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2, Conformance with Plain, The Plat shall be developed pursuant to the Final Plat Sheet <br />prepared by Hakanson Anderson Associates, Inc, <br />3, Incorporation of All City Code Requirements. That the recitals above and the applicable <br />provisions of the City Charter, Subdivision Code, Zoning Code and Public Improvement <br />Code of the CITY, as amended to date hereof, are incorporated herein by reference, <br />4, Stage I Improvements Required. The improvements the CITY requires the <br />DEVELOPER to construct within the Plat are as follows: <br />a. None <br />("Stage I Improvements") <br />The DEVELOPER agrees to construct the Stage I Improvements according to the terms <br />and conditions of this agreement and in accordance with DEVELOPER'S plans <br />submitted to the CITY, Said plans shall be in conformance with the grading and utility <br />plans submitted by �Iakanson Anderson Associates, Inc, dated May 30, 2008,. <br />The DEVELOPER shall be responsible for completing the rough grading and providing <br />lot corner stakes prior to the installation of underground utilities. <br />5. Stage I Improvements Completion Date, The Stage I Improvements shall be completed on <br />or before October 14, 2009, <br />6. Stage I Improvement Financial Guarantee, The DEVELOPER shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. No Stage I. Improvements are being proposed with the Plat. The <br />financial guarantee shall be in the amount of Zero Dollars ($0.00) which amount is 125% of <br />the City Engineer's estimated cost of the Stage I Improvements. The financial guarantee <br />required by this paragraph shall be in the form, of cash or a letter of credit, approved as to <br />form by the CITY. The financial guarantee shall be deposited with the CITY at the time of <br />execution of this agreement. Upon total completion of Stage I Improvements (including the <br />removal of "temporary" erosion control measures as identified in, the approved Grading <br />Plan), acceptance by the CITY, supported by appropriate lien waivers, the DEVELOPER <br />may request a- reduction in the amount of the financial guarantee, but only if the maintenance <br />guarantee required by Paragraph 8 below has been deposited. The DEVELOPER shall pay <br />all financial guarantees before release of the plat for recording at Anoka County, <br />Ebony Woods <br />Development Agreement <br />June 2008 <br />—306— Page 3 of 8 <br />