The climber will now climb, and the belayer will take out the slack, but leaving a few inches for mobility. If the climber wants to stop, or the belayer is not taking slack, then the climber will say "Take" and the belayer will say "Gotcha" once he has taken out all the slack.
The belayer lowers the climber by pulling down on the rope with his left hand, and pulling out, then down with his right hand.
Once the climber reaches the top, or any time that the climber wants to go down, the climber will say "Take" and then the belayer will take all the slack and say "Gotcha" Then, the climber will say "Lower" and the belayer will say "Lowering" and will slide the rope between his hands.
Now, the climber and belayer will untie the knots, and detach the belay setup. Then, even out both lengths of rope, make a loop with both ropes as high as you can reach, and push both ropes through the loop.