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1. A Board of Arbitrators shall be created composed of one <br /> person named by Company, one by City, and a third to be <br /> named by those two. In case of no agreement on this <br /> arbitrator in 10 days, the parties will join in a <br /> written request that the Chief Judge of the U.S. <br /> District Court for the Southern District of Texas <br /> appoint the third arbitrator who, (as the "Impartial <br /> Arbitrator ") shall preside over the arbitration <br /> proceeding. The sole issue to be determined in the <br /> arbitration shall be resolution of the difference <br /> between the parties as to the fair market value of <br /> Company's property for calculation of the "in lieu" <br /> payment and total payment hereunder for the year in <br /> question. The Board shall hear and consider all <br /> relevant and material evidence on that issue including <br /> expert opinion, and shall render its written decision <br /> as promptly as practicable. That decision shall then <br /> be final and binding upon the parties, subject only to <br /> judicial review as may be available under the Texas <br /> General Arbitration Act (Chapter 171, "General <br /> Arbitration ", Texas Civil Practice and Remedies Code). <br /> Costs of the arbitration shall be shared equally by the <br /> Company and the city, provided that each party shall <br /> bear its own attorneys fees. <br /> VII. <br /> City shall be entitled to a tax lien on Company's above described <br /> property, all improvements thereon, and all tangible personal <br /> property thereon, in the event of default in payment of "in lieu <br /> of taxes" payments hereunder, which shall accrue penalty and <br /> interest in like manner as delinquent taxes, and which shall be <br /> collectible by City in the same manner as provided by law for <br /> delinquent taxes. <br /> VIII. <br /> This Agreement shall inure to the benefit of and be binding upon <br /> City and Company, and upon Company's successors and assigns, <br /> affiliates and subsidiaries, and shall remain in force <br /> Company sells, assigns, or in any other manner disposes of, either <br /> voluntarily or by operation of law, all or any part of the <br /> property belonging to it within the territory hereinabove <br /> described, and the agreements herein contained shall be held to be <br /> covenants running with the land owned by Company situated within <br /> said territory, for so long as this Agreement or any extension <br /> thereof remains in force. Company shall give City written notice <br /> within ninety (90) days, with full particulars as to property <br /> assigned and identity of assignee, of any disposition of the Land, <br /> and assignment of this Agreement. <br /> IX. <br /> If City enters into an Agreement with any other landowner with <br /> respect to an industrial district or enters into a renewal of any <br /> 8 <br />