North Tech 120 Condominium Association Inc

What North Tech 120 Condominium Association Inc's governing documents say

This is a commercial deed of trust (a mortgage/security instrument) recorded in Johnston County, NC, not a set of community rules. It secures a loan from KS Bank Inc. against multiple properties, including a lot in North Tech Park (Clayton, NC), a lot in Laneridge Subdivision (Wake County), and a lot in Windsor Green Estates (Clayton, NC). It binds the borrower/grantor (North Tech 120, LLC and individuals) to the lender, not residents or homeowners.

• What this document is: This is a real estate deed of trust (a loan security document) filed in 2005, not a condominium declaration or HOA rulebook. It gives the lender a lien on the properties and rights to foreclose if the borrower defaults.
• Who it binds: It binds the grantors (North Tech 120, LLC and individuals Kyle Reichenbach, Jeffrey Hayes, and others) to the lender (KS Bank Inc.). It does not create rules for residents or unit owners.
• Loan terms: The maximum principal secured is $1,080,000. The borrower must make payments on the debt, keep the property insured, pay taxes, and comply with all laws and restrictions.
• Property use restrictions: The borrower cannot change the use of the property or make major alterations without the lender's written consent. The borrower must also comply with any existing covenants, including those of any condominium or planned unit development.
• Leasing and rents: The borrower assigns leases and rents to the lender as additional security. The borrower can collect rents as long as no default, but cannot modify leases or collect future rents in advance without lender consent.
• What this document doesn't cover: It does not contain community rules about pets, leasing terms, age restrictions, or assessments. Those would be in a separate declaration or HOA bylaws, which are not included here.

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.