(1) Deferrals on payment of real property taxes granted under the terms of this part shall be terminated: Upon the death of the person to whom the deferral was granted and that person's surviving spouse if such spouse meets the terms and conditions of this chapter; or
(2) When the residence is sold.
(3) When such termination is by death, such taxes and interest shall be due and payable within eighteen (18) months of such termination or the settlement of the estate, whichever occurs first.
(4) When such termination occurs as a result of the sale of the property, all unpaid taxes and interest on the taxes shall become due and payable within sixty (60) days. A deed for the sale of such property shall not be accepted for recordation in the office of the county register of deeds until all taxes and interest have been paid.