2007-IDA-137 Hydro-Fairmont Real Estate LLC

Browse Search

i Company shall have the right to take all legal steps desired by it to reduce the same. Notwithstanding such protest by Company, and except as otherwise provided in Article VX(B) , Company agrees to pay to City on or before the date therefore hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus (b) the total amount of the "in 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 which shall be filed by Company. When the City or Harris County Appraisal District (as the case may be) valuation on said property of Company has been no 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 (30) 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 applicable penalties, interests, and costs. B. Should Company disagree with any appraisal made by the independent appraiser selected by City pursuant to Article II above (which shall be given in writing to Company) , Company shall, within twenty (20) calendar days of receiving City's invoice, give written notice to the City of such disagreement, in the event Company does not give such written notice of disagreement: wi.thin such time period, the appraisal made by said independent appraiser ahall be final and controlling for purposes of the determination of "in lieu of taxes" payments to be made under. this Agreement. Should Company give such notice of disagreement, Company shall also submit to the City with such notice a written otatement setting forth what Company believes to be the market: value of Company's' hereinabove 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 Company's property for "9.n lieu" purposes hereunder. . Zf, 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 x of this Article VI W . 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 due 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. 7