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, I . ,I' . . e e in accordance with the applicable provisions of the Texas Property Tax Code. wi th, the sum of 1, 2 'and 3 reduced bl" the. amount of ci ty' 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 ~dditional period or periods of time upon mutual consent of company' and C:ity 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, 2007, 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 proceedi~gs 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 therewi.th after the annexation of such land, Company will waive the ,right to require city to comply with any such a4ditional 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 blatween City and all of the ,owners of all land within the .District elf which it is a part. VI. A. In the event Company elects to prot,est 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, nothi~g in this Agreement shall preclude such protest and Company sha~l have the right to take all legal steps desired by it to re,duce 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 alDount of the "in lieu of taxes II . on the unannexed portions of Company' s hereinabove described property which would be due to city in accordance with the 5