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hardship for the owner or owners of the property to pay the special assessment installments as they become due. C. It shall be presumed that a hardship exists, if: (1) The annual assessment installment exceeds l% of the previous year's total adjusted gross incomes, for Federal Income Tax purposes, for all owners of the prop- erty; in no event shall "total adjusted gross income" include Social Security Benefits, Railroad Retirement Benefits, retirement benefits attributable to em- ployee contributions, disability benefits, personal injury awards or workmen's comp- ensation payments. (2) All owners of the property verify, under oath, that they meet the criteria for establishing a hardship by completing an application provided by the City or the County. D. In cases where exceptional and unusual circumstances exist, the City Council may determine that a hardship exists despite the fact that the minimum income requirements of Sections C. (1) are not met; such cases shall be decided by the Council on a case by case basis. 3. Interest. Ineterst shall be charged on any assess- ment deferred pursuant to this Resolution at a rate equal to the rate charged on other assessments for the particular public improvement project the assessment is financing. 4. Termination of Deferment. The option to defer the payment of special assessments pursuant to this Resolution shall terminate and all installment amounts previously defer- red, plus applicable interest, shall become due upon the occurrence of any of the following events: A. Request of property owner. B. Death of property owner 65 years of age or older, providing the surviving owner is otherwise not eligible for the deferral. C. Sale, transfer or subdivision of the property or any part thereof.