70-30-308. How payment made -- execution or annulment for nonpayment. (1) Payment may be made to the condemnee, or the money may be deposited in court for the condemnee and be distributed pursuant to the assessment or judgment. However, at the option of the condemnee, payments may be made:

(a) on an annual basis, using the installment contract method; or

(b) if other land is reasonably available and the condemnor consents, by means of a land exchange between the condemnee and condemnor if the land to be provided by the condemnor in the exchange is of equal or more value than the land being condemned.

(2) If the money is not paid or deposited, the condemnee may have execution as in civil cases, and if the money cannot be executed upon, the court, upon a showing to that effect, shall set aside and annul the entire proceedings and restore possession of the property to the condemnee if possession has been taken by the condemnor.