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Volume III, Tab 2 p <br />• LEASE OF RESERVOIR COMPANY SHARES <br />THIS LEASE OF RESERVOIR COMPANY SHARES is made and entered into by and <br />between Bowie Resources, LLC, whose address is P.O. Box 1488, Paonia, CO 81428 (hereinafter <br />referred to as "Bowie") and Overland Water Ranchers LLC, whose address for purposes of "this <br />Agreement is 27497 Buffalo Road, Hotchkiss, CO 81419 (hereinafter collectively referred to as <br />"Lessor"). The effective date of this Lease is <br />March 19, 2008. <br />RECITALS <br />A. Lessor owns or controls a total of 1100 shares of the capital stock of The <br />Overland Ditch and Reservoir Company (the "Reservoir Company"), represented by.Overland <br />Water Ranchers LLC operating document. These shares shall be referred to herein as the <br />"Overland Shares." <br />B. Bowie desires to lease the Overland Shares from Lessor, and Lessor desire to lease <br />the Overland Shares to Bowie, on the terms and conditions set forth in this Lease. <br />NOW, THEREFORE, the parties agree as follows: <br />1 _ Lease of Overland Shares. Lessor hereby lease the Overland Shares and all water <br />available under or attributable to the Overland Shares to Bowie, subject to the remaining terms and <br />conditions of this Lease. <br />2. Use of Water Under Overland Shares. <br />A. The Lessor shall have the right to use the water attributable to the Overland <br />Shares except during Bowie's Exclusive Control Periods, as such periods are defined in Paragraph <br />2.B., below. <br />B. If Bowie needs to have water under the Overland Shares released for its use or <br />benefit as set forth in 2C, it shall give the Lessor two (2) days' written notice thereof ("Two Day <br />Notice Period") and Lessor shall notify the Overland Secretary of the change of point of release for <br />the next box setting prior to the end of the Two Day Notice Period. After the expiration of the Two <br />Day Notice Period, Bowie shall have exclusive control over the Overland Shares and the exclusive <br />use of all water attributable to those Shares, and Bowie shall be entitled to have water released <br />under the Overland Shares for its use or benefit for irrigation. When Bowie no longer needs the <br />water, it shall give written notice of such fact to Lessor, and after .such notice is given, Lessor shall <br />once again have the right to use the water attributable to the Overland Shares. The period of time <br />during which Bowie has exclusive control over the OverlandShares, which extends from the <br />expiration of the Two Day Notice Period until the date Bowie gives notice that it no longer needs <br />• the water, shall be known as the "Exclusive Control Period." Bowie shall be entitled to utilize the