(1) The owners of property to be assessed within an assessment area may waive:
(a) the prepayment period under Subsection 11-42-411(6);
(b) a procedure that a local entity is required to follow to:
(i) designate an assessment area; or
(ii) levy an assessment; or
(c) a period to contest a local entity action.
(2) Each waiver under this section shall:
(a) be in writing;
(b) be signed by all the owners of property to be assessed within the assessment area;
(c) describe the prepayment period, procedure, or contest period being waived;
(d) state that the owners waive the prepayment period, procedure, or contest period; and
(e) state that the owners consent to the local entity taking the required action to waive the prepayment period, procedure, or contest period.