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<br />e( <br /> <br />e( <br /> <br />Industrial District Agreement - 8 <br /> <br />forth \...hat Company believes the T:\arket 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 n in lieu" <br /> <br />purposes hereunder. <br /> <br />If, after the expiratio,n 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 /> <br />parties agree to submit the dispute to final arbitration as pro- <br /> <br />v idecf :.fri: . su'bparagraph <br /> <br />. ~ ...."\ <br />:(1)'. of <br /> <br />this <br /> <br />, . <br />Article V(B). <br /> <br />N6t\~i ths tand'ing <br /> <br />any such disagreement by Company, Company agrees to pay to Ci ty <br /> <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'.' paYT:\ents 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 /> <br />(1) A board of Arbi trators shall be created composed of one <br /> <br />person named by Company, one by Ci ty, and a th i rd to be named <br /> <br />by those two. <br /> <br />In case of no agreement on this arbitrator in <br /> <br />10 days, the parties will join in a \olritten 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 arb: :rator \.,ho, (as the "Irn- <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. <br /> <br />'l'he Boa rd shall hear and cons ider all re le- <br /> <br />vant a.nd material evidence on that -issue including expert <br /> <br />opinion, and shull render its Vlritten decision as promptly as <br /> <br />practicable. That decision shall' then be final and bindin9 <br /> <br />upon the parties, subject only to judicial rCVle\-I as milY be <br />