The village shall maintain on its website at https://www.riverwoods.gov the address at which the village is to be mailed a notice of foreclosure by any party who initiates, by complaint or counterclaim, a foreclosure of residential real estate located in the village. Such party shall be obligated to send, by first class mail, postage prepaid, a notice of foreclosure to the village within ten (10) days after the foreclosure is initiated. The notice of foreclosure shall comply with the requirements of 735 Illinois Compiled Statutes 5/15-1503(a). Any party initiating, by complaint or counterclaim, a foreclosure of residential real estate located in the village, who shall fail to provide the village with the notice of foreclosure as required by the Illinois code of civil procedure and this section shall be subject to the penalty prescribed in section 4-7-16 of this chapter. (Ord. 10-12-25, 12-7-2010)