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CITY shall maintain an accurate accounting of charges to the escrow amount and shall <br />provide a monthly statement of all such charges. Upon completion of the Stage I <br />Pennittee Improvements and final inspection and acceptance by the CITY, the remaining <br />balance in the escrow account shall be promptly returned to PERMITTEE. IITTEE. In the event <br />the said $20,000.00 cash escrow is not sufficient to defray; the inspection costs and/or <br />clean-up costs, PERIVIITEE agrees to supplement the cash escrow within ten (10) days <br />of written request by the CITY in an amount reasonably sufficient to insure payment of <br />the inspections costs and/or clean-up costs. <br />8. Stage I Improvement Installation. The Stage I Improvements shall be installed in <br />accordance with the City Plans and Permittee Plans and in accordance with CITY <br />standards and the City Code. The CITY and PERMITTEE shall obtain all necessary <br />permits from all agencies before proceeding with construction of the Stage I <br />Improvements. Within thirty (30) days after the completion of the Stage I City <br />Improvements, the CITY shall have prepared a complete set of reproducible "As Built`, <br />plans for the Stage I City Improvements, developed by a certified engineer. <br />9. Time of Performance. The CITY shall have substantial completion of all Stage I City <br />Improvements by December 1, 2011 and final completion by June 30, 2012, provided <br />that the time for completion shall be extended to the extent that PERMITTEE'S acts or <br />omissions unreasonably delays comf)letionn of the Stage I City Improvements. <br />PERMITTEE shall install all Stage I Permittee Improvements by June 30, 2012, <br />provided that the time for completion tion shall be extended to the extent that CITY'S acts or <br />omissions unreasonably delays completion of the Stage I Permittee Improverents, <br />10. Stage I Improvement ent Warranty Financial Guarantee. A Stage I Improvement Financial <br />Warranty Guarantee shall not be required for Stage I City. Improvements. A Stage I <br />Improvement cement Warranty Financial Guarantee shall be required for Stage I Permittee <br />Improvements as applicable to Item #4.e above. The PERMITTEE shall deposit as cash <br />escrow or letter of credit the amount of Eighty Two Thousand Five Hundred Seventy <br />Five Dollars and No Cents , which is equivalent to [35 $150/tree] + [385 <br />x $ 5 shrubj x 30% mortality rate). The PERMITTEE may apply for reductions in the <br />Letter of Credit or cash escrow as the Stage I Permittee Improvements are completed and <br />accepted by the CITY. Upon completion of the Stage I Permittee Improvements and <br />final inspection and acceptance by the CITY, any remaining balanced on the letter of <br />credit or escrow account shall be promptly returned to the PERMITTEE. <br />11. Ownership of_Improvements. Upon completion and acceptance by the CITY, the Stage I <br />City Improvements lying within public easements shall become CITY property without <br />further notice or action. <br />1?. 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 />Improvements. This license shall expire after the Improvements installed pursuant to this <br />Contract have been installed and accepted by the CITY. <br />ALPHA DEVEL MEN A Legac . Christian Academy <br />Development Corntract <br />Page 5 of 1 <br />