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rt~-U~-~UUl ~Kl Uj:b4 PM FI~X NO. . / ~ P, 06 . . ,e in accordance with the applicable provisions of the Texas Property Tax Code. with the sum of 1, 2 and 3 reduced by '~he amount of city's ad valorem taxes on the annexed portion thereof as determined by appraisal by the Harris county ~ppraisal District., IV. This ~greement shall extend for a period :beginninq on the 1st day of January, 2001, and continuing thereafter until December 3:J., 2007, unless extended for an additional p,eriod or periods of time upon mutual consent of company and city as provided by the MUnicipal Annexation Act; provided, however, that in the event this Agreement is not so extended for an additic)nal period or periods of time on or before August 31, 2007, the a,greement of city not to annex property C?~ company within the Distl'ict shall terminate. In that event, City shall have the right to commence immediate annexation proceedings as to all of compa:ny' s property covered by t~is 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 a:fter January 1, 1994, or any new legislation is thereafter enacted by the Legis,lature of the state of Texas which imposes greater rest:r-ictions on the right of ci ty to annex land belonging to COmpi2lny or imposes further obligations on city in connection therewith after the annexation of such land, company'will waive the ~ight 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 Annexation Act as the sallie existed January 1, 1994. V. This Agreement may be extended for an additional period or periods by agreement between ci ty and Co~pany and/or its ass iqns even though it is not extended by., agreement bet,ween 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 Agreement shall preclude ,such protest and Company shall have the right to take all leqa1 steps desired by it to reduce the same. Notwithstanding sqch protest by company, company aqrees to pay to City on or before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorein taxes on the annexed portions, 'plus (b) the total amc)unt of the "in lieu of taxes" on the unannexed portions of Compan~" s hereinabove described property which would be due to City :Ln accordance wi th the 5