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6. Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a <br />financial guarantee to the CITY 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 CITY' S Finance Director or <br />cash escrow. The PERMITTEE shall be responsible for a financial guarantee in <br />the amount of Two Hundred Eighty Three Thousand Three Hundred Thirty Seven <br />Dollars and No Cents ($283,337.00), which amount is 125% of the CITY <br />Engineer's estimated cost of the Stage I Improvements ($226,670 x 1.25). Upon <br />completion of Stage I Improvements (including the removal of "temporary" erosion <br />control measures as identified in the approved Grading Plan), acceptance by the <br />CITY, supported by appropriate lien waivers, the PERMITTEE may request a <br />reduction in the amount of the financial guarantee. The accepted engineer's <br />estimate is attached as Exhibit C hereto. Partial releases of the Letter of Credit are <br />not permitted without approval of the City Council. <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 Eleven <br />Thousand Three Hundred Thirty Three Dollars and No Cents ($11,333.00), which <br />amount is 5% of the City Engineer's estimated cost of the Stage I Improvements <br />($226,670 x .05). The inspection fee must be in the form of a cash escrow. The <br />PERMITTEE may request a refund of the remaining balance in the escrow upon <br />completion of the Stage I Improvements, acceptance by the CITY, and supported <br />by appropriate lien waivers. The accepted engineer' s estimate is attached as Exhibit <br />C hereto. <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. The Final Plat must be recorded within two (2) years of approval by the City <br />Council. <br />10. Ownership of the Stage I Improvements. The PERMITTEE 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 />