MUNICIPAL ENDOWMENTS.

Dominion, Volume 4, Issue 1001, 16 December 1910, Page 11

MUNICIPAL ENDOWMENTS.

—<*•■ RECLAMATION LEASES. At the. ordinary meeting of the . City Council held, last ,evening the resolutions detailed below, were continued:— . . 1. The Wellington City Council, hereby resolves.by special order—(l).To accept a surrender of the lease dated March 3, 1573, made between the Mayor, councillors and citizens of the City of Wellington, of the first part, his Excellency Sir James Ferguson i3owcn, of the second part, and Ebeuezer Henry Hunt, of the third part, whereby the., land commonly known as section 122, Lambton Reclamation, city of Wellington, became. vested in the said j Ebenezer Henry Hunt, his executors, administrators, and assigns for the term of i 42 years Irom January 1, 1572, at the rents and subject to the covenants, conditions, , and provisions in the said lease contain- : ed; and (2) to lease the said land to John . Fuller, Benjamin Fuller, and John Fuller, the younger, in whom th 6 residue of , tho said term is now vested at tho yearly rental, of ,£ll2 10s., subject as follows;— (i) Tbe surrender and new lease shall take effect from January 1, 19i3. (ii) The term of the _ new lease shall be the unexpired portion of the term of the surrendered lease, (iii) The new lease shall contaiu a covenant for granting renewals in perpetuity at a ground rent to be fixed by valuation for successive periods of fourteen j'ears, and shall contain the same covenants, and provisions as are: contained in the Te Aro reclamation leases, with this exception, that the .time limited for building "shall be 16 months from January 1, 1011, instead of the time usually prescribed. (2.) The council of the City of Wellington hereby resolves by special order, in exercise of tho powers vested in it by tho Municipal Corporations Act, 1908, and of all other Acts and powers enabling it in that behalf to accept a. surrender of a lease' dated December 31, 1892, of section llfl, Lambton reclamation, granted by the Mayor, councillors, and citizens • of theCity of Wellington to the Bank of New Zealand, and to lease the land comprised in the ,said lease to the Australian Temporanco and General Mutual Life Assurance Society,- /Limited, in which- the residue now to edmc arid unexpired'of the term of years^created by.-the- said-lease is vested, at a yearly'rent of «£l22'los;, rayable half-yearly, in' advance, subject 'as follows:—(1) The and new lease to tako effect ns on and from December 31, 1910. (2) The. term of the now lease ; shall'bo the unexpired portion'of tiie term of the'surrendered leases. (3) The new leas-b shall contain a covenantfor granting renewals in perpetuity at a ground rent valuation for successive periods of fourteen years, and shall contain the same covenants, conditions, and provisions (mutatis mutandis) as are contained in the Te Aro reclamation lenses , now-granted by the corporation, with this i exception, that there shall be no building : covenant in the new leaso to be granted.