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<br />j <br />foregoing provisions of thi~ Agreement on the basis of renditions <br />which shall be filed by Company. <br />i ' <br /> <br />. <br /> <br />e <br /> <br />; <br /> <br />Should Company give such notipe of disagreement, Company shall also <br />submit to the city with sucp notice a written statement setting <br />forth what Company believes i to be the ,market value of Company's <br />'hereinabove described prope~ty. - Both parties agree to thereupon <br />enter" into good fai ~h nego~iations in an attempt_ to reach an <br />agreement ,as to the market, ;value of Company · s property for" in <br />lieu" purposes hereunder., I~, after the expiration of thirty (30) <br />days from the date the noticejof disagreement was received by City, <br />the parties have not reached agreement as to such market value, the <br />parties agree to submit t~e dispute to final arbitration as <br />provided in subparagraph 1 ot this Article VI B. Notwithstanding <br />any such disagreement by Company, Company agrees to pay to city on <br />or before December 31 of eachl-year during the term hereof, at least <br />the total of (a) the ad valor~m,taxes on the annexed portions, plus <br />(b) the total amount of the t'in lieu" payments which would be due <br />hereunder on the basis of <j::oiDpany' s valuations rendered and/ or <br />submitted to city by Company ~ereunder, or the total assessment and <br />"in lieu of taxes" thereon for the last preceding year, whichever <br />. . . i _ <br />l.S hl.gher. ' ,I' <br /> <br />1. A Board of'Arbitrators shall be created composed of one <br />person named by Co.pany, one by City, and a third to be <br />named by those,tw9~ In case of no agreement on this <br />arbitrator in 10 days'~ the parties will join in a written <br />request that the Chief Judge of the u.s.' District Court <br />for the Southern ,District of Texas appoint the third <br />arbitrator who, (as the "Impartial Arbitrator") shall <br />preside over th~ axibitration proceeding. The sole issue <br />to be determined i~ the arbitration shall be resolution <br />of the difference ; between the parties as to the fair <br />market value of Company's property for calculation of the <br />.. in lieu.e' payment iand total payment hereunder for the <br />year in question. ;The Board shall hear and consider all <br />relevant and mater~al evidence on that issue including <br /> <br />6 <br /> <br />- , <br />i' <br />