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<br />It <br /> <br />Industrial District Agreenu;mt - 9 <br /> <br />- <br /> <br />contiguous to a point on the existing corporate limits of La Porte. In the event of <br /> <br />failure of Company to file either such petition, or such description, City shall have the <br /> <br />right by notice in writing to Company to cancel and terminate this Agreement. <br /> <br />This Agreement shall inure to the benefit of and be binding upon City and <br /> <br />Company, and upon Company's successors and assigns, affiliates and subsidiaries, and <br />shall remain in force whether Company sells, assigns, or in any other manner disposes <br />of, either voluntarily or by operation of law, all or any part of the property belonging to <br /> <br />it within the territory hereinabove described, and the agreements herein contained shall <br /> <br />be held to be covenants running with the land owned by Company situated within said <br /> <br />territory, for so long as this Agreement or any extension thereof remains in force. <br /> <br />x. <br /> <br />If City enters into an Agreement with any other landowner with respect to an <br />industrial district or enters into a renewal of any existing industrial district agreements <br /> <br />after the effective date hereof and while this Agreement is in effect, which contains <br /> <br />terms and provisions more favorable to the landowner than those in this agreement, <br /> <br />Company and its assigns shall have the right to amend this Agreement and City agrees <br /> <br />to amend same to embrace the more favorable terms of such agreement or renewal <br /> <br />agreement; provided, however, City reserves the right to enter into such agreements or <br /> <br />renewal agreements with other landowners not covered by existing agreements, containing <br /> <br />a percentage of ad valorem taxes more favorable to the landowner than that contained <br />in Paragraph II, Subparagraph 3 (2) hereof, and Company and its assigns shall nQ! have <br /> <br />the right to amend this agreement to embrace the more favorable percentage of ad <br />valorem taxes contained in such agreement or renewal thereof, than that contained in <br /> <br />Paragraph II, Subparagraph 3 (2) hereof. City may extend more favorable terms to <br /> <br />landowners covered by existing contracts only to the extent such favorable terms apply <br /> <br />to any increase in value of the hereinabove described property, in excess of the appraised <br /> <br />value of same on January 1, 1986, as described in Paragraph II, Subparagraph 3 (2) <br /> <br />hereof. <br />