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Rental Agreement

AIRCRAFT RENTAL AGREEMENT

This AIRCRAFT RENTAL AGREEMENT (“Agreement”) is made by and between Lake Elmo Aero LLC (“Company”) whose address is 3275 Manning Avenue North, Lake Elmo, MN 55042, and (“Pilot”).

RECITALS

A. Company is the owner of certain aircraft (each an “Aircraft” for purposes of this Agreement) registered with the U.S. Federal Aviation Administration (the “FAA”).

B. Company makes the Aircraft available to pilots for rent for personal use or flight instruction.

C. Company desires to rent the Aircraft to Pilot, and Pilot desires to rent Aircraft on such basis from Company, all according to the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valuable consideration, the parties hereto agree as follows:

1.0 LEASE OF AIRCRAFT

1.1 Lease Term. Pilot hereby agrees to rent the Aircraft on an hourly basis from Company, and Company hereby agrees to rent the Aircraft on such basis to Pilot, all pursuant to the terms and conditions in this Agreement. This Agreement shall commence on the first date written above and continue in full force, unless earlier terminated pursuant to the terms of this Agreement.

1.2 Availability and Delivery. Pilot’s rental of the Aircraft hereunder shall be non-exclusive, and each use of the Aircraft shall be scheduled on an “as-needed,” “as-available” and “first-come, first-serve” basis. Unless otherwise agreed by the parties, for each usage of the Aircraft hereunder, Company shall deliver the Aircraft to Pilot, and Pilot shall return the Aircraft to Company at Lake Elmo, MN, Lake Elmo Airport (the “Home Base”). Pilot will be responsible for all costs incurred by Company to return the Aircraft to its Home Base in the event Pilot fails to do so, including without limitation all travel, pilot and operational costs.

1.3 Aircraft. Company shall provide Pilot with checkout information for each Aircraft reservation detailing the reservation date and time and a description of the Aircraft. Pilot agrees to only accept and operate an Aircraft in which Pilot has received a checkout and for which the Pilot’s records with Company indicate such checkout. Pilots are encouraged to inspect their Company flight records from time-to-time.

1.4 Pilot Representations and Warranties. Pilot represents and warrants the following throughout the term of this Agreement:

(a) Pilot is FAA certified and duly qualified to operate the Aircraft in accordance with all applicable laws and regulations applicable to Pilot’s use of the Aircraft under this Agreement.

(b) Pilot has obtained and maintained the necessary licensing, certifications, and medical certificates to operate the Aircraft applicable to Pilot’s use of the Aircraft under this Agreement.

(c) Pilot has the qualifications needed for student operation in compliance with Sections 2.6 and 2.7 below for rentals in connection with Company flight instruction.

(d) Pilot meets the applicable requirements of Company’s insurance policies in Section 10 of this Agreement.

1.5 Pilot Documents. Prior to any flight, Pilot shall provide Company with the following documents to be held on file with Company:

(a) Pilot’s current licensing and certifications to operate the Aircraft.

(b) Pilot’s current medical certificate.

(d) Pilot’s logbook.

(e) For flight training or instruction purposes, in compliance with the Transportation and Security Administration (“TSA”), Pilot may be required to provide proof of citizenship by means of original birth certificate or valid passport.

(f) A completed and executed Assumption of Risk, Waiver of Liability & Hold Harmless Agreement – Customer Acknowledgment agreement.

2.0 USE OF AIRCRAFT

2.1 Dry Lease. The parties intend that this Agreement shall constitute a “dry” operating lease. During each usage by Pilot, Pilot shall have sole operational control over the Aircraft. “Operational control” shall mean, consistent with 14 C.F.R. § 1.1 and FAA guidelines, the exercise of authority over initiating, conducting or terminating a flight. Pilot shall exercise complete control over the phases of operation of the Aircraft requiring aviation expertise for all flights under this Agreement.

