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~ . M O R T G A G E 262903 =
~ Gene Waits & Betty J. Waits (his wife)
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he mort~a~or. in consideration of the principal sum specified in the promissory note hereafter described~ re-
~•ei~•ed from OUTDOOR RESORTS OF AMERICA. INC., a corporation organizecl and existing under the Laws
t of the State of Tennessee~ the Mortgagor, hereby on thi~__l~_day of I'4arCh , lg 73,
mortgages to the Mortgagee the real property in St. Lucie County. Florida, described as:
Lot No. ~91 II _in that certain condominium known as OUTDOOR
RESORTS OF AbiERICA AT NE'I"TLES ISLAND, 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.
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Hi~ ~_A_PlL$CHASE MONEY MORTGAGE
As security for the payment of the promissory note of which the following is a copy : ~~StqMps
fi
Instaliment Note and Disclosure Statement
g 7. 604_ 40 St. Lucie County, . Florida
March 1, lg 7 3
For Value Received. I, w~e or either of us prom ise to pay to the order of OUTDOOR RESORTS OF
~`1ERICA. INC.. P. O. Box 1116, Jensen Beach~ Flor ida, 33457~ or any other plac~,~gi~ig holder hereof may
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de.ignate in ~tiriting, the sum ofSeven thousand_ six_ hundred & fou~c' & ~ 604.40) Dollars,
this sum being the Total of Payments referred to in the Disclosure Statement below, which includes a FIIVANCE
t'HARGE on the amount financed. payable in -60- equal consecutive monthly installments of
~:12b..?4 each, and the first installment to become payable on the 1st day of September ~
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~ payable on the- day of each succeedin
~ 19_. ?3, and one such installment to become due and 1st g month
~ t~ntil the whole of said indebtedness (-~'~tal--ef Payments) is paid. In the event of prepayment in full by cash
E t~efore the final installment date,- the unearned portion of the FINANCE CHARGE shall be rebated under
; the Rule of 78's.
:
~ In the event of defauit in the due and punctual payment of any installment on this Note for a period of
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~ thirty (30) days~ or if any statement. representation or warranty in any application for the credit evidenced
~ t>y this Note is found to be untrue in any material respect, or in the event THE UNDERSIGNED~ WITHOU'f
~ "I'~iE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF. SHALL SELL, ENCUMBER (EXCEPT
~ FOR ANY MORTGAGE WHICH 1S SFCURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
~ CUMBER OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT OR, SUFFER ANY LIEN TO
EXIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THftOUGH
~ T~iE 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.
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~ 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 $5. whichever is less. and in the event this Note is collected by
law or through an attorney at law or under advice thereof, the undersigned agrees to pay all costs of collection,
~ including reasonable attorney's fees and court costs to the extent permitted by Florida law.
The undersigned and all endorsers or other parties to this note jointly and severally transfer, convey and
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~ assign to the Holder a sufficient amount of such homestead : or •$xem~tion as may be allowed, inclading such
~ homestead or exemption as may be set apart in bankruptcy. to pay this note in full, with all costs of collection.
g possession of such homestead or exemption to deliver to
~ and do hereby direct any trustee in bankruptcy havin
the Holder a suf~'icient amount of property or money set apart as exempt to pay the indebtedness evidenced
~ y, y y y ppoint the Holder the attorne
~ hereb or an renewal thereof, and do hereb , jointl and severaliy, a y in fact for
~ each of them, to claim ai and all homestead exemptions allowed by law.
~
A first mortgage for the security of the aforesaid indebtedness is retained by OUTDOOR BESORTS OF
~
~ AMERICA, INC., on Lot Na 791 ~i~ that certain Condominium known sa OUTDOOR RESORTS AT NETTLES
~ ISLAND, and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
~t cordeci in the O~ce of the Cireuit Court in and for St. Lucie County, Florida, in Plat Book 16, page 1:1A
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throuQh 1J. ~ R 2 8 PACE ~O`!
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