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<br />5. This right of use shall be perpetual on an annually <br />renewable basis. If the annual payment is made as <br />provided in this application, the right of use shall be <br />automatically renewed another water year without any <br />further action of the District; if the annual payment is <br />not timely made, as provided above, the right of use <br />shall terminate. <br /> <br />6. Applicant agrees that the water allocation shall be <br />beneficially used for the purposes and in the manner <br />specified herein, and that this right of use is made for <br />the exclusive benefit of the Applicant and shall not <br />inure to the benefit of any successors or assigns of said <br />Applicant without prior specific approval of the Board of <br />Directors of said District. <br /> <br />7. Applicant agrees to be bound by the provisions of the <br />Water Conservancy Act of Colorado: by Section 37-45-131; <br />by the Rules and Regulations and policies of the Board of <br />Directors of said District; and by the Repayment Contract <br />of July 5, 1938, between said District and the United <br />States and all amendments thereof and supplements <br />thereto. <br /> <br />8. Applicant agrees, as a condition of this contract, to <br />enter into an 1I0perating Agreementll with said District if <br />and when the Board of said District finds and determines <br />that such an agreement is required by reason of <br />additional or special services requested by the Applicant <br />and provided by the District. Said agreement may <br />contain, but not limited to, provision for water delivery <br />at times or by means not provided within the terms of <br />standard contracts of the District; additional annual <br />monetary consideration for extension of District delivery <br />services and for additional administration, operation and <br />maintenance costs; or for other costs to the District <br />which may arise through provision of services to the <br />Applicant. <br /> <br />Section 3. In the opinion of the City Council of the City of <br />Louisville, Colorado, acquisition of this annually renewable <br />perpetual right of use water contract for Colorado-Big Thompson <br />Project water from Northern Colorado Water Conservancy District and <br /> <br />4 <br />