2.2 Fuel. Company will provide the Aircraft with fuel prior to departure in accordance with the Pilot’s request at no additional cost to Pilot. If the Pilot requires additional fuel outside of the Home Base during Pilot’s operation of the Aircraft, Company agrees to reimburse Pilot for documented out-of-pocket fuel costs up to the posted Company fuel rate. Any fuel purchases made above and beyond the posted fuel price shall be at the sole cost and expense of Pilot. A fuel receipt must be presented by the Pilot if seeking reimbursement for fuel costs

2.3 FAR Part 91 Use Only. Pilot’s use of the Aircraft shall be restricted to use for flight instruction or Pilot’s personal use in accordance with Federal Aviation Regulations (“FARs”) Part 91. Pilot shall not operate the Aircraft in commercial or common carriage, nor shall Pilot otherwise operate the Aircraft on a compensatory basis. Pilot shall be solely responsible for complying with all applicable FARs with respect to Pilot’s operation of the Aircraft.

2.4 Security Precautions. Pilot shall at all times use reasonable care and diligence to maintain the security and safety of the Aircraft and to abide by applicable security regulations and recommendations of the FAA, Department of Transportation, or local airport authorities.

2.5 Compliance with Laws. Pilot shall not use or cause or permit the Aircraft to be used in any way inconsistent with state, federal or international law or the law of any place to which the Aircraft may go, or contrary to any manufacturers’ operation manuals and instructions, or in violation of any airworthiness certificate, license or registration, or which may otherwise cause excessive wear and tear or damage to the Aircraft or its components. Pilot shall not use or cause or permit the Aircraft to be used in any way that would endanger the registration or airworthiness of the Aircraft.

2.6 Compliance with Insurance. Pilot shall not operate the Aircraft or permit or suffer the Aircraft to be operated in conflict with the terms of the insurance coverage pursuant to Section 10 of this Agreement. Pilot shall abide by all geographical limitations of such insurance.

2.7 Flight Currency with Company. It is the Pilot’s sole responsibility to comply with all FARs, specifically Section 61.57 of the FARs, with respect to currency.

(a) The Company’s minimum currency requirements are three (3) takeoffs and landings every 90 days for all Cessna 172, 152, and Piper Archer/Cherokees/Arrow. The currency requirements for any multi engine aircraft, and tailwheel aircraft are (3) takeoffs and landings every 60 days.

(b) The Company’s minimum currency requirement for Cirrus SR series aircraft are (3) takeoffs and landings every 60 days. It is also required that renters complete a Cirrus recurrent training annually with an authorized certified flight instructor employed by the Company.

(c) Once a Pilot’s Company currency expires, the Pilot will be required to have a flight currency checkout with a certified flight instructor employed by the Company.

2.8 Flight Instruction and Flight Instruction Time. ONLY Company certified flight instructors employed by the Company are authorized to provide flight instruction in a Company Aircraft. The amount of instruction time given is the sole discretion of the Company certified flight instructor. The instruction time begins at the scheduled time for the flight lesson, unless prior arrangements have been made with the Company certified flight instructor. Company reserves the right to immediately terminate this Agreement for failure to comply with this Section 2.8 and revoke any Aircraft rental privileges.

3.0 TRUTH IN LEASING

3.1 The Aircraft is not a large civil aircraft under FARs and is not subject to Truth in Leasing Requirements under Section 91.23 of the FARs. Notwithstanding this fact:

(a) Company hereby certifies that, to the best of its knowledge, during the 12 months preceding the date of this agreement the Aircraft has been maintained and inspected in accordance with the provisions of FAR Part 91 and all applicable requirements for the maintenance and inspection thereunder have been met.

(b) Company will cause the Aircraft to be inspected and maintained in accordance with the provisions of FAR Part 91 and all applicable requirements for the maintenance and inspection thereunder.

(c) Pilot certifies that during the term of this Agreement when the Aircraft is operated by Pilot under this Agreement, Pilot shall be known as, considered, and shall in fact be the operator of that Aircraft. Pilot is responsible for operational control of the Aircraft during all flights conducted under this Agreement.

(d) The parties understand that an explanation of factors bearing on operational control and pertinent FARs can be obtained from the nearest FAA Flight Standards District Office (FSDO).

