§ 13-12-128

Termination

a.

For purposes of this section the terms “mortgage”, “mortgagee”, and “vacantshall be defined as provided in Section 13-12-126(e).

b.

Upon the occurrence of any of the following, the requirements of Sections 13-12-126 and 13-12-127 shall terminate with respect to a mortgagee:

1.

recorded assignment of the mortgagee’s mortgage;

2.

recorded satisfaction or release of the mortgagee’s mortgage;

c.

Upon the occurrence of any of the following, the requirements of Sections 13-12-126 and 13-12-127 shall terminate with respect to a building:

1.

recorded conveyance of title to the underlying real estate, pursuant to foreclosure proceedings or otherwise:

2.

the building ceases to be vacant; or

3.

the building is demolished with all permits required by this Code.

d.

Within 20 days of termination pursuant to this section, a mortgagee shall notify the department of buildings on a form provided by the department of buildings for such purpose.

(Added Coun. J. 11-2-11, p. 11801, § 2)

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