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<br />~ 253-2 <br /> <br />Definitions. <br /> <br />FORECLOSURE. The process through which a property, placed as security for a real estate <br />loan, is eventually sold at public sale to satisfy the debt if the borrower defaults. The foreclosure <br />process commences upon the occurrence of anyone of the following actions: (i) taking <br />possession of a residential property; (ii) delivering the mortgagee's notice of intention to <br />foreclose to the borrower; or (iii) commencing a foreclosure action on a property in Miami-Dade <br />County Circuit or County Court. <br /> <br />UNIT. Any single family residential property including a condominium, townhouse. or <br />apartment unit, or single family home. <br /> <br />V ACANT FORECLOSURE. Any unit that is in the foreclosure process and has been <br />unoccupied for sixty (60) or more consecutive calendar days. <br /> <br />~ 253-4 <br /> <br />Registration of vacant lot Lerbuilding or vacant foreclosure; fees. <br /> <br />The owner of a vacant lot/building or vacant foreclosure who knows, or from all the facts and <br />circumstances should know, that his or her lot / building or unit is or has become a "vacant lot <br />or building" or vacant foreclosure within the meaning of this chapter, after the effective date of <br />this chapter, or the owner of a lot / building or unit which the enforcement officer determines at <br />any time to be a "vacant lot or building" or vacant foreclosure shall take actions provided in this <br />chapter within 15 days after either the date of the enforcement officer's notice of determination <br />or occurrence of the facts which would cause a reasonable person to believe that the lot Lef <br />building or unit has become a vacant lot ef L building or vacant foreclosure. Registration does <br />not exonerate the owner from compliance with all applicable codes and ordinances, including <br />this chapter, nor does it preclude any of the actions the City is authorized to take pursuant to this <br />chapter or elsewhere in the City Code. The City shall confirm with the condominium association <br />to verify vacancy. <br /> <br />C. Vacant lot aH4 L building and vacant foreclosure registration fees. <br /> <br />(I). The owner of a vacant lot ef L building or vacant foreclosure shall pay a one time <br />registration fee of $1 00. The registration fee of $1 00 is due and payable upon registration; to wit, <br />no later than 30 days after any lot ef L building or unit becomes a vacant lot ef L building or <br />vacant foreclosure, as defined in this chapter, or no later than 30 days after being notified by an <br />enforcement officer of the requirement to register. <br /> <br />(2). If the lot ef L building or unit is to remain vacant or foreclosed in accordance with this <br />chapter, then the owner of a single-family residential lot or unit shall pay an annual vacant lot ef <br />L building or vacant foreclosure fee of $500 until the lot/building or unit is rehabilitated for <br />active use and is not in foreclosure. The owner of a multifamily/commercial lot shall pay an <br /> <br />Words added underlined. words ~ deleted (ed) <br /> <br />Page 2 01'4 <br />