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6. Past due date — Past due penalty; Late interest. <br />A. Any OPERATOR entity or individual who fails to pay the operating agreement fees <br />required by this AGREEMENT when due shall be subject to past due penalties and <br />interest as set forth herein. <br />OPERATOR shall be considered past due if the required monthly operating <br />agreement fee is not paid by the last day of the month following the month for which it <br />is due. <br />ii. For failure to fully pay any monthly fee when due, the following past due penalty and <br />late interest charges shall be added to the unpaid balance amount owing: <br />1) A past due penalty of Twenty -Five Percent (25%) per month; <br />2) A late interest charge of One and One Half Percent (1.5%) per month added to <br />the unpaid balance amount owing, inclusive of any prior past due penalty or late <br />interest charges accrued. <br />CITY is not required to send a past due notice or other bill or invoice to OPERATOR, or <br />any other person subject to the provisions of this AGREEMENT and failure to send such <br />notice, bill or invoice shall not affect the validity of any operating fee, late penalty or late <br />interest charge due under the provisions of this AGREEMENT. <br />7. Term. <br />This AGREEMENT shall start on the date indicated above and shall terminate on <br />December 31, 2020 regardless of starting date unless terminated earlier in accordance with <br />Section 12 or 13 of this AGREEMENT. The AGREEMENT will have one (1) two-year <br />extension period until December 31, 2022 exercisable by a writing executed by the City <br />Manager and City Attorney's Office with the approval of OPERATOR. <br />8. Business License Required. <br />A valid City of Santa Ana Business License is required for all persons engaged in <br />transacting and carrying on any adult -use cannabis retail business activity in the City of <br />Santa Ana. It is unlawful for any person or legal entity to commence, transact or carry -on <br />adult -use cannabis retail business activity in the City of Santa Ana without first having <br />procured a City of Santa Ana adult -use cannabis retail business license. <br />9. Operating Adult -use Cannabis Retail Business. <br />OPERATOR shall not operate an adult -use cannabis retail business authorized under <br />the Santa Ana Municipal Code unless: <br />A. It is the holder of a valid Regulatory Safety Permit issued by CITY in accordance with <br />the procedures and requirements of Article 1 of Chapter 40, of the Santa Ana <br />Municipal Code; and <br />