The text appears to refer to the "Island of Demarara" - note spelling.
The "e" occurs in various places (beginning of 3rd line in "equal", end of 2nd line in "transfer").
After the "e" there are 3 verticals of the "m".
The "a" is fairly clear.
The "r" is in "fourth" in 3rd line, and "property" on 2nd line.
Can't see a capital "D" anywhere else but it appears to be one of those where the left-hand vertical is omitted.
If you Google the phrase, then there are several references to the "island of Demarara" - and with that spelling. These references match the history of Demerara, which became part of Guyana. Quite why the word "Island" is there, I am not sure - it's certainly not an island out in the middle of the sea - possibly the area was then surrounded by rivers and marshes.