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6. Installation of the Required Improvements. The PERMITTEE shall obtain all necessary <br />permits from all governmental agencies before commencing construction of the Required <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 Required Improvements, the PERMITTEE shall provide <br />the CITY with a complete set of reproducible "As Built" plans for the Reauired <br />Improvements. <br />7. Time of Performance for the Required Improvements. The PERMITTEE must complete <br />the Required Improvements within one (1) year after the recording of the Plat. <br />8. Ownership of the Required Improvements. The PERMITTEE owns the Required <br />Improvements. Except to the extent the CITY has accepted all or portions of the Required <br />Improvements, in writing, prior to the lapse, expiration, or other termination of the CITY'S <br />financial guaranty described in Section 10 and except to the extent the CITY and the <br />PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain specified <br />Required Improvements, the CITY is deemed to have accepted the Required <br />Improvements when the CITY releases the financial guaranty described in Section 10 or <br />allows such financial guarantee to lapse, expire or otherwise terminate. <br />9. Required 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 Required Improvements. The <br />license shall expire after the CITY accepts ownership of Required Improvements. <br />10. Financial Guaranty for Required Private Improvements. The PERMITTEE shall provide <br />a financial guarantee to the CITY guaranteeing the construction of the Required Private <br />Improvements, and their timely completion. The PERMITTEE shall be responsible for a <br />financial guarantee in the amount of ($552,803.00), which amount is 125% of the CITY <br />Engineer's estimated cost of the Required Improvements. Upon completion of Required <br />Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, The PERMITTEE may request a reduction in the amount of the <br />financial guarantee. <br />11. Inspection Fees for the Required Private Improvements. The PERMITTEE shall provide <br />an inspection fee to the CITY to inspect the Required Private Improvements. The <br />PERMITTEE shall be responsible for an inspection fee in the amount of ($15,000.00). <br />The inspection fee must be in the form of a cash escrow. The PERMITTEE may request <br />a refund of the remaining balance in the escrow upon completion of the Required Private <br />Improvements, acceptance by the CITY. <br />12. Warranty for Required Improvements. The PERMITTEE shall provide a one year <br />warranty in the amount of $110,560.00, which is 25% of the cost of the Required <br />Improvements. Said warranty shall be in force for one year following the final acceptance <br />of any required improvements and shall guarantee satisfactory performance of said <br />improvement. The warranty must be in the form of a Letter of Credit in a form acceptable <br />to the CITY'S Finance Director or a cash escrow. <br />3 <br />