Common use of Exclusive Space Clause in Contracts

Exclusive Space. This permit is not transferable or assignable. Lessee shall not assign any interest of the tenancy hereunder or sublet, license or permit any other party or parties to occupy any portion of the assigned rented space. Lessee’s aircraft must be registered or leased in Lessee’s name. In the event there is any change in the ownership of the listed aircraft, ownership of the entity that owns the listed aircraft, sale, assignment, or other modification to the aircraft ownership, then this rental agreement will not be renewed at the anniversary date, subject to the following exception: a. If the listed aircraft is replaced with a different aircraft, and no other changes occur in the aircraft ownership composition, then such a change will not be considered to have violated this term. The purpose of this term is to preclude the use and occupancy of the aircraft hangar by someone who has not waited for his/her turn on the hangar or tie-down waiting list to the detriment of those who have waited. b. If the listed aircraft ownership change is the direct result of the death or disability of the individual owner, the rental agreement may be renewed for up to one additional year to allow for the orderly disposition of the aircraft by the owner’s successors in interest. c. In the event an aircraft is co-owned by more than one person, or the entity owner is comprised of more than one member, partner or shareholder, then any transfer of more than one-third of the respective ownership interest shall be considered to be a transfer of the whole and the rental agreement will not be renewed. Transfers of one-third or less of the respective ownership interest in the aircraft shall not be considered to be a transfer of the whole aircraft. At least two-thirds of the owners on the lease at the beginning of the lease term must be owners at the end of the lease term in order to be eligible to renew the lease.