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<br />appropriate parties, the Lease Assignment and Assumption shall be null and void and replaced by <br />this Lease and all operations on the Property and the obligations of the parties with respect thereto <br />shall be deemed as occurring under and governed solely by this Lease. <br />Term. The Term of this Lease shall be a period of ten (10) years from the <br />dale of the last party to sign, with an option in the Company to extend for an additional ten (IO) <br />years by giving Lessor notice of such extension (each annual period thereof being referred to as a <br />"Lease Year'), unless sooner terminated by Lessee. <br />Production Royalties. <br />