The amount of charges made against the landowners and assessed on the respective lots
as hereinbefore provided shall be and constitute liens and the respective lots upon
which they are charged and assessed. These amounts shall be placed in the hands of
the tax collector for collection and any property owner shall have the right to pay
the charges made as hereinbefore prescribed in ten (10) equal annual installments
from and after the adoption of the assessment ordinance, with interest thereon at
eight (8) percent per annum from the date that such assessment was made, in which
case the amounts due shall be and remain a lien on the lot or lots against which they
are charged and assessed until fully paid. Any property owner may elect to pay such
assessment in cash without interest, if same be done within thirty (30) days from
and after the date that the council shall make the assessment. In case there shall
be a default in the payment of any annual installment for thirty (30) days after the
same shall become due, then and in that event the installments remaining, if any,
shall become due and the tax collector may proceed to sell such lot or lots for cash
to the highest bidder at the courthouse door of Iredell County, after advertisement
for thirty (30) days in some newspaper published in the city, and the tax collector
shall make a deed to the purchaser and out of the moneys arising from this sale pay
off and discharge amount charged and assessed on such lot or lots, together with the
interest on the same and the cost of sale, and pay the surplus, if any, to the person
or persons legally entitled to the same.
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