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75 YEAR NON-RENEWABLE CROWN LEASES
GRANT OF NEW CROWN LEASES
Terms and conditions relating to applications made after 16.6.47
A public announcement on this subject was made in the press of the Colony in June, 1946, under which certain concessions were made applicable in respect of grants approved on applications received within the period of one year from that date: These special concessions being inapplicable after 16th June, 1947, the following further statement is issued of the conditions appertaining to applications made after that date:-
1.
2.
Applications. Applications for the grant of new Crown leases will save in exceptional circumstances be considered only in cases where there is less than 20 years unexpired of the original leasehold term. Title.
The title of the applicant to the existing lease or tenancy to be subject to approval by the Land Officer and an effective surrender to the Crown of the existing term or interest to be executed.
3.
Term.
4.
The new Crown lease to be for a term of 75 years plus the unexpired portion of the original term.
Crown Rent. Crown rent to continue at the rate applicable under the existing lease for the period corresponding to the unexpired residue of the original term: upon the expiration of that period the Crown rent for the subsequent term of 75 years to be reassessed, and to be such a rate as shall then be determined by Government according to the rate or scale of Crown rent being charged by Government for leases of land in the same district at that time.
5. Premium. (a) Payment of a premium would be required based on the full value of the land (exclusive of the buildings thereon) according to the rates prevailing in the locality at the time of the application: such premium would of course be payable over and above the Crown Rent. It would be payable in one lump sum on acceptance of the application or (at the option of the lessee) by instalments over an agreed period of years or over the unexpired residue of the existing term, together with the whole of the new term: in the case of payment by instalments, an addition would be made to allow for interest in respect of the deferred payments, such interest to be calculated at the rate of 5% per annum.
(2) As the buildings and other improvements on the land at the end of the existing leasehold term would normally become the property of Government as the Ground Landlord, the calculation of the premium on the value of the land exclusive of buildings and other improvements (if any) there on represents a valuable concession which is granted because of the special circumstances following on the war without prejudice to Government's strict legal rights, and is not to be deemed to establish a precedent or commit Government in dealing with the renewal of other types of leases.
6. Building and Repairing Covenants.
(a)
in every case extent of the
An appropriate Building Covenant would be imposed according to the nature and locality of the lot, the cxisting development of the land and the state
of repair and condition of the buildings thereon.
(b) Failure to comply with a Building Covenant within
the prescribed period would render the lessee liable to forfeiture of the land to the Crown without payment or allowance in respect of the premium paid or any amount expended in the partial development of the land or any compensation whatsoever.
(c) There would be a binding restriction against any sale, sub-letting or other alienation of the land without the consent in