{\rtf1\adeflang1025\ansi\ansicpg1252\uc1\adeff0\deff0\stshfdbch31505\stshfloch31506\stshfhich31506\stshfbi0\deflang2057\deflangfe2057\themelang1033\themelangfe0\themelangcs0{\fonttbl{\f0\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f34\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria Math;}
{\flomajor\f31500\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbmajor\f31501\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhimajor\f31502\fbidi \froman\fcharset0\fprq2{\*\panose 02040503050406030204}Cambria;}{\fbimajor\f31503\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\flominor\f31504\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\fdbminor\f31505\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}
{\fhiminor\f31506\fbidi \fswiss\fcharset0\fprq2{\*\panose 020f0502020204030204}Calibri;}{\fbiminor\f31507\fbidi \froman\fcharset0\fprq2{\*\panose 02020603050405020304}Times New Roman;}{\f39\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\f40\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\f42\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\f43\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\f44\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\f45\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\f46\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\f47\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\f379\fbidi \froman\fcharset238\fprq2 Cambria Math CE;}
{\f380\fbidi \froman\fcharset204\fprq2 Cambria Math Cyr;}{\f382\fbidi \froman\fcharset161\fprq2 Cambria Math Greek;}{\f383\fbidi \froman\fcharset162\fprq2 Cambria Math Tur;}{\f386\fbidi \froman\fcharset186\fprq2 Cambria Math Baltic;}
{\f387\fbidi \froman\fcharset163\fprq2 Cambria Math (Vietnamese);}{\flomajor\f31508\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flomajor\f31509\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\flomajor\f31511\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flomajor\f31512\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flomajor\f31513\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flomajor\f31514\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flomajor\f31515\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flomajor\f31516\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fdbmajor\f31518\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbmajor\f31519\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbmajor\f31521\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fdbmajor\f31522\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbmajor\f31523\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbmajor\f31524\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbmajor\f31525\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbmajor\f31526\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhimajor\f31528\fbidi \froman\fcharset238\fprq2 Cambria CE;}
{\fhimajor\f31529\fbidi \froman\fcharset204\fprq2 Cambria Cyr;}{\fhimajor\f31531\fbidi \froman\fcharset161\fprq2 Cambria Greek;}{\fhimajor\f31532\fbidi \froman\fcharset162\fprq2 Cambria Tur;}
{\fhimajor\f31535\fbidi \froman\fcharset186\fprq2 Cambria Baltic;}{\fhimajor\f31536\fbidi \froman\fcharset163\fprq2 Cambria (Vietnamese);}{\fbimajor\f31538\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbimajor\f31539\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbimajor\f31541\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbimajor\f31542\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbimajor\f31543\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbimajor\f31544\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbimajor\f31545\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbimajor\f31546\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\flominor\f31548\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\flominor\f31549\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}
{\flominor\f31551\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\flominor\f31552\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\flominor\f31553\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}
{\flominor\f31554\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\flominor\f31555\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\flominor\f31556\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}
{\fdbminor\f31558\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}{\fdbminor\f31559\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fdbminor\f31561\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}
{\fdbminor\f31562\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}{\fdbminor\f31563\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fdbminor\f31564\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}
{\fdbminor\f31565\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}{\fdbminor\f31566\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}{\fhiminor\f31568\fbidi \fswiss\fcharset238\fprq2 Calibri CE;}
{\fhiminor\f31569\fbidi \fswiss\fcharset204\fprq2 Calibri Cyr;}{\fhiminor\f31571\fbidi \fswiss\fcharset161\fprq2 Calibri Greek;}{\fhiminor\f31572\fbidi \fswiss\fcharset162\fprq2 Calibri Tur;}
{\fhiminor\f31575\fbidi \fswiss\fcharset186\fprq2 Calibri Baltic;}{\fhiminor\f31576\fbidi \fswiss\fcharset163\fprq2 Calibri (Vietnamese);}{\fbiminor\f31578\fbidi \froman\fcharset238\fprq2 Times New Roman CE;}
{\fbiminor\f31579\fbidi \froman\fcharset204\fprq2 Times New Roman Cyr;}{\fbiminor\f31581\fbidi \froman\fcharset161\fprq2 Times New Roman Greek;}{\fbiminor\f31582\fbidi \froman\fcharset162\fprq2 Times New Roman Tur;}
{\fbiminor\f31583\fbidi \froman\fcharset177\fprq2 Times New Roman (Hebrew);}{\fbiminor\f31584\fbidi \froman\fcharset178\fprq2 Times New Roman (Arabic);}{\fbiminor\f31585\fbidi \froman\fcharset186\fprq2 Times New Roman Baltic;}
{\fbiminor\f31586\fbidi \froman\fcharset163\fprq2 Times New Roman (Vietnamese);}}{\colortbl;\red0\green0\blue0;\red0\green0\blue255;\red0\green255\blue255;\red0\green255\blue0;\red255\green0\blue255;\red255\green0\blue0;\red255\green255\blue0;
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\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \fs22\lang1033\langfe1033\loch\f31506\hich\af31506\dbch\af31505\cgrid\langnp1033\langfenp1033 
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{\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 IN THE HIGH COURT OF THE COOK ISLANDS
\par \hich\af0\dbch\af31505\loch\f0 HELD AT RAROTONGA
\par \hich\af0\dbch\af31505\loch\f0 (LAND DIVISION)
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15009842\charrsid15009842 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid9138405 \hich\af0\dbch\af31505\loch\f0 IN THE MATTER of }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid9138405\charrsid9138405 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9138405 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9138405 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 MAII SECTION 12C, NGATANGIIA.
