11A - 2ND READ ORD - CH 8 - Laserfiche WebLink

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A. Each beneficiary and trustee, who holds a deed of trust on a property located within the city, shall perform an inspection of the property that is security for the deed of trust upon default by the trustor prior to recording a notice of default or similar instrument with the Orange County Recorder's Office, and must comply with Civil Code section 2923.5, as amended from time to time. B. If such inspection shows that the property is abandoned, the owner, beneficiary or trustee shall, within ten (10) days of the inspection, register the property with the city's code enforcement division on forms provided by the city. C. If the property is occupied but distressed, the trustee and beneficiary or a designee shall inspect the property on a monthly basis until: The trustor or another party remedies the default; or 2. The property is found to be vacant or shows evidence of vacancy, deemed abandoned and registered subject to subsection B. D. The registration required pursuant to subsection B. shall contain the identity of the beneficiary and trustee, the direct mailing address (no postal box address), email address and phone number of the beneficiary and trustee and, in the case of a corporate or out of area beneficiary or trustee, the local property management company, if any, responsible for the security, maintenance and marketing of the property in question. E. The registration pursuant to subsection B. shall be renewed annually. F. This section shall also apply to properties that have been the subject of a foreclosure sale wherein title has been transferred to the beneficiary of a deed of trust involved in the foreclosure, and to any properties transferred under a deed in lieu of foreclosure. G. Properties subject to this chapter shall remain subject to the annual registration requirement, security and maintenance standards of this division as long as they remain vacant and/or abandoned. H. Any person, partnership, association, corporation, fiduciary or other legal entity that has registered a property under this chapter must make a written report to the city's code enforcement division of any change of information contained in the registration within ten (10) days of the change. I. If the mortgage on a registrable property is sold or transferred, the new mortgagee is subject to all the terms of this article and within five (5) days of the transfer must register the property and pay a registration fee in accordance with this article. Any previous unpaid annual registration fees are the responsibility of the new mortgagee or trustee and are due and payable with their initial registration. J. If the mortgagee owner of a foreclosed real property sells or transfers the property to a non -arm's length related person or entity, the transferee is subject to all the terms of this article and within five (5) days of the transfer must register the property and pay a registration fee in accordance with this article. Any previous unpaid Ordinance No. NS-XXXX Page 4 11 A-6