Tennessee Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• Control #: US-OG-1150
• Format: Word; Rich Text

Description

This form is a long form subsurface underground gas storage lease and agreement with landowner. The Tennessee Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legal document that establishes the terms and conditions for the lease of subsurface underground areas to store natural gas in Tennessee. This agreement is primarily designed to protect the interest of both the landowner and the party leasing the subsurface underground space. Key Terms and Provisions: 1. Parties: The lease agreement identifies the landowner and the lessee, also known as the gas storage operator, clearly stating their roles and responsibilities throughout the agreement. 2. Definitions: This section provides a detailed explanation of various terms used in the agreement, including subsurface underground gas storage, reservoir, injection, withdrawal, and other industry-specific terms. 3. Lease Grant and Premises: The agreement explicitly describes the specific subsurface area or premises being leased for gas storage purposes. It includes a legal description and boundaries of the leased area. 4. Term and Termination: This section outlines the duration of the lease agreement, including the initial term and any optional renewal periods. It also specifies the conditions under which either party can terminate the agreement. 5. Rights and Obligations: Both the landowner and the lessee have rights and obligations regarding the subsurface underground gas storage. This section describes in detail the rights of the lessee to inject, store, and withdraw gas, as well as the rights of the landowner to access the surface, inspect operations, and receive compensation. 6. Storage Operations: The agreement covers the technical aspects of gas storage operations, including the lessee's responsibility for construction, maintenance, and operation of the storage facilities. Health, safety, and environmental considerations are also addressed here. 7. Compensation and Fees: The lease agreement outlines the compensation structure for the landowner, which may include upfront bonuses, annual rentals, and royalties based on the volume of gas stored or withdrawn from the leased area. 8. Indemnification and Liability: This section clarifies the liability of both parties and provides indemnification for any damages, claims, or accidents arising from the gas storage operations. 9. Insurance: The agreement may require the lessee to maintain appropriate insurance coverage to protect both parties' interests in case of any unforeseen incidents. 10. Governing Law and Dispute Resolution: The lease agreement specifies the applicable laws and jurisdiction for resolving any disputes that may arise between the landowner and lessee. 11. Amendments and Entire Agreement: This section outlines the process for making amendments to the agreement and asserts that the written lease document represents the entire agreement between the parties, superseding any prior oral or written agreements. Different Types of Tennessee Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form): While the fundamental structure of the Tennessee Subsurface Underground Gas Storage Lease and Agreement remains consistent, there may be variations based on specific requirements or preferences of the parties involved. These variations can include additional provisions related to land use restrictions, environmental protection measures, technology-specific requirements, or any other necessary modifications to address unique aspects of the particular subsurface gas storage project or location. Therefore, different variations of the Tennessee Subsurface Underground Gas Storage Lease and Agreement may exist, tailored to meet the specific needs and concerns of each individual landowner and lessee involved in subsurface underground gas storage operations in Tennessee.

The Tennessee Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legal document that establishes the terms and conditions for the lease of subsurface underground areas to store natural gas in Tennessee. This agreement is primarily designed to protect the interest of both the landowner and the party leasing the subsurface underground space. Key Terms and Provisions: 1. Parties: The lease agreement identifies the landowner and the lessee, also known as the gas storage operator, clearly stating their roles and responsibilities throughout the agreement. 2. Definitions: This section provides a detailed explanation of various terms used in the agreement, including subsurface underground gas storage, reservoir, injection, withdrawal, and other industry-specific terms. 3. Lease Grant and Premises: The agreement explicitly describes the specific subsurface area or premises being leased for gas storage purposes. It includes a legal description and boundaries of the leased area. 4. Term and Termination: This section outlines the duration of the lease agreement, including the initial term and any optional renewal periods. It also specifies the conditions under which either party can terminate the agreement. 5. Rights and Obligations: Both the landowner and the lessee have rights and obligations regarding the subsurface underground gas storage. This section describes in detail the rights of the lessee to inject, store, and withdraw gas, as well as the rights of the landowner to access the surface, inspect operations, and receive compensation. 6. Storage Operations: The agreement covers the technical aspects of gas storage operations, including the lessee's responsibility for construction, maintenance, and operation of the storage facilities. Health, safety, and environmental considerations are also addressed here. 7. Compensation and Fees: The lease agreement outlines the compensation structure for the landowner, which may include upfront bonuses, annual rentals, and royalties based on the volume of gas stored or withdrawn from the leased area. 8. Indemnification and Liability: This section clarifies the liability of both parties and provides indemnification for any damages, claims, or accidents arising from the gas storage operations. 9. Insurance: The agreement may require the lessee to maintain appropriate insurance coverage to protect both parties' interests in case of any unforeseen incidents. 10. Governing Law and Dispute Resolution: The lease agreement specifies the applicable laws and jurisdiction for resolving any disputes that may arise between the landowner and lessee. 11. Amendments and Entire Agreement: This section outlines the process for making amendments to the agreement and asserts that the written lease document represents the entire agreement between the parties, superseding any prior oral or written agreements. Different Types of Tennessee Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form): While the fundamental structure of the Tennessee Subsurface Underground Gas Storage Lease and Agreement remains consistent, there may be variations based on specific requirements or preferences of the parties involved. These variations can include additional provisions related to land use restrictions, environmental protection measures, technology-specific requirements, or any other necessary modifications to address unique aspects of the particular subsurface gas storage project or location. Therefore, different variations of the Tennessee Subsurface Underground Gas Storage Lease and Agreement may exist, tailored to meet the specific needs and concerns of each individual landowner and lessee involved in subsurface underground gas storage operations in Tennessee.