North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1149
• Format: Word; Rich Text

Description

This form is a subsurface underground storage lease and agreement from a surface owner with no rights to use the surface of the lands being granted. The North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) is a legally binding contract that governs the relationship between a surface owner and a gas storage company in North Carolina. This agreement allows the gas storage company to access and utilize the underground space on the surface owner's property for the purpose of storing natural gas. Key Terms: 1. North Carolina: Refers to the state where the agreement and lease are applicable. 2. Subsurface Underground Gas Storage: Refers to the practice of storing natural gas underground in specially engineered spaces to ensure its safe and efficient storage. 3. Lease and Agreement: The contractual arrangement between the surface owner and the gas storage company, outlining their rights, obligations, and compensation related to the underground gas storage. 4. Surface Owner: The individual or entity that owns the above-ground portion of the land but grants the gas storage company the right to utilize the subsurface for storage purposes. 5. No Right to Use the Surface of the Lands being Granted: Specifies that the gas storage company does not have any right to use the surface of the property, including any structures or resources on it. Types of North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted): 1. Standard Lease Agreement: A typical agreement that outlines the general terms and conditions, including duration, compensation, and liability provisions. 2. Exploratory Lease Agreement: An agreement that allows the gas storage company to conduct exploratory activities to assess the suitability of the subsurface for gas storage. 3. Development Lease Agreement: An agreement entered into after exploratory activities have confirmed the feasibility of underground gas storage, giving the gas storage company the rights to develop and operate the storage facility. 4. Short-Term Lease Agreement: A lease that permits the gas storage company to utilize the subsurface for a limited period, usually for seasonal storage purposes or during peak demand periods. 5. Long-Term Lease Agreement: A lease that offers the gas storage company the rights to access and use the subsurface for an extended duration, exceeding the typical short-term lease period. The North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) serves to protect the interests of both parties involved, ensuring the safe and efficient utilization of underground spaces for gas storage while safeguarding the rights of the surface owner.

The North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) is a legally binding contract that governs the relationship between a surface owner and a gas storage company in North Carolina. This agreement allows the gas storage company to access and utilize the underground space on the surface owner's property for the purpose of storing natural gas. Key Terms: 1. North Carolina: Refers to the state where the agreement and lease are applicable. 2. Subsurface Underground Gas Storage: Refers to the practice of storing natural gas underground in specially engineered spaces to ensure its safe and efficient storage. 3. Lease and Agreement: The contractual arrangement between the surface owner and the gas storage company, outlining their rights, obligations, and compensation related to the underground gas storage. 4. Surface Owner: The individual or entity that owns the above-ground portion of the land but grants the gas storage company the right to utilize the subsurface for storage purposes. 5. No Right to Use the Surface of the Lands being Granted: Specifies that the gas storage company does not have any right to use the surface of the property, including any structures or resources on it. Types of North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted): 1. Standard Lease Agreement: A typical agreement that outlines the general terms and conditions, including duration, compensation, and liability provisions. 2. Exploratory Lease Agreement: An agreement that allows the gas storage company to conduct exploratory activities to assess the suitability of the subsurface for gas storage. 3. Development Lease Agreement: An agreement entered into after exploratory activities have confirmed the feasibility of underground gas storage, giving the gas storage company the rights to develop and operate the storage facility. 4. Short-Term Lease Agreement: A lease that permits the gas storage company to utilize the subsurface for a limited period, usually for seasonal storage purposes or during peak demand periods. 5. Long-Term Lease Agreement: A lease that offers the gas storage company the rights to access and use the subsurface for an extended duration, exceeding the typical short-term lease period. The North Carolina Subsurface Underground Gas Storage Lease and Agreement (From a Surface Owner, With No Right to Use the Surface of the Lands being Granted) serves to protect the interests of both parties involved, ensuring the safe and efficient utilization of underground spaces for gas storage while safeguarding the rights of the surface owner.