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a~ ~ MO RTGAG E - 2bZ00'7
Sddie_ and Edythe L. II ~S.b,,~_~~ P B _ Sherm~n Teass
the mor£~gagoi•~ in consideration o# the principa sum specified in the promissory note herea ter dcscril?ed. re-
~•ei~ ed fmm OUTDOOR RESORTS OF AMERICA, INC., a corporation organized and existing under the Laws
of the State of Tennessee, the Mortgagor, hereby on this 13t.^day of_ ~1"Ch ,~g~~,
mortg~ges to the Mortgagee the real• property in St. Lucie County, Florida, descriUed as:
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Lot No.lll II ~n that certain condominium known as OUTDOOR aao'~'~~~
RESORTS OF AMERICA AT NETTLES ISLAND, as shown by plat Q~~~E?~~ 1~,~~•
recorded in the Oflice of the Circuit Court in and for St. Lucie County,~ ,~QE~~S~E
Florida, in Plat Book 16, page 1:1A through 1J. ~,~e ;
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THIS IS A PURCHASE :VIONEY 11iORTGAGE ~y~.o ~,R ~ 5~•~.d
security for the payment of the promissory note of which the following is a c~to~G~~~ ~`~d~~ ~
lnstallrnent Note and Disclosure Stat m~nt
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s_9 ~ 9i+~5•00 . 3t. LuC1e Count~ , Florida
March 1 19Z
For Value Received~ I, we or either `of us promise to pay to the order of OUTDOOR RESORTS OF
~IERICA, IN'C., P. O. Box 1116. Jensen Beach. Flor ida. 33457, or any other place as the holder hereof may
cte~ignate in «~ritin~, the sum of Nine thousand nine hundred forty five ~ 99~+5•00 ~ Dol~ars,
this si~m being the Total of Payments referred to in the Disclosure Statement below. which includes a FINANCE
c'~IARGE on the amount financed, payable it~_60 equal consecutive monthly installments of
i_~~5 ~7.~._--each, and the first installment to become payable on the 1St day of-_~Y ~
197~-, anci one such instaUment to become due and payable on the- lSt day of each 'succeeding month
~,ritil the whole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
?~efore the final installment date, the unearned portion of the FINANCE CHARGE shall be rebated under
the Rule of ?8's.
In the e~~ent of default in the due and punctual payment of any instaliment on this Note for a period of
thirty (30) days, or if any statement, representation or warranty in any application for the credit evidenced
i~~• 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 HEftEOF. SHALL SELL, ENCUMBER (EXCEPT
FOR ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
CUMBER OR COMMIT ANY BREACH OF THE MORTGAGE Oft PEBMIT Oft SUFFER ANY LIEN TO
EXIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THROUGH
i 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 conatitute 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 i~ 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 jointlp and severally transfer, convey and
assign to Lhe Holder a sufficient amount of such homestead or exemption as may be aliowed, including such
homestead or exemption as may be set apart in bankruptcy, to pa5~ this note in full, with all costs of collection,
i ~ and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to deliver to
~ the Holder a suflicient amount of ro rt or mone
p pe y y set apart as exempt to pay the indebtedness evidenced
hereby, or any renewal thereof, and do hereby, jointly and severall~, appoint the Holder the attorney in fact for
i~ each of them, to claim any and all homestead exemptions allowed by law.
~ A first mortgage for the sec~'it o the,a~oresaid indebtedness is retained by OUTDOOR RESORTS OF
AMERICA, INC., on Lot No.lll /
net~a~Oetain Condominium known sa Oi3TDOOR RESOR'FS AT NETTLES
1SLAND. and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
c~rde~i in the Office of the Circuit Court in and for St. Lucie County, Fiorida, in Plat Book 16, paKe I:IA
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