FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * LEBOVITZ ALAN L. 2. Issuer Name and Ticker or Trading Symbol CBL & ASSOCIATES PROPERTIES INC [ CBL ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Executive VP - Management
(Last)         (First)         (Middle)
CBL CENTER, SUITE 500, 2030 HAMILTON PLACE BLVD.
3. Date of Earliest Transaction (MM/DD/YYYY)
9/9/2020
(Street)
CHATTANOOGA, TN 37421
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  9/9/2020    S    82899  D $.1798 (1) 201533.0741  D   
Common Stock  9/10/2020    S    18521.44 (2) D $.1932 (3) 183011.6341  D   
Common Stock                 52980  I (4)(5) By Trust 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
(1)  The shares [18,521] were sold in multiple transactions at prices ranging from $0.1790 to $0.1800, inclusive. The Reporting Person undertakes to provide to any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information already provided to the Issuer regarding the number of shares sold at each separate price within such range. Please submit any such request through the Issuer's Chief Legal Counsel, Jeffery V. Curry.
(2)  Fractional shares of .44 were previously disposed of on 8/11/2020 for cash.
(3)  The shares were sold in multiple transactions at prices ranging from $3.48 to $22.225, inclusive. The Reporting Person undertakes to provide to any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information already provided to the Issuer regarding the number of shares sold at each separate price within such range. Please submit any such request through the Issuer's Chief Legal Counsel, Jeffery V. Curry.
(4)  By Alan L. Lebovitz and Allison G. Lebovitz Irrevocable Trust U/A dated 3/24/2003, Michael I. Lebovitz, Trustee
(5)  The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LEBOVITZ ALAN L.
CBL CENTER, SUITE 500
2030 HAMILTON PLACE BLVD.
CHATTANOOGA, TN 37421


Executive VP - Management

Signatures
/s/ Jeffery V. Curry, attorney-in-fact for Alan Lebovitz 9/11/2020
**Signature of Reporting Person Date
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