177

L—3a

(1.) The several purchasing-prices for the said properties shall be as follows : — (a.) The price for the freehold of the said piece or parcel of land mentioned in the said First Schedule shall be the sum of eighty-one thousand pounds (£81,000). (/>.) The purchasing-price for the leasehold interests over the said piece or parcel of land mentioned in the said First Schedule shall be the sum of fifty-six thousand pounds (£56,000). (c.) The purchasing-price to be paid for the property mentioned and described in the said Second Schedule shall be the sum of forty-five thousand pounds (£45,000). (d.) The purchasing-price to be paid for the property mentioned and described in the said Third Schedule shall l>e the sum of seven thousand five hundred pounds (£7,500). (2.) The said several purchase-money in respect of the several properties shall be payable to the first and second vendors separately in respect of their hereinbefore recited interests of and in the several properties mentioned and described in the said Schedules Numbers One, Two, and such purchase-money shall be payable to them respectively as follows : — (a.) As to the purchase-money of the freehold of the land mentioned in the said First Schedule, thirty-one thousand part thereof shall be paid in cash on the dates hereinafter mentioned for completion of the purchase, forty thousand pounds shall be secured by mortgage to be executed by the purchasers or their assigns in manner hereinafter specified, and the balance, namely, the sum of ten thousand pounds, shall be paid by the allotment to the said first vendor of ten thousand pounds' worth of fully-paid-up shares in the nominal capital of the company hereafter to be floated by the purchasers in pursuance of provisions hereinafter contained. (b.) As to the purchasing-money for the leasehold of the property mentioned in the said First Schedule twenty-three thousand part thereof shall be paid, in cash on the date hereinafter specified for completion of the purchase, twenty-three thousand part thereof shall be secured by mortgage over such leasehold to be executed by the purchasers or their assigns in manner hereafter specified, and the balance thereof, namely, the sum of ten thousandjpounds, shall be paid by the allotment to the first vendor of shares to the nominal value of ten thousand pounds fully paid up in the nominal capital of the said company. (c.) As to the purchasing-price for the property mentioned in the Second Schedule hereto, twenty-five thousand, pounds shall be paid in cash upon the date of completion of the said purchase hereinafter specified, fifteen thousand pounds shall be secured by mortgage over the said property to be executed by the purchasers or their assigns upon the terms and conditions in manner hereafter specified, and the balance of the said purchasemoney, namely, the sum of five thousand pounds, shall be paid by the allotment of shares to the nominal value of five thousand pounds fully paid up in the nominal capital of the said company. (H.) As to the property mentioned in the Third Schedule hereto, the whole price, namely, the sum of seven thousand five hundred pounds, shall be paid to the second vendor in cash upon the date hereinafter specified for the completion of the said purchase of the said property. (3.) It is agreed and declared that the price specified for the purchase of the freehold land mentioned in the said First Schedule hereto, namely, the price of eighty-one thousand pounds, covers and includes the value of the leaseholds therein now and vested in the said Herrman Lewis, and the separate price of fifty-six thousand pounds mentioned in paragraph No. 2 (b) hereof is understood to be an alternative payment which shall become payable to the first vendor only in the event of his failing to make title to the freehold of and in the said piece or parcel of land. (i.) In the event of the*first vendor failiirg to make title to the freehold of the land mentioned and described in the First [Schedule ,within t thiee months from the date [hereof, and in the event of the purchasers then electing to purchase the said leasehold interest under jprovisions of paragraph 3 hereof, then, in addition to the purchase-money hereinbefore specified to ( be jpaid in respect of such leasehold, the purchasers shall also pay in cash to the first vendor any money which he may have with the knowledge and consent of the purchasers paid to the Maori owners of the block on account or in part payment of the purchase-money for the freehold of the said land or any part thereof: Provided always that the said first vendor shall contemporaneously with such payment assign, transfer, and set over unto the purchasers all transfers, contracts, agreements, securities, and other documents held by him the said first vendor in respect of all or any of such payments made by him to the said Maori owners as aforesaid. (5.) The purchasers shall have the right to complete the purchase of the properties severally described in the three Schedules hereto separately, but subject to the special condition following : In exercising the right to complete separately the purchasers shall not be entitled to sever any properties included in the same Schedules, but all property included in the same Schedule shall be taken over and treated as one undivisable lot and shall be paid for accordingly. (6.) The property comprised in the Second Schedule must be taken over and paid for first; that is to say, it shall not be lawful for the purchasers to complete for any of the several properties mentioned in the First and Third Schedules until the property in the said Second Schedule is taken over and paid for. Thereafter purchasers may, as hereafter specified, exercise their right of completion in any order they may think fit.