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<br />~: <br />. <br /> <br />e <br /> <br />. <br /> <br />. <br /> <br />Industrial District Agreement - 5 <br /> <br />limits of City and appraised by City's independent appraiser,. <br />reduced by the amount of City's ad valorem tax on the annexed <br />portion thereof as determined by appraisal by the Harris County <br />Appraisal District. <br />Nothing contained in Article II(B) (1) shall ever be construed <br /> <br />as in derogation of the authority of the Harris County Appraisal <br /> <br />District to establish the appraised value of land, improvements, <br /> <br />and tangible personal property in the annexed portion, for ad valorem <br /> <br />e <br /> <br />tax purposes. <br /> <br />III. <br /> <br />This Agreement shall extend for a period beginning on the 1st day <br /> <br />.of January, 1980, and continue thereafter until December 31, 1986, <br />unless extended for an additional period o~ periods of time upon mutu- <br /> <br />.1 <br /> <br />al consent of Company and City as provided by the Municipal Annexation <br /> <br />Act; prov ided, however, that in the event this Agreement is not so <br /> <br />extended for an additional period or periods of, time' on or before <br /> <br />August 31, of the final calendar year of the term hereof, the agree- <br /> <br />ment of City not to annex property of Company wi thin the District <br /> <br />. <br /> <br />shall terminate. <br /> <br />In that event, City shall have the right to com- <br /> <br />mence immediate annexation proceedings as to all of Company's property <br /> <br />covered by this Agreement, notwithstanding any of the terms and pro- <br /> <br />visions of this agreement, and in such event Company agrees that if <br /> <br />the Texas Munitipal Act, Article 970a (V.A.T.S.), is hereafter amended <br /> <br />or any new legislation is enacted by the Legislature of the State of <br /> <br />Texas which imposes greater restrictions on the right of City to <br /> <br />annex land belonging to Company or imposes further obligations on <br /> <br />City in connection therewith after the annexation of such land, <br /> <br />Company will waive the right to ,require City to comply with any such <br /> <br />e additional restricti.ons .or .obligati.ons and the rights of the parties <br />shall be then de tcrmi ned in ilccordance \.,ri th the prov i s ions .of sa in <br /> <br />Texas Hunici.pal Annexation ^ct as the same exists on the date of <br />