IRONSAND LEASES.

Taranaki Daily News, Volume LII, Issue 343, 19 March 1910, Page 2

IRONSAND LEASES.

VARYING THE TERMS. Mr. J. W. Poynton, Public Trustee, wrote to the Harbor Board recently as follows iri reference to ironaand leases: "I will be much obliged if you would let me know if your Board would accept from the lessees a simple form of agreement undertaking to give up possession of the leases on the 31st March; 1911, if the provision requiring the erection of buildings at a cost of £2OOO were not complied with; but if such were erected the agreement to provide that, we would then accept a new lease on the conditions decided by the committee and embodied in ttie letter from your Board's solicitor to me. This would save a great deal of expense ai present and be a substanFial compliance with the Board's requirements." The Board considered the letter at yesterday's meeting. Mr. Quilliam, the Board's solicitor, attended at the request of the Boaru, and advised that the request could be complied with. He drafted a resolution which was carried as follows:—"That the Board's solicitors be instructed to reply to the letter from the Public Trustee re the ironsand leases as follows: That the Board -will not take any steps to re-enter for breach of covenant until the 31st March, 1911, provided that before the date the lessees shall have expended the sum of £2OOO on buildings on some part of the land included in the leases (to be approved by the Board); upon the erection of such buildings wiithin the time mentioned the existing leases to be modified at the cost of the lessees as follows for the balance of the terms thereby granted, viz.: Rental £5 <per annum payable halfyearly; royalty as in memorandum of lease No. 5616; lessee to waive all rights in respect 01 the portion of the beach between the breakwater and a line parallel to it from the point where the Barret road joins the beach; "Boring Rights: Notwithstanding the leases, the Board to have the right to grant to any person or company boring rights over the land included in the leases; "Beach: Full right of access of public to be provided for"Board to have the right tc- remove atone, gravel, sand, or-other material required by it, or for ballast; "In the event of the buildings not having been erected by the said 31st March, 1911, the lessees' will immediately and without requiring any formal notice surrender to the Board all interest in the existing leases, and that these terms be embodied in a deed to be prepared by the Board's solicitors at the cost of the lessees."