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L Texas State Credit for Unused Water. The City will provide a credit to <br />Texas State for amounts of surface water rights made available to the City at a minimum <br />of 400 acre feet, up to 1,164 acre feet, annually, which credit will be applied against any <br />charges for City water or wastewater utilities of any type provided to Texas State as <br />explained in this paragraph. The credit will be calculated by: i) multiplying the current <br />reclaimed water rate by the amount of surface water rights used by the City at a minimum <br />of 400 acre feet, up to 1164 acre feet, annually; ii) multiplying the current reclaimed water <br />rate by the actual volume of acre feet of reclaimed water consumed by Texas State; and iii) <br />providing a credit in the amount of the difference, if any. For example, if the current <br />reclaimed water rate of $439.90 per acre foot is multiplied by 1,164 acre feet of water, the <br />value of such water is $512,043.60 ($439.90 x 1164 = $512,043.60). If Texas State <br />consumes 400 acre feet of water during a one year period at a cost of $175,960.00, Texas <br />State will be entitled to a credit in the amount of $336,083.60 ($512,043.60 - $175,960.00 <br />= $336,083.60). <br />2. Term and Termination. <br />a. Term. This Agreement shall be effective on the date first shownn above and <br />shall continue for a period of 99 years, unless renewed by mutual written agreement of the <br />Parties. <br />b. Termination. Either party may: <br />L request to terminate this agreement without cause with 60 days <br />written notice to the other party, termination without cause requires the consent of <br />both parties and is subject to establishing mutual conditions of termination; or <br />ii. terminate this contract for cause if the other party is put on notice of <br />rd <br />