(1) The owner, or his or her heir or assign, shall have the right, on presentation of the certificate of title or right to burial to the city or cemetery maintenance district, to conveyance of any lot or parcel that has reverted to the city or cemetery maintenance district, if the lot or parcel has not been resold. If such lot or parcel has been resold, said owner, or his or her heir or assign, shall have the right, at the option of the city or cemetery maintenance district, to: Receive a right to burial in another lot or parcel; or
(2) Be compensated for the lot or parcel at the reasonable value of the lot or parcel as of the date the certificate is presented to the city or cemetery maintenance district.