Catalogue description Draft Lease

Whereby, firstly, in consideration of £1,000 and rents and covenants hereafter detailed, Yewfield Estate Ltd. (described as in 353/36/5) demise to Coventry Climax Engines Ltd. (of Widdrington Rd., Coventry, Warws.) premises (as explained in the schedule) from 29th. Sept., 1953 for 21 years, paying £2,000 p.a. quarterly, plus any sum demanded for insurance; secondly, the tenants covenant to (a) pay the reserved rent as arranged, (b) pay the usual imposts, (c) undertake all works which the Factory and Workshop Acts state are their responsibility, (d) paint the premises' exterior triennially and at the end of the lease, (e) paint the interiors septennially and at the end of the term, (f) repair the interiors, (g) allow examination by the landlords, (h) obtain the landlord's consent for advertisements, (i) commit no nuisance but use the premises as [red ink amendment: a spares store and service station], (j) indemnify the landlords against breach of statute, (k) secure the landlords' consent for erection or alteration of the building (applying to the Local Planning Authority in the Yewfield Estate's name), (l) notify the landlords within seven days of any order made by such an Authority and discuss with them such orders, (m) infringe no clauses of the Town and Country Planning Act, 1947, (n) prevent acquisition by the public or third parties of rights over the premises, (o) gain the landlords' consent for sub-letting, (p) produce relevant deeds for the landlords' solicitors within one month of subletting, (q) forbid auctions on the premises, (r) imperil no fire-insurance arrangements, (s) pay the landlords' costs under the 1925 Law of Property Act, (t) observe the restrictive covenants of a 23rd. June, 1875 deed (made by George Barnard and George Grosvenor with James Hopkins) and another of 12th. Apr., 1887, and (u) yield up the premises at determination in good repair; thirdly, the landlords convenant to (a) insure the premises, and (b) permit the tenants to enjoy the property during good behaviour; [ here is inserted "Rider B" whereby the landlords assign to the tenants benefit of the second-scheduled agreements provided (i) the tenants may deduct rent, and (ii) the tenants may reassign the benefits at the landlords' request] fourthly, (a) re-entry is allowed in the event of non-payment, liquidation or bankruptcy, (b) part of the rent may be suspended in case of unavoidable fire (with reference to arbitration), here is inserted["Rider A" which provides that if the premises cannot be used as intended by clause 2 paragraph (a) because of planning-refusal, the tenants will not be liable to damages (so long as they give the landlords vacant possession) and are entitled to the unpaid part of the premium] (c) references to the 1947 Town and Country Planning Act also cover amending legislation, and (d) the term "landlords" includes any reversioner.

First Schedule: 275, 277, 279, the Vale, Acton.