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Tenants to whom leases have been or shall be made pursuant to said act, or their executors, &c who apply for renewals within seven years after commencement of their leases, and shall pay one year’s rent as a fine, and so in proportion according to the number of years not exceeding seven so elapsed, and also the expences of preparing two parts of such new lease, the governors compelled to renew for 41 years.
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II. And whereas it would be an encouragement to the said tenants to build and improve on any lands demised or to be demised, pursuant to the powers and provisoes in the said act contained, and would increase the funds for the support of the said schools, that the terms of the said renewal, and the time within which the same may be had, should be precisely ascertained; be it enacted by the King’s most excellent Majesty, by and with the advice and consent of the lords spiritual and temporal, and commons in this present parliament assembled, That all and every tenant and tenants to whom leases have been or shall be made, pursuant to the powers and provisoes in the said act contained, his or their executors, administrators or assigns, who shall apply for a renewal or renewals of such lease or leases, within seven years after the commencement of their respective leases, or within seven years after any renewal which shall be made in pursuance of this act, and of the said recited act, and shall pay down one year’s rent as a fine for every renewal, and so proportionably according to the number of years not exceeding seven, or part of a year that shall have so elapsed as aforesaid, and shall also pay down the costs of preparing two parts of such new lease; that in every such case, the respective governors of the said schools shall be compelled to renew the said lease for the term of forty-one years.
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