Montana Code 70-17-405. Wind option agreements — contents and requirements — notarization
70-17-405. Wind option agreements — contents and requirements — notarization. (1) A wind option agreement executed after April 21, 2011, must contain but is not limited to:
Terms Used In Montana Code 70-17-405
- Property: means real and personal property. See Montana Code 1-1-205
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means lands, tenements, hereditaments, and possessory title to public lands. See Montana Code 1-1-205
- Wind energy developer: means the person that enters into a wind option agreement or wind energy agreement with the owner of the real property for the purpose of developing a wind energy project. See Montana Code 70-17-402
- Wind option agreement: means a written agreement in which the owner of real property grants a wind energy developer an exclusive right to obtain a wind easement through a wind energy agreement. See Montana Code 70-17-402
(a)the names and addresses of the parties to the wind option agreement;
(b)a legal description of the real property subject to the wind option agreement;
(c)the specified term beyond which the wind option agreement terminates and the real property is released from the obligations outlined in the wind option agreement;
(d)compensation for the owner of the real property on and over which the wind resource flows; and
(e)other terms and conditions agreed upon by the owner of the real property and the wind energy developer.
(2)A wind option agreement must be notarized.
(3)A wind option agreement may not exceed 20 years unless extended by agreement of the parties.