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                       MEMORANDUM OF AGREEMENT FOR SELF - SAIL CHARTER
MEMORANDUM OF AGREEMENT made this 19TH            day of NOVEMBER 2002
By And Between AEGEAN YACHTS
of 10 POSEIDONOS AVE, HELLINIKO, ATHENS, on behalf of the Owner
hereinafter referred to as the "Owner")
AND Mr Smith
of (hereinafter referred to as "the Charterer")
Term, hire and payments
WHEREBY IT IS AGREED as follows:
1. THE Owner agrees to let on bare-boat charter and the Charterer agrees to charter the unattended yacht
BENETEAU 50 (hereinafter called "the Yacht") for the period commencing at 17:00 o'clock or thereabout on the 20th
day of SEPTEMBER 2003 and ending at 09:00 o'clock on the 27th day of SEPTEMBER 2003 for the sum of EURO
4500 which EURO 2250 are due and payable by the Charterer immediately to upon the signing of this Agreement.
The balance of EURO 2250 is due and payable in the following manner: No later than 20th JULY 2003
Validity 2. The signature of this Agreement by the Owner and/or his Agents becomes valid and binds the Owner to
his obligations hereinafter mentioned only on condition that the Owner will actually receive the sums of the payments
as indicated in Clause 1 above, in time.
Delivery 3. The Owner agrees: a.To fit out the Yacht and to hand her to the Charterer, without crew, clean, ready
for sea, with all the gear and equipment indicated in the Yacht's brochure and its inventory list and in proper running
and seaworthy condition at KOS.
Insurance b. To insure the Yacht and her equipment against fire, marine and collision risks and third party damage
and against any and all loss or damage in excess of EURO2100 and the Charterer shall therefore be relieved of any
and all liability which is covered by the said Policy, provided that Insurance such loss or damage is not caused or
contributed to by any act of gross negligence or willful default on his part. Should the Owner fail or elect not to effect
such insurance he shall assume the same responsibilities as if the Yacht were so insured, but he shall not be under
any liability for the loss or damage to the personal property of or for any injury to the Charterer or any person on
board with his permission.
Delayed Delivery c. To employ every reasonable effort to ensure delivery of the Yacht on the date and at the place
Delivery mentioned in Clauses 1 and 3 (a) hereof, but if for any cause whatsoever the yacht shall not be available,
the Charterer shall have the right of choice of one of following possibilities:
I. Provided that the following charter commitment of the Yacht allows it and that the Owner agrees, to prolong the
period of charter by the same length of time by which the delivery has been delayed.
II. To leave the date of termination unchanged as in Clause 1 hereof and to be refunded by the Owner with an
amount proportional to the time by which delivery was delayed at the rate corresponding to the total charter fees in
Clause 1 hereof. Excess Delay III. If the delay of delivery exceeds one fourth (1/4) of the total charter time, to cancel
this Excess Delay Agreement and be refunded by the Owner with the total amount paid for this charter. In any of the
events mentioned in this Clause, neither party shall be liable to pay to the other any other compensation for any
loss or damage resulting from the curtailment or the cancellation of this Agreement.
Redelivery (Return) of the Yacht and Delays 4. The Charterer agrees:
a. To redeliver the Yacht to the Owner at KOS cleaned-up, together with all her equipment, in the same good
condition as she was at take-over, at Yacht and the time designated in Clause 1, but unless the yacht has become a
total loss, if he shall for any reason fail to deliver the Yacht at the aforesaid date and time, to pay to the Owner
demurrage at the rate of the charter price per day of this Agreement increased by fifty percent (50%), for every day
or fractional part of a day thereafter until delivery has been effected. If he leaves the Yacht at any place other than
the place designated in this Clause, to pay to the Owner all expenses involved in transferring the yacht to the place
of redelivery and pro-rata demurrage as above for the number of days required for this transfer, as well as for any
loss or damage not covered by the insurance policy, which may occur on or to the Yacht until she has been taken
over again by the Owner.
