Ohio Underground Storage Lease and Agreement (Surface and Minerals) The Ohio Underground Storage Lease and Agreement (Surface and Minerals) is a legally binding contract that governs the terms and conditions related to the storage of materials and minerals underground in the state of Ohio. This agreement is specifically designed to address both surface rights and mineral rights associated with underground storage activities. There are several types of Ohio Underground Storage Lease and Agreement (Surface and Minerals) that cater to different storage needs and interests. These include: 1. Natural Gas Storage Lease: This lease specifically pertains to the storage of natural gas underground in Ohio. It outlines the rights and responsibilities of both the lessor (the owner of the land) and the lessee (the entity or individual obtaining the storage rights). The agreement covers aspects such as lease duration, rental payments, storage capacity, operating procedures, and environmental considerations. 2. Oil Storage Lease: Similar to the natural gas storage lease, this type of agreement governs the storage of oil underground in Ohio. It addresses the terms and conditions related to oil storage, including access rights, royalty payments, storage limitations, liability provisions, and potential remediation requirements. 3. Chemical Storage Lease: This agreement is specifically tailored for companies or individuals involved in storing various chemicals underground. It covers key aspects related to chemical storage, including safety measures, compliance with environmental regulations, insurance requirements, indemnification clauses, and procedures for monitoring and reporting chemical usage. 4. Mineral Storage Lease: The mineral storage lease addresses the storage of valuable minerals underground, such as coal, limestone, or salt. It outlines the parties' rights and obligations related to the storage and access to these minerals, payment terms, restrictions on extraction, environmental safeguards, and restoration requirements. Each Ohio Underground Storage Lease and Agreement (Surface and Minerals) is unique and can be customized to meet the specific needs of the parties involved. The agreements aim to ensure that both the surface rights and mineral rights are properly addressed, protecting the interests of all parties involved in underground storage operations within the state of Ohio.
Ohio Underground Storage Lease and Agreement (Surface and Minerals)
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FAQ
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
The Ohio Dormant Mineral Act DMA specifies that if you own mineral rights over someone else's land, you have 20 years to perform your exploration and production of oil and gas and other mineral or the rights revert to the landowner ing to Ohio Supreme court.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
You may have title to mineral rights on a property you own, or they may have been sold or leased by a prior owner, in which case they may not be yours to sell. Real estate law firms can research your chain of title to determine if the mineral rights transferred from owner to owner.
To find out who own mineral rights in Ohio: Determine the property owner's name and address of the property. You can visit the right county auditor's office online or in-person with the above information to verify the ownership of the property before you begin your research at the county's recorder office.
You could expect anywhere from $750/acre to $3,000+/acre depending on your location in the county. If you are currently leased, that will also play a role in how much your mineral rights are worth. As a general rule of thumb, you can expect around 2x to 3x the lease bonus amount.
I own the land; surely I own the mineral rights? Not necessarily, the person who owns the mineral rights can own and lease them separately from the landowner. It is also important to note that regardless of land ownership; gold, silver, and petroleum are owned by the Crown and coal by the Coal Authority.