Res 2012-003 - Laserfiche WebLink

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City of San Marcos Airport amount of such costs is impractical or difficult to ascertain. Such costs may include, but are not limited to, processing and accounting charges. Therefore, if Manager does not receive a rent payment in the full amount at the designated place of payment by 5:00 p.m. on the 5th day of the month in which it is due, LESSEE will pay Manager for each late payment: i. An initial late charge equal to $25.00; and ii. Additional late charges of $10.00 per day thereafter until rent and late T- charges are paid in full. Additional late charges may not exceed more than 15 days in any one month. iii. Provided, however, that if the foregoing late charge would be deemed in violation of the law, such amount shall be equal to an amount determined by multiplying the amount of monthly rent times the highest rate of interest per annum allowed under applicable law. The parties agree that the late charge set forth herein represents a fair and reasonable estimate of the costs LESSEE will incur by reason of such late payment. C. Returned Checks: In addition to the foregoing late charges, LESSEE shall reimburse Manager or LESSOR for each check LESSEE tenders to Manager that is returned or not honored by the institution on which it is drawn for any reason. LESSEE must make any returned check good by paying such amount(s) plus any associated charges in certified funds. Any sums required to be paid hereunder and not paid when due, including attorneys' fees, shall bear interest, until paid, at the lesser of the following rates: (i) 18% per annum; or (ii) the highest rate allowed under applicable law. Interest shall accrue on monthly rental payments and late charges from the fifth day of each month until such payments are received by Manager and, on returned check charges, until such returned check is made good. All agreements between LESSOR and LESSEE, whether herein contained or in any other instrument or agreement, whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever shall any acceleration of rents due, late charges, returned check charges, interest charges, or any other charges whatsoever, be deemed as interest charged, contracted for or received in excess of the amount permitted under applicable law, it particularly being the intention of the parties hereto to conform strictly to the laws of the State of Texas. Any portion of such charges which are deemed as interest in excess of the amount permitted under applicable law, as of the date such charge is due, shall be applied to a reduction of the rental payment next coming due hereunder, or, if such portion of charges exceeds the rental payment next coming due hereunder, such amount shall be refunded to LESSEE. If a specific due date for any monetary obligation owed by LESSEE to LESSOR is not provided for in this Agreement, the due date for such obligation shall be that date which is ten (10) days after LESSOR delivers a written request for payment to LESSEE. Except with the LESSOR's prior written consent, LESSEE will not be released from this Agreement for any reason — including but not limited to voluntary or involuntary job transfer, change of marital status, loss of co- tenant, loss of employment, bad health, or Initials: Lessor Lessee