If the subdivider is required to construct off-site improvements on land in which neither the subdivider nor the City has sufficient title or interest to allow construction, the City shall, within 120 days of recording the final or parcel map, acquire the land by negotiation or commence condemnation, pursuant to Government Code Section 66462.5. If the City fails to meet the 120-day time period, the condition for the construction shall be waived; prior to approval of the final or parcel map, the City may require the subdivider to enter into a deferred improvement agreement to complete the off-site improvements at the time the City Council acquires title or an interest in the land. The subdivider shall pay the cost of acquiring off-site land or an interest in the land required to construct the off-site improvements.