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e e -s- even though it is not extended by agreement between City and all of the owners of all land within the District of which it is a part. In this connection, City hereby expresses its belief that industrial district agreements of the kind made herein are conducive to the development of existing and future industry and are to the best interest of all citizens of City and encourage future City Councils to enter into future industrial district agreements and to extend for additional periods permitted by law this Industrial District Agreement upon request of Company or its assigns; provided, however, that nothing herein contained shall be deemed to obligate either party hereto to agree to an extension of this Agreement. V. Company agrees to pay all "in lieu of taxes" payments hereunder, to City on or before December 31 of each year during the term hereof. It is agreed that presently the ratio of ad valorem tax assessment used by City is one hundred percent (100%) of the fair market value of property. Any change in such ratio used by City shall be reflected in any subsequent computations hereunder. This Agreement shall be subject to all provisions of law relating to determination of value of land, improvements, and tangible personal property, for tax purposes (e.g., rendition, assessments, Harris County Appraisal District review and appeal procedures, court appeals, etc.) for purposes of fixing and determining the amount of ad valorem tax payments, and the amount of "in lieu of tax" payments hereunder, except as otherwise provided in Article VI hereof. VI. (A) In the event Company elects to protest the valuation for tax purposes set on its said properties by City or by the Harris County Appraisal District for any y~ar or years during the terms hereof, nothing in this Agreement shall preclude such protest and Company shall have the right to take all l.egal steps desired by it