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guaranty described in Section 15 and except to the extent the CITY and the PERMITTEE <br />may agree, in writing, to defer the CITY' S acceptance of certain specified Stage I <br />Improvements, the CITY is deemed to have accepted the Stage I Improvements within the <br />City -owned right-of-way when the CITY releases the financial guaranty described in <br />Section 15 or allows such financial guaranty to lapse, expire or otherwise terminate. <br />13. 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 />14. Required Private Improvements. The private improvements the PERMITTEE will <br />construct or install are as follows: <br />a. Storm drainage facilities <br />b. Stormwater maintenance <br />C. Parking lot <br />d. Concrete curb and gutter <br />e. Lot grading <br />f. Landscaping <br />15. Financial Guaranty for Stage I Improvements and Required Private Improvements. The <br />PERMITTEE shall provide a financial guaranty to the CITY guaranteeing the <br />construction of the Stage I Improvements and Required Private Improvements, as well as <br />their timely completion. The PERMITTEE shall be responsible for a financial guaranty <br />in the amount of Three Hundred Forty Seven Thousand Two Hundred Nineteen Dollars <br />and No Cents ($347,219.00), which amount is 125% of the CITY Engineer's estimated <br />cost of the Stage I Improvements and Private Improvements. Upon completion of Stage I <br />Improvements and Private Improvements (including the removal of "temporary" erosion <br />control measures as identified in the approved Grading Plan), acceptance by the CITY, <br />supported by appropriate lien waivers, The PERMITTEE may request a reduction in the <br />amount of the financial guaranty. <br />16. Inspection Escrow for the Stage I Improvements and Required Private Improvements. The <br />PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage I <br />Improvements and Required Private Improvements. The PERMITTEE shall be <br />responsible for an inspection escrow in the amount of Thirteen Thousand Eight Hundred <br />Eighty Nine Dollars and No Cents ($13,889.00), which amount is 5% of the City <br />Engineer's estimated cost of the Stage I Improvements and Required Private <br />Improvements. The inspection escrow must be in the form of cash. The PERMITTEE <br />may request a refund of the remaining balance in the escrow upon completion of the Stage <br />I Improvements and Required Private Improvements, after acceptance by the CITY. <br />17. Warranty for Stage I Improvements. The PERMITTEE shall provide a one-year warranty <br />in the amount of Sixty Nine Thousand Four Hundred Forty Four Dollars and No Cents <br />($69,444.00), which is 25% of the cost of the Stage I Improvements. Said warranty shall <br />be in force for one year following the final acceptance of any required improvements and <br />shall guarantee satisfactory performance of said improvements. The warranty must be in <br />the form of a Letter of Credit, approved as to form by the CITY, or a cash escrow. <br />3 <br />