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5. Additional Reauirements Related to Certain Staae I Improvements. This paragraph <br />intentionally deleted. <br />6. Lot Corner Staking. The PERMITTEE must install lot corner stakes at all lot corners. <br />7. Stage I Improvement Financial Guarantee. The PERMITTEE shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Stage I Improvements and their <br />timely completion. The PERMITTEE shall be responsible for a financial guarantee in the <br />amount of ($.00), which amount is 125% of the CITY Engineer's estimated cost of the <br />Stage I Improvements ($ x 1.25). Upon completion of Stage I Improvements (including <br />the removal of "temporary" erosion control measures as identified in the approved Grading <br />Plan), acceptance by the CITY, supported by appropriate lien waivers, The PERMITTEE <br />may request a reduction in the amount of the financial guarantee. <br />8. Insvection Fees for the Stagze I Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Stage I Improvements. The PERMITTEE shall <br />be responsible for an inspection fee in the amount of ($.00), which amount is 5% of the <br />City Engineer's estimated cost of the Stage I Improvements ($ x .05). The inspection <br />fee must be in the form of a cash escrow. The PERMITTEE may request a refund of the <br />remaining balance in the escrow upon completion of the Stage I Improvements, acceptance <br />by the CITY. <br />9. Installation of the Stage I Improvements. The PERMITTEE shall obtain all necessary <br />permits from all governmental agencies before commencing construction of the Stage I <br />Improvements. The PERMITEE must provide the CITY with copies of all necessary <br />permits from other governmental agencies prior to or when the PERMITTEE applies for <br />a building permit to construct improvements on a lot within the Plat. Within thirty (30) <br />days after the completion of the Stage I Improvements, the PERMITTEE shall provide <br />the CITY with a complete set of reproducible "As Built" plans for the Stage I <br />Improvements. <br />10. Time of Performance for the Stage I Improvements. The PERMITTEE must complete <br />the Stage I Improvements within one (1) year after the recording of the Plat. <br />11. 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 the Stage <br />I Improvements automatically passes to the CITY upon the CITY'S written acceptance of <br />the Stage I Improvements. Except to the extent the CITY has accepted all or portions of <br />the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of <br />the CITY'S financial guaranty described in Section 6 and except to the extent the CITY <br />and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain <br />specified Stage I Improvements, the CITY is deemed to have accepted the Stage I <br />Improvements when the CITY releases the financial guaranty described in Section 6 or <br />allows such financial guarantee to lapse, expire or otherwise terminate. <br />12. Stage I Improvements License. The PERMITTEE hereby grants the CITY and the <br />CITY'S agents, employees, officers, and contractors an irrevocable license to enter the <br />Subject Property to perform all necessary work and/or inspections the CITY deems <br />appropriate during the PERMITTEE'S installation of the Stage I Improvements. The <br />license shall expire after the CITY accepts ownership of Stage I Improvements. <br />3 <br />