2242
THE NEW ZEALAND GAZETTE.
[No. 100

Schedule hereto: Provided that he may at any time pay the whole or any less number of the then future instalments under a duly proportionate rebate of interest.

(2.) So long as any such instalment remains unpaid, the lessee shall, at his own cost in all things, insure the said buildings and keep them insured in the name of the lessor in an amount equal to the full insurable value thereof in some reputable insurance office to be first approved by the Commissioner.

(3.) The lessee shall deposit with the Commissioner the policy of such insurance forthwith upon effecting the same, and shall also duly pay all premiums in respect thereof, and deposit with him each premium-receipt, not later than the forenoon of the day on which such premium becomes payable.

(4.) If the lessee at any time fails or neglects to duly effect or keep on foot such insurance, or to duly pay any such premium, or deposit such policy or receipt, it shall be lawful for but not obligatory on the Commissioner, at the cost in all things of the lessee, to effect such insurance in such sum as aforesaid or in any other sum, or to pay such premium, as he thinks fit.

(5.) Every such instalment, as it becomes due, and every sum paid by the Commissioner in respect of cost of insurance, shall be payable by and may be recovered from the lessee in the same manner as rent.

(6.) The amount of such insurance may, with the consent of the Commissioner, be reduced from time to time, provided that it is not reduced below the total amount of the instalments for the time being remaining unpaid.

(7.) In the event of the buildings so insured, or any of them, being destroyed or damaged by fire, all moneys payable to the lessor under the insurance shall be recoverable by the Commissioner, who, after deducting the expense (if any) incurred in recovering the same, shall, in his discretion, apply the residue thereof, or a sufficient part thereof, either in or towards restoring the buildings or in or towards paying the unpaid instalments (a due rebate of interest being made in the case of instalments not then due), and any surplus shall be payable to the lessee.

And it is hereby decreed and declared as follows, that is to say,—

(A.) For the purposes of these presents the following proportion, to wit, , of the demised land shall be deemed to be agricultural land, and the residue shall be deemed to be mixed agricultural and pastoral land.

(B.) Subject to the provisions herein contained and implied, and also to those of the said Acts and the said regulations, the provisions of “The Land Act, 1892,” and the regulations thereunder with respect to applications for and the grant of leases in perpetuity, the stipulations and conditions subject to which such leases may be granted, the rights and powers of the lessor and of every person or authority in his behalf, the rights, powers, and functions of the Land Board and the Commissioner in relation to land and premises comprised in such leases, and the estate, interest, rights, duties, and liabilities of the lessees, shall, so far as the same are applicable, apply to this lease as fully as if they were fully set out herein.

(C.) If and so often as the lessee makes default in the due and full payment of any rent hereby reserved, or of any instalment in respect of the value of buildings as aforesaid, or of any sum in respect of cost of insurance as aforesaid, or of any other moneys payable under this lease, or in the faithful observance and performance of any other of the covenants, conditions, or stipulations herein contained or implied, and by him to be observed or performed, then and in any such case the Land Board may, without any previous or other notice or demand, forfeit this lease; and in such case all the lessee’s interest therein shall absolutely cease and determine, subject, nevertheless, to the provisions of the next following clause, respecting valuation of improvements; but such forfeiture shall not affect any right or remedy on the part of the lessor to recover from the lessee any money due to the lessor, nor release the lessee from any penalty or liability in respect to anything done or omitted to be done by him.

(D.) In the event of the forfeiture or surrender of this lease, the provisions of “The Land Act, 1892,” respecting valuation of improvements and the payment or other disposal thereof shall, so far as the same are applicable, apply to the improvements made by the lessee.

(E.) For the purpose of distinguishing the improvements existing on the demised land at the date of this lease from those subsequently made by the lessee, the first-mentioned improvements and their value shall be deemed to be those specified in the Third Schedule hereto: Provided that to the extent to which the lessee pays the aforesaid instalments in respect of the value of buildings specified in the Second Schedule hereto, to the same extent shall such buildings be deemed to be improvements made by him.

[Insert such additional provisions (if any), not inconsistent with the said Acts, and the regulations thereunder, as, with the approval of the Minister, the Land Board thinks fit.]

In witness whereof the Commissioner of Crown Lands for the Land District of , on behalf of the lessor, hath hereunto set his hand, and these presents have been also executed by or on behalf of the lessee.

The First Schedule hereinbefore referred to.

Description of the demised land :

The Second Schedule hereinbefore referred to.

Buildings now existing on the demised land :

Capital value thereof :