Newly Amended Vacant Building Ordinance Imposes Greater Obligations on Mortgage Lenders


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.

Please see full article 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:


Katten Muchin Rosenman LLP on:

Popular Topics
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*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*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. Or, sign up using your email address.