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(~. .'loo.o..:O-,' ;8 e Industrial District Agreement - 6 execution of this Agreement. This Agreement may be extended for an addi tional period or periods by agreement between City and Company and/or its assigns even though it is not extended by agreement between Ci ty and all of the owners of all land wi thin the District of which it is a part. In this connection, Ci ty hereby expresses its belief that industrial district agreements of the kind made herein are conducive to the development of existing and future indus- try and are to the best interest of all citizens of City and encour- age future City Commissions to enter into future industrial district e agreements and to extend for addi tional periods permitted by la\'l this Industrial District Agreement upon request of Company or its assigns: provided, however, that not~ing herein contained sha.ll be deemed to obl igate either party hereto to agree to an extension of this Agreement. IV. Company agrees to pay all ad valorem taxes, and all."in lieu of taxes" payments hereunder, to City on or before December 3l of each year during the term hereof. It is agreed that presently the ratio of ad valorem tax assessment used by City is eignty per cent (80%) of e the fai~ market-vakue ~f property. Any change in such ratio used by Ci ty shall be reflected in any subsequent computations hereunder. This Agreement shall be subject to all provisions of law relating to determina tion of value of land, improvements, and tang ible personal property, for tax purposes (e.g., rendition, assessment, Board of Equalization procedure, court appeals, etc.) for purposes of fixing and determining the amount of ad valorem tax payments, and the amount of "in lieu of tax" payments hereunder, except as otherwise provided in Articles II and V hereof. V. e (A) In the event Company elects to protest the valuation for tax purposes set on its said properties by Ci ty or by the Harris