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12111!2007 14:22 7132637795 PAGE 11!35 <br />1. A Boaxrl of Arbitrators shall be created composed of one <br />persbr~ named by Company, one by City, and a third to be <br />named by those two. Ix1 ease of no agreement an this <br />s.rbitratoz in ~.0 dey~s, the parties utill join in a <br />written recitzest that the Chief Judge of the U.S. <br />D~.strict Court for the Southern District of Texas <br />appoint the third arbitrator who- (as the ~'Irnpartial <br />~xb~.'trator~' ) shall preside over the aa~bitre,tian <br />proceeding. the sole i$sue tc, be determined in the <br />arb~,tr~,ticn shall be resolution of the d~,~ference <br />between the paacties as to the fa~,r market value of <br />Company's property fog calculation of the "xn lieu" <br />payment and tote]. Payment hereunder ~oz the year in <br />question. The Board sha~.l bear and consider all <br />relevant and mater.i~.~. evidence on that issue xz~cluding <br />expert opix~ian, and sha11 render its w'~'.itten decision <br />as promptly as pxacticabl~:. That decision shall then <br />be ~~.na~. and binding upon the parties, sv~~eGt only to <br />judica~al review as may be available under the Texas <br />general Arb.itratxon .dot (Chapter Z71, "General. <br />Arbitration", Texas Civil Praotice and Remedies Code). <br />Coats of the aarh~,tratioa~ sha.XX be shared equally by the <br />Company and the citlr- provided that each party skin!! <br />bear ~.ts own. attorneys fees. <br />VII. <br />City shall be entitled to a tax lien on Company+~; above described <br />property, al.l imprbuemer~ts thexar~n, azad all tangible persona]. <br />pxapexty thereon, in the event of default in payment of ~ iz~ lieu <br />of taxes° payments hereunder, which shah. accrue penalty and <br />interest in like manner as delinquent taxes, and which shall be <br />collectible by City in the same manner as prQV~.ded by law far <br />clelinr~tt.ent taxes. <br />VIZ1. <br />This Agreement shall inure to the benefit o~ and be binding upon <br />City and Company, and upon Cc~mpa~zy's successors anal assigns, <br />affiliates and snbsid~,aae~.es- and shall remain in foa~ce whether <br />Company sells, assigns, or in any other rnannex disposes caf, either <br />voluntarily ar by operation of ~.aw, all or nay part of the <br />property belonging to it within the terr~tox~y hereinabove <br />described- and the agreements herein ceMtained shall be held to be <br />covenants running w~.Lb. the land awned by Company sitx~ated within <br />said. territory, for so long as this Agreement or any extan,sion <br />thereof remains ire. fc~zce. Company shall give C#,ty written. notice <br />within nXnetlr (9~) days, with full parta.culaxs as to property <br />assigned and identity of assigzxaa, afi any dispcssitio3~x of the Land., <br />and assignment of this Agreement. <br />l . <br />If City enters ~.ntc~ all agreement with a~.y Qther laridow,p.er with <br />respect to an indust7rial district or erxters into a renewal of any <br />8 <br />