The New York Memorandum of Subsurface Underground Gas Storage Lease and Agreement is a legal document that outlines the terms and conditions for leasing and utilizing underground gas storage facilities in the state of New York. It is specifically designed to govern the extraction, storage, and distribution of natural gas resources within the state's subsurface reservoirs. This agreement serves as a comprehensive guide for both the lessor, who owns the subsurface rights, and the lessee, who wishes to acquire these rights for gas storage purposes. It contains detailed provisions and clauses that address various aspects of the leasing process, ensuring clarity and legality throughout the operation. Some key elements covered in the New York Memorandum of Subsurface Underground Gas Storage Lease and Agreement include: 1. Scope and Purpose: This section defines the purpose of the agreement and identifies the specific subsurface area to be leased for gas storage. It outlines the primary objectives of the lease, such as promoting efficient resource utilization and ensuring environmental protection. 2. Granting Clause: This clause specifies the lessor's grant of exclusive rights to the lessee for the subsurface gas storage operations. It delineates the duration of the lease, outlining the start and end dates, as well as any possible extensions or terminations. 3. Obligations and Restrictions: The agreement establishes the obligations and responsibilities of both parties. It outlines the lessee's duty to employ safe and sound storage practices, maintain the integrity of the reservoir, and meet regulatory requirements. It also defines the lessor's obligations, such as providing access to the storage site and ensuring compliance with applicable laws. 4. Financial Considerations: This section addresses the financial aspects of the agreement, including the payment of royalties or rental fees to the lessor. It outlines the basis for determining the amount of compensation, the frequency of payments, and the mechanisms for their adjustment. 5. Environmental Protection: Given the potential environmental impact of gas storage operations, the New York Memorandum of Subsurface Underground Gas Storage Lease and Agreement ensures adherence to state and federal environmental regulations. It sets out requirements for monitoring and reporting potential environmental risks and outlines the steps to be taken in the event of an emergency or accident. It is worth noting that while the generic New York Memorandum of Subsurface Underground Gas Storage Lease and Agreement serves as a template, there may be specific variations or additional agreements tailored to particular regions or stakeholders. Different types of agreements could include variations based on the location, depth, or size of the storage site, as well as any specific conditions or regulatory frameworks that apply to a particular lease. These specific agreements may also incorporate any amendments or updates to the standard New York Memorandum template to accommodate evolving industry practices or legal requirements.
New York Memorandum of Subsurface Undergound Gas Storage Lease and Agreement
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How to fill out New York Memorandum Of Subsurface Undergound Gas Storage Lease And Agreement?
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The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
Once granted, an oil and gas lease gives the lessee a primary term ranging from 5 to 10 years, depending on water depth, to explore and develop the lease. A lessee must relinquish the lease if no activity has occurred within that specified amount of time.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it. Oil & Gas Leases - NCDOJ ncdoj.gov ? energy-and-utilities ? oil-gas-leases ncdoj.gov ? energy-and-utilities ? oil-gas-leases
Ingly, when you see the words ?Paid-Up Lease,? this normally means that you will receive an upfront bonus for which the oil and gas company does not have to do anything during the initial or primary term of the lease.
A memorandum of lease thus entitled to be recorded shall contain at least the following information with respect to the lease: the name of the lessor and the name of the lessee and the addresses, if any, set forth in the lease as addresses of such parties; a reference to the lease, with its date of execution; a ... New York Consolidated Laws, Real Property Law - RPP § 291-c | FindLaw findlaw.com ? rpp-sect-291-c findlaw.com ? rpp-sect-291-c
These basic lease terms ? bonus, royalty, term, delay rental (if any) and shut-in royalty --are typically the "deal terms" negotiated between the Lessor and Lessee. The Lessor typically wants the highest bonus, delay rental and royalty fraction he can get, and the shortest primary term. The Lessee wants the opposite.
