And also 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 Corporation, its successors, or assigns; one by the lessee, his executors, administrators, or 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 and improvements then on the said land, and the other of the fair annual ground-rent of the said land only without any buildings or improvements, for a further term of  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  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 as aforesaid. And in the event of any person, persons, or corporation other than the lessee, his executors, administrators, or assigns becoming entitled to the lease of the said lands for the said further term, such person, persons, or corporation shall forthwith pay in cash to the Corporation, its successors or assigns, for the benefit of the lessee, his executors, administrators, or assigns, a deposit of twenty-five per centum of the amount of the value of the buildings and improvements so fixed as aforesaid, and the balance thereof within fourteen days thereafter, 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 Corporation, its successors or assigns, shall pay over to the lessee, his executors, administrators, or assigns, the amount of the value of the said buildings and improvements paid to the Corporation by the purchaser, without any deduction whatsoever, except any amount due to the Corporation for rent: but if there shall be no biddings at the said auction upon the upset price as before mentioned, or if the lessee, his executors, administrators, or assigns shall be the highest bidder thereat, then the lessee, his executors, administrators, or assigns shall accept, and the Corporation, its successors or assigns, shall grant to the lessee, his executors, administrators, or assigns, a renewed lease of the said land and premises for the further term of  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 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.