48.                                                                                   [No. 1

THE NEW ZEALAND GAZETTE.

12

every year during the said term, the first of such payments to become due and to be made on the first day of , one thousand nine hundred and :

And also paying, in respect of the value of the buildings specified in the Second Schedule hereto, unto the aforesaid Receiver, the respective instalments specified in that Schedule at the dates therein respectively mentioned in that behalf.

And the lessee doth hereby covenant with the lessor as follows, that is to say :—

1. Subject to the provisions of the said regulations, the lessee will reside on the demised land from the date of this lease continuously.

2. The lessee will put on the demised land substantial improvements as under :—

   (a.) Within one year from the date of this lease substantial improvements to a value equal to ten per centum of the aforesaid capital value of the land ;

   (b.) Within two years from such date further substantial improvements to a value equal to another ten per centum of the aforesaid capital value of the land ;

   (c.) And within six years from such date further substantial improvements to a value equal to another ten per centum of the aforesaid capital value of the land, so that the total value of such improvements at the end of six years from such date shall not be less than thirty per centum of the aforesaid capital value of the land ;

and also, in addition thereto, he will, within six years from such date, put upon the demised land substantial improvements of a permanent character within the meaning of “The Land Act, 1892,” to the value of one pound for every acre of agricultural land (first class), ten shillings for every acre of mixed agricultural and pastoral land (second class), and two shillings and sixpence for every acre of third-class land : Provided that, for the purpose of determining whether the lessee has duly performed this covenant (but for no other purpose), there shall be included the value of all substantial improvements existing on the demised land at the date of this lease (which improvements shall be deemed to be improvements required by this covenant), and also all capital sums paid by the lessee in respect of the value of the buildings specified in the Second Schedule hereto, nevertheless to the extent only of the actual value of such of the said improvements and buildings as are subsisting at the time when their value is so included.

“Substantial improvements of a permanent character” mean and include reclamation from swamps, clearing of forest, gorse, broom, sweetbriar, or scrub, cultivation, planting, gardens, fencing, draining, making roads, sinking wells or water-tanks, constructing water-races, sheep-dips, making embankments or protective works of any kind, or in any way improving the character or fertility of the soil, and include the erection of any non-movable building.

3. The lessee will, within two years from the date of this lease, have the demised land fenced with a ring fence, and such fence shall be a sufficient fence within the meaning of “The Fencing Act, 1895.”

4. The lessee will once a year during the said term, and at the proper season of the year, properly cut and trim all live fences now on the demised land, or which may be planted thereon during the said term, and stub all gorse not growing as fences, and also stub all broom, sweetbriar, and other noxious plants.

5. The lessee will not take more than three crops, one of which must be a root-crop, from the same land in succession ; and will, either with or immediately after a third crop of any kind, sow the land down with good permanent cultivated grasses and clovers, and allow the land to remain as pasture for at least three years from the harvesting of the last crop before being again cropped.

6. The lessee will at all times during the said term so farm the demised land, if the area of the whole exceeds twenty acres, as that not less than one-half of the total area shall be maintained in permanent pasture.

7. The lessee will not cut the cultivated grass or clovers for hay or seed during the first year from the time of sowing as aforesaid, nor at any time remove from the demised land or burn any straw grown thereon.