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EXHIBIT B <br /> Form of Restrictive Covenant Agreement <br /> RESTRICTIVE COVENANT AGREEMENT <br /> THIS RESTRICTIVE COVENANT AGREEMENT (this "Agreement") is made and <br /> entered into as of the day of , 2022, by and between the <br /> England Family Trust (collectively, the "Owner"), and the City of San Marcos, Texas (the <br /> f1Citylt) <br /> RECITALS: <br /> A. Owner is the owner of a tract of land totaling approximately 5.022 acres out of the <br /> William H. Van Horn Survey No. 18,Abstract No. 464, generally located at 5618 S. Old Bastrop <br /> Hwy.,and situated in Hays County,Texas,as more particularly described in Exhibit"A",attached <br /> hereto (the "Property"). <br /> B. Owner and the City desire to subject the Property(the "Restricted Property"), to <br /> 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 Restricted Property shall be held, sold,transferred, conveyed and occupied <br /> subject to the following restrictive covenants. The following uses are prohibited on the Restricted <br /> Property: <br /> Apartment buildings of three(3) or more stories'. <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 />