The ordinance levying assessments in a local improvement district or utility local improvement district shall prescribe the time within which assessments or installments shall be paid and the interest rate thereon. Installments of assessments which shall become due in any local improvement district or utility local improvement district of the city shall be delinquent if not paid when due. All delinquent installments shall bear a penalty of 12 percent of both the principal and interest due on such delinquent installment or installments. If any assessment installment shall become delinquent, the entire assessment shall become due and payable and the collection thereof may be enforced by foreclosure in the manner provided by the laws of the state; provided, however, that payment of all delinquent installments together with interest, penalty and costs at any time before entry of judgment in foreclosure shall extend the time of payment on the remainder of the assessment installments as if there had been no delinquency or foreclosure. (Ord. 390 § 1, 1982; Ord. 156 § 6, 1972).