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111 <br />1 <br />COUNCIL MEETING <br />JUNE 27, 1988 <br />of the applicant to notify the City Clerk of any change in <br />his status that would affect eligibility for deferment. <br />Subdivision 3. The entire amount of deferred special <br />assessments shall be due within sixty (60) days after loss <br />of eligibility by the applicant. If the special assessment <br />is not paid within sixty (60) days, the City Clerk shall add <br />thereto interest at eight (8 %) per cent per annum from the <br />date assessments were adopted through December 31 of the <br />following year and the total amount of principal and <br />interest shall be certified to the County Auditor for <br />collection with taxes the following year. Should the <br />applicant plead and prove, to the satisfaction of the <br />Council, that full repayment of the deferred special <br />assessment would cause the applicant particular undue <br />financial hardship, the Council may order that the applicant <br />pay within sixty (60) days a sum equal to the number of <br />installments of deferred special assessments outstanding and <br />unpaid to date (including principal and interest) with the <br />balance thereafter paid according to the terms and <br />conditions of the original special assessment. <br />Subdivision 4. The option to defer the payment of special <br />assessments shall terminate and all amounts accumulated plus <br />applicable interest shall become due upon the occurrence of <br />any one of the following: <br />A. The death of the owner when there is no spouse who is <br />elegible for deferment. <br />B. The sale, transfer or subdivision of all or any part of <br />the property. <br />C. Loss of homestead status on the property. <br />D. Determination by the Council for any reason that there <br />would be no hardship to require immediate or partial <br />payment. <br />Subdivision 5. Notice of the special assessment deferral <br />shall be filed by the City Clerk with the Anoka County <br />Recorder as provided by law. Failure to record such notice, <br />however, shall not affect the validity of the special <br />assessments. <br />Subdivision 6. Any person, firm, entity or corporation who <br />shall provide false information in application for a <br />deferral under this provision or shall violate any term or <br />