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4844- 8244 - 9173.2 201309264 5.3 Termination and Amendment. Until expiration of the Declarant Control Period, Declarant shall have the unilateral right to amend this Declaration. After expiration of the Declarant Control Period, this Declaration, or any provision hereof, or any covenant, condition or restriction contained herein, may be terminated, extended, modified or amended only with the written consent of all Owners. Notwithstanding the foregoing to the contrary, any amendment affecting lienholder priority must be approved by the holder of any and all first mortgages and deeds of trust affected thereby. No such termination, extension, modification or amendment shall be effective until the same has been reduced to writing, executed, acknowledged and recorded in the office of the Recorder of Hall County, Nebraska. 5.4 Default: Enforcement. Until such time as the Association is created, each Owner shall have the right to enforce, by any proceedings at law or in equity, all restrictions, conditions, covenants, reservations, liens and charges now or hereafter imposed by the provisions of this Declaration. After creation of the Association, the Association shall have the sole and exclusive right to enforce, by any proceedings at law or in equity, all restrictions, conditions, covenants, reservations, liens and charges now or hereafter imposed by the provisions of this Declaration. Failure to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter. No express waiver of any default will affect any default or extend any period of time for performance other than as specified in such express waiver. The rights and remedies of enforcement are cumulative and no right or remedy will be exclusive of any other, or of any other right or remedy at law or in equity which an Owner or the Association might otherwise have by virtue of a default under this Declaration, and the exercise of any right or remedy by an Owner or the Association will not impair such party's standing to exercise any other right or remedy. 5.5 No Partnership. Nothing contained in this Dedaration and no action by the Owner of any Lot or the Association will be deemed or construed by any Owner or by any third person to create the relationship of principal and agent, or a partnership, or a joint venture, or any association between or among Declarant and any of the Owners of any of the Lots. 5.6 Severabilitv. If any provision of this Declaration is, to any extent, declared by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Declaration (or the application of such provision to persons or circumstances other than those in respect of which the determination of invalidity or unenforceability was made) will not be affected thereby and each provision of this Declaration will be valid and enforceable to the fullest extent permitted by law. 5.7 Governing Law. This Declaration will be construed in accordance with the laws of the State of Nebraska. 5.8 Captions. The captions of the paragraphs of this Declaration are for convenience only and are not intended to affect the interpretation or construction of the provisions herein contained. 11