43
Encl. 1.
amended as perposed in (7)
75 YEAR 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: ions being inapplicable after 16th June, 1947, the following further
These special concess- statement is issued of the conditions appertaining to applications made after that date:-
1.
2.
Application. 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.
5.
6.
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 re-assessed and to be at such a rate as shall be then determined by Government according to the full and fair value of the land (exclusive of the buildings thereon) at that date and the rate or scale of Crown rent being charged by Government for leases of land in the same district at that time, the rate being collated on the volume of the land exclusive of the building, there Premium.
Payment of a premium would be required based on land values prevailing in the locality at the time of the application, such premium to 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, 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 cent per annum.
Building and Repairing Covenants.
an
(a) An appropriate Building Covenant would be imposed in every case according to the nature and locality of the lot, the extent of the existing 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 writing of the Governor pending the completion of the Building Covenant, and a provision that all Assignments, Mortgages, Sub-Leases or other dealings with the property should be registered at the Land Office.
(d) A Covenant by the lessee to maintain and repair all buildings erected or to be erected on the land would be imposed in every case.
Done
Cave Cation of the
~
Zitati
Beige Was
the volme of the Cannot exclusion. thereon is
a convenio arising from the special ancumstance. which will not constitute precedent for dealing with the raneval Josti lygifer, 1
a
No comments yet.
Private notes are available after approval.