The third station is the bell tower — or rather, the polite silence around it. The Reaper's Bell was reformed after long argument by a resident of the Lantern District, and it now rings at dawn a very specific number of times. The almanac has recorded the reformed ringing since the town opened; the bell's own wiki page tells the story of how it got that way.
The third word of your passphrase is that number, spelled out as an English word, lowercase.
When you have it, proceed to the lantern room.