Cash_Deposit_for_Performance_Guarantee.pdf
PDF 165 KB Posted
- Attached to
- Terminal 3 North 2 Concourse Retail Concessions
- Solicitation number
- RCS-26-0041
- 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 the Terminal 3 North 2 Concourse Retail Concessions contract opportunity. The form establishes the requirements for tenants operating retail concession spaces at Phoenix Sky Harbor International Airport to provide a cash deposit as security for faithful performance under their lease agreements. Two retail concession packages are available: a News, Gift, and Convenience Store spanning 3,202 square feet (Package 1) and a Specialty Retail Boutique-Style Store spanning 1,198 square feet (Package 2). Successful respondents will enter into a Concession Lease Agreement with the City and develop, operate, and manage the assigned premises. The agreement will terminate upon expiration of the lease term, including any exercised extensions, or upon earlier termination pursuant to agreement provisions.
The cash deposit amount equals six months of lease payments and serves as security for all amounts owed and performance of obligations under the lease or permit. The City may increase the deposit amount as reasonably prescribed with at least thirty days' prior written notice. The City may commingle the deposit with its other funds and has no obligation to pay interest on the deposit. Upon tenant default, the City may apply the deposit toward any amounts owed, costs incurred, or losses suffered by the City. If the deposit is used, 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 performance and expiration of the lease term, the City will return the deposit or any remaining balance within a reasonable time, though the City may retain it until all amounts due 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
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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 .