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<br />e <br /> <br />e <br /> <br />Industrial District Agreement - 8 <br /> <br />e <br /> <br />forth what Compa'ny be~ieves the market value of Company's herein- <br /> <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 />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 of disagreement was received by Ci ty, the <br />parties have not reached agreement as to such market value, the <br />parties agree to submit the dispute to final arbi tration as pro- <br /> <br />vided in subparagraph (1) of this Article V(B). <br /> <br />Notwithstanding <br /> <br />any such disagreement by Company, Company agrees to pay to City <br />.on or before December 31 of each year during the term hereof, at <br />least the total of (a) the ad valorem taxes on the annexed portions, <br /> <br />plus (b) the total amount of the n 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 here~nder. <br />(1) A board of Arbitrators shall be created composed of one <br />person named by Company, one by Ci ty , and a th i rd to be named <br />by those two. In case of no agreement on this arbi t.rator in <br /> <br />10 days, the parties will join in a written' request that, the <br />Chief Judge of the U. S. District Cou'rt for. the Southern Dis- <br />e trict of Texas appoint the_ third arbitrator who, (as the ."Im- - - <br />partial Arbitrator") shall preside over the arbitration pro- <br />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 />year in question. The Board shall hear and consider all re1e-- <br /> <br />vant and materfal evidence on that issue including expert <br />opinion, and shall render its written decision as promptly as <br /> <br />e <br /> <br />practicable. That decision shall then be final and binding <br />upon the parties, subject only to judicial review as may be <br /> <br />? <br />