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MAY-lO-200? THU 11:49 AM FAX NO. P. U4 Nothing herein contained shall ever be interpreted as lessening the authority of the Harris County Appraisal Distriot to establish the appraised value of Landt improvements, and tangible personal property in the annexed portion, for ad valorem tax purposes. III. A. On or before April 15, 2001, and on or before each April 15th thereafter, unless an extension is granted in accordance with the Texas Property Tax Code, through and including April 15, 2007, Company shall provide City with a written description of its Land and all improvements and tangible personal property located on the Land as of the immediately preceding January 1st, stating its opinion of the property's market value, and heing sworn to by an authorited officer of the company authorized to do so, or Company's duly authori~ed agent, {the Company's "Rendition"). Company may file such Rendition on a Harris County Appraisal niatrict rendition form, or similar forill. The properties whicn the Company must render and upon which the "in lieu ofl taxes are assessed are mOJ:"e tully described in subsections 1, 2, and 3 ot subsection D, of this Paragraph III (sometimes collectively called the "Property.); p~ovided, however, pollution control equipment installed on the Land which is exempt from ad valorem taxation pu:t'suant to the provisions of Sec. 11.31 of the Texas Property Tax Code is exempt from ad valorem taxation and "in lieu of taxes" hereunder. A failure by Company to file a Rendition as provided for in this paragraph, ISha.ll constitute a waiver by Company for the current tax year, of all rights of protest and appeal under the terms of this Agreement. B. As part of its rendition, Company shall furnish to City a written report of the names and addresses of all persons and entities who store any tangible personal property on the Land by bailment, lease, consignment, or other arrangement with Company <"products in storage") I and are in the possession or under the management of Company on January 1st of each Value Year, further giving a description of such products in storage. C. On or before the later of December 31, 2001, O~ 30 days from mailing of tax bill and in like manner on or before eacb December 31st thereafter, through and inCluding December 31, 2007, Company shall pay to City an amount "in lieu of taxes" on Company' S Property as of January 1st of the current calendar year (.Value Year") . D. Company agrees to render to City a.nd pay an amount II in lieu of taxes" on Company' S ~and, improvements and tangible personal property in the unannexed area equal to the sum of: 1. Fifty-three percent (53') of the amount of ad valorem taxes which would be payable to City if all of the company's Land and improvements which existed on January 1, 2001, and each January 1 thereafter of the applioable Value Year during the term of this Agreement, (excluding amounta payable pursuant to subpara.graph 2, below), had been within the corporate limits of city and appraised 3