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<br /> -5- <br /> 1. RENT. A rental of $.15 per square foot per annum for The <br />Premises. <br /> 2. FEES. A sum equal to 1% of the adjusted gross receipts from <br />all businesses conducted and carried on by Lessee at the Airport. The <br />term "adjusted gross receipts" as used in this Agreement shall mean the <br />aggregate amount of all sales made, and all services performed, for <br />cash, on credit or otherwise, of every kind, nature and name. Adjusted <br />gross receipts shall also include the aggregated value of all goods, <br />wares and merchandise received for property or services, at the selling <br />price thereof, as if the same has been sold for cash. There shall be <br />excluded from adjusted gross receipts (1) all fuel sales~ (2) all sales <br />of new and used aircraft~ (3) all sales of federal (including <br />military), state and municipal government entities; (4) federal, state, <br />and municipal sales taxes, or other similar taxes, separately stated <br />and collected from customers~ and, (5) bad debts. <br />B. PAYMENTS. <br /> 1. The rental payment specified in Paragraph A.l above, shall be <br />paid monthly in advance in the sum of $22 per month, the first payment <br />to be made on or before the first day of February , 19R5- , and a <br /> <br />like payment to be made on or before the first day of each month <br />thereafter during the term of this Agreement. <br /> 2. The fees specified in Paragraph A.2 above, shall be paid and <br />a report of Lessee's adjusted gross receipts during the preceding month <br />shall be provided by Lessee to City on or before the twentieth (20th) <br />day following the end of each month throughout the term of this <br />Agreement. <br />C. DELINQUENCY CHARGE. A delinquency charge 1.5% per month shall be <br />added to payments required by Paragraphs A and B above, which are <br />rendered more than fifteen (15) days delinquent. <br />D. PLACE OF PAY11ENT. All payments due City from Lessee shall be <br />delivered to the place designated in writing by City. <br />D. RECORDS. Lessee shall provide and maintain accurate records of <br />adjusted gross receipts derived under this Agreement for a period of <br />three (3) years from the date the record is made. Such records shall <br />