THE Otago Harbour Board, hereinafter called the Board, being registered as the proprietors of an estate in fee-simple, subject, however, to such incumbrances, liens, and interests as are notified by memorandum underwritten or indorsed hereon, in that piece of land situated in the        , in the Provincial District of Otago, containing        , be the same a little more or less, as the same is described in the schedule hereto, do hereby lease to         all the said land, to be held by         the said as tenant for the term of years computing from the         day of        , one thousand eight hundred and     at the yearly rental of [$]        , payable        , subject to the following covenants, conditions, and restrictions:—That the said executors, administrators, or assigns will, during the said term, pay the said rent on the above-mentioned days at the office of the said Board in Dunedin aforesaid, and will pay and discharge all existing and future taxes, rates, and assessments whatsoever chargeable in respect of the said demised premises or on the landlord or tenant thereof (including the cost of making and repairing the footpaths in front of the said land), and will bear and perform all other burdens or duties in any way incumbent on the owner or occupier thereof: And, also, will not carry on offensive trades, will not, without leave, assign or sublet, nor will, without the consent in writing of the said Board, remove or take away any buildings or erections which may at any time be on the said land or any part thereof: And, also, that it shall be lawful for the said Board and also for the Corporation of the        , their successors or assigns, with the consent of the Board first obtained, at any time or times during the said term without any further consent on the part of the said         executors, administrators, or assigns than is hereby given to enter upon the said land hereby demised, and lay any drain pipes, or construct any sewers as the said Board or the said Corporation, their successors, or assigns, with such consent as aforesaid may think proper through any part of the said land without making any compensation to the said         executors, administrators, or assigns therefor, and that for such purposes the officers, servants, and workmen of the said Board or of the said Corporation, their successors, or assigns, shall have full right to enter upon the said demised premises, with or without horses or vehicles, as may be necessary at all reasonable hours in the daytime. And it is hereby expressly declared that wherever the words “six calendar months” occur throughout subsection (2) of section 56 of The Land Transfer Act 1870, the words “twenty-one days” shall for the purpose of this lease, be substituted therefor, so that the said subsection which is implied herein shall, in the reading and construction of this lease, be read and construed as if the said words “twenty-one days” had been inserted therein instead of the aforesaid words “six calendar months.” And also that three calendar months previous to the expiration of the said term two separate valuations shall be made by three indifferent persons to be appointed in writing as follows, one by the said Board, their successors or assigns, one by the said         executors, administrators, or assigns, and the other by the two valuators so to be appointed, and the decision of such three valuators, or any two of them, shall be binding on all parties, one of such valuations to be made of all the buildings and improvements then on the said land and the other of the fair annual ground-rent of the said land only, without any buildings or improvements, for a further term of years from the expiration of the term hereby granted, and before the expiration of the lease hereby granted a lease of the said land and premises for such further term of years shall be put up to public auction at the upset price of the annual rent of the said land as valued without buildings and improvements, subject to the payment by the purchaser of the value of the said buildings and improvements fixed by the valuators as aforesaid, and in the event of any person or persons other than the said         executors, administrators, or assigns, becoming entitled to the lease of the said lands for the said further term, such person or persons shall forthwith pay in cash to the said Board, their successors or assigns, for the benefit of the said         executors, administrators, or assigns, the amount of the value of the buildings and improvements so fixed as aforesaid, and shall enter into a lease for the said further term at the annual ground rent at which the said land shall be so sold at such auction, and the said Board, their successors or assigns, shall pay over to the said         executors, administrators, or assigns, the amount of the value of the said buildings and improvements paid to them by the purchaser, without any deduction whatsoever; but if there be no biddings at the said auction upon the upset price as before-mentioned, or if the said         executors, administrators, or assigns, shall be the highest bidder thereat, then the said         executors, administrators, or assigns, shall accept, and the said Board, their successors or assigns, shall grant to the said         executors, administrators, or assigns, a renewed lease of the said land and premises for the further term of         years from the expiration of the term hereby granted at either the upset price as aforesaid or the bid or highest bid which the said         executors, administrators, or assigns, shall have given therefor as the case may be, and such renewed lease shall contain or have implied therein the same covenants, conditions, provisions, and agreements as are contained or implied in this present lease, including the foregoing provision for valuation and renewal: And lastly, that the covenants and provisions implied in leases by the said Land Transfer Act 1870, or any statutory modification or amendment thereof shall be negatived or modified in respect of this lease in so far as the same are or may be inconsistent with the modifications hereby made, or the covenants and provisions herein expressed, and the above named do hereby accept this lease of the above-demised land to be held by         as tenant , and subject to the conditions, restrictions, and covenants, herein set forth and implied.

Dated this day of , 18 . Sealed with the common seal of the Otago Harbour Board as lessor, in the presence of Signed by the above named as lessee in the presence of