(1)AR 051909 Distressed Properties

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M 4 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25' 26 27 28 "Secured" or "Securing" or any of its variants means such measures as may be directed by the Colton Police Department Code Enforcement Division that assist in rendering the property inaccessible to unauthorized persons, including, but not limited to, the repairing of fences and walls, chaining or pad -locking of gates, and the repair or boarding of door, window or other openings to a minimum of the current HUD securing standards at the time the boarding is completed or required. "Trustee" means the Person holding a Deed of Trust on a property. "Trustor" means a borrower under a Deed of Trust, who deeds the legal title to a property over to a Trustee as security for the payment of a debt. "Vacant" means a building or structure that is not legally occupied. 8.05.030. Recordation of Transfer of Loan/Deed of Trust/Assignment of Rents. Within ten (10) days following the purchase or transfer of a loan or any Deed of Trust secured by Abandoned or Distressed Property, the new Beneficiary and Trustee shall both record, with the San Bernardino County Recorder's Office, an Assignment of Rents that lists the names of the Beneficiary and Trustee, and the mailing address and contact phone number of the new Beneficiary and Trustee responsible for receiving payments associated with the Deed of Trust. 8.05.040. Registration Requirements. (a) Any Beneficiary and Trustee under a Deed of Trust, or their designee, on Abandoned Property located within the City of Colton shall perform an inspection of the property that is the security for the Deed of Trust, upon Default by the Trustor, prior to recording a Notice of Default with the San Bernardino County Recorder's Office. If the property is found to be Vacant or shows Evidence of Vacancy, the Beneficiary and Trustee shall, within ten (10) days following the inspection, register the property with Colton Police Department Code Enforcement Division on forms provided by the City. (b) Any Distressed Property shall be inspected by the Beneficiary and Trustee, or their designee, at least monthly until either: 1) the Trustor or other party remedies the Default, or 2) it is found to be Vacant or shows Evidence of Vacancy, at which time it is deemed Abandoned, and the Trustee shall, within ten (10) days following the required inspection, register the property with the Colton Police Department Code Enforcement Division on forms provided by the City. (c) The registration shall contain the names of the Beneficiary and Trustee, the street address of the Beneficiary and Trustee (no P. O. Boxes), a direct contact name, facsimile and phone numbers for the Beneficiary and Trustee and, in the case of an Out of Area Beneficiary or Trustee, the Local property management company responsible for the security, maintenance and marketing of the subject property. (d) At the time of registration, the Beneficiary and Trustee shall concurrently file a Statement of Intent which will include: 1) the expected period of vacancy; 2) a plan for regular maintenance during the period of vacancy; and 3) a timeline for the lawful occupancy, rehabilitation or demolition of the subject property. (e) An annual registration fee for the Beneficiary and Trustee shall accompany the registration form. Registration fees will not be prorated. The fee and registration shall be valid for