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid9138405 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid9138405 \hich\af0\dbch\af31505\loch\f0 AND
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15009842\charrsid15009842 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9138405 \hich\af0\dbch\af31505\loch\f0 IN THE MATTER
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9138405 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9138405\charrsid9138405 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid9138405 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9138405 \hich\af0\dbch\af31505\loch\f0 of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 a Deed of Lease dated 21 June 1963 now vested in }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid9138405 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15009842\charrsid9138405 \hich\af0\dbch\af31505\loch\f0 COOK ISLANDS}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid9138405\charrsid9138405 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\fs24\insrsid15009842\charrsid9138405 \hich\af0\dbch\af31505\loch\f0 MOTELS LIMITED}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Date of hearing:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0 19 March 1985
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Date of Judgment:}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  1st April 1985}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par \hich\af0\dbch\af31505\loch\f0 Mrs T. Kauvai }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0 for landowners}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0 Mr T. Clarke f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 or applicant
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 JUDGMENT OF DILLON J
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par \hich\af0\dbch\af31505\loch\f0 This is an application by }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13640928 \hich\af0\dbch\af31505\loch\f0 I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
sland \hich\af0\dbch\af31505\loch\f0 Hotels Limited for whom Mr Clarke appeared to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0  determine the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 unimproved }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0 value }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0 of the above land as at the 18th day}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 \hich\af0\dbch\af31505\loch\f0 
 of June 1983. Mrs Kauvai represented the owners but was not able to produce any evidence of comparative values to assist the court in making a\hich\af0\dbch\af31505\loch\f0  determination.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par \hich\af0\dbch\af31505\loch\f0 For that reason I took the unusual course of personally inspecting the site, not because I questioned Mr Clarke}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 
's submissions or description of the property in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  question, but rather because, the owners in this case have no representation an
\hich\af0\dbch\af31505\loch\f0 d were for this reason at a disadvantage which I hoped a personal inspection might correct. In actual fact, and as expected, my inspection confirme}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 
\hich\af0\dbch\af31505\loch\f0 d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  the accuracy and fairness of Mr Clarke's description of the property.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 \hich\af0\dbch\af31505\loch\f0 The }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 area o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13640928 
\hich\af0\dbch\af31505\loch\f0 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0  this section is 2 acres}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  
\hich\af0\dbch\af31505\loch\f0 3 roods with a road}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608\charrsid6310608 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 
frontage of 76.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 15 metres and a lagoon frontage in excess of 135.79 metres.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 It is a flat section and its size and location}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 at the end of Muri beach makes it an outstanding site for}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Hotel or Motel development}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 
. Mr Clarke concedes this and \hich\af0\dbch\af31505\loch\f0 indicated that the Lessees did}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  not wish to undertake development}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 \hich\af0\dbch\af31505\loch\f0  of }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13640928 \hich\af0\dbch\af31505\loch\f0 the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608 
\hich\af0\dbch\af31505\loch\f0 s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 ection but would be amenable to }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0 negotiations}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0  with the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  ow}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 n}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 ers }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid13640928 \hich\af0\dbch\af31505\loch\f0 on the Lease and offered to assist the owners in this regard.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid6310608\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 It is clear to this court}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0  that the owners could receive }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 considerable advantage in the mo}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 re intensive Hotel or Mo
\hich\af0\dbch\af31505\loch\f0 tel deve}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 lopment of their property. However that is a separate issue for the owners and the L}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0 essee to discuss and consider.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846\charrsid15665846 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15665846 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Turning now to the valuation. The section is situated at the end of the Muri Beach district - it does not have a direct vi}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 ew of the\hich\af0\dbch\af31505\loch\f0  motus as say the Harnish or Nicholas}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
 sections }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13640928 \hich\af0\dbch\af31505\loch\f0 - }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0 ho}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 
