2002-08-26 Regular Meeting - Laserfiche WebLink

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e e expert opinion, and shall render its written decision as promptly as practicable. That decision shall then be final and binding upon the part ies! subj ect only to judicial review as may be available under the Texas General Arbitration Act (Chapter 171! "General Arbitrationll! Texas civil Practice and Remedies Code). Costs of the arbitration shall be shared equally by the Company and the city! provided that each party shall bear its own attorneys fees. VII. City shall be entitled to a tax lien on Company!s above described property! all improvements thereon! and all tangible personal property thereon! in the event of default in payment of II in lieu of taxes" payments hereunder! which shall accrue penalty 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. VIII. This Agreement shall inure to the benefit of and be binding upon City and Company! and upon Company! s successors and assigns! affiliates and subsidiaries! and shall remain in force whether Company sells! assigns! or in any other manner disposes of! either voluntarily or by operation of law! all or any part of the property belonging to it within the territory hereinabove described, and the agreements herein contained shall be held to be covenants running with the land owned by Company situated within said territory, for so long as this Agreement or any extension thereof remains in force. Company shall give City written notice within ninety (90) days! with full particulars as to property assigned and identity of assignee! of any disposition of the Land! and assignment of this Agreement. IX. If City enters into an Agreement with any other landowner with respect to an industrial district or enters into a renewal of any existing industrial district agreements after the effective date hereof and while this Agreement is in effect! which contains terms and provisions more favorable to the landowner than those in this Agreement, Company and its assigns shall have the right to amend this Agreement and City agrees to amend same to embrace the more favorable terms of such agreement or renewal agreement. x. The parties agree that this Agreement complies with existing laws pertaining to the subject and that all terms! considerations and conditions set forth herein are lawful! reasonable! appropriate! and not unduly restrictive of Company's business activities. without such agreement neither party hereto would enter into this Agreement. In the event anyone or more words! phrases! clauses! sentences! paragraphs! sections! articles or other parts of this Agreement or the application thereof to any person! firm! 7