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SEINF BY - - .a- . <br /> City as necessary to enable construction of all Project elements to take place, including, without <br /> limitation, the building and ancillary features, sewage disposal system, and drainage features. <br /> C. Approvals and Permits. The City shall obtain in a timely manner so as to enable <br /> compliance with the timetable set forth in Section 6 hereof, on behalf of the ACHRA, all <br /> necessary approvals and permits from any unit of government having jurisdiction over the <br /> activities in the Project to enable construction to commence, excepting approvals as are relating <br /> to financing. <br /> D. Conveyance of Facility Site. At the time of closing of the Bond sale for the <br /> permanent financing for the Project, or at an earlier date if mutually agreed upon by the parties, <br /> City shall convey title to the Facility Site to ACHRA. The conveyance shall be subject to the <br /> following conditions: <br /> 1) City shall have good and marketable title to the Facility Site, and shall <br /> furnish an Owner's Policy of Title Insurance to ACHRA, on a standard ALTA form, <br /> insuring title in a sum equal to the anticipated total Project costs through the construction <br /> of the first 16 -unit building; <br /> 2) Conveyance shall be by warranty deed; <br /> 3) City shall execute any and all other documents as may be reasonably <br /> necessary to complete closing of the transfer and any financing activity associated <br /> therewith. <br /> SECTION 2. FINANCING. <br /> A. Pro Forma Financial Projections. ACHRA shall, upon receipt of initial cost <br /> estimates from Architect, caused to be prepared pro forma financial projections to determine at <br /> what rental levels the Project can be expected to be financially viable. In the event that such <br /> projections produce rental figures considered by either City or ACHRA to be in excess of <br /> reasonable rental goals for the dwelling units in the Project, then, at either party's option, this <br /> Agreernent may be rescinded in its entirety, within fifteen (15) days after receipt of such <br /> projections. All preliminary out -of- pocket costs incurred by either party through the date of such <br /> termination shall be shared equally by both parties, and each party shall therefore promptly <br /> 2 <br />