Lease Extension Agreement: Fill & Download for Free

Airbus (company) almost failed. The story of Airbus is one of the most fascinating of all. When the company introduced their first aircraft, the Airbus A300, Boeing (company) brushed them off as another government product which had failure written all over it. And for the first few years, it was turning out be true. Lufthansa and Air France were the only major airlines that were using the aircraft in day to day operations. And this was also more of an obligation, because the government of France and Germany were the two main countries involved with Airbus.Even before the Airbus A300 gained operational status, Airbus knew they had to somehow break into the American market. And they knew it was going to be a tough task to convince airlines in United States to go European, which were buying aircraft from purely US owned companies such as Boeing and McDonnell Douglas. In 1973, in a brave move, Airbus took the A300 to the United States in a six week tour of the Americas. Not only did they carry pilots and engineers with them, but they also filled the aircraft with some of the best wines from Europe. While the tour was effective in showing the aircraft to potential customers in the States it did not turn out well. From 1975 to 1977, the A300 received zero orders and Airbus factory in Toulouse was filling up with white tails.Then something very interesting happened.This is Frank Borman. Former U.S. Air Force Colonel, fighter pilot, test pilot and ex-astronaut. He commanded Apollo 8, the first manned spaceship to leave Earth’s gravity and orbit the moon.Frank Borman is as much a hero to Airbus as he is a hero to the people of the United States.After retiring from NASA, Borman became the President of Eastern Airlines. In 1977, Eastern Airlines was losing money and they needed something to be done to update their fleet without losing money. Airbus saw the opportunity and made one of the most interesting business deals of all time: they agreed to give Eastern, four A300s free of charge for a period of six months in an aircraft evaluation agreement. If Eastern finds the aircraft good enough, they could buy them, or else after the said period is over. they can hand them back to Airbus. Eastern Airlines, took the deal.Even before the six month deadline, Eastern found the capabilities of the aircraft and the potential it had. In the April of 1978 , they made a $778 million dollar deal with Airbus, to buy 23 A300s with a lease extension of four previous A300s they had. This was soon followed by Pan Am and the rest is history.If there had been no Eastern Airlines deal, there is a pretty good chance Airbus and its A300 will be for the history books. Today, Airbus is a leader in the aviation market and it is doing so on the same level as and some times on a higher level than Boeing. This is something many large aircraft manufacturers failed achieve over the years.

A lease is a legal contract. If you have both signed it, it is binding for the length of the agreement. Your landlord is lucky to have a tenant that is stable enough to want to renew a lease. He will just have to suck it up and stand by the lease he signed until that lease is up. If he forces you to get a lawyer to defend your rights, ask that lawyer if there is a way to sue him for the legal costs.

No. A mere "promise" to extend a lease -even if it is in writing- is generally not sufficient to extend it.An extension or renewal of a lease must be in writing and must contain specific terms in order to be enforceable. If the promise does not contain the material elements necessary for an agreement then it is not enforceable.Material elements will include the exact term of the lease extension, at what rent, and whether there any other changes, etc.