For the Lease-Purchase Partner Program, the lessee has two paths to exit:
OPTION 1 by TRANSFER OF THE LEASE: This is, in effect, the sale of the lessee’s rights under the lease to another lessee or to the FYG. This can be done at any time. The buyer of the share then continues under the same Lease Purchase Partner Agreement terms.
OPTION 2 by REFUSAL TO TAKE OWNERSHIP AT THE ENS OF THE LEASE. The lessee may choose to decline to take full ownership of the yacht after the 5 year lease period ends. In this case, FYG will refund the loan plus agreed interest.
For all exit OPTIONS: Until the yacht is relocated, the new owner (i.e. the former lessee) will remain responsible for dockage in accordance with the marina lease terms. The FYG fleet insurance must be maintained until the end of the 5 year lease. It is necessary to provide evidence of alterante insurance (beginning after the fleet coverage ends) in order to continue using the marina dockage.