The Bluff Harbour Board (hereinafter called “the Board”), being registered as the proprietors of an estate in fee-simple, subject, however, to such encumbrances, 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, computed from the   day of  , one thousand nine 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 abovementioned days at the said office of the Board in Campbelltown, in the said Provincial District of Otago, 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 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 Board, and also for the Corporation of the Borough of Campbelltown, 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 drainpipes or construct any sewers, as the 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 purpose the officers, servants, and workmen of the 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 ( ) of section   of “The Land Transfer Act, 1885,” 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 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 lease 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 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 sold at such auction; and the 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 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 thereof, 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 Land Transfer Act, 1885,” 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  , 19  .

Memorandum of Encumbrance.

[The Schedule referred to in the Foregoing Lease.]

Indorsement.

No.   Lease of  , situate in  , lessor.,   lessee.

Particulars entered in the Register-book,   Vol.  , folio  , the   day of  , 19  , at   o’clock. , District Land Registrar of the District of

Correct for the purposes of the Land Transfer Act.