2007-IDA-111 Two Zero One M Texas

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such market value, the parties agree to submit the dispute to final. arbitration as provided in subparagraph 1 of this Article vI (B) . 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 d~.e 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. 1. A Board 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 10 days, the parties will join 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 proceeding. The sole issue to be determined in 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 "in lieu° payment and total payment hereunder for the year in question. The Board shall hear and consider all relevant and material evidence on that issue including expert opinion, and shall render its written decision as promptly 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 17~., "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 taxes" payments hereunder, which shall accrue penalty and interest in like manner as delinquent taxes, and which shall be collectible by City in the same manner as provided by law for delinquent taxes. VIII. This Agreement shall inure to the benefit of and be binding upon City and Company, and upon Company's successors and assigns, affiliates and subsidiaries, and shall remain in 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 8