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NOW, THEREFOR, in consideration of the premises and the
<br />mut~.~.al agreements of the parties contained herein and pursuant to
<br />the authority granted under the Municipal Annexation Act and the
<br />Ordinances of City referred to above, City and Company hereby
<br />agree with each other as follows:
<br />I.
<br />City covenants, agrees and guarantees that during the tern of this
<br />Agreement, provided below, and subject to the terms anal provisions
<br />of this Agreement, said District shall continue to retain its
<br />extraterritorial status as an industrial district, at least to the
<br />extent that the same covers the Land belonging to Company and its
<br />assigns, unless and until the status of said Land, ar a portion or
<br />portions thereof, as an industrial district may be changed
<br />pursuant to the terms of this Agreement. Subject to the foregoing
<br />and to the later provisions of this Agreement, City does further
<br />covenar~.t, agree ar.d guarantee that such industrial district, to
<br />the extent that it covers said Land lying within said District and
<br />not now within the corporate limits of City, shall be immune from
<br />annexation by City during the term hereof {except as hereinafter
<br />provided) and shall have no right to have extended to it any
<br />services by City, and that all Land, including that which has been
<br />heretofore annexed, shall not have extended to it by ordinance any
<br />rules and regulations (a) governing plats and subdivisions of
<br />land, (b) prescribing any building, electrical, plumbing or
<br />inspection code or codes, or (c) attempting to exercise in any
<br />manner whatever control over the conduct of business thereon;
<br />provided, however, any portion of Land constituting a strip of
<br />land 140E wide and contiguous to either Fairmont Parkway, State
<br />Highway 225, ar State Highway 146, shall be subject to the rules
<br />and regulations attached hereto as Exhibit "C" and made a part
<br />hereof; az~d pzavided, however, it is agreed that City shall have
<br />the right to institute or intervene in any administrative and/or
<br />judicial proceeding authorized by the Texas Water Cade, the Texas
<br />Clean Air Act, the Texas Health ~ Safety Cade, or other federal ar
<br />state environmental laws, rules or regulations, to the same extent
<br />and to the same intent and effect as if all Land covered by this
<br />Agreement were not subject to the Agreement,
<br />II.
<br />In the event that any portion of the Land has herete~fore been
<br />annexed by City, Company agrees to render and pay full, City ad
<br />valorem taxes on such annexed Land and improvements, and tangible
<br />personal property.
<br />Under the terms of the Texas Property Tax Code (S.B. 621, Acts of
<br />the 6Sth Texas Legislature, Regular Session, 19'79, as amended},
<br />the appraised va7.ue for tax purposes of the annexed portion of
<br />Land, improvements, and tangible personal property shall be
<br />determined by the Harris County Appraisal. District. The parties
<br />hereto recognize that said Appraisal District has na authority to
<br />appraise the Land, improvements, and tangible personal property in
<br />the unannexed area for the purpose of computing the "in lieu"
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