i
2
(c)
(a)
(e)
for land in a layout area.
ricultural land would
not normally be available for regrant in a layout area.
Outside a layout area the area of agricultural land to
be regranted would be calculated at a rate no less
favourable than 1, sq.ft. of agricultural land for
every 1 sq.ft. of agricultural land surrendered;
Crown rent would be payable on the new lot at the
appropriate rate therefor, which will be determined
at the time when the offer of the grant of the new
lot is made;
a building covenant would be imposed on the new lot
calculated according to the use to which the lot is
One assignment of the whole (but not
restricted.
a party of the new lot would be permitted before
the bulling covenant has been fulfilled, and the
other general and special conditions of exchange
have been complied with
The premium payable by you in respect of the grant
of this lot would be the market value of the land
to
tess ble rate of 510 per eo.ft.
(the 10 figure is made up of the market value of
the l.nd assessed under the Crown Lands Resumption
Ordinance plus an ex-gratia cash payment) on the
land to be surrendered. The value of the land to
be granted will be determined at my sole discretion at
the date of this letter except where the land to be grant t
to you in exchange needs to be reclaimed or othervise
formed or developed before it can be granted, the value
will be tae market value as at the date of this letter
as if the work of reclamation, etc., had already then
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