Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• County: Fulton
• 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 Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract that establishes the terms and conditions for the storage of carbon dioxide in underground formations located in Fulton, Georgia. This agreement is specifically designed for landowners who wish to lease their land for the purpose of carbon dioxide storage. This long-form agreement covers various aspects related to the storage of carbon dioxide and protects both the landowner and the lessee's interests. It outlines the rights, responsibilities, and obligations of both parties involved in the agreement. Key provisions in the Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement include: 1. Parties: Clearly identifying the names and contact information of both the landowner and the lessee. 2. Recitals: Explaining the purpose and background of the agreement, highlighting the need for carbon dioxide storage and the landowner's interest in leasing their land. 3. Definitions: Defining specific terms used throughout the agreement, such as "carbon dioxide," "storage operations," "surface facilities," and "monitoring and reporting obligations." 4. Grant and Exclusivity: Granting the lessee the exclusive right to store carbon dioxide within the specified underground formations on the landowner's property. 5. Lease Term: Specifying the duration of the lease, including any renewal options and termination provisions. 6. Storage Operations: Detailing the procedures and requirements for safe and efficient carbon dioxide storage, including the lessee's right to construct and operate surface facilities necessary for storage operations. 7. Compensation: Outlining the payment structure and any royalties or fees to be paid by the lessee to the landowner. This may include initial bonus payments, annual rental payments, and potential additional payments based on the amount of stored carbon dioxide or other agreed-upon metrics. 8. Liability and Indemnification: Allocating responsibilities for potential damages or liabilities arising from carbon dioxide storage activities and requiring the lessee to indemnify and hold the landowner harmless in case of third-party claims. 9. Insurance: Requiring the lessee to maintain adequate insurance coverage to protect against potential risks associated with carbon dioxide storage operations. 10. Compliance and Reporting: Establishing monitoring and reporting obligations for the lessee to ensure compliance with regulatory requirements and to keep the landowner informed about the operations and safety measures. 11. Confidentiality: Including provisions to protect confidential information obtained by either party during the course of the agreement. It's important to note that while the described agreement covers the general terms and conditions of a Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement, there may be variations or additional types of agreements available depending on specific circumstances, such as agreements tailored for different land uses (e.g., agricultural or industrial) or agreements involving multiple landowners.

The Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding contract that establishes the terms and conditions for the storage of carbon dioxide in underground formations located in Fulton, Georgia. This agreement is specifically designed for landowners who wish to lease their land for the purpose of carbon dioxide storage. This long-form agreement covers various aspects related to the storage of carbon dioxide and protects both the landowner and the lessee's interests. It outlines the rights, responsibilities, and obligations of both parties involved in the agreement. Key provisions in the Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement include: 1. Parties: Clearly identifying the names and contact information of both the landowner and the lessee. 2. Recitals: Explaining the purpose and background of the agreement, highlighting the need for carbon dioxide storage and the landowner's interest in leasing their land. 3. Definitions: Defining specific terms used throughout the agreement, such as "carbon dioxide," "storage operations," "surface facilities," and "monitoring and reporting obligations." 4. Grant and Exclusivity: Granting the lessee the exclusive right to store carbon dioxide within the specified underground formations on the landowner's property. 5. Lease Term: Specifying the duration of the lease, including any renewal options and termination provisions. 6. Storage Operations: Detailing the procedures and requirements for safe and efficient carbon dioxide storage, including the lessee's right to construct and operate surface facilities necessary for storage operations. 7. Compensation: Outlining the payment structure and any royalties or fees to be paid by the lessee to the landowner. This may include initial bonus payments, annual rental payments, and potential additional payments based on the amount of stored carbon dioxide or other agreed-upon metrics. 8. Liability and Indemnification: Allocating responsibilities for potential damages or liabilities arising from carbon dioxide storage activities and requiring the lessee to indemnify and hold the landowner harmless in case of third-party claims. 9. Insurance: Requiring the lessee to maintain adequate insurance coverage to protect against potential risks associated with carbon dioxide storage operations. 10. Compliance and Reporting: Establishing monitoring and reporting obligations for the lessee to ensure compliance with regulatory requirements and to keep the landowner informed about the operations and safety measures. 11. Confidentiality: Including provisions to protect confidential information obtained by either party during the course of the agreement. It's important to note that while the described agreement covers the general terms and conditions of a Fulton Georgia Subsurface Underground Carbon Dioxide Storage Lease and Agreement, there may be variations or additional types of agreements available depending on specific circumstances, such as agreements tailored for different land uses (e.g., agricultural or industrial) or agreements involving multiple landowners.