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<br /> 170 <br /> LETTER OF AGREEMENT <br /> FOR EXCHANGE OF PROPERTY <br /> STATE OF TEXAS <br /> COUNTY OF HAYS <br /> 1. This letter, once duly signed and dated by the relevant <br /> parties shall serve as a bill of exhange and as a binding notice <br /> of agreement between George Love of Maxwell, Texas and the City of <br /> San Marcos, Texas specifically the San Marcos Fire Department; <br /> furthermore, by signing this letter both parties are implicitly <br /> and explicitly acknowledging the true, accurate, honest and <br /> binding nature of this letter. <br /> 2. The purpose of this Letter of Agreement is to acknowledge and <br /> record the exchange of goods between George Love and City to wit: <br /> George Love, in exchange for the compensation to be listed below, <br /> does hereby transfer to City all rights and claims of ownership <br /> to: <br /> One (I) homemade, hand-built, inflatable pontoon raft, also <br /> known as lithe rescue raft," said raft consisting of two nylon <br /> re-enforced neoprene air tubes, 24" in diameter by 144" in <br /> length and each containing three separate air-tight chambers: <br /> one (1) mig-welded, l-and-I/4 collapsible tubular steel frame <br /> with detachable outboard motor mount: one (1) nylon <br /> re-enforced, lace-in mesh floor; fourteen (14) cam-loc cinch <br /> straps of appropriate lengths. <br /> 3. George Love stipulates that the raft and equipment are in good <br /> working order, and that he is the lawful owner of such, with full <br /> rights to transfer and assign ownership, and that he owns the <br /> aforementioned raft and equipment free and clear; and that, in <br /> return for the compensation listed below, he does give said <br /> property (the raft and stipulated equipment) to City without liens <br /> or restrictions. <br /> 4. COMPENSATION. In exchange for the legal right to own, use and <br /> otherwise dispose of the raft and equipment described in Section 2 <br /> of this agreement the City of San Marcos agrees to give George <br /> Love the following: <br /> One (I) l4-foot aluminum, V-bottom Starcraft Seafarer boat <br /> with a 25 horsepower Erinride outboard motor and a model D-14 <br /> Shoreline trailer. <br /> Furthermore, City states that it has full legal right to transfer <br /> and assign ownerhip to said Starcraft Seafarer boat and related <br /> equipment to George Love and that said equipment is owned free and <br /> clear, and will be trans ferred to George Love without lien and <br /> without restriction on use or disposition. <br /> 5. From the time this Agreement is executed by both parties, <br /> neither party shall be responsible for the condition, maintenance, <br /> storage or other upkeep of the goods described in Sections 2 and 4 <br />