P_-_Cash_Deposit_for_Performance_Guarantee.pdf
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- Solicitation number
- RCS 26-0040
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
This is a Cash Deposit for Performance Guarantee template document issued by the City of Phoenix Aviation Department for use in conjunction with lease agreements and permits related to concession operations at Phoenix Sky Harbor International Airport. The document establishes the framework for tenants to provide cash security deposits to guarantee faithful performance of their contractual obligations, including payment of all amounts owed to the City and compliance with lease or permit terms. The initial deposit amount equals six months of payments under the respective lease or permit agreement and may be increased by the City upon thirty days' written notice if deemed necessary during the contract term. The document specifies that tenants must restore any used or applied portions of the deposit within ten business days of written demand from the City, with failure to do so constituting a material breach of the underlying lease or permit.
The City retains the right to commingle performance guarantee deposits with its general funds without obligation to account for or pay interest on earned amounts. If a tenant defaults on any provision of the lease or permit, including payment obligations, the City may apply all or any portion of the performance guarantee toward amounts owed, remediation costs incurred due to default, or compensation for losses suffered by the City. Upon full and faithful performance by the tenant and expiration of the lease or permit term, the City will return any remaining balance within a reasonable timeframe, provided the City may retain the guarantee until all amounts due from the tenant have been determined and paid in full. The document requires signature and acceptance by the tenant, including printed name, title, and date fields.
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Text version
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.
ATTACHMENT P
CASH DEPOSIT FOR PERFORMANCE GUARANTEE
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:
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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