Res 2013-059/Agreement with Suzanne Ruby Soule for the purchase of right-of-way in connection with the N. LBJ Improvement Project

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LETTER AGREEMENT This Letter Agreement (the "Agreement ") is made effective as of this 1 thday of April _, 2013, by and between Suzanne Ruby Soule, ( "Grantor ") and the City of San Marcos, Texas ( "City "). WHEREAS, pursuant to a City of San Marcos Temporary Construction Easement and License and Maintenance Easement (the Easements) and Warranty Deed between Grantor and City (copies attached hereto), Grantor has granted to City certain easement rights to lands described in the Easements and conveyed fee simple rights to lands described in the Warranty Deed, and; WHEREAS, the parties desire to set forth their agreement with respect to the consideration provided Grantor pursuant to the Easements and Warranty Deed, and to compensate Grantor for damages sustained to Grantor's property as a result of the rights granted to the City therein, and; WHEREAS, The City will, at its option, acquire at its own expense a policy of title insurance issued by Independence Title, agent for Stewart Title, called the City's Closing Agent, which policy on consummation of this transaction guarantees title in the City. The City, without cost to Grantor, will prepare the necessary instruments and will pay the cost of recording all instruments conveying title to the City, and; WHEREAS, Grantor agrees to convey to the City full title to the said property, which is described in the said Exhibit "A" to the attached Warranty Deed and all appurtenances thereto for the consideration stated. After approval of title by the City, Grantor agrees to deliver to the City's Closing Agent a Warranty Deed and Easements, properly executed, conveying full title and easement rights to such properties as herein provided. In the event Grantor is unable to convey rights, subject to the aforementioned exception, to said properties or a title satisfactory to the City, then the City may terminate this agreement and this agreement shall be null and void. NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows; Subject to the City's right to terminate this agreement, as provided above, the City agrees to pay within thirty (30) days of the execution hereof Fifty -Five Thousand Three Hundred Eighty -Five dollars ($55,385.00) as the cash compensation including consideration and damages paid for the property and rights described in the Warranty Deed and Easements. N LBJ Road Imp Project, Parcel 19