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Amount of Fee-farm Rent.
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II. And be it enacted, That the Fee-farm Rent to be made payable by every such Grant as aforesaid shall, where the Lease or Under-lease (as the Case maybe) to the Owner of which the Grant is made is renewable without Fine, or upon Payment of a Peppercorn or other merely nominal Fine of like Nature, be of the like Amount as the yearly Rent made payable by such Lease or Under-lease, and shall, where such Lease or Under-lease is renewable upon Payment of a Fine or Fines not merely nominal, be of an Amount equal to the aggregate Amount of the yearly Rent made payable by such Lease or Under-lease, and the Value of the Renewal Fine or Fines and Fees (if any), such Value to be estimated or computed with regard to the probable Duration of the subsisting Term, the average Duration of Life, and the respective Periods for Renewal, but without regard to and exclusively of any penal Rents or Sums made payable upon Neglect, Delay, or Refusal to apply for or take Renewal, and to be ascertained as herein-after mentioned if the Parties differ about the same.
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