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improvements to the Leased Premises or capital improvements into the leasehold, Tenant shall pay the sum of $200,000 to the Port in two equal installments, the first one being due and payable upon execution of the Second Amendment and the second one on July 1, 2026; (10) Tenant is required to pay the Port the sum of $250,000 at the time of, and as a condition to, the exercise of each option to extend the term of the Existing Lease provided, however, that in the event that the Port occupies the Second Floor during the Seventh, or Eighth or Ninth Extended Term, the sum of $250,000 payable at the time of the exercise of the Seventh, Eighth and Ninth Extended Term, respectively, shall be waived by the Port; (11) Tenant procure pollution liability coverage; (12) Port has the option to require Tenant to leave at the Leased Premises all structures, buildings, and improvements; (13) Tenant is required to provide the Port with a Corporate Guaranty and a Letter of Credit in the sum of $1,000,000; (14) Tenant is required to provide the Port with a Security Deposit in the sum of $500,000 in the form of cash or cashier's check. Section 2. The President and Secretary of the Board of Port Commissioners of the City of Redwood City are hereby authorized and directed to execute the aforesaid Second Amendment for and on behalf of the City of Redwood City, acting by and through its Board of Port Commissioners. Section 3. This ordinance shall be effective thirty (30) days after its adoption but the terms and conditions of the Second Amendment, including the accrual and payment of Rent, shall be retroactive to June 1, 2024. Port 3 Univar - Second Amendment Ord. P-301 Introduced: 11.12.25JAmended: 11.20.25JAdopted: 12.10 25