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either through a currently certified abstract, registered property abstract or <br />title insurance commitment or policy. <br />c. Proof of Authority. That the PERMITTEE provide proof that the <br />respective governing boards of the PERMITTEE have authorized the <br />PERMITTEE'S execution of this Agreement. This proof of authority <br />may be satisfied by providing the CITY with a certified copy of the <br />minutes of the governing board of each entity which grants such authority. <br />3. The Plans. Final Plans must be approved by the City Engineer. <br />4. Improvements. The improvements the PERMITTEE will construct or install are <br />as follows: <br />a. Preliminary Grading <br />(the "Improvements") . <br />5. Improvement Financial Guarantee. The PERMITTEE shall provide a financial <br />guarantee to the CITY guaranteeing the construction of the Improvements and their <br />timely completion. The CITY shall require a financial guarantee in the amount of <br />thirty percent of the grading estimate. The PERMITTEE shall be responsible for <br />a financial guarantee in the amount of $230,034 which is 30% of the $766,781 <br />grading estimate provided by the PERMITTEE. <br />6. Inspection Fees for the Improvements. The PERMITTEE shall provide an <br />inspection fee to the CITY to inspect the Improvements. The PERMITTEE shall <br />be responsible for an inspection fee in the amount of $38,339 which is 5% of the <br />grading estimate provided by the PERMITTEE. <br />7. Installation of the Improvements. The PERMITTEE shall obtain all necessary <br />permits from all governmental agencies before commencing construction of the <br />Stage I Improvements. The PERMITEE must provide the CITY with copies of <br />all necessary permits from other governmental agencies prior to or when the <br />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 for the Stage I Improvements. <br />8. Time of Performance for the Improvements. The PERMITTEE must complete <br />the Stage I Improvements within one (1) year after the recording of the Plat. <br />9. Street Cleaning and Clean Up. The PERMITTEE shall clear any soil, earth, or <br />debris from the streets. From time to time, the CITY may remove accumulations <br />of soil, earth, and debris from the streets resulting from the construction of the <br />Improvements. It shall be the PERMITTEE'S responsibility to pay the costs <br />2 <br />