“Provided always, that there be a covenant inserted in such Lease and Leases so to be granted as aforesaid, that the said Thomas Wood, Sir John Frederick, and Arthur Stanhope, their Executors, Administrators, and Assigns, or any succeeding Trustee or Trustees to be appointed as aforesaid, their or his Executors, Administrators, or Assigns shall not lease or demise any part of the said Hereditaments and Premises to be comprised in the Leases so to be granted to them as aforesaid, except in the manner hereinafter mentioned.”
A power was given to the said Trustees or their Assigns to demise any part of the said premises comprised in the lease and leases to be granted by the bishop and his successors, “not exceeding two hundred acres thereof,” without application to Parliament for farther powers, “to any person or persons who shall be willing to build upon, rebuild, or substantially repair the same, in the manner by the Lease or respective Leases to be granted thereof to be specified,” for any term not exceeding ninety-eight years (“provided that the said Lord Bishop for the time being be a party to all such Under Leases,”) “so as there be reserved in and by such Leases, &c. the best and most improved yearly rent that can be reasonably had or gotten for the same, to be made payable quarterly, free from all deductions whatsoever, without any Pine, Premium, or Foregift, or any Thing in the nature of a Fine being taken for the making thereof.”
The leases were to contain covenants to build and keep in repair the messuages, &c. agreed to be built, and to keep these buildings “insured from damage by fire to the amount of four-fifths of the value thereof;” and “to surrender and leave in repair the messuages, &c. to be erected and built, or rebuilt and repaired” at the end of the term or terms in such leases granted. And all “other usual and proper covenants, provisos, and conditions” were to be inserted “usually contained in building leases near the City of London.” These under-lettings were to take place from time to time by public auction to the best bidder, (if approved of by the bishop and his lessees), notice of the time and place of such auction having been given to the bishop or his agent by the said lessees. Separate lots were to be made for every house, “whose breadth in front shall be twenty-eight feet and upwards;” and for houses of smaller dimensions no more than one hundred feet frontage was to be let in one lot. The under-lessees were to be bound to build on this land, so taken, within a specified time, “and agreeably to such a plan as shall be approved by the Lord Bishop of London and his successors, and the said lessees for the time being.” Three counterparts of these under-leases were to be provided, one to be delivered to the bishop or his agent, for the registration of which a fee of six shillings and eight pence was to be paid; the other two being for the trustees of the two families interested in the Bishop’s lease. Any number of these sub-leases might be taken by any one person, so that the quantity altogether did not amount “to more than fifteen acres of the said land.” It was also provided, that “Farm Leases at Rack-rent for twenty-one years may be granted with the consent of the Bishop of London,” but to be determinable on six months’ notice being given.