Date due to changes in the value of the co-ownership assets. The value of the co-ownership assets shall be determined at a minimum of once each year.
The co-owners shall contribute a monthly sum in the amount of $___________ for regular, fixed costs, tie-down rent, inspections, taxes and insurance. This sum shall be subject to review at the review date.
Each co-owner shall pay to the co-ownership account an hourly fee of $___________ for each hour used by that co-owner. This fee is for operation of the airplane and does not include the cost of fuel.
The co-ownership joint account shall initially provide a full supply of fuel and oil. Cost of fuel and oil used for maintenance and repairs shall be borne by the next co-owner to fly the airplane unless excessive. If excessive, the cost of operating the airplane for maintenance purposes shall be borne by the co-ownership.
A minimum of _______________ dollars ($__________) shall be maintained in a co-ownership fund, and shall be replenished monthly and equally by all co-owners. Out of this fund all fixed expenses will be paid. The fixed expenses are, but not limited to, tie-down at home, insurance, reserves for annual and other required inspections, licensing and taxes. A monthly fixed fee, exclusive of flight time, of $__________ shall be paid into the co-owners account as of the first of each month. The amount of the fixed fee may be adjusted from time to time by mutual agreement.
Monthly, each co-owner will contribute $_______________ to an overhaul fund. The fund shall be used to overhaul the airplane engine. The overhaul fund shall not be refundable
[ENDE DER VORSCHAU]
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