TNAG-2344-FCO40-3410-Future-of-Hong-Kong-British-Consulate-General-1992 — Page 67

16-DEC-1991 15:35

BRITISH TRADE COMM

P.05

GENERAL CONDITIONS

Rent

Rateable value

Effective date

1. (a) Rent as specified in the Particulars of the Lot shall commence from the date of this Agreement and until the 30th day of June 1997 shall be paid in arrear on the 1st day of July in every year, the first yearly rent or a due proportion thereof becoming due and to be paid on the 1st day of July next following the date of this Agreement.

(b) From the 1st day of July 1997 until the expiry of the term hereby granted the rent for the lot shall be calculated and paid with reference to the period commencing on the 1st day of April and ending on the 31st day of March in each year, and the Grantee shall pay and there shall be collected by the Director of Buildings and Lands (hereinafter referred to as "the Director") as rent for the lot for each such period an amount equal to 3% of the rateable value from time to time of the lot, the said rent to be paid by four equal quarterly instalments in advance on the 1st day of April, the 1st day of July, the 1st day of October and the 1st day of January in each year, and the first quarterly payment together with all accrued arrears of rent becoming due and to be paid on the 1st day of July 1997.

(c) For the purposes of this General Condition the rateable value of the lot shall be the rateable value as set out from time to time in the list declared or the interim valuation made by the Commissioner of Rating and Valuation (hereinafter referred to as "the Commissioner") under the Rating Ordinance or any legislation amending or replacing the same, of the tenement, or, if there is more than one tenement, the aggregate of the rateable values and/or interim valuations as so set out or made of all the tenements comprised wholly or partly within the lot.

(d)

For the purposes of sub-clause (c) hereof :-

(1)

Adjustment

(ii)

a rateable value in a new list, when declared, and an interid valuation, when wade, and a correction, alteration or variation of a rateable value or an interia valuation, when made, shall take effect from the effective dates for the same under the Rating Ordinance;

if the effective date of an interim valuation is earlier than the date of the making of the interim valuation, or if the rateable value has been corrected, altered or varied and the effective date of such correction, alteration or variation is earlier than the date of the making of the correction, alteration or variation, and as a result the rent for the lot is increased, the rent due for the period since the effective date of the interim valuation or the correction, alteration or variation shall, in so far as it has not been already paid, be