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CITY the plans in CAD format prior to the commencement of construction of the <br />Stage I Improvements. <br />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 SEVEN HUNDRED <br />NINETY SEVEN THOUSAND FIVE HUNDRED SEVENTY EIGHT <br />DOLLARS AND SEVENTY FIVE CENTS ($797,578.75), which amount is 125% <br />of the CITY Engineer's estimated cost of the Stage I Improvements ($638,063.00 <br />x 1.25). Upon completion of Stage I Improvements (including the removal of <br />"temporary" erosion control measures as identified in the approved Grading Plan), <br />acceptance by the CITY, supported by appropriate lien waivers, The <br />PERMITTEE may request a reduction in the amount 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 THIRTY <br />ONE THOUSAND NINE HUNDRED AND THREE DOLLARS and FIFTEEN <br />CENTS ($31,903.15), which amount is 5% of the City Engineer' s estimated cost <br />of the Stage I Improvements ($638,063 x .05). The inspection fee must be in the <br />form of a cash escrow. The PERMITTEE may request a refund of the remaining <br />balance in the escrow upon completion of the Stage I Improvements, acceptance by <br />the CITY, 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 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 />