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.