Pima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)

• Category: Oil Gas and Minerals - Leases
• State: Multi-State
• County: Pima
• 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. Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding document that outlines the terms and conditions for the storage of carbon dioxide (CO2) underneath the surface of Lima, Arizona. This agreement is entered into between the landowner and the party responsible for storing the CO2, referred to as "the Lessee." The purpose of this agreement is to govern the exploration, extraction, injection, storage, and monitoring of carbon dioxide in underground formations within the defined property boundaries. The Lessee obtains the right to access the land for these specific purposes, while the landowner receives compensation for granting these rights and agrees to certain obligations. Key elements of the Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) include: 1. Definitions: This section clarifies the terms used throughout the agreement, such as "CO2 Storage Operation," "Injection Well," and "Surface Facilities," ensuring all parties are on the same page regarding their understanding. 2. Grant of Storage Rights: The landowner grants the Lessee the exclusive right to explore, store, and monitor CO2 within the identified subsurface geological formations on the property for a specified period. 3. Consideration and Royalties: The agreement defines the financial compensation to be provided to the landowner, including upfront consideration and ongoing royalties on the stored CO2. 4. Landowner Obligations: The landowner agrees to grant reasonable access to the property for geological surveys, construction, operation, maintenance, and monitoring activities. They also undertake to cooperate and assist the Lessee in acquiring necessary permits and complying with applicable laws and regulations. 5. Lessee Obligations: The Lessee is responsible for all costs associated with exploring, injecting, storing, monitoring, and safely managing the CO2. They agree to implement appropriate measures to prevent leaks and ensure the safety of both the land and nearby communities. 6. Term and Termination: The agreement specifies the duration of the lease and circumstances under which either party can terminate the agreement, taking into account factors such as non-payment, breach of terms, or force majeure events. Additional types of Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may include variations based on factors like the specific size and characteristics of the property, the duration of the lease, and the financial terms negotiated between the landowner and Lessee. It's essential for both parties to engage legal counsel to review and determine the specific terms of the agreement based on their individual circumstances, ensuring compliance with state and federal regulations to protect the environment and the interests of all involved stakeholders.

Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) is a legally binding document that outlines the terms and conditions for the storage of carbon dioxide (CO2) underneath the surface of Lima, Arizona. This agreement is entered into between the landowner and the party responsible for storing the CO2, referred to as "the Lessee." The purpose of this agreement is to govern the exploration, extraction, injection, storage, and monitoring of carbon dioxide in underground formations within the defined property boundaries. The Lessee obtains the right to access the land for these specific purposes, while the landowner receives compensation for granting these rights and agrees to certain obligations. Key elements of the Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) include: 1. Definitions: This section clarifies the terms used throughout the agreement, such as "CO2 Storage Operation," "Injection Well," and "Surface Facilities," ensuring all parties are on the same page regarding their understanding. 2. Grant of Storage Rights: The landowner grants the Lessee the exclusive right to explore, store, and monitor CO2 within the identified subsurface geological formations on the property for a specified period. 3. Consideration and Royalties: The agreement defines the financial compensation to be provided to the landowner, including upfront consideration and ongoing royalties on the stored CO2. 4. Landowner Obligations: The landowner agrees to grant reasonable access to the property for geological surveys, construction, operation, maintenance, and monitoring activities. They also undertake to cooperate and assist the Lessee in acquiring necessary permits and complying with applicable laws and regulations. 5. Lessee Obligations: The Lessee is responsible for all costs associated with exploring, injecting, storing, monitoring, and safely managing the CO2. They agree to implement appropriate measures to prevent leaks and ensure the safety of both the land and nearby communities. 6. Term and Termination: The agreement specifies the duration of the lease and circumstances under which either party can terminate the agreement, taking into account factors such as non-payment, breach of terms, or force majeure events. Additional types of Lima Arizona Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form) may include variations based on factors like the specific size and characteristics of the property, the duration of the lease, and the financial terms negotiated between the landowner and Lessee. It's essential for both parties to engage legal counsel to review and determine the specific terms of the agreement based on their individual circumstances, ensuring compliance with state and federal regulations to protect the environment and the interests of all involved stakeholders.