This Deed, made the eighth day of March, one thousand eight hundred and seventy-two between the Mayor Councillors and Burgesses of the Borough of Greymouth, incorporated under “The Municipal Corporations Act, 1867,” (hereinafter called “the mortgagor,”) of the one part, and Sir George Ferguson Bowen, Knight Grand Cross of the Most Distinguished Order of Saint Michael and Saint George, Governor and Commander-in-Chief in and over Her Majesty’s Colony of New Zealand and its Dependencies, and Vice-Admiral of the same, of the other part: Whereas by the said Act, and by “The Greymouth Quays Act, 1869,” the mortgagor is entitled to levy charge and recover certain rates dues and tolls, and to receive certain other moneys denominated by clause two hundred of “The Municipal Corporations Act, 1867,” “the ordinary revenue” of the body corporate of the Borough: And whereas the mortgagor has applied to His Excellency the Governor to reconstruct the harbour works on and for the improvement of the navigation of the River Grey, and for that purpose to advance out of the funds at the disposal of the General Government of the said Colony the sum of four thousand pounds (the said works to be carried on under the control direction and supervision of the General Government District Engineer, and the said sum of four thousand pounds to be paid by instalments from time to time on his certificates as the said works progress to the person or persons entitled to payment for the construction thereof): And whereas the said Governor hath agreed to construct such works in manner aforesaid, and to advance the said sum of four thousand pounds to be applied in payment thereof as aforesaid, on obtaining such security as is hereinafter effected for the repayment of the said sum of four thousand pounds and interest thereon after the rate of six pounds per centum per annum: Now this deed witnesseth that, in consideration of the premises and of the said sum of four thousand pounds so to be advanced as aforesaid, the mortgagor hath bargained sold assigned transferred and set over, and by these presents doth bargain sell assign transfer and set over unto His Excellency the Governor, his successors and assigns, all and every the rates dues tolls sum and sums of money granted allowed to be taken or made payable to or by the mortgagor by the said Acts or either of them, and being the ordinary revenue of the body corporate of the said Borough, with all and every the ways means powers authorities and remedies for raising collecting gathering in and receiving the same, to have and take and receive the said rates dues tolls sum and sums of money, and other the premises hereby assigned, or otherwise assured or intended so to be, unto and by the said Governor, his successors and assigns: Provided always, and these presents are upon this express condition, that if the mortgagor or its successors, or the treasurer or receiver of the said rates dues tolls and moneys for the time being, do and shall well, and truly pay or cause to be paid to the said Governor, his successors or assigns, the said sum of four thousand pounds, by six yearly instalments, payable on the first day of May in every year during the continuance of this security, commencing on the first day of May one thousand eight hundred and seventy-three, the amount of each instalment payable during the first five years to be seven hundred and fifty pounds, and the amount of that payable in the sixth year to be two hundred and fifty pounds, together with interest on the said sum of four thousand pounds, or so much thereof as for the time being remains unpaid in the meantime, and thereafter, if the same or any part thereof be not then paid, after the rate of six pounds per centum per annum, payable half-yearly on every first day of November and first day of May during the continuance of this security, the first payment of such interest to be made on the first day of November, one thousand eight hundred and seventy-two, then be the said Governor, his successors or assigns, will at the request and costs of the said mortgagor, its successors or assigns, reassign to it or them the said rates dues tolls sums and sum of money hereby assigned or intended so to be freed and discharged from the said principal and interest moneys hereby secured or intended so to be: And it is hereby declared and agreed that, in case default shall be made in payment of the said sum of four thousand pounds or of the interest thereof, or of any part of the same, contrary to the true intent and meaning of the proviso or condition hereinbefore contained, it shall be lawful for the said Governor, his successors and assigns, immediately to enter into and upon the receipt of the said rates dues tolls and moneys being made or intended as a security thereof, to and for his and their own use and benefit, without making any demand, giving any notice or waiting any period whatsoever, and to remain in possession of and collect and receive the same until be or they shall have been fully reimbursed and repaid the said principal and interest moneys, or so much thereof as shall be then unpaid and due and owing, and all costs charges and expenses incurred in collecting the same or otherwise howsoever in consequence of such default, and thereafter the said rates dues tolls and moneys shall be reassigned to the said mortgagor, its successors and assigns, in manner aforesaid: Provided always, and it is hereby declared and agreed, that until default shall be made in payment of the said sum of four thousand pounds or some part thereof, or of the interest thereof, contrary to the aforesaid proviso, it shall be lawful for the mortgagor and its successors, its and their treasurer receiver or agents of the said rates dues tolls and moneys for the time being, to receive take and retain the said rates dues tolls and moneys hereby assigned, and pay and apply the same to and for the uses intents and purposes in and by the said first recited Act, or any Act or Acts amending the same, directed or expressed concerning the same; and the mortgagor, for itself and its successors, hereby covenants with the said Governor his successors and assigns, that the mortgagor or its successors will well and truly pay the said sum of four thousand pounds and the interest thereof, according to the true intent and meaning of the proviso or condition hereinbefore contained, and will do and execute all such further or other acts deeds and things as may be requisite for further assuring the premises hereby assigned or intended so to be, or for giving complete effect to the security hereby intended to be granted: And it is hereby declared that the lastly written covenants shall in nowise be personal ones, nor shall the said Mayor Councillors and Burgesses, or any or either of them, be personally liable under the said covenant or for the principal and interest moneys hereby secured or intended so to be. In witness whereof the seal of the said body corporate hath been hereunto affixed.