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4. No Waiver. The failure of the City or Owner to avail itself of any of the privileges, <br /> rights, covenants, agreements, terms and conditions of this Agreement for any period of time or at any <br /> time shall not be construed or deemed to be a waiver thereof,and nothing herein contained,nor anything <br /> done or omitted to be done by the City or Owner pursuant hereto,shall be deemed a waiver by the other <br /> of any of its rights and remedies hereunder or under the laws of the State of Texas. The enforcement <br /> of any right or remedy hereunder by the City, either prior to,simultaneously with,or subsequent to any <br /> other action taken hereunder, shall not be deemed an election of remedies. <br /> 5. Modification.This Agreement may not be modified or amended unless such modification <br /> or amendment has been reduced to writing approved by the city council of the City and signed by all of <br /> the then-existing owners of the Property or portions thereof, and by the City, and has been recorded in the <br /> 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 hereto <br /> and their respective successors,heirs and assigns. <br /> 7. Partial Invalidity.If any provision of this Declaration shall be or become invalid, illegal <br /> or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the <br /> remaining provisions shall not be affected or impaired thereby. <br /> [SIGNATURES ON NEXT PAGE] <br /> NP San Marcos Holdings,LLC.: <br /> By: <br /> Name: <br /> Title: Manager <br />