§ 26-92. Installment payment of liens.

(a)

Liens on owner-occupied residential premises may be satisfied as set forth in section 26-91 or, in installment payments, as follows:

(1)

By payment, within 30 days after the perfection of the lien of 25 percent of the total lien amount; and

(2)

By paying the remaining balance due on the lien, together with interest at the rate of seven percent per annum, in three equal annual payments, each of which shall become due and payable on the anniversary date of the initial payment as herein prescribed.

(b)

Should the property upon which the lien is to be perfected be sold, transferred or conveyed by the owners or parties in interest at any time prior to the termination of the three-year period, then the entire balance due on the lien shall be due and payable to the city.

(c)

Should the lien or any portion thereof remain unpaid three years from the date of its filing, the city may enforce collection of the amount due as provided in O.C.G.A. § 48-5-358, the provisions of which are adopted by reference, or by other applicable state law providing for the foreclosure of liens on real estate.

(d)

Liens pursuant to this article shall be subject to the right of redemption by any person having any right, title, or interest in or lien upon the affected property, as required by law.

(Code 1979, ch. 44, art. II, § 5)