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.. . e e \ of leased equipment, railroads, pipelines, and products in storage located on the Land, if all at said t.angible personal property which exis1:ed aD January 1, 1997, January 1, 1998, January 1, 1999, and January 1, 2000, had been within the corporate limits of City and appraised each year by ~e City's independent appraiser. with the sum of 1, 2 and 3 reduced by the amaunt of' ci'ty's ad valorem taxes on the annexed portion thereof as determined by appraisa1 by the Harris County Appraisal District. . IV. ~his Agreement shall extend far a period beginninq,on the 1st day of January, 1994, and continuinq thereafter until December 31, 2000, unless extended for an additional period or periods of time upon' mutual consent of Company and city as provided by the Municipal Annexation Act.; provided, however, that in the event this Agreement 1s not so extended for an additional period or periods of time on or before August 31, 2000, the agreement of city not to annex property of Company within the District shall terminate. In 1:hat event, City shall have the right to commence immediate annexa~ion proceedinqa as to all of Company's property covered by this Agreement, notwithstandinq any of the terms and provisions of this Agreement. Co~pany aqrees that if the Texas MUnicipal Act, Section 42.044, Texas Local Government Code, is amended after January ~, 1994, or any new legislation is thereaf~er enacted by the Legislature of the state of ~exas which imposes greater restrictions on the right of City to annex land belonqing to Company or imposes fur~er obligations on City in connection therewith after the annexa~ion of such land, company will waive the right to require Cit:y to comply with any such additional restrictions or obligations and the riqhts of the parties shall be. then determined in accordance with the provisions of said ~exas MUnicipal Annexation Act as the same existed January 1, 1994. v. This Agreement may be extended for an additional period or periods by aqree~ent between City and Company and/or its assiqns even though it is not extended by agreement bet~een City and a11 of the owners of all land within the District of which it is a part. VI. A. In the evene Company elects to protest the valuation for tax purposes set on its said properties by City or by the Harris Coun~y Appraisal District for any year or years during ~he terms hereof, nothing in this Agreement shall preclude such protest and company shall have the right to take all legal steps desired by it to redUce the same. Notwithstanding such protest by Company, Company agrees to pay to 5