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3. Immediately after the fall of the hammer, the Purchaser of the Lot shall sign the Memorandum of Agreement, hereinafter contained, for completing the purchase according to these Conditions.
4. The Purchaser of the Lot shall pay into the Colonial Treasury on behalf of His Majesty the KING, the sum of $25 within three days of the day of sale, for and in consi- deration of the Boundary Stones, properly cut, fixed, and marked with the Registry Num- ber, which shall be placed by the Director of Public Works, for the Purchaser, at each angle of the Lot.
5. The Purchaser of the Lot shall pay to the Land Officer, on behalf of His Majesty the KING, a Fee of $30 upon the execution of the Crown Lease thereof.
6. The Purchaser of the Lot shall build and finish, fit for occupation, before the expiration of twenty-four calendar months from the day of sale, in a good, substantial and workmanlike manner, one or more good and permanent messuage or tenement upon some part of his Lot with walls of stone or brick and lime-mortar and roof of tiles or such other materials as may be approved by the Director of Public Works, and shall expend thereon a sum of not less than $20,000 in Buildings.
7. No sewage or refuse water will be allowed to flow from the Lot on to any of the adjoining lands whether belonging to the Crown or to private persons; neither shall any decaying, noisome, noxious, excrementitious, or other refuse matter be deposited on any portion of the Lot, and in carrying out any works of excavation on the Lot no excavated earth shall be deposited on the Lot or on Crown Land adjoining in such manner as shall expose the slopes of such excavated earth to be eroded and washed down by the rains, and all such slopes shall be properly turfed and, if necessary, secured in place by means of masonry toe walls. The Purchaser shall see that all refuse matters are properly removed daily from off the premises.
8. The Purchaser of the Lot shall pay into the Colonial Treasury within three days of the day of sale the annual rental at which the Lot shall have been sold, and thereafter shall pay such annual rental on the 3rd day of October in each and every year during the term of 15 years hereinbefore mentionel.
9. When the Conditions herein contained have been complied with to the satisfaction of the Director of Public Works, the Purchaser of the Lot shall be entitled to and shall execute, on demand, a Lease from the Crown, of the Piece of Ground comprised in such Lot for 15 years, to be computed from the day of sale at such Annual Rental payable yearly on the 3rd day of October in every year as is realized at the time of sale; and such Crown Lease shall be subject to, and contain, all Exceptions, Reservations, Covenants, Clauses and Conditions inserted in the Crown Leases of Inland Lots in the Colony of Hongkong.
10. Should the Purchaser neglect, or fail to comply with these Conditions, his Deposit of $1,000 hereinafter provided for and any Crown Rent which may be paid, shall be thereupon forfeited to His Majesty, who shall be at full liberty either to enforce the sale, or to re-sell the property at such time and place, and in such manner as to His Majesty shall seem fit, and in case of a re-sale the increase, if any, of the Crown Rent shall be retained by His Majesty, and the deficiency, if any, and all Costs and Expenses shall be made good by the defaulter and be recoverable as liquidated damages, or at the option and pleasure of His Majesty to re-enter and resume the property as if no sale hul ever taken place, in which case also the Crown Rent paid by the Purchaser shall be thereupon wholly forfeited to His Majesty. But such re-entry shall not exonerate the present Purchaser upon a subsequent re-sale of the property to make good the deficiency, if any, upon such re-sale, and all Costs and Expenses as ascertained to be recoverable as aforesaid.
11. Possession of the Lot sold shall be given to the Purchaser, and deemed to have been taken by him, on the day of sale.
12. In the event of the Purchaser assigning the benefit of the underwritten Agreement, the assignee shall be bound by the foregoing and following Conditions of Sale, and alí powers and remedies shall be enforceable against him to the same extent, as if such assignee were the original Purchaser.