(A) Deferrals granted hereunder shall terminate and the amount deferred, together with accumulated interest, shall become due upon the occurrence of any of the following events:
(1) The death of the owner, provided that the spouse is otherwise not eligible for the benefits hereunder;
(2) The sale, transfer or subdivision of the property or part thereof;
(3) If the property should for any reason lose its homestead status; or
(4) If for any reason the taxing authority deferring the payments shall determine that there would be no hardship to require immediate or partial payment.
(B) At the time of the termination of the deferral, the Council may, in its discretion, provide for payment of the deferred sum in installment payments in accordance with the terms of the original assessment.
(Prior Code, § 22.04)