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This right of deferment is automatically terminated in collection year 1998 or upon <br />the occurrence of any one or more of the following conditions, whichever may occur first. <br />1. 'Fhe owner dies and the spouse is not otherwise eligible. <br />2. The property or any pan thereof is sold, transferred, or <br />subdivided; <br />3. The propeny should lose its homestead status; or <br />4. If for any reason the City determines that there would be no <br />hardship to require immediate or partial payment. <br />Adopted by the City Council of the City of Orono, Minnesota on this 26th day <br />of Julv, 1993. <br />ATTEST: <br />Dorothy M. Hallin, City Clerk Edward J. Callahan, Jr., Mayor <br />STATE OF MINNESOTA ) <br />) sr. <br />COUNTY OF HENNEPIN ) <br />The foregoing instrument was acknowledged before me on this 26th day of July, <br />1993 by L .aiJ J. Callahan, Jr. and Dorothy M. Hallin, Mayor and City Clerk of the City of <br />Orono,* a Minnesota municipal corporation and said instrument was executed on behalf of the <br />City. <br />Notary Public <br />Page 2 of 2