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2.04. The Lessee agrees to pay to the Lessor a fixed rental in the sum of $1.00 per year for the entire <br />square footage of the Leased Premises for a period of five (5) years. <br />As further consideration, the Lessee will operate an exhibition hall of aviation and military <br />memorabilia and aircraft as well as a gift shop on the Leased Premises. A minimum donation of <br />$2.00 per person will be requested for entrance to the exhibition hall. One -half (50% ) of the <br />gross proceeds collected by Lessee from its operation of the Aviation Exhibit Hall must be paid to <br />Lessor quarterly. As additional consideration for this Agreement, Lessee will pay to Lessor 15% <br />of the gross revenue collected from the imp after sales tax has been deducted. Gross revenue <br />includes all revenue generated at the airport by Lessee except generated from purchases by <br />members of the Central Texas Wing of the Commemorative Air Force. Lessee will pay this <br />percentage to Lessor quarterly. <br />a. Method of Payment: Rent is payable to Airport Manager by check. Airport Manager <br />reserves the right to require the form of payment of rent to be by check, certified or cashier's <br />check, or money order. Cash is not an acceptable form of payment without the Airport <br />Manager's prior written consent. Rent may be paid physically at 4400 Airport Highway 21 or <br />by mail to 1807 Airport Drive Suite 200, San Marcos, Texas 78666. <br />2.04. The monthly rent payment and gross revenue payments shall be due on or before the first day of <br />the month. A payment shall be considered past due if, after the fifth (5th) day of January, April, <br />July, and October of each year in which the payment is due, Lessor has not received full payment <br />during normal working hours at San Marcos Regional Airport. Payments submitted via United <br />States Postal Service or any similar type messenger service are not considered paid on the date <br />posted by said service. <br />2.05. Late Charges: Lessee's failure to pay sums due hereunder promptly may cause Lessee or Airport <br />Manager to incur unanticipated costs. The exact amount of such costs is impractical or difficult <br />to ascertain. Such costs may include, but are not limited to, processing and accounting charges. <br />Therefore, if Airport Manager does not receive a rent payment in the frill amount at the <br />designated place of payment by 5:00 p.m. on the 5" day of the month in which it is due, Lessee <br />will pay Airport Manager for each late payment: <br />a. An initial late charge equal to $25.00; and <br />b. Additional late charges of $10.00 per day thereafter until rent and late charges are paid in full. <br />Additional late charges may not exceed more than 15 days in any one month. <br />c. Provided, however, that if the foregoing late charge would be deemed in violation of the law, <br />such amount shall be equal to an amount determined by multiplying the amount of monthly <br />rent times the highest rate of interest per annum allowed under applicable law. The parties <br />agree that late charge set forth herein represents a fair and reasonable estimate of the costs <br />Lessee will incur by reason of such late payment. <br />Page 3 of 20 <br />