§ 3.24.090. Exemptions—Instruments in lieu of foreclosure.

A.

The tax imposed pursuant to this chapter shall not apply to any deed, instrument or writing to a beneficiary or mortgagee, which is taken from the mortgagor or trustee as a result of, or in lieu of, foreclosure; provided, that the tax shall apply to the extent that the consideration exceeds the unpaid debt, including the accrued interest and cost of foreclosure.

B.

Consideration, unpaid debt amount, and identification of grantee as beneficiary or mortgagee shall be noted on the deed, instrument or writing, or stated in an affidavit or declaration under penalty of perjury.

(Ord. No. 1362, § 1, 9-20-2011; Ord. No. 1399, § 8, 3-24-2015)