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4. Additional Requirements Related to Certain Stage I Improvements. This <br />paragraph intentionally deleted. <br />5. Lot Corner Staking. The PERMITTEE must install lot corner stakes at all lot <br />corners. <br />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 PERMITTEE shall be <br />responsible for a financial guarantee in the amount of One Million One Hundred <br />Eighteen Thousand Three Hundred Ninety Three Dollars and No Cents <br />($1,118,393.00), which amount is 125% of the CITY Engineer's estimated cost of <br />the Stage I Improvements ($894,714 x 1.25). Upon completion of Stage I <br />Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, The PERMITTEE may request a reduction in the amount <br />of the financial guarantee. ., <br />L <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 Forty <br />Four Thousand Seven'Hundred Thirty Six Dollars and No Cents ($44,736.00), <br />which amount is 5% of the City Engineer's estimated cost of the Stage I <br />Improvements ($894,714 x .05). The inspection fee must be in the form of a cash <br />escrow. The PERMITTEE may request a refund of the remaining balance in the <br />escrow upon completion of the Stage I Improvements, acceptance by the CITY, <br />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 Impro4ements. 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. 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 />