Deposit and Guaranty b. To leave on deposit and as guarantee with the Owner on taking over the Yacht the amount
of EURO 2100 to meet in whole or in part any claim by the Owner in respect of any loss or damage to the Yacht
and/or her equipment not recoverable under the policy of insurance as in Clause 3 (b) hereof and for any claim by
the Owner in respect of the provisions of Clause 4(a) above. The aforesaid deposit shall be refunded to the
Charterer, subject o the provisions above, in the use of after inspection of the Yacht, her gear and her inventory by
the Owner. Composition of Charterer's Party and Cruise limits
Restrictions in the use of Yacht & Composition of Charterer’s Party and Cruise Limits c. Not to use the Yacht for
racing or for towing other craft, except in an emergency, or generally for any purpose other than that of private
pleasure of the Charterer and his party which should include not less than 2 qualified skipper and 1 experienced
crew members, but not more than 10 in all at sea, or to accommodate aboard any person other than those shown
on the crew/passenger manifest nor to take the Yacht or permit her to be taken outside the Charterer's area of the
Greek seas nor to sublet the Yacht without the written consent of the owner.
Observance of Customs and Diving Laws d. Not to allow any person on board to commit any act contrary to the
customs laws of Greece or of Observance of any country or contrary to the laws pertaining to fishing or underwater
fishing nor to seek and/or Customs and take possession of objects of archaeological nature or value and that in
case any such act is Diving Laws committed this Agreement shall thereupon terminate, but without prejudice to any
rights of the Owner and that the Charterer shall carry alone any resulting responsibilities and he shall answer alone
to the appropriate Authorities.
Agreement for Towing the Yacht e. To take every possible preventive measure and precaution to avoid to bring the
Yacht in any Towing the condition in which the Yacht will need to be towed to any point by another vessel, but
should such Yacht a necessity arise, in spite of the Charterer's efforts, to negotiate and agree with the captain of
the other vessel on the price to be paid, before allowing the yacht to be towed.
Restrictions in Leaving Port f. Not to leave a port or anchorage if the wind force is or is predicted to be over six (6) of
Beaufort Scale or if the harbor Authorities have imposed a prohibition of sailing or while the yacht has unrepaired
damage or any of her vital parts such as engine, sails, rig, bilge pump, anchoring gear, navigation lights, compass,
safety equipment, etc. are not in good working condition or without sufficient reserves of fuel or in general, when
weather conditions or the state of the Yacht or its crew or a combination of them concerning the safety of the Yacht
and her Crew is doubtful.
Restrictions in the Use of Canvas & Restrinction in Navigation g. When necessary , to promptly reduce canvas and
not to allow the yacht to be found sailing Use of Canvas under an amount of canvas greater than the one insuring
comfortable sailing without excessive strains and stresses on the rigging and the sails, not to sail the Yacht in any
area not sufficiently covered by the charts at this disposal or without having previously studied the charts of the area
and other printed aids on board thoroughly, not to sail the Yacht at night without all navigation lights Navigation
functioning or without sufficient watch on deck.
Yacht Log h. To keep the Yacht's Log Book up to date, noting each day the port of call, the state of the Yacht and
its equipment, any change in the composition of the crew when at sea, regularly, the times positions, weather
conditions, sail plan and hours of engine operation.
Itinerary i. To plan and to carry out the yacht's itinerary in such a manner as to reach the port of call farthest away
from the point at which the Yacht must be returned to the Owner (Turn-Around-Point) within the first one third (1/3)
of the charter period and that two days prior to the termination of the charter the yacht's port of call shall lie at a
distance not greater than forty (40) N.M. from the point at which the Yacht is to be returned to the Owner. Reports of
Yachts position and State k. To report by telephone or cable to the Owner at reasonable intervals the position and
state of the Yacht's Position yacht and of her passengers, as well as in the event of any damage to the Yacht.
Information l. To study and acquire a working knowledge of any printed matter pertaining to the proper handling of
the yacht and to the conditions inthe cruising area whichmaybemadeavailabletohimbytheowner.
IT IS HEREBY FURTHER AGREED by and between the parties hereto:
Charterer's Sailing Qualifications 5. This agreement is entered into on the basis of the Charterer's competence
in sailing, seaman ship and navigation stated by him in writing and in the event of any error, omission or
misinterpretation in this respect being subsequently discovered, the Owner shall be entitled to terminate this
Agreement forthwith and to retain the Charter fees.
