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4. In consideration of the mutual promises and commitments 'set forth herein, the District
<br /> agrees to abate and release the Town from any obligation to pay any outstanding District
<br /> Tax or Assessment due to respect to any parcel of real property acquired by the Town by
<br /> tax foreclosure on or before June 30, 20o7. The Town i,n consideration thereof, hereby
<br /> agrees to release the District from any obligation or liability for payment of fees or to
<br /> the Town of Mas,hpee for assessing collection services rendered for fiscal years prior to
<br /> FY 2008.
<br /> 5. In the event that the Town forecloses the rights of redemption in and to any parcel of real
<br /> property for nonpayment of Town taxes and/or District taxes or assessments, any
<br /> outstanding District tax, charge or assessment receivable, including all interest charges
<br /> accrued thereon, shall be discharged and set off for Town and District accounting
<br /> purposes by a "tax possession" credit in the amount of the discharged receivable.
<br /> 6. In the event that tax foreclosed property is sold, conveyed, or otherwise transferred by
<br /> the 'Town for any non-municipal use which would be subject to any District tax,
<br /> assessment or charge, the District reserves the right to re-assess any, tax, assessment or
<br /> charge discharged by the Town's tax foreclosure at the full and fair amount thereof to be
<br /> determined in accordance with' applicable provisions of law.
<br /> 7. Real, property acquired by the Town other than by the tax foreclosure:
<br /> A. Whenever the Town shall acquire real property subsequent to June 30, 2007 by
<br /> purchase, gift or eminent domain taking, excluding any acquisition of title under
<br /> the provisions of M.G.L. Chapter 60 for nonpayment of real estate taxes, charges
<br /> or assessment, any District charge or assessmentAue a-nd payable at the time of
<br /> the Town's acquisition of title shall be collected by the Town and paid over to the
<br /> Ustrict to the fullest extent permitted by law.
<br /> B. The, remaining portion of any such assessment or betterment, which, is not due
<br /> and payable at the time of the Town's acquisition of title, shall be abated by the
<br /> District, subject to the right of the District to reassess such portion of any tax,
<br /> assessment or charge in the event that the subject property is sold, conveyed or
<br /> transferred bythe Town for a non-municipal.use which would subject the property
<br /> to District taxes, assessments or charges.
<br /> C. The Town shall notify the District, in writing, of its intent to acquire title to any real
<br /> property within the jurisdiction of the District, whereupon,the District shall notify
<br /> the,Town, in writi n g, of a_ny District taxes,,charges or a sses,s rn e nt d u e.with respect
<br /> to the subject property. The Town shall, in accordance with the terms,-of this
<br /> Agreement, collect any,such District taxes,charges or assessment due and payable
<br /> as of the date, of its, acquisition of title at the closing of the subject acquisition and
<br /> shall, forthwith, tender said sum to the District.
<br /> 8,. By mutual agreement of the parties hereto,the term of this Agreement may be extended
<br /> upon such terms as the parties deem to be mutually acceptable.
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