The order of the court fixing the proportionate part of the consideration, rentals, other payments, if any, and royalties reserved in and accruing under the lease allowed to the life tenant and the order confirming the execution of the lease shall operate to work a divestiture of title of the contingent remaindermen, and each of them, in and to the proportionate part of the consideration, rentals, other payments, if any, and the royalties reserved and accruing under the lease allowed to the life tenant, and in and to the leasehold estate insofar as said interest is conveyed by the lease, and to free the respective interests of any limitations, restrictions, or conditions imposed by the original will or deed.