4.0 PREFLIGHT PROCEDURES AND HANDLING

4.1 Pre-Flight Inspections; Maintenance. Before each flight on an Aircraft, Pilot shall perform a preflight inspection of the Aircraft and complete all applicable checklists to confirm that the Aircraft and all other equipment is in condition for safe operation. If Pilot determines any repair or maintenance should be completed prior to any flight, Pilot shall not operate the Aircraft and shall immediately notify Company of such repair or maintenance. All repairs and maintenance shall be reviewed with and approved by Company, including repairs and maintenance when the Aircraft is not at the Home Base. Please call (651) 777-1399 or submit a written or electronic report to the Company regarding repairs and maintenance.

4.2 Aircraft Flight Time. Prior to each flight on the Aircraft, Pilot shall check the current HOBBS/TACH time, to the nearest tenth, and report the HOBBS/TACH time on the aircraft dispatch. HOBBS/TACH differences found prior to starting the Aircraft must be immediately reported to Company for adjustment. Unreported HOBBS/TACH time differences are Pilot’s responsibility. Pilot will record on the aircraft dispatch, to the nearest tenth, the ending HOBBS/TACH time after shutting down the aircraft.

4.3 Weight and Balance. Company requires that prior to all flights, the Pilot shall calculate the weight and balance of the Aircraft. Company can provide Pilot with various weight and balance forms at Pilot’s request, but it is Pilot’s responsibility to ensure accuracy in calculating the weight and balance.

5.0 PROCEDURES AND HANDLING

5.1 Food and Drinks. FOOD AND DRINKS (OTHER THAN WATER), IN THE AIRCRAFT ARE STRICTLY AND EXPRESSLY PROHIBITED. Company reserves the right to charge Pilot a cleaning fee if professional cleaning is required due to Pilot’s failure to comply with this Section 5.1.

5.2 Smoking and Vaping. SMOKING OR VAPING ON THE AIRCRAFT, SMOKING OR VAPING ON THE RAMP, OR SMOKING OR VAPING IN THE VICINITY OF ANY AIRCRAFT AND/OR FUELING EQUIPMENT WITHIN A RADIUS OF 50 FEET IS STRICTLY AND EXPRESSLY PROHIBITED. NO CHEWING TOBACCO IS ALLOWED IN COMPANY AIRCRAFT. Company reserves the right to terminate this Agreement immediately for failure to comply with this Section 5.2.

5.3 Adverse Weather. It is the Pilot’s responsibility to ensure that current and forecast weather conditions will allow any flight on an Aircraft pursuant to this Agreement to be completed safely. If inclement weather is expected, the Aircraft must be stored in a hangar. If the outdoor temperature is forecast to be below 40 F, the Aircraft’s Tanis heater must be plugged in or the Aircraft must be stored in a heated hangar. De-icing must be approved by Company before application. If weather conditions prevent a safe return to the Home Base, it is the Pilot’s responsibility to remain with the Aircraft until it is safe to return. Company is not responsible for incidental travel expenses or other charges incurred by the Pilot as a result of adverse weather conditions. At Pilot’s discretion and request, Company will assume the responsibility for returning the Aircraft to Home Base. If this occurs, the Pilot will be liable for the Aircraft flight hour and pilot time incurred by Company in returning the Aircraft to the Home Base, in addition to the applicable rental charges for the Aircraft under this Agreement.

5.4 Pilot Seat. Other than with prior written consent by Company, or while in training with a Company certified flight instructor, Pilot will fly from the left seat only. Pilot will not permit anyone else to fly or operate the Aircraft.

5.5 Passengers. Passengers must be registered with the Company prior to departure by the Pilot. Pilot must provide passenger(s) full name, address, phone number, and emergency contact information. If a passenger is a certified flight instructor, they must declare it on the registration form.

5.5 Dual Instruction. Unless a prior arrangement with an instructor has been made, all student pilots must have had dual instruction within the previous two (2) weeks in order to fly solo. No dual instruction may be given in a Company Aircraft by anyone other than a Company instructor.

