Page:1930 QLD Royal Commission into Racing Report.djvu/86

86 APPENDIX C (vii.)—continued. "A"—continued. as from the first day of March One thousand nine hundred and thirty and after the expiration of the said period of ten years to reduce the said annual instalments to Eight thousand pounds payable by equal monthly instalments of Six hundred and sixty-six pounds thirteen shillings and four pence each until the first day of March One thousand nine hundred and forty-five and to extend the time for payment of the balance of the purchase money until the first day of June One thousand nine hundred and forty-five And whereas the purchasers have agreed to pay to the vendors the said annual sum of Seven thousand pounds by equal monthly instalments of Five hundred and eighty-three pounds six shillings and eight pence each until the first day of March One thousand nine hundred and forty and to pay to the vendors the annual sum of Eight thousand pounds by monthly instalments of Six hundred and sixty-six pounds thirteen shillings and four pence as from the first day of March One thousand nine hundred and forty until the first day of March One thousand nine hundred and forty-five and to pay the whole of the purchase money on or before the first day of June One thousand nine hundred and forty-five And whereas under clause thirteen of the said principal agreement the vendors had an option upon the terms in 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 twenty-eighth day of February One thousand nine hundred and thirty And whereas the vendors have agreed to accept interest after the rate of Seven per centum on all overdue instalments of purchase money payable on and after the first day of March One thousand nine hundred and thirty 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 Twenty thousand pounds payable by monthly instalments of One thousand six hundred and sixty-six pounds thirteen shillings and four pence as provided by clause two of the said principal agreement 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 first day of March One thousand nine hundred and thirty equal annual instalments of Seven thousand pounds payable by equal monthly instalments of Five hundred and eighty-three pounds six shillings and eight pence on the first day of each and every month the first payment whereof shall be due and payable on the first day of March One thousand nine hundred and thirty and the subsequent payments monthly thereafter until the first day of February One thousand nine hundred and forty and from and after the said first day of February One thousand nine hundred and forty the purchasers shall pay and the vendors shall accept annual instalments of Eight thousand pounds payable by monthly instalments of Six hundred and sixty-six pounds thirteen shillings and four pence each until the first day of March One thousand nine hundred and forty-five. The first of the said monthly instalments of Six hundred and sixty-six pounds thirteen shillings and four pence shall be due and payable on the first day of March One thousand nine hundred and forty.

2. The purchasers shall pay to the vendors on or before the first day of June One thousand nine hundred and forty-five the balance of the purchase moneys then remaining due and owing by the purchasers to the vendors under the said principal agreement and this agreement and shall also pay to the said vendors on or before the said first day of June One thousand nine hundred and forty-five 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 on and after the first day of March One thousand nine hundred and thirty 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 twenty-one of the said principal agreement and this agreement.

4. The vendors hereby abandon and relinquish for all time the right to charge any interest under the said principal agreement on any instalments which have fallen, or shall fall due up to and including the twenty-eighth day of February One thousand nine hundred and thirty but thereafter the provisions of clause three hereof shall come into effect.