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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 DOLLARS <br /> ($ .00),which amount is 125%of the CITY Engineer's estimated cost of the <br /> Stage I Improvements ($ 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 /> 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 ($ .00),which amount is 5%of the City Engineer's estimated cost <br /> of the Stage I Improvements ($ x .05). 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. <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. 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 /> 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 /> 3 <br />