All lots shall be paid for in full on date of purchase. Lots originally purchased by a resident or residents of the City may be transferred to a nonresident or nonresidents and used by such transferee or transferees only upon payment to the City of the difference between the price paid and the price established herein for such lot if originally purchased by a nonresident unless such transfer occurs by inheritance or operation of law.
(1964 Code Sec. 52.12)