1. The assessments are payable in ten (10) equal annual installments, with interest thereon at the rate of eight percent (8%) per annum, payable annually;

2. The installments shall be due and payable on or before the first day of September of each year following the date of the passage of the assessing ordinance;

3. The owner of any lot, piece or parcel of land shall have the right to pay the entire assessment without interest within thirty (30) days after the date of the publication of the assessing ordinance;

4. Upon failure to pay an installment the municipal clerk shall certify the delinquency to the county treasurer to be placed upon the delinquent tax list of the county for the current year; and

5. If installments are not paid when due, they shall bear interest at the rate of twelve percent (12%) per annum, and no earlier than July 1 and no later than July 10 of the following year, shall be certified to the county treasurer to be placed upon the delinquent list, and the property shall be sold to pay such delinquent assessment in the manner provided for the sale of property for delinquent taxes. Provided, that no such certification shall be made to the county treasurer unless the city or town clerk shall have sent a notice of the nature and amount of the assessment by restricted delivery mail on or before June 1 of said year to the last-known address of the owner of the assessed property.