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r <br /> CITY shall maintain an accurate accounting of charges to the escrow amount and shall <br /> provide a monthly statement of all such charges. Upon completion of the Stage I <br /> Permittee Improvements and final inspection and acceptance by the CITY, the remaining <br /> balance in the escrow account shall be promptly,returned to PERMITTEE. In the event <br /> the said $20,000.00 cash escrow is not sufficient to defray the inspection costs and/or <br /> clean-up costs, PERMITEE agrees to supplement the cash escrow within ten (10) days <br /> of written request by the CITY in an amount reasonably sufficient to insure payment of <br /> the inspections costs and/or clean-up costs. <br /> 8. Stage I Improvement Installation. The Stage I Improvements shall be installed in <br /> accordance with the City Plans and Permittee Plans and in accordance with CITY <br /> standards and the City Code. The CITY and PERMITTEE shall obtain all necessary <br /> permits from all agencies before proceeding with construction of the Stage I <br /> Improvements. Within thirty (30) days after the completion of the Stage 'I City <br /> Improvements, the CITY shall have prepared a complete set of reproducible "As Built" <br /> plans for the Stage I City Improvements, developed by a certified engineer. <br /> 9. Time of Performance. The CITY shall have substantial completion of all Stage I City <br /> Improvements by December 1, 2011 and final completion by June 30, 2012, provided <br /> that the time for completion shall be extended to the extent that PERMITTEE'S acts or <br /> omissions unreasonably delays completion of the Stage I City Improvements. <br /> PERMITTEE shall install all Stage I Permittee Improvements by June 30, 2012, <br /> provided that the time for completion shall be extended to the extent that CITY'S acts or <br /> omissions unreasonably delays completion of the Stage I Permittee Improvements. <br /> 10. Stage I Improvement Warranty Financial Guarantee. A Stage I Improvement Financial <br /> Warranty Guarantee shall not be required for Stage I City. Improvements. A Stage I <br /> Improvement Warranty Financial Guarantee shall be required for Stage I Permittee <br /> Improvements as applicable to Item#4.e above. The PERMITTEE shall deposit as cash <br /> escrow or letter of credit the amount of Eighty Two Thousand Five Hundred Seventy <br /> Five Dollars and No Cents ($82,575.00), which is equivalent to ([358 x $150/tree] + [385 <br /> x $75/shrub] x 30% mortality rate). The PERMITTEE may apply for reductions in the <br /> Letter of Credit or cash escrow as the Stage I Permittee Improvements are completed and <br /> accepted by the CITY. Upon completion of the Stage I Permittee Improvements and <br /> final inspection and acceptance by the CITY, any remaining balanced on the letter of <br /> credit or escrow account shall be promptly returned to the PERMITTEE. <br /> 11. Ownership of Improvements. Upon completion and acceptance by the CITY;the Stage I <br /> City Improvements lying within public easements shall become CITY property without <br /> further notice or action. <br /> 12. License. PERMITTEE hereby grants to the CITY, its agents, employees, officers and <br /> contractors, a license to enter the Property from time to time in order to perform all work <br /> and/or inspections deemed appropriate by the CITY during installation of the <br /> Improvements. This license shall expire after the Improvements installed pursuant to this <br /> Contract have been installed and accepted by the CITY. <br /> ALPHA DEVELOPMENT/Legacy Christian Academy <br /> Development Contract <br /> Page 5 of 16 <br />