2007-IDA-45 Calpine Operating Services Company, Inc

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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 VT(B), Company agrees to pay to City on or before the date therefor hereinabove pravided, at least the total of (a} the total amount of ad valorem taxes an the annexed portions, plus {b} the total amount of the "in lieu. of taXes° on the unannexed portions of Campany"s hereinabove described property which would be due to City in accordance with the foregoing provisians 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 praperty of Company has been sa finally determined, either as the resuJ.t of final judgment of a court of competent ~urisdactian or as the result of other final conclusion of the controversy, then within thirty (34) days thereafter Company shall make payment tv 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 Campany 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 Cry's invoice! give written notice to the City of such disagreement. Tn the event Campany does not give such written notice of disagreement within such tame period, the appraisal made by said independent appraiser shah. be final and controlling for purposes of the determination of "in lieu of taxesn payments to be made under this Agreement. Should Campany give such native of disagreement, Company shall also submit to the City with such notice a written statement setting forth what Campany believes to be the market value of Company's hereinabove described property. Bath parties agree to thereupon enter into goad faith negotiations in an attempt to reach an agreement as to the market value of Company's property forry~{~"in lnieut{ purposeras hereunder. 7,. Ifw,~}- after th.]e [~expirya~tion ,Tof t 1~il+x ~~V} Ua~a fL~ii[ the date 4he noL+~4G Vf ~.1S17agr~el~l~4nt SYYUU 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 pravided in subparagraph 1 0£ this Article vz (~) . Notwithstanding any such disagreement by Campany, Campany agrees to pay to City on or before December 31 of each yeax 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 valuatiane statement submitted to City by Campany hereunder, or the fatal assessment and "in lieu of taxes" thereon for the last preceding year, whichever is higher. 7