Page:1930 QLD Royal Commission into Racing Report.djvu/78

 'APPENDIX C (iii.)—continued''. '"A."—continued''. the said clause appearing to charge interest on all overdue instalments of purchase money at the rate of Seven Pounds per centum per annum from the due date thereof And whereas the vendors have not exercised the said option and have agreed to relinquish and abandon their right to the exercise thereof in respect of any instalments which have or shall become due under the said agreement up to and including the Thirty-first day of December One thousand nine hundred and twenty-nine And whereas the vendors have agreed to accept interest at and after the rate of Seven Per Cent, on all overdue instalments of purchase money payable after the Thirty-first day of December One thousand nine hundred and twenty-nine as provided by these presents which concession the vendors have agreed to make Now in consideration of the premises This Agreement Witnesseth as follows:—

1. In lieu of the annual sum of Forty-eight Thousand Pounds payable by monthly instalments of Four Thousand Pounds as provided by clause 2 of the said recited agreement of the Seventeenth day of April One thousand nine hundred and twenty-three being instalments on account of the balance of purchase money due and owing by the purchasers to the vendors the vendors shall accept from the purchasers and the purchasers shall pay to the vendors on account of the balance of the said purchase money as from the thirty-first day of December One thousand nine hundred and twenty-nine equal annual instalments of Twenty-four Thousand Pounds payable by equal monthly instalments of Two Thousand Pounds on the first day of each and every month the first payment whereof shall be due and payable on the first day of January One thousand nine hundred and thirty.

2. The purchasers shall pay to the vendors on or before the First day of March One thousand nine hundred and forty the whole of the purchase moneys then remaining due and owing by the purchasers to the vendors under the agreement of Seventeenth day of April One thousand nine hundred and twenty-three and this agreement and shall also pay to the said vendors on or before the said First day of March One thousand nine hundred and forty all amounts due for interest by the purchasers to the vendors under the terms of this agreement.

3. The purchasers shall on demand pay to the vendors interest at the rate of Seven Pounds per centum per annum on all overdue instalments of purchase money or any part thereof that shall become due after the Thirty-first day of December One thousand nine hundred and twenty-nine and such interest shall be calculated and payable from the due date for payment of such instalments until the date of payment but without prejudice to the vendors' rights under clause 21 of the said recited agreement of the Seventeenth day of April One thousand nine hundred and twenty-three and this agreement.

4. The vendors hereby abandon and relinquish for all time the right to charge any interest under the said recited agreement of the Seventeenth day of April One thousand nine hundred and twenty-three on any instalments which have or shall become due up to and including the Thirty-first day of December One thousand nine hundred and twenty-nine but thereafter the provision of clause three hereof shall come into effect.

5. It is hereby expressly agreed and declared by and between the parties hereto that except as herein modified and/or amended the provisions conditions and agreements contained in the said recited agreement of the Seventeenth day of April One thousand nine hundred and twenty-three shall remain in full force and effect.

6. The purchasers shall pay to the vendors all costs and expenses of and incidental to the preparation completion and stamping of this Agreement.

In Witness Whereof the parties hereto have hereunto set their hands the day and year first herein before written.