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70 <br />AGREEMENT uhC <br />61, A ", <br />THIS AGREEMENT is entered into by and between the City <br />of Santa Ana ("City") on the one hand, and H. PETER NORSTRAND, <br />LAWRENCE W. DOYLE, and JOHN L. PATTILLO, Trustees of AEW No. 53 <br />Trust under Declaration of Trust dated September 17, 1986, doing <br />business as McFadden Commerce Center ("Owners") on the other <br />hand. <br />Recitals <br />1. Owners own certain property located adjacent to <br />the 55 Freeway in the City of Santa Ana ("subject property"). <br />2. The subject property is improved with an indus- <br />trial park. <br />3. Owners have applied for, and the City has issued, <br />approvals/ including a conditional use permit (,,cup,,) for <br />certain improvements on the subject property, including but not <br />limited to, conversion of the industrial park to wholesale/ <br />retail showroom use. <br />4. As one of the conditions of the CUP, the City is <br />requiring owners to furnish a bond in the amount of $85,000.00 <br />("bond") in connection with the Possible installation of a <br />traffic signal and appurtenances thereto at the intersection of <br />Village Way and a new on -off ramp being constructed by Caltrans <br />in the vicinity of the subject property. <br />