Payment of purchase price

(1) The purchase price of the land assigned on registry under section 96 shall be an amount equal to fifty-five per cent of the market value of the land and improvements, if any, thereon, and shall be payable either in lump or in sixteen equal annual instalments. The assignment shall be made on payment of the purchase price either in lump or the first instalment thereof. (2) Where the purchase price is payable in instalments, the amount outstanding after payment of each instalment shall bear interest at the rate of 4½ per cent per annum. (3) All amounts due from an assignee shall be a first charge on the land assigned and shall be recoverable as arrears of land revenue under the Revenue Recovery Act for the time being in force.