\hich\af0\dbch\af31505\loch\f0 wever a motu is visible. On this point while a view ou}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 t }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 
\hich\af0\dbch\af31505\loch\f0 over the motus may be considered attractive to some it really is a matter of opinion.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
 For example the fact that there are two motus}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
opposite the Polyn\hich\af0\dbch\af31505\loch\f0 esian Motels or the Rarotongan Hotel does not detract in any way from the very attractive s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 i}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 tings o}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15665846 \hich\af0\dbch\af31505\loch\f0 f those}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  two}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0 Hotels.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Mr Clarke referred to the beach area and the lack of a san}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 
dy bottom for swimming. That is }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 quite correct. The lagoon at th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 
\hich\af0\dbch\af31505\loch\f0 is point is a c\hich\af0\dbch\af31505\loch\f0 ontinuous coral s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 ea bottom which would}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 detract con}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0 siderably from the point of}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0  view}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0  of swimming. }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 On}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0  the o}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 ther hand the secluded b}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 each is really most attractive }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 visua}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 lly. It is a small}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  beach half the frontage being taken up by this}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 section. There ap\hich\af0\dbch\af31505\loch\f0 pear to be 3}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0  other small sections fronting }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 onto it}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 . The crescent shaped beach has }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 n outcrop of black }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 rocks at }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 each end and a small outcrop in}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  the centre which with}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 
\hich\af0\dbch\af31505\loch\f0 the wide white sand pro}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 vides an exclusive secluded and most}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 attractive private beach cut of\hich\af0\dbch\af31505\loch\f0 f from the main Muri}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0  Beach itself. Its proximity to}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
 the Muri Beach proper enables the}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 
court to use values established in that area for comparative}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 
purposes. Set out below are the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 re}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 
levant details of the Nicholas - Harn}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 is}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15885180 \hich\af0\dbch\af31505\loch\f0 h -}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 \hich\af0\dbch\af31505\loch\f0  and Worthington properties:-}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450\charrsid15009842 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl 
\clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 
\ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid818442 \cell }\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid14628638\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \hich\af0\dbch\af31505\loch\f0 R}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\ul\insrsid14628638 \hich\af0\dbch\af31505\loch\f0 oad f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \hich\af0\dbch\af31505\loch\f0 rontage }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid14628638 
\hich\af0\dbch\af31505\loch\f0 m}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \hich\af0\dbch\af31505\loch\f0 etres\cell }\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Lagoon
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid14628638 \hich\af0\dbch\af31505\loch\f0 f}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 rontage
\par \hich\af0\dbch\af31505\loch\f0 metres}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Area}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\ul\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Value}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Date}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Rental

\par \hich\af0\dbch\af31505\loch\f0 per acre
\par \hich\af0\dbch\af31505\loch\f0 per annum}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Value
\par \hich\af0\dbch\af31505\loch\f0 per acre}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid818442\charrsid818442 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid818442 \trowd \irow0\irowband0\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \b\fs24\ul\insrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid94631 \cell \cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid94631\charrsid818442 \trowd \irow1\irowband1\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Nicolas}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \hich\af0\dbch\af31505\loch\f0 20.00\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 27.50}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 \hich\f0 1100m\'b2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 7,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 1/4/83}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 1,400pa.pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 28,000}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid818442 \trowd \irow2\irowband2\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15738097 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid94631 \cell \cell \cell \cell 
\cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid818442 \trowd \irow3\irowband3\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Harnish}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \hich\af0\dbch\af31505\loch\f0 33.13\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 30.72}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 \hich\f0 4720m\'b2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 30,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 1984}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 1,400pa.pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 30,000}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid818442 \trowd \irow4\irowband4\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15738097 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid94631 \cell \cell \cell \cell 
\cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid818442 \trowd \irow5\irowband5\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Worthington}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \hich\af0\dbch\af31505\loch\f0 68.24\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 55.00}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 3.2.10p}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 71,250}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 30/11/80}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 1,017pa.pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 20,360}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid818442 \trowd \irow6\irowband6\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15738097 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid94631 \cell \cell \cell \cell 
\cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid818442 \trowd \irow7\irowband7\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Island Hotels}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 76.15}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 135.99}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 2.3.00}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell \cell \cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid818442\charrsid818442 \trowd \irow8\irowband8\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid15738097 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid94631 \cell \cell \cell \cell 
\cell \cell \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid818442 \trowd \irow9\irowband9\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid818442\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\insrsid818442 \hich\af0\dbch\af31505\loch\f0 Little Polynesian}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\b\fs24\insrsid818442\charrsid818442 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 40.00}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 40.00}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 
\hich\af0\dbch\af31505\loch\f0 \hich\f0 2250m\'b2}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 15,900}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 1/5/83}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 1,590pa.pa}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid94631\charrsid94631 \hich\af0\dbch\af31505\loch\f0 30,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid818442\charrsid94631 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid818442\charrsid818442 \trowd \irow10\irowband10\lastrow \ltrrow
\ts16\trgaph108\trleft-108\trftsWidth2\trwWidth5000\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13501932\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl 
\clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx1442\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx2525\clvertalt
\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx3608\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil 
\cellx4563\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx5570\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx6640\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx7910\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl 
\clbrdrr\brdrtbl \cltxlrtb\clftsWidth2\clwWidth625\clshdrawnil \cellx8906\row }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11671450 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Mr Clarke also referred to the per acre per annum}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 valuations of the Rarotongan Hotel at $1,000 fixed as at 1/3/82; the Edgewater Hotel at $875 as at 1/3/84: and the}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid15738097 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Bea}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 
\hich\af0\dbch\af31505\loch\f0 ch Hotel at $890 as at 1/10/84.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 \hich\af0\dbch\af31505\loch\f0 On}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0  the }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 basis of those }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 c}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\hich\af0\dbch\af31505\loch\f0 omparati}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 v}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 e f}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 igures Mr Clark suggested a fair rental per }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 acre per annum would be $7
\hich\af0\dbch\af31505\loch\f0 50 and for the total area of 2 a}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 cres 3 roods an overall rental of $2,062.50p}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 .a. T}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 his capitalized would establish}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  a land value of $41,250.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 That suggested rental of $750 is very substantially less}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 \hich\af0\dbch\af31505\loch\f0  }
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 than-the figures}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  ranging from 1017 to 1400p.a. p.a. quoted a
\hich\af0\dbch\af31505\loch\f0 bove.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 
\par \hich\af0\dbch\af31505\loch\f0 If valued }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 
on a per acre basis using the range of $21,000 to $30,000 set out above for this block with an area of 2 acres 3 roods the land value is between $57,750 and }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid13593891 \hich\af0\dbch\af31505\loch\f0 $}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 82,500.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 
\par \hich\af0\dbch\af31505\loch\f0 If valued on a Rental per acre }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 per annum basis and using the range of $1,000 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 
\hich\af0\dbch\af31505\loch\f0 p.a p.a.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0  to $1400 p.a.p.a.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 
 A capitalized land value of betwe\hich\af0\dbch\af31505\loch\f0 en 55,000 and 77,000 is established for the present block.
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 However there is a third method of cross checking which}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 \hich\af0\dbch\af31505\loch\f0  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 can the easily used on th}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 is particular section. From the}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 comparative}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  table earlier se}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 t out it will be seen that this section has a road fron
\hich\af0\dbch\af31505\loch\f0 
tage nearly four times bigger than the Nicholas section; twice as big as the Harnish section; and bigger again than the Worthington section. Frontage on to the lagoon, where the real value of a section is sited, the difference is even more marked. This se
\hich\af0\dbch\af31505\loch\f0 c\hich\af0\dbch\af31505\loch\f0 
tion has a frontage in excess of 135.79 metres (that is the measurement in a straight line) whereas the other three have 27.50; 30.72; and 55.00 respectively. The area plus the extensive frontage onto the lagoon and the considerable road frontage allows f
\hich\af0\dbch\af31505\loch\f0 o\hich\af0\dbch\af31505\loch\f0 r a shadow subdivision to provide a cross check on comparative values.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 Again refer}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 ring to the Schedule above the \loch\af0\dbch\af31505\hich\f0 \'bc
\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 \hich\af0\dbch\af31505\loch\f0 
acre values average out at $7,000 each. Using that figure as a basis and a generous discounting of 15% because of the disadvantaged swimming\hich\af0\dbch\af31505\loch\f0  facilities, I arrive at the following calculations \hich\f0 \endash \loch\f0  }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid554229 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 
\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid3942575\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 Value per \loch\af0\dbch\af31505\hich\f0 \'bc\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \hich\af0\dbch\af31505\loch\f0 acre 
\cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid554229\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 =\cell \hich\af0\dbch\af31505\loch\f0 
7,000 sea frontage}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \trowd \irow0\irowband0\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid554229\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 Less 15%}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 1,050\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid554229 \trowd \irow1\irowband1\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid554229\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid554229 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 5,950\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid554229 \trowd \irow2\irowband2\lastrow \ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid554229 
\par 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 Frontage allows 7}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0  sections x }{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 5,950 = 41,650}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 
\par \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid3942575\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 
{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 Value per \loch\af0\dbch\af31505\hich\f0 \'bc\hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 
\hich\af0\dbch\af31505\loch\f0 acre }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 @ }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \loch\af0\dbch\af31505\hich\f0 \'bd}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \cell 
}\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid8407478\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 3,5}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 00 }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 main road}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell 
}\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \trowd \irow0\irowband0\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 Less 15%}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 525}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \cell 
}\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \trowd \irow1\irowband1\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid554229 \cell }\pard \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid8407478\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 2}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 ,9}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 75}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid8407478 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \trowd \irow2\irowband2\lastrow \ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2644\clshdrawnil \cellx2536\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth614\clshdrawnil \cellx3150\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil \cellx6030\row }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\ul\insrsid8407478 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 
\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3618\clshdrawnil \cellx3510\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl 
\cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4050\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx6030\pard\plain \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 Frontage allows 4 sections}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0  }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 x 2,975}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 
\hich\af0\dbch\af31505\loch\f0 =\cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 11,900}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell }\pard\plain \ltrpar
\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \trowd \irow0\irowband0\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3618\clshdrawnil \cellx3510\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4050\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\ul\insrsid8407478\charrsid8407478 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af0\afs20\alang1025 \ltrch\fcs0 
\fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 \trowd \irow1\irowband1\ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3618\clshdrawnil \cellx3510\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4050\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx6030\row \ltrrow}\pard\plain \ltrpar\qr \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid3942575\yts16 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \hich\af0\dbch\af31505\loch\f0 Total\cell }\pard \ltrpar
\ql \li0\ri0\widctlpar\intbl\wrapdefault\faauto\adjustright\rin0\lin0\pararsid15737750\yts16 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid554229 \cell }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\ul\insrsid8407478\charrsid8407478 
\hich\af0\dbch\af31505\loch\f0 53,550}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 
\af0\afs20\alang1025 \ltrch\fcs0 \fs20\lang1033\langfe1033\loch\af0\hich\af0\dbch\af31505\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid8407478 \trowd \irow2\irowband2\lastrow \ltrrow
\ts16\trgaph108\trleft-108\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid8407478\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrtbl \clbrdrl
\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth3618\clshdrawnil \cellx3510\clvertalt\clbrdrt\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth540\clshdrawnil \cellx4050\clvertalt\clbrdrt
\brdrtbl \clbrdrl\brdrtbl \clbrdrb\brdrtbl \clbrdrr\brdrtbl \cltxlrtb\clftsWidth3\clwWidth1980\clshdrawnil \cellx6030\row }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid8407478\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 Summarized the three}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0  methods of calculation produce}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15738097\charrsid15009842 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid8407478 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 (a) per acre - between 57,750 and 82,500}{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8407478 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid15009842 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid8407478 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 (b) per acre per annum}{\rtlch\fcs1 
\af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0  between - 55,000 and 77,000}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid8407478 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid15009842 
\par }\pard \ltrpar\ql \li720\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin720\itap0\pararsid8407478 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 (c) d}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 
\fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 iscounted subdivision - 53,550}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478\charrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 I concede that from a swimming point of view this section has disadvantages }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 
\hich\af0\dbch\af31505\loch\f0 to Muri }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 \hich\af0\dbch\af31505\loch\f0 sections and the others referred}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 
\hich\af0\dbch\af31505\loch\f0  to by Mr Clarke. On the other hand this is a large area with a long road frontage and a much longer lagoon frontage \hich\f0 \endash \loch\f0  all very rare qualiti\hich\af0\dbch\af31505\loch\f0 
es in land on Rarotonga that I am repeatedly told by counsel appearing on these valuation matters. I have been told that Blocks of this s}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid3942575 \hich\af0\dbch\af31505\loch\f0 
ize are indeed a rarity on the I}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 \hich\af0\dbch\af31505\loch\f0 sland. Mr Clarke often refers to the real difficulties with lack of adequate road front\hich\af0\dbch\af31505\loch\f0 
age into the Beach Hotel and Edgewater Motel. Finally this Beach frontage provides an exclusivity which would be very advantageous for any Hotel or Motel development.}{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid8407478 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15737750 \hich\af0\dbch\af31505\loch\f0 Allowing for the disadvantage of a swimming beach and taxing into account those factors \hich\af0\dbch\af31505\loch\f0 
to which I have just referred I assess a Rental of $1,090 per acre per annum which, is a figure practically the same as the Worthington property (but which was valued at 30/11/1980) and less than the Nicholas and Harnish figures of $1,400 per acre per }{
\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11950419 \hich\af0\dbch\af31505\loch\f0 annu\hich\af0\dbch\af31505\loch\f0 m. Related to this area this produces a land value of $60,000 and a total rental of $3,000 as at 1/6/1983.}{\rtlch\fcs1 \af0\afs24 
\ltrch\fcs0 \fs24\insrsid15009842 
\par }{\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid11950419 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid11950419 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \b\fs24\ul\insrsid11950419\charrsid11950419 \hich\af0\dbch\af31505\loch\f0 Judge
\par }\pard \ltrpar\ql \li0\ri0\widctlpar\wrapdefault\faauto\adjustright\rin0\lin0\itap0\pararsid15009842 {\rtlch\fcs1 \af0\afs24 \ltrch\fcs0 \fs24\insrsid15009842\charrsid15009842 
\par }{\*\themedata 504b030414000600080000002100828abc13fa0000001c020000130000005b436f6e74656e745f54797065735d2e786d6cac91cb6ac3301045f785fe83d0b6d8
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