5.6 Student Pilot. If the Pilot is a student pilot, then Pilot is strictly and expressly prohibited from carrying passengers. A student pilot in the solo phase of instruction must have a current sign-off from a Company employed certified flight instructor and observe all weather and wind limitations in the sign-off.

5.7 Solo Flights. All student pilots must have each solo flight approved by a Company instructor. The weather minimums for a student solo flight are as follows:

Traffic pattern 2,000 ft. ceilings and 7 statute miles visibility

Local (within 10 miles) 3,000 ft. ceilings and 7 statute miles visibility

Cross-country 5,000 ft. ceilings and 10 statute miles visibility

Winds for student solo flights must be less than 15 knots with a crosswind

component not more than 7 knots.

5.8 Safety Pilots. Safety pilots must be appropriately rated and have completed an aircraft checkout with the Company.

5.9 Fees at Other Airports. Pilot is responsible for all landing, tie-down, handling, and any other fees incurred while Pilot is in possession and operational control of the Aircraft, including any fees incurred from Pilot’s flight destination.

5.10 Prohibited Landings. Other than with prior written consent of Company or as set forth in the Lake Elmo Aero Safety Policies and Procedures Manual, or while in training with a Company certified flight instructor, Pilot shall not, and is not permitted, to conduct any “unpaved airport landings”. “Unpaved Airport Landings” shall include but is not limited to: grass, turf, unpaved, gravel and/or any other unstable surface. Pilot shall also make all landings to a full stop. Other than with prior written consent of Company, or while in training with a Company certified flight instructor, touch-and-go landings are strictly and expressly prohibited. Any damage to aircraft as a result of an Unpaved Airport Landing will be the sole responsibility of the Pilot. Pilot will be charged an additional $200 for each day that the Aircraft is down while repairs are being made.

5.11 Aircraft Malfunctions. If, during the course of Pilot’s flight, the Aircraft suffers damage or a malfunction, making it unsafe or un-airworthy for either continued flight or the planned operation (night, IFR, etc.), the Pilot will take all necessary steps and actions to safely land the Aircraft. Company shall then arrange transportation to return the Pilot and any passengers back to Home Base. Company will not be responsible for any incidental travel or other expenses incurred by the Pilot or any passengers as a result of the damage or malfunction. Pilot will be responsible for all charges, costs and expenses incurred under this Agreement prior to the damage or malfunction, and Company shall be responsible for all costs and expenses following the damage or malfunction; provided, however, to the extent that the damage or malfunction is due to Pilot error, Pilot shall be responsible for all costs and expenses associated with the damage or malfunction.

6.0 POST-FLIGHT PROCEDURES AND HANDLING

6.1 Post-Flight Inspection. Pilot shall perform a post-flight inspection of the Aircraft upon its return to the Home Base. Pilot shall comply with all FARs and the Aircraft manufacturer manuals and any other source regulating post-flight procedures. Any repair items, maintenance items, or damage discovered during the post-flight inspection shall be immediately reported to Company and prior to Pilot leaving the premises. Company reserves the right to immediately terminate this Agreement for Pilot’s failure to comply with this Section 6.1 and revoke any Aircraft rental privileges.

6.2 Aircraft Flight Time. Pilot will record on the aircraft dispatch, to the nearest tenth, the ending HOBBS/TACH time after shutting down the Aircraft.

6.3 Master/Avionics Switches. Pilot shall leave the Aircraft with the master and avionics switches turned off after each flight. If it becomes necessary to recharge or jump start an Aircraft due to Pilot’s failure to comply with this Section 6.3, Company reserves the right to charge Pilot with a $500 fee.

6.4 Securing of Aircraft. It is Pilot’s responsibility to secure the Aircraft after each flight with all means provided by Company (tie-down ropes, gust locks, etc.). Pilot shall be responsible for all the costs and fees for any damages to the Aircraft that result from Pilot’s failure to comply with this Section 6.4.

