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62 <br />ORDINANCE NO. 07 - 90 <br />C. The applicant and any other owner of said property <br />who resides therein with the applicant shall not <br />have gross assets (excluding the homestead <br />property) in excess of $50,000.00. <br />D. The Assessor's Market Value of the applicant's <br />homestead parcel shall not exceed $60,000.00. <br />E. The limitations on an applicant's assets, and <br />property marked value may be adjusted on an annual <br />basis upon recommendation of the City Administrator <br />and motion of the City Council of the City of Lino <br />Lakes. <br />F. Unless otherwise provided under the resolution <br />adopting said assessments, all such deferred <br />assessments shall bear interest at the rate of <br />eight (8 %) per cent per annum. <br />G. This procedure shall not apply to any assessment of <br />$100.00 or less. <br />Subdivision 2. The deferment shall be granted for as <br />long a period of time as the hardship exists and the <br />conditions as aforementioned have been met. However, it <br />shall be the duty of the applicant to notify the City Clerk <br />of any change in his status that would affect eligibility for <br />deferment. <br />Subdivision 3. The entire amount of deferred special <br />assessments shall be due within sixty (60) days after loss of <br />eligibility by the applicant. If the special assessment is <br />not paid within sixty (60) days, the City Clerk shall add <br />thereto interest at eight (8 %) per cent per annum from date <br />assessments wee adopted through December 31 of the following <br />year and the total amount of principal and interest shall be <br />certified to the County Auditor for collection with taxes the <br />following year. Should the applicant plead and prove, to the <br />satisfaction of the Council, that full repayment of the <br />deferred special assessment would cause the applicant <br />particular undue financial hardship, the Council may order <br />that the applicant pay within sixty (60) days a sum equal to <br />the number of installments of deferred special assessments <br />, outstanding and unpaid to date (including principal and <br />interest) with the balance thereafter paid according to the <br />terms and conditions of the original special assessment. <br />Subdivision 4. The option to defer the payment of <br />special assessments shall terminate and all amounts <br />accumulated plus applicable interest shall become due upon <br />the occurrence of any one of the following: <br />PAGE 2 . <br />