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-198- <br /> <br />12. <br /> <br />13 <br /> <br />14. <br /> <br />("Required Improvements)". <br /> <br />The DEVELOPERS agrees to construct the Stage I Improvements according to the <br />terms and conditions of ~his Contract and in accordance with DEVELOPERS' plans <br />submitted to the CITY. The DEVELOPERS shall be responsible for completing the <br />rough grading and providing lot corner stakes prior to the installation of underground <br />utilities. <br /> <br />Required Improvements Completion Date. The Required Improvements shall be <br />completed on or before July 30, 2006. <br /> <br />· Required Improvements Financial Guarantee. In order to ensure the installation of the <br /> Required Improvements in accordance with City specifications and in a timely manner, <br /> the DEVELOPERS shall be required to deposit with the City a cash escrow or letter of <br /> credit, appro'ved as to form by the City, in the amount of <br /> Dollars and no cents ($ ), which is 150% of <br /> the City's estimated cost of the Improvements. Prior to the issuance of the building <br /> permit, all financial guarantees must be provided as required herein. <br /> <br />Upon completion of the construction of the Required Improvements, the financial <br />guarantee shall be returned to the DEVELOPERS and the DEVELOPERS shall be <br />required to provide the landscaping maintenance guarantee described in this Development <br />Contract. The determination of completion of the construction of the Required <br />Improvements'shall be made by the City Council after consultation with the City <br />Engineer. In the event the DEVELOPERS fail to construct and install the Required <br />Improvements as required herein, the City Council may order the completion of the <br />Required Improvements with City day labor and/or by letting contracts for said <br />completion and draw upon the escrow for payment. Only the City Council shall have the <br />authority to direct completion of the Required Improvements and withdraw from the <br />escrow account. The DEVELOPERS hereby grant permission and a license to the City <br />and/or its contractors and assigns to enter upon the Site for the purpose of completing the <br />construction and installation of the Required Improvements in the event of the <br />DEVELOPERS' default. <br /> <br />The Required Improvements shall be installed in accordance with the approved plans and <br />in accordance with CITY standards, CITY Code and plans and specifications which have <br />been prepared by a competent registered professional engineer furnished to' the CITY and <br />approved by the CITY Engineer. The DEVELOPERS shall obtain all necessary permits <br />from all agencies before proceeding with construction. Within 30 days after the <br />completion of the Improvements and before the security is released, the DEVELOPERS <br />shall supply the cITY with a complete set of reproducible "As Built" plans. <br /> <br />Inspection Fees. The DEVELOPER shatl be responsible for all inspection costs incurred <br />by the City related to the installation of Required Improvements. The DEVELOPER <br />shall make a cash deposit into the appropriate escrow account at the City and the City <br />shall have the authority' to draw upon these funds for the purpose of compensating for <br /> <br />Ramsey Town Center 7th Addition <br />Development Contract <br /> Page 6 of 16 Pages <br /> <br /> <br />