(a) Except as otherwise provided in section 155.07 of this Chapter, any mortgagee who holds a mortgage on specified property upon which a notice of default event has taken place shall inspect that property or cause it to be inspected in accordance with this Section. If the inspection reveals that the property is not being occupied by the mortgagor or by persons with the mortgagor’s consent, the mortgagee shall register the property on forms to be provided by the city. In connection with that registration, the mortgagee shall also designate in writing a property manager to inspect, maintain and secure the property. A separate inspection, registration and designation is required for each specified property.
(b) Mortgagees have a duty to maintain the registration current, update it as necessary and re-register annually so long as the property remains a specified property.
(c) Registration pursuant to subsection (a) of this Section shall contain, at a minimum, the following information:
(1) The name and mailing address of the mortgagee and the physical address of the mortgagee if the mailing address is a post office box.
(2) A contact name and phone number for purposes of contacting the mortgagee.
(3) The name, address and phone number of the property manager.
(4) The current disposition and occupancy status of the property.
(d) Any property manager designated pursuant to this section must be located within Arizona and must be:
(1) A duly-licensed property management company or property preservation company;
(2) A department or section of a mortgagee that is devoted to property management or preservation; or
(3) A service provider specifically employed by a mortgagee to provide property management or preservation within the city.
(e) The obligations listed in subsection (a) of this Section must be fulfilled within the time frames set forth below:
(1) The property inspection must occur no later than fifteen calendar days following the notice of default event regarding the property.
(2) The property registration and designation of a property manager must occur no later than ten calendar days after the inspection.
(f) With respect to each specified property, the mortgagee and its designated property manager shall be responsible for inspecting and maintaining the property on a monthly basis until the parcel no longer qualifies under the definition of specified property.
(Ord. 2015-009, passed 12-17-15)