Dec. 20.] THE NEW ZEALAND GAZETTE. 3611

observe and perform the covenants respecting the cultivation
and the cropping of the said lands, then the lessee shall
pay or will cause to be paid to the Receiver of Land Revenue
as and by way of ascertained and additional rent the sum of
two pounds (£2) for each and every acre of the said land
which shall be cultivated contrary to the said covenants.

10. That the lessee will at the expiration of the said term
    leave on the said lands all straw and manure grown or made
    respectively thereon during the last year of the said term.

11. On the expiration by effluxion of time of the term
    hereby granted, and thereafter at the expiration of each
    succeeding term to be granted to the lessee or to the
    purchaser at any auction under the provisions hereinafter
    contained, the outgoing lessee shall have a right to obtain
    in accordance with the provisions hereinafter contained a new
    lease of the land hereby leased at a rent to be determined by
    valuation in accordance with the said provisions for the term
    of years computed from the expiration of the expiring term, and subject to the same covenants and provisions
    as this lease applicable to such new lease.

12. Within six calendar months previous to the expiration
    by effluxion of time of the term hereby granted, or such
    succeeding term as aforesaid, two separate valuations shall
    be made—namely, a valuation of all the buildings and unexhausted improvements as hereinafter defined then on the land
    hereby leased, erected, or made by the lessee or paid for
    by him to an outgoing tenant, and another valuation of the
    fair annual ground-rent of the said land without the buildings
    and other improvements so to be valued for a further term of
    years from the expiration of the term hereby granted, so that the rent shall be an equal annual sum payable in each year throughout the term without increase or
    diminution during the term.

13. The said valuations shall be made by two disinterested
    persons as arbitrators, one of whom shall be appointed by the
    Board on behalf of the lessor and the other by the lessee.

14. The arbitrators shall, either before commencing to
    make the valuations, or afterwards if they do not agree,
    together appoint a third person, who shall be an umpire as
    between them.

15. The decision of the two arbitrators if they agree or in
    such respects as they agree, or of the umpire if the arbitrators do not agree or in such respects as they do not agree,
    shall be binding on all parties.

16. The duty of the umpire on reference to him of any
    question shall be to consider the respective valuations of the
    two arbitrators in the matter in which their valuations do
    not agree, and then to make an independent and substantive
    valuation; and the last-mentioned valuation shall be the
    decision of the umpire; but in giving his decision on any
    question so referred to him the umpire shall in every case be
    bound to make a valuation not exceeding the higher and not
    less than the lower of the valuations made by the arbitrators
    respectively.

17. The provisions herein contained for the making of
    valuations shall be deemed to be a submission to arbitration
    under and within the meaning of the Arbitration Act, 1908,
    or any enactment for the time being in force in substitution
    therefor or amendment thereof, and all the provisions of any
    such enactment shall, so far as applicable, apply accordingly.

18. On every such arbitration each party shall pay his
    costs of such reference, including the fees of the arbitrator
    appointed by him, and all costs incidental to the appointment
    of the umpire, and the fees of the umpire shall be paid equally
    by the parties to the arbitration.

19. Before the expiration by effluxion of time of such term
    as aforesaid, or if the valuation be not completed at an earlier
    period than two months before such expiration of the said
    term, then within two calendar months of the decision of the
    arbitrators or umpire, as the case may be, and the giving of
    notice thereof to the lessee, the lessee shall give notice
    in writing signed by him or his agent duly authorized in that
    behalf and delivered to the Board, stating whether he desires
    to have a renewed lease of the said land.

20. Any such notice may be given by the lessee within
    the time aforesaid although the term hereby granted has
    already expired through effluxion of time, and although the
    said valuation has not been made or notice thereof has not
    been given to the lessee until after the expiration of the
    said term by effluxion of time, unless before the giving of
    such notice by the lessee he has given up the possession
    of the land hereby leased, or has been duly ejected therefrom
    in pursuance of the judgment or order of any Court of competent jurisdiction, or the land has been re-entered upon by
    the Board on behalf of the lessor as hereinafter provided.

21. Any such notice by the lessee of his desire to have
    a new lease shall be deemed to constitute a contract between
    the lessor and lessee for the granting and acceptance of a
    new lease at the rent so valued, and for the term and subject
    to the covenants and provisions herein contained, including
    the provisions herein contained for valuations, and for the
    right to a new lease at such valuation of rent made as aforesaid, or the offer of a new lease for sale by auction and all
    clauses auxiliary or in relation thereto.

