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MORTGAGE .
, . , .~l 23'7842
sell L. & Marie E. Herring~ 19~6 Allard Av_e~_Grosse Pointe `~loads~ Mich. ,~~-'.`3236
the mort~;agor. in consideration of the principal ,um specifieci in t-he pr~missory note hereafter described~ re-
~•~~i~•ed from OUTDOOR RESORTS OF AMERICA, INC., a corporation organized and existing. under the Laws
~~f the State of Tennessee, the Mortgagor, hereby on this 16th day of M~3L , 19.Z,
m~u•t~;ages to the Mortgagee the real property in St. Lucie County, Florida. described as: .
Lot No.~~I__in that certain condominium known as OUTDOOR~'
RESORTS OF AMERICA AT NETTLES ISLAND, as shown by plat
recorded in the Office of the Circuit Court in and for St. Lucie County,
Florida. in Plat Book 16. page 1:1A through 1J.
THIS IS A PURCHASE 1110NEY MORTGAGE
security for the payment of the promissoiy note of Hhich the follo~ving is a copy:
Installment Note and Disclosure Statement
~__~9.60 ~ y~ ~ pF~ St Luci
P__
Cot~nty , Florida
oui o~ a~?ss ~ n~r~wcw~ ~~o~++u.f~n• Mav 16th ls~
p~R9{MWT Tp CFIAPiER Il•134. 11~'(S OF 1l7L <
RO'~E~ P01~°J1~S
For Value Received, l~ppe omct~it~Rjnfi~•u~lh'~A+~~ to pay to the order of OUTDOOR ~tESORTS OF
:~~tERICA, INC.. P. O. Box 1116. Jensen Beach, Flor ida. 33457, or any other place as the holder hereof may
de~ignate in writing, the sum of _~u~~.~ Ni n2te___e~ (~+~+19.60 )~~~a~,
this s?~m beinb the Total of Paymerf~~ f n the Disclosure Statement below. which includes a FINANCE ti
;
('fIARGE on the amount financed, payable in equal consecutive monthly installments of
c______ _7~.66 each, and the first installment to become payable on the
1-s~day of July ,
, 19 _ 72, and one such installment to become due and payable on the- l~ t day of each succeeding month
~ U[1t1I t~IC Hhole of ~id indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash ;
~ hefore the fina! installment date, the unearned portion of the FI1~'ANCE CHAAGE shall be rebated under ~
the Rule of ?8's.
;
In the event of default in the due and punctual payment of any installment on this Note for a period of
thirty (30) days, or if any statement, representation or warranty in any application for the credit evidenced
t~~~ this Note is found to be untrue in any material respect, or in the event THE UNDERSIGNED. WITHOUT
THE PRIOR ~VRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBER (EXCEPT f
FOR ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN- ~
t'UMBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PERMIT 08 SUFFER ANY LIEN TO j
EIIST ON THE REAL PROPERTY PUftCHASED BY THE UNDERSIGNED AND FINANCED THBOUGH
THE CREDIT EVIDENCED BY THIS NOTE or in the event of the incompetency, insolvency (howsoever
e~•idenced) or bankruptcy of anyone or more of the undersigned, then the entire remaining indebtedness then ~
due shall become immediately due and pay able at the option of the holder hereof without demand, presentment
or notice of any kind. Any failure of holder to exercise said option shall not constitute a waiver of the right
to exercise the same at any other time.
Time is of the essence of this Note. In the event any installment is not paid when due or within ten
days thereafter. the holder may collect. and the undersigned agrees to pay a late charge on such installment in
~z an amount equal to 5'%~ of such instaUment or $5, whichever is less, and in the event this Note is collected by ~
~ law or through an attorney at law or under advice thereof, the undersigned agrees to pay all costa of collection. i
including reasonable attorney's fees and court costs to the extent permitted by Florida law.
~
The undersigned and all endorsers or other parties to this note jointly and severally transfer~ convey and
assign to the Holder a sufficient amount of such homestead or exemption as may be allowed~ including such
homestead or exemption as may be set apart in bankruptcy, to pay this note in full, with all costs of collection,
and do hereUy direct any trustee in bankruptcy having posses,ion of such homestead or exemptioit to deliver to
the Holder a sufficient amount of property or money set apart as exempt to pay the indebtedness evidenced
hereby, or any renewal thereof, and do hereby, jointly and se~•erally, appoint the Holder the attorney in fact~ for
each of them. to claim any and all homestead exemptions allo~+ed b~ law.
A first mortgage for the secu~ity ~ the ~floresaid indebtedness is retained Uy OUTDOOR RESORTS OF ;
AMERICA, INC., on Lot Na~~_inet~ia~cectam Condominium known as OUTDOOR ftESOBTS AT NETfLES 5
ISLAND, and on any improvements, fixtures or after acquired property added thereon, as shown by plat re- ~
corded in the Office of the Circuit Court in and for St. Lucie ('ounty, Florida, in Plat Book 16, page 1:1A ~
through 1J. . ~ ~~x~(]~ ~
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