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LETTER AGREEMENT <br />This Letter Agreement (the "Agreement") is made effective as of this 9 fh <br />day of 1MOW M kIn' , 2008, by and between JOQ - San Marcos Ventures, <br />LP, ("Grantor") and the City of San Marcos, Texas ("City"). <br />WHEREAS, pursuant to a City of San Marcos Public Utility Easement (the <br />"Easement") of even date herewith from Grantor to the City (copy attached hereto), <br />Grantor and the City have set forth the terms and conditions for the granting of an <br />easement to City upon, over, across and under certain real property described in the <br />Easement; and <br />WHEREAS, the parties desire to set forth their agreement with respect to <br />compensation and damages due Grantor for the Easement. <br />NOW THEREFORE, for good and valuable consideration, the receipt and <br />adequacy of which are hereby acknowledged, the parties hereto agree as follows: <br />1. Grantor shall execute and deliver to City the Easement together with this Letter <br />Agreement. <br />2. The City agrees to pay within twenty-one (21) days after the acceptance of the <br />Easement and terms hereof by the City Council of the City the sum of $84,617.00 <br />as the compensation and damages paid for the Easement; and <br />3. The City shall not record the Easement until such time as the City Council <br />authorizes the compensation amount provided in paragraph 2 and accepts the <br />Easement and terms hereof. <br />4. If the Easement and the terms hereof are not accepted by the City Council within <br />ninety (90) days after the execution of this instrument by Grantor, this instrument <br />and the Easement shall be null and void and the Easement shall be returned to <br />Grantor. <br />IN WITNESS WHEREOF, this instrument was executed as of the date first <br />written above. <br />io-oot-oe <br />5273061v.4