* * *
(d) Procedure relating to Municipal Claim and Tax Lien
Law.--For a land bank located in a municipality which follows
the act of May 16, 1923 (P.L.207, No.153), referred to as the
Municipal Claim and Tax Lien Law, all of the following apply:
* * *
(4) Notwithstanding sections 31.1 and 31.2 of the
Municipal Claim and Tax Lien Law and sections 4 and 6 of the
act of March 1, 1956 (1955 P.L.1196, No.372), entitled "An
act authorizing the sale of vacant land located in areas
certified as conservation areas in counties of the first
class, under a judgment obtained on a tax claim, by the
sheriff of the county; providing for the discharge of all
liens, mortgages, ground rents, estates and claims against
the property by sale; and limiting the right of redemption,"
all of the following apply:
(i) The land bank may tender a bid at the sale in an
amount equal to the total amount of all municipal claims
and liens which were the basis for the judgment. Upon
tender under this subparagraph, the property shall be
deemed sold to the land bank regardless of bids by other
parties.
(ii) The bid of the land bank shall be paid as to
its form, substance and timing according to an agreement
that is mutually acceptable to the plaintiff and the land
bank. The obligation of the land bank to perform in
accordance with the agreement shall be deemed to be in
full satisfaction of the tax or municipal claim which was
the basis for the judgment.
(iii) The land bank, as purchaser at the sale, shall
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