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FILE: 0"7 <br />Commencement Date. OCTA shall give Licensee written notice of the date and amount <br />of any such adjustment not less than thirty (30) days prior to the applicable anniversary <br />date. If no adjustment is made on the third anniversary of the Commencement Date, an <br />adjustment may nevertheless be made on subsequent anniversary date and thereafter at <br />intervals of not less than three (3) years apart. Any such adjustment may take into <br />consideration the increase in fair market rental value since the last adjustment. <br />2.3 Late Charae. Licensee acknowledges that late payment by Licensee of any <br />payment owed to OCTA under this Agreement will cause OCTA to incur costs not <br />contemplated by this Agreement. Therefore, if any payment due from Licensee is not <br />received by OCTA within five (5) days of the date when due, Licensee shall pay to OCTA <br />an additional sum of ten percent (10%) of the overdue payment as a late charge, up to a <br />maximum amount of $500 for each late payment. The parties agree that this late charge <br />represents a fair and reasonable estimate of the administrative costs that OCTA will incur <br />by reason of a late payment by Licensee. Acceptance of any late payment charge shall <br />not constitute a waiver of Licensee's default with respect to the overdue payment, and <br />shall not prevent OCTA from exercising any of the other rights and remedies available to <br />OCTA under this Agreement, at law or in equity, including, but not limited to, the interest <br />charge imposed pursuant to Section 24.5. <br />3. Taxes. Licensee shall be liable for and agrees to pay promptly and prior to <br />delinquency, any tax or assessment, including but not limited to any possessory interest <br />tax, levied by any governmental authority: (a) against the Facility, the License Property <br />and/or any personal property, fixtures or equipment of Licensee used in connection <br />therewith, or (b) as a result of the Facility's operations. <br />4. Construction. Any work performed or caused to be performed by Licensee on the <br />Facility or the License Property shall be performed (a) at Licensee's sole cost and <br />expense; (b) in accordance with any and all applicable laws, rules and regulations <br />(including the OCTA's rules and regulations), and (c) in a manner which (i) meets or <br />exceeds the then applicable standards of the industry for such work, and (ii) is <br />satisfactory to OCTA. Prior to commencement of any construction, reconstruction, <br />installation, restoration, alteration, repair, replacement or removal (other than normal <br />maintenance) (hereinafter, "") on the License Property, Licensee shall submit work <br />plans to OCTA for review and approval. Any such Work must be carried out pursuant to <br />work plans approved in writing by OCTA. In addition, Licensee shall provide OCTA and <br />all holders of underground utility facilities located within the License Property with at least <br />10 calendar days' written notice prior to commencement of any Work on the License <br />Property or the Facility, except in cases of emergency, in which event Licensee shall <br />notify OCTA's representative personally or by phone prior to commencing any Work. <br />Unless otherwise requested by OCTA, upon completion of any Work, Licensee shall <br />Page 5 of 15 <br />