1907.02 DEFINITIONS.

   For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning. Words, terms and phrases and their derivatives used in this chapter which are not defined in this section shall have the meanings given to them in the Ohio Revised Code.

   (a)   "Default" means the mortgagor has not complied with the terms of the mortgage on the property, or the promissory note, or other evidence of debt, referred to in the mortgage.

   (b)   "Foreclosed Property" all real property in the legal process by which a mortgagee, or other lien holder, terminates or attempts to terminate a property owner's equitable right of redemption to obtain legal and equitable title to the real property pledged as security for a debt or the real property subject to the lien. The legal process is not concluded until the property obtained by the mortgagee, lien holder, or their designee, by certification of title or any other means, is sold to a non-related bonafide purchaser in an arm's length transaction to satisfy the debt or lien.

   (c)   "Mortgagee" means the creditor, including but not limited to, trustees; mortgage servicing companies; lenders in a mortgage agreement; any agent, servant, or employee of the creditor; any successor in interest; or any assignee of the creditor's rights, interests or obligations under the mortgage agreement; or any other person or entity with the legal right to foreclose on the real property, excluding governmental entities.

   (d)   "Registrable Property" means any real property located in the City, whether vacant or occupied, that is subject to an ongoing foreclosure action by the mortgagee or trustee has been the subject of a foreclosure action by a mortgagee or trustee and a judgement has been entered, 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. The designation of a "foreclosure" property as "registrable" shall remain in place until such times as the property is sold to a non-related bonafide purchaser in an arm's length transaction or the foreclosure action has been dismissed.

      (Ord. 2022-4-26. Passed 4-13-22.)