Special assessment payments deferred pursuant to the eligibility requirements set forth by this chapter shall become payable effective upon the occurrence of one of the following events:
A. Conveyance Of Property: The subject property is sold, transferred, subdivided, or in any way conveyed to another by the fee owner qualified for deferral status.
B. Death Of Owner: The death of the fee owner qualified for deferral status unless a surviving joint tenant, tenant in common, or contract vendee is eligible for the deferral benefit provided hereunder.
C. Nonhomestead Property: The subject property loses its homestead status for any reason.
D. No Hardship: The city council determines that there would be no hardship to require an immediate or partial payment of the deferred special assessment. (2005 Code)