2007-IDA-104 GSL Partners Sub Four, LP ( 11355 Hwy 225)

Browse Search

Company shall have the right to take all:Iegal steps desired by it. to reduce the same. Notwithstanding such protest by Company,: and except as otherwise provided in Article VT (4) , Company agrees to pay to City on or before the date therefor here inabove provided, at least the total of (a) the total arioun.t Of, ad valorem taxes on the annexed; .portions, plus (b). the total amount of, the: i.n. 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 W ch shall be filed by Copary. When the City or Harris County Appraisal District (as the case may be) valuation on said property of Company has been so finally determined, either as the result of final. judgment of a court; of competent jurisdiction or as the result of other final conclusion of the controversy, then within thirty (3,0} days thereafter, Company shall: make payment to City of any additional payment due. hereunder.; or City shall make payment to Company of any refund: due, as :the case may be,, based; on such final valuation, together with.appl cable penalties, interests, and costs. B. Should Company disagree with any appraisal made by the independent appraiser se lecteel by City pursuant to Article. Il above (which shall`be given inwriting to Company), Company shall, within twenty ( z o) calendar days of recex,�r�.xig City' s invoice, gave written notice to the City of such disagreement. in the event. company does not give > such: written notice of disagreement within such time period, the appraisal made by said independent appraiser shall be final and controlling for purposes :of the determination of yin lieu of taxes, payments- to he madeunder this :Agreement`,. "should Company give such notice of 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 hareinabov'e described property... Both. parties agree to thereupon enter into good faith. negotiations,: in an attempt to reach an agreement as to the market value of Conmpany,s property for "'in lieu" purposes hereunder.. It, 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 1 of this Article vi (s) ._ 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. amoun t of the "in lieu," payments which would be. due hereunder on the basis of Company', s written valuation.-, statement submitted to City her Company:: 'hereunder, or the: total. :assessment and 'yin lieu of taxes-11 thereon for the last preceding year, whichever is higher. 7