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Stage II Improvements, and their timely completion. The PERMITTEE shall be <br />responsible for a financial guarantee in the amount of ($ which amount <br />is 125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon <br />completion of Stage I Improvements (including the removal of "temporary" erosion control <br />measures as identified in the approved Grading Plan), acceptance by the CITY, supported <br />by appropriate lien waivers, The PERMITTEE may request a reduction in the amount of <br />the financial guarantee. <br />12. Inspection Fees for the Stage I and Stage II Improvements. The PERMITTEE shall <br />provide an inspection fee to the CITY to inspect the Stage I Improvements, Stage II <br />Improvements, and Required Private Improvements. The PERMITTEE shall be <br />responsible for an inspection fee in the amount of ($17,121.00), which amount is 5% of the <br />City Engineer's estimated cost of the Stage I and Stage II Improvements. 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 and Stage II <br />Improvements, acceptance by the CITY. <br />13. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide a one <br />year warranty in the amount of $ , which is 25% of the cost of the Stage I and <br />Stage II Improvements. Said warranty shall be in force for one year following the final <br />acceptance of any required improvements and shall guarantee satisfactory performance of <br />said improvement. The warranty must be in the form of a Letter of Credit in a form <br />acceptable to the CITY'S Finance Director or a cash escrow. <br />14. Street Cleaning and Clean Up. After the street surfacing that is a part of the Stage I <br />Improvements is installed, the PERMITTEE shall clear any soil, earth, or debris from the <br />streets. From time to time, the CITY may remove accumulations of soil, earth, and debris <br />from the streets resulting from the construction of the Stage I Improvements. It shall be <br />the PERMITTEE'S responsibility to pay the costs associated with this necessary street <br />cleaning. Invoices from the CITY to the PERMITTEE for such costs shall be paid within <br />fifteen (15) days of the date of the invoice. <br />15. Payment of Development Fees. The PERMITTEE must pay to the CITY the fees <br />described on Exhibit B which may include, but are not limited to, Park Land Dedication <br />Fees, Trail Development Fees, Sanitary Sewer Connection (Trunk) Fees, Water <br />Connection (Trunk) Fees, Sanitary Sewer Lateral Fees, Water Lateral Fees, Storm <br />Management Fees, Street Light as well as Street Light Operation and Maintenance Fees. <br />16. Requirements for Building and Occupancy Permits. <br />a. No building permit for any lot in the Plat shall be issued until the PERMITTEE <br />has: (a) installed a Class 5 driving surface to within 300 feet of the structure; (b) <br />provided the CITY Building Official with a Certificate of Survey; c.) the financial <br />guaranty described in Section 6 to the CITY; d.) obtained all necessary permits <br />from the Lower Rum River Watershed Management Organization and has <br />provided a copy of such permit to the CITY; and <br />b. No occupancy permit for any lot in the Plat shall be issued until the PERMITTEE <br />has: (a) constructed vehicular access to the lot, including the installation of at least <br />one layer of bituminous surfacing; (b) constructed all utilities and storm water <br />4 <br />