2007-IDA-103 GSL Partners Sub Seven (4607 New West)

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1. A 4oard of 'Arbitrators: shall be created composed of, one person named, by Company, one by City, and a. third to be named: by those two: in case of no agreement on this arbitrator in 1.0 days,, the parties wili join in a written request thatthe Chief fudge of, the U-S.. District Court for the Southern District of Texas appoint the third arbitrator who, {as the "Impartial Arbit`ratar"3 shall; preside over the. arbitration proceeding, The sole issue to be determined .n the arbitration shall be resolution of the difference' between the parties as to the fair market value of CoMpany's property for calculation of the u1n. lieu" payment -and total payment hereunder for the year in question. The Board shah: hear and consider all relevant" and material evidence on that issue iziclud.ing expert opinion, and shall render its written decision as p.romptly as practicable That decision 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", Texas Civil Practice and Remedies Code,) Costs of the arbitration shall be shared equally 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. on company"s above described: property, all improvements" thereon;, and all. tangible personal. property 'thereon:,. in the event of default in payment' of "in lieu of takes" payments hereunder, which shall accrue penalty' and interest in like 'manner as deiinquent taxeas;, and which shall be collectible by City in the same manner as provided by law for delinquent taxes: VITT IX. it city enters into an Agreement with any other landowner, with respect to an industrial district or enters into a renewal of any 13