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1. A Board of Arbitrators shall be created composed of one <br />person named by Company, one by City, and a third to be <br />named by those two. In case of no agreement on this <br />arbitrator in 10 days, the parties will join in a <br />written request that the Chief Judge of the U.S. <br />District Court for the Southern District of Texas <br />appoint the third arbitrator who, (as the "Impartial <br />Arbitrator") shall preside over the arbitration <br />proceeding. The sole issue to be determined in the <br />arbitration shall be resolution of the difference <br />between the parties as to the fair market value of <br />Company's property for calculation of the "in lieu" <br />payment and total payment hereunder for the year in <br />question. The Board shall hear and consider all <br />relevant and material evidence on that issue including <br />expert opinion, and shall render its written decision <br />as promptly as practicable. That decision shall then <br />be final and binding upon the parties, subject only to <br />judicial review as may be available under the Texas <br />General Arbitration Act (Chapter 171, "General <br />Arbitration", Texas Civil Practice and Remedies Code). <br />Costs of the arbitration shall be shared equally by the <br />Company and the city, provided that each party shall <br />bear its own attorneys fees. <br />VII. <br />City shall be entitled to a tax lien on Company's above described <br />property, all improvements thereon, and all tangible personal <br />property thereon, in the event of default in payment of "in lieu <br />of taxes" payments hereunder, which shall accrue penalty and <br />interest in like manner as delinquent taxes, and which shall be <br />collectible by City in the same manner as provided by law for <br />delinquent taxes. <br />VIII. <br />This Agreement 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 <br />property belonging to it within the territory hereinabove <br />described, and the agreements herein contained shall be held to be <br />covenants running with the land owned by Company situated within <br />said territory, for so long as this Agreement or any extension <br />thereof remains in force. Company shall give City written notice <br />within ninety (90) days, with full particulars as to property <br />assigned and identity of assignee, of any disposition of the Land, <br />and assignment of this Agreement. <br />IX. <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 />M <br />