I have rented-out space in my hangar to other aircraft owners in past years but I have never bothered with formal written lease agreements. It's been recommended that I do this going forward. A few questions for hangar owners out there who have done this:
- Could you point me to sample agreements or general wording for such an agreement?
- Are these typically re-signed on an annual basis, or can they be made indeterminate?
- I am not providing winter maintenance or snow removal service or equipment, and so the agreement shoudl state that my tenant is responsble for this at his own risk. Is there special legal wording that I should use for such a clause? Is there a specific section in an agreement where this should go?
- I want to have a clause requireing the tenant to obtain insurance and idemnifying me for any losses to the tenant's aircraft or property while it is stored in the hangar. I've asked the tentant to get a subrogation clause in his aircraft insurance, but I'm not sure if his insurer will agree. I figure at least an idemnity clause in the lease agreement gives me some cover. Again, is there specific legal wording that should eb used? Example of what such a clause would look like in a typical lease agreement.