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4. Stage I improvement Financial Guarantee. The PERMITTEE is not required to submit <br />a Stage I Improvement Financial Guarantee. The PERMITTEE is not responsible for <br />installation of Stage :I Improvements. The PRIVIITTEE acknowledges that Stage I <br />Improvements shall be required with future subdivision requests and will be reviewed at <br />the time the PERiMITTEE submits any request for -future subdivision. <br />- 5, Inspection Fees. The PERM1TTEE shall be responsible, for. all City inspection costs <br />incurred by the CITY related to the installation of the Stage I Improvements in the <br />amount of No Dollars and No Cents ($0..00), which equals 5% of the City Engineer's <br />estimated cost of the Stage 1 Improvements. PERMITTEE shall deposit said amount as <br />a cash escrow held by the CITY at the time of execution of this Contract. PERMITTEE <br />agrees that said fees may be used to complete the Improvements in the event of default by <br />the PERiv ITTEE. Upon completion of the Stage I Improvements and final inspection <br />and acceptance by the CITY, the remaining balance in the escrow account shall be <br />returned to PERMITTEE. <br />6, Stage I Improvement Installation. The PEI&f[TTEE is not responsible for installation <br />of Stage I Improvements, The PERMITTEE acknowledges that Stage 1 Improvements <br />shall be required with future subdivision requests and \Till be reviewed at the time the <br />PERIVLITTEE submits any request for future subdivision. <br />7.. Time of Performance. The PERMITTEE is not responsible for installation of Stage I <br />Improvements. The PERM ITTEE acknowledges that Stage I Improvements shall be <br />required with future subdivision requests and will be reviewed at the time the <br />PERK TTTEE submits any request for future subdivision. <br />8. Stage I Improvem• enr Warranty Financial Guarantee. The PERMITTEE is not <br />responsible for installation of -Stage I Improvements. The PERMITTEE acknowledges <br />that Stage .1 Improvements shall be required with future subdivision requests and will he <br />reviewed -at the time the PERMITTEE submits any request for future subdivision. <br />9. Maintenance Guarantee for Landscaping. The PERMITTEE is not responsible for <br />providing a maintenance guarantee for landscaping, as no landscaping is required. The <br />PERMITTEE acknowledges that landscaping shall be required with future subdivision <br />requests and will be reviewed at the time the PERMITTEE submits .any request for <br />future subdivision. • • . <br />10. Ownership of Improvements. The PERMITTEE is not responsible for installation of <br />Stage I Improvements. The PERMITTEE acknowledges that Stage I Improvements <br />shall be required with future subdivision requests and will be revim'ed at the time the <br />PERMITTEE submits any request for future subdivision. <br />11. License, PERMITTEE hereby grants to the CITY; its agents, employees, officers and <br />contractors, a- license to enter the Property from time to time in order to perform all work <br />and/or inspections deemed appropriate by the CITY during installation of the <br />M4 OWSKY FA L Y FARM' METES AND BOUNDS SUBDIVISION <br />Development Contract <br />Page2ofll <br />