Form PR4229-2 Underground Gas Storage Lease Rental and Bonus Remittance - Michigan

What Is Form PR4229-2?

This is a legal form that was released by the Michigan Department of Natural Resources - a government authority operating within Michigan. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is PR4229-2?A: PR4229-2 is a form for the Underground Gas Storage Lease Rental and Bonus Remittance in the state of Michigan.

Q: What is an Underground Gas Storage Lease Rental and Bonus Remittance?A: An Underground Gas Storage Lease Rental and Bonus Remittance is a document used to remit lease rentals and bonuses for underground gas storage leases.

Q: What is an underground gas storage lease?A: An underground gas storage lease is a contract that grants the lessee the right to store natural gas in underground storage reservoirs.

Q: What is lease rental?A: Lease rental is a periodic payment made by the lessee to the lessor for the use of the leased property.

Q: What is a bonus payment?A: A bonus payment is a one-time payment made by the lessee to the lessor as consideration for entering into the lease agreement.

Q: Who uses the PR4229-2 form?A: The PR4229-2 form is used by individuals or companies who have entered into underground gas storage leases in Michigan.

Q: What information is required on the PR4229-2 form?A: The PR4229-2 form typically requires information such as the lessee's name, lease number, lease year, and the amount of lease rental and bonus payment being remitted.

Q: How often are lease rentals and bonus payments remitted?A: Lease rentals and bonus payments are typically remitted on a monthly or annual basis, as specified in the lease agreement.

Q: What happens if lease rentals and bonus payments are not remitted?A: Failure to remit lease rentals and bonus payments may result in penalties or termination of the lease agreement.