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4988262v4 <br />Stage I Improvements, acceptance by the CITY, and supported by appropriate <br />lien waiversThc CITY has waived the requirement that the PERMITTEE escrow <br />funds with the CITY to secure the PERMITTEE'S obligation to reimburse the <br />9. Installation of the Stage I PERMITTEE Improvements . The PERMITTEE <br />shall obtain all necessary permits from all governmental agencies before <br />commencing construction of the Stage I PERMITTEE Improvements. The <br />PERMITEE must provide the CITY with copies of all necessary permits from <br />other governmental agencies prior to or when the PER1VIITTEE applies for a <br />building permit to construct improvements on a lot within the Plat. Within thirty <br />(30) days after the completion of the Stage I PERMITTEE Improvements and as <br />a condition of the CITY'S release of the greater of the last ten percent (10 %) or <br />the last $ of the security described in Section 7 above, the PERMITTEE <br />shall provide the CITY with a complete set of reproducible "As Built" plans for <br />the Stage I PERMITTEE Improvements. <br />10. Time of Performance for the Stage I PERMITTEE Improvements. The <br />PERMITTEE must complete the Stage I PERMITTEE Improvements within <br />one (1) year after the recording of the Plat. <br />11. Ownership of the Stage I PERMITTEE Improvements. The PERMITTEE <br />owns the Stage I PERMITTEE Improvements until the CITY'S acceptance of <br />the Stage I PERMITTEE Improvements. Title to the Stage I PERMITTEE <br />Improvements automatically passes to the CITY upon the CITY'S written <br />acceptance of the Stage I PERMITTEE Improvements. Except to the extent the <br />CITY has accepted all or portions of the Stage I PERMITTEE Improvements, in <br />writing, prior to the lapse, expiration, or other termination of the CITY'S <br />financial guaranty described in Section 7 and except to the extent the CITY and <br />the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of <br />certain specified Stage I PER1VIITTEE Improvements, the CITY is deemed to <br />have accepted the Stage I PERMITTEE Improvements when the CITY releases <br />the financial guaranty described in Section 7 or allows such financial guarantee to <br />lapse, expire or otherwise terminate. <br />12. Stage I PERMITTEE Improvements License. THE PERMITTEE hereby <br />grants the CITY and the CITY'S agents, employees, officers, and contractors an <br />irrevocable license to enter the PERMITTEE Property to perform all necessary <br />work and /or inspections the CITY deems appropriate during the PERMITTEE'S <br />installation of the Stage I PERMITTEE Improvements. The license shall expire <br />after the CITY accepts ownership of Stage I PERMITTEE Improvements. <br />13. Stage II CITY Improvements. The future improvements the CITY must <br />construct or install are as follows: <br />4 <br />