6.5 Keys. Pilot shall be responsible for returning the Aircraft key to Company before leaving the Home Base. Company reserves the right to charge Pilot a lost key fee of $100.00 for failure to comply with this Section 6.5.

6.6 Cleanliness. Pilot shall leave the Aircraft interior in a clean condition after each flight. Company reserves the right to charge Pilot a cleaning fee if professional cleaning is required for failure to comply with this Section 6.6.

7.0 RENTAL RATE; PAYMENT

7.1 Rental Rates. Current hourly rental rates for Aircraft and flight instruction rates are published on Company’s website at: https://www.lakeelmoaero.com/. Pilot acknowledges and agrees that Company reserves the right to change the hourly rental rate for the Aircraft without notice to Pilot.

7.2 Taxes. Pilot shall be responsible for any and all taxes (other than those based on Company’s income), including but not limited to sales, use, embarkation or passenger departure taxes, customs duties, charges or levies of the United States, any state or local government or any foreign government related to Pilot’s use, possession, or lease of the Aircraft.

7.3 Calculation of Costs and Fees. If the Aircraft takes off and returns, Pilot is responsible for all of the rental rates, taxes, fees, and charges, for the use and operation of the Aircraft in accordance with the terms of this Agreement. If the Aircraft does not leave the ground, or if Company determines in its sole discretion that there is an emergency, the Pilot will not be charged for the flight. If Pilot becomes stranded at an airport other than the Home Base and it becomes necessary for Company to return the Pilot and/or Aircraft to the Home Base, Pilot will only be charged for the flight time to the airport where Pilot became stranded if the reason for such stranding was unavoidable and due to a result beyond the reasonable control of Pilot (e.g., maintenance issue with Aircraft; inaccurate weather forecasting, etc.). If Pilot becomes stranded and such stranding was avoidable or due to Pilot-error or misjudgment (e.g., forecasted weather), Pilot will be charged for the flight time to the airport where Pilot became stranded and for the flight time and out-of-pocket expenses of Company to retrieve the Pilot and/or Aircraft and return to the Home Base. Company certified flight instructor time if on board is always billed. If a situation arises that does not permit the timely return of an Aircraft, please call Company as soon as possible at (651) 777-1399.

7.4 Overnight Rental. Pilot acknowledges and agrees that all Aircraft require a minimum of a three (3) hour charge per day for overnight rental. This three (3) hour minimum charge may not apply to all Aircraft.

7.5 Method of Payment. Payment is due when the Aircraft is returned to the Home Base following Pilot’s use and operation. Company accepts cash, checks, and credit card (Visa, MasterCard, American Express, and Discover) as payment for the lease of the Aircraft. All past due Pilot accounts will incur a finance charge in the amount of 8% of the balance due per year, or the maximum amount permitted by applicable law. All checks returned for “Insufficient Funds” will incur a service charge in the amount of $30.00 per check, or the maximum amount permitted by applicable law, in addition to the costs of the rental of the Aircraft as set forth in this Agreement. While we accept all payment methods, a valid and unexpired debit or credit card is required to be on-file.

7.6 Refunds. Refunds will only be issued for cash or credit that has been deposited on the Pilot’s account in advance upon the written request of Pilot. In the event that Pilot has an Aircraft rental or flight instruction scheduled or completed at the time the refund is requested, Company shall not be obligated to refund any amounts related to such Aircraft rental or flight instruction.

7.7 Past Due Account. Pilot’s account must be paid current to maintain Aircraft rental and operation privileges with Company. An account past due 90 days or more will result in collection action being taken. Pilot is responsible for any and all attorneys’ fees, court fees, and all other costs arising from any collection action. If Pilot’s account is more than 90 days past due, Pilot will not be permitted to rent or operate Aircraft with Company, Company will not dispatch the Pilot, and Company may immediately terminate this Agreement.

8.0 REFUNDS; CANCELLATION; NO SHOW

8.1 Cancellation. Pilot must provide Company at least 13 hours prior notice of cancellation of an Aircraft rental reservation.

