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7. Time of Performance for the Stage I Improvements. The PERMITTEE must complete <br />the Stage I Improvements within one (1) year after the recording of the Plat. <br />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 guaranty 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 Improvements. The public improvements the PERMITTEE must construct or <br />install are as follows: <br />a. Installation of survey monumentation. <br />(the "Stage II Improvements"). The PERMITTEE must complete the construction of the <br />Stage II Improvements, in accordance with the Plans, within one (1) year after the date <br />upon which the Plat is recorded. <br />11. Required Private Improvements. The private improvements the PERMITTEE will <br />construct or install are as follows: <br />a. Lot grading <br />b. Landscaping <br />c. Privacy fencing <br />d. Berm along north side of Subject Property <br />12. Financial Guaranty for Stage I Improvements, Stage II Improvements, and Required <br />Private Improvements. The PERMITTEE shall provide a financial guaranty to the CITY <br />guaranteeing the construction of the Stage I Improvements, Stage II Improvements, and <br />Required Private Improvements, as well as their timely completion. The PERMITTEE <br />shall be responsible for a financial guaranty in the amount of Thirteen Thousand One <br />Hundred Twenty Five Dollars and No Cents ($13,125.00), which amount is 125% of the <br />CITY Engineer's estimated cost of the Stage I Improvements, Stage II Improvements, and <br />Required Private Improvements (the "Financial Guaranty"). Upon completion of Stage I <br />Improvements (including the removal of "temporary" erosion control measures as <br />identified in the approved Grading Plan), acceptance by the CITY, supported by <br />appropriate lien waivers, the PERMITTEE may request a reduction in the amount of the <br />Financial Guaranty. <br />3 <br />