Lease of Vessel
This Lease of Vessel (hereinafter referred to as the “Lease”) is entered into this day of ________________, 2020, by and between ________________ (hereinafter referred to as “Lessee”) and ______________ (hereinafter referred to as “Lessor”), a vessel owning and operating company.
WHEREAS, Lessor is the owner of certain Vessels (hereinafter referred to as “Vessels”);
WHEREAS, Lessee desires to hire from Lessor the Vessels of approximately ________________ (hereinafter referred to as the “Specified Vessels”) for a duration of _____________ (hereinafter referred to as the “Hire Period”);
WHEREAS, the Lessor is willing to hire out said Vessels to the Lessee;
NOW THEREFORE, in consideration of the covenants, promises and mutual agreements herein contained, the parties hereto agree as follows:
1. Description of Vessels
The Specified Vessels shall include ____________________, as specifically identified in Technical Specifications Annex (Annex I) attached hereto and hereby incorporated into this Lease.
2. Duration
The Hire Period shall commence on _____________ and shall remain in effect for _________________. During the Hire Period, the Lessor agrees to allow the Lessee to use the Vessels for their own purposes according to the details and specifications described in Annex I.
3. Conditions of Hire
The Lessor shall provide the Lessee access to the Vessels. The Vessels must be operated in compliance with all applicable laws and regulations, and the Lessee shall maintain the Vessels in good condition throughout the Hire Period. The Lessee shall not make any structural modifications to the Vessels without prior written consent of the Lessor. The Lessee is solely responsible for any damages that may occur to the Vessels during the Hire Period, up to their full value.
4. Payment
The Lessee shall pay the Lessor a daily hire rate of _____________ per day (hereinafter referred to as the “Hire Fee”). The Hire Fee shall be due and payable in accordance with the payment schedule describe in Annex II, annexed hereto and herein incorporated into this Lease.
5. Representations and Warranties of the Lessor
The Lessor hereby represents and warrants that:
(a) The Specified Vessels are owned by the Lessor, and are fully operable, seaworthy, and in good condition;
(b) The Specified Vessels comply with all all applicable laws and regulations of the country in which the Vessels are moored;
(c) The Lessor shall provide the Lessee with full and complete access to the Vessels for the duration of the Hire Period.
6. Termination
This Lease may be terminated by either Party on written notice to the other, upon occurrence of any of the following events:
(a) Failure to make timely payment of any Hire Fee;
(b) Breach of any of the Lessees obligations as set out in this Lease;
(c) Change of control of either Party;
(d) Force majeure event.
7. Miscellaneous
(a) This Lease shall be governed by and construed in accordance with the laws of ___________________.
(b) All notices and payments under this Lease shall be sent by registered mail or hand delivery to the addresses specified below or such other address as either Party may designate in writing from time to time.
This Lease shall become effective upon the date of execution by both Parties.
Lessee _______________________ Lessor __________________________
[Signature] [Signature]
Name _______________________ Name __________________________
Title ______________________ Title ___________________________
