93-IDA-24 - Laserfiche WebLink

Browse Search

( ( e(-- .r c Industrial District Agreement - 9 available under the Texas General 2"24:'" 2 38, Vernon's Annota ted Rev ised Costs of the arbitration shall be pany and the City, provided that Arbitration Act (Articles Civ il Statutes of Texas). shared equally by the Com- each party shall bear its ( own attorneys fees. (C) Should the provisions of Article II(B) of this Agreement become impossible of enforcement because of (1) the invalidity or unenforceabil i ty of the Texas Property Code (S. B. 621, Ac:'ts of the 65th Texas Legislature, Regular Session, 1979), or any relevant provision thereof, or (2) because of any material delay or failure to act on the part of the Harris County Appraisal District, then and in any of such events, all payments under this Agreement shall be governed by the provisions of Article II(A) hereof: anything to the contrary in this Agreement notwithstanding. VI. City shall.,be entitled to a tax lien on Company's above-described property, all improvements thereon, and all tang ible personal prop- erty thereon, in the event of defaul t in payment of -II in 1 ieu 'of - taxes" payments hereunder, which shall accrue penal ty, and interest in 1 ike _manneLJ.!i _d~l.inquent taxes, and which shall be collectible by City in the same manner as provided by law for delinquent taxes. VII. Company agrees to provide to City at Company's expense, a survey plat and field note description of the land and improvements which Company petitions to be annexed in accordance with the provisions of Article II above. Such annexation tract shall be contiguous to a point on the existing corporate limits of La Porte. In the event of failure of Company to file either such petition, or such description, City shall have the right by notice in writing to Company to cancel and terminate this ^greement.