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the mortgagor~ in consideration of the principal sum specified in the promissory note hereafter described. re-
ceived from OUTDOOB RESORTS OF AMERICA, INC.~ a corporation organized and existing under the Laws
of the State of Tennessee. the Mortgagor, hereby on this 3~ -day of ~R' , 19 7 Z.
mortgages to~he Mortgagee the real property in St. Lucie County. Florida~ described as:
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Lot No. 3 in that certain condominium known as OUTDOOR
- RESORTS OF AMERICA AT NETTLES 1SLAND. 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 MONEY MORTGAGE
As security for the payment of the promissory note of which the following is a copy :
Installment Note and Disclosure Statement
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3~ ~/~'.~I~IQ~~ 19~~
For Value Received. I. we or either of us promise to pay to the order of OUTDOOR RESORTS OF
A~iERICA, INC., P. O. Box 1116, Jensen Beach, Flor ida, 33457, or any ~th~~ pl~as the holder hereof may
f_'-~t~~~:r_~' nin~ ':,,;~-'rn ~ "~irt~;-'-~Y ~1J_, 7'.
designate in writing, the sum of - ~ ~ ~ ' - ~ ~ ) Dollars,
this sum being the Total of Payments referred to in the Disclosure Statement below. which includes a FINANCE
CHARGE on the amount financed~ payable in equal consecutive monthly installments of
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S 2~'- . 31 each, and the first installment to become payable on the~-day of1~'.~/t-~ ~
19~~... and one such installment to become due and payable on the ~~day of each succeeding month
~ until the whole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
' t,efore the final installment date. the unearned portion of the FINANCE CH~iRGE shall be rebated under
~ the ftule of 78'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
by this Note is found to be untrue in any material respect~ or in the event THE UNDERSIGNED, WITHOUT
THE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBER (EXCEPT
FOR ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR .OTHEftWISE DISPOSE OF Oft EN-
CUMBER OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT OK SUFFER ANY LIEN TO
EXIST ON THE REAL PROPERTY PURCHASED BY THE i3NDEBSIGNED AND FINANCED THROUGH
THE CREDIT EVIDENCED BY THIS NOTE or in the event of the incompetency, insolvency (howsoever
evidenced) or bankruptcy of anyone or more of the undersigned, then the entire remaining indebtedness then
due shall become immediately due and payable 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
~ an amount equal to 5% of such installment 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 costs of collection.
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. com~ey 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 coata of collection.
and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to deliver to
the Nolder 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 severally, apaoint the H~lder the attorney in fact for
each of them, to claim a~:;~ and all homestead exemptions allowed by law.
A first mortgage for the urity of the aforesaid indebtednexs is retained by OUTDOOR RESORTS OF
AMER[CA, INC., on Lot No.~n that certain Condominium known as OUTDOOR RESORTS AT NETI'LES
1S[.AND, and on any improvements, Bxturea or atter acqui~c~l pri,perty ~dded thereon. sa ahown by plat re-
~•~~rded in the Oflke of the Circuit ('ourt in and ior St. I.ucie ('our.ty, F'brida~ in Plat Book 16, page 1:1A
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