North Farm Community Association Inc

What North Farm Community Association Inc's governing documents say

This is a mortgage deed of trust for a single-family home at 43 Westcote Ln, Clayton, NC, not a community rulebook. It is a financing document that binds the borrower (homeowner) to the lender, not a set of HOA or condo rules. If you are a homeowner, this document explains your mortgage obligations; if you are a buyer or renter, it does not describe community living rules.

• What this document is: This is a deed of trust securing a $316,340 mortgage loan on a specific property, not a community association's governing rules. It defines the borrower's obligations to the lender and the lender's rights if the borrower defaults.
• Occupancy requirement: The borrower must occupy the property as their principal residence within 60 days of signing and continue to live there for at least one year, unless the lender agrees otherwise or there are extenuating circumstances.
• Property maintenance: The borrower must not damage or let the property deteriorate, and must keep it in good condition to protect its value. The lender may inspect the property with reasonable notice.
• Insurance and escrow: The borrower must maintain property insurance as required by the lender, and may be required to pay monthly escrow for taxes, insurance, and other items. The lender can force-place insurance if the borrower fails to maintain coverage.
• Leasing and rents: If the property is rented, the borrower assigns the right to collect rents to the lender upon default. The borrower cannot collect more than one month's rent in advance, except for security deposits.
• What this document doesn't cover: This document does not contain any community rules, such as pet restrictions, architectural guidelines, or HOA fees. It is a mortgage document, not a declaration of covenants, conditions, and restrictions (CC&Rs).

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.