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<br />November 1 of each year, any water undelivered from the <br />annual quantity made available to the Applicant shall <br />revert to the water supplies of the District. <br /> <br />4. Applicant agrees to pay annually in advance for the <br />amount of water herein provided for use under this <br />contract by the Board of Directors of said District at a <br />price per acre-foot to be fixed annually by said Board; <br />and, further, agrees that the initial annual payment <br />shall be made, in full, within fifteen (15) days after <br />the date of notice from the District that the initial <br />payment is due hereunder. Said notice will advise the <br />Applicant, among other things, of the water year to which <br />the initial payment shall' apply and the price per acre- <br />foot which is ~pplicable to that year. Annual payments <br />for each water year thereafter shall be made in advance <br />by the Appli~ant on or before each October ~, 31 days <br />prior to the start of the water year, at the rate per <br />acre-foot established by the Board for municipal water <br />use in that water year. For the purpose of this water <br />contract, the water year is defined to be from November <br />1 to October 31 of the following year. <br /> <br />If an annual payment, as herein provided, is not made by <br />due date, written notice thereof, by certified mail, will <br />be given by said District to the Applicant at the <br />following address: City of Louisville, attn: City <br />Administrator, 749 Main Street Louisville, CO 80027. <br /> <br />Water deliveries shall be suspended as of November 1 of <br />the new water year until payment of the delinquency is <br />made. If payment is not made within ninety (90) days <br />after the date of mailing of said written notice, <br />Applicant shall have no further right, title, or interest <br />under this contract; and the right of use of water, as <br />herein made, shall be disposed of at the discretion of <br />the Board of Directors of said District in accordance <br />with the applicable provisions of C.R.S. Section 37-45- <br />132 and 7-42-104. Any proceeds from any sale of the <br />right of use to another allottee shall be paid to <br />Applicant over and above the District's actual expense in <br />terminating and disposing of the contract right of use. <br /> <br />3 <br />