[HISTORY: Adopted by the Town Meeting of the Town of South Hadley 6-9-2021 ATM by Art. 10. Amendments noted where applicable.]
Pursuant to the provisions of MGL c. 60, § 62A, the Treasurer of the Town of South Hadley ("Town") may enter into a written payment agreement ("agreement") with any person(s) entitled to redeem ownership of parcels of real estate ("redeemer") which have been taken by the Town as a result of nonpayment of real estate taxes. The agreement shall be executed by the Town and redeemer and shall set forth the terms and conditions for payment of the delinquent taxes, interest and any other costs, fees or charges associated with same.
The redeemer of the following assessment categories of real property shall be eligible to enter into an agreement provided for in the preceding section:
A. 
Commercial property;
B. 
Residential property;
C. 
Industrial; and
D. 
Open space.
The following conditions must be met prior to the Town and redeemer entering into a written agreement.
A. 
The Town has not filed a petition to foreclose the rights of redemption with the Land Court, and the recording date of the instrument of taking recorded in the Hampshire Registry of Deeds or Hampshire Registry District of the Land Court must be no more than 10 years from the date of the proposed agreement.
B. 
All real estate taxes due for the current fiscal year assessed against the parcel must be paid to date.
C. 
The redeemer, at the time of execution of said agreement, must pay to the Town a minimum of 25% of the amount due to redeem the parcel. The redeemer must then agree to pay the remaining balance due to the Town in equal monthly installments over a period not to exceed five years.
D. 
The agreement may not be longer than five years in duration.
After the Town has received 75% of the total amount due, the redeemer shall be entitled to a credit equal to 25% of the accrued interest on the tax title account. This credit shall be applied against the final installment payment(s) due under the agreement.
During the term of the agreement, the Treasurer may not bring an action to foreclose the tax title of the redeemer unless payments are not made in accordance with the schedule provided in the agreement or timely payments are not made on other amounts due to the municipality that constitute a lien on the same parcel.