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<br /> PERMITTEE <br />5.Lot Corner Staking. Themust install lot corner stakes at all lot <br /> <br />corners. <br /> PERMITTEE <br />6.Stage I Improvement Financial Guarantee. The shall provide a <br />CITY <br />financial guarantee to the guaranteeing the construction of the Stage I <br />Improvements and their timely completion. The financial guarantee must be in the <br />form of a Letter of Credit in a form acceptable to the Finance Director or <br />PERMITTEE <br />cash escrow. The shall be responsible for a financial guarantee in <br />($_____.00), <br />the amount of ________ Dollars and No Cents which amount is 125% <br />CITY <br />of the Engineer's estimated cost of the Stage I Improvements ($_____ x <br />1.25). Upon completion of Stage I Improvements (including the removal of <br />CITYPERMITTEE <br />acceptance by the , supported by appropriate lien waivers, the <br />may request a reduction in the amount of the financial guarantee. <br /> PERMITTEE <br />7.Inspection Fees for the Stage I Improvements. The shall provide an <br />CITY <br />inspection fee to the to inspect the Stage I Improvements. The <br />PERMITTEE <br /> shall be responsible for an inspection fee in the amount of ________ <br />($_____.00) <br />Dollars and No Cents <br />estimated cost of the Stage I Improvements ($____ x .05). The inspection fee must <br />PERMITTEE <br />be in the form of a cash escrow. The may request a refund of the <br />remaining balance in the escrow upon completion of the Stage I Improvements, <br />CITY <br />acceptance by the , and supported by appropriate lien waivers <br /> PERMITTEE <br />8.Installation of the Stage I Improvements. The shall obtain all <br />necessary permits from all governmental agencies before commencing construction <br />PERMITEECITY <br />of the Stage I Improvements. The must provide the with <br />copies of all necessary permits from other governmental agencies prior to or when <br />PERMITTEE <br />the 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 />PERMITTEE CITY <br />Improvements, the shall provide the with a complete set of <br /> <br /> PERMITTEE <br />9.Time of Performance for the Stage I Improvements. The must <br /> <br />complete theStage I Improvements within one (1) year after the recording of the <br />Plat. The Final Plat must be recorded within two (2) years of approval by the City <br />Council. <br /> PERMITTEE <br />10.Ownership of the Stage I Improvements. The owns the Stage I <br />Improvements until the acceptance of the Stage I Improvements. Title to <br />CITY <br />the Stage I Improvements automatically passes to the upon the <br />CITY <br />written acceptance of the Stage I Improvements. Except to the extent the <br />has accepted all or portions of the Stage I Improvements, in writing, prior to the <br />lapse, expiration, or other termination of the financial guaranty described <br />CITYPERMITTEE <br />in Section 6 and except to the extent the and the may agree, <br />in writing, to defer the acceptance of certain specified Stage I <br />CITY <br />Improvements, the is deemed to have accepted the Stage I Improvements <br /> <br /> <br />