(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.