Laserfiche WebLink
Notwithstanding any such disagreement by Company, Company agrees to <br />pay to City on or before December 31 of each year during the term <br />hereof, at least the total of (a) the ad valorem taxes on the annexed <br />portions, plus (b) the total amount of the "in lieu" payments which <br />would be due hereunder on the basis of Company's written valuations <br />statement submitted to City by Company hereunder, or the total <br />assessment and "in lieu of taxes" thereon for the last preceding <br />year, whichever is higher. <br />A Board of Arbitrators shall be created composed of one <br />person named by Company, one by City, and a third to be <br />named by those two. In case of no agreement on this <br />arbitrator in 10 days, the parties will join in a written <br />request that the Chief Judge of the U.S. District Court <br />for the Southern District of Texas appoint the third <br />arbitrator who, (as the "Impartial Arbitrator") shall <br />preside over the arbitration proceeding. The sole issue <br />to be determined in the arbitration shall be resolution <br />of the difference between the parties as to the fair <br />market value of Company's property for calculation of the <br />"in lieu" payment and total payment hereunder for the <br />year in question. The Board shall hear and consider all <br />relevant and material evidence on that issue including <br />expert opinion, and shall render its written decision as <br />promptly as practicable. That decision shall then be <br />final and binding upon the parties, subject only to <br />judicial review as may be available under the Texas <br />General Arbitration Act (Chapter 171, "General <br />Arbitration", Texas Civil Practice and Remedies Code). <br />Costs of the arbitration shall be shared equally by the <br />Company and the city, provided that each party shall bear <br />its own attorneys fees. <br />VII. <br />City shall be entitled to a tax lien on Company's above described <br />property, all improvements thereon, and all tangible personal <br />property thereon, in the event of default in payment of "in lieu of <br />taxes" payments hereunder, which shall accrue penalty and interest <br />in like manner as delinquent taxes, and which shall be collectible <br />by City in the same manner as provided by law for delinquent taxes. <br />VIII. <br />This Agreement shall inure to the benefit of and be binding upon <br />City and Company, and upon Company's successors and assigns, <br />affiliates and subsidiaries, and shall remain in force whether <br />Company sells, assigns, or in any other manner disposes of, either <br />voluntarily or by operation of law, all or any part of the property <br />