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<br />.. <br /> <br />~ <br /> <br />. <br /> <br />e <br /> <br />of the difference between the parties as to the fair <br />market value of Company' IS property for calculat:ion of the <br />"in lieu" payment and totiilJ. .payment hereunder for the <br />year in quest:1on. 'the Board shall hear and consider al..l <br />relevant and material evidence on that issue includinq <br />expert opinion, and shall render its written deci.sion as <br />promptly as practicable.. 'I'hat decision shall 'then be <br />~inal and b1nc11nq upon the parties, subject only to <br />judicial review as may be available under the Texas <br />General Arbit:ration Act (Articles 224-238, Vernon's <br />Annotated Revised Civil Statutes of Texas). costs ot the <br />ar~itrat10n shall be shared 'equally ~y the company and <br />.the city, provided that each party shall bear it:s own <br />attorneys fees. <br /> <br />VJ:I. <br /> <br />Cit:.y shall be ent:itled toa tax lien o:n Company's above described <br />property, all improvements thereon, and all tangible personal. <br />property thereon, ip the event of ~efault in payment of Din lieu <br />of taxes" payments hereunder, wh1ch shall accrue penalty and. <br />interest in like manner as delinquent taxes, and which shall .be <br />collectible by city in the same manner as provided by law. for <br />delinquent taxes. <br /> <br />VIII. <br /> <br />This Agreement shall inure to the benefit of and be Di~dinq upon <br />City and Company,. and upon C011Ipany'l$ successors and assigns, <br />affiliates and sUbsidiaries, and shall re.main in force whether <br />Company sells, assiqns, or in any other manner disposes of, either <br />voluntarily or by operation of law, all or any part of the property <br />be.longing t.o it within the territory hereinahove" de.scribed, and the <br />aqreements herein contained shall be held to be covenants running <br />w1~h the land owned by company situated within said territory, for <br />so long as this Agreement or any extension thereof. remains in <br />force. Company shall give City written notice within ninety (90) <br />days, with full particulars as to property assigned and identity <br />of assignee, or any disposition of the Land, and assignment of t~is <br />Agreement. <br /> <br />IX. <br /> <br />If City enters into an Agreement with any other lapdowner with <br />respect to an industrial district or enters into a renewal of any <br />existing industrial district agreement:; after the effective date <br />hereof and while this Agreement is in et:fec~, which contains 'terms <br />and provisions more favor~ble to the landowner than those in this <br />Agreement, Company and its assigns shall have the right to amend <br />this Agreement and city agrees to am.end same to embra.ce the more <br />favorable terms of such agreement or renewal a.greement. '!'his <br />Paragraph shall. not apply to any Court: ordered extension of the <br />te~ of the Agreement ordered in Southe~n Ionics, Inc. vs City of <br />La Porte, civil Action H-89-3969, United States ~istrict court, <br />Southern District of Texas. . <br /> <br />7 <br />