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~:.v-30~2a05 03:l7p~ From-ASKlliSe'1.ISTRONG, PC zel m Zii47 e T-9~S P 007/013 F-265 in a.ccordance with the applicable provisions of the Texas Property Tax Code. with th~ sum of ~. 2 and 3 redu~~d by the amount of city'G ad va,lorem taxes on the annexed portion thereof as determined by appraisal by the Harris County Appraisal District. IV. This Agreem~nt shall extend for a period beginning on the 1st day of January, 2005, and continuing thereafter until December 31, 2007, unless extended for an additional period or periods of time upon mutual consent of Company and city as provided by the Municipal Annexat:i.,on Act i provided. hm.'ever. that in the event this Agreement is not GO extended for an addj tional period or periods of lime on or before August 31, 2007, the agreement of city not to anne>: property of Company within the District shall terminate. In that event, city shall have the right to commence immediate annexation proceedings as to all of CompanY'i) property covered by this P.greement, notwithstanding a.n.y of thl:. tr::rms and provisions of this Agreement. Company agr.ees tbat if the 'rCXtlS [1unicipal Act, Section 42.044, Texas Local Government Code, is amended after. Janu~ry 1, 1994, or a.n.y new legislation is thereafter enacted by the Legislature of t,he state of Texas which impo:3es greater restrictions on the right of Cit.y 1.:.0 ar~nex land belonging to Company or imposes further obligations on city in connection therewith after the annexation of such land, Company \oJill Itlaive the right to require City to comply \oJith ;;my such additional restrictions or obligations and the rights of the parties shall be then determined in accordance wilh the provisions at said Texas Municioal Annexation Act as the same existed January 1, 199<1. . v. nli.s Agreement Dlay .be extended foT. an additional period or periods by agreement b<<:::tween city and Company and/or :i.t.15 assigns even tl:ougo it is not extended by agreement beboJeen City and all of the o....'Uers of all land '.vithin the District of'..,hich it is a part. VI. A. In the event Company elects to protest the valuation f:or tax purposes set on its said properties by city or by the Harris County Appra.i13al District for any year or: years during the terms hereof, nothing in this Agreement shall preclu.de such protest and CO'mpany shall hClve the :right to take all legal steps desired by it to reduce thl! Galne. Notwithstanding such protest by company, Company agrees to pay to City on or before the date therefor hereinabove provided, at least the total of (8) the total amount of ad valorem L"lxes on the annexed portions, plus (bl the total amount of the -in lieu of taxt:::~;" on the lJuannexed portions of Comp,my' s hereinabove described ~roperly which would be due to City in accordance with the 5