Jan. 9.] THE NEW ZEALAND GAZETTE. 41

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(1.) The ascertained value of the buildings shall be set forth in the sale-
plan and in the deed of lease, and the amount so set forth shall
be final and conclusive evidence of such value.

(2.) Subject to the provisions for postponement contained in subsection
(3) of section 54 of “The Land for Settlements Consolidation Act,
1900,” the amount so set forth, together with interest thereon at
the rate of 5 per cent. per annum, computed from the 1st day of
January or July next following the date of the lease, shall be paid
by the lessee by equal half-yearly instalments in advance, extending
over such period, being not less than seven nor more than twenty-
one years, as, with the approval of the Minister, the Land Board
thinks fit to determine, and until paid shall be deemed to be a
charge on the land and on the lessee’s interest therein: Provided
that during such postponement (if any) the interest alone shall
be payable by half-yearly instalments in advance.

(3.) Such instalments shall be payable in the manner and on the dates
hereinbefore appointed for the payment of rent: Provided that the
lessee may at any time pay the whole or any less number of the
then future instalments under a duly proportionate rebate of
interest.

(4.) The amount of such instalments (where they consist of combined
principal and interest, and not of interest alone) shall be calculated
according to the table shown in the Second Schedule hereto, which
shall be deemed to be final and conclusive.

(5.) So long as any such instalment remains unpaid the lessee shall, at
his own cost in all things, insure the buildings and keep them insured
in the name of His Majesty in an amount equal to the full insurable
value thereof, in the State Fire Insurance Office or some other
reputable insurance office, to be first approved by the Commissioner.

(6.) The lessee shall deposit with the Commissioner the policy of insurance
forthwith upon effecting the insurance, 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.

(7.) If the lessee at any time fails or neglects to effect or maintain 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 Commis-
sioner, 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.

(8.) The amount of such insurance may, with the consent of the Commis-
sioner, be reduced from time to time, provided that it is not re-
duced below the total amount of the aforesaid instalments for the
time being remaining unpaid.

(9.) In the event of the buildings so insured, or any of them, being destroyed
or damaged by fire, all moneys payable to His Majesty 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 duly proportionate
rebate of interest being made in the case of instalments not then
due), and any surplus shall be payable to the lessee.

(10.) Every such instalment as aforesaid, 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.

25. The lessee shall at all times during the term of his lease keep in good
    repair and condition, to the satisfaction of the Commissioner, all buildings and
    erecti ons for the time being standing on the land, and shall not destroy, pull