An amendment to the ordinance addressing mortgagee and securitization trustee liability for vacant properties in Chicago (replacing the more onerous provisions of the ordinance that were passed by the Chicago City Council on July 28, 2011)1 recently became effective by unanimous vote of the Chicago City Council. In response to concerns raised by the servicing community, the amendments remove mortgagees, their assignees and agents from the definition of “owner” for the purposes of Section 13-12-125 (the provision setting forth the registration and maintenance standards for owners of vacant property). While mortgagee obligations have been removed from Section 13-12-125, the amendments set up a separate set of standards for compliance with registration and maintenance requirements for mortgagees of residential properties under Sections 13-12-126, -127 and -128 of the Municipal Code of Chicago. The amendments do not contain any registration or maintenance requirements for mortgages of commercial properties. This DechertOnPoint will provide a brief overview of the recently enacted requirements.
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