Grovewood Homeowners Assoc Inc

What Grovewood Homeowners Assoc Inc's governing documents say

This is a mortgage deed of trust for a single-family home in the Grovewood community, not a set of HOA rules. It's a legal agreement between the borrower and lender (Wells Fargo) that secures the loan with the property. It tells you about the lender's rights and the borrower's obligations regarding the mortgage, not about community living.

• What this document is: This is a mortgage/deed of trust, not an HOA rulebook. It governs the loan on the property at 1261 Grovewood Dr, Clayton, NC, and does not describe community rules or amenities.
• Loan terms: The loan is for $170,000, with monthly payments and full payoff due by February 1, 2056. The borrower must occupy the home as their principal residence within 60 days and keep it as such for at least one year.
• Property maintenance: The borrower must maintain the property to prevent deterioration and must repair damage promptly. The lender can inspect the property, including the interior, with notice.
• Insurance and escrow: The borrower must keep the property insured against hazards as the lender requires, and may be required to pay escrow for taxes, insurance, and HOA dues if the lender demands it.
• Rent and assignment: If the property is rented, the borrower assigns the rent to the lender upon default. The borrower cannot collect rent more than one month in advance.
• What this document doesn't cover: This document does not contain any HOA rules, such as pet restrictions, leasing rules, architectural guidelines, or community fees. Those would be in a separate declaration or 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.