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(a) Upon the Commencement Date, Licensee shall pay to Licensor monthly <br />compensation in the amount of $ 55,511 per month ( "Compensation ") for use <br />of the License Area. Compensation will be due upon execution of this Agreement <br />and thereafter on or before the 10a' of each month, payable to "The City of Santa <br />Ana" and remitted to: The Depot at Santa Ana, 1000 East Santa Ana Blvd., Suite <br />108, Santa Ana, CA 92701. A late charge of ten percent (10 %) shall be applied <br />after any payment hereunder is due but unpaid. In addition, one and a half percent <br />(1 '' /� %) interest per month shall be added for each month that payment hereunder is <br />due but unpaid. <br />(b) Licensee's monthly compensation payments shall be subject to an automatic <br />annual adjustment which will be due and payable the a. "and 3 =' years of the <br />license term. Said adjustment shall be 1.5% per year as follows: 1" yr. _ <br />$ s-) 511 , Z`P yr. = $ s, s `i 3 , 3"' yr. = $ S , G-1 -7 <br />(c) For any Renewal Term, Licensee shall pay the then current compensation, <br />increased by three percent (3 %). <br />(d) Any holding over after the expiration of the Term or Renewed Term, with the <br />consent of Licensor, shall be construed to be an extension from month to month at <br />two (2) times the compensation herein specified and shall otherwise be consistent <br />with the conditions herein specified, so far as applicable. <br />