§ 1616. Delinquent property tax enforcement.\n The municipality may enter into a contract to sell some or all of the\ndelinquent tax liens held by it to a land bank, subject to the following\nconditions:\n (a) The consideration to be paid may be more or less than the face\namount of the tax liens sold.\n (b) Property owners shall be given at least thirty days advance notice\nof such sale in the same form and manner as is provided by subdivision\ntwo of section eleven hundred ninety of the real property tax law.\nFailure to provide such notice or the failure of the addressee to\nreceive the same shall not in any way affect the validity of any sale of\na tax lien or tax liens or the validity of the taxes or interest\nprescribed by law with respect thereto.\n (c) The municipality shall set the terms and conditions of the\ncontract of sale.\n (d) The land bank must thirty days prior to the commencement of any\nforeclosure action provide to the municipality a list of liens to be\nforeclosed. The municipality may, at its sole option and discretion,\nrepurchase a lien or liens on the foreclosure list from the land bank.\nThe repurchase price shall be the amount of the lien or liens plus any\naccrued interest and collection fees incurred by the land bank. The land\nbank shall provide the foreclosure list to the municipality, along with\nthe applicable repurchase price of each lien, by certified mail, and the\nmunicipality shall have thirty days from receipt to notify the land bank\nof its option to purchase one or more of the liens. If the municipality\nopts to purchase the lien, it shall provide payment within thirty days\nof receipt of the repurchase price of said lien or liens. If the\nmunicipality shall fail to opt to repurchase the lien or liens the land\nbank shall have the right to commence a foreclosure action immediately.\n (e) The sale of a tax lien pursuant to this article shall not operate\nto shorten the otherwise applicable redemption period or change the\notherwise applicable interest rate.\n (f) Upon the expiration of the redemption period prescribed by law,\nthe purchaser of a delinquent tax lien, or its successors or assigns,\nmay foreclose the lien as in an action to foreclose a mortgage as\nprovided in section eleven hundred ninety-four of the real property tax\nlaw. The procedure in such action shall be the procedure prescribed by\narticle thirteen of the real property actions and proceedings law for\nthe foreclosure of mortgages. At any time following the commencement of\nan action to foreclose a lien, the amount required to redeem the lien,\nor the amount received upon sale of a property, shall include reasonable\nand necessary collection costs, attorneys' fees, legal costs,\nallowances, and disbursements.\n (g) The provisions of title five of article eleven of the real\nproperty tax law shall apply so far as is practicable to a contract for\nthe sale of tax liens pursuant to this article.\n (h) If the court orders a public sale pursuant to section eleven\nhundred thirty-six of the real property tax law, and the purchaser of\nthe property is the land bank, then the form, substance, and timing of\nthe land bank's payment of the sales price may be according to such\nagreement as is mutually acceptable to the plaintiff and the land bank.\nThe obligation of the land bank to perform in accordance with such\nagreement shall be deemed to be in full satisfaction of the tax claim\nwhich was the basis for the judgment.\n (i) Notwithstanding any other provision of law to the contrary, in the\nevent that no municipality elects to tender a bid at a public sale\npursuant to the provisions of section eleven hundred sixty-six of the\nreal property tax law or sale pursuant to the provisions of a county\ncharter, city charter, administrative code, or special law when\napplicable under section eleven hundred four of the real property tax\nlaw, the land bank may tender a bid at such sale in an amount equal to\nthe total a
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