(ii) With a provision that prior to the expiration of the term a new lease for a further term of the same period as, or any less or greater period than, the original term, and containing the same covenants and provisions (including this present provision), shall be put up to public auction at the upset price of the annual value of the land only (to be fixed by valuation without regarding the value of any buildings or improvements thereon), subject to a condition that in the event of any other person than the lessee, his executors, administrators, or assigns, becoming entitled to the new lease, then such person shall before being let into possession pay to the lessee, his executors, administrators, or assigns, the value of such buildings and improvements (to be fixed by valuation), whether erected or made by the lessee, his executors, administrators, or assigns, or any former lessee or tenant of all or any part of the lands included in the lease or:
Provided, however, that the term of the original lease, together with the total terms of all such new leases, shall not exceed in all sixty years: