Chicago City Council Amends Vacant Building Ordinance to Address Mortgage Lender Concerns

more+
less-

The Chicago City Council recently approved another amendment to its vacant building ordinance. Scheduled to take effect November 19, 2011, this amendment eliminates the requirement under a prior amendment that mortgagees secure vacant commercial buildings upon which they hold mortgages. Lenders holding mortgages on vacant residential properties still must register with the City and pay a fee; secure the building against entry; maintain the grounds, exterior and interior of the building; and insure the property against personal injury and property damage.

At least for commercial mortgage holders, however, the amendment removes the “double bind” imposed by the prior iteration of the ordinance. Commercial mortgage lenders will no longer have to weigh statutory compliance with maintenance and security obligations against Illinois law prohibiting access to mortgaged premises through self-help.

Please see full advisory below for more information

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Written by:

more+
less-

Katten Muchin Rosenman LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×