North Dakota Underground Storage Lease and Agreement (Surface Only) is a legally binding document that outlines the terms and conditions for leasing and using underground storage space in North Dakota, specifically relating to surface areas. This type of lease agreement is primarily utilized by individuals or companies involved in industries that require storage facilities such as oil and gas exploration, mining companies, or even agricultural businesses. It enables them to secure rights to utilize the underground storage space while restricting activities on the surface area above. The North Dakota Underground Storage Lease and Agreement (Surface Only) includes various essential elements to protect both parties involved: 1. Parties Involved: The agreement identifies the lessor (owner of the property) and the lessee (tenant who wants to utilize the underground storage space). It also includes relevant contact information and legal details of both parties. 2. Property Description: This section provides a detailed description of the property where the underground storage space is located, including boundaries and access points. It also specifies whether the lease agreement pertains to specific areas or the entire property. 3. Lease Term: The agreement outlines the duration of the lease, including the specific start and end dates. It may also include provisions for lease renewal or termination. 4. Underground Storage Space Utilization: This section specifies the permitted activities related to the use of underground storage space. It may include details about storing various substances or materials, limitations, and any environmental or safety regulations that must be followed. 5. Surface Area Restrictions: As this agreement primarily focuses on the surface area, it outlines restrictions on activities above the underground storage space. Often, lessees are prevented from constructing buildings, drilling, or engaging in any activities that may interfere with the integrity or safety of the storage space. 6. Rent, Payments, and Fees: This section outlines the financial terms of the agreement, including the rent amount, frequency of payments, and any additional fees or penalties that may be applicable. 7. Maintenance and Repairs: The agreement generally specifies obligations related to maintenance and repairs of both the surface area and the underground storage space. It may include responsibilities for routine inspections, upkeep, and any necessary repairs. 8. Indemnification and Insurance: This section details the insurance requirements for both the lessor and lessee. It usually includes provisions for liability coverage to protect against any damages, injuries, or environmental incidents that may occur during the lease period. 9. Default and Termination: The agreement defines the conditions under which the lease may be terminated. It outlines the consequences of default or non-compliance with the terms laid out in the lease agreement. Different types of North Dakota Underground Storage Lease and Agreement (Surface Only) may exist based on various factors such as the duration of the lease, the allowed activities, or specific regulations related to industries like oil and gas, mining, or agriculture. It is important to consult legal professionals or lease experts for guidance on any additional requirements or specific lease variations applicable to the intended use of the underground storage space in North Dakota.
North Dakota Underground Storage Lease and Agreement (Surface Only)
Category:
State:
Multi-State
Control #:
US-OG-1182
Format:
Word;
Rich Text
Instant download
Description
This form is an underground storage lease and agreement for surface only.
North Dakota Underground Storage Lease and Agreement (Surface Only) is a legally binding document that outlines the terms and conditions for leasing and using underground storage space in North Dakota, specifically relating to surface areas. This type of lease agreement is primarily utilized by individuals or companies involved in industries that require storage facilities such as oil and gas exploration, mining companies, or even agricultural businesses. It enables them to secure rights to utilize the underground storage space while restricting activities on the surface area above. The North Dakota Underground Storage Lease and Agreement (Surface Only) includes various essential elements to protect both parties involved: 1. Parties Involved: The agreement identifies the lessor (owner of the property) and the lessee (tenant who wants to utilize the underground storage space). It also includes relevant contact information and legal details of both parties. 2. Property Description: This section provides a detailed description of the property where the underground storage space is located, including boundaries and access points. It also specifies whether the lease agreement pertains to specific areas or the entire property. 3. Lease Term: The agreement outlines the duration of the lease, including the specific start and end dates. It may also include provisions for lease renewal or termination. 4. Underground Storage Space Utilization: This section specifies the permitted activities related to the use of underground storage space. It may include details about storing various substances or materials, limitations, and any environmental or safety regulations that must be followed. 5. Surface Area Restrictions: As this agreement primarily focuses on the surface area, it outlines restrictions on activities above the underground storage space. Often, lessees are prevented from constructing buildings, drilling, or engaging in any activities that may interfere with the integrity or safety of the storage space. 6. Rent, Payments, and Fees: This section outlines the financial terms of the agreement, including the rent amount, frequency of payments, and any additional fees or penalties that may be applicable. 7. Maintenance and Repairs: The agreement generally specifies obligations related to maintenance and repairs of both the surface area and the underground storage space. It may include responsibilities for routine inspections, upkeep, and any necessary repairs. 8. Indemnification and Insurance: This section details the insurance requirements for both the lessor and lessee. It usually includes provisions for liability coverage to protect against any damages, injuries, or environmental incidents that may occur during the lease period. 9. Default and Termination: The agreement defines the conditions under which the lease may be terminated. It outlines the consequences of default or non-compliance with the terms laid out in the lease agreement. Different types of North Dakota Underground Storage Lease and Agreement (Surface Only) may exist based on various factors such as the duration of the lease, the allowed activities, or specific regulations related to industries like oil and gas, mining, or agriculture. It is important to consult legal professionals or lease experts for guidance on any additional requirements or specific lease variations applicable to the intended use of the underground storage space in North Dakota.
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