Any tax imposed pursuant to this chapter shall not apply with respect to any deed, instrument or writing to a beneficiary or mortgagee, which is taken for the mortgagor or trustor as a result of or in lieu of foreclosure; provided that, the tax shall apply to the extent that the consideration exceeds the unpaid debt, including accrued interest and cost of foreclosure. Consideration, unpaid debt amount and identification of the grantee as beneficiary or mortgagee, shall be noted on each deed, instrument or writing or stated in the affidavit or declaration under penalty of perjury for tax purposes.
(Ord. 2008-02, passed 10-1-2008)