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~,,,t~ ~ MORTGAGE
I ~ ~ _A ~ar~ ~:;~1 •~t- & LOtI? cn A. P~.? chal~l- (`?i~ ~ °i ~e)
the mortgagor, in consideration of the principal sum specified in the promissory note hereafter descriLed~ r~
cei~~ed from OUTDOOR RESORTS OF AMERICA. INC., a corporation organized and eaisting under the LaHs
of the State of Tennessee. the Mortgagor. hereby on this_J-2tr_day of ~ant~a r~~ , 19 7=i ,
mortgages't,~ the 111ortgagee the real property in St. Lucie County, Florida. described as:
Lot No.-1 I in that certain condominium known as OUTDOOft
RESORTS OF AMERICA AT NETTLES ISLAND, as shown by plat
recorded in the Ofi'ice of the Circuit Court in and for St. Lucie County.
~ Florida. in Flat Book 16, page 1:1A through 1J.
.
~ THIS IS A PUftCHASE MONEY MOftTGAGE
As security~for the payment of the promissory note of which the following is a copy:
~ Installment Note and Disclosure Statement
q 7, 955.52 St. Lucie County, , Florida
~ ~anuar~~ 12 lg 73
For Value Received. I. we or either of us prom ise to pay to the order of OVTDOOR BESORTS OF
~1tERICA, INC.. P. O. Box 1116. Jensen Beach, Flor ida, 33457, or ap other place as the holder hereof may
cle~i~nate in writing. the sum ofseven thousand, nine hun~r~~; ~~~ty-five 955.52 ~~~~ars,
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 96 equal consecutive monthly installments of
c_ 82.87 each, and the first installment to become payable on the lc} day of Anril ~
1~ 7'' , and one such installment to become due and payable on the-1 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
E~efore the final installment date, the unearned portion of the FINANCE CHAftGE shall be rebated under
the Rule 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 WftITTEN CONSENT OF THE HOLDER HEREOF. SHALL SELL, ENCUMBEB (EXCEPT
FOR ANY MO~tTGAGE WHICH 1S SECURITY FOft THIS NOTE) OR OTHEBWISE DISPOSE OF OR EN-
CUMBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PEKMIT OR SUFFER ANY LIEN TO
EXIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THAOUGH
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. Arry 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
" ~3ays 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, convey and
a.4sign 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 costa of collection,
and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption 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 severally, appoint the Holder the attorney in fact for
each of them, to c}sim ai:;~ and all homestead exemptions allowed by law.
A first mortgage for the security of the aforesaid indebtedness is retained by O•JTDOOR RESORTS OF
AMERICA, INC., on I.ot No.'' ~=in that certain Condominium known aa OUTDOOR RESORTS AT NEITLES
(SI.AND, and on any improvements, fixturea or after acquired prnperty added Wereon~ sa shown by plat re-
cord ~ in the Office of the Cireuit Court in and for St. Lucie County, c~;~i~ ,P1at~~o~~6, page 1:1A
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