Page:1930 QLD Royal Commission into Racing Report.djvu/80

 ::::(c) All horses drays carts rollers harness tools machinery plant hoses nozzles chairs seats fixtures fittings furniture and effects belonging to the vendors and now in about upon or used in connection with the said lands and premises and the offices of the vendors at Edward Street Brisbane aforesaid for the sum of One Thousand Pounds.


 * (d) The goodwill of the business of horse racing carried on and conducted by the vendors together with the exclusive right to use the name Kedron Park Racing Club and all other rights and privileges now used in connection with or appertaining to the said business and now or usually enjoyed therewith for the sum of Two Hundred and Twenty-nine Thousand Pounds.

1. The purchasers shall pay to the vendors in cash as a deposit the sum of One Thousand Pounds of the purchase money and shall pay a further sum of Ten Thousand Pounds of the purchase money by twelve monthly payments of Eight Hundred and Thirty-three Pounds Six Shillings and Eight Pence the first of such payments to be made on the first day of October One thousand nine hundred and twenty-three and the residue of the purchase money as follows:—Twenty Thousand Pounds per annum payable by twelve monthly payments of One Thousand Six Hundred and Sixty-six Pounds Thirteen Shillings and Four Pence each on the first day of each and every month in each year until the whole of the purchase money—Two Hundred and Fifty Thousand Pounds shall have been paid the first of such last mentioned monthly payments to be made on the First day of October One thousand nine hundred and twenty-four. The purchasers shall have the right of paying to the vendors on any of the said monthly days for payment a sum of not less than Five Hundred Pounds in excess of the said sum of Eight Hundred and Thirty-three Pounds Six Shillings and Eight Pence or one Thousand Six Hundred and Sixty-six Pounds Thirteen Shillings and Four Pence and may at any time pay off the balance of the purchase money remaining unpaid. All moneys payable under or in pursuance of this agreement shall be paid to the credit of the vendors at the National Bank of Australasia Limited Melbourne aforesaid or to such other Bank in Melbourne aforesaid as the vendors may from time to time appoint free to the vendors of exchange or other charges.

2. The freehold property is sold subject to any easement or easements existing thereon.

3. All rates taxes fire insurance premiums and other outgoings including State and Federal land tax at the rates charged to and payable by the vendors in respect of the properties sold shall be paid by the purchasers as and from the first day of July One thousand nine hundred and twenty-three and the same shall if necessary be apportioned between the vendors and the purchasers.

4. The purchasers shall whenever required by the vendors accept and take a transfer of the freehold property before mentioned and execute a mortgage thereon in such form and containing such covenants conditions provisions and agreements as the vendors' solicitors shall deem advisable to secure the payment to the vendors of the balance of purchase money and the purchasers shall pay all stamp duties fees and costs thereby occasioned.

5. The purchasers hereby agree to pay duly and punctually all taxes fees moneys charges and percentages levied or required to be paid to the Government of the State of Queensland or the Commonwealth of Australia under any Act of Parliament relating to horse racing wagering gaming entertainments or betting through the totalisator machine or otherwise and also all other fees moneys charges and percentages if any made payable in respect of the said racecourse on the said lands and hereby indemnify the vendors and each of them and their and his respective executors administrators and transferees against payment of the said taxes fees moneys charges percentages entertainment and betting taxes and each and every of them respectively.

6. Until the whole of the purchase moneys shall have been paid by the purchasers they shall insure and keep insured in an insurance company nominated by the vendors in the names of the vendors as unpaid vendors the whole of the insurable portion of the property hereby sold in such sum as the vendors may reasonably demand and shall forthwith as soon as received deliver all policies of fire insurance and renewal receipts therefor to the vendors.

7. While any money payable under this agreement remains unpaid the purchasers shall maintain hold repair and keep the whole of the premises including buildings out-buildings fences racing rails erections furniture machinery plant material and racing and training tracks lawns and gardens in good and sufficient repair order and condition and shall replace all such as may be worn out used up or lost with similar buildings out-buildings fences racing rails erections furniture machinery plant material racing and training tracks