75A - PH AMENDING CH. 8 OF MUNI CODE

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"Neighborhood standard" means the condition of real property that prevails in and through the neighborhood where an abandoned building, structure or real property is located. When determining the neighborhood standard no abandoned or distressed building, structure or real property shall be considered. "Notice of default" means a recorded instrument that reflects and provides notice that a default has occurred under a deed of trust, and that the beneficiary intends to proceed with a trustee's sale. "Notice of trustee's sale" means a document prepared and recorded by the trustee that sets forth the day, date and time of the trustee's sale, describes the property to be sold, and gives an estimate for the unpaid debt on the deed of trust secured by the property. "Out of area" means in excess of forty (40) road or driving miles of the subject building, structure or real property. "Owner" means any person, partnership, association, corporation, fiduciary or other legal entity having a legal or equitable title or any interest in real property. "Owner of record" means any person shown as the owner of land on the last equalized assessment roll produced by the Orange County Recorder's Office. "Property" means any unimproved or improved real property designed or permitted to be used for commercial, industrial, residential or dwelling purposes, or portion thereof, including but not limited to building or structures located on said real property, regardless of condition. "Registrable property" means any real property located in the city, whether vacant or occupied, that is encumbered by a mortgage in default, is subject to an ongoing foreclosure action by the mortgagee or trustee, is subject to an application for a tax deed or pending tax assessor's lien sale, or has been the subject of a foreclosure sale where the title was transferred to the beneficiary of a mortgage involved in the foreclosure and any properties transferred under a deed in lieu of foreclosure/sale. "Registrable property" shall also refer to vacant property, whether residential, commercial, industrial or historic, subject to the property registration guidelines discussed below. The designation of a "default/foreclosure" property as "registrable" shall remain in place until such time as the property is sold to a non -related bona fide purchaser in an arm's length transaction or the foreclosure action has been dismissed and any default on the mortgage has been cured. "Residential building" means any improved real property, or portion thereof, designed or permitted to be used for dwelling purposes, including buildings and structures located on such improved real property. This includes any real property being offered under any circumstances for sale, trade, transfer, or exchange as "residential," whether or not said property is legally permitted and zoned for such use. Ordinance No. NS-XXXX Page 5 of 16 75A-10