22. If the lessee fails within the time aforesaid to give
    any notice whether he desires a renewed lease or not, or if
    he gives notice in writing signed by himself of his agent duly
    authorized in that behalf that he does not desire a renewed
    lease, then within two months of the expiry of the time within
    which such notice may be given, or within such further or
    other time as may be agreed on between the Board and the
    lessee, the right to a lease for a further period of
    years, containing such covenants and provisions contained in
    this lease as are applicable to such new lease, including the
    provisions herein contained for valuations, and for the right
    to a new lease at such valuation of rent made as aforesaid,
    or the offer of a new lease for sale by auction and all clauses
    auxiliary or in relation thereto, shall be offered by the Board
    by public auction at the upset annual rent of the said land
    as determined by the arbitrators or the umpire as aforesaid,
    without the buildings and improvements so valued as aforesaid, subject to the payment by the purchaser other than the
    outgoing lessee of the value of the said buildings and improvements as so determined by the said arbitrators or their
    umpire: Provided always that in case any of the said improvements shall be destroyed or appreciably damaged by
    fire at any time between the date when the valuation thereof
    shall be made and the date when the new lease aforesaid shall
    be offered for sale at auction, then such an abatement and
    deduction shall be made from the sum payable by the incoming tenant on account of improvements as may be agreed
    upon between the Board and the lessee, or, failing such
    agreement, as may be settled by arbitration in manner hereinbefore expressed.

23. If any person other than the outgoing lessee becomes
    the purchaser at the said auction of the said right to a new lease,
    that person shall within two calendar months from the date
    of the auction pay in cash to the Receiver of Land Revenue,
    in trust for the lessee, the amount of the value of the
    buildings and improvements so determined as aforesaid, and
    accept and execute a new lease of the said land for the said
    further term at the annual ground-rent at which the right to
    the said lease has been so purchased by him: Provided
    always that the purchaser at such auction shall not be let
    into possession of the said premises until he shall have so
    paid in cash the sum aforesaid; but the lessor shall not be
    further or otherwise bound to see to the payment of the said
    sum.

24. The Board shall on demand (all rents and outgoings
    payable by the lessee having previously been paid) cause
    to be paid over to the outgoing lessee the amount of the
    value of the said buildings and improvements paid to the
    said Receiver by the said purchaser without any deduction
    whatever, except rent or other payments provided for in his
    lease in arrear, if any.

25. Nothing in these presents contained shall be deemed
    to render the Board liable to pay to the lessee any part of
    the value of any buildings or improvements save after the
    said Receiver has received the amount thereof as aforesaid.

26. Upon any sale by auction as aforesaid of the right to
    a lease, the Board may make usual and any other fair and
    reasonable conditions of sale to carry out the intention of
    these presents, and in particular shall provide for the payment by the purchaser at the auction (if a person other than
    the lessee) of a deposit of one-fifth of the amount of the
    valuation of the buildings and improvements, or of such
    smaller deposit as is agreed upon between the Board and the
    lessee, and that in the event of the purchaser refusing or
    neglecting to complete his purchase according to the conditions of sale he shall forfeit such deposit to the lessor for the
    benefit of the lessee.

27. In any such conditions of sale the Board may in addition provide that if the purchaser refuses or neglects to complete the purchase according to the conditions of sale, he
    shall pay to and for the benefit of the lessor, as liquidated
    damages, a sum not exceeding one-half of the total deficiency
    (if any) during the term of years of the rent agreed to be
    paid by the new purchaser at a subsequent sale by auction
    held in consequence of the default of the original purchaser,
    as compared with the rent that would have been reserved
    had such original purchaser not made default, together with
    all expenses attending the first sale.

28. If, owing to delay on the part of the arbitrators or the
    umpire or otherwise, the right to a new lease is not offered
    at auction before the expiration of the term hereby granted,
    or if owing to the purchaser, other than the outgoing lessee,
    at any auction refusing or neglecting to complete his purchase according to the terms and conditions thereof, the
    purchase is not completed, then and in any such case the
    right to a new lease shall be offered at auction as soon as