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<br />! <br /> <br />e <br /> <br />e <br /> <br />. <br /> <br />e <br /> <br />Industrial District Agreement - 8 <br /> <br />e <br /> <br />forth what Company believes the market value of Company's herein- <br />above described property to be. Both parties agree to thereupon <br />enter into good faith negotiations in an attempt to reach an agree- <br />ment as to the market value of Company's property for "in lieu" <br />purposes hereunder. If, after the expiration of thirty (30) days <br />from the date the notice of disagreement was received by City, the <br />parties have not reached agreement as to such market value, the <br />parties ~gree to submit the dispute to final arbitration as pro- <br />vided in subparagraph (1) of this Artjcle V(B). Notwithstanding <br />any such disagreement by Company, Company agrees to pay to City <br />on or before December 31 of each year during the term hereof, at <br />least the total of (a) the ad valorem taxes on the annexed portions, <br />plus (b) the total amount of the "in lieu" 'payments which would be <br />due hereunder on the basis of Company's valuations rendered and/or <br />submitted to City by Company hereunder. <br />(1) A board of Arbitrators shall be. created composed of one <br />person named by Company, one by City, and a third to be named <br />by those two. In case of no agreement on this arbitrator in <br />10 days, the parties will join in a written request that the <br />Chief Judge of the U. S. District Court for the Southern Dis- <br />trict of Texas appoint the third -arbitrator who, (as the "Im- <br />partial Arbitrator") shall preside over th~. arbitration pro- <br />ceeding. The sole issue to be determined in the arbi tration <br />shall be resolution of the difference between the parties as <br />to the fair market value of Company's property for calculation <br />of the "in lieu" payment and total payment hereunder for the <br />year in question. The Board shall hear and consider all rele- <br />vant and material evidence on that issue including expert <br />opinion, and shall render its written decision as promptly as <br />practicable. That decision shall then be final and binding <br />upon the parties, subject only to judicial review as may be <br /> <br />e <br /> <br />e <br />