Emorywood Orchards Homeowners Association Inc

What Emorywood Orchards Homeowners Association Inc's governing documents say

This is a construction deed of trust, not a community rulebook. It is a mortgage document that secures a construction loan for a single property at 521 Jerome Road, Durham, NC, and it binds the property owner (B Wallace Design & Construction LLC) and the lender (The Fidelity Bank). It does not govern a homeowners association or community.

• What this document is: A deed of trust (a type of mortgage) used to secure a construction loan, not a set of community rules. It gives the lender a lien on the property and assigns rents to the lender as security.
• Loan amounts: The initial loan amount is $58,500, but the maximum principal that can be secured at any time is $254,437, including future advances over a 30-year period.
• Property maintenance: The owner must keep the property in good condition, comply with environmental laws, and not create nuisances or waste. The lender can enter the property to inspect it.
• Insurance requirements: The owner must maintain fire and liability insurance, and flood insurance if in a flood zone, with the lender named as an insured.
• Default and foreclosure: If the owner fails to pay or violates the deed of trust, the lender can accelerate the loan, foreclose, or take possession and collect rents. The trustee's commission is 5% of the sale proceeds.
• What this document doesn't cover: This document does not contain any community rules, HOA regulations, or restrictions on residents. It only covers the lender's security interest in the 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.