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<br />..... <br /> <br />.'" <br /> <br />e <br /> <br />e <br /> <br />Industrial District Agreement - 5 <br /> <br />e <br /> <br />limits of City and appraised by City's independent apprai~er, <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 />as in derogation of the authority of the Harris County Appraisal <br />District to establish' the appraised value of land, improvements, <br />and tangible personal property in the annexed portion, for ad valorem <br />tax purposes. <br /> <br />III. <br /> <br />e <br /> <br />This Agreement shall extend for a period beginning on the 1st day <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 />al consent of Company and City as provided by the Municipal Annexation <br /> <br />Act; provided, howt::ver, that in th.e event this Agreement is not so <br /> <br />extended for an addi tional period or periods of, time on or before <br />August 31, of the final calendar year of the term hereof, the ~gree- <br />rnent of Ci ty not to annex property of Company wi thin the District <br /> <br />shall terminate. <br /> <br />In that event, City shall have the right to com- <br /> <br /> rnence immediate annexation proceed ing s as to all of Company's property <br />- covered by this Agreement, notwithstanding any of the terms and pro-- <br /> visions of this agreement, and in such event Company agrees that if <br />\ <br /> <br />the Texas Municipal Act, Article 970a (V.A.T.S.), is hereafter amended <br />or any new legislation is enacted by the Legislature of the State of <br />Texas which imposes greater restrictions on the right of City to <br />annex land belonging to Company or imposes further obligations on <br />Ci ty in connection therewi th after the annexation of such la,nd, <br />Company will waive the right to require City to comply with any such <br />additional restrictions or obligations and the rights of the parties <br />shall be then determined in accordance wi th the provisions of 5.:'1io <br />. Texas Municipnl' ^nnex ation Act as the same ex ists 'on the date of <br />