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<br />- ~' .'-....--.:......--.....--..~~_..:..~.=---._---~_._-~.. -' '...,...;.....,.-..-. -.--....--- ..';.....-.,-.-:.:...---... - --',-". ~ ... - -- .. -- - ' '- -.. <br /> e e <br /> .' - <br />,- <br />e <br /> Industrial'District Agreement - 8 <br /> forth \...hat Company believes the r.tarket value of Company's herein- <br /> above described property to be. Both parties agree to thereupon <br /> enter into good faith negotiations in an attempt to reach an agree- <br /> ment as to the market value of Company's property for II in lieu" <br /> purposes hereunder. If, after the expiration of thirty (30) days <br /> from the date the notice of disagreement was received by City, the <br /> parties have not reached agreement as to such market value, the <br /> parties agree to submit the dispute to final arbitration as pro- <br /> vided in subparagraph (1 ) of this Article V(B). Notwithstanding <br />e any such disagreement by Company, Company agrees to pay to City <br /> on or before December 3l of each year during the term hereof, at <br /> least the total of (a) the ad valorem taxes on the annexed portions, <br /> plus (b) the total amount of the "in lieu" payments which would be <br /> due hereunder on the basis of Company's valuations rendered and/or <br /> submitted to City by Company hereunder. <br /> ( 1) A board of Arbitrators shall be created composed of one <br /> person named by Company, one by City, and a third to be named <br /> by those two. In case of no agreement on this arbitrator in <br /> join . <br /> 10 days, the parties will in a written request that the <br /> -. <br /> Chief Judge of the u. S. District Court for the Southern Dis- <br /> trict of Texas appoint the third arb: xator who, ( as the "Im- <br /> partial Arbitrator") shall preside over the arbitration pro- <br />e ceeding. The sole issue to be determined in the arbitration <br /> shall be resolution of the difference between the parties as <br /> to the fair market value of Company's property for calculation <br /> of the "in lieu" payment and total payment hereunder for the <br /> : <br /> year in question. The noard shall hear and consider all rele- <br /> vant and material evidence on that . issue including expert <br /> opinion, and shall render its written decision as promptly as <br />e practicable. That decision shall then be final and bindin<] <br /> upon the parties, subject only to judicial review as may be <br />