Title: Understanding Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) Introduction: The Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a legally binding contract between the landowner and a gas storage company, allowing the company to utilize a specific parcel of land for underground gas storage purposes within the Wayne, Michigan area. This comprehensive agreement ensures the rights, responsibilities, and obligations of both parties are clearly defined. Here, we will delve into the key aspects and types of this agreement. 1. Key Components of the Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement: 1.1 Parties Involved: The agreement will clearly state the names, addresses, and contact information of the landowner(s) and the gas storage company that are entering into the agreement. 1.2 Description of Land: The lease will provide a detailed description of the land plot planned for the gas storage operation, including boundaries, acreage, and specific geographical features. 1.3 Term and Renewal: This section will outline the duration of the agreement, specifying the commencement and expiry dates. Additionally, any provisions for lease renewal, extension, or termination will be clearly addressed. 1.4 Grant of Rights: This section grants the gas storage company exclusive rights to store, remove, and transport natural gas within the designated subsurface area on the leased property. It details the specific storage capacity allowed, involvement of other entities, and potential drilling activities. 1.5 Compensation and Royalties: The agreement will cover the financial aspect, including rent payments, upfront bonuses, and potential royalties, which could be based on the quantity of gas stored or other specified criteria. Payment schedules, adjustments, and any late payment penalties will also be stated. 1.6 Operating Obligations: The lease will specify the gas storage company's responsibilities, such as maintaining the storage facilities, safely storing and handling the gas, adhering to environmental regulations, and carrying appropriate insurance coverage. 1.7 Landowner Obligations: This section outlines the obligations imposed on the landowner, which may include granting access to the gas storage company, cooperating during inspections, and providing easements or rights-of-way if necessary. 1.8 Indemnification and Liability: Both parties' rights and responsibilities regarding indemnity against damages, accidents, or any other consequences will be established, ensuring fair distribution of liabilities. 1.9 Environmental Considerations: This section will outline the measures the gas storage company must take to protect the environment, including compliance with regulations, mitigation of potential risks, and restoration requirements. 2. Types of Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement: 2.1 Exploration Agreement: This agreement permits a gas storage company to conduct tests and assessments on the land to evaluate the feasibility of establishing a gas storage facility. 2.2 Development Agreement: A development agreement is signed when the gas storage company intends to construct the necessary infrastructure for gas storage, including wells, pipelines, and related facilities. 2.3 Operational Agreement: Once the facility is established, an operational agreement allows the gas storage company to operate and store gas on the leased property for the agreed-upon period. Conclusion: The Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form) is a critical legal document that serves the interests of both the landowner and the gas storage company. It lays out the terms and conditions necessary for a harmonious relationship, while emphasizing environmental stewardship and fair compensation. Understanding the agreement's details and its various types aids in ensuring a smooth and mutually beneficial working relationship between the landowner and gas storage company.
Wayne Michigan Subsurface Underground Gas Storage Lease and Agreement (With Landowner; Long Form)
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(Entry 1 of 2) 1 : a contract by which one conveys real estate, equipment, or facilities for a specified term and for a specified rent took out a five-year lease on the house also : the act of such conveyance or the term for which it is made. 2 : a piece of land or property that is leased.
What Should You Look for in an Oil and Gas Lease? Gross or Cost-Free Royalty Provision. The first thing landowners typically want to know with an Oil and Gas Lease is, What's my bonus amount?Surface protection & Pugh Clause.Length of lease.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production. Leases do not authorize ground disturbance.
If a lease doesn't produce energy, a company starts the process over again with a new lease yet continues to pay rent on the original, non-producing plot of land.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
These operators include the Columbia Gas Transmission Company, Dominion Gas Transmission Company, The National Fuel Gas Supply Company, Natural Gas Pipeline of America, Texas Gas Transmission Company, Southern Star Central Pipeline Company, TransCanada Corporation.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
"Held by production" is a provision in an oil or natural gas property lease that allows the lessee, generally an energy company, to continue drilling activities on the property as long as it is economically producing a minimum amount of oil or gas.
Figure 2 shows the U.S. natural gas storage regions. The principal owners/operators of underground storage facilities are interstate pipeline companies, intrastate pipeline companies, local distribution companies (LDCs), and independent storage service providers.
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A condominium unit is valued only to the extent the unit is damaged. (B) The condominium unit, excluding any portions of it which are damaged, shall be fully reimbursed by the county in a reasonable amount for the property losses and expenses. Any portion of a condominium unit which is permanently damaged by fire shall be compensated for as provided in RCW 59.18.140 (2) If DNR has determined that the condominium unit was not a total loss at the time of the fire: (A) The condominium owners may receive a payment for the property losses that exceed the least of 50,000 and the cost of the land to replace the condominium unit. If the difference between the least of 50,000 and the cost or replacement of the condominium unit is at least 1,000, any excess shall be paid toward the condominium unit. The payment shall be for the cost of replacement of the condominium unit and any damages therefrom as specified in paragraph (a) of this subsection.
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