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In case a Tenant or Lessee shall apply for the Purchase of a Perpetual Estate in Lands, &c. under a Lease for Lives, Value to be ascertained by Ecclesiastical Commissioners.
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XXV. And be it further enacted, That in every Case in which any Tenant or Lessee who under the Provisions of the said recited Act shall be entitled to apply and agree and shall have applied for the Purchase of a Perpetual Estate or Interest in any Lands, Premises, or Hereditaments shall hold such Lands, Premises, or Hereditaments under or by virtue of any Lease for Lives, it shall and may be lawful to and for the said Ecclesiastical Commissioners to ascertain by Calculation a Term for Years of equal Value to the subsisting Interest or Term for Lives then in being under such Lease, and thereupon to compute and ascertain in such Manner as to them shall seem just with reference to the Custom of the Archbishoprick, Bishoprick, or other Spiritual Promotion in which such Lands, Tenements, and Hereditaments shall be situate, the annual Sum or Sums of Money which ought to be paid or payable as and for the Fine or Fines and Fees for Renewal of a Lease of the said Lands, Premises, and Hereditaments held for such a Term of Years aforesaid; which Sum or Sums so ascertained, together with and in addition to the annual Rent or Rents theretofore reserved and payable out of the said Lands and Premises under and by virtue of such Lease for Lives, shall be the Amount of the annual Rent to be reserved and made payable in and by the Deed of Conveyance of the said Lands and Premises, to be executed pursuant to the Provisions of the said recited Act and of this Act or of either of them, subject, however, to such Variation, according to the Price of Wheat or Oats, as in and by the said recited Act and this Act provided; and such Amount or Sum so ascertained shall in all Cases of Leases for Lives be inserted in any Certificate to be given, granted, registered, or enrolled pursuant to the Provisions of the said recited Act, instead of the average Renewal Fine theretofore paid or payable on the several Occasions of renewing any such Lease for Lives.
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