Lenders holding mortgages on vacant property in the City of Chicago should be aware of a potential new obligation. The Chicago City Council recently passed an amendment to its vacant building ordinance that would impose on mortgagees some of the same obligations of the owner. Those obligations include: registering with the City and paying a fee; securing the building against entry; maintaining the grounds, exterior and interior of the building; and insuring the property against personal injury and property damage. Though principally motivated by concerns over vacant residential real estate, the amended ordinance applies to all vacant buildings.
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