2007-IDA-22 First Industrial Texas, LP

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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 1D days, the parties will join in a written request that the Chief Sudge of the U.3. District Court for the Southern District of Texas appoint the third arbitrator who, (as the "Impartial Arbitrator") shall preside over the arbitration proceeding. The sale 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 far 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 171, °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 farce whether Company sells, assigns, ar in any other manner disposes of, either ~~iuYlta.riiy vt' icy c~peratian o~ iaw, all or al7.y part of the property belonging to it within the territory hereinabove described, and the agreements herein contained shall be held to be covenants running with the land owned by Company situated within said territory, for so long as this Agreement or any extension thereof remains in force. Company shall give City t+rritten notice within ninety (90) days, with full particulars as to property assigned and identity of assignee, of any disposition of the band, and assignment of this Agreement. zx. ---.-_~-~J~If_.__~a:ty.enters into an g~men~ wi if~o~her ~la~wner with respect to an industrial district. or enters into a renewal of any 8