User agree that in the event either party shall be
liable to the other for any reason relating to this Agreement, that under no
circumstances shall the damaged party be entitled to any special or
consequential damages, including but not limited to damages for lost profits.
10. User warrants that:
(a) It will use the Aircraft for and on account of its own business only, and
will not use the Aircraft for the purposes of providing transportation for
passengers or cargo in air commerce for compensation or hire;
(b) During the term of this Agreement, it will abide by and conform to all
such laws, governmental and airport orders, rules and regulations, as shall from
time to time be in effect relating in any way to their operation and use of the
Aircraft by a time sharing User.
11. Neither this Agreement nor either party's interest herein shall be
assignable to any other party. This Agreement shall inure to the benefit of and
be binding upon the parties hereto, their heirs, representatives and successors.
12. Nothing herein shall be construed to create a partnership, joint venture,
franchise, employer-employee relationship or to create any relationship of
principal and agent.
13. This Agreement shall be governed by and construed in accordance with the
laws of the State of Oregon.
14. TRUTH IN LEASING STATEMENT UNDER SECTION 91.23 (FORMERLY 91.54) OF THE FARS.
(A) THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 AND PART
135 WITHIN THE 12 MONTH PERIOD PRECEDING THE EXECUTION OF THIS AGREEMENT.
OPERATOR CERTIFIES THAT THE AIRCRAFT IS COMPLIANT WITH APPLICABLE MAINTENANCE
AND INSPECTION REQUIREMENTS OF FAR PART 91 AND PART 135 FOR THE OPERATIONS TO BE
CONDUCTED UNDER THIS AGREEMENT.
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(B) THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER FAR PART 91 FOR
OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT.
(C) DURING THE DURATION OF THIS AGREEMENT, OPERATOR (Precision Castparts Corp.,
4650 SW Macadam Avenue, Suite 400, Portland, Oregon 97239) IS CONSIDERED
RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT IDENTIFIED AND TO BE
OPERATED UNDER THIS AGREEMENT.
(D) AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT
FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FLIGHT STANDARDS
DISTRICT OFFICE.
(E) OPERATOR FURTHER CERTIFIES THAT IT WILL SEND A TRUE COPY OF THIS EXECUTED
AGREEMENT TO: FEDERAL AVIATION ADMINISTRATION, AIRCRAFT REGISTRATION BRANCH,
ATTN: TECHNICAL SECTION, P. O. BOX 25724, OKLAHOMA CITY, OKLAHOMA, 73125, WITHIN
24 HOURS OF ITS EXECUTION, AS PROVIDED BY FAR 91.23(c)(1).
(F) THE UNDERSIGNED OPERATOR (Precision Castparts Corp., 4650 SW Macadam Avenue,
Suite 400, Portland, Oregon 97239), CERTIFIES THAT OPERATOR IS RESPONSIBLE FOR
OPERATIONAL CONTROL OF THE AIRCRAFT AND THAT OPERATOR UNDERSTANDS ITS
RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.
The "Instructions For Compliance with Truth-In-Leasing Requirements" attached as
Schedule 1 hereto are incorporated herein by reference.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused the signatures of their
authorized representatives to be affixed below on the day and