1. In consideration of the rent hereinafter reserved and of the covenants conditions and provisions hereinafter contained and on the part of the lessee to be performed and observed the Governor in Council DOTH HEREBY GRANT AND DEMISE unto the lessee the surface and down to a depth of fifteen metres below the surface of All that piece of land being Allotment forty-nine G in the Parish of Moorabbin County of Bourke shown with the measurements and abuttals thereof in the map drawn in the margin of these presents and therein coloured yellow and red, EXCEPTING AND RESERVING unto Her Said Majesty - 
(a)     all gold silver and minerals as defined in the Mines Act 1958 in upon or under and within the boundaries of the said land; 
(b)     free liberty and authority for her and her servants agents lessees licensees and assigns at all times hereafter to enter upon the said land and to search and mine for therein and to extract and remove therefrom gold silver and minerals as aforesaid and for the purposes aforesaid to sink shafts make drives erect machinery and carry on works and do any other things which may be necessary or usual in mining and for getting the said gold silver and minerals and the working of all mines seams lodes and deposits containing gold silver and minerals in upon and under the said land; 
(c)     (i) all uranium and thorium within the meaning of the Mines Act 1958 and petroleum within the meaning of the Petroleum Act 1958 (hereinafter called "the reserved minerals"); 
          (ii) rights of access for the purpose of searching for and obtaining the reserved minerals in any part of the said land 
          (iii) rights for access and for pipe-lines works or other purposes necessary for obtaining and conveying on and from the said land any of the reserved minerals which is obtained in any part of the said land. 
(d)      the ownership of any fossil or fossils and any fossil beds which may at present exist or be discovered subsequently in, on or under the said land; 
(e)      the right for Her Majesty or her duly authorised representatives servants or agents to enter into and on to the said land for the purpose of removing any fossil or fossils which may be found in on or under the said land or any other Crown land adjacent thereto. 

TO HAVE AND TO HOLD the demised premises unto the lessee from the date hereof for the term of twenty-one years To the intent that the demised premises shall be used as a site for amusement and recreation (yacht club and ancillary services) and unless with the prior consent of the Minister for Lands (hereinafter called "the Minister") for no other purpose whatsoever YIELDING AND PAYING therefor - 
(a) during the first five ten years of the said term the yearly rent of Five hundred dollars by equal quarterly payments in advance on the ......day of .................the day of ................ in each year the first payment being due on the date hereof; and 
(b) during the residue of the said term the yearly re-appraised rents fixed by the responsible Minister of the Crown for the time being administering the Land Acts pursuant to sub-section (4) of section 134 of the Land Act 1958 by equal quarterly payments in advance on the days aforesaid in each year. 

