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amount is 75% of the CITY Engineer's estimated cost of the Stage I Improvements. <br />Upon completion of Stage I Improvements (including the removal of "temporary" <br />erosion control measures as identified in the approved Grading Plan), acceptance <br />by the CITY, supported by appropriate lien waivers, the PERMITTEE may <br />request, in writing and accompanied by an updated certified engineer' s estimate of <br />remaining work to be completed, a reduction to or release of the correlating amount <br />of the financial guarantee. The accepted engineer's estimate is attached as Exhibit <br />C hereto. <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 XXXX <br />Thousand XXX Hundred XXX Dollars and No Cents ($XXXX.00), which amount <br />is 2.5% of the CITY Engineer's estimated cost of 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 />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 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 />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. The Final Plat must be recorded within two (2) years of approval by the City <br />Council. <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 />written acceptance of the Stage I Improvements. Except to the extent the CITY <br />has accepted all or portions of the Stage I Improvements, in writing, prior to the <br />lapse, expiration, or other termination of the CITY'S financial guarantee described <br />in Section 6 and except to the extent the CITY and the PERMITTEE may agree, <br />in writing, to defer the CITY'S acceptance of certain specified Stage I <br />Improvements, the CITY is deemed to have accepted the Stage I Improvements <br />when the CITY releases the financial guarantee described in Section 6. <br />11. 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 />3 <br />