Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• County: Franklin
• Control #: US-OG-1148
• Format: Word; Rich Text

Description

This form is a long form subsurface underground carbon dioxide storage lease and agreement with landowner. The Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract that outlines the terms and conditions for the storage of carbon dioxide (CO2) within the subsurface underground of Franklin, Ohio. This agreement is specifically designed to ensure the rights and responsibilities of both the landowner and the entity seeking to store CO2. Key terms covered in the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) include: 1. Definitions: Clearly defines important terms such as "landowner," "CO2 storage," "subsurface underground," and others to ensure a shared understanding between the parties involved. 2. Scope and Purpose: States the purpose of the agreement, which is to establish and regulate the long-term underground storage of CO2 for environmental and industrial purposes, such as reducing greenhouse gas emissions or enhancing oil and gas recovery. 3. Granting Clauses: Specifies the landowner's grant of exclusive rights to the entity to store CO2 within their designated subsurface underground space. 4. Payment and Royalties: Outlines the financial aspects of the agreement, including upfront payments, annual lease payments, and potential royalty payments based on the quantity of CO2 stored or other contractual arrangements. 5. Property Rights: Defines the rights and limitations concerning the entity's usage of the subsurface underground property, ensuring that the landowner retains ownership of the surface land and any pre-existing rights, such as access to groundwater or minerals. 6. Operations and Environmental Obligations: Describes the entity's responsibilities for safely and securely storing CO2 while addressing any environmental concerns or risks associated with the storage process. It may also cover monitoring and reporting requirements to ensure compliance with applicable environmental regulations. 7. Indemnification and Liability: Specifies the allocation of liability between the landowner and the entity, ensuring that the entity is responsible for any damages caused by the CO2 storage activities and indemnifies the landowner against third-party claims. 8. Term and Termination: Specifies the duration of the agreement, any renewal options, and the circumstances under which either party can terminate the agreement. It is important to note that there may be different variations or types of the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement. Some potential variations could include shorter or more streamlined agreements, agreements with different financial structures, or agreements tailored to specific project types (e.g., commercial vs. research-based storage projects). However, it is essential to consult the specific document to understand the precise terms and variations applicable to a specific lease and agreement.

The Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract that outlines the terms and conditions for the storage of carbon dioxide (CO2) within the subsurface underground of Franklin, Ohio. This agreement is specifically designed to ensure the rights and responsibilities of both the landowner and the entity seeking to store CO2. Key terms covered in the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) include: 1. Definitions: Clearly defines important terms such as "landowner," "CO2 storage," "subsurface underground," and others to ensure a shared understanding between the parties involved. 2. Scope and Purpose: States the purpose of the agreement, which is to establish and regulate the long-term underground storage of CO2 for environmental and industrial purposes, such as reducing greenhouse gas emissions or enhancing oil and gas recovery. 3. Granting Clauses: Specifies the landowner's grant of exclusive rights to the entity to store CO2 within their designated subsurface underground space. 4. Payment and Royalties: Outlines the financial aspects of the agreement, including upfront payments, annual lease payments, and potential royalty payments based on the quantity of CO2 stored or other contractual arrangements. 5. Property Rights: Defines the rights and limitations concerning the entity's usage of the subsurface underground property, ensuring that the landowner retains ownership of the surface land and any pre-existing rights, such as access to groundwater or minerals. 6. Operations and Environmental Obligations: Describes the entity's responsibilities for safely and securely storing CO2 while addressing any environmental concerns or risks associated with the storage process. It may also cover monitoring and reporting requirements to ensure compliance with applicable environmental regulations. 7. Indemnification and Liability: Specifies the allocation of liability between the landowner and the entity, ensuring that the entity is responsible for any damages caused by the CO2 storage activities and indemnifies the landowner against third-party claims. 8. Term and Termination: Specifies the duration of the agreement, any renewal options, and the circumstances under which either party can terminate the agreement. It is important to note that there may be different variations or types of the Franklin Ohio Subsurface Underground Carbon Dioxide Storage Lease and Agreement. Some potential variations could include shorter or more streamlined agreements, agreements with different financial structures, or agreements tailored to specific project types (e.g., commercial vs. research-based storage projects). However, it is essential to consult the specific document to understand the precise terms and variations applicable to a specific lease and agreement.