CO129-604-1 Crown Leases 26-6-1946 - 5-9-1947 — Page 21

PRESS RELEASE.

24

1.

The following announcement is made in pursuance of the

promise that the Government would, as soon as possible, declare its

policy in relation to the Crown Leases which were granted during the

last century for tenis of seventy-five years with no provision as to

renewal.

2.

While it is not intended that the Government should insist

upor its strict legal rights, which would include delivery up of the

premises without any compensati n for structures or development on the

expiration of the terias of the Lease, the adequate develop.ent of the

leased area in accordance with the needs of the comunity would be a

condition precedent to the grant of any new rown Lease.

3.

The terms of the various existing leases, the development

and disposition of the leased areas and the present condition of the premises

on those areas vary so widely that it is impossible to fomulate detailed

ters which would cover all cases.

!

In addition to such spec al condtions as the circustances

of any individual case might require, the following conditions would be

applicable to all approved pants for new Crow. Leases, whether or not the

property had suffered war da age:

(a) The applicant would be regired to surrender his

interest in the existin tera and the new Crown Lease

would be for a term of 75 years plus the unexpired

portion of the original term. The Crown rent wor la

remain at its present amount until the expiry of the

original ter, whereafter a re-assess d Crown rent

would be payable.

(b) Payment of a renewal premium would be required, but

Leaseholders would be given the option of paying this

either in a lump sum, or by instalments over an agreed

period of years, or over the unexpired portion of the

original ter together with the whole of the additional

Where the premium is to be paid by instalments

an addition would be made to allow for interest in

ter..

respect of the deferred pay.ents.