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',' ',' . . "; Industrial District Agreement - 5 with the (1) and (2) r em taxes thereof rris County Appr. isal District. by propert the Harris value of the annexed for ad derogation establish tangible personal tax purposes. III. This Agreement shall extend for a period beginning on the 1st day of January, 1987, and continue thereafter until December 31, 1993, unless extended for an additional period or periods of time upon mutual consent of Company and City as provided by the Municipal Annexation Act: provided, however, that in the event this Agreement is not so extended for an additional period or periods of time On or before August 31, 1993, the agreement of City not to annex property of Company within the District shall terminate. In that event, City shall have the right to commence immediate annexation proceedings as to all of Company I s property. covered by this Agreement, notwithstanding any of the terms and provisions of this agrement, and in such event Company agrees that if the Texas Municipal Act, Article 970a (V.A.T.S.), as amended after January 1, 1980, or any new legislation is thereafter enacted by the Legislature of the State of Texas which imposes greater restrictions on the right of City to annex land belonging to Company or imposes further obligations on City in connection therewith after the annexation of such land, Company will waive the right to require City to comply with any such additional restrictions or obligations and the rights of the parties shall be then determined in accordance with the provisions of said Texas Municipal Annexation Act as the same existed January 1, 1980.