R-1966-50 - Laserfiche WebLink

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, . . . e e borne by the losing party. (3) This Industrial Agreement shall extend for a term beginning on the first day of January, 1966, and con- tinuing thereafter until December 31, 1972, unless extended for an additional period or periods of t~e as provided by the Texas Municipal Annexation Act upon mutual consent of the parties; provided, however, that in the event this Agree- ment is not so extended for an additional period or periods of time on or before August 3l, 1972, the agreement of the City not to annex property of Company within the District shall terminate. In this connection, City hereby expresses its belief that such industrial district agreements are con- ducive to development of existing and future industry, are to the best interest of all citizens of this City, and City hereby encourages future City Commissions to enter into future industrial agreements and to extend for additional periods permitted by law this industrial agreement upon the request of Company, its successors or assigns. (4) Contemporaneously and effective herewith, Company and the other industries which were parties to the above de- scribed agreement dated December 30, 1961, which amended and carried forward said agreement dated December 22, 1958, have entered into a further agreement with City terminating said prior agreements effective as of the effective date hereof. This Agreement shall inure to the benefit of and be binding upon City and Company, its assignees, successors, 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 -6-