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5.04. Time. Time is of the essence in all things pertaining to the performance of <br />this Agreement. <br />5.05. Severability. If any provision of this Agreement is held to be illegal, <br />invalid, or unenforceable then, and in that event, it is the intention of the parties hereto <br />that the remainder of this Agreement shall not be affected. <br />5.06. Waiver. Any failure by a party hereto to insist upon strict performance by <br />the other party of any material provision of this Agreement shall not be deemed a <br />waiver thereof or of any other provision hereof, and such party shall have the right at <br />any time thereafter to insist upon strict performance of any and all of the provisions of <br />this Agreement. <br />5.07. Applicable law and venue. The construction and validity of this <br />Agreement shall be governed by the laws of the State of Texas without regard to <br />conflicts of law principles. Venue shall be in Hays County, Texas. <br />5.08. Reservation of rights. To the extent not inconsistent with this Agreement, <br />each party reserves all rights, privileges, and immunities under applicable laws. <br />5.09. Further documents. The parties agree that at any time after execution of <br />this Agreement, they will, upon request of another party, execute and deliver such <br />further documents and do such further acts and things as the other party may <br />reasonably request in order to carry out the terms of this Agreement. <br />5.10. Incorporation of exhibits and other documents by reference. All exhibits <br />and other documents attached to or referred to in this Agreement are incorporated <br />herein by reference for the purposes set forth in this Agreement. <br />5.11. Effect of state and federal laws. Notwithstanding any other provision of <br />this Agreement, the District and the City shall comply with all applicable statutes or <br />regulations of the United States and the State of Texas. <br />5.12. Authority for execution. The City hereby certifies, represents, and <br />warrants that the execution of this Agreement is duly authorized and adopted in <br />conformity with the charter of the City and City ordinances. The District hereby <br />certifies, represents, and warrants that the execution of this Agreement is duly <br />authorized and adopted by the Board of Directors of the District. <br />SIGNATURE PAGES FOLLOW <br />-8- <br />964507_3 <br />