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<br />of leased equipment, railroads, pipelines, and <br />products in storage located on the Land, if all of <br />said tangible personal property which existed on <br />January 1, ~2001, 3anuary 1, 1998, 3anuary 1, <br />1999 , and 3anuary 1, 2000, and each January 1 <br />thereafter during the term of this Agreement, had <br />been within the corporate limits of City and <br />appraised each year by the City's independent <br />appraiser. <br /> <br />wi th the sum of 1, 2 and 3 reduced by the amount of City's ad <br />valorem taxes on the annexed portion thereof as determined by <br />appraisal by the Harris.County Appraisal District. <br /> <br />~ Anythinq to the contrary in Paraqraph III D herein <br />notwithstandinq. Company aqrees to render to city and pay an amount <br />"in lieu of taxes" on Company's Land. improvements and tanqible <br />personal property in the unannexed area equal to the minimum sum <br />of: <br /> <br />~ When the calculation under Paragraph III D 1 results in <br />a net rate of less than .37 per hundred dollar valuation. <br />.the amount of "in lieu of taxes" shall be re-calculated <br />to result in a net rate of .37 per hundred dollar <br />valuation. <br /> <br />2. When the calculation under Paraqraph III D 2 results in <br />a net rate of less than .21 per hundred dollar valuation. <br />the amount of "in lieu of taxes" shall be re-calculated <br />to result in a net rate of .21 per hundred dollar <br />valuation. <br /> <br />3. When the calculation under Paraqraph III D 3 results in <br />a net rate of less than .37 per hundred dollar valuation. <br />the amount of "in lieu of taxes" shall be re-calculated <br />to result in a net rate of .37 per hundred dollar <br />valuation. <br /> <br />wi th the sum of 1. 2 and 3 reduced by the amount of city's ad <br />valorem taxes on the annexed portion thereof as determined by <br />appraisal by the Harris County Appraisal District. <br /> <br />IV. <br /> <br />This Agreement shall extend for a period beginning on the 1st day <br />of January, ~2001, and continuing thereafter until December 31, <br />~2010, unless extended for an additional period or periods of <br />time upon mutual consent of Company and City as provided by the <br />Municipal Annexation Act; provided, however, that in the event this <br />Agreement is not so extended for an additional period or periods of <br />time on or before August 31, ~2010, the agreement of City not to <br />annex property of Company within the District shall terminate. In <br />that event, City shall have the right to commence immediate <br />annexation proceedings as to all of Company's property covered by <br />this Agreement, notwithstanding any of the terms and provisions of <br />this Agreement. <br /> <br />5 <br />