Found the answer (did not want to delete the query), but this led to a larger question.
First 2 lines (literally) translate to;
For welcoming the gods and for driving away evil spirits, sound
the bell there, (which is) a token of invoking / inviting gods.
Please note that the above verse is a Mantra and has to be read in the Anustup chanda style of chanting.
The next 3 lines (literally translate as below:
Our of ignorance or also out of being aware, never sound a bell made
of Brass/Bronze, for that becomes the residence of Rakshasa and
Pisacha. From that (reason), by all means, never sound (such a)bell
Please note that the above lines is more of a prohibitive instruction.
It is interesting to note that jayatirtha prohibits the usage of brass/bronze bells for worship. Most houses and even temples (that i have observed) use them. So, such a prohibition being made by Jayatirtha OR such a point being missed out by many temples is a very puzzling indeed.
I am fairly confident of this translation, so this would lead to larger questions such as the consequence of using a kaNsya (brass/bronze) ghanta (bell), who is the recipient of the offerings of poojas and the like.