Special assessment payments deferred pursuant to the eligibility requirements set forth herein shall become payable effective upon the occurrence of any of the following events:
(A) Sale of the 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 the owner. The death of the fee owner qualified for deferral status, unless a surviving joint tenant, tenant in common or contract for deed is eligible for the deferral benefit provided herein;
(C) Non-homestead property. The subject property loses its homestead status for any reason; and
(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.
(Prior Code, § 1D.07)