2. The lessee to the intent that the obligations may continue throughout the said term HEREBY COVENANTS with Her said Majesty that the lessee will - 
(a) pay the rent hereby reserved upon the days hereinbefore appointed for the payment thereof free from all deductions whatsoever; 
(b) pay all taxes rates duties charges assessments impositions and outgoings and bear and discharge all obligations whether under statute or otherwise now or hereafter imposed upon or in respect of the demised premises or upon either the owner or occupier or partly upon each in respect of the demised premises or any part thereof or the rent hereby reserved; 
(c) use the demised premises as a site for amusement and recreation (yacht club and ancillary services) and (unless with the prior consent of the Minister) for no other purpose whatsoever; 
(d) erect and construct on the said land buliding and erections and any extensions renewals and improvements of the buildings and erections for the time being situate on the said land only of such materials and according to such plans specifications and designs as shall be first approved by the Minister under his hand or in writing by his agent duly authorized in that behalf; 
(e) as often as is necessary and to the satisfaction of the Minister without being thereunto required repair maintain and keep in good order and substantial repair and condition all buildings erections extensions and improvements for the time being on the said land; 
(f) subject to any notice adopt such sanitary measures as the Minister may from time to time approve or require and carry out all requirements of the local sewerage authority; 
(g) permit Her said Majesty by her servants or agents or the servants and officers of the Minister at all reasonable times to enter upon and examine the state and condition of the demised premises and will repair and make good all defects specified by written notice given to the lessee by Her said Majesty or by the Minister within one calendar month after service of the notice and if the lessee shall fail to so repair and make good those defects it shall from time to time be lawful for the Minister (but without prejudice in any way to the right of re-entry hereinafter contained) by his officers agents servants and workmen to enter upon the demised premises and do all works necessary for making good the said defects at the expense of the lessee and the cost thereof (in case the same shall not be repaid by the lessee within one calendar month after a notice in writing in that behalf shall have been given to the lessee by the Minister) shall be a debt due by the lessee to Her said Majesty and recoverable as rent due and payable under these presents; 
(h) not create or permit any nuisance on the demised premises or do or suffer to be done any act matter or thing which shall be or may grow to the annoyance or disturbance of the owners or occupiers of adjoining lands or premises; 
(i) not permit to be displayed or placed on or in the demised premises or on any fence thereon or bounding any part thereof in such a manner as to be seen or heard outside the demised premises any medium or contrivance intended to draw public attention to any trade calling business wares or merchandise whatsoever or any other sign poster or advertisement visible or vocal PROVIDED however the the Minister may permit the lessee to place or exhibit in such form and position as he may approve any sign poster or advertisement which refers solely to the purpose for which this lease has been granted by notwithstanding that permission as aforesaid may have been granted the Minister may at any subsequent time by notice in writing require the lessee to discontinue to use any place for or mode of advertising which in his opinion has ceased to be suitable or has become unsightly or objectionable and the lessee shall forthwith on receipt of such notice comply therewith; 
(j) not assign sublet set over mortgage charge or otherwise part with or encumber this lease or the demised premises or any part thereof without the prior consent of the Minister under his hand and the provisions of Section 144 of the Property Law Act 1958 are hereby negatived and excluded; 
(k) at the expiration or sooner determination of the said term yield up the demised premises in good order and condition; and 
(l) observe perform and fulfil the covenants conditions and provisions contained in the schedule hereto; 
(m) sell petroleum and petroleum based products only to persons who are members of the Beaumaris Motor Yacht Squadron Co-operative Limited; 
(n) indemnify and keep indemnified Her said Majesty the Minister the Port Officer in Victoria and their successors and Her and their officers servants agents contractors and workmen against any liablity in respect of actions proceedings claims or demands for personal injury to or death of any person or for any damage whatsoever to any property arising out of the use of the demised premises; 
(o) insure and keep insured to an amount of Two hundred thousand dollars and with an insurer approved by the Minister against all liability of the lessee to Her Majesty the Minister and the Port Officer in Victoria under the indemnity aforesaid and if required produce to the Minister evidence to his satisfaction that the insurance has been taken out and kept in full force and effect; 
(p) take the said land nothwithstanding the impediment that legal road access thereto has not been provided or implied by this lease and the lessee agrees to indemnify Her said Majesty against the expenses of acquiring or providing an easement of way to the said land or any part thereof; 
(q) allow members of the general public on foot the full and free right and liberty at all times hereafter to go pass and repass without hindrance through over and along all or any part of the land coloured red;and 
(r) not make cause or permit to be made any excavations in on or under the said land without the prior consent in writing of the Minister or his duly authorized representative upon such conditions as the Minister may stipulate. 

3. PROVIDED ALWAYS and it is hereby agreed as follows: - 
(a) that these presents are upon this express condition that in any of the events following - 
        (i) if the lessee shall at any time fail to use the demised premises bona fide for the purposes aforesaid or shall use the same for any purpose not hereinbefore mentioned; 
        (ii) if any part of the rent hereby reserved shall be in arrear for two weeks whether formally demanded or not; 
        (iii) if interest as provided by section 228 of the Land Act 1958 has become due on any rent in arrear and is not paid at the time prescribed for payment thereof; 
        (iv) if there shall be a breach or non-observance by the lessee of any of the covenants conditions or provisions of this lease; 
        (v) if the lessee being a corporation any proceedings to be taken to wind up the affairs of the lessee (other than by way of reconstruction); it shall be lawful for the Governor in Council to declare this lease void and forfeited and thereupon Her said Majesty by her authorized agents or officers may enter into and upon the demised premises and repossess and enjoy the same as fully and effectually as if these presents had not been made and executed and for the purpose of so doing it shall be lawful for Her said Majesty by her authorized agents or officers without any demand whatsoever to enter upon the demised premises and for ever to expel and remove therefrom the lessee and all persons claiming from through or under the lessee without any legal process whatsoever and as effectually as any sheriff might do in case Her said Majesty had obtained judgment for recovery of possession thereof and a writ of possession or other process had issued on the judgment directed to the sheriff in due form of law and in case of entry as aforesaid and any proceedings being taken in respect thereof by any person whomsoever the defendants to the proceedings may plead leave and licence in bar thereof and these presents shall be conclusive evidence that all conditions necessary to entitle the Governor in Council to declare this lease void and forfeited were fulfilled and that this lease had been declared void and forfeited as hereinbefore provided and of the leave and licence of the lessee and all persons claiming from through or under the lessee to Her said Majesty and her authorized agents or officers for the entry or trespass or other matter complained of in the said proceedings;