(A) Any mortgagee who holds a mortgage on real property located within the village shall inspect the real property upon it being in default or defaulted by the mortgagor or prior to the issuance of a notice of default.
(B) Property inspected pursuant to division (A) above that remains in default shall be inspected every 30 days by the mortgagee or the mortgagee's designee. If an inspection shows a change in the real property's occupancy status the mortgagee shall, within ten days following that inspection, update the occupancy status of the real property on the registry.
(C) Within ten days of the date any mortgagee declares its mortgage to be in default, the mortgagee shall register the real property on the registry, and, at the time of registration, indicate whether the property is vacant, and if so shall designate in writing a property manager to inspect, maintain and secure the real property subject to the mortgage in default. A separate registration is required for each defaulted property.
(D) The initial registration shall contain the name, the mailing address, e-mail address, telephone number of the mortgagee and the mailing address, e-mail address and telephone number of the property manager.
(E) At the time of initial registration each registrant shall pay a non-refundable semi-annual registration fee of $300 for each defaulted property. Subsequent semi-annual registrations of defaulted properties and fees in the amount of $300 are due within ten days of the expiration of the previous registration. Said fees shall be used to offset the costs of:
(1) Registration and registration enforcement;
(2) Code enforcement and mitigation related to defaulted properties;
(3) For other expenses incurred by the village directly related to fulfilling the purpose and intent of this subchapter.
(F) Each real property that qualifies as registrable property on the effective date of this subchapter shall have 30 days to register and pay the $300 semi-annual registration fee.
(G) If the mortgage and/or servicing on a defaulted property is sold or transferred, the new mortgagee is subject to all the terms of this subchapter. Within ten days following the transfer, the new mortgagee shall register the defaulted property or update the existing registration. The previous mortgagee(s) shall not be released from the responsibility of paying all previous unpaid fees, fines and penalties accrued during that mortgagee's involvement with the defaulted property.
(H) If the mortgagee sells or transfers the defaulted property in a non-arm's length transaction to a related entity or person, the transferee is subject to all the terms of this subchapter. Within ten days of the transfer, the transferee shall register the defaulted property or update the existing registration. Any previous unpaid fees, fines and penalties, regardless of who the mortgagee was at the time registration was required, including but not limited to unregistered periods during the foreclosure process, are the responsibility of the transferee and are due with the updated registration. The previous mortgagee shall not be released from the responsibility of paying all unpaid fees, fines and penalties accrued during that mortgagee's involvement with the defaulted property.
(I) If the defaulted property is not registered, or the registration fee is not paid within 30 days of when the registration is required pursuant to this section, a late fee equivalent to 10% of the semi-annual registration fee shall be charged for every 30-day period, or portion thereof if the defaulted property is not registered and shall be due with the registration. This shall apply to the initial registration and registrations required for subsequent transferees, owners and mortgagees of the defaulted property.
(J) This section shall also apply to any real properties that have been the subject of a foreclosure sale where title is transferred to the mortgagee and any Real properties transferred to the mortgagee under a deed in lieu of foreclosure or by any other legal means.
(K) Real properties subject to this section shall remain subject to the semi-annual registration requirement, and the inspection, security, and maintenance standards of this section as long as the real property remains defaulted.
(L) Failure of the mortgagee and/or owner to register or to modify the registration to reflect a change of circumstances as required by this section is a violation of this section.
(M) If any real property is in violation of this section, the village may take any action to ensure compliance with this section and/or may place a lien on the real property for the cost of the outstanding obligation and any additional cost incurred to bring the real property into compliance with this section.
(N) Real properties registered under this section are not required to be registered pursuant to § 150.304 below.
(Ord. 2019-001, passed 3-20-19)