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Development Contract—Site Grading Only <br /> Pine Glen <br /> March 13, 2006 <br /> 4. Engineering <br /> a) Administration <br /> 5. Legal Plat Review <br /> 6. Publications <br /> B. If the above escrow amounts are insufficient, the developer shall make such <br /> additional deposits as required by the City. The City shall have a right to <br /> reimburse itself from the Escrow. <br /> VI. BUILDING PERMITS <br /> A. The Developer agrees that building permits may be issued upon approval of the <br /> Final Plat by the City Council at which time all required Financial Security shall be <br /> in place with the City. The Developer further agrees that City Sewer, Water, Storm <br /> Sewer, and Bituminous Base Construction of the Streets,temporary street signs, gas, <br /> electric, and telephone will be completed prior to the issuance of building permits. <br /> B. The Developer shall submit an as-built survey certifying that all the grading complies <br /> with the grading plan prior to issuance of building permits. <br /> C. Model Homes <br /> The City agrees that one structure per ten(10)acres can be installed as model homes <br /> upon approval of the Development Contract(Site Grading Only).The right to obtain <br /> such building permits shall be contingent upon the following: <br /> 1. Execution of this development contract,providing a Letter of Credit in the <br /> amount of$100,000.00 and an escrow amount of$10,000.00. <br /> 2. Construction shall be limited to maintain a minimum distance of 150' from <br /> the furthest exterior wall to an improved gravel street as per the State Fire <br /> Code. The Developer may construct and maintain such access in order to <br /> meet said requirements. <br /> page 9 <br />