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8. 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 the Stage <br />I Improvements automatically passes to the CITY upon the CITY'S written acceptance of <br />the Stage I Improvements. Except to the extent the CITY has accepted all or portions of <br />the Stage I Improvements, in writing, prior to the lapse, expiration, or other termination of <br />the CITY'S financial guaranty described in Section 12 and except to the extent the CITY <br />and the PERMITTEE may agree, in writing, to defer the CITY'S acceptance of certain <br />specified Stage I Improvements, the CITY is deemed to have accepted the Stage I <br />Improvements when the CITY releases the financial guaranty described in Section 12 or <br />allows such financial guarantee to lapse, expire or otherwise terminate. <br />9. Stage I Improvements License. The PERMITTEE hereby grants the CITY and the <br />CITY'S agents, employees, officers, and contractors an irrevocable license to enter the <br />Subject Property to perform all necessary work and/or inspections the CITY deems <br />appropriate during the PERMITTEE' S installation of the Stage I Improvements. The <br />license shall expire after the CITY accepts ownership of Stage I Improvements. <br />10. Stage II CITY Improvements. The public improvements the PERMITTEE must <br />construct or install are as follows: <br />a. Installation of survey monumentation. <br />b. Street light(s). <br />(the "Stage II Improvements"). The PERMITTEE must complete the construction of the <br />Stage II Improvements within one (1) year after the date upon which the Plat is recorded. <br />PERMITTEE must install the Stage II Improvements in accordance with the Plans. Per <br />City Code Section 117-615, the PERMITTEE shall provide the CITY with a set of re- <br />producible as -built plans in Computer Aided Drafting (CAD) format upon completion of <br />the Stage II Improvements and acceptance by the CITY. As as -built plans are a required <br />Stage I Improvement item per City Code Section 117-615, the CITY will not release the <br />required Stage I Improvement Financial Guarantee noted in paragraph # 12 below until <br />CITY has received the as -built plans. Additionally, the PERMITTEE agrees to provide <br />to the CITY the plans in CAD format prior to the commencement of construction of the <br />Stage II Improvements. <br />11. Required Private Improvements. The private improvements the PERMITTEE will <br />construct or install are as follows: <br />a. Construction of driveways from the street through the impacted wetland setback <br />areas for Lots 3-5, Block 1 WILLIAMS WOODS and the driveway apron for Lot <br />8, Block 1 WILLIAMS WOODS in accordance with Resolution #21-203. <br />12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required <br />Private Improvements. The PERMITTEE shall provide a financial guarantee to the CITY <br />guaranteeing the construction of the Stage I Improvements, Stage II Improvements, <br />Required Private Improvements, and their timely completion. The PERMITTEE shall be <br />responsible for a financial guarantee in the amount of ($383,047.00), which amount is <br />125% of the CITY Engineer's estimated cost of the Stage I Improvements. Upon <br />3 <br />