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Amount of Fee-farm Rent.
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3. The Fee-farm Rent to be reserved in every Lease or Demise in Fee made under the Provisions of the Second Section of this Act shall be “the Rent reserved by such Terminable Lease for Twenty-one Years, if the Governors shall think fit to adopt the same, or” the Rent at which One Year with another the Lands so to be demised might in their actual State be reasonably expected to be let from Year to Year for agricultural Purposes; and such Rent shall be ascertained and fixed by Two Arbitrators, one to be nominated and appointed in Writing by the said Governors, the other by the Owner of the said Terminable Lease, or in case such Arbitrators differ, by an Umpire to be nominated and appointed in manner herein-after provided, to whom such Matters shall be referred; and in estimating the Amount of such Rent the said Arbitrators or Umpire (as the Case may be) shall not take into account any Increase in the Value of the said Lands arising from any Houses or Buildings erected thereon by the Owner of such Terminable Lease, or by the Person or Persons through, under, or from whom he shall have derived his Interest in the same.
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