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rental shall be paid in equal monthly installments in the amount of $1,500.00 each. The rental rate <br />shall be increased by a flat ten percent (10%) during the Extension Term of the Lease. The Lessee, <br />at its option, may make advance payments of up to one (1) year's fixed rentals, but there will be no <br />discount for these payments. <br />a. Method of Payment: Rent is payable to Airport Management by e -check. Airport Management <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 />Management's prior written consent. Rent may be paid online or physically at 4400 Airport <br />Highway 21 or by mail to 1807 Airport Drive Suite 200, San Marcos, Texas 78666. <br />2.06. Late Charges: Payments not received in full by 5:00 p.m. CST on the 5th day of the month in <br />which it is due, will be considered late, and a $15.00 per day late charge will be assessed. In <br />addition to the forgoing late charges, Lessee shall reimburse Lessor for each check that is returned <br />or not honored. <br />2.07. Except with the Lessor's prior written consent, Lessee will not be released from this Agreement <br />for any reason —including but not limited to voluntary or involuntary job transfer, change of marital <br />status, loss of co -tenant, loss of employment, bad health, or the sale or disposition of the Aircraft. <br />Lessee is obligated to the terms and conditions of this Agreement, including the payment of <br />rent, for the entire Primary Term, from the Commencement Date through the Expiration <br />Date, and for each month thereafter (if any) until this Agreement is terminated. <br />2.08. In the event Lessee holds over after the expiration of this Lease, such hold over status will create <br />a month-to-month tenancy. In this event, Lessee agrees to pay the rental amount set for the <br />premises at the date of expiration of this Lease plus fifty (50%) percent, which is the holdover <br />month-to-month tenancy rate. Said holdover tenancy will be subject to all other terms and <br />conditions of this Lease. <br />2.09. The Lessee agrees to pay to the Lessor a monthly fee for the use of any reserved tie -downs or any <br />other Airport Facilities for aircraft, motor vehicles or any other equipment or items which are <br />outside of the Leased Premises and under the custody and control of the Lessee or its employees, <br />agents or customers. The Airport Facilities will be charged at the then -established standard rental <br />or use fee prescribed by the Lessor. <br />2.10. If the Lessee fails to pay any rent or any other sum payable to the Lessor under the terms of this <br />Lease when due, then interest at the maximum legal rate in the State of Texas shall accrue from the <br />date on which the maximum late charges described in section 2.05 have been incurred. <br />ARTICLE 3: ADJUSTMENT IN RENT, CHARGES, AND FEES OR OTHER TERMS TO THIS <br />AGREEMENT <br />3.01. Except as otherwise provided for herein, during the Primary Term no change in any term or <br />condition of this Agreement will be effective, unless Lessor and Lessee each sign and deliver a <br />Page 3 of 17 <br />