12_-_L_-_Cash_Deposit_for_Performance_Guarantee.pdf
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- Solicitation number
- AVN RCS-26-0047
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
This is a Cash Deposit for Performance Guarantee form issued by the City of Phoenix Aviation Department for use in conjunction with lease agreements and permits at Phoenix Sky Harbor International Airport. The form establishes the procedures and requirements for tenants to provide cash deposits as security for faithful performance of their lease or permit obligations. The deposit amount is set at six months of payments under the applicable lease or permit agreement, with the specific dollar amount to be inserted upon execution. The City retains the right to require the tenant to increase the deposit amount on at least thirty days' written notice if the City determines the existing deposit becomes inadequate during the lease or permit term.
The City may use, apply, or retain all or any portion of the performance guarantee to cover any amounts owed, defaults, or losses resulting from the tenant's breach of the lease or permit, without obligation to pay interest on the deposited funds. If the City applies any portion of the deposit, the tenant must restore it to its original amount within ten business days of written demand, with failure to do so constituting a material breach. Upon full and faithful performance of all lease or permit provisions, the City shall return the performance guarantee or any remaining balance within a reasonable time after lease or permit expiration, provided the City may retain the deposit until all amounts due from the tenant have been determined and paid in full.
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Text version
CASH DEPOSIT FOR PERFORMANCE GUARANTEE
To: City of Phoenix – Beneficiary Aviation Department Business & Properties Division 2485 East Buckeye Road Phoenix, Arizona 85034-4405 Attn: Deputy Aviation Director
Tenant: Tenant Full Legal Name ______________ Address 1 Address 2 City, State, Zip
Date: [Insert Date]
Amount: [Insert Amount]
As required by [Lease Agreement No. TBD – dated ] or [Permit No. ______], [Insert Tenant Full Legal Name (_____)] is providing a cash deposit to the City of Phoenix (City) as security for the faithful performance by [Insert Tenant Name] to secure payment of all amounts owed by [Insert Tenant Name] to City and its performance of other obligations under the [Lease No. TBD – dated ] or [Permit No. ______]. [Insert Tenant Name]’s cash deposit is for the initial amount of (Insert Printed Dollar Amount) (Insert Numerical Dollar Amount), representing six months of payments under its [Lease No. TBD – dated ] or [Permit No. ______].
The amount of this performance guarantee established as of the date of the [Lease No.
TBD – dated ] or [Permit No. ______] may become inadequate during the [Lease No.
TBD – dated ] or [Permit No. ______]term and [Insert Tenant Name]’s agrees that it will increase the amount as the City may reasonably prescribe from time to time on at least thirty (30) days prior written notice to [Insert Tenant Name]. The City may commingle the performance guarantee with the City’s other funds and City shall have no obligation to pay or account to [Insert Tenant Name] for any interest that may be earned on the performance guarantee.
If [Insert Tenant Name]defaults with respect to any provision of the [Lease No. TBD – dated ] or [Permit No. ______], including but not limited to the provisions relating to payment of all amounts owed by [Insert Tenant Name] to City, the City may use, apply or retain all or any part of the performance guarantee for the payment of any amounts owed to the City or any other sum in default, or for the payment of any other amount which the City may spend or become obligated to spend by reason of the [Insert Tenant Name]’s default or to compensate the City for any other loss which the City may suffer by reason of the [Insert Tenant Name]’s default. If any portion of the performance guarantee is so used or applied, [Insert Tenant Name] shall, within ten (10) business days after written demand from the City, deposit with the City cash in an amount sufficient to restore the performance guarantee to its original amount, and [Insert Tenant Name]’s failure to do so shall be a material breach of the [Lease No. TBD – dated ] or [Permit No. ______].
If [Insert Tenant Name] fully and faithfully performs every provision of the [Lease No. TBD
– dated ] or [Permit No. ______] to be performed by it, the performance guarantee or any balance thereof shall be returned to [Insert Tenant Name]’s within a reasonable time after the expiration of the [Lease No. TBD – dated ] or [Permit No. ______], provided, however, that the City may retain the performance guarantee until such time as any amount due from [Insert Tenant Name] under the [Lease No. TBD – dated ] or [Permit No. ______] has been determined and paid in full.
AGREED AND ACCEPTED:
By:
[Insert Tenant Full Legal Name]
Title:
Name:
Date:
File details come from the government source that posted it. Updated .