“And it is hereby also agreed and declared that, three calendar months previous to the expiration of the said term, two separate valuations shall be made by three indifferent persons, to be appointed in writing as follows: one by the lessors, their successors, or assigns; one by the lessee, his executors, administrators, or permitted assigns; and the other by the two valuators so to be appointed; and the decision of such three valuators, or any two of them, shall be binding on all parties: one of such valuations to be made of all the buildings or improvements then on the said land, and the other of the annual ground-rent of the said land, without any buildings or improvements, for a further term of twenty-one years from the expiration of the term hereby granted; and, before the expiration of the lease hereby granted, a lease of the said land and premises for such further term of twenty-one years shall be put up to public auction at the upset price of the annual rent of the said land as valued without buildings and improvements, subject to the payment by the purchaser of the value of the said buildings and improvements fixed by the valuators aforesaid; and, in the event of any person or persons other than the said lessee, his executors, administrators, or permitted assigns, becoming entitled to the lease of the said lands for the said further term, such person or persons shall forthwith pay in cash to the said lessors, their successors or assigns, for the benefit of the said lessee, his executors, administrators, or permitted assigns, the amount of the value of the buildings and improvements so fixed as aforesaid, and shall enter into a lease for the said further term at the annual ground-rent at which the said land shall be so sold at such auction; and the said lessors, their successors or assigns, shall pay over to the said lessee, his executors, administrators, or permitted assigns, the amount of the value of the said buildings and improvements paid to them by the purchaser without any deduction; but if there be no biddings at the said auction upon the upset price as before mentioned, or if the said lessee, his executors, administrators, or permitted assigns, shall be the highest bidder thereat, then the said lessors, their successors or assigns, shall grant, and he the said lessee, his executors, administrators, or permitted assigns, shall accept, a renewed lease of the said land and premises for the further term of twenty-one years from the expiration of the term hereby granted, at either the upset price as aforesaid, or the bid or highest bid which the lessee, his executors, administrators, or permitted assigns, shall have given therefor, as the case may be; and such renewed lease shall contain, or have implied therein, the same covenants, conditions, provisions, and agreements as are contained or implied in this present lease, including the foregoing provision for valuation and renewal:”