In cases where the sale was made under the original assessment or any previous reassessment, with reference to such improvement, and the property was not redeemed from the sale, the purchaser at the sale is subrogated to the rights of the city with reference to the property upon such reassessment if the purchaser waives all penalties and interest, except such interest as may be provided for in the reassessment, and delivers up for cancellation any certificate or other evidence of sale. If a deed was issued at the sale, the grantee therein, his or her heirs, executors, administrators, successors or assigns, shall execute a deed of resale and quitclaim of all right, title and interest in the property under such sale to owner of the property and deliver the deed to the Recorder, so that the owner’s title may be cleared of the sale. The Recorder shall now act as escrow holder of such certificate or other evidence of sale and of such deed pending completion of the reassessment. If the reassessment is not completed, the evidence of sale and the deed shall be returned to the person delivering it. If the reassessment is completed, the certificate or other evidence of sale shall be canceled and placed on file in the office of City Recorder and the deed shall be delivered to the owner of the property specified therein. If any such purchasers, their heirs, executors, administrators, successors or assigns fail to comply with this section, they are not entitled to subrogation. In any event, the amount of the subrogation shall not exceed the amount which has been paid to the city on such sale, together with interest at the rate established under this subchapter from the date of sale until the date of payment. This amount is to be paid by the city to the purchasers, their heirs, executors, administrators, successors or assigns if and when the city collects the amount of the reassessment against the property.
(Prior Code, § 33.42) (Ord. 365, passed 4-14-1997)