New Mexico Underground Storage Lease and Agreement

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1179
• Format: Word; Rich Text

Description

This form is an underground storage lease and agreement. The New Mexico Underground Storage Lease and Agreement is a legally binding contract that outlines the terms and conditions for renting or leasing underground storage facilities in the state of New Mexico. This agreement is typically used for the storage of various commodities, including oil, gas, water, chemicals, and other materials. The agreement begins by clearly identifying the parties involved, namely the lessor (typically the owner or operator of the underground storage facility) and the lessee (the individual or company seeking to lease the storage space). It then details the specific provisions and obligations of both parties. Key provisions within the lease and agreement may include: 1. Grant of Lease: This section will specify the duration of the lease, the specific portion of the underground storage area being leased, and any limitations or restrictions on its use. 2. Rental Payments: The agreement will outline the rental or lease payments, including the frequency and method of payment. It may also include provisions for late payments, penalties, or interest charges. 3. Maintenance and Repairs: This section will define the responsibilities for maintenance and repairs, clarifying whether the lessor or lessee is responsible for upkeep, repairs, or modifications to the storage facilities. 4. Insurance: The agreement will typically require the lessee to carry adequate insurance coverage to protect against any damages or liabilities resulting from the storage activities. 5. Indemnification: This provision will establish the lessee's obligation to indemnify and hold the lessor harmless from any claims, damages, or losses that may arise during the lease period. 6. Termination: The circumstances under which the lease can be terminated will be outlined, including provisions for early termination, breach of contract, or non-payment of rent. There are no specific types of New Mexico Underground Storage Lease and Agreement mentioned, as the content and provisions of the agreement are relatively standard and can be tailored to the specific needs of the lessor and lessee. However, variations in terms and conditions may arise depending on the purpose of storage (such as oil or gas storage), the duration of the lease, or the unique features of the underground storage facility.

The New Mexico Underground Storage Lease and Agreement is a legally binding contract that outlines the terms and conditions for renting or leasing underground storage facilities in the state of New Mexico. This agreement is typically used for the storage of various commodities, including oil, gas, water, chemicals, and other materials. The agreement begins by clearly identifying the parties involved, namely the lessor (typically the owner or operator of the underground storage facility) and the lessee (the individual or company seeking to lease the storage space). It then details the specific provisions and obligations of both parties. Key provisions within the lease and agreement may include: 1. Grant of Lease: This section will specify the duration of the lease, the specific portion of the underground storage area being leased, and any limitations or restrictions on its use. 2. Rental Payments: The agreement will outline the rental or lease payments, including the frequency and method of payment. It may also include provisions for late payments, penalties, or interest charges. 3. Maintenance and Repairs: This section will define the responsibilities for maintenance and repairs, clarifying whether the lessor or lessee is responsible for upkeep, repairs, or modifications to the storage facilities. 4. Insurance: The agreement will typically require the lessee to carry adequate insurance coverage to protect against any damages or liabilities resulting from the storage activities. 5. Indemnification: This provision will establish the lessee's obligation to indemnify and hold the lessor harmless from any claims, damages, or losses that may arise during the lease period. 6. Termination: The circumstances under which the lease can be terminated will be outlined, including provisions for early termination, breach of contract, or non-payment of rent. There are no specific types of New Mexico Underground Storage Lease and Agreement mentioned, as the content and provisions of the agreement are relatively standard and can be tailored to the specific needs of the lessor and lessee. However, variations in terms and conditions may arise depending on the purpose of storage (such as oil or gas storage), the duration of the lease, or the unique features of the underground storage facility.