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<br /> 82 <br /> CITY OF SAN MARCOS <br />JoAnn Childress <br />6903 Deaton Hill, *42 <br />Austin, Texas 78745 <br />To JoAnn Childress: <br />This letter agreement contains the terms and provisions of the City of <br />San Marcos (City) acquisition of real property owned by you in order to <br />obtain a right-of-way interest in that property. The purpose of this <br />acquisition is to allow the City to make improvements in the Mill <br />Street area. <br />The City hereby agrees to: <br />A. Deposit Seven Thousand Dollars and No/lOOs ($7,000.00) into an <br /> escrow account, in accordance with the terms of this agreement, at <br /> a local institution within 20 days of execution of this agreement <br /> by both parties. Said $7,000.00 is the total consideration to be <br /> paid by City for this acquisition representing $5,500 for the <br /> appraised value of the property to be transferred, and $1,500 for <br /> estimated cost of reconstruction. <br />B. Pay Ms. Childress said $7,000.00 when 1) the front section of the <br /> structure located at 113 Mill Street is removed in accordance with <br /> the diagram attached hereto as Exhibit A and incorporated by <br /> reference herein for all intents and purposes, and 2) Ms. <br /> Childress vacates the area of the proposed right-of-way as <br /> described in Exhibit B, attached hereto and incorporated by <br /> reference herein for all intents and purposes. <br />Ms. Childress hereby agrees to: <br />c. Execute a Deed Dedicating Right of Way, Drainage and Public <br /> Utility Easement, a copy of which is attached hereto as Exhibit C <br /> and incorporated by reference herein for all intents and <br /> purposes. Said document shall be executed upon receipt of the <br /> consideration mentioned in paragraph B hereinabove. <br />D. Perform or cause to be performed removal of the front section of <br /> the house located on the subj ect premises in accordance with <br /> Exhibit A. Said performance shall be completed by April 15, 1986. <br />E. Allow inspections by the City of the removal performed on the <br /> subject premises to assure that adequate right-of-way is made <br /> available to the City. Payment of the consideration in paragraph <br /> B shall be made subject to such inspections and affirmation by <br /> City that the proposed right-of-way area has been cleared. <br /> READ BEFORE SIGNING <br /> city hall' 630 8. hopkins . san mar'cos texas 78666. 512/353-4444 <br />