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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. <br />12. 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 />13. Stage II CITY Improvements. The future improvements the PERMITTEE must <br />construct or install are as follows: <br />a. Street striping and signing (street signs to be installed by the City's Public <br />Works Depailinent) <br />b. Street lights <br />c. Installation of survey monumentation. <br />(the "Stage II Improvements"). The PERMITTEE must complete the construction <br />of the Stage II Improvements within one (1) year after the date upon which the Plat <br />is recorded. <br />PERMITTEE must install the Stage II Improvements in accordance with the <br />Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY <br />with a set of re -producible as -built plans in CAD format upon completion of the <br />Stage II Improvements and acceptance by the CITY. As as -built plans are a <br />required Stage I Improvement item per City Code Section 117-615, the CITY will <br />not fully release the required Stage I Improvement Financial Guarantee noted in <br />Section 6 above until the CITY has received the as -built plans. Additionally, the <br />PERMITTEE agrees to provide to the CITY the plans in CAD format prior to the <br />commencement of construction of the Stage II Improvements. <br />14. Stage I and Stage II Improvements to Outlots. The PERMITTEE acknowledges <br />that Stage I and Stage II Improvements are not being required for proposed Outlots, <br />but will be required upon development of said Outlots. <br />15. Financial Guaranty for Stage II Improvements. The CITY does not require a <br />financial guaranty to secure the PERMITTEE'S obligation to construct the Stage <br />II Improvements. <br />4 <br />