AIRCRAFT LEASEAircraft Lease Agreement |
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SEMITOOL INC | EAGLE III, LLC | Raymon F. Thompson. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Search Aircraft Lease Agreement by:
Exhibit 10.44
AIRCRAFT LEASE
This Lease Agreement (“Lease” or “Agreement”) is executed this 22nd day of August, 2004 by and between EAGLE III, LLC, a Montana limited liability company (“Lessor”) and SEMITOOL, INC., a Montana corporation, with its principal place of business at 655 West Reserve Drive, Kalispell, Montana (“Lessee”).
RECITALS
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A. |
Lessor is the owner of a 1994 Cessna Citation 525 (the “Aircraft”) with a serial number of 525-0074 and a registration number of N511TC. |
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B. |
Lessor has agreed to lease the Aircraft to the Lessee pursuant to the terms hereof. |
NOW, THEREFORE, in consideration of the mutual promises and covenants exchanged herein and for other good and valuable consideration, the parties hereto agree as follows:
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Term. The term of this Lease shall be month to month (“Term”). |
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2. |
Rental. Effective October 1, 2004, Lessee hereby covenants and agrees to pay Lessor, during the Term, a monthly rental of TWENTY-FIVE THOUSAND AND NO/100 DOLLARS ($25,000). All rental payments shall be made to Lessor, at a place designated by Lessor, on or before the first day of each monthly period of the Lease. |
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Taxes. Lessee shall pay all taxes, assessments, and charges imposed by any national, state, municipal government or other public or airport authority on the Aircraft or on its use during the Term and until re-delivery of the Aircraft to the Lessor; and to save the Lessor free and harmless therefrom, and reimburse the Lessor on a pro rata basis for any such taxes or charges payable subsequent to the Term of this Lease. |
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4. |
Maintenance and Repair. Lessee shall maintain and keep the Aircraft and all its components in good order and repair, in accordance with the requirements of the Federal Aviation Agency (“FAA”), or any other governmental authority having jurisdiction, and within reasonable time replace in or on the Aircraft any and all parts, equipment, appliances, instruments, or accessories which may be worn out, lost, destroyed, confiscated, or otherwise rendered unsatisfactory or unavailable for use in or on the Aircraft. Any replacements on the Aircraft shall be (a) in good operating condition and have a value, utility, and quality, at least equal to that which the property replaced originally had, and (b) at the time affixed to the Aircraft and made subject to this Lease, owned by the Lessee free and clear of all liens and encumbrances, it being understood that the Lessee shall have the same protection as the Lessor under the standard warranty clause of the manufacturer of the Aircraft the terms and provisions of said warranty being incorporated herein; perform all major overhaul on the Aircraft, whenever deemed necessary and as may be required by the FAA or any other governmental authority during the Term of this Lease, and all engine overhaul and inspection and maintenance service. |
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Insurance. During the Term, Lessee agrees to keep the Aircraft insured, at Lessee’s expense, with companies acceptable to the Lessor and which are qualified to do business in the State of Montana, for such amounts and against such hazards as the Lessor may require, including, but not limited to, hull damage and liability for personal injuries, death or Aircraft damages, arising from or in any manner occasioned by the acts or negligence of the Lessee or others in custody, operation or use of the Aircraft, with losses under the hull damage policies payable to the Lessor, in terms satisfactory to the Lessor, and deliver the policies, or evidence of insurance satisfactory to the Lessor, to Lessor with premium receipts. The Lessee hereby appoints Lessor as the Lessee’s attorney-in-fact to make proof of loss, and claim for, receive payment of, and execute or endorse all documents, checks or drafts for hull damage or return premium under the insurance policies. |
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Conforming Use. Lessee shall only use the Aircraft for the purposes and in the manner set forth in any application for insurance executed by Lessee in connection with the leased property and shall abide by and conform to, and cause others to abide by and to, all laws, ordinances, orders, rules and regulations, national, state, municipal, or otherwise, now existing or hereafter enacted, controlling or in any way affecting the operation, use, or occupancy of the Aircraft or the use of any airport premises by Lessee. |
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No Lien or Assignment. Lessee shall keep safely, and use carefully, the Aircraft, and shall not sell, or assign or dispose of the Aircraft, or any interest therein, or any part thereof, or equipment necessary thereto, or suffer or permit any charge, lien, or encumbrance of any nature upon the Aircraft, or any part thereof, or lend or rent the same. |
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Sublease. Upon prior written approval of the Lessor, the Lessee shall have the right to sublease the Aircraft, provided, however, the Aircraft is maintained in conformance with all applicable rules and regulations pertaining to the use to which the Aircraft shall be subjected. In the event Lessee subleases the Aircraft, Lessee shall continue to be responsible for the performance of its covenants and obligations under this Agreement. |
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Indemnification. Lessee shall be responsible for and liable to the Lessor for, and indemnify the Lessor against, all damage to the Aircraft which occurs in any manner from any cause or causes during the Term or until re-delivery of the Aircraft. Lessee shall indemnify and save Lessor harmless from and against all claims, cost, expenses, damages, and liabilities, including personal injury, death, or Aircraft damage claims arising out of, or in any manner occasioned by the operation or use of the Aircraft, during the Term or until re-delivery of the Aircraft to the Lessor, regardless of whether a claim occurs during or after the Term. |
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Licensed Pilotage. Lessee shall not permit the Aircraft to be operated by anyone other than a currently certificated pilot having at least the minimum total pilot hours required by the applicable insurance required by this Lease. |
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Lessor’s Right of Inspection. Lessee shall permit the Lessor, or its duly authorized agent or representative, to inspect the Aircraft at any reasonable time, either on the land or aloft, and to furnish any information in respect to the Aircraft and its use that the Lessor may reasonably request. |
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Delivery Upon Termination. Lessee shall return, upon demand, at the expiration of the Term, the Aircraft to the Lessor, at such place as may be designated as when received, excepting only for reasonable wear and tear, and damage by any cause covered by collectible insurance; provided, however, that the designated place shall not be more than one hundred fifty (150) miles from the home airport at the outset of this Lease. |
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Further
Assurances.
Lessee and Lessor each agree to execute and deliver to the other party any
additional or supplemental
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