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this amount, if Mr. Kwik eventually complies
with his obligations respecting the property
as a whole within such extended time as may be
allowed by the Government".
The Executive Council further agreed to
the extension, without penalty, for a term of three
years of the period for the completion of the
Building Covenant.
Negotiations on this basis were at once
opened by the Director of Public Works with Mr. Kwik
and his solicitors: but it soon appeared that a
complete new agreement was required if the relations
between Mr. Kwik and the Government were to be put
on a completely satisfactory foundation.
6.
The terms of such new agreement have been
fully and frankly discussed by the Land Officer and
the Director of Public Works with Mr. Kwik and his
solicitors, and substantial agreement was reached
that it should follow the lines here indicated:-
Marine Lots Nos. 430 and 431 containing areas of 435,022 square feet and 462,093 square feet
respectively will be leased to the grantee on
the usual terms together with the following:-
(a) Premium $721,500 (already paid).
(b) Term of years 75 years from 5th of September,
1921, renewable on the usual terms.
(c) The Crown Rent for Lot No.430 shall be
$4,500 per annum and for Marine Lot No.431
$4,764 per annum as from the 26th of
December, 1929, (rent paid to this date).
(a)