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Where Subtenants purchase, superior Tenants shall contribute towards Purchase Money.
Differences to be referred to Arbitration.
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XXXIV. ‘And whereas such Purchase of the Fee Simple and Inheritance of and in such Lands, Tenements, and Hereditaments by any such Under tenant will be beneficial to the first and all other Tenants thereof intervening between such Archbishop, Bishop, or other Ecclesiastical Corporation Sole and the Under-tenant or Under-tenants making such Purchase;’ be it therefore enacted, That whenever such Under-tenant of any Lands, Tenements, and Hereditaments shall have contracted for the Purchase of the Fee Simple and Inheritance thereof in manner aforesaid the said Commissioners are hereby required to ascertain whether any and what Proportion of the Purchase Money on any such Purchase ought to be contributed by such first and other intervening Tenants thereof as aforesaid; and when the said Commissioners shall have ascertained the Proportion or respective Proportions of the Purchase Money to be contributed by such first and other intervening Tenants as aforesaid respectively, it shall and may be lawful to and for the Under-tenant so contracting to purchase as aforesaid, his Heirs, Executors, or Administrators, by Notice in Writing to be given to such first and other intervening Tenant or Tenants, or his or their known Agent or Receiver, Agents or Receivers, to call upon and require such first and other intervening Tenant or Tenants to contribute his or their said Proportion or respective Proportions of such Purchase Money accordingly; and in case any such first or other intervening Tenant shall refuse or neglect to contribute such his Proportion of the said Purchase Money for the Space of Six Calendar Months after such Notice shall have been given to him or his known Agent or Receiver, then and in such Case the said Commissioners shall make a corresponding Deduction from the said perpetual Rent-charge so directed to be reserved to him as aforesaid, such Deduction to be equal to Six Pounds per Centum per Annum on the Proportion of the said Purchase Money which he shall be so required to contribute as aforesaid; and the said Commissioners shall cause the Amount of every Rent-charge so reduced to be inserted in or indorsed upon the Conveyance of the said Lands, Tenements, and Hereditaments to such Under-tenant accordingly; and such reduced perpetual Rent-charge shall thenceforth for ever be payable in lieu of the Rent-charge hereinbefore directed to be reserved to such intervening Tenant respectively, his Heirs or Assigns, as aforesaid: Provided always, that in case any such Tenant or Lessee shall be dissatisfied with the Amount of the Rent-charge or Proportion of the Purchase Money adjudged payable in manner aforesaid to or by him, the Matter shall be referred to Three Arbitrators, one to be appointed by the Tenant to whom the same is adjudged to be payable, and the other by the Tenant proposing to purchase as aforesaid, and the Third by the Two Arbitrators so appointed as aforesaid, in manner provided in the said Act for the Appointment of Arbitrators to adjust Differences between the said Commissioners and Tenants or Lessees applying for the Purchase of Perpetuities under that Act, and with the like Powers and Authorities, so far as the same are applicable; and the Determination of such Arbitrators as to the Amount of such Rent-charge or Proportion of such Purchase Money shall be conclusive and binding upon all Persons whomsoever, and the Expence of such Arbitration shall be borne by such Party as the Arbitrators shall direct.
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