§ 585.433. What must I do after my lease or grant terminates?
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/us/cfr/t30/s§ 585.433·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)After your lease or grant terminates, you must:
(1)Make all payments due, including any accrued rentals and deferred bonuses; and
(2)Perform any other outstanding obligations under the lease or grant within 6 months.
(b)Within 2 years following termination of a lease or grant, you must remove or dispose of all facilities, installations, and other devices permanently or temporarily attached to the seabed on the OCS in accordance with your BOEM-issued lease for hydrokinetic facilities or an application approved by BSEE under 30 CFR part 285, subpart I.
(c)If you fail to comply with your BOEM-issued lease for hydrokinetic facilities or decommissioning application:
(1)BOEM may call for the forfeiture of your financial assurance; and
(2)You remain liable for removal or disposal costs and responsible for accidents or damages that might result from such failure.
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- 30 CFR 285
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§ 585.433
What must I do after my lease or grant terminates?
Cite30 CFR 285
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