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A TRUE COPY A T UE COPY <br />CERTIFICATION ON LAST PA _ <br />IF;CA T ICN ON LAST PAGE <br />City as liquidated damages. 1.R. SMITH, CLERK ,;_R. SItITH. CLERK <br />3. Rent Payment Protection (Security Dg2osit)• <br />a. New commercial tenants shall be required to provide a security deposit. All tenants <br />are required to provide a security deposit to the City in the amount of three (3) <br />months' rent, as protection for the performance of the terms of the lease. This <br />requirement applies to prospective new tenants, as well as existing airport tenants <br />who enter into new lease agreements with the City. Arrangements to provide the <br />security deposit must be completed by the prospective or existing tenant and <br />approved by the Airport Director prior to the time the proposed lease agreement is <br />submitted to the Airport Commission and City Council for consideration. Unless this <br />requirement is waived under the conditions set forth in Section 2(C)3(b), the security <br />deposit must remain in effect throughout the entire term of the lease agreement, <br />including any option periods which are exercised by the tenant. The security deposit <br />may be provided in any of the following forms: <br />(1) Cash payment in the amount of three (3) months' rent. <br />(2) An irrevocable Letter of Credit from a financial institution, in the form <br />acceptable to the City, in the amount of three (3) months' rent. <br />(3) A Certificate of Deposit from a financial institution, assigned to the City, in <br />the amount of three (3) months' rent. <br />b. For existing airport tenants only, the requirement for a security deposit may be <br />waived (or a previously paid deposit may be refunded, if applicable) by the Airport <br />Director. The security deposit shall be waived ONLY if the tenant has demonstrated <br />an excellent rent payment history (no late payments) at the Vero Beach Regional <br />Airport for a minimum of two (2) consecutive years, and either of the following <br />Page 4of11 <br />NA\PROPERTY MGT\2015 Updated Docs\2015 Updated Resoludons\150824 Airpon Leasing Policy replacing Resolution 2007-18 EM.docx <br />