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

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Company shall have the right to take all legal steps desired by it to reduce the same. ~iotwithstanding such protest by Company, and except as otherwise provided in, Article V~{B), Company agrees to pay tv City an ar before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus {b) the fatal amou~zt of the "in lieu of taxes" on the unannexed portions of Company's hereinabove described property which would be due to City in accordance with the foregoing provisions of this Agreement on the basis of renditions which shall be filed by Company. When the City or Harris County Appraisal district (as the case may be) valuation an said property of Company has been so finally determined, either as the result of final judgmex~,t of a court of competent jurisdiction or as the result of other final conclusion of the controversy, then witha.n thirty (3©) days thereafter Company shall make payment to City of any additional payment due hereunder, or City shall make payment tv Campany of any refund due, as the case may be, based on such final valuation, together with applicable penalties, interests, and casts. B. Should Campany disagree with any appraisal made by the independent appraiser selected by City pursuant to Artic~.e Il above (wh~.ch shall be gi~cren in writing to Company}, Company shall, within twenty.{gyp) calendar days of receiving City's invoice, give written notice to the C~.ty of such disagreement. In the event Company does not give such written native of disagreement within such time period, the appraisal rr-ade by said independent appx'a~,ser shall be final anal controlling for purposes of the determination of n in l~,eu of taxes" payments to be made ~un.der this Agreement . Should Company give such notice cif disagreement, Company shall also submit to the City with such notice a written. statement setting forth what Company believes to be the market value of Company's hereinabav~; described property. Both parties agree to thereupon enter iota good faith negotiat~.ons in an attempt to reach an agreement as to the market value of Company's property for "in lieu° purposes hereunder. lf, after the expiration of thirty (30) days from the date the notice of disagreement was received by City, the parties have not reached agreement as to such market value, the parties agree to submit the dispute to final arbitration as provided in subparagraph ~. of this Article VI ($) . Notwithstanding any such disagreement by Company, Company agrees to pay to City on or before December 31 of each year during the term hereof, at least the total of (a) the ad valorem taxes on the annexed portions, plus (b) the total amount of the "in lieu" payments which would be due hereunder on the basis of Company's written valuations statement submitted to City by Company hereunder, or the total assessment and "in lieu of taxes thereon for the last preceding year, whichever is higher. 7