West Virginia Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legal contract established between a landowner and a gas storage company, regulating the terms and conditions for utilizing the landowner's property for underground gas storage purposes in the state of West Virginia. This long-form agreement outlines the rights, responsibilities, and obligations of both parties involved in the subsurface underground gas storage lease. It encompasses detailed clauses pertaining to the following aspects: 1. Parties Involved: Identification and contact information of both the landowner and the gas storage company. This section provides a comprehensive overview of the legal entities involved in the agreement. 2. Premises Description: A detailed description of the specific property where the gas storage activities will take place. It includes the land's boundaries, acreage, and any specific features relevant to the gas storage operations. 3. Granting of Rights: Provision for the landowner to grant the gas storage company exclusive rights to store and extract natural gas from the subsurface beneath the designated property. This section may include details on the depth of storage, allowable extraction amounts, and applicable storage methods (e.g., cushion gas operations). 4. Term and Termination: Clarification of the lease duration, including any renewal or termination options for both parties. This section also addresses termination conditions, early termination penalties, and the procedures for lease extension or renegotiation. 5. Compensation and Royalties: The agreed monetary compensation that the gas storage company will pay to the landowner for granting access to the property. It may include details on upfront payments, annual rental fees, and provisions for adjusting payments based on market conditions. 6. Surface Operations: Outlines the landowner's rights to continue surface operations, such as farming or residence, during the period of subsurface gas storage. This section typically covers surface damage prevention, access rights, and indemnification for any surface-related disturbances. 7. Environmental Regulations: Ensures compliance with all relevant federal, state, and local laws, regulations, and permits related to environmental protection, remediation, and restoration of the affected area. It may outline the party responsible for any environmental liabilities resulting from the storage operations. 8. Indemnification and Insurance: Specifies the insurance coverage required for both parties and their obligations to indemnify each other against any third-party claims arising from the gas storage activities. This section may also include provisions for liability limitations and dispute resolution mechanisms. It is worth noting that variations of the West Virginia Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) might exist, depending on specific terms and conditions negotiated between the landowner and the gas storage company. These variations could arise from factors like lease duration, royalty structure, surface access rights, compensation mechanisms, or environmental considerations.
West Virginia Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form)
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