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in writing, to defer the CITY'S acceptance of certain specified Stage 1 <br />Improvements, the CITY is deemed to have accepted the Stage 1 Improvements <br />when the CITY releases the financial guaranty described in Section 6 or allows <br />such financial guarantee to lapse, expire or otherwise terminate. <br />Stage I Improvements License. The PERMITTEE hereby grants the CITY and <br />the CITY'S agents, employees, officers, and contractors an irrevocable license to <br />enter the Subject Property to perform all necessary work and/or inspections the <br />CITY deems appropriate during the PERMITTEE'S installation of the Stage 1 <br />Improvements. The license shall expire after the CITY accepts ownership of Stage <br />I Improvements. <br />12. Stage 11 CITY Improvements. The improvements the PERMITTEE must <br />construct or install are as follows: <br />a. Street striping and signing. <br />b. Streetlights. <br />c. Inspection. <br />d. Monuments. <br />e. Stage 11 cash deposit. <br />(the "Stage 11 Improvements"). The PERMITTEE must complete the construction <br />of the Stage II Improvements within one (1) year after the date upon which the Plat <br />is recorded. The Plat must be recorded within two (2) years of approval by the <br />CITY. <br />PERMITTEE must install the Stage 11 Improvements in accordance with the <br />Plans. Per City Code Section 117-615, the PERMITTEE shall provide the CITY <br />with a set of re -producible as -built plans in Computer Aided Drafting (CAD) format <br />upon completion of the Stage II Improvements and acceptance by the CITY. As <br />as -built plans are a required Stage 11 improvement item per City Code Section 117- <br />615, the CITY will not release the required Stage I Improvement Financial <br />Guarantee noted in paragraph #6 above. Additionally, the PERMITTEE agrees to <br />provide to the CITY the plans in CAD format prior to the commencement of <br />construction of the Stage II Improvements. <br />13. Financial Guaranty for Stage I1 improvements. The PERMITTEE shall provide a <br />financial guarantee to the CITY guaranteeing the construction of the Stage II <br />Improvements and their timely completion. Said financial guarantee is already <br />covered in Paragraph #6 above. No additional amount is necessary. <br />14. Warranty for Stage 1 and Stage 11 Improvements. The PERMITTEE shall provide <br />a one year warranty in the form of a maintenance bond in the amount of 25% of the <br />cost of the Stage I and Stage 11 Improvements. Said warranty shall be in force for <br />one year following the final acceptance of any require improvements and shall <br />guarantee satisfactory performance of said improvement. The warranty must be in <br />