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the mortgagoi•, in consi eration of the principal sum specifi in the promissory note hereAfter described, re-
r~~i~•ed from OUTDOOR RESORTS OF AMERICA, INC.. a co tion organized and exi$ting under the Laws
uf the State of Tennessee~ the Mortgagor. hereby on this-~Qz~day of-.-s~ 19~,.
mortgages to the Mortgagee the real property in St. Lucie up~~lor;d~ described as: ~ ~
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Lot No. in that certain c dominiu r~
i~"known as O U
T D O O R -~*`~~~r1~ ~a>>'
RESORTS
O~~~ERICA AT NETfLES ISLAND, as shown by plat ~ ~~'~L~1y~
recorded in the Of~'ice of the Cireuit Court in and for St. Lucie County, P`' d~. ~
~ Florida. in Plat Book 16. page 1:1A through 1J. ~1~~~~c~
THIS IS A PURCHASE 11iONEY MOftTGA(=E ,~c=`~.j,,~~;,~~~~~,t.`~.~t1
a, security~ for the payment of the promissory note of which the following is a cop~,~~~;:~~} ~=L
Installment Note and Disciosure Statemen~~
/ • L i ' Q - , Florida
~~IDS~•~D !
~`~S' 19~-~
For Value Received, I. w•e or either of us promise to pay to the order .of OUTDOOR ftESORTS OF
~~IERI('A. INC.. P. O. Box 1116, Jensen Beach, Flor ida. 33457, or any other place as the holder hereof may
cle<i~*nate in ~vritin~, the sum o~N~~~'n •~~d ~ d a~ ~~1 D°llars~
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tni. sum being the Total of Payments referred to in the Disclosure Statement Uelow, which includes a FINANCE
t'FiARGE on the amount financed. payable ir~-~~ equal consecutivr monthly installments of
_~~b •
7~each, and the first installment to become payable on th~ day of ,
i i and one such installment to become due and payable on the- ~ S! day of each succeeding month
~mtil the whole of said indebtedness (Total of Paymehts) is paid. -In the event of prepayment in full by cash
?,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
tt~irty (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 VVRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELI.. ENCUMBER (EXCEPT
FOR ANY MORTGAGE WHICH 15 SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
CUMBER OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT OR SUFFEB ANY LIEN TO
E.l"IST ON THE REAL PROPERTY PUBCHASED BY THE UNDE,.~IGNED AND FINANCED THROUGH
~ T~IE 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
ciue shall become immediately due and payable at the option of the holder hereof without demand, presentment
c~r 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 ~n such installment in
an amount equal to 5 J 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 reaeonable attorncy's fees and court costs to the extent permitted by Florida law.
s The un~ersigned and all endorsers or other parties to this note-jointly and severally transfer. convey and ~
assign to the- Holder a suflicient 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 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 anq renewal thereof, and do hereby, jointly and severally, appoint the Holder the attorney in fact for
each of them, to claim ai and all homestead exemptions allo~ ed by laK .
A first mortgage for the security of the aforesaid indebtedness is retainecl by OUTDOOR ftESORTS OF
A`tERICA, INC., on Lot No.~~~n that certain Condominium known as OUTDOOR RESORTS AT NET'I'LES ~
ISI,AND. and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
c~>rded in the Oflice of the Circuit Court in and for St. Lucie County, Florida, in Plat Book 16, page 1:1A ~
through 1J.
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~o~x 214 ~A~E 87? .Z
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