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<br />personal property.
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<br />Under the terms of the Texas Property Tax Code (S.B. 621, Acts of
<br />the 65th Texas Legislature, Regular Session, 1979, as amended), the
<br />appraised value for tax purposes of the annexed portion of Land,
<br />improvements, and tangible personal property shall be determined by
<br />the Harris County Appraisal District. The parties hereto recognize
<br />that said Appraisal District has no authority to appraise the Land,
<br />improvements, and tangible personal property in the unannexed area
<br />for the purpose of computing the "in lieu" payments hereunder.
<br />Therefore, the parties agree that the appraisal of the Land,
<br />improvements, and tangible personal property in the unannexed area
<br />shall be conducted by City, at City's expense, by an independent
<br />appraiser of City's selection. The parties recognize that in
<br />making such appraisal for "in lieu" payment purposes, such
<br />appraiser must of necessity appraise the entire (annexed and
<br />unannexed) Land, improvements, and tangible personal property.
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<br />Nothing herein contained shall ever be interpreted as lessening the
<br />authority of the Harris County Appraisal District to establish the
<br />appraised value of Land, improvements, and tangible personal
<br />property in the annexed portion, for ad valorem tax purposes.
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<br />III.
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<br />A. On or before April 15, 1998, and on or before each April 15th
<br />thereafter, unless an extension is granted in accordance with the
<br />Texas Property Tax Code, through and including April 15, 2000,
<br />Company shall provide City with a written description of its Land
<br />and all improvements and tangible personal property located on the
<br />Land as of the immediately preceding January 1st, stating its
<br />opinion of the Property's market value, and being sworn to by an
<br />authorized officer of the Company authorized to do so, or Company's
<br />duly authorized agent, (the Company's "Rendition"). Company may
<br />file such Rendition on a Harris County Appraisal District rendition
<br />form, or similar form. The properties which the Company must
<br />render and upon which the "in lieu of" taxes are assessed are more
<br />fully described in subsections 1, 2, and 3 of subsection D, of this
<br />Paragraph II I ( sometimes collectively called the "Property"). A
<br />failure by Company to file a Rendition as provided for in this
<br />paragraph, shall constitute a waiver by Company for the current tax
<br />year, of all rights of protest and appeal under the terms of this
<br />Agreement.
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<br />B. As part of its rendition, Company shall furnish to City a
<br />written report of the names and addresses of all persons and
<br />enti ties who store any tangible personal property on the Land by
<br />bailment, lease, consignment, or other arrangement with Company
<br />("products in storage"), and are in the possession or under the
<br />management of Company on January 1st of each Value Year, further
<br />giving a description of such products in storage.
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<br />C. On or before the later of December 31, 1998, or 30 days from
<br />mailing of tax bill and in like manner on or before each December
<br />31st thereafter, through and including December 31, 2000, Company
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