Minnesota 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. Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) The Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement is a legally binding document that outlines the terms and conditions for the storage of carbon dioxide (CO2) in the subsurface of Minnesota. This agreement involves a landowner, who owns the land where the storage facility will be established, and the entity or organization that intends to store CO2 underground. This long-form agreement establishes the rights, responsibilities, and obligations of both the landowner and the storage entity involved in the storage of CO2. It ensures proper management and operation of the storage facility as well as the protection of the environment and the rights of the landowner. Key provisions and components often covered in the Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement may include: 1. Parties to the Agreement: Identifying the landowner, including legal name, address, and contact details, as well as the storage entity (such as a company or public agency) responsible for the CO2 storage project. 2. Lease Term: Defining the duration of the lease, including any renewal options or termination clauses. 3. Licensed Area: Describing the specific parcel(s) of land where the CO2 storage will take place, including legal descriptions and boundaries. 4. CO2 Storage Operations: Outlining the storage entity's right to conduct exploratory and operational activities related to CO2 storage, such as drilling, injection, monitoring, and maintenance. 5. Storage Entity's Obligations: Specifying the storage entity's responsibilities to ensure the proper operation, maintenance, and safety of the storage facility, including compliance with applicable laws, regulations, and industry best practices. 6. Landowner's Rights and Obligations: Defining the landowner's rights to use the surface of the land, subject to reasonable restrictions to protect the storage operations, as well as the obligation to grant access and assist in obtaining necessary permits. 7. Compensation and Royalties: Detailing any financial compensation, royalties, or other forms of remuneration that the landowner may receive for the storage of CO2 on their land. 8. Insurance and Liability: Addressing insurance requirements to protect the landowner, storage entity, and third parties from potential risks associated with CO2 storage and operations. It may also include provisions on indemnification and limitations of liability. 9. Environmental Protection: Incorporating provisions that ensure the monitoring, mitigation, and remediation of any adverse impacts on the environment resulting from CO2 storage activities. 10. Termination and Abandonment: Establishing conditions for termination of the agreement, including obligations for site restoration and decommissioning in the event of lease expiration or early termination. Different variations or alternative agreements related to Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement may include short-form versions, variations specific to different land uses (such as agricultural or residential), or additional terms and conditions tailored to the unique requirements of a particular CO2 storage project. Overall, this comprehensive legal document aims to safeguard the interests of both the landowner and the storage entity while ensuring safe and responsible storage of CO2 in the subsurface of Minnesota.

Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) The Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement is a legally binding document that outlines the terms and conditions for the storage of carbon dioxide (CO2) in the subsurface of Minnesota. This agreement involves a landowner, who owns the land where the storage facility will be established, and the entity or organization that intends to store CO2 underground. This long-form agreement establishes the rights, responsibilities, and obligations of both the landowner and the storage entity involved in the storage of CO2. It ensures proper management and operation of the storage facility as well as the protection of the environment and the rights of the landowner. Key provisions and components often covered in the Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement may include: 1. Parties to the Agreement: Identifying the landowner, including legal name, address, and contact details, as well as the storage entity (such as a company or public agency) responsible for the CO2 storage project. 2. Lease Term: Defining the duration of the lease, including any renewal options or termination clauses. 3. Licensed Area: Describing the specific parcel(s) of land where the CO2 storage will take place, including legal descriptions and boundaries. 4. CO2 Storage Operations: Outlining the storage entity's right to conduct exploratory and operational activities related to CO2 storage, such as drilling, injection, monitoring, and maintenance. 5. Storage Entity's Obligations: Specifying the storage entity's responsibilities to ensure the proper operation, maintenance, and safety of the storage facility, including compliance with applicable laws, regulations, and industry best practices. 6. Landowner's Rights and Obligations: Defining the landowner's rights to use the surface of the land, subject to reasonable restrictions to protect the storage operations, as well as the obligation to grant access and assist in obtaining necessary permits. 7. Compensation and Royalties: Detailing any financial compensation, royalties, or other forms of remuneration that the landowner may receive for the storage of CO2 on their land. 8. Insurance and Liability: Addressing insurance requirements to protect the landowner, storage entity, and third parties from potential risks associated with CO2 storage and operations. It may also include provisions on indemnification and limitations of liability. 9. Environmental Protection: Incorporating provisions that ensure the monitoring, mitigation, and remediation of any adverse impacts on the environment resulting from CO2 storage activities. 10. Termination and Abandonment: Establishing conditions for termination of the agreement, including obligations for site restoration and decommissioning in the event of lease expiration or early termination. Different variations or alternative agreements related to Minnesota Subsurface Underground Carbon Dioxide Storage Lease and Agreement may include short-form versions, variations specific to different land uses (such as agricultural or residential), or additional terms and conditions tailored to the unique requirements of a particular CO2 storage project. Overall, this comprehensive legal document aims to safeguard the interests of both the landowner and the storage entity while ensuring safe and responsible storage of CO2 in the subsurface of Minnesota.