A Kentucky Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) is a legal document that allows a surface owner to lease their underground space to a third party for storage purposes. This lease arrangement grants the lessee the exclusive right to use the subsurface area while ensuring that the surface owner retains control over the surface of the land. Keywords: Kentucky, subsurface, underground storage, lease agreement, surface owner, no right to use, lands being granted. Different types of Kentucky Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) can vary based on the specific arrangements and terms agreed upon by the parties involved. Some possible variations may include: 1. Commercial Storage Lease Agreement: This type of agreement is commonly used when a surface owner leases their subsurface space to a commercial storage company for the storage of goods, inventories, or other commercial items. 2. Petroleum or Gas Storage Lease Agreement: This type of agreement is commonly used when a surface owner leases their subsurface space for the storage of petroleum products, natural gas, or other hydrocarbon-based fuels. 3. Environmental Storage Lease Agreement: This type of agreement is commonly used when a surface owner leases their subsurface space for the storage of hazardous materials, waste products, or other substances that require secure and controlled storage. 4. Agricultural or Crop Storage Lease Agreement: This type of agreement is commonly used when a surface owner leases their subsurface space for the storage of agricultural products, crops, or other perishable goods that need controlled environmental conditions. 5. Residential Storage Lease Agreement: This type of agreement is less common but can occur when a surface owner leases their subsurface space for personal storage needs of individuals or households. Note: It is essential to consult with a qualified attorney or legal professional familiar with Kentucky state laws when drafting or entering into any specific Kentucky Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted).
Kentucky Subsurface Underground Storage Lease and Agreement (From a Surface Owner, With No Right ot Use the Surface of the Lands being Granted)
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FAQ
Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.
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.
Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
In the United States, mineral rights can be sold or conveyed separately from property rights. As a result, owning a piece of land does not necessarily mean you also own the rights to the minerals beneath it. If you didn't know this, you're not alone. Many property owners do not understand mineral rights.
Subsurface rights means the rights to all minerals, mineral fuels, and other resources, including, but not limited to, oil, gas, coal, oil shale, uranium, metals, and phosphate, whether or not they are mixed with any other substance found or located beneath the surface of the earth.
What is the difference between subsurface and surface rights? Subsurface rights refer to the minerals, oil, and gas beneath the surface of the land. Surface rights refer to the right to use and occupy the surface of the land. The surface estate owner may or may not also own the subsurface estate.
The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations. Types of Leases: There are different types of oil and gas leases, and they affect royalty calculations differently.
The BLM issues a competitive lease for a 10-year period. BLM State Offices conduct lease sales quarterly when parcels are eligible and available for lease. Each State Office publishes a Notice of Competitive Lease Sale (Sale Notice), which lists parcels to be offered at the auction, usually 45 days before the auction.