t h e said R i c h a r d Gl inn Val lack and Joseph Ba r l i ng to sell t he same as in t he said will is directed a n d as to t he moneys to arise from such sale to hold t he same upon the t rus t s in t he said will expressed concern ing the same A n d the said tes ta tor directed his said Trustees to s tand possessed of t h e residue of his said real estate upon cer ta in t ru s t s du r ing t h e lifetime of his widow .lane Kiss a n d un t i l his younges t surv iv ing child should a t t a in t he age of twen ty -one years and after t h e dea th of his said wife a n d his younges t surviving child a t t a in ing t h e age of twenty-one years upon t rus t a t the i r discret ion to sell t h e residue of his real estate and to s tand possessed of t he moneys ar is ing from such sale upon the t rus t s in the said will expressed A n d t h e said tes ta tor directed tha t un t i l the whole of his rea l estate should he sold i t should be lawful for his said Trus tees to m a n a g e and order all t h e affairs of t he pa r t thereof t h a t should remain unsold as regards le t t ings occupat ion repairs insurance against fire receipts of r en t al lowances to t enan t s and all o ther ma t t e r s re la t ing there to b u t so nevertheless t h a t no lease should be granted otherwise t h a n from year to year or for a t e r m not exceeding seven years in possession a t t he mos t improved r en t and subject to such powers provisoes covenants a n d agreements as the said Trus tees should in the i r discretion deem proper a n d expedient A n d whereas t h e said tes ta tor duly made a codicil to his said will dated t h e first day of M a y one thousand e ight h u n d r e d and e ighty- two and thereby appointed his wife execu t r ix of his said will and also a Trus tee thereof b u t t h e said codicil does no t otherwise affect t h e provisions of t h e said will as herein before set for th A n d whereas t he said tes ta tor died on the t h i r t een th day of A u g u s t one thousand e ight h u n d r e d and e ighty- two wi thou t h a v i n g al tered or revoked his said will save in so far as the same was revoked or al tered by the said codicil and wi thou t hav ing revoked or a l tered t he said codicil and proba te of t he said will a n d codicil was du ly g ran ted to the said R icha rd Gl inn Val lack Joseph Bar l ing and J a n e Kiss the executors and execu t r ix there in named A n d whereas a t t h e t ime of his dea th t he tes ta tor was possessed of a certain block of land s i tuated in George-street in t h e City of Sydney and par t icu la r ly described in t he Schedule hereto and there are cer ta in bui ld ings u p o n t h e said land in t h e occupat ion of t enan t s and some
ent i t led unde r t h e wil l of t he said tes ta tor if power were given to t he Trustees or Trus tee for t he t ime being of t he said will to let the said lands in George-street aforesaid upon bui ld ing or improving leases or to raise money by mor tgage of t h e said lands for t h e purpose of improving t h e same by bu i ld ing thereon And whereas such power cannot be obtained wi thou t t he assistance of Pa r l i amen t Be it there fore enacted by the Queen ' s Mos t Exce l l en t Majes ty by and with the advice and consent of t he Legislat ive Council and Legislat ive Assembly of N e w South Wales in Pa r l i amen t assembled and by the au tho r i t y of t h e same as follows :—
shall ex tend to and include not only the said R icha rd Gl inn Val lack Joseph Bar l ing and J a n e Kiss b u t t he survivors and survivor of t h e m a n d t h e executors or adminis t ra tors of such survivor and other t he Trustees or Trus tee for t he t ime be ing of t he said will.
