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<br />MAY-10-2007 THU 11:50 AM <br /> <br />FAX NO. <br /> <br />P. 08 <br /> <br />expert op~n10n, and shall render its written decision as <br />promptly as practicable. That decision shall then be <br />final and binding upon the parties, subj ect only to <br />jUdicial review as may be available under the Texas <br />General Arbitration Act (Chapter 171, "General <br />Arbitration", Texas civil ~ractice and Remedies Code). <br />Costs of the arbitration ahall be shared equally by the <br />company and the city, provided that each party shall bear <br />its own attorneys tees. <br /> <br />VII. <br /> <br />city shall be entitled to a tax lien on Company1s above described <br />property, all imp1:ovements the1:eon, and all tangi.ble personal <br />property thereon, in the event of default in payment of ~in lieu of <br />taxes. payments hereunder, which shall accrue penalty and interest <br />in like manner as delinquent taxesl and Which shall be collectible <br />by City in the same manner as provided by law fo~ delinquent taxes. <br /> <br />VIl:C. <br /> <br />This Ag~eement shall inure to the benefit of and be binding upon <br />City and Company, and upon Company's successors and assigns, <br />affiliates and subsidiaries, and shall remain in force whether <br />Company sells, assigns, or in any other manner disposes of, either <br />voluntarily or by operation of law, all or any part of the property <br />belonging to it within the territory hereinabove described, and the <br />agreements herein contained shall be held to be covenants running <br />with the land owned by Company situated within said ter1:itory, for <br />so long as this Agreement or a.ny extension thereof remains in <br />force. Company shall give City written notice within ninety (90) <br />da.ys I with full particulars as to property assigned and identity of <br />assignee, of any disposition of the Land, and assignment of this <br />Agreement. <br /> <br />rx. <br /> <br />If City enters into an Agreement with any other landowner with <br />respect to an industrial district or enters into a renewal of any <br />existing industrial district agreements after the effective date <br />hereof and while this Agreement is in effect, which contains terms <br />and provisions more favorable to the landowner than tnose in this <br />Agreementj Company and its assigns shall have the right to amend <br />this Agreement and City agrees to amend same to e~~race the more <br />favorable terms of such agreement or renewal agreement. <br /> <br />x. <br /> <br />The parties agree that this Agreement compIles with existing laws <br />pertaining to the subject and that all terms, considerations and <br />conditions set forth herein are lawful, reasonable, apP~opriate, <br />and not unduly restrictive of Companyls business activities. <br />Without such agreement neither party hereto would enter into this <br />Ag1:eement. In the event anyone or more words I phrases, clauses, <br />sentences, paragraphs, sections, articles or other parts of this <br />Agreement or the application thereof to any personl firm, <br /> <br />7 <br />