FORECLOSURES: OCCUPANT RIGHTS

Amends the Code of Civil Procedure. Provides that in the case of a foreclosure, the landlord may terminate a tenancy established prior to the confirmation of sale only (i) at the end of the term of the lease agreement by written notice issued not earlier than 90 days prior to the end of the term of the lease; or (ii) in the case of a month to month or week to week tenancy, by 90 days' written notice. Provides that the entry of a judgment of foreclosure shall not terminate or otherwise affect the rights or interest of any occupant of a dwelling unit who has a lease or tenancy resulting from an arm's length transaction and who is not the mortgagor, whether or not the occupant has been made a party in the foreclosure. Provides that the holder of the certificate of sale, the holder of the deed issued pursuant to that certificate, or if no certificate or deed was issued, the purchaser at the sale shall: (i) assume the lease or tenancy of the mortgaged real estate resulting from an arm's length transaction entered into prior to the confirmation of sale; (ii) assume any federal, state, or local housing subsidy contract for the dwelling unit for the duration of the contract or the assumed lease, whichever is shorter; (iii) assume his or her interest in the mortgaged real estate subject to the rights of any occupant; and (iv) not terminate the occupancy or any occupant's tenancy except as otherwise provided in the Code. Provides that the purchaser who offers money or other valuable consideration to an occupant of a dwelling unit as an incentive to vacate the premises shall tender the offer in accordance with specified conditions. Makes corresponding changes. Effective immediately.