North Carolina Memorandum of Subsurface Undergound Gas Storage Lease and Agreement

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1038
• Format: Word; Rich Text

Description

This form is a memorandum of subsurface underground gas storage lease and agreement.

The North Carolina Memorandum of Subsurface Underground Gas Storage Lease and Agreement is a legal document that outlines the terms and conditions between the landowner and a gas storage operator. This agreement allows the operator to store and extract natural gas from the subsurface of the designated property. Under this agreement, the landowner grants the gas storage operator the right to store and withdraw subsurface gas resources, ensuring both parties' rights and responsibilities are protected. The lease and agreement define the permitted uses, restrictions, and obligations related to the gas storage operation. There are several types of North Carolina Memorandum of Subsurface Underground Gas Storage Lease and Agreement, including: 1. Standard Lease Agreement: This is the most common type of agreement, outlining the general terms and conditions for gas storage operations on the landowner's property in North Carolina. 2. Specific Use Agreement: This type of agreement addresses specific-use cases, such as the storage of gas for a limited period or under specific circumstances. It may be used when there is a need for temporary gas storage or during peak demand periods. 3. Joint Venture Agreement: In some instances, when multiple parties are involved, a joint venture agreement is utilized. This agreement governs the cooperation and coordination between the gas storage operator and other stakeholders, such as landowners or gas transport companies. 4. Underground Gas Storage Expansion Agreement: If there is a need for expanding existing gas storage facilities, this agreement enables the operator to extend their storage capacity on the same property. It includes provisions regarding additional infrastructure, increased storage volume, and any necessary modifications. Key elements addressed in a typical North Carolina Memorandum of Subsurface Underground Gas Storage Lease and Agreement may include: a. Grant of Rights: Clearly defining the rights granted to the gas storage operator, including the duration, purpose, and exclusivity of the storage operation. b. Consideration: Stating the payment or compensation provided by the gas storage operator to the landowner for the use of their property. c. Operating Obligations: Outlining the responsibilities of both the landowner and operator, including maintenance and safety requirements, compliance with regulations, and environmental considerations. d. Inspection and Compliance: Establishing the rights of the landowner and relevant regulatory authorities to inspect the gas storage operation for safety, environmental, and operational compliance. e. Indemnification and Liability: Defining the liability of both parties and determining responsibility for any damages resulting from the gas storage operation, including accidents or environmental harm. f. Termination: Specifying the conditions under which either party can terminate the agreement, such as breach of terms, non-payment, or expiration of the lease period. It is important for landowners and gas storage operators in North Carolina to carefully review and negotiate the specific terms and conditions of the Memorandum of Subsurface Underground Gas Storage Lease and Agreement to protect their respective interests and ensure compliance with state laws and regulations.