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<br />e <br /> <br />. <br /> <br />-5- <br />that nothing herein contained shall be deemed to obligate either <br />party hereto to agree to an extension of this Agreement. <br /> <br />V. <br /> <br />Company agrees to pay all "in lieu of taxes" payments <br />hereunder, to City on or before December 31 of each year during the <br />term hereof. It is agreed that presently the ratio of ad valorem <br />tax assessment used by City is one hundred percent (100%) of the <br />fair market value of property. Any change in such ratio used by <br />City shall be reflected in any subsequent computations hereunder. <br />This Agreement shall be subject to all provisions of law relating to <br />determination of value of land, improvements, and tangible personal <br />property, for tax purposes (e.g., rendition, assessments, Harris <br />County Appraisal District review and appeal proc~dures, court <br />appeals, etc.) for purposes of fixing and determining the amount of <br />ad valorem tax payments, and the amount of "in lieu of tax" payments <br />hereunder, except as otherwise provided in Article VI hereof. <br />VI. <br />(A) In the event Company elects to protest the valuation for <br />tax purposes set on its said properties by City or by the Harris <br />County Appraisal District for any year or years during the terms <br />hereof, nothing in this Agreement shall preclude such protest and <br />Company shall have the right to take all legal steps desired by it <br />to reduce the same. <br />Notwithstanding such protest by Company, Company agrees to pay <br />to City on or before the date therefor hereinabove provided, the <br />total amount of the "in lieu of taxes" on the unannexed portions of <br />Company's hereinabove described property which would be due by <br />Company to City in accordance with the foregoing provisions of this <br />Agreement on the basis of renditions which shall be filed by Company <br />on or before March 31 of each year during the term of this <br />Agreement, with both the City and the Harris County Appraisal <br />District for that year. <br />When the City or Harris County Appraisal District (as the case <br />may be) valuation on said property of Company has been so finally <br />determined, either as the result of final judgment of a court of <br />