1980-07-16 Regular Meeting - Laserfiche WebLink

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. . "- . ~ '--- . e e Industrial District Agreement - 9 available under the Texas General Arbitration Act (Articles 224-238, Vernon's Annotated Revised Civil Statutes of Texas). Costs of the arbi tration shall be shared equally by the Com- pany and the City, provided that each party shall bear its own attorneys fees. (C) Should the provisions of Article II (B) of this Agreement become impossible of enforcement because of (1) the invalidity or unenforceabilityof the Texas Property Code (S.B. 621, Acts of the 65th Texas Legislature, Regular Session, 1979), or any relevant provision thereof, or (2) because of any material delay or failure to act on the part of the Harris County Appraisal District, then and in any of such events, all paymeJ'lts under this Agreement shall be governed by the provisions of Article II(A) hereof; anything to the contrary in this Agreement notwithstanding. VI. City shall be entitled to a tax lien on Company's above-described property, all improvements thereon, and all tang ible personal prop- erty thereon, in the event of defaul t in payment of II in lieu of taxes" payments hereunder, which shall accrue penal ty. and interest in like manner as delinquent taxes, and which shall be collectible by City in the same manner as provided by law for delinquent taxes. VII. Company agrees to provide to City at Company's expense, a survey plat and field note description of the land and improvements which Company petitions to be annexed in accordance with the provisions of Art icle I I above. Such annexation tract shall be contiguous to a point on the existing corporate limits of La Porte. In the event of failure of Company to file either such petition, or such description, City shall have the right by notice in writing to Company to cancel and terminate this Agreement.