HARBOUR LEASES

Hawke's Bay Tribune, Volume XIX, Issue 282, 13 November 1929, Page 7

HARBOUR LEASES

SUGGESTED ALTERATIONS.

APPROVED BY BOARD.

For some time past some dissatisfaction has existed among tenants of the Napier Harbour Board in regard to the conditions imposed in the leases, which are now falling due for renewal.

After a lengthy discussion on the matter at its last meeting, the board referred the question to its solicitor to confer with Mr W. J. Lyon to bring foroward conditions to be incorporated in the leases which may be acceptable both to tenants and to the board. , The following suggested alterations were to-day approved of by the board and will be incorporated in the conditions of the leases :— Valuations to be completed as at present prescribed and awards published not later than 12 months before the termination of the lease. The lessee to have three months within which to accept the valuation and take a new lease in terms thereof.

In the event of his not accepting the valuation and new lease,, the board to advertise and put the said land up for auction at the upset rental as found by valuation and with improvements valued as found by valuation. This to be done not later than six months before the termination of the lease. If no purchaser is found at the auction lessee to have the right to call for a new valuation of the land upon the following terms: — (a) Lessee to deposit cost of valuation, cost of advertising and proportion of cost of resale. (b) Unimproved value of the Jf.nd to be ascertained in the same manner as in original valuation, either party having the right to nominate a different valuer. (c) Lessee to elect whether improvements are to be revalued or he may by writing reduce the price of improvements prior to new sale hereinafter refrred to. (d) New award to be published and lessee to elect three months before expiration of lease whether he will accept a new lease and a new award. (e) If lessee does not elect to take a new lease then property to be readvertised under the new award sale to take place not less than three months befor expiration of lease.

If no purchaser found for section at second sale lessee to have the option at any time before tile expiration of his lease of accenting a new lease at the rental found by the last valuation.

In the event of the lessee not calling for a revaluation in terms of paragraph 4 above then he shall have the right at any’ time prior to the expiration of his lease of taking a new lease at the upset found by valuation even though there has lieen no purchaser at the auction sale.

If no purchaser found at either auction sale and lessee does not elect before termination of lease to take a new lease then property and all improvements revert to the board.