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5. Stage I Improvement Financial Guarantee. Prior to commencing work on the Stage <br />I Improvements, the PERMITTEE shall provide a financial guarantee, in the form <br />of cash or an irrevocable letter of credit, to the CITY guaranteeing the construction <br />of the Stage I Improvements and their timely completion. The PERMITTEE shall <br />be responsible for a financial guarantee in the amount of ($147,741.00), which <br />amount is 125% of 20% of the grading work and 125% of the trenching and tree <br />clearing work in the Engineer's Estimate for the Stage I Improvements. Upon <br />completion of Stage I Improvements (including the removal of "temporary" erosion <br />control measures as identified in the approved Grading Plan), acceptance by the <br />CITY, supported by appropriate lien waivers, the PERMITTEE may request a <br />reduction in the amount of the financial guarantee. The accepted engineer's <br />estimate is attached as Exhibit C hereto. <br />6. 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 Five <br />Thousand Six Hundred Sixty Four Dollars and No Cents ($29,548.00), which <br />amount is 5% of the Engineer' s Estimate for the Stage I Improvements. The <br />inspection fee must be in the form of a cash escrow. The PERMITTEE may <br />request a refund of the remaining balance in the escrow upon completion of the <br />Stage I Improvements, acceptance by the CITY, and supported by appropriate lien <br />waivers. The accepted engineer' s estimate is attached as Exhibit C hereto. <br />7. 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 PERMITTEE 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 in CAD format for the Stage I Improvements. <br />8. Time of Performance for the Stage I Improvements. The PERMITTEE must <br />complete the Stage I Improvements no later than July 11, 2018. <br />9. Stage I Improvements License. The PERMITTEE hereby grants the CITY and <br />the CITY'S agents, employees, officers, and contractors an irrevocable license to <br />enter the Subject Property to perform all necessary work and/or inspections the <br />CITY deems appropriate during the PERMITTEE'S installation of the Stage I <br />Improvements. <br />10. Stage I Improvements to Outlots. The PERMITTEE acknowledges that Stage I <br />Improvements are not being required for proposed Outlots, but will be required <br />upon development of said Outlots. <br />11. Street Cleaning and Clean Up. The PERMITTEE shall clear any soil, earth, or <br />debris from the existing streets. From time to time, the CITY may remove <br />3 <br />