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Development Contract <br />Stoneybrook <br />VII. PHASING PLAN <br />A. The development shall be constructed in accordance with the approved phasing plan <br />as follows: <br />1. Final Plat approval for Phase I shall be granted for a maximum of 52 lots in <br />2002. <br />2. Final Plat approval for the remainder of the development shall be granted in <br />2003. <br />VIII. HOURS OF CONSTRUCTION ACTIVITY <br />A. All construction activity shall be limited to the hours set out in City Ordinances as <br />follows: <br />Monday through Friday 7:00 a.m. to 7:00 p.m. <br />Saturday 9:00 a.m. to 5:00 p.m. <br />Sunday and Holidays No working hours allowed <br />IX. OWNERSHIP OF IMPROVEMENTS <br />A. Upon completion of the work and construction required by this contract and <br />acceptance by the City, the improvements lying within the public easements shall <br />become City property without further notice or action. <br />X. INSURANCE <br />A. Developer or all its subcontractors shall take out and maintain until one (1) year <br />after the City has accepted the private improvements, public liability and property <br />damage insurance covering personal injury, including death, and claims for property <br />damage which may arise out of the Developer's work or the work of his <br />subcontractors or by one directly or indirectly employed by any of them. Limits for <br />bodily injury and death shall be not less than Five Hundred Thousand and no /100 <br />($500,000.00) Dollars for one person and One Million and no /100 ($1,000,000.00) <br />Dollars for each occurrence; limits for property damage shall be not less then Two <br />Hundred Thousand and no /100 ($200,000.00) Dollars for each occurrence; or a <br />combination single limit policy of One Million and no /100 ($1,000,000.00) Dollars <br />or more. The City, its employees, its agents and assigns shall be named as an <br />additional insured on the policy, and the Developer or all its subcontractors shall file <br />with the City a certificate evidencing coverage prior to the City signing the plat. <br />The certificate shall provide that the City must be given ten (10) days advance <br />written notice of the cancellation of the insurance. The certificate may not contain <br />any disclaimer for failure to give the required notice. <br />page 12 <br />• <br />• <br />