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Closing will be contingent on Purchaser obtaining the necessary permits and • approvals on conditions satisfactory to Purchaser in its sole discretion within the time period established by this Contract. If Purchaser diligently and in good faith seeks the required approvals but is unsuccessful in obtaining one or more essential permits or approvals from the City, Purchaser may terminate this Contract without further obligation to the Seller, and receive a full refund of its deposit. If Purchaser fails to diligently and in good faith pursue the required approvals within the time period established by this Contract, Seller may terminate this Contract without further obligation to the Purchaser, and Purchaser's deposit shall be retained by the Seller. (C) Following the receipt of all necessary approvals from the City and closing on the Property, Purchaser will construct six (6) townhouses on the Property, ranging in size from 1,440 to 2,460 square feet. The sales price for each townhouse shall be between $158,000 and $231,900, unless a greater or lesser amount is approved by the Charlottesville City Council. The initial sale of each townhouse shall be to an individual or family who has resided within the City of Charlottesville for a period of at least one year prior to the sale of the property. At least one of the townhouses shall be sold to a family with a household income that is 80% or less of the area's median family income. Purchaser shall also, by deed restriction or other lawful means, insure that the properties remain owner -occupied following the initial sales. The requirements of this paragraph shall survive Closing on the Property. (D) Purchaser shall prepare, at its own expense, the necessary subdivision or related plat in recordable form to be used with the deed at closing in describing the property to be conveyed and any easements to be granted. V. Seller's Rights and Obligations (A) Seller shall prepare, at its own expense, the special warranty deed necessary for conveyance of the City's interest in the Property to Purchaser. The deed will reserve for the City an easement for the existing water line which crosses the property. The easement will be of such size and under such conditions as are typically reserved for City utility easements. If, prior to closing, additional City -owned utilities are discovered on the property which affect the Purchaser's ability to construct the planned development, Purchaser may either (i) relocate the utility at its own expense and grant the City an easement for the relocated utility; or (ii) request that the City relocate the utility at its own expense. If the City declines to relocate the utility at its expense, Purchaser may terminate this Contract without further obligation to Seller, and receive a full refund of its deposit. (B) The Seller shall diligently and in good faith review all applications and submittals by the Purchaser required by this Contract or the Zoning and Subdivision ordinances of the City of Charlottesville. Any required approvals will not be unreasonably delayed or denied.