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After Service of Notice Renewal of Lease to be made on Application from Tenant.
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XXVII. After the Service of such Notice, in case any Tenant holding, or who shall at any Time hereafter hold, immediately from and under the said Ecclesiastical Commissioners, any Lands or Premises by virtue of any Lease which shall have been theretofore usually or customarily renewed, shall be desirous of obtaining any Renewal of such Lease for the like Term as shall have been thereby granted, and at and under the like Rent as therein reserved, it shall and may be lawful for such Tenant at any Time within the Period so fixed or determined as aforesaid, or within Six Calendar Months from the Expiration of such Period, to apply to the said Ecclesiastical Commissioners for a Renewal of such Lease, and thereupon the said Ecclesiastical Commissioners shall and they are hereby required to grant to the respective Tenants so applying for the same a Renewal of such Lease for the like Term and at the like Rent for and at which the said Lands or Premises were demised by such Lease; but nevertheless, upon Payment by such respective Tenants to the said Ecclesiastical Commissioners as well of all Arrears of Rent reserved by such Lease as of such a Fine as may be equal to the average Amount of the Renewal Fines theretofore paid or agreed to be paid, or customarily paid or payable for Renewal of the Lease or Interest in said Lands and Premises, such average Amount of Renewal Fines to be ascertained by all such and the like Means as in the said Act of the Third and Fourth Years of the Reign of King William the Fourth, Chapter Thirty-seven, are provided for ascertaining the same in Cases of Application for Purchase of Perpetuities under die said Act, and to be ascertained as if One Year only of such Lease had elapsed, and the Calculation of a Sum to be paid as a Fine for whatever Term may at the Time of such Application for a Renewal have elapsed of the existing Lease to be made upon the Basis of such annual Renewal Fine, and to be computed according to the usual Custom in relation to the Renewal of Leases under Ecclesiastical Landlords.
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