Effective May 15, 1994, no additional applications will be accepted for the waiting list. A moratorium shall be in effect until the present waiting list has been diminished and all applicants have either been awarded a dock or have been removed from the list for failure to perform. From that time forth, the waiting list shall be filled through a lottery system, open to all, and placement upon the list shall be in the order by which the name of the applicant was drawn. The Town, at it's discretion, shall determine the number of applicants to be placed upon the waiting list. All applicants upon their selection through the lottery system, shall be subject to the fee system as stated in the Marina Rules and Regulations, and all other rules and regulations as they pertain. When an appropriate slip becomes available, the Harbormaster will notify the applicant of the vacancy and the applicant shall have first right of refusal on leasing the slip. Should the applicant not accept the offer of the slip, the applicant may waive that offer but elect to remain on the top of the wait list for the next available slip. The vacant slip shall then be offered to the next eligible applicant until the vacancy is filled. It shall be the responsibility of the applicant to notify the Harbormaster's Office of any change in the address or phone number or any other significant changes to the application.