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established rates and charges in effect and outlined in Exhibit B <br />attached hereto. <br />d. Installation of survey monumentation. <br />(the "Stage II 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. <br />PERMITTEE must install the Stage II Improvements in accordance with the <br />Plans, excluding the street and traffic control signs, which will be installed by the <br />CITY. <br />11. Financial Guaranty for Stage I Improvements, and Stage II Improvements. The <br />PERMITTEE shall provide a financial guaranty to the CITY guaranteeing the <br />construction of the Stage I Improvements, and Stage II Improvements, as well as <br />their timely completion. The PERMITTEE shall be responsible for a financial <br />guarantee in the amount of ($434,202.00), which amount is 125% of the CITY <br />Engineer's estimated cost of the Stage I and Stage II Improvements. <br />12. Inspection Escrow for the Stage I Improvements, Stage II Improvements. The <br />PERMITTEE shall provide an inspection escrow to the CITY to inspect the Stage <br />I Improvements, and Stage II Improvements. The PERMITTEE shall be <br />responsible for an inspection escrow in the amount of ($17,368.00), which amount <br />is 5% of the City Engineer's estimated cost of the Stage I Improvements, and Stage <br />II Improvements. The inspection escrow must be in the form of cash. The <br />PERMITTEE may request a refund of the remaining balance in the escrow upon <br />completion of the Stage I Improvements, and Stage II Improvements, after <br />acceptance by the CITY. <br />13. Warranty for Stage I and Stage II Improvements. The PERMITTEE shall provide <br />a one-year warranty in the amount of $86,840.00, which is 25% of the cost of the <br />Stage I and Stage II Improvements. Said warranty shall be in force for one year <br />following the final acceptance of any required improvements and shall guarantee <br />satisfactory performance of said improvements. <br />14. Letter of Credit. Prior to release of the Final Plat for recording, the PERMITTEE <br />shall deposit with the CITY an irrevocable Letter of Credit (LOC) for the sureties <br />and inspection fees outlined in Sections 11, 12, and 13. In lieu of an irrevocable <br />LOC, the PERMITTEE may provide a cash escrow to the CITY. The CITY shall <br />use the LOC proceeds to reimburse the CITY for its costs of Stage I and Stage II <br />Improvements to be constructed to the extent practicable; if the City Engineer <br />determines that the Stage I and Stage II Improvements have been constructed and <br />after retaining 10% of the proceeds for later distribution pursuant to Section 15, the <br />remaining proceeds shall be distributed to the PERMITTEE. <br />4 <br />