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<br />THE CITY OF <br />SAN MARCOS <br /> <br /> <br />LETTER AGREEMENT <br /> <br />This Letter Agreement (the" Agreement") is made effective as of this 1 r d <br />day of J.aty2007, by and between Barnes Family Ranch Limited Partnership ("Grantor") <br />and the City of San Marcos, Texas ("City"). <br /> <br />WHEREAS, pursuant to a City of San Marcos Water and Wastewater Easement <br />(the 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. The City agrees to pay within 30 days of the receipt of the executed <br />agreement and Easement the sum of $37,000.00 as the cash compensation <br />including consideration and damages paid for the easement. <br /> <br />2. Subject to full compliance by the City to the terms of this agreement, <br />Grantor consents to the future annexation of the Easement area. It is <br />understood and agreed that the consent to annexation is restricted solely to <br />the easement area and not the parent tract in its entirety. <br /> <br />IN WITNESS WHEREOF, this instrument was executed as of the date first <br />written above. <br /> <br />Grantor: Barnes Family Ranch Limited P nership <br /> <br /> <br />'IF c:. <br />Kenneth Barnes, Managing Partner <br /> <br />BY: <br /> <br />6JBJ2007 <br /> <br />Environment & Engineering Dept. . 630 East Hopkins San Marcos, Texas 78666.5121393-8130.FAX 512/396-3796 <br />