2. I t shall ho lawful for t he said Trustees from t ime to t ime by deed to demise t h e whole or any par t of t he lands described in t h e Schedule here to to any person or persons who shall covenant to improve t h e same by erect ing or bu i ld ing any house or houses bu i ld ing or bui ld ings on a n y p a r t of t h e land thereby leased or by otherwise expend ing in improvement s such moneys as shall be deemed by t h e said Trus tees adequa te to t h e in teres t to be pa r t ed wi th b u t so t h a t every lease unde r th is power shall be for a t e r m no t exceeding t w e n t y - one years to t ake effect in possession or wi th in one year from the da te thereof a n d shall be a t such r e n t as t h e said Trus tees shal l hav ing regard to t h e t e rms and conditions of such lease t h i n k reasonable and proper so however t h a t no th ing be t a k e n by way of fine p r e m i u m or
| foregift | Prov ided | t h a t | every | i n d e n t u r e | of | lease | m a d e | u n d e r | th i s |
power shall conta in a covenant b y t h e lessee to pay the r e n t the reby reserved and for insurance aga ins t fire of any bu i ld ing erected or t o be erected on the land the reby demised and also a condit ion for re -en t ry on n o n - p a y m e n t of r en t w i th in a t ime to be t he re in specified or non performance of t he covenants the re in contained and so also t h a t a coun te rpa r t of such lease be executed by the lessee.
3. I t shall be lawful for t h e said Trustees from t i m e to t ime for
t h e purpose of ra is ing a n y s u m or sums of money which in the i r
opinion i t m a y be desirable to borrow for t h e purpose of e rec t ing a n y
| bui ld ings | or repa i r ing or rebui ld ing | a n y | ex i s t ing | bui ld ings | u p o n | or |
| otherwise | improv ing t h e | whole or any | p a r t or pa r t s of t h e l ands | a n d |
| he red i t ament s men t ioned | and described in t h e said Schedule to | execu te |
| any | m o r t g a g e or mor tgages in fee | or for | any | t e r m or t e r m s of years |
of t he whole or such par t or par t s of t h e said lands a n d he red i t amen t s w i th power of sale and al l o ther usua l powers provisions and covenants Provided t h a t no person who shall advance money upon t h e securi ty of a n y m o r t g a g e p u r p o r t i n g to be made u n d e r t h e power he reby given
| shall be bound to inqu i re as to t h e advisabil i ty or propr ie ty of | t h e |
ra is ing of such money or as to t h e appl icat ion of such money w h e n raised a n d advanced and the receipt of t he said Trus tees for t he moneys so advanced shal l effectually discharge t h e person advancing t h e same
| from a n y l iabi l i ty in | respect of t h e | mis-appl icat ion or | non-appl ica t ion |
| thereof. |
4. The said Trus tees shal l s tand possessed of t h e said lands described in t h e said Schedule subject to any leases g ran ted and to a n y other estates r igh t s or in teres ts created unde r t h e au tho r i t y of th i s A c t upon t h e Trus ts and subject to t he provisions in t h e said wil l
expressed a n d declared concern ing t h e same and shal l s t and possessed
of t he ne t r en t s ar is ing from and payable u n d e r a n y lease or leases
made unde r t h e au thor i ty of th i s Ac t u p o n such t rus t s and wi th under and subjec t to such powers provisions a n d declara t ion as are in t h e said will expressed and conta ined concern ing the a n n u a l r en t s and profits
| of t h e said lands | Provided t h a t i t shall be lawful for t h e said Trus tees |
in t h e first place to pay and re t a in out of t he said r en t s and profits of t h e said lands or any pa r t thereof t h e costs and expenses of a n d incidenta l to this A c t Provided also t h a t if a n y m o r t g a g e is m a d e unde r t h e power hereinbefore contained the said Trus tees shall apply no t less t h a n one- th i rd of t he gross ren t s and profits of t h e said l ands acc ru ing
| upon t h e m a k i n g of such | mor tgage in and towards t h e | p a y m e n t or in |
| and towards providing a s ink ing fund | for t h e p a y m e n t of t h e pr inc ipa l |
and in teres t due or owing on t h e secur i ty of any m o r t g a g e or mor t gages of such lands or any pa r t thereof execu ted u n d e r t h e power
| here in | contained. |
| 5. This Ac t m a y be cited as | " Kiss 's George-street | P r o p e r t y | |
| Ac t of | 1886 . " |
S C H E D U L E .