Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form)

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

Description

This form is a long form subsurface underground gas storage lease and agreement with landowner. Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) Overview: A Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legally binding contract between a gas company and a landowner in Mecklenburg County, North Carolina. This agreement allows the gas company to store and extract natural gas from underground storage facilities located beneath the landowner's property. It outlines the terms and conditions, rights, and obligations of both parties involved. Key Provisions: 1. Parties involved: The agreement includes the identification of the gas company and the landowner, stating their names, addresses, and contact information. 2. Grant of rights: This section specifies that the landowner grants the gas company the exclusive right to construct, maintain, and operate underground gas storage facilities under the property for the purpose of storing natural gas. 3. Term and termination: The agreement defines the duration of the lease, including the initial term and any potential renewal periods. It also outlines conditions under which either party can terminate the agreement, such as non-compliance with specific obligations or force majeure events. 4. Compensation and royalties: This provision details the compensation the landowner will receive in exchange for granting the gas company access to their property. It includes payment terms, frequency, and any applicable royalties based on the amount of gas stored or extracted. 5. Storage operations: The agreement describes the gas company's responsibilities regarding the construction, maintenance, and operations of the underground storage facilities. It may include safety measures, monitoring procedures, and environmental protection requirements. 6. Landowner obligations: This section outlines the landowner's obligations, such as providing the necessary access rights, maintaining the surface area, and preventing interference with the gas company's operations. 7. Indemnification and liability: The agreement establishes the respective liabilities of both parties in case of property damage, personal injury, or environmental issues. It may include provisions for insurance coverage and indemnification. 8. Confidentiality and trade secrets: This provision protects any proprietary or confidential information shared between the parties during the lease term, and restricts its disclosure to third parties. 9. Governing law and jurisdiction: The agreement specifies the laws of Mecklenburg County, North Carolina, as the governing law for any disputes arising from the agreement. It also identifies the jurisdiction in which any legal proceedings would take place. Types of Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement: While the long form agreement described above is a comprehensive contract encompassing all the essential provisions, there may be variations or alternative forms of the lease agreement depending on factors such as the specific gas company involved, the complexity of the project, or unique provisions required by either party. These variations might include a short form agreement, an agreement with additional provisions for surface rights and land use, or an agreement specifically tailored for certain subterranean geological conditions. Conclusion: A Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a vital legal document that governs the relationship between a gas company and a landowner in Mecklenburg County. By clearly defining the rights, responsibilities, and compensation of both parties, this agreement ensures a mutually beneficial and legally sound arrangement for the storage and extraction of natural gas within the specified property.

Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) Overview: A Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legally binding contract between a gas company and a landowner in Mecklenburg County, North Carolina. This agreement allows the gas company to store and extract natural gas from underground storage facilities located beneath the landowner's property. It outlines the terms and conditions, rights, and obligations of both parties involved. Key Provisions: 1. Parties involved: The agreement includes the identification of the gas company and the landowner, stating their names, addresses, and contact information. 2. Grant of rights: This section specifies that the landowner grants the gas company the exclusive right to construct, maintain, and operate underground gas storage facilities under the property for the purpose of storing natural gas. 3. Term and termination: The agreement defines the duration of the lease, including the initial term and any potential renewal periods. It also outlines conditions under which either party can terminate the agreement, such as non-compliance with specific obligations or force majeure events. 4. Compensation and royalties: This provision details the compensation the landowner will receive in exchange for granting the gas company access to their property. It includes payment terms, frequency, and any applicable royalties based on the amount of gas stored or extracted. 5. Storage operations: The agreement describes the gas company's responsibilities regarding the construction, maintenance, and operations of the underground storage facilities. It may include safety measures, monitoring procedures, and environmental protection requirements. 6. Landowner obligations: This section outlines the landowner's obligations, such as providing the necessary access rights, maintaining the surface area, and preventing interference with the gas company's operations. 7. Indemnification and liability: The agreement establishes the respective liabilities of both parties in case of property damage, personal injury, or environmental issues. It may include provisions for insurance coverage and indemnification. 8. Confidentiality and trade secrets: This provision protects any proprietary or confidential information shared between the parties during the lease term, and restricts its disclosure to third parties. 9. Governing law and jurisdiction: The agreement specifies the laws of Mecklenburg County, North Carolina, as the governing law for any disputes arising from the agreement. It also identifies the jurisdiction in which any legal proceedings would take place. Types of Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement: While the long form agreement described above is a comprehensive contract encompassing all the essential provisions, there may be variations or alternative forms of the lease agreement depending on factors such as the specific gas company involved, the complexity of the project, or unique provisions required by either party. These variations might include a short form agreement, an agreement with additional provisions for surface rights and land use, or an agreement specifically tailored for certain subterranean geological conditions. Conclusion: A Mecklenburg North Carolina Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a vital legal document that governs the relationship between a gas company and a landowner in Mecklenburg County. By clearly defining the rights, responsibilities, and compensation of both parties, this agreement ensures a mutually beneficial and legally sound arrangement for the storage and extraction of natural gas within the specified property.