2246
THE NEW ZEALAND GAZETTE.
No. 10

(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 bush land; and of such bush land the following proportion, to wit, , shall be deemed to be first-class, and the residue shall be deemed to be second-class pastoral land.

(B.) Subject to the provisions herein contained or 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 of small grazing-runs, 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 the land and premises demised by such leases, and the estate, interest, rights, duties, and liabilities of the lessee, shall, so far as the same are applicable, apply to this lease as fully as if they were fully set out herein: Provided that the lessee shall not be entitled to obtain a lease in perpetuity of the demised land by surrendering this lease or otherwise, anything in “The Land Act, 1892,” to the contrary notwithstanding.

(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, to the same extent shall such buildings be deemed to be improvements made by him.

(F.) The lessee, duly fulfilling on his part all the covenants, stipulations, and conditions herein contained and implied, shall at the expiration of the said term by effluxion of time have the option of a renewal thereof for a further term of twenty-one years, computed from the date of the expiration of the original term, at a yearly rental equal to 5 per cent. on the then capital value of the land, computed in manner prescribed by the said Act, being, however, in no case less than the original rental; and for the purposes of this clause the provisions of “The Land Act, 1892,” relating to renewals of leases of small grazing-runs, shall, mutatis mutandis, apply in so far as the same are applicable.

[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:

Instalments by which such capital value (with interest thereon) is payable and the due dates of such instalments:

By half-yearly instalments of each, in advance, in respect of interest alone, and then half-yearly instalments of each, in advance, in respect of combined capital and interest, the first instalment (being for the half-year commencing on the first day of March, one thousand ) having been duly paid, and the subsequent instalments being payable on the first day of September and the first day of March in each year in the same manner as rent.