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Industrial District Agreement - 5 limits of City and appraised by City's independent appraiser, reduced by the amount of City's ad valorem tax on the annexed portion thereof as determined by appraisal by the Harris County Appraisal District. Nothing contained in Article II(B)(1) shall ever be construed as in derogation of the authority of the Harris County Appraisal District to establish the appraised value of land, improvements, and tangible personal property in the annexed portion, for ad valorem tax purposes. This Agreement shall extend for a period beginning on the 1st day of January, 1980, and continue thereafter until December 31, 1986, unless extended for an additional period or periods of time upon mutu- al consent of Company and City as provided by the Municipal Annexation Act; provided, however, that in the event this Agreement is not so extended for an additional period or periods of time on or before August 31, of the final calendar year of the term hereof, the agree- ment of City not to annex property of Company within the District shall terminate. In that event, City shall have the right to com- mence immediate annexation proceedings as to all of Company's property covered by this Agreement, notwithstanding any of the terms and pro- visions of this agreement, and in such event Company agrees that if the Texas Municipal Act, Article 970a (V.A.T.S.), is hereafter amended or any, new legislation is enacted by the Legislature of the State of Texas which. imposes greater restrictions on the right of City to annex land belonging to Company or imposes further obligations on City in connection therewith after the annexation of such land, Company will waive the right to require City to comply with any such additional restrictions or obligations and the rights of the parties shall be then determined in accordance with the provisions of said Texas Municipal Annexation Act as the same exists on the date of