Sec. 14. (a) A property owner who has secured the right to pay the property owner’s assessments in deferred installments by the filing of a waiver may, at any time after the expiration of the first year after the filing, pay the entire balance of the assessment and be relieved of the lien on the property owner’s property. A property owner may not pay the property owner’s entire balance under this subsection unless at the same time the property owner pays all interest due at the next interest paying period.

     (b) If a person who exercises the right to prepay the person’s assessment fully pays the assessment and interest, all interest and liability as to the assessed property ceases.

As added by P.L.98-1993, SEC.8.