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<br /> <br />LETTER AGREEMENT <br /> <br />~\'ner Agreement (the "Agreement") i. made effective as ofthi. /()-li- <br />day 0 ~c.4',r2006, by and between Chean-Kung Cheng, Individually and as Attorney- <br />in-Fact for: Nai-Ying Cheng; Lina Wang Lee Family Partnership; Frances L. Chang; <br />Jamin Djuang; Mei-Huei W. Lee; Hui-Shyong Chang; Chean-Hwa Cheng; Frank. C.R. <br />Uu; Po-Wen Wang; Edward Kuo Yang; Emilie Kuo Yang; and Chi-Ping Chang, <br />("Grantor") and the City of San Marcos, Texas ("City"). <br /> <br />WHEREAS, pursuant to a City of San Marcos Public Utility Easement (the <br />Easement) of even date herewith between Grantor and City (copy attached hereto), <br />Grantor has granted to City certain rights to lands described in the Easement, and <br /> <br />WHEREAS, the parties desire to set forth their agreement with respect to the <br />consideration provided Grantor pursuant to the Easement, and to compensate Grantor for <br />damages sustained to Grantor's property as a result of the rights granted to the City <br />therein; <br /> <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 /> <br />1. Within 30 days of the receipt of the executed agreement and Easement <br />AND the approval of a Resolution by the City Council for the City of San <br />Marcos accepting the terms therein, the City agrees to pay the sum of <br />$60,656.25 as the cash compensation including consideration and damages <br />paid for the easement. <br /> <br />2. The City agrees to install at City expense four - 16" X 8" T's with gate <br />valves ("stub-outs") to facilitate the future development of Grantor's <br />property, including the right to loop a water service line between stub-outs, <br />provided the proposed development plan meets all applicable City <br />standards and ordinances, Two of the installations are intended for <br />installation on that 23.62 acre parcel bounded by Hunter Road and the <br />Union Pacific Railroad. The remaining two installations are intended for <br />installation on the remainder of that 69.464 acres bounded by lH35 and <br /> <br />111912008 <br /> <br />Environment & Englneerfng Dept. . 830 Ealll Hopkins' San Marcoe, Texa. 7Se6e.5121393-8130.FAX 51213tle-3798 <br /> <br />EXHIBIT 1 <br />