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Subd. 2. The deferment shall be granted for as long a period of time as the hardship exists and the <br />conditions in subdivision 1 remain true. It shall be the duty of the applicant to notify the City <br />Clerk of any change in his or her status that would affect eligibility for deferment. <br />Subd. 3. The entire amount of deferred special assessments shall be due within sixty days after <br />loss of eligibility by the applicant. If the special assessment is not paid within the sixty (60) days, <br />the City Clerk shall add thereto interest accruing from the first date the applicant loses eligibility at <br />the rate as defined in section 6.4 and the total amount of principal and interest shall be certified to <br />the County Auditor for collection with taxes the following year. Should the applicant demonstrate <br />to the satisfaction of the Council, that full repayment of the deferred special assessment would <br />cause the applicant particular undue financial hardship, the Council may order that the applicant <br />pay within sixty days a sum equal to the number of installments of deferred special assessments <br />outstanding and unpaid to date, including principal and interest, with the balance thereafter paid <br />according to the terms and conditions of the original special assessments. <br />Subd. 4. The option to defer the payment of special assessments shall terminate and all amounts <br />accumulated plus applicable interest shall become due upon the occurrence of any one of the <br />following: <br />1. The death of the owner when there is no spouse who is eligible for deferment. <br />2. The sale, transfer or subdivision of all or any part of the property. <br />3. Loss of homestead status on the property. <br />4. Determination by the Council for any reason that immediate or partial payment would impose <br />no hardship. <br />State Law References(s): Minn. Stat. § 435.193, Senior Citizens or retired & disabled persons <br />hardship special assessment deferral. <br />*Original Adoption: 12/9/14 by Resolution #14-12-250 <br />*Amended: 1/13/15 by Resolution #15-01-016 — Section 6 - #4 Interest to reflect interest rate on <br />bonded projects <br />13 <br />