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Rates of Purchase Money.
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CXLV. And be it further enacted, That for the Purpose of ascertaining the respective Amount of Purchase Money to be paid by any such Tenant or Lessee as aforesaid for the Purchase of the Fee Simple and Inheritance of and in any such Lands and Premises as aforesaid, the said Commissioners appointed under this Act shall inquire and ascertain, by the issuing of a Commission, with the like Powers and Authorities and subject to the like Regulations as any other Commission to be issued under this Act, or by such other Ways and Means as to them shall seem fit, the full improved yearly Value of the said Lands and Premises, such full and improved annual Value to be taken and estimated according to the usual and accustomed Mode of ascertaining and estimating the same by the Archbishop or Bishop or other Ecclesiastical Corporation Sole in whose Diocese or Dignity or Promotion such Lands and Premises shall be respectively situate, and shall estimate and compute, according to the best of their Knowledge, Skill, and Ability, the Value of the Fee Simple and Inheritance in such Lands and Premises, subject to the annual Rent to be reserved and made payable thereout by the Deed of Conveyance to be executed in manner herein-before appointed; and having estimated and computed the Value of such Fee Simple and Inheritance, subject to such Rent, the said Commissioners shall deduct therefrom Four Pounds per Centum on the Amount thereof, and ascertain and declare the Amount of such Value so reduced; and the said Commissioners shall also estimate and compute the Value of the Interest in such Lands and Premises possessed by such Tenant or Tenants, Lessee or Lessees, under his, her, or their then subsisting Lease, and shall determine and declare the Difference between the Value reduced by such Per-centage as aforesaid of such Fee Simple and Inheritance, subject to the Rent aforesaid, and the Value of the Interest possessed under such Lease, which Difference shall be the Amount of Purchase Money to be paid by such Tenant or Tenants, Lessee or Lessees, for the Perpetuity to be acquired under this Act; and the said Commissioners shall insert such Amount in the Certificate of the Terms of such Purchase to be by them granted to such Tenant or Lessee as herein-before provided: Provided always, that in case any such Tenant or Lessee shall be dissatisfied with the Amount of Purchase Money adjudged payable in manner aforesaid by the said Commissioners, the Matter shall be referred to Three Arbitrators, one to be appointed by the said Commissioners, another by such Tenant or Lessee, and the third by the Two Arbitrators appointed as aforesaid, within Ten Days after Notice in Writing to be given by such Commissioners, Tenant, or Lessee for that Purpose; and in case of the Death or Incapacity, or Refusal to act of any or either of the said Arbitrators, another shall be appointed in his Stead by the Party by whom or in whose Behalf he was so appointed, or by the said Two Arbitrators appointed by the Parties, as the Case may be, within Ten Days next after Notice thereof; and the said Arbitrators, or any Two of them, shall and are hereby authorized and empowered, by actual Survey or Valuation, or by the Examination of Witnesses upon Oath (which Oath the said Arbitrators are hereby empowered to administer), and by such other Ways and Means as they shall think proper, to compute, estimate, and determine, in like Manner as the said Commissioners are herein-before directed, the Amount of Purchase Money payable for the Perpetuity to be acquired under this Act, and to make their Award therein by Writing under their Hands and Seals, or under the Hands and Seals of any Two of them; and such Award shall be binding upon the said Commissioners, and they shall amend accordingly the Certificate of the Terms of the Purchase to be by them granted to such Tenant or Lessee, or grant a new Certificate in lieu thereof; and the Expences of such Arbitration shall be borne by the said Commissioners, or by the said Tenant or Tenants or Lessee or Lessees, as such Arbitrators shall direct.
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