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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 /> hereunder or under the laws of the State of Texas. The enforcement of any right or remedy <br /> hereunder by the City, either prior to, simultaneously with, or subsequent to any other action <br /> taken hereunder, shall not be deemed an election of remedies. <br /> 5. Modification. This Agreement may not be modified or amended unless such <br /> modification or amendment has been reduced to writing approved by the city council of the City <br /> and signed by all of the then-existing owners of the Property or portions thereof, and by the City, <br /> and has been recorded in the Official Public Records of Hays County, Texas. <br /> 6. Binding Effect. The obligations created hereunder shall create mutual benefits and <br /> servitudes running with the land.This Agreement shall bind and inure to the benefit of the parties <br /> hereto and their respective successors,heirs and assigns. <br /> 7. Partial Invalidity. If any provision of this Declaration shall be or become invalid, <br /> illegal or unenforceable in any respect under any applicable law, the validity, legality and <br /> enforceability of the remaining provisions shall not be affected or impaired thereby. <br /> [SIGNATURES ON NEXT PAGE] <br /> NP San Marcos Holdings, LLC.: <br />