Any person, firm, corporation, or limited liability company taking advantage of the provisions of this chapter, within sixty days after the amount to be paid for the easement acquired thereunder finally is determined, by agreement or by proceedings in court, shall commence the erection of the warehouse or elevator stated in the application referred to in section 60-06-02 and shall complete the same within ninety days thereafter. In case of failure to comply with the provisions of this section, such person, firm, corporation, or limited liability company shall be deemed to have abandoned the right, privilege, and easement acquired, and the part or portion of the railroad right of way described in the application shall be subject to selection by other applicants who may desire to avail themselves of the provisions of this chapter.