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<br />,.: . <br /> <br />." <br /> <br />e <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 /> <br />above described property to be. <br /> <br />Both parties agree to thereupon <br /> <br />enter into good faith negotiations in an ~ttempt to reach an agree- <br /> <br />.ment as to the market value of Company's property for .. in lieu" <br /> <br />purposes hereunder. <br /> <br />If, after the expiration of thirty (30) days <br /> <br />from the date the notice of disagreement was received by City, the <br /> <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 /> <br />vided in subparagraph (1) of this Article V(B). <br /> <br />Notwithstanding <br /> <br />any such disagreement by Company, Company agrees to pay to City <br />e 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 /> <br />plus (b) the total amount of the .. in lieu" 'payments which would be <br /> <br />due hereunder on the basis of Company's valuations rendered and/or <br />, <br /> <br />submitted to City by Company hereunde~. ' <br /> <br />(l) <br /> <br />A board of Arbitrators shall be created <br /> <br />o <br /> <br />composed of one <br /> <br />person named by Company, one. by City, and a third to be named <br /> <br />by those two. <br /> <br />In case of no agreement on this arbi trator in <br /> <br />10 days, the parties will join in a written request that the <br /> <br />Chief Judge of the U. s. District Court for the Southern Dis- <br /> <br />_ trict of Texas appoint the third arbi trator who, (as the II Im- <br />partial Arbi trator") shall preside over th~. arbitration pro- <br />ceeding. The sole issue to be determined in the arbi tration <br /> <br />shall be resolution of the difference between the parties as <br /> <br />to the fair market value of Company's property for calculation- <br /> <br />of the "in lieu" payment and total payment her.eunder for the <br /> <br />year in question. The Board shall hear and consider' all rele- <br /> <br />vant and material evidence on that issue including expert <br /> <br />opinion, and shall render its wri t ten decision as promptly as <br /> <br />practicable. That decision shall then be final and binding <br /> <br />e upon the par.ties, subject only to :iuc1icial review as may be <br />