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<br />. <br /> <br />. <br /> <br />". <br /> <br />~e <br />"-- <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />Industrial District Agreement - 8 <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 attempt 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 o'f disagreement was received by City, the <br /> <br />parties have not reached agreement as to such market value, the <br /> <br />parties agree to submit the dispute to final arbi tration as pro- <br /> <br />vided in subparagraph (l) of this Article V(B}. <br /> <br />Notwithstanding <br /> <br />any such disagreement by Company, Company agrees to pay to City <br /> <br />on or before December 3l of each year during the term hereof, at <br /> <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 />submitted to City by Company hereunder. <br />(l) A board of Arbitrators shall be created composed of one <br /> <br />person named by Company, one by City, and a th i rd to be named <br /> <br />by those two. <br /> <br />In case of no agreement on .this arbi trator in <br /> <br />lO 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 arbitrator who, (as the "Im- <br /> <br />partial Arbitrator") shall preside over the arbitration pro- <br /> <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 hereunder 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 written decision as promptly as <br /> <br />practicable. That decision shall then be final and binding <br /> <br />upon the parties, subject only to jud icial rev iew as may be <br />