New Hampshire § 53-F-4 - Section 53-F:4 Agreements With Property Owners.

§ 53-F-4. Section 53-F:4 Agreements With Property Owners.

I. (a) A municipality may make an assessment under this chapter only pursuant to an agreement entered into with the free and willing consent of the owner of an eligible property to which the assessment applies. In the case of any eligible property with multiple owners, an agreement under this chapter shall be signed by all owners or the owner or owners designated by appropriate documentation to sign on behalf of the property. (b) The agreement shall stipulate that all funding for the qualifying improvements shall be made by private lenders pursuant to a separate financing agreement between the lender and the property owner, and that the financing is secured by a special assessment lien on the eligible property. The agreement shall include a payment schedule showing the term over which payments will be due on the assessment, the frequency with which payments will be billed and the amount of each payment, and the annual amount due on the assessment. The obligations of the agreement and lien will run with the eligible property. If the property is sold, the new owner shall automatically assume the obligations of the agreement, note, and subject to the special assessment lien and shall be subject to all liability related to such obligations. Upon full payment of the amount of the special assessment lien, including all outstanding interest and charges and any penalties that may become due, the municipality shall provide the then participating property owner with a written statement certifying that the special assessment lien has been paid in full and shall record a discharge of the lien from the private lender. II. The assessment agreement shall disclose to the owners of eligible property participating in the program the risks associated with their participation, including risks related to their failure to make payments and the risk of enforcement by power of sale under RSA 479. III. The municipality shall execute a notice of the assessment and lien, and an assignment of notice of assessment and lien under this chapter for recording in the county registry of deeds. The notice shall consist of the following statement or its substantial equivalent: "This property is subject to a special assessment related to the installation of qualifying under RSA 53-F." IV. Any personal or business financial information provided to a municipality or an entity administering a program under this chapter on behalf of a municipality by a participating property owner or potential participating property owner shall be considered confidential, commercial, or financial information under RSA 91-A:5.