(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 in question prior to recording a notice of default or similar instrument with the Riverside County Recorder’s Office. If the property is found to be vacant or shows evidence of vacancy, as defined by this chapter, it is hereby deemed to be abandoned.
(B) Within ten days of identification of any abandoned property, the beneficiary and trustee must register the property with the Police Department on specified forms.
(C) If the property is occupied but distressed, the trustee and beneficiary or a designee shall inspect the property on a monthly basis until:
(1) 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 rendered subject to § 95D.104(B).
(D) The registration pursuant to division (B) above shall contain the identity of the beneficiary and trustee, the direct mailing address 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 division (B) above shall be renewed annually.
(F) An annual registration fee, adopted in conformance with § 95D.108, shall accompany the submission of each registration form. The fee and registration shall be valid for one year from the date of registration. Registration fees will not be prorated.
(G) 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 or sale.
(H) Properties subject to this chapter shall remain subject to the annual registration requirement, security and maintenance standards of this chapter as long as they remain vacant.
(I) 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 Police Department of any change of information contained in the registration within ten days of the change.
(J) The duties/obligations specified in this section shall be joint and several among and between all trustees and beneficiaries and their respective agents.
(Ord. 1530, passed 3-5-08)