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industrial complex on a single property containing one or more buildings where fifty (50%) percent of the gross leasable area is not occupied. Sec. 8-1984. - Duty to record instrument for property transfer. In order to ensure proper noticing regarding registration of abandoned, defaulted and/or vacant properties pursuant to this Article, within ten (10) days of a property transaction involving a change in the identity of an owner or the owner of record, or alternatively a transfer/assignment of a loan or deed of trust secured by such residential, industrial or commercial property, each beneficiary and trustee engaged in said transaction or transfer/assignment shall record, with the Orange County Recorder's Office, an instrument evidencing such transaction, transfer or assignment. This instrument shall reflect the identity, mailing address and telephone number of the trustee and beneficiary responsible for receiving payments associated with the loan or deed of trust in question. This duty/obligation shall be joint and several among and between all trustees and beneficiaries and their respective agents. Sec. 8-1985. - Registration. A. Each beneficiary and trustee, who holds a deed of trust on a property located within the city, shall perform an inspection of the property that is security for the deed of trust upon default by the trustor prior to recording a notice of default or similar instrument with the Orange County Recorder's Office, and must comply with Civil Code section 2923.5, as amended from time to time. B. If such inspection shows that the property is vacant or abandoned, the owner, beneficiary or trustee shall, within ten (10) days of the inspection, register the property with the city's code enforcement division on forms provided by the city. C. If the property is occupied but distressed, the trustee and beneficiary or a designee shall inspect the property on a monthly basis until: 1.The trustor or another party remedies the default; or 2.The property is found to be vacant or shows evidence of vacancy, deemed abandoned and registered subject to subsection B. D. The registration required pursuant to subsection B. shall contain the identity of the beneficiary and trustee, the direct mailing address (no postal box address), email address and phone number of the beneficiary and trustee and, in the case of a corporate or out of area beneficiary or trustee, the local property management company, if any, responsible for the security, maintenance and marketing of the property in question. E. The registration pursuant to subsection B. shall be renewed annually. F. This section shall also apply to properties that have been the subject of a Ordinance No. NS-2993 Page 7 of 17