Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1148
• Format: Word; Rich Text

Description

This form is a long form subsurface underground carbon dioxide storage lease and agreement with landowner.

Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) Overview: The Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement is a legally binding document between a landowner and a carbon dioxide storage operator. This comprehensive agreement governs the terms and conditions for the storage and management of carbon dioxide in subsurface underground reservoirs located on the landowner's property. The agreement aims to promote responsible and safe carbon dioxide storage practices, ensuring environmental protection and compliance with relevant regulatory requirements. Key Elements of the Lease and Agreement: 1. Parties: Identifies the landowner (lessor) and the carbon dioxide storage operator (lessee) participating in the agreement. This includes their respective addresses and legal entities. 2. Property Description: Provides a detailed description of the land and subsurface areas where carbon dioxide storage activities will take place. Includes boundaries, acreage, and any specific areas where storage operations are prohibited. 3. Purpose: States the objective of the agreement, which is the storage of carbon dioxide from various emitting sources within the subsurface reservoirs. Emphasizes that this purpose is solely for long-term storage and not for exploration or other commercial extraction activities. 4. Term and Renewal: Specifies the initial term of the agreement and outlines provisions for renewal or termination. It may also contain provisions for notice periods, conditions for non-renewal, or early termination based on non-compliance. 5. Grant of Rights: Grants the lessee the exclusive right to store, inject, and manage carbon dioxide in the designated subsurface reservoirs. This section may specify the depth at which storage activities can occur and any limitations on the injection rate or overall storage capacity. 6. Compensation: Outlines the financial arrangements between the landowner and the lessee. This includes details on lease payments, royalty percentages, or any other monetary obligations. 7. Liability and Indemnity: Allocates responsibilities and addresses liability issues associated with carbon dioxide storage operations, including environmental damages, accidents, or any harm caused to third parties. Typically, the lessee assumes responsibility for any damages resulting from their operations and agrees to indemnify the landowner against claims. 8. Insurance: Requires the lessee to maintain appropriate liability insurance policies to cover potential losses, damages, or environmental impact resulting from carbon dioxide storage activities. The landowner is often named as a beneficiary under such policies. 9. Permits and Compliance: Obliges the lessee to obtain all necessary permits, licenses, and regulatory approvals required for carbon dioxide storage operations. Ensures compliance with federal, state, and local laws, regulations, and guidelines related to underground carbon dioxide storage. 10. Access and Activities: Details the rights and limitations related to the lessee's access to the land, surface facilities, necessary infrastructure, and any surface activities required for the storage operations. Includes restrictions to protect sensitive areas or preclude other commercial activities. Types of Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form): 1. General Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement. 2. Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement for Agricultural Lands. 3. Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement for Industrial Lands. 4. Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement for Residential Lands. 5. Tennessee Subsurface Underground Carbon Dioxide Storage Lease and Agreement for Protected Areas or Natural Reserves. Note: It is essential to consult legal professionals to ensure compliance with local laws and customize the agreement as per specific circumstances and requirements.