Catalogue description Lease

Whereby S. Laxon (described as in 353/19/12) lets to E. Laxon & Co. Ltd. (described as in 353/19/14) the premises at 10, Bishop St., extending at the rear to Chapel St., from 7th. May, 1923 to 24th. June, 1944; the rent will be £250 p.a. to 24th. June, 1928, thereafter £350; the company covenants to pay a £9 fee farm rent to the corporation, maintain the whole of the premises, paint the interiors every seventh, the exteriors every fifth, year; on giving notice, the lessee will repair defects within three months, may only practise a wholesale grocery and provisions trade unless otherwise permitted, and will not alter or sublet the premises; the lessor is allowed to erect notices within three months of the term's end and enter the property in default of rent or in the event of bankruptcy, but must insure the premises for £4,000 (producing the insurance-receipt at the lessees' request). With three months' notice the lessees may, on 24th. June in 1928 or 1937, end the arrangement.

Rider "A" that the premises may be released to the lessees on payment of £7,000 with 4% p.a. interest from expiry of any notice until the purchase-date (subject to the fee-farm; within one month of each notice, the lessor shall delivery to the lessees an abstract of title beginning as to part of the hereditaments with a 14th.July, 1898 deed (made between Lloyds Bank Ltd. of the first, Richard Moore Bailey of the second, Ann Rebecca Madeley of the third, and Arthur Edward Peach of the fourth, part) and as to the rest with a 3rd. May, 1892 deed (made between Bailey and James Thomas Moy), followed within a fortnight by requisitions of title: one arbitrator will be chosen by either side.