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B. In addition to the base rental. Bowie shall pay iLessor as additional rent the <br />sum of $_per clay for all days during an Exclusive Control iPeriod. Bowie shall pay such <br />additional rent within fifteen days after the date on which an Exclusive Control Period expires or on <br />the fast day of each month if the exclusive control period lasts more than 30 days. <br />C. All rent payments shall be made payable to Overland Water Ranchers LLC and <br />shall be sent or delivered to Lessor at the address set forth in Paragraph 6, below- Lessor shall be <br />responsible for dividing the rent among and between Lessor in proportion to their interests in the <br />Overland Shares or in some other manner to which Lessor may agree. Once the rent is paid to <br />Lessor as set forth in this paragraph, Bowie shall have no obligation to see that the payment is <br />properly divided among and between the Lessor. <br />4. Term of Lease. The tern of this Lease shall be as follows: <br />A. Subject to the provisions of Paragraphs 4.8. and 4.C., below, this Lease <br />shall be for a term of twelve (12) years, which term shall commence on May 1, 2048, and <br />continue until April 30, 2024, at which time this Lease shall terminate unless Bowie <br />exercises the option to extend this Lease for an additional term under Paragraph 4.B., <br />below. <br />B. Bowie shall have the option to extend this Lease for one additional five- <br />year tern. Such extension shall be upon the same terms and conditions as set forth herein <br />except the parties will renegotiate all rental fees. If Bowie desires to exercise the option <br />to extend this Lease, Bowie shall give Lessor written notice of Bowie's intent to exercise <br />the option no earlier than one year and no later than three months prior to the expiration <br />of the original terra of this Lease. If such notice is not timely given, Bowie shall be <br />deemed to have waived its right to exercise the option, and this Lease shall expire and <br />terminate at the end of the original term. <br />C. Notwithstanding anything to the contrary set forth above, Bowie shall be <br />entitled to terminate this Lease at any time upon ninety (90) days written notice to Lessor. <br />If Bowie terminates the Lease under this provision, it shall not be entitled to a refund of <br />any rent paid prior to the date of termination of the Lease and shall be responsible for any <br />accrued but unpaid rent as described in 3b above. <br />5. Breach. The failure of Bowie to comply with each and every term and condition <br />of this Lease shall constitute a breach of this Lease. Bowie shall have fifteen days after <br />written notice from Lessor of any breach to correct the conditions specified in the notice. <br />In addition to any other remedies that Lessor may have at law or in equity, if Bowie <br />breaches this Lease and fails to correct such breach within the time provided above, <br />Lessor shall be entitled to immediately terminate this Lease. And Bowie shall not be <br />entitled to a refund of any rent paid prior to the date of termination of the Lease. <br />