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5. Installation. Stage I Improvements shall be installed in accordance with the Plans and in <br />accordance with CITY standards, City Code and those plans and specifications which have <br />been prepared by a registered professional engineer presented to the CITY by the <br />PERMITTEE and approved by the CITY Engineer. The PERMITTEE shall obtain all <br />necessary permits from all agencies before proceeding with construction and the Stage I <br />Improvements. Within thirty (30) days after the completion of the Stage I Improvements and <br />before the security is released, the PERMITTEE shall supply the CITY with a complete set <br />of reproducible "As Built" plans developed by a certified engineer. <br />6. Time of Performance. The PERMITTEE shall install all Stage I Improvements by January <br />25, 2012. The PERMITTEE may, however, request an extension of time from the CITY. <br />If an extension is granted, it shall be conditioned upon updating the security posted by the <br />PERMITTEE to reflect any cost increases. <br />7. Ownership of Improvements. Upon the completion of the work and construction required to <br />be done by this Contract, the Stage I Improvements lying within public easements shall <br />become CITY property without further notice or action. The PERMITTEE shall provide a <br />one (1) year warranty for the improvements, guaranteed by a qualified contractor in writing. <br />Such warranty shall be signed and notarized by the contractor. In addition, the <br />PERMITTEE shall provide a one year warranty bond or other approved security in the <br />amount of these percent (3 %) of the cost of these improvements. <br />8. License. The PERMITTEE hereby grants the CITY, its agents, employees, officers, and <br />contractors, a license to enter the Plat to perform all necessary work and/or inspections, on <br />each respective property, deemed appropriate by the CITY during installation of Stage I <br />Improvements by the CITY. The license shall expire after the Stage I Improvements <br />installed pursuant to this Contract have been installed and accepted by the CITY. <br />9. Stage II Improvements. The Stage II Improvements which the CITY requires the <br />PERMITTEE to construct are as follows: <br />a) Monuments. <br />( "Stage II Improvements ") <br />Stage II Improvements shall be installed in accordance with the Plans and in <br />accordance with CITY standards, CITY Code, and those plans and specifications <br />which have been prepared by a registered professional engineer presented to the <br />CITY by the PERMITTEE have been approved by the CITY Engineer. <br />10. Stage II Improvements to remaining outlot. The Stage II Improvements will be completed <br />when the status of remaining outlot is changed by the filing of a separate plat for the outlot. <br />11. Clean Up. The PERMITTEE shall promptly clear from public streets and property any soil, <br />earth, or debris resulting from the construction work on the Plat. <br />Cross of Hope <br />Development AgremnetnContract <br />May, 2011 <br />4 <br />