Time to be excluded in certain cases

When any land or water upon, over or from which any such way or other convenient watercourse or use of water, has been or is enjoyed or derived, has been or is held under or by virtue of any term of life, or any term of years, exceeding three years from the granting thereof, the time of the enjoyment of any such way or other matter, as herein last before mentioned, during the continuance of such term, shall be excluded in the computation of the said period of forty years, in case the claim is within three years next after the end or sooner determination of such term, resisted by any person entitled to any reversion expectant on the determination thereof.