10
lot, as nearly as it has been possible
to ascertain it, will be declared on the ground, and parties will also have the opportunity of observing the extent for
themselves.
3. The biddings are to be for annual rate of quit-rent, and shall be made in funds Sterling; the dollar in all payments to be computed at the rate of 4s.4d. The upset price will be £11 for each Lot, the bidding to advance by 10/-.
4. Each lot having been knocked down to the highest bidder, he will
be received an acknowledgment that he is the purchaser of the Lot; and this acknowledgment will be exchanged for a more formal title, as soon as the precise measurement and registration of the lots shall be completed.
Page 357
5. On delivery of the lot, the purchaser will be called on to pay
the rent for the first year, reckoning
forth from the date of sale.
6. They will also be required to erect upon each lot a building of the approved value of 1,000 dollars, or to incur outlay
to that amount, within a period of six months from the date of sale.
8. As security for the performance of this engagement, a deposit of 51 dollars shall be paid into the hands of the Treasurer to the Superintendent on the day of sale, the deposit repayable
when an equal amount shall have been expended. Non-compliance with the terms will incur
forfeiture of the deposit and