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2.04. As further consideration, the Lessee agrees to pay to the Lessor for the reserved use tie -down spaces <br />on the ramp in the area depicted in Exhibit B. The reserved tie -downs will be charged at the then - <br />established standard rental or use fee prescribed by the Lessor (currently a monthly charge of $50 <br />for single engine and $75 for multi -engine aircraft). Lessee may install tie -down grommets where <br />necessary and mark the spaces as reserved with prior approval by Airport Management. As Lessee <br />acquires more aircraft, additional tie -down spaces may be reserved in an area approved by Airport <br />Management. <br />2.05. Method of Payment: Rent is payable to San Marcos Regional Airport by check or credit card. <br />Lessor and Airport Manager reserve the right to require the form of payment of rent to be by check, <br />certified or cashier's check, or money order. Cash is not an acceptable fonn of payment without <br />the Lessor or Airport Manager's prior written consent. <br />2.06. The monthly rent payment shall be due 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 nonnal working hours at San 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 Lessor or Airport <br />Manager to incur unanticipated costs. The exact amount of such costs is impractical 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. CST on the 5th 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 $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 the late charge set forth herein represents a fair and reasonable estimate of the costs <br />Lessor will incur by reason of such late payment. <br />2.08. Returned Checks: In addition to the foregoing late charges, Lessee shall reimburse Lessor or <br />Airport Manager for each check Lessee tenders to Airport Manager that is returned or not honored <br />by the institution on which it is drawn for any reason. Lessee must make any returned check good <br />by 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 attorney's 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 (5`'') day of <br />Page 3 of 21 <br />