§ 1108.2.

EXEMPTION; DEEDS IN LIEU OF FORECLOSURE, ETC

Any tax imposed pursuant to this ordinance shall not apply with respect to any deed, instrument, or writing to a beneficiary or mortgagee, which is taken from the mortgagor, trustor or trustee, as a result of or in lieu of foreclosure; provided, that such tax shall apply to the extent that the consideration exceeds the unpaid debt, including accrued interest and cost of foreclosure. Consideration, unpaid debt amount and identification of grantee as beneficiary or mortgagee shall be noted on said deed, instrument or writing or stated in an affidavit for tax purposes.

History

(Ord. 315-67, App. 12/12/67; amended by Ord. 352-84, App. 8/8/84; Ord. 377-84, App. 8/31/84)

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