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e e shall pay to City an amount "in Property as of January 1st of the Year") . lieu of current taxes" calendar on Company's year ( "Val ue D. Company agrees to render to City and pay full City ad valorem taxes in the form of "in lieu of taxes" payments, on its land and improvements and tangible personal property, as fully as if said land, improvements, and tangible personal property were annexed to City. E. Company agrees to pay all "in lieu of taxes" payments hereunder, to City on or before December 31st of each year during the term hereof. This Agreement shall be subject to all provisions of law relating to determination of value of land, improvements, and tangible personal property, for tax purposes (e.g., rendition, assessments, Harris County Appraisal District review and appeal procedures, court appeals, etc.) for purposes of fixing and determining the amount of ad valorem tax payments, and the amount of "in lieu of tax" payments hereunder, except as otherwise provided in Article VI hereof. IV. This Agreement shall extend for a period beginning on the 1st day of January, 1998, and continuing 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 is 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 that event, City shall have the right to commence immediate annexation proceedings as to all of Company's property covered by this Agreement, notwithstanding any of the terms and provisions of this Agreement. Company agrees that if the Texas Municipal Act, Section 42.044, Texas Local Government Code, is amended after January 1, 1994, or any new legislation is thereafter 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 existed January 1, 1994. V. This Agreement may be extended for an additional period or periods by agreement between City and Company and/or its assigns even though it is not extended by agreement between City and all of the owners of all land within the District of which it is a part.