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Well, so far as we can tell, time (along with space) is one of the fundamental properties of the fabric of the universe. Whether or not there's mass nearby, time still exists so far as we can tell. Of course, we live in a universe with mass and we and all our detectors are made of mass, so it's hard to actually check what happens if there is no mass. Now, as you point out, time is effected by mass--or more precisely, one of the things that effects time is energy, and mass is equivalent to energy. But time still exists when it isn't being influenced by mass.
JPWhen two masses combine time dilates for them more than it does for them individually. Take this to its logical conclusion and the universe will end up as a black hole.I think this is all in accordance with relativity.