542 AGREEMENTS — HER MAJESTY S COMMISSIONERS 



Preamble, bition of 1851 (hereinafter referred to as " The Commissioners ") 

 of the one part, and the Horticultural Society of London (herein- 

 after referred to as " the Society ") of the other part, "Whereas 

 by certain articles of agreement bearing date the 24th day of 

 July 1860, and made between the Commissioners of the one part 

 and the Society of the other part, it was mutually covenanted and 

 agreed between the Commissioners and the Society that certain 

 works should be done and executed by the Commissioners and 

 the Society respectively in and upon a certain piece of land, part 

 of the estate of the Commissioners at Kensington Gore, which 

 piece of land is agreed and intended to be used as an ornamental 

 garden, and is in the now reciting agreement, as well as herein- 

 after, referred to as "the gardens; " and that, on certain terms 

 and subject to certain conditions therein specified, a lease of the 

 gardens should be granted by the Commissioners to the Society 

 for the term of thirty-one years, computed from the 1st day of 

 June 1861, renewable as therein mentioned. And whereas it 

 was by Clause 1 of that agreement provided that the Society 

 should expend in laying out and constructing the said gardens, 

 with the works and buildings in the said agreement in that behalf 

 specieed, a sum of not less than £50,000; and it was by Clause 2 

 of that agreement provided that the Commissioners, subject to the 

 conditions therein mentioned, should expend the sum of £50,000 

 in and upon the works by them to be done in accordance with the 

 And whereas it is provided by Clause 1 4 of the 

 liat out of the gross amount of the receipts from 

 xne garaens certain expenses therein mentioned should be retained 

 by the Society; and, secondly, that there should be then retained 

 by the Society the amount which might be payable by the Society 

 in respect of interest ilot exceeding £5 per" cent, on the sum of 

 £40,000, which it appears by the recitals therein contained they 

 had borrowed or arranged to borrow on debentures, or on so much 

 of that sum as might remain unpaid or undischarged; and, thirdly, 

 there should be paid by the Society to the Commissioners, as rent, 

 the yearly sum of £2,145, if the receipts should be adequate for 

 such payment after retaining to the Society the sums authorised 

 to be retained by them under the first and second heads of that 

 clause, but otherwise such a sum only as should be equal from 

 year to year to the residue of the receipts over and above the 

 sums so in precedence, and if there should remain any surplus 

 over and above the several payments thereinbefore directed to be 

 made or retained out of the receipts from the gardens, there 



