NEW CHARTER AND AGREEMENTS. 



of the other part, it was mutually covenanted and agreed between the Com- ProamWe 



(continued] 



missionors and the Society that certain works should be done and executed by 

 the Commissioners and the Society respectiyely 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 hereinafter, 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 Commis- 

 sioners to the Society for the term of 31 years computed from the 1st day 

 of June 1861, renewable as therein mentioned. And whereas it was by 

 Clause 1 of that agreement proyided 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 specified, 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 

 said agi-eement. And whereas it is provided by Clause 14 of the said agree- 

 ment that out of the gross amount of the receipts from the gardens 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 not exceeding £5 per cent, on the 

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

 borrowed or arranged to boiTow 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 £2145, if the 

 receipts should be adequate for such payment after retaining to the Society the 

 sums authorised to be retained by them under the iirst and second heads of 

 that clause, but otherwise such a sum only as should be oqnal from year to 

 year to the residue of the receipts over and above the smns so in precedence, 

 and if there should remain any sui'plus over and above the several payments 

 thereinbefore directed to be made or retained out of the receipts from the 

 gardens, there should be paid to the Commissioners for their own use, and as 

 an additional rent, yearly, a sum equal to half such surplus. And whereas 

 Clause 17 of such agreement provides that the Society shall devote and apply 

 towards the liquidation of the debt of £40,000 three-fifths of the money 

 actually received by them from time to time in respect of the receipts from 

 the gardens after the payments directed to be retained out of such receipts for 

 expenses and interest by the Society, and the rent to the Commissioners ; and 

 it is by the 18th Clause of such agi'eement provided that the Commissioners 

 shall have a right of re-entry in certain events in case of such continued non- 

 payment of the rent of £2145 as therein mentioned. And whereas it is 

 provided by the 20th Clause of such agreement that the Society shall have a 

 right to give such notice as therein mentioned, calling for a renewal of the 

 lease to be granted to them, and the Commissioners may either gi-ant such 



