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.'. . in accordance with the applicable provisions of the Texas Proper;ty T~x Code.. with. the sum of 1, 2 .and 3 reduced by the amount of city'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 (:i ty as provided by the Municipal Annexation Act; provided, howev'er, 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 Dis1::rict shall terminate. In that event, City shall have the r~ght to commence immediate annexation proceedings 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 Munici.pal Act, Section 42.044, Texas Local Government Code, is amended after January 1, 19.94, or any new legislation is thereafter enacted by the Legislature of the State of Texas which imposes greater restrictions on the right of ci ty to annex land belonging to Coml~any 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 additional restrictions or (lbligations 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 ass igns even though it is not extended by agreement between City and all of the owners of all land within the .Distri~t. 0:1: which it is a part. VI. A. In the event Company elects to prob~st the valuation for tax purposes set on its said properties by ci1:y 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 same. Notwithstanding such protest by Company, Company agrees to pay to City on or before the date therefor herei:nabove provided, at least the total of (a) the total. amount of ad valorem taxes on the annexed portions, "'plus (b) the total am.ount of the "in lieu of taxes" on the unannexed portions of company' s hereinabove described property which would be due to ci ty in accordance wi th the 5