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5. The City has determined that a traffic signal at <br />the above location is not warranted at the present time based on <br />the present use of the property, and that a traffic signal study <br />will be required in order to determine whether such traffic light <br />will be warranted as a result of the changed use of the subject <br />property. <br />Terms of Agreement <br />City and owners agree as follows: <br />6. Upon the execution'of the present Agreement by <br />both the City and owners, owners will furnish to the City a bond <br />in proper form issued by a commercial surety company securing the <br />faithful performance of owners' obligation hereunder. <br />7. City will perform a traffic signal warrant study <br />within one year after the last building occupancy of the subject <br />property following its conversion to wholesale/retail showroom <br />use to determine if a traffic signal is warranted at the above <br />location. <br />8. if the above study shows that a traffic signal is <br />warranted, the City shall, within two years following the last <br />building occupancy of the subject property on a wholesale/retail <br />showroom basis, cause such traffic signal to be installed, and <br />owners shall pay to the City the cost thereof upon demand of the <br />City, provided, however, that owners' liability hereunder shall <br />not exceed $85,000. <br />_2_ <br />880701 pf A127.QMB 0 <br />