8.2 Late Arrival and Late Returns. Company reserves the right to terminate an Aircraft rental reservation in which the Pilot is more than 15 minutes late for Pilot’s scheduled reservation time. In the event that Pilot is late in arriving for the Aircraft rental reservation, Company reserves the right to charge Pilot a late arrival fee of one (1) hour of Aircraft rental at the agreed rental rate for Pilot’s failure to comply with this Section 8.2. Pilot also agrees to return the Aircraft to Home Base at the agreed scheduled time. In the event that Pilot is late in retuning the Aircraft to Home Base, Company reserves the right to charge Pilot a late arrival fee.

8.3 No Show Fees. Company reserves the right to charge Pilot a no show fee of up to 100% of the scheduled Aircraft rental at the agreed rental rate for Pilot’s failure to comply with this Section 9.3. Company will use its best effort to accommodate extraordinary or emergency circumstances. Company reserves the right to charge the Pilot for the instructor time as well.

8.4 Payment of Fees. Pilot hereby agrees and authorizes Company to charge unpaid rental, fees, charges, and other balances due to Company on the credit card provided by Pilot for the rental of the Aircraft in accordance with the terms of this Agreement.

9.0 TITLE

9.1 No Liens. Title to the Aircraft and all equipment subject to this Agreement is retained by Company at all times. Pilot may not pledge or encumber the Aircraft in any manner whatsoever, nor permit any liens, other than liens arising by operation of law or liens solely attributable to Company, to attach thereto, and Pilot shall promptly cause to be removed any such lien which may be placed on the Aircraft as a result of Pilot’s action or inaction hereunder.

10.0 INSURANCE AND INDEMNITY

10.1 Insurance. Company shall provide insurance coverage related to Pilot’s possession, use, and operation of the Aircraft, as follows:

(a) Liability. The policies will insure liability for personal injuries, death or property damages, or any one or more of them, arising or occasioned in any manner occasioned by the acts or omissions of Company and Pilot or others with respect to the custody, operation or use of or with respect to said Aircraft, in an amount not less than $1,000,000.

(b) Hull Insurance. The policies will insure against the loss of, or damage to, the Aircraft. The policies shall be for the benefit of Company with Company named as the sole loss payee. Pilot shall be responsible for the amount of the deductible, if any, unless they carry Company approved renter’s insurance, if the damage to said Aircraft is incurred during Pilot’s use hereunder.

(c) Conditions. The policies shall also specifically grant approval for all pilots that meet the requirements of the policies, including, without limitation, pilots approved by the insurer and pilots that meet the requirements of any “open pilot warranty” under the policy.

(d) Evidence of Insurance. Upon Pilot’s request, Company shall provide Pilot with evidence of the insurance required hereunder being carried by Company.

(e) Checkout Procedures. In order to meet Company insurance requirements, certain Aircraft check out procedures, including flight review, instrument proficiency checks, and other means of aircraft proficiency as required by Company. Pilot shall confirm any such requirements prior to using the Aircraft for the rental reservation.

10.2 Pilot Insurance. Pilot may coordinate with Company for additional insurance coverage availability. Pilot shall be responsible for paying Company $10/month for an insurance deductible waiver plan whereby Company covers the Pilot’s insurance deductible in the event of an accident or incident. For Pilot’s benefit, a Non-Owned Aircraft Insurance Policy is strongly recommended.

10.3 Limitation of Liability. Pilot agrees and acknowledges that the insurance required by this Section 10 shall be and provide Pilot its sole recourse against Company for all claims, losses, liabilities, obligations, demands, suits, judgments, causes of action, penalties, fines, costs, and expenses of any nature whatsoever, including attorneys’ fees and expenses, for or on account of, arising out of, or in any way connected with the use or operation of the Aircraft under this Agreement, including injury or death of any persons, including Pilot.

