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The PERMITTEE may request a reduction in the amount of the financial <br />guarantee. <br />7. Inspection Fees for the Stage I Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Stage I Improvements. The <br />PERMITTEE shall be responsible for an inspection fee in the amount of <br />Dollars and No Cents ($ .00), which amount is 5% of the City Engineer's <br />estimated cost of the Stage I Improvements. The inspection fee must be in the form <br />of a cash escrow. The PERMITTEE may request a refund of the remaining balance <br />in the escrow upon completion of the Stage I Improvements, acceptance by the <br />CITY, and supported by appropriate lien waivers <br />8. Installation of the Stage I Improvements. The PERMITTEE shall obtain all <br />necessary permits from all governmental agencies before commencing construction <br />of the Stage I Improvements. The PERMITEE must provide the CITY with <br />copies of all necessary permits from other governmental agencies prior to or when <br />the PERMITTEE applies for a building permit to construct improvements on a lot <br />within the Plat. Within thirty (30) days after the completion of the Stage I <br />Improvements, the PERMITTEE shall provide the CITY with a complete set of <br />reproducible "As Built" plans for the Stage I Improvements. <br />9. Time of Performance for the Stage I Improvements. The PERMITTEE must <br />complete the Stage I Improvements within one (1) year after the recording of the <br />Plat. <br />10. Ownership of the Stage I Improvements. ERMITTEE owns the Stage I <br />Improvements until the CITY'S acceptance of the Stage I Improvements. Title to <br />the Stage I Improvements automatically passes to the CITY upon the CITY'S <br />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 6 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 6 or allows <br />such financial guarantee to lapse, expire or otherwise terminate. <br />11. Stage 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 Subject Property to perform all necessary work and/or inspections the <br />CITY deems appropriate during the PERMITTEE'S installation of the Stage I <br />Improvements. The license shall expire after the CITY accepts ownership of Stage <br />I Improvements. <br />12. Stage II CITY Improvements. The future improvements the PERMITTEE must <br />construct or install are as follows: <br />