Island Creek Subdivision Homeowners Association, Inc

What Island Creek Subdivision Homeowners Association, Inc's governing documents say

This is a mortgage deed of trust for a single-family home in Island Creek Subdivision, not a community rulebook. It binds the borrower (homeowner) and the lender, and it primarily governs the loan, not the HOA's rules. If you're a homeowner or buyer, this document tells you about your mortgage obligations, not about community living.

• Loan terms & payment: The borrower owes $300,000 plus interest, with monthly payments and full payoff by February 1, 2056. Late charges and prepayment charges may apply.
• Escrow for taxes & insurance: The borrower must pay monthly escrow for taxes, insurance, and possibly HOA dues if the lender requires it. The lender may waive escrow, but then the borrower pays directly.
• Property insurance: The borrower must keep the home insured against fire, hazards, and other risks as the lender requires, and name the lender as mortgagee. If the borrower fails, the lender can buy insurance and charge the borrower.
• Occupancy requirement: The borrower must move in within 60 days and live there as their principal residence for at least one year, unless the lender agrees otherwise or there are extenuating circumstances.
• Maintenance & preservation: The borrower must maintain the property to prevent deterioration or value loss, and promptly repair damage. The lender can inspect the property with reasonable notice.
• Rent assignment: If the property is rented, the borrower assigns the rents to the lender. The borrower can collect rents until a default notice is given, then the lender can collect them directly.
• What this document doesn't cover: This is a mortgage document, not the HOA's covenants, conditions, and restrictions. It doesn't describe HOA rules, fees, amenities, or community standards. Those would be in a separate declaration or CCRs.

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.