(Amended by Ord. No. 187,627, Eff. 10/24/22.)
The following words and phrases, whenever used in this article, shall be construed as defined in this section unless the context within an individual section clearly indicates otherwise. Words and phrases not defined here shall be construed as defined in Sections 12.03, 12.20.3, 91.8901, et seq., and 98.0702, et seq.,of this Code.
A. “Abandoned” means any building, structure or real property that is vacant or occupied by a person or persons without a legal right of occupancy.
B. “Assignment of deed of trust” and/or “assignment of rents” means an instrument that transfers the beneficial interest under a deed of trust from one lender/entity to another.
C. “Beneficiary” means a lender or entity holding, owning, participating in, or otherwise having an interest in the proceeds of a loan represented by a note secured by a deed of trust, including as applicable, the holders of credit instruments issued under a trust indenture, pooling and servicing agreement, mortgage, or deed of trust pursuant to which such holders act by and through a trustee therein named.
D. “Days” means consecutive calendar days.
E. “Deed in lieu of foreclosure and/or sale” means a recorded document that transfers ownership of a property from the trustor to the holder of a deed of trust upon consent of the beneficiary of the deed of trust, without completion of a foreclosure proceeding.
F. “Deed of trust” means an instrument by which title to real estate is transferred to a third party trustee as security for a real estate loan. This definition applies to all deeds of trust regardless of priority.
G. “Default” means the failure to fulfill a contractual obligation, monetary or nonmonetary.
H. “Evidence of occupancy” means any condition that on its own or combined with other conditions would lead a reasonable person to believe that the property is legally occupied. Such conditions include, but are not limited to, secured/locked structures; active utility services; the absence of overgrown and/or dead vegetation; the absence of an accumulation of newspapers, circulars, flyers and/or mail; the presence of window coverings such as curtains, blinds, and/or shutters; the presence of furnishings and/or personal items consistent with residential habitation; statements by neighbors, delivery agents or government employees that the property is legally occupied; or actual contact with occupants.
I. “Evidence of vacancy” means any condition that on its own or combined with other conditions would lead a reasonable person to believe that the property is vacant. Such conditions include, but are not limited to, overgrown and/or dead vegetation; accumulation of newspapers, circulars, flyers and/or mail; past due utility notices and/or disconnected utilities; accumulation of trash, junk, and/or debris; the absence of window coverings such as curtains, blinds, and/or shutters; the absence of furnishings and/or personal items consistent with residential habitation; and statements by neighbors, delivery agents or government employees that the property is vacant.
J. “Foreclosed” or “foreclosed property” means a property that was the subject of a foreclosure sale where the title was transferred to the beneficiary or the trustee of a deed of trust involved in the foreclosure or transferred under a deed in lieu of foreclosure and/or sale, and for which the trustee’s deed upon sale or deed in lieu of foreclosure and/or sale has been recorded.
K. “Foreclosure” means the process by which a property, placed as security for a real estate loan, is sold to satisfy the debt of the defaulting trustor, including a transfer by deed in lieu of foreclosure and/or sale.
L. “Individual lender” means a natural person who is a beneficiary of a deed of trust.
M. “Inspection” means a physical investigation by a beneficiary and/or trustee at a property to obtain evidence of occupancy or vacancy, to assess the physical condition of the property and to verify compliance with this article and any other applicable code or law.
N. “Local” means within 100 road/driving miles distance of the subject property.
O. “Notice of default” means a recorded notice that a default has occurred under a deed of trust.
P. “Occupied” means the lawful habitation of the property by trustor or tenants.
Q. “Out of area” means in excess of 100 road/driving miles distance of the subject property.
R. “Property” means any unimproved or improved residential real property, or portion thereof, situated in the City of Los Angeles, including the buildings, structures or other improvements located on the property regardless of condition.
S. “Property in foreclosure” means any property upon which a notice of default has been issued by a lender, mortgagee or beneficiary of any deed of trust.
T. “Real Estate Owned Property” or “REO property” means a property that was the subject of a foreclosure sale where the title was transferred to the beneficiary involved in the foreclosure or where the title was transferred to the beneficiary under a deed in lieu of foreclosure and/or sale.
U. “Trustee” means the person, firm, entity or corporation holding a deed of trust on a property.
V. “Trustor” means a borrower under a deed of trust, who deeds property to a trustee as security for the payment of a debt.