10.4 Indemnification by Pilot. Pilot agrees to indemnify, defend, and hold Company harmless from (a) any and all fines, citations, forfeitures, or penalties (collectively “Penalties”) of any kind imposed by the FAA or any other governmental entity arising out of operation, use, or possession of the Aircraft by Pilot in its operation of the Aircraft, (b) all claims, losses, liabilities, obligations, demands, suits, judgments, causes of action, penalties, fines, costs, and expenses of any nature whatsoever, including attorneys’ fees and expenses (collectively “Claims”), for or on account of, arising out of, or in any way connected with Pilot’s use or operation of the Aircraft under this Agreement, or Pilot’s breach of any provision of this Agreement, including injury or death of any persons; provided, however, that Pilot shall not be obligated to indemnify Company under this Section 10.4 to the extent such Penalties or Claims are the result of the intentional, willful or wanton acts, or other acts amounting to more than ordinary negligence, of Company.

10.5 Training Flights. The use of the Aircraft for all training flights shall be conducted in accordance with this Agreement and otherwise be subject to all terms and conditions of the Assumption of Risk, Waiver of Liability and Hold Harmless Agreement – Customer Acknowledgment entered into by Company and Pilot (“Liability Waiver”). No training flights may be completed without execution of the Liability Waiver.

10.6 Guest Disclosure and Liability Waiver. No guests shall be permitted on any Flight operated under this Agreement unless and until Pilot discloses the names and addresses of all guests to Company and provides Company with an executed Assumption of Risk, Waiver of Liability, and Hold Harmless Agreement – Participant Acknowledgment in a form provided by Company.

11.0 DISCLAIMER

11.1 LIMITATION OF LIABILITY. THE AIRCRAFT IS BEING LEASED BY COMPANY TO PILOT HEREUNDER ON A COMPLETELY “AS-IS, WHERE-IS,” BASIS. THE WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND IN LIEU OF, AND COMPANY DISCLAIMS AND PILOT WAIVES, ALL OTHER REPRESENTATIONS OR WARRANTIES OF EVERY KIND WHATSOEVER, WHETHER EXPRESS OR IMPLIED OR ARISING FROM A COURSE OF PERFORMANCE OR DEALING OR USAGE OF TRADE, INCLUDING, WITHOUT LIMITATION, REPRESENTATIONS AND WARRANTIES, WITH RESPECT TO THE AIRCRAFT, OF AIRWORTHINESS, VALUE, CONDITION, DESIGN, MERCHANTABILITY, COMPLIANCE WITH SPECIFICATIONS, CONSTRUCTION AND CONDITION, OPERATION, FITNESS FOR A PARTICULAR USE, ABSENCE OF LATENT AND OTHER DEFECTS WHETHER OR NOT DISCOVERABLE, ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AND QUALITY OF MATERIALS OR WORKMANSHIP.

12.0 MISCELLANEOUS

12.1 Governing Law. This Agreement shall be construed and enforced under the laws of the State of Minnesota.

12.2 Entire Agreement. This Agreement constitutes the entire agreement of the parties as of the date hereof and supersedes all prior or independent, oral or written agreements, understandings, statements, representations, commitments, promises and warranties made with respect to the subject matter of this Agreement.

12.3 Survival. Sections 7, 9, 10.3, 10.4, and 11.1 shall survive termination or expiration of this Agreement.

12.4 Amendment. This Agreement may not be amended except in a writing signed by all the parties, except that the Company may amend the operating rules and procedures applicable to use of the Aircraft set forth in this Agreement from time to time without prior notice to Pilot.

12.5 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction. To the extent permitted by applicable law, each of Company and Pilot hereby waives any provision of applicable law which renders any provision hereof prohibited or unenforceable in any respect.

12.6 No Assignment. Pilot may not assign its rights or obligations under this Agreement without the prior written permission of Company.

12.7 No Waiver. Neither party shall be deemed to have waived any breach by the other party of any provision of this Agreement unless it expressly does so in writing. If either party shall expressly waive any right hereunder, such waiver shall not be construed as a continuing waiver of other rights under the same or other provisions of this Agreement.

12.8 Counterparts. This Agreement may be executed, in written or electronic form, in any number of counterparts, each of which shall be treated as an original, but all of which taken together shall constitute but one and the same instrument.

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August 21, 2020 7:00 pm CST

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