It shall and may be lawful to and for the said Chancellor and Council, by their Order to be made in Court of Revenue, to authorise and direct the Surveyors of the Woods for the South and North Parts respectively of the said Duchy for the Time being, to treat with, and to enter into any Contract or Agreement on the Part of his Majesty, his Heirs and Successors, to and with such Lessee or Lessees, for securing unto such Lessee or Lessees, and his, her, and their Executors, Administrators, and Assigns, such a fair and reasonable Allowance or Proportion of all Monies which shall, at any Time during the Term and Interest of such Lessee or Lessees under their respective Leases, arise by Sale of Timber Trees, or other Trees, or Wood, within the Lands so to be held and occupied by him, her, or them, as shall be settled and agreed upon between the said Surveyors respectively, and the said Lessee or Lessees or any of them; and also for allowing unto such Lessee or Lessees, at the End and Expiration of their respective Leases, a like fair and reasonable Allowance and Proportion in Money for all Timber and other Trees which shall be then left standing and growing in and upon their respective Farms, according to the Value of such Timber and other Trees respectively; which Agreements, being confirmed by Order of the said Chancellor and Council, shall be valid and effectual to all Intents and Purposes whatsoever.