13-12-128 Termination.

   (a)   For purposes of this section the terms “mortgage”, “mortgagee”, and “vacant” shall be defined as provided in Section 13-12-126(e).

   (b)   Upon the occurrence of any of the following, the requirements of Sections 13-12-126 and 13-12-127 shall terminate with respect to a mortgagee:

      (1)   recorded assignment of the mortgagee's mortgage;

      (2)   recorded satisfaction or release of the mortgagee's mortgage;

   (c)   Upon the occurrence of any of the following, the requirements of Sections 13-12-126 and 13-12-127 shall terminate with respect to a building:

      (1)   recorded conveyance of title to the underlying real estate, pursuant to foreclosure proceedings or otherwise:

      (2)   the building ceases to be vacant; or

      (3)   the building is demolished with all permits required by this Code.

   (d)   Within 20 days of termination pursuant to this section, a mortgagee shall notify the department of buildings on a form provided by the department of buildings for such purpose.

(Added Coun. J. 11-2-11, p. 11801, § 2)