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' E
y,,,~. MORTGAG
' ce C: Smelinqs (his wife) ,
the mortg~gor. in consideration o the principal sum specified in the promissory note hereafter described. r~
cei~~ed from OUTDOOR RESORTS OF AMERICA, INC.. a corporation organized and existing under the Laws
of the State of Tennessee, the Mortgagor. hereby on this~_-day of Februarv 19 ~
mortgages to the Mortgagee the real property in St. Lucie County, Florida. described as: ~ ~n~~' ~
' ~ ~ i
Lot No.545~II in that certain condominium known as OUTDOOR Q~.+~~~
RESORTS OF AbiERICA AT NE'I"fLES ISLAND, as shown by plat ~
j ~'~`~,~~Sa` EJ" `
recorded in the Office of the ~ircuit Court in and for St. Lucie County ~\~tg"
Florida, in Plat Book 16, page 1:1A through 1J. `fi~+,~~~~~~
oYsS s
• THIS IS A PUftCHASE MONEY 1110RTGAGE ~ ~
t~s security for the payment of the promissory note of which the following is a copy ~`~c~ `t.~o
Installment Note ond Disclosure StatementQ~~~ ~
g 7, 604 . 40 S t. Luc ie Co$nt~_, ~orida
~ Februarv 2, lg 73 ;
For Value Received. I~ we or either of us promise to pay to the order of OUTDOOR RESORTS OF ;
~~1ERICA, INC.. P. O. Box 1116, Jensen Beach. Flor ida, 33457. or any other place as the holder hereof may ;
ciesi~nate in ~vriting, the sum of Seventy-six hundred, four & 40%100----~ 7, 604.40) Dollars, ;
t}~is sum being the Total of Payments referred to in the Disclosure Statement below. whi~h includes a FI~T~INCE
C~iARGE on the amount financed. payable in 60 equal consecutive monthly installments of
126.74 each~ and the first installment to become payable on the lst day of ~»*+p
~
1~} 73 ~ and one such installment to become due and payable on the` lst day of esch succeeding month
~~i~til the whole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
t~efore the final instaliment date~ the unearned portion of the FINANCE CHARGE 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
E thirty (30) days, or if any statement, representation or warranty in any application for the credit e~~idenced . ;
~ b~• this Note is found to be untrue in any material respect~ or in the event THE UNDERSIGNED. WITHOIJT
~ THE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBEB (EXCEPT ~
FOR ANY MOATGAGE WHICH 1S SECURTTY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN- ~
CUriBEft OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT O~t SUFFER ANY LIEN TO }
EXIST ON THE REAL PROPERTY PURCHASED BY THE UI~TDERSIGNED 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 e~~ent 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 eciual to 5 J of such instaUment or $5. whichever is less, and in the event t is Note is collected by !
l~,«~ oi• through an attorney at law or uncier advice thereof, the undersigned agrees to pa fcosts of collection, ~
,
i~ic~uding reasonahle 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 severaliy transfer, com~ey and =
;
:~~sign to the Holder a suf~'icient amount of such homestead or exemption as may be allowed, including such ;
~ h.-,rnestead or exemption as may be set apart in bankruptcy, to pay this note in full. with all costs of collection, £
nd do hereby direct any trustee in bankruptcy having pussession of such homestead or exemption to deliver to
~ the Holder a suf~'icient amount of property or money set apart as exempt to pay the indebtedness e~idenced
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~ hereby, or any renewal thereof, and do hereby, jointly and severally, appoint the Holder the attorney in faet for
e<<ch of them, to claim a~:~? and all homestead exemptions allo~~•ed Uy la~.
A first mortgage for the security of the aforesaid indebteclness is retained by OUTDOOR RESORTS OF
:~~IERICA, INC., on Lot No.545/I~ that certain Condominium known aa OUTDOOR RESORTS AT NETTLFS
~ ISLA~'I)~ and on any improvements, fixtures or after acquired property added thereon~ as shown by plat re-
~ cor~ecl in the OtTice of the Circuit Court in and for St. Lucie County. Florida. in Plat Book 16, page 1:1A
~ tnrough 1.I.
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