Jewel Acres Homeowners Assocation, Inc

What Jewel Acres Homeowners Assocation, Inc's governing documents say

This is a mortgage document (a Deed of Trust securing an equity line of credit) for a specific property in the Jewel Acres subdivision in Benson, NC. It is not a community rulebook; it binds the borrower (Adam W. King and Tonya King) and the lender (State Employees' Credit Union) regarding the loan, not residents or homeowners generally.

• What this document is: It's a North Carolina Deed of Trust securing a $95,000 equity line of credit on Lot 2 of Jewel Acres, recorded in Johnston County. It's a financing agreement, not a set of community rules.
• Loan terms & default: The borrower must repay the line of credit per the separate note. If payments are missed, the lender can foreclose after a 10-day cure period for payment defaults or 15 days after notice for other covenant breaches.
• Insurance & taxes: The borrower must keep the property insured for the lender's benefit and pay all property taxes and assessments within 30 days of due date. If they fail, the lender can pay and add the amounts to the loan.
• Transfer restrictions: The borrower cannot sell or transfer the property without the lender's consent, except for specific exceptions like a lease of 3 years or less, transfers to relatives upon death, or transfers to a spouse in divorce. Otherwise, the lender can demand full repayment.
• Property maintenance: The borrower must keep the property in good repair and not commit waste, and must comply with all government requirements.
• What this document doesn't cover: It does not contain any HOA rules, covenants, or restrictions for Jewel Acres. It only addresses the mortgage loan on this specific property.

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.