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<br />" <br /> <br />. <br /> <br />e <br /> <br />Industrial District Agreement - 5 <br /> <br />extended for an additional period or periods of time on or before August 31, 1993, the <br />agreement of City not to annex property of Company within the District shall terminate. <br />In that event, City shall have the right to commence immediate annexation proceedings <br />as to all of Company's property covered by this Agreement, notwithstanding any of the <br />terms and provisions of this agreement, and in such event Company agrees that if the <br />Texas Municipal Act, Article 970a (V.AT.S.), as amended after January 1, 1980, or any <br />new legislation is thereafter enacted by the Legislature of the State of Texas which <br />imposes greater restrictions on the right of City to annex land belonging to Company or <br />impose further obligations on City in connection therewith after the annexation of such <br />land, Company will waive the right to require City to comply with any such additional <br />restrictions or obligations and the rights of the parties shall be then determined in <br />accordance with the provisions of said Texas Municipal Annexation Act as the same <br />existed January 1, 1980. <br /> <br />IV. <br /> <br />This Agreement may be extended for an additional period or periods by <br />agreement between City and Company and/or its assigns even though it is not extended <br />by agreement between City and all of the owners of all land within the District of which <br />it is a part. In this connection, City hereby expresses its belief that industrial district <br />agreements of the kind made herein are conducive to the development of existing and <br />future industry and are to the best interest of all citizens of City and encourage future <br />City Councils to enter into future industrial district agreements and to extend for <br />additional periods permitted by law this Industrial District Agreement upon request of <br />Company or its assigns; provided, however, that nothing herein contained shall be <br />deemed to obligate either party hereto to agree to an extension of this Agreement. <br /> <br />V. <br /> <br />Company agrees to pay all ad valorem taxes, and all "in lieu of taxes" payments <br />hereunder, to City on or before December 31 of each year during the term hereof. It <br />