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b. l~srd surfaced driveways have been constructed, <br />unless satisfactory esczov representini~ 12~I of the City <br />I~ngineer's estimated construction cost of a hard surfaced <br />driveway has been deposited vitb the City. ~aid escrow <br />shall be refunded upon completion of tbs bard surfaced <br />driveway as approved by the City Engineer. <br /> <br />c. Eanitary sewer and tnunicipal water systems are <br />constructed and operational. <br /> <br />d. Payment of special assessments as required above in <br />paragraph . <br /> <br />II. As to "Stage lI" improvements: <br /> <br />After the street surfacing is installed, the Developer <br />shall clear any soil, earth or debris from the streets <br />and from the lots vitbin the plat resulting from any <br />construction on the land within the plat by the <br />Developer or its successor or assigns. The Developer, <br />its successor or assigns agree to complete all finished <br />grading and swales and ditches to the satisfaction of <br />the City Engineer and to maintain said grading, swales <br />and ditches until certificates of occupancy are issued <br />for all lots within the plat. During this period the <br />Developer shall prevent erosion by wind and water to the <br />aatisfactlon of the City Engineer, <br /> <br />The Developer agrees to complete the Stage II <br />improvements as required by City Code Section 170.039B, <br />paragraph 1 and said completion shall be in accordance <br />with the schedule outlined in Section 170,039C, <br />paragraph 3 of the City Code. <br /> <br />The Developer shall provide a financial guarantee in the <br />form of an escrow to the City to provide for the <br />completion of the Stage II improvements. The escrow <br />for Stage II improvements shall be 125Z of the City <br />Engineer*s estimated cost of said improvements. Said <br />escrow may be cash or a letter of credit acceptable to <br />the City, at the Developer's option. This escrow shall <br />be provided prior to the issuance of any building <br />permits for construction on any lot in the plat. <br /> <br />III. General Requirements <br /> <br />The Developer agrees that this develop~nent agreement <br />shall be binding upon its successors and assigns. <br />Breach of any of the ter~s of this development agreement <br />by the Developer shall be grounds for denial of building <br />per~its for buildin§s in the plat. <br /> <br />The te~ "certificate of occupancy" aa used herein <br /> <br />-5- <br /> <br /> <br />