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f. Temporary and permanent erosion control. <br />( "Required Improvements) ". <br />The PERMITTEE agrees to construct the Required Improvements according to the terms and <br />conditions of this agreement, in accordance with PERMITTEE's plans submitted to the CITY, and in <br />compliance with the Staff Report dated September 27, 2013, revised October 4, 2013. <br />8. Required Improvements Completion Date. The Required Improvements shall be <br />completed on or before May 13, 2015. <br />9. Required Improvements Financial Guarantee. In order to ensure the installation of the Required <br />Improvements in accordance with CITY specifications and in a timely manner, the PERMITTEE shall <br />be required to deposit with the CITY a cash escrow or an irrevocable letter of credit, approved as to <br />form by the CITY, in the amount of Thousand Hundred Dollars and No Cents. <br />($XXXX.XX), which is 150% of the CITY's estimated cost of the Required Improvements. Prior to <br />the issuance of the building permit, all financial guarantees must be provided as required herein. <br />Upon completion of the construction of the Required Improvements and written acceptance by the <br />CITY, the financial guarantee shall be returned to the PERMITTEE and the PERMITTEE shall be <br />required to provide the landscaping maintenance guarantee described in Item #13 of this Development <br />Permit. The determination of completion of the construction of the Required Improvements shall be <br />made by City Staff. In the event the PERMITTEE fails to construct and install the Required <br />Improvements as required herein, the City Council may order the completion of the Required <br />Improvements with CITY day labor and /or by letting contracts for said completion and draw upon the <br />escrow for payment. Only the City Council shall have the authority to direct completion of the Required <br />Improvements and withdraw from the escrow account. The PERMITTEE hereby grants permission <br />and a license to the CITY and /or its contractors and assigns to enter upon the Subject Property for the <br />purpose of completing the construction and installation of the Required Improvements in the event of <br />the PERMITTEE's default. <br />10. Inspection Fees. The PERMITTEE shall be responsible for all inspection costs incurred by the CITY <br />related to the installation of Required Improvements. The PERMITTEE shall make a cash deposit <br />into the appropriate escrow account at the CITY and the CITY shall have the authority to draw upon <br />these funds for the purpose of compensating for inspection services. The amount of the deposit shall <br />be equal to five percent (5 %) of the estimated cost of the Required Improvements, which equates to <br />Thousand Hundred Dollars and No Cents ($XXXX.XX) (5% x $XXXX.XX). <br />Upon completion of the Improvements to the satisfaction of the City, any surplus balance remaining in <br />the CITY's escrow account shall be refunded to the PERMITTEE. <br />11. Development Fees. All applicable development fees were satisfied with the original improvements to <br />the Subject Property. <br />SECTION II <br />PERMITS AND OCCUPANCY <br />12. Requirements for Building Permits. No building permit for any lot in the Plat shall be issued until: <br />(a) a Class 5 driving surface is installed to within 300 feet of the structure; (b) site plan approval is <br />granted by the CITY and any expense incurred in giving site plan approval has been reimbursed to the <br />CITY; (c) the Building Official has been provided with a copy of the approved site plan, signed by a <br />registered architect or surveyor, showing all dimensions to scale; (d) the Plat has been recorded at <br />MMI Precision LLC <br />Development Permit <br />Page 3 of 6 <br />