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~ MO RTGAG E 26~ti75
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~ t;~e mortgagoi•~ in consideration of the principal suni specified in the romissor note her after described. r~
- ~~eired from OUTDOOR RF.SORTS UF AMERICA, INC.~ a coi•po on organiz and existing under the La s
. of the State of Ten~iessee, the ~Sortgagor. hereby on this~!~~~ay of , 19L~
mo?•tbages to the ~Iortgagee the real property in St. Lucie County. Florida. d ribed as:
Lot I~`o.~~~0 -5-- in that certain condominium known as OtJTD00R i
RESVRTS OF AMERICA AT NETTLES ISLAND, as sho~vn by plat
~ recorded in the Of~'ice of the Circuit Court in and for St. Lucie County.
Florida, in Plat Book 16, page 1:1A through 1J. - -
~ • THIS IS A PUftCHASE Di0~1EY 11tORTGAGE ~
:~s security for the payment of the promissory note of which the following is a copy: f
Instaliment Note and Distlosure Statement °~i°'""`
s _~~r~q _ ~ ~ -,5~. L ~c _ .ountv , Florida
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For Value Received, I, we or either of us promise to pay to the order of OUTDOOR RESORTS OF
~1~iERICA, INC., P. O. Box 1116, Jensen Beach~ Flor ida, 33457. or any other place as the holder hereof may
desifinate in writing, the sum of Tpn th~Land fivP rWPnty-nine 40/100 ( 10 ~ 529 .~ODollars,
this sum being the Total of Payments referred to in the Disclosure Statement below~ which includes a FINANCE
C~IARGE on the amount financed. payable in 60-'~"-~-~---~ equal consecutive monthly installments of
~ g. _175.49------ each, and the first instaliment to become payable on the lst day of- June
~ 1~1 __73, and one such installment to become due and payable on the 1St day of each succeeding month
i u~?til the ~+~hole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
~ t~~.fore the finai installment date, the unearned portion of the FINAI~CE CHARGE shall be rebated under
~ the Rule of 78's.
~ In the event 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 eredit evidenced
b~• this Nate is found to be untrue in any material respect, or in the event THE UNDERSIGNED. WITHOUT
T~IE PRIOR ~VRITTEN CONSENT OF THE HOLDER HEREOF. SHALL SELL, ENCUMBEB (EXCEPT
FOit ANY MORTGAGE «'HICH 15 SECURITY FOR THIS NOTE) OR OTHEBWISE DISPOSE OF Oft EN-
CUMBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PEft11iIT 08 SUFFER ANY LIEN TO
EXIST OI~T THE BEAL PROPERTY PURCHASED BY THE UNDERSIGIvED AND FINANCED THROUG~-I -
THE CREDIT EVIDENCED BY THIS NOTE or in the event of the incompeteney, insolvency (howsoever
e~•idenced) 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 event any installment is not paid when due or within ten
days thereaftPr, the holder may collect~ and the undersigned agrees to pay a late charge on such installment in
an a*nouut equal to 5 J of sach installment or $5, whichever is less, and in the event this Note is collected by
~r
~ law cr through ar~ a'ctorney at law or under advice thereof, the undersigned agrees to pay all costs of collection, