Otira Hotel Limited Notice of Deed of Appointment of Receiver and Manager Whereas Otira Hotel Limited, a duly incorporated company having its registered office at Christchurch (hereinafter referred to as ``the company'') issued a debenture bearing date the 15th day of March 1991 in favour of Weston Ward & Lascelles Nominees Limited. And whereas the company has failed to comply with the conditions and covenants of the said debenture in that, inter alia, it has failed to pay moneys secured and owing under this said debenture upon demand as provided in the said debenture such demand having been made. Now this deed witnesses that in pursuance of the powers conferred the said debenture Weston Ward & Lascelles Nominees Limited does hereby appoint Michael John Ambler, solicitor of Christchurch, to be the receiver and manager of the property charged by the said debenture with all and every the powers conferred upon a receiver and manager under the provision of the said debenture. In witness whereof these presents have been executed the day and year first hereinbefore written. Signed by the said: WESTON WARD & LASCELLES NOMINEES LIMITED.