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What does the agreement control (what is it for)? Have the parties conducted themselves in accordance with the terms of the agreement?
Thank you for the additional information.
As a general rule, a notary is not required for an enforceable contract. In other words, it is enforceable agonist the original parties without notarization.
Where it might fail is if it was meant to be enforceable against a successor in interest. Notarization would be required to for the agreement to be recorded and recording would be required for it to be enforceable against successor owners.
Otherwise, assuming is is otherwise valid, it would be enforceable by the parties.
Is this the first time the agreement has been called into enforcement? Has it been invoked prior to this occasion?
Also, do the terms of the agreement provide for expiration or termination?
If it has no expiration then it is still enforceable by the parties and it is not discretionary.
However, if you want to make it a covenant running with the land then it will need to be notarized and recorded.
Did you have further questions? Have I answered your question?