Rivers Edge Plantation

What Rivers Edge Plantation's governing documents say

This is a Deed of Trust (mortgage) for a single lot in RiverSea Plantation, a subdivision in Supply, NC. It is a financing document, not a set of community rules. It binds the borrower (the trust that owns the lot) and the lender, not residents or homeowners generally.

• What this document is: This is a Deed of Trust (a type of mortgage) securing a loan of up to $63,560 (with a future advance limit of $95,340) on Lot 353 of RiverSea Plantation Phase 2. It is a security instrument, not a declaration of covenants or community rules.
• Who is bound: The borrower is the 353 RIVERSEA PLANTATION IRREVOCABLE TRUST (trustees Ronald and Ruth Berg). The lender is Carolina First Bank. The document does not impose rules on residents or homeowners.
• Property maintenance obligations: The borrower must keep the property in good condition, make necessary repairs, prevent waste, and keep it free of noxious weeds. The lender may inspect the property at reasonable times.
• Leasing and rents: The borrower assigns all leases and rents to the lender as additional security. The borrower may collect rents as long as no default occurs; upon default, rents must be held in trust for the lender.
• Restrictions on transfer: The lender may demand full payment if the property is sold or transferred (due-on-sale clause), or if there is a change in ownership of more than 25% of the trust's beneficial interest.
• Environmental restrictions: The borrower must not allow hazardous substances on the property (except small quantities for normal maintenance) and must comply with all environmental laws.
• What this document doesn't cover: This document does not contain community rules, architectural guidelines, pet restrictions, age restrictions, or any other typical HOA or condominium covenants. It is purely a financing instrument.

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.