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Borilrf,R$ f'tELD KITTITA$ EOU,.f, F{TY AIRPORT <br />$Uq per square foof annual rate commencing on the COMMENCEMENT DATE <br />(as defined in Section 2.1) <br />3.1.1 SEMIANNUAL PAYMENT <br />Semiannual payment will be due on or before the 1st day of September <br />2022. <br />3.1.2 MONTHLY PAYMENTS <br />Monthly payments will be due on or before the 1st of each preceding <br />month following the initial payment on March 1,2022. Monthly payments <br />can be made, but there will be an additional ten (10o/o) percent monthly <br />administration fee charged for this service. <br />3,2 DEPOSIT <br />ln addition to initial rent and upon execution of this LEASE by both parties, <br />LESSEE shall deposit with LESSOR the amount of one month's rent plus <br />leasehold tax as a guarantee of LESSEE's performance of this LEASE and the <br />timely payment of the rental provided for herein; and in the event LESSEE shallfail <br />to pay the rental as provided herein, or othenrvise breach this LEASE, then the <br />Airport Director may apply such deposit, or any part thereof as may be necessary, <br />to the payment of rental or to the payment of damages for such breach or pursue <br />any other remedies provided herein. ln the event that such deposit is used by the <br />county for payment related to an incident of breach, the LESSEE shall replenish <br />the deposit after each and every expenditure so as to retain the amount of one <br />year's rent and leasehold tax in the deposit account. <br />3.3 LEASE PAYMENTS <br />3.3.1 Semiannual Rental Payments <br />lf Lessee fails to pay the semiannual rental payment when due under this <br />Lease, such unpaid amount shall bear interest at the rate of twelve percent <br />(12%) from the due date of such amount to the date of payment in full, with <br />interest. <br />3.3.2 Monthly Rental Payments: <br />lf Lessee fails to pay the monthly rental payment when due under this <br />Lease, such unpaid amount shall bear interest at the rate of twelve percent <br />(12%) from the due date of such amount to the date of payment in full, with <br />interest. <br />3.4 LEASEHOLD TAX. <br />ln addition to any rental herein provided, the LESSEE shall pay to the LESSOR the <br />leasehold tax as set forth by the State of Washington in Chapter 61 , Laws of 1976, <br />bLESSEE INITIAL LESSOR INITIA <br />PAGE 3