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-. " . e . = \ of leased equipment.,railraads,. pipelines, and products in st~age located on the Land, if all of said tangible personal property which existed. on January 1, 1997, January 1, 1998, January 1, 1999, and January 1, 2000, had been within the corporate limits of City and appraised each year by ~e Ci~yts independent appraiser. with the sum of 1, 2 and 3 reduced by the amount of. ci'ty's ad valorem taxes on the annexed pot'tion thereof as determined by appraisal by the Harris county Appraisal District.. . IV. ~his Agreement shall extend for a period beginninq,on the 1st day of January I 1994, 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 Annexa~ion .Ac~; 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 annexa~ion proceedinqs as to all of Company's prop~ covered'by . this Agreement, notwithstanding any of the terms and provisions of this Agreement. Co~pany agrees that if .the Texas MUnicipal Act, Section 42.044, Texas Local Government Code, is amended atter January 1, 1994, or any new legiSlation is thereafter enacted by the Legislature of the state of ~exas which iMposes greater restrictions on the riqht of ci ty to annex land belonging to Company or imposes fur1:her obligations on City in connection there~ith after the annexa~ion of such land, company will waive the right to require City 'to comply with any such additional restrictions or obliga~ions and the riqhts of the parties shall be'then determined in accordance with the provisions of said Texas MUnicipal Annexation Act as the same existed January ~, 1994. v. This Agreement may be extended for an additional period or periods . by aqree:zl!.ent between city and Company and/or its assigns eve.., though. it is not extended by agreement bet'Ween City and all of th.e owners of all land within the District of which it -is a part. VI. A. In. the event Company elects ~o 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 Agreement shall preclude such protest and company shall have the right to take all legal steps desired by it to reduce the eame. Notwithstanding such protest by Company, Company agrees to pay to 5