Michigan Underground Storage Lease and Agreement (Surface Only) is a legal document that establishes a contractual relationship between the property owner (lessor) and the tenant (lessee) for the use of underground storage facilities on the surface of a property in the state of Michigan. This agreement regulates the terms and conditions surrounding the use, maintenance, and payment associated with the storage space. The Michigan Underground Storage Lease and Agreement (Surface Only) serves as an essential tool for property owners or businesses looking to lease unused underground storage facilities to generate additional income. It also provides lessees with the opportunity to secure convenient and secure storage space for various purposes, such as storing valuable items, inventory, or equipment. The agreement typically outlines the following key aspects: 1. Parties Involved: The lease identifies the lessor (property owner) and lessee (tenant) by their legal names and addresses, establishing their roles and responsibilities throughout the agreement. 2. Description of Surface Storage Space: This section provides a detailed description of the specific underground storage facilities available for lease. It may include details such as dimensions, location, accessibility, and any specific restrictions or requirements for usage. 3. Lease Term and Renewal: The agreement specifies the duration of the lease, including the start and end dates. It may also outline the processes and conditions for renewing the lease once the initial term expires. 4. Rental Payments: This section delineates the agreed-upon rental amount, payment frequency (e.g., monthly, quarterly), and the acceptable methods of payment. It may also cover the consequences of late or missed payments and potential penalties. 5. Security Deposit: The lease may require the lessee to provide a security deposit, which serves as financial protection against potential damages or breaches of the agreement. 6. Maintenance and Repairs: This part outlines the responsibilities of both parties regarding the maintenance and repair of the surface storage facility, including any costs allocation and obligations for notification. 7. Insurance: The agreement often specifies the type and amount of insurance coverage required for the storage space. It may mandate the lessee to obtain liability insurance to protect against damages or injuries that may arise during storage or use. 8. Termination Clause: This section details the conditions under which either party can terminate the agreement, such as non-payment, breach of terms, or mutual agreement. Types of Michigan Underground Storage Lease and Agreement (Surface Only): 1. Commercial Storage Lease: This agreement variant typically caters to businesses or enterprises seeking storage space for commercial purposes, such as warehousing, inventory storage, or document archiving. 2. Residential Storage Lease: This type of agreement targets individuals or households in need of secure storage space for personal belongings or seasonal items, offering a more residential-focused approach. 3. Specialty Storage Lease: Some property owners may have unique underground storage facilities designed for specific uses, such as vehicle storage, temperature-controlled storage, or specialty equipment storage. The agreement can be modified to accommodate such specialized requirements. In summary, the Michigan Underground Storage Lease and Agreement (Surface Only) provides a legally binding framework for property owners and lessees to establish a mutually beneficial arrangement for the use of underground storage facilities in the state of Michigan.
Michigan Underground Storage Lease and Agreement (Surface Only)
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FAQ
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.
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.
A Michigan month-to-month lease agreement is between a landlord and tenant for the renting of residential property without an end date. The lease will continue for an indefinite period until either the landlord or tenant decide to terminate by sending a notice to the other party.
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.
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.
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.