When a contract has been canceled under the provisions of this chapter, the purchaser or the purchaser’s heirs or assigns, during a period of one year from the date of such cancellation, may pay to the commissioner of university and school lands all past-due payments on principal and the amount of interest due and payable on the contract, together with all costs which have been incurred in addition thereto, and interest at the rate of four percent per annum on the interest and costs so due from the date of delinquency to the date of payment, and such payment operates as a redemption of the rights of such purchaser or the purchaser’s heirs or assigns, and such contract, from the time of such payment, is reinstated. As a part of such redemption, the purchaser shall pay taxes due or delinquent at the time of the redemption. When a redemption has been made from the cancellation of any contract, a certified copy of the resolution of the board of university and school lands rescinding the resolution of cancellation must be forwarded to the county auditor. A certified copy of such resolution may be recorded in the office of the recorder in the county in which such land is situated.