Illinois Underground Storage Lease and Agreement (From Surface Owner with Mineral Interest) is a legal document that outlines the terms and conditions of an agreement between the surface owner and a storage company, allowing the company to utilize the underground space on the property for storage purposes. This agreement is specifically applicable to Illinois and involves a surface owner who also holds the mineral rights to the property. The Illinois Underground Storage Lease and Agreement permit the storage company to utilize the underground space to store materials, substances, or equipment. It specifies the duration of the agreement, which can range from a few years to several decades, along with any renewal options. The agreement outlines the rights and responsibilities of both the surface owner and the storage company. It addresses aspects such as the payment terms, insurance coverage, access to the underground storage area, and liability for any damages or accidents that may occur during the storage period. Additionally, the agreement may include provisions regarding environmental regulations and the responsibility for complying with them. It may also address any requirements for inspections, maintenance, and monitoring of the storage area to ensure its safety and integrity. Different types of Illinois Underground Storage Lease and Agreement (From Surface Owner and Mineral Interest) can vary based on the specific type of storage being conducted. Some common types may include: 1. Natural Gas Storage Lease and Agreement: This type of agreement allows the storage company to utilize the underground space for the storage of natural gas reserves. 2. Oil Storage Lease and Agreement: This type of agreement permits the storage company to store crude oil or refined petroleum products underground. 3. Chemical Storage Lease and Agreement: This type of agreement allows the storage of various chemicals, such as hazardous materials or industrial compounds, in underground storage facilities. 4. Water Storage Lease and Agreement: This type of agreement authorizes the storage company to utilize the underground space for freshwater storage, such as for water supply or irrigation purposes. It is important to consult with legal professionals familiar with Illinois state laws and regulations to ensure that the Illinois Underground Storage Lease and Agreement complies with all applicable legal requirements and protects the rights and interests of both the surface owner and the storage company.
Illinois Underground Storage Lease and Agreement (From Surface Owner with Mineral Interest)
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Yes, mineral rights can expire. There's no one answer to when they'll expire or how long they last. All agreements have different term lengths.
3) Indiana Mineral Lapse Act ? Termination of Unused Estates Under the Act, mineral interests are automatically terminated if they go unused by the owner for a period of 20 years, although the owner can save its interest from terminating by filing a statement of claim to the interest with the county recorder.
Mineral rights and air rights may be owned by someone other than the owner of the surface. It is common, for example, for a surface owner to sell to a third party the rights to any oil, gas, coal, and other minerals that may be located be- low the surface.
The Indiana Dormant Mineral Interest Act" was passed by the Indiana Legislature in 1971. The Act provides that severed mineral interests would automatically revert to the current surface owner of the land unless one of the following conditions was met: 1. Sufficient "use" of the mineral interest by the owner.
Indiana mineral rights reach back to the late 1870's. The Trenton Field of Indiana was the first large oil-field discovered in 1876. From that point until the first decade of the twentieth century a major boom in oil and gas development occurred in east-central Indiana.
The regal type rock "Limestone" which is found and quarried in south and central Indiana from the geologic formation named the Salem Limestone, is hereby adopted as the official stone of the State of Indiana.