(A) In accordance with § 151.42, a receiver may be appointed by a court of competent jurisdiction relative to the unsafe premises, subject to the following:
(1) The purpose of receivership must be to take possession of the unsafe premises for a period of time sufficient to accomplish and pay for repairs and improvements;
(2) The receiver may be a not-for-profit corporation whose primary purpose is the improvement of housing conditions in Porter County, Indiana or be any other capable person residing in Porter County, Indiana;
(3) Notwithstanding any prior assignment of rents and other income of the unsafe premises, the receiver shall collect and use the rents and other income of the unsafe premises to repair or remove the defects as required by the order and may, upon approval of the court, make repairs and improvements in addition to those specified in the order or required by the applicable statutes, ordinances, codes or regulations;
(4) The receiver shall have the power to make any contracts and do all things necessary to accomplish the repair and improvement of the unsafe premises;
(5) The court may, after a hearing, authorize the receiver to obtain money needed to accomplish the repairs and improvements by the issuance and sale of notes or receiver’s certificates to the receiver or any other person or party bearing interest fixed by the court. The notes and certificates shall be a first lien upon the unsafe building and real estate on which the unsafe building is located and on the rents and income thereof and shall be superior to all existing assignments of rents, liens, mortgages or other encumbrances on the property except taxes, provided that within 60 days following the sale or transfer for value of the notes by the receiver, the holder thereof shall file notice in the Porter County Recorder’s office which shall contain the following information:
(a) The legal description of the tract of real estate on which the unsafe building is located;
(b) The face amount and interest rate of the note or certificate;
(c) The date when the note or certificate was sold or transferred by the receiver; and
(d) The date of maturity.
(B) Upon payment to the holder of the receiver’s note or certificate of the face amount and interest, and upon filing in the Recorder’s office of Porter County a sworn statement of payment, the lien of that note or certificate shall be released. Upon failure of payment, the lien may be enforced by proceedings to foreclose in the manner prescribed for mechanic’s lien or mortgages. However, such suit must be commenced within two years after the date of default. The receiver shall be entitled to the same fees, commission and necessary expenses as are receivers in actions to foreclose mortgages and the fees, commission and expenses shall be paid out of the rents and income of the property in receivership.
(`77 Code, § 66.17) (Am. Ord. 1997-4, passed 3-17-97)