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190. <br /> <br />OPTION AND LETTER AGREEMENT <br /> <br />This Option and Le[ter Agreement (the "Agreement") is made effective as of this <br />day of OE.~/'-t0 ~2~lr~ , 2002, by and between American Propane, Inc. <br />(Grantor") and the City of San Marcos, Texas ("City"). <br /> <br /> WEEEREAS, for Ten Dollars and other valuable consideration Grantor mid the <br />City have reached an agreement to allow the City an option to acquire a Warranty Deed <br />(referred to hereinafter as the "Conveyance") of even date herewith under the terms and <br />conditions as described herein and on the attached executed unrecorded Conveyance; and <br /> <br /> WEIEREg, S, the parties desire to set forth their agreement with respect to <br />compensation due Grantor for the Conveyances and damages to the Grantor's remaining <br />property in the event the City elects to exersize its option to acquire the Conveyances; <br /> <br /> NOW TI-IEREFORE, for good and valuable consideration, the receipt and <br />adequacy ofwhieb are hereby acknowledged, the parties hereto agree as follows; <br /> <br />1) The option period is for one (I) year from the date hereof; <br /> <br />If~ at the end of the one year option period the City has not excersized its <br />option, the City agrees to retum to Grantor the attached unrecorded executed <br />Conveyance and the Conveyance shall be null, void and of no further force or <br />effect; <br /> <br />3) <br /> <br />The City agrees not to record the Conveyance until after providing <br />notification of its decision to exersize its option and acceptance of the <br />obligation to deliver to Grantor the consideration as described hereinafter; <br /> <br />4) At such time as the City notifies Grantor of its intent to excersize ins option, <br /> as consideration, liquified damages and payment in full for the Conveyance: <br /> <br />a) The City shall timely apply for a driveway permit with the Texas <br /> Department of Transportation (TXDOT) to allow for the <br /> reconstruction of the existing driveway adjoining the reconstructed <br /> intersection of Clovls Barker Road and Highway 123 as illlustrated on <br /> the attached plat, and including the following: <br /> <br />i. 30' commercial driveway; and <br /> <br />Environment & Engineering Dept. - 630 East Hopkins- San Marcos, Texas 78666.512/393-8130.FAX <br /> 512f3g~-3796 <br /> <br /> <br />