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RESTRICTIVE COVENANT AGREEMENT <br />This Restrictive Covenant Agreement (this "Agreement") is made and entered into as <br />of March 23, 2022, by and between Costello, Inc. a Texas Corporation (the "Owner"), and the <br />City of San Marcos, Texas (the "City"). <br />f.7xy1lFRIf.� <br />A. Owner is the owner of a tract of land totaling approximately 55.344 acres situated <br />in Hays County, Texas, more particularly described in Exhibit "A", attached hereto (the <br />"Property"). <br />B. Owner and the City desire to subject the Property to the terms of this Agreement. <br />NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00), <br />and other good and valuable consideration, the receipt and sufficiency of which the parties hereby <br />acknowledge, the Owner and the City do hereby agree as follows: <br />1. Establishment of Restrictive Covenant. The Parties hereto agree and <br />acknowledge that the Property shall be held, sold, transferred, conveyed and occupied subject to <br />the following restrictive covenants: <br />a. There shall be a 15 -foot buffer and building setback indicated on the <br />subdivision plat between development on the Property and the adjacent cemetery. <br />b. A plat note indicating the requirement of a 15 -foot buffer and building <br />setback and the construction of an eight -foot -high privacy wall between the CD -3 zoned <br />development and the adjacent cemetery will be required. A permit for the privacy wall <br />and construction of the eight -foot -high privacy wall, at the owner's expense shall be <br />completed prior to the recordation of the final subdivision plat. <br />2. No Consent Required. The Owner and the City each hereby represent and warrant <br />to the other that they have full requisite power and authority to enter into this Agreement without <br />the joinder or further consent of any other party, including without limitation that of any lender, <br />lienholder or tenant, and that this Agreement will not be subordinate to any existing lien or other <br />monetary encumbrance. <br />3. Remedies. The City may pursue any remedies available at law or in equity to <br />enforce the provisions of this Agreement, including the recovery of reasonable attorney's fees and <br />court costs. <br />4. No Waiver. The failure of the City or Owner to avail itself of any of the <br />privileges, rights, covenants, agreements, terms and conditions of this Agreement for any <br />period of time or at any time shall not be construed or deemed to be a waiver thereof, and <br />nothing herein contained, nor anything done or omitted to be done by the City or Owner <br />pursuant hereto, shall be deemed a waiver by the other of any of its rights and remedies <br />