Division of Project. (1) The Landlord shall be entitled to sever the Land into separate parcels or to consolidate the Land with other parcels and, after completion of such severance or consolidation, the definitions of "Land" and "Project" shall be read to correspond to such change. The separate parcels of the Land on severance may be owned by or may be treated as if they were owned by separate entities other than the Landlord. The Landlord may in its discretion create and grant rights and easements among separate parcels or Project Components and may register same as encumbrances. (2) The Tenant acknowledges and agrees that if the Land is severed into 2 or more separate parcels or consolidated into fewer parcels, the Tenant will register any caveat indicating its interest in this Lease and the Leased Premises against only the parcel(s) of the Land which is or are directly affected by the Tenant's interest in this Lease and the Leased Premises as directed by the Landlord and, if the Land is severed subsequent to the registration of such caveat, the Tenant shall, at the Landlord's request, cause to be registered a partial discharge of such caveat against the parcels of Land not so directly affected by the Tenant's interest in this Lease and the Leased Premises. If the Tenant fails to cause such partial discharge to be registered within 15 days of a written request from the Landlord, the Landlord may take such steps as it considers necessary to cause such caveat to be partially discharged and the Tenant shall pay the Landlord for all Outlays within 10 days of receipt of an invoice therefor. (3) (a) From time to time the Landlord may, if, in the opinion of the Landlord, more efficient or economical operation of the Project or more equitable distribution of Operating Costs will result, establish Project Components (of which the Building shall be one) and divide, apportion and allocate Operating Costs among such Project Components.
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Division of Project. (1) The Landlord shall be entitled to sever the Land into separate parcels or to consolidate the Land with other parcels and, after completion of such severance or consolidation, the definitions of "“Land" ” and "“Project" ” shall be read to correspond to such change. The separate parcels of the Land on severance may be owned by or may be treated as if they were owned by separate entities other than the Landlord. The Landlord may in its discretion create and grant rights and easements among separate parcels or Project Components and may register same as encumbrances.
(2) The Tenant acknowledges and agrees that if the Land is severed into 2 or more separate parcels or consolidated into fewer parcels, the Tenant will register any caveat indicating its interest in this Lease and the Leased Premises against only the parcel(s) of the Land which is or are directly affected by the Tenant's ’s interest in this Lease and the Leased Premises as directed by the Landlord and, if the Land is severed subsequent to the registration of such caveat, the Tenant shall, at the Landlord's ’s request, cause to be registered a partial discharge of such caveat against the parcels of Land not so directly affected by the Tenant's ’s interest in this Lease and the Leased Premises. If the Tenant fails to cause such partial discharge to be registered within 15 days of a written request from the Landlord, the Landlord may take such steps as it considers necessary to cause such caveat to be partially discharged and the Tenant shall pay the Landlord for all Outlays within 10 days of receipt of an invoice therefor.
(3) (a) From time to time the Landlord may, if, in the opinion of the Landlord, more efficient or economical operation of the Project or more equitable distribution of Operating Costs will result, establish Project Components (of which the Building shall be one) and divide, apportion and allocate Operating Costs among such Project Components.
(b) In any such division, apportionment and allocation of Operating Costs, the Landlord shall charge any item which relates exclusively to one of the Project Components directly to that Project Component only, and, in respect of items which do not exclusively relate to any single Project Component, the Landlord shall divide, apportion and allocate same to all Project Components affected thereby on an equitable basis having regard, without limitation, to the various uses and values of the subject Project Components, to prudent practices of property management, to the provisions of this Lease and to generally accepted accounting and engineering principles for the commercial real estate industry. The aggregate so directly charged or divided, apportioned and allocated to the Building is herein called the “Operating Costs for the Building”.
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Sources: Lease Agreement (Telvent Git S A)