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<br />e <br /> <br />. <br /> <br />-4- <br />III. <br />This Agreement shall extend for a period beginning on the 1st <br />day of January, 1992, and continue thereafter until December 31, <br />1998, unless extended for an additional period or periods of time <br />upon mutual consent of Company and City as provided by Section <br />42.044, Texas Local Government Code; provided, however, that in the <br />event this Agreement is not so extended for an additional period or <br />periods of time on or before June 30, 1998, the agreement of City <br />not to annex property of Company within the District shall <br />terminate. In that event, City shall have the right to commence <br />immediate annexation proceedings as to all of Company's property <br />covered by this Agreement, notwithstanding any of the terms and <br />provisions of this Agreement, and in such event Company agrees that <br />if the Texas Municipal Act, as amended after January 1, 1980, or any <br />new legislation is thereafter enacted by the Legislature of the <br />State of Texas which imposes greater restrictions on the right of <br />City to annex land belonging to the Company or imposes further <br />obligations on City in connection therewith after the annexation of <br />such land, Company will waive the right to require City to comply <br />with any such additional restrictions or obligations and the rights <br />of the parties shall be then determined in accordance with the <br />provisions of said Texas Municipal Annexation Act as the same' <br />existed January 1, 1980. <br /> <br />IV. <br />This Agreement may be extended for an additional period or <br />periods by agreement between City and Company and/or its assigns <br />even though it is not extended by agreement between City and all of <br />the owners of all land within the District of which it is a part. <br />In this connection, City hereby expresses its belief that industrial <br />district agreements of the kind made herein are conducive to the <br />development of existing and future industry and are to the best <br />interest of all citizens of City and encourage future City Councils <br />to enter into future industrial district agreements and to extend <br />for additional periods permitted by law this Industrial District <br />Agreement upon request of Company or its assigns; provided, however, <br />