Austin Pond Owners Association, Inc

What Austin Pond Owners Association, Inc's governing documents say

This is a mortgage deed of trust, not a community rulebook. It is a financing document that secures a loan on a single-family home at 215 St Jiles Drive in Clayton, NC, and it binds the borrower (the homeowner) and the lender. It does not describe HOA rules or community life.

• What this document is: This is a purchase-money deed of trust (a mortgage) for a single-family home, not an HOA or condo declaration. It defines the loan terms and the lender's rights if the borrower defaults.
• Loan amount & term: The loan is for $515,850, with monthly payments and full payoff due by March 1, 2056.
• Occupancy requirement: The borrower must move in within 60 days of signing and live there as their primary residence for at least one year, unless the lender agrees otherwise.
• Property maintenance: The borrower must keep the property in good condition and not let it deteriorate, and must repair damage promptly.
• Insurance & escrow: The borrower must maintain property insurance as required by the lender, and may be required to pay taxes, insurance, and HOA dues into an escrow account.
• Renting the property: If the borrower rents the property, the lender has the right to collect the rent if the borrower defaults on the loan.
• What this document doesn't cover: This document does not contain any community rules, pet policies, architectural guidelines, or other HOA restrictions. It only covers the mortgage agreement.

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.