I had to go back and read this again to get in my head how the $45/ac came about. It was very decent of them to lower the rent that much because of drought, which is nobody's fault but is hard for you to deal with. Legally you don't have to increase your payment but to maintain a good working relationship and have the door open to continue renting if you want the land long term, I would go to them in person and ask to renew the contract at the price they are suggesting. They gave you a break on the last contract at 45. $54/ac still sounds like a fair price if you paid $65 for one term. If you compromise on that and they give you an extension of time that you know you have the land for a few more years seem like a win for everybody. I rented a majority of my land for 44 years and had some very long term and good relationships with landlords that spanned 30-40 years. Keeping those going involves some give and take and you don't always get everything you want but if it is good land and convenient for you maybe it's not the end of the world to give something up this time. But it is easy for me to spend your moneyWe started off at $65. 2years of lower prices and 1 year of a 2 year drought got us a renewal at $45. so 1 year left at $45. If i remember correctly ,$65 at the time was high for our area. Now $45 is prob on low end also. I am totally willing to entertain the bonus if we can secure an extension. without the extension though i think the we run this upcoming season out and see where things shake out.
Rent in this area has backed off a little from the peak a few years ago.