The New Hampshire Memorandum of Subsurface Underground Gas Storage Lease and Agreement is a legal document that outlines the terms and conditions of leasing and storing natural gas in underground storage facilities in the state of New Hampshire. This agreement is signed between the gas storage operator and the landowner or mineral rights' holder. The Memorandum of Subsurface Underground Gas Storage Lease and Agreement is an essential document in the gas storage industry, ensuring the rights, responsibilities, and liabilities of both parties involved. The agreement typically consists of various sections, including: 1. Parties: This section identifies the gas storage operator and the landowner or mineral rights' holder, providing their legal names, addresses, and contact information. 2. Purpose: This section clearly outlines the purpose of the agreement, which is to establish and regulate the operations and activities related to gas storage in the subsurface of the designated property. 3. Lease Term and Renewal: This section specifies the initial lease term, commonly measured in years, and addresses the conditions for renewal or termination of the lease agreement. 4. Description of Property: This section provides a detailed description of the property where the subsurface gas storage operations will take place. It includes information such as legal land descriptions, acreage, and coordinates. 5. Project Operations: This section outlines the technical aspects of the gas storage project, including drilling, extraction, injection, and monitoring procedures. It also covers safety measures, environmental regulations, and other legal standards that must be adhered to during operations. 6. Compensation: This section details the financial considerations, such as lease payments, royalties, or other forms of compensation that the gas storage operator will provide to the landowner or mineral rights' holder in exchange for the use of their property. 7. Indemnification and Liability: This section specifies the responsibilities of each party in case of damage, accidents, or any environmental issues that may arise during gas storage operations. It outlines the indemnification and insurance requirements to protect both parties. 8. Governing Law and Dispute Resolution: This section identifies the governing law and jurisdiction that will apply to the agreement and includes provisions for dispute resolution mechanisms, such as mediation or arbitration, to resolve any conflicts that may arise between the parties. Different types or variations of the New Hampshire Memorandum of Subsurface Underground Gas Storage Lease and Agreement may exist based on specific circumstances, such as different property locations, lease terms, compensation arrangements, or the involvement of multiple parties. However, the basic structure and content mentioned above should be typically included in all versions of this agreement to ensure a comprehensive and legally binding contract.