Common use of Subsequent Alterations and Improvements Clause in Contracts

Subsequent Alterations and Improvements. If, at any time after completion of the Project, the Lessee shall make any alterations of or additions to the Facility Realty, the aggregate value of which in each instance shall equal or exceed $50,000 (the “Additional Improvements”), the Lessee shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee shall make additional payments in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, as above provided, multiplied by (2) the Town’s real property tax rate prevailing after such first assessment and thereafter.

Subsequent Alterations and Improvements. If, at any time after completion of the Project, the Lessee shall make any alterations of or additions to the Facility Realty, the aggregate value of which in each instance shall equal or exceed $50,000 Realty (the “Additional Improvements”), the Lessee shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee shall make additional payments in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, as above provided, multiplied by (2) the Town’s real property tax rate prevailing after such first assessment and thereafter.

Subsequent Alterations and Improvements. If, at any time after completion of the Project, the Lessee shall make any structural alterations of or additions to the Facility Realty, Realty the aggregate value cost of which [in each instance shall equal or the aggregate] exceed $50,000 100,000 (the “"Additional Improvements”"), the Lessee Company shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee shall make additional payments payment in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, as above provided, multiplied by (2) the Town’s 's real property tax rate prevailing after such first assessment and thereafter.

Subsequent Alterations and Improvements. If, at any time after completion of the Project, the Lessee or the Sublessee shall make any alterations of or additions to the Facility Realty, the aggregate value of which in each instance shall equal or exceed $50,000 Realty (the “Additional Improvements”), the Lessee or the Sublessee, as the case may be, shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee shall make additional payments in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, as above provided, multiplied by (2) the Town’s real property tax rate prevailing after such first assessment and thereafter.

Subsequent Alterations and Improvements. If, at any time after completion of the ProjectProject Work, the Lessee Company shall make any alterations of or additions to the Facility Realty, which have the aggregate value effect of which in each instance shall equal or exceed $50,000 increasing the usable square footage of the Facility by more than twenty-five percent (25%) (the “Additional Improvements”), the Lessee Company shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee Company shall make additional payments in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, as above provided, multiplied by (2) the Town’s real property tax rate prevailing after such first assessment and thereafter.

Subsequent Alterations and Improvements. If, at any time after completion of the Project, the Lessee shall make any alterations of or additions to the Facility Realty, the aggregate value of which in each instance shall equal or exceed $50,000 Realty (the “Additional Improvements”), the Lessee shall deliver written notice to an Authorized Representative of the Agency of same within thirty (30) days after the completion thereof. The Agency shall thereupon request that the Improvements constituting a part of the Facility Realty (including any such Additional Improvements) be reassessed by the appropriate officer or officers of the Town and the Lessee shall make additional payments in lieu of taxes equal to: (1) the amount of increase in assessed valuation of the Facility Realty resulting from the Additional Improvements when the Additional Improvements are first assessed as completed, completed as above provided, multiplied by (2) the Town’s real property tax rate prevailing after such first assessment and thereafter.