2007-IDA-102 GSL Investments Reserve A (2.0165 Acres)

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1. ~, Board of Arbitrators sha11 be created composed of one person named by Company, one by City, and a third to be named by those two. 2n case of no agreement an this arbitrator in 1~ days, the parties wi11 fain in a written request that the Chief Judge ~of the U.S. District Court for the Southern District of Texas appoint the third arbitrator who, (as the °Impartial Arbitrator") shall preside over the arbitration pracecding. The sole issue to be determined in the arbitration shall be resolution of the difference between the parties as to the faar market value of Company's property for calculation of the yin lieu" payment and total .payment hereunder fnr the year in question. The Board shall hear and consider all relevant and ~a.texial evidence on that issue including expert opinion! and shall render its written decision as promptly as practicable. That decisinn shall then be final and binding upon the parties, subject only to judicial review as may be available under the Texas General Arbitration Act (Chapter 171, "General Arbitration°, Te~cas Civil Practice and Remedies Code). Costs of the arbitration shah. be shared squally by the Company and the city, provided that each party shall bear its own attorneys fees. VII. City shall be entitled to a tax lien an Company=s above described property, all improvemexa.ts thereon, and all tangible personal property thereon, in the event of default in payment of nin lieu of taxes=~ payments hereunder, which shall accrue penalty and interest in like manner as delinquent taxes, and which shall be collectible by City ix~, the same manner as provided by law for delinquent taxes. VIIT. This Agreement shall inure to the benefit of and be binding upon Cit~r and Company, anal upon Company's successors and assigns, affiliates and subsidiaries, and shall remaiza a.n force whether Company sells, assigns, or in any other manner disposes of, either voluntarily or by operation of law, all or any part of the property belonging to it within the territory hereinabove described, and the agreements herein contained sha11 be held to be covenants running with the land owned by Company situated within said territory, for so long as this Agreement or any extension thereof remains in force. Company shall give City written notice within ninety {90} days, with €ull particulars as to property assigned and identity of assignee, of any disposition of the Land, and assignment of this Agreement. IX. If City enters into an Agreement with any other landowner with respect to an industrial district or enters into a renewal of any 8