That the Whole or any Part of the Residuary Estate of the said Colonel John Droulley belonging to Chelsea Hospital shall and may be applied in the Purchase of and Payment for certain Parcels of Land and Buildings adjoining the said Hospital, or for any other Pieces or Parcels of Land or Buildings the Purchase of which may, in the Opinion of the Commissioners of Chelsea Hospital, be beneficial to the said Hospital or the Pensioners thereof, or which may be necessary to prevent or remove Annoyance or Injury from the Vicinity of the said Hospital ; and the said Pieces or Parcels of Land shall and may be conveyed to and held by the Commissioners of the said Royal Hospital of Chelsea for the Time being and their Successors, or conveyed to a Trustee or Trustees on their Behalf, for the Use and Benefit of the said Royal Hospital.
And be it enacted, That it shall and may be lawful for the said Commissioners of Chelsea Hospital and their Successors, or for any Trustee or Trustees for the said Commissioners by their Direction, signified under the Hand of the Secretary of the said Royal Hospital for the Time being, as and when the said Commissioners from Time to Time may deem expedient, to make sale, alien, and dispose of, or to convey in Exchange for or in lieu of other Lands or Tenements, any Pieces or Parcels of Land so contracted for, or previously purchased with any Part of the Legacy of the said Colonel Drouley, which may not, in the Opinion of the said Commissioners, be required for the Use and Benefit of the said Hospital, and the Inheritance thereof, in Fee Simple or otherwise, to any Person or Persons whomsoever, or any Body Politic or Corporate, for such Price or Prices in Money (or for such Equivalent or Recompence in other Land or Tenements) as to the said Commissioners of Chelsea Hospital and their Successors shall seem reasonable, and to make and execute all Acts, Deeds, Matters, and Things requisite or necessary for completing any Sale or Exchange to and with any Person or Persons, their Heirs or Assigns, or to and with any Body Politic and Corporate and their Successors as aforesaid, who may purchase or agree to purchase any such Pieces or Parcels of Land or Tenements from the said Commissioners of Chelsea Hospital, and to give full, complete, and sufficient Receipts, Releases, and Discharges for the Purchase Money thereof.
And be it enacted, That it shall be lawful for the Commissioners of Chelsea Hospital and their Successors, and for any Trustee or Trustees of the said Lands and Tenements, by their Direction, signified as aforesaid, from Time to Time and at all Times hereafter, in such Manner as they shall deem expedient, to grant Leases of all or any of the Pieces or Parcels of Land so contracted for, or heretofore purchased with any Portion of the Legacy of the said Colonel Drouley, unto any Person or Persons, for any Term or Number of Years not exceeding Twenty-one Years for any such Lease, unless the same be a building or repairing Lease, and not exceeding Eighty Years for any such building or repairing Lease, and to take effect in Possession only, and not in Reversion or by way of future Interest, and so as in all such Leases there be respectively reserved and made payable during the Continuance thereof the best yearly Rent or Rents which can be reasonably obtained for the same, without taking any Fine, Premium, or Foregift for the making thereof, and so as in every such Demise and Lease there be contained a Condition of Re-entry for Nonpayment of the Rent thereby reserved, and so as the respective Lessees duly execute Counterparts of their said Leases respectively.