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Rent is due on or before the 1st day of the month if paying monthly, or by 1st of the month of renewal each year if paying annually. Rent which is not paid or postmarked by the 5th of the month will be subject to an initial late fee of Twenty Dollars ($20.00). If rent is not paid or postmarked by the 20th of the month, an additional Fifty Dollars ($50.00) late fee will be charged. In the event any check tendered for payment to Lessor is returned after deposit unpaid by the bank upon which it is drawn, a return check fee of Thirty-Five Dollars ($35.00) will be charged. In the event of a returned check, Lessor reserves the right to require any arrearages to be paid, and all future monthly payments to be made, in cash or by certified funds.