Enclosure
5.
Particulars and Conditions of Sale by Public Auction to be held
on Monday the 24th day of October, 1949, at 3 p.m. at the offices of the Public Works Department, by Order of His Excellency the Governor of one Lot of Crown Land at Un Chau Street in the Colony of Hong Kong for a term of 75 years to be computed from 1st July, 1898 at the rent specified in the Particulars and with the option of renewal for one further term of 24 years less the last three days thereof at a Crown Rent to be fixed by the Director of Public Works.
PARTICULARS OF THE LOT.
71
No. of Registry
Sale! No.
Location
Area in
Boundaries
sq. ft.
Annual Rental
Upset Price
I
New
Un Chau
As per sale plan
5,250
102
52,500
Kowloon Street
Inland
Lot
No. 3574
(Area coloured red) (About)
CONDITIONS OF THE SALE.
1. The highest bidder at or above the upset price shall be the purchaser, and if any dispute arise between two or more bidders the Lot shall be put up again at a former bidding.
2. No person shall at any bidding advance less than $100.
3. The Lot is offered for sale subject to the rights of His Majesty the King to bid by any officer or other person or by the auctioneer and to withdraw every or any lot before it is sold.
4. Inmediately after the fall of the hammer, the purchaser of the lot shall sign the Memorandum of Agreement hereinafter contained for completing the purchase according to these Conditions and the Special Conditions attached and shall pay to the auctioneer in cash or by cheque which shall be certified by the Bank on which it is drawn which must be a member of the Exchange Banks Association the sum of $10,500 (being 20 per cent of the upset price stated above) as a deposit and in part payment of the premium at which the lot shall have been purchased and shall, within three days of the day of sale, pay to the Government of Hong Kong the balance of the said premium. The purchaser shall also sign the sale plan.
5. If the purchaser shall, on the fall of the hammer, fail to make the required deposit to account of the premium, as provided in Condition No. 4 hereof, His Majesty may enforce the sale or the auctioneer may declare the sale void and re-expose the lot for sale, but without prejudice to recourse against the defaulting purchaser should the lot on re-sale not realize the amount of such defaulting purchaser's highest bid. If the purchaser shall fail to pay the balance of the premium as provided in Condition No. 4 hereof His Majesty may either enforce or cancel the sale. On cancellation the said payment to account of premium by the defaulting purchaser shall be wholly forfeited to His Majesty.
6. The person who signs the Agreement as purchaser shall be deemed to be the principal unless at the time of signing the same he shall disclose the fact that he is acting as an agent only, in which case he shall at the same time disclose the name of his principal and insert the same in this Agreement. Where the purchaser signs as agent the Agreement shall within three days of the sale be confirmed by the formal signature or execution thereof by the principal to the satisfaction of the Land
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