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of 5478.05 each. The Lessee, at its option, inay make advance payments of up to one (1) year's <br />fixed rentals, but there will be no discount for these payments. <br />a. Method of Payment: Rent is payable to Airport Manager by check. Airport Manager reserves <br />the right to require the form of payment of rent to be by check, certified or cashier's check, or <br />money order. Cash is not an acceptable form of payment without the Airport Manager's prior <br />written consent. Rent may be paid physically at 4400 Airport Highway 21 or by mail to 1.807 <br />Airport Drive Suite 200, San Marcos, Texas 78666. <br />2.06. The monthly rent payment shall be dere on or before the first day of the month. A payment shall be <br />considered past due if, after the fifth (5") day of the month in which the payment is due, Lessor has <br />not received full payment during normal working hours at Saar Marcos Regional Airport. Payments <br />submitted via United States Postal Service or any similar type messenger service are not considered <br />paid on the date posted by said service. <br />2.07. 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 unpractical or difficult to <br />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 full amount at the designated <br />place of payment by 5:00 p.m. on the 5' day of the month in which it is due, Lessee will pay <br />Airport Manager for each late payment: <br />a. An initial late charge equal to 525.00; 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 arnount shall be equal to an amount determined by multiplying the amount of monthly <br />rent times the highest rate of interest per anrntm allowed tinder applicable law, The parties <br />an �ee 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 />2.08. Returned Checks: In addition to the foregoing late charges, Lessee shall reimburse Airport Manager <br />or Lessor for each check Lessee tenders to Airport Manager that is returned or not honored by the <br />institution on which it is drawn for any reason. Lessee must make any returned check good by <br />paying such amount(s) plus any associated charges in certified funds. Any sums required to be <br />paid hereunder and not paid when due, including attorneys' fees, shall bear interest, until paid, at <br />the lesser of the following rates: (i) 18% per annum; or (ii) the highest rate allowed under applicable <br />law. Interest shall accrue on monthly rental payments and late charges from the fifth day of each <br />month until such payments are received by Airport Manager and, on returned check charges, until <br />such returned check is made good. All agreements between Lessor and Lessee, whether herein <br />contained or in any other instrument or agreement, whether written or oral, are hereby expressly <br />limited so that in no contingency or event whatsoever shall any acceleration of rents due, late <br />Page 3 of 18 <br />