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e .' in accordance with the applicable provisions of the Texas Property Tax Code. wi th the sum of 1, , 2 arid 3 reduced by the amount of city's ad valorem taxes on the annexed .portion thereof as determined by appraisal by the.Harris County Appraisal District. IV. This Agreement shall extend for a'period beginning on'the 1st day of January, 2001, and continuing thereafter until December 31, 2007, unless extended for an additional period or periods of time upon mutual consent of Company and City as provided by the Municipal Arinexation Act; provided, however, that in the event this Agreement is not so extended for an additional period or-periods of time on o~ before August 31, 2007, the agreem~nt of City not to annex property of Company within the Disltrict 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 COD~any 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 Anllexation Act as the same existed Jan~ary 1, 1994. V. This Agreement may be extended for an additional period or periods by agreement between ci ty an~' 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. VI. A. In the event Company elects to protest the valuation for. tax purposes set on its' said properties by City or by the Harris County Appraisal District for any year or years during the terms hereof, nothing in this Agreeme~t shall preclude such protest 'and Company shall have the right to take all legal steps desired by it to ~educe the same. Notwithstanding such protest by Company; Company agrees to pay to city on or before the date therefor hereinabove provided, 'at least the total of (a) the total amount of '" ad valorem taxes on the annexed portions, . plus (b) the total alllount of' the. "in lieu of taxes" on the unannexed portions of Company's hereinabove described 'property which would be due to ci ty . in accordance wi th the 5