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10. REQUIREMENTS FOR BUILD -ING PERMIT. No building permit for the <br />Site will be issued until the permittee has: a) signed and returned this Development <br />Permit; b) provided the required financial guarantee in accordance with Paragraph <br />12 of this Permit. No Certificate of Occupancy for the structure will be issued until <br />the Required Improvements are accepted by the City. <br />11. IMPROVEMENT CONSTRUCTION SCHEDULE. The Required <br />Improvements shall be completed by June 30, 1996. <br />12. ESCROW FOR REQUIRED IMPROVEMENTS. In order to insure the <br />installation of the Required Improvements in accordance with City specifications <br />and in a timely manner, the Permittee shall be required to deposit with the City a <br />cash escrow or letter of credit approved by the City, in the amount of Twenty Two <br />Thousand and Five Hundred Dollars and no cents ($22,500.00), which is 150% of <br />the City's estimated cost of the Improvements. Prior to the issuance of the building <br />permit, all financial guarantees must be provided as required herein. <br />Upon completion of the construction of the Required Improvements, as certified by <br />the City Engineer, the financial guarantee shall be returned to the Permittee. In the <br />event the Permittee fails to construct and install the Required Improvements as <br />required herein, the City may complete the Improvements with City day labor <br />and/or by letting contracts for said completion and draw upon the escrow for <br />payment. Permittee hereby grants permission and a license to the City and/or its <br />contractors and assigns to enter upon the Site for the purpose of completing the <br />construction and installation of the Required Improvements in the event of the <br />Permittee's default. <br />13. LOCATION RECOGNITION. The Permittee herein agrees to recognize <br />Ramsey as the City of location for the facility on all forms of advertising and <br />- business correspondence. <br />Rum River Plaza Associates hereby acknowledges receipt of this permit and that the have <br />reviewed the conditions of this permit and have agreed that they will comply with the terms <br />of this permit. <br />r <br />ISg i <br />