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:

(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.