MOUNTAIN HOUSE HOTEL.

Taranaki Daily News, Volume LIII, Issue 263, 16 March 1911, Page 3

MOUNTAIN HOUSE HOTEL.

TERMS OF THE LEASE.

The amended proposals from the guarantors of the new Mountain House Hotel, as agreed to by the Esmont National I'ark Board at its meeting on Tuesday, are as follow:

(1) The board to-giant a renewable lea.se of two acres for as long a term as possible to two trustees. (2) The Park Board to agree to allow the guarantors to be represented on the North Mountain House Committee by two nominees. (This is following the practice, adopted by the Government in similar cases where monetary aid is. granted, such as the New Plymouth Harbor Board, etc.).

(3) The. guarantors to find, in cash, £SOO, also the Government pbsidy which was promised subject to a lease being granted by the Park Board, £SOO. To find in cash from the Bank of New Zealand on security of lease and guaranteed by guarantors, £ISOO, or such sum as may be necessary—total £2500. (1) That whenever the amount due to the bank or paid by the guarantors in any way whatsoever has been re-paid, the said trustees will enter into a covenant to transfer to the Egmont-Park Hoard the said lease, with'all buildings and improvements, free of charge. (5) That the revenue from all sources available by the North Egmont Mountain House Committee be pooled for the upkeep and improvement of the old mountain house and the new hotel, and that both pstablishments be under the control of the North Egmont House Committee.

(0) The guarantors will pay the interest on the amount of £ISOO, or whatever less amount is raised from the bank, if the funds at the disposal of the committee will not allow of their doing so, but that the committee shall, if ablet pay the aforesaid interest before making further improvements. (7) It is also distinctly understood that neither the North Egmont Park Board, directly or by its committee, shall incur any liability whatsoever to the Bank of New Zealand or to the guarantors or the subscribers.