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written acceptance of the Stage I Improvements. Except to the extent the CITY <br />has accepted all or portions of the Stage I Improvements, in writing, prior to the <br />lapse, expiration, or other termination of the CITY'S financial guaranty described <br />in Section 7 and except to the extent the CITY and the PERMITTEE may agree, <br />in writing, to defer the CITY'S acceptance of certain specified Stage I <br />Improvements, the CITY is deemed to have accepted the Stage I Improvements <br />when the CITY releases the financial guaranty described in Section 7 or allows <br />such financial guarantee to lapse, expire or otherwise terminate. <br />11. Stake I Improvements License. THE PERMITTEE hereby grants the CITY and <br />the CITY'S agents, employees, officers, and contractors an irrevocable license to <br />enter the PERMIT 1 LE Property to perform all necessary work and/or inspections <br />the CITY deems appropriate during the PER1VIITTEE'S installation of the Stage <br />I PERMITTEE Improvements. The license shall expire after the CITY accepts <br />ownership of Stage I PERMITTEE Improvements. <br />12. Stae II Improvements. The future improvements the PERMITTEE must <br />construct or install are as follows: <br />a. Street striping and signing. <br />b. Sealcoating <br />c. Street lights <br />d. Survey monumentation <br />(the "Stage II Improvements"). The PERMITTEE must complete the construction <br />of the Stage II Improvements within one (1) year after the date upon which the Plat <br />is recorded. <br />PERMITTEE must install the Stage II Improvements in accordance with the <br />Plans. <br />13. Fjpancial Guaranty for Stage II Improvements, The PERMITTEE shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage II <br />Improvements and their timely completion. The PERMITTEE shall be <br />responsible for a financial guarantee in the amount of Dollars and No <br />Cents ($ .00), which amount is 125% of the CITY Engineer's estimated cost <br />of the Stage II Improvements. Upon completion of Stage II Improvements <br />(including the removal of "temporary" erosion control measures as identified in the <br />approved Grading Plan), acceptance by the CITY, supported by appropriate lien <br />waivers, The PER1V111 111E may request a reduction in the amount of the financial <br />guarantee. <br />14. Inspection Fees for the Stae II Improvements. The PERMITTEE shall provide <br />an inspection fee to the CITY to inspect the Stage II Improvements. The <br />PERIN/ ilt LE shall be responsible for an inspection fee in the amount of <br />Dollars and No Cents ($ .00), which amount is 5% of the City <br />4 <br />4988262v4 <br />