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 to a co-owner who sells his interest in the airplane.
By mutual agreement, special assessments may be made against each co-owner. Funds for fixed expenses or special assessments shall be payable on the first day of each month. In the event that a co-owner is more than forty-five (45) days in arrears in the payment of his monthly contribution or special assessment, the other co-owners may make any decision regarding the aircraft.
Any payments due from a co-owner which are delinquent for more than thirty (30) days, shall result in the loss of flight privileges of the delinquent co-owner. If the delinquency continues for a period of sixty (60) days, this shall be ground for voluntary dissolution of this agreement.
In the event of a default in the payment of the loan secured by the airplane, the non-defaulting co-owners may, at their option, cure the default. The default shall then be considered a delinquency by the defaulting co-owner. The default in the pro rata loan payment shall be deducted from the defaulter's portion of the co-owner's expense and/or overhaul fund or the defaulter's pro rata portion of the airplane equity.
Co-owner payments in the form of services or property, in lieu of cash, shall not be permitted unless by mutual written consent.
By agreement, the co-owners may add additional equipment to the airplane. If the co-owners are unable to agree upon the addition of equipment, a co-owner may add such equipment and pay the entire cost of such equipment and its installation cost.
In said event, one half of the cost of the equipment and installation cost is to be credited to the purchasing co-owner upon dissolution of the co-ownership, regardless of its depreciated value. Maintenance of equipment added by a co-owner is at his sole expense. Upon installation, the added equipment shall remain part of the airplane and removal by the installing co-owner is prohibited.
In the event a withdrawing co-owner is behind in the payment of any monthly contributions for fixed expenses, operating expenses or special assessments, these arrearages shall be deducted from the amounts paid above.
MEETINGS AND RECORDS
Co-ownership meetings shall be held at least four (4) times each year, and at least once every three (3) months. Notice of the time and place of each regular meeting shall be given by the Bookkeeping Co-owner to the other co-owners ________ (___) days prior to the meeting. Special meetings may be called by the Bookkeeping Co-owner with a minimum of ________ (___) days notice.
Decisions as to the sale of the airplane and the operation of the airplane shall be made by mutual consent. At least _________(___) co-owners shall be present at each regular meeting or special meeting in order to constitute a quorum. Each co-owner, regardless of share size, will have an equal vote in the affairs of the co-ownership.
A co-owner may be selected by mutual consent of the co-owners to keep the books and records of the co-ownership and he shall do the accounting functions for the co-ownership.
Accounting records of the co-ownership shall be kept and upon demand may be reviewed by the other co-owners upon reasonable request.
The accountant-bookkeeper shall be responsible for the receipt and disbursement of all monies relating to co-ownership.
A checking account shall be opened at _____________ Bank, in ___________, ____________. The checking account shall be opened in the names of all the co-owners, any one of which may sign for withdrawal.
All documents relating to the co-ownership shall be maintained by the Bookkeeping Co-owner and shall be available to the other co-owners upon request.
Notices to co-owners about this agreement shall be in writing and may be served personally on the co-owners or by certified mail addressed to the last known address of record in the co-ownership records or as shown below.
a. _______________________ ________________________
b. _______________________ ________________________
c. _______________________ ________________________
A co-owner shall give notice of any change of address to other co-owners within 5 days of such a change. If notice is given by U.S. mail, it shall be considered served three (3) days after its deposit, postage prepaid, in the United States mail.
No co-owner, except by mutual agreement, shall:
1. Sell, assign, or pledge his equity in any of the co-ownership assets, except as provided for in this agreement;
2. Borrow or lend money on behalf of the co-ownership;
3. Transfer, sell, or release any claim of the co-ownership or consent to an arbitration on any dispute involving the co-ownership;
4. Use the assets of the co-ownership for any purpose other than stated in this agreement;
5. Commit an act detrimental to any co-ownership activity.
A co-owner may obligate the co-ownership to an amount up to $________________.
A co-owner may allow a lien against the airplane up to $___________________. In the event of a lien for a debt without the consent of all co-owners, the co-ownership may be dissolved. The costs required to satisfy the lien shall reduce the capital account and equity share of the lien placing co-owner.
MAINTENANCE OF AIRCRAFT
The airplane shall comply with all Federal Air Regulations. Any violation of FARS which result in fines shall be borne by the co-owner causing the fine. If the violation is not the responsibility of one of the co-owners, the cost shall be borne equally.
If a co-owner discovers a condition that creates a hazard, he may ground the airplane. The condition shall immediately be reported to the other co-owners.
Equipment problems shall be given to the co-owner in charge of maintenance scheduling for the aircraft. If the pilot noting the equipment problem declares the airplane unairworthy, the airplane will not be operated until the problem is corrected. The pilot noticing a problem shall enter it into a log, which is to remain in the aircraft, and share his opinion as to whether the airplane is safe to operate in any manner. Additionally, immediate ...
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