Test of Sailing Completence of Charterer and his Crew 6. The Owner (or his representatives) may require the
Charterer and his crew to demonstrate their competence in handling and navigating the yacht safely by actually
operating the yacht at sea with the Owner (or his representative) aboard and should the Charterer and/or his crew
fail to his Crew satisfy the Owner in this respect, the Owner may terminate this Agreement as stated in Clause 5
above or place aboard the yacht a seaman, if one acceptable by both the Owner and the Charterer is available, at
the expense of the Charterer, for as many days as the Owner will consider necessary for the safety of the yacht and
her passengers and any time required for this test of the Charterer's competence and seamanship will be part of the
agreed Charter period.
Take-Over of the Yacht & Time required for it 7. The delivery of the Yacht to the Charterer will be made at the
commencement of the charter period as designated in Clause 1. The time required to demonstrate the yacht to the
Charterer and to familiarize him with her shall be part of the agreed charter time. The free use of the Yacht will be
granted to the Charterer after he has signed the Take-Over form. Acceptance of the Yacht Charterer's
Responsibility during Charter Time 8. Before signing the aforesaid form, the Charterer shall have the right to
inspect the yacht, her gear and her inventory thoroughly to ascertain that all are available and in good working
condition except as may be noted thereon, but the signature of the Take-Over form by the Charterer shall be
deemed to imply acceptance of the yacht which thereafter will be in the Charterer's full responsibility and the
Charterer shall have no right to claim for any loss of time or expense occasioned by any accident or breakdown or
failure of any part of the Yacht.
Running Expenses & Repairs of Damages 9. After take-over, expenditures for port-dues, water, fuels, oils and
any other stores required, as Expenses well as the repair of any damage or failure that may occur while the yacht is
in the Charterer's responsibility and which are not the result of normal and natural wear shall be made by the
Charterer at his expense, provided that he previously obtained the consent of the Owner for the technical suitability
of the repair to be made. In the case of repairs of damages or failures resulting clearly from normal and natural
wear, the Charterer shall previously obtain the Owner's consent with regard to the cost and technical suitability of
these repairs and the Charterer shall collect the pertinent receipts against which he shall be refunded by the Owner
at the end of the Charter.
Ascertainment of Damages 10. If any accident or damage is caused by the Yacht, the Charterer shall request
from the nearest Port Authority to ascertain the damage or accident and the circumstances in which it has been
caused and to make a written record and statement about it and he shall notify the Owner at the same time.
Cancellation or Premature Termination 11. In the event of cancellation of the charter by the Charterer, for any
reason, except as mentioned in Clause 3(c)(iii),after signing this Agreement, all advance payments made up to the
date of cancellation will be retained by the Owner, and the Owner reserves the right to refund the said deposits only
if he succeeds in letting the Yacht to another Charterer for the same period and under the same conditions. In the
event that the Charterer should elect to terminate the charter and deliver the yacht prior to the date designated in
this Agreement, the Owner shall not be liable to the return of any proportional part of the hire money.
Total loss of Yacht 12. Should the Yacht become an actual or constructive total loss before or during the Charter
period, this Agreement shall be deemed to be at an end and the Charterer shall recover from the Owner all charter
fees paid in advance to the Owner only in case the loss has occurred before the charter period, or during the
charter period, provided that the Charterer or his crew were not responsible for the loss.
Special Provisions 13. The special provisions, if any, set out in the Schedule hereto are fully accepted and form
part of this Agreement.
Agents 14. The Agents of the Owners Messrs. Aegean Yachts act in good faith on behalf of both Owner and
Charterer but contract as Agents only and in no way incur any liability for any acts, matters or things done,
committed, omitted or suffered by either party, except for the responsibilities provided by the pertinent legislation of
Greece.
Arbitration of Disputes 15. In the event of any dispute arising between the parties hereto with respect to this
Agreement or anything herein contained the same shall be referred to two Arbitrators in Greece one to be
appointed by each party, whose decision shall be final or to an Umpire to be appointed by such Arbitrators, if and
when they shall disagree, the decision in such event of the Umpire to be final.
SPECIAL PROVISIONS For all the extras that are included in the price, no claim is accepted
Additional Conditions (if any)This memorandum of agreement is null and void if downpayment is not received by 26
AUGUST 2003
IN WITNESS whereof this Agreement has been signed by the Owner and the Charterer respectively.
SIGNED on behalf of the OWNER                SIGNED by the CHARTERER                        SIGNED by the AGENTS

AEGEAN YACHTS
10 POSEIDONOS AVE
16777 HELLINIKO