JERUSALEM, April 26: Israel would regard a unilateral Palestinian declaration of independence on May 4 as cancellation of the Oslo interim peace agreements and take tough measures in response, Israeli prime minister Benjamin Netanyahu said today.The premier specifically did not rule out an Israeli annexation of parts of the West Bank still controlled by Israel. He said the Israeli government had decided it would react to an independence declaration by taking various measures, ``Among them extending Israeli law to the (occupied) territories''.PLO chief Arafat has said he was ready to declare a Palestinian state in parts of the West Bank and Gaza Strip controlled by Palestinians on May 4, when the interim agreements with Israel expire. The Israeli Ha'aretz newspaper reported the US is to send Arafat a letter expressing support for accelerated final status talks with Israel aimed at reaching a deal within one year. Top