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escrow held by the CITY. PERIVHTTEE agrees that said fees may be used to address <br />clean -up costs in the event of default by the PERMITTEE. The CITY shall maintain an <br />accurate accounting of charges to the escrow amount and shall provide a monthly <br />statement of all such charges. Upon completion of the Stage I Permittee Improvements <br />and final inspection and acceptance by the CITY, the remaining balance in the escrow <br />account shall be promptly returned to PERIVHTTEE. <br />8. Stage I Improvement Installation. The Stage I Improvements shall be installed in <br />accordance with the City Plans and Permittee Plans and in accordance with CITY <br />standards and the City Code. The CITY and PERMITTEE shall obtain all necessary <br />permits from all agencies before proceeding with construction of the Stage I <br />Improvements. Within thirty (30) days after the completion of the Stage I City <br />Improvements, the CITY shall have prepared a complete set of reproducible "As Built" <br />plans for the Stage I City Improvements, developed by a certified engineer. <br />9. Time of Performance. The CITY shall have substantial completion of all Stage I City <br />Improvements by December 1, 2011 and fmal completion by June 30, 2012, provided <br />that the time for completion shall be extended to the extent that PERMITTEE'S acts or <br />omissions unreasonably delays completion of the Stage I City Improvements. <br />PERMITTEE shall install all Stage I Permittee Improvements by June 30, 2012, <br />provided that the time for completion shall be extended to the extent that CITY'S acts or <br />omissions unreasonably delays completion of the Stage I Permittee Improvements. <br />10. Stage I Improvement Warranty Financial Guarantee. A Stage I Improvement Financial <br />Warranty Guarantee shall not be required for Stage I City Improvements. A Stage I <br />Improvement Warranty Financial Guarantee shall be required for Stage I Permittee <br />Improvements inas applicable to Item #4.e above. The PERMITTEE shall deposit as <br />cash escrow or letter of credit the amount of Dollars and No Cents ($ .00), <br />which is equivalent to ([$150 /tree + $75 /shrub] x 30% mortality rate). The <br />PERMITTEE may apply for reductions in the Letter of Credit or cash escrow as the <br />Stage I Permittee Improvements are completed and accepted by the City. Upon <br />completion of the Stage I Permittee Improvements and final inspection and acceptance by <br />the City, any remaining balanced on the letter of credit or escrow account shall be <br />promptly returned to the Permittee. <br />11. Ownership of Improvements. Upon completion and acceptance by the CITY, the Stage I <br />City Improvements lying within public easements shall become CITY property without <br />further notice or action. <br />12. License. PERMITTEE hereby grants to the CITY, its agents, employees, officers and <br />contractors, a license to enter the Property from time to time in order to perform all work <br />and /or inspections deemed appropriate by the CITY during installation of the <br />Improvements. This license shall expire after the Improvements installed pursuant to this <br />Contract have been installed and accepted by the CITY. <br />ALPHA DEVELOPMENT /Legacy Christian Academy <br />Development Contract <br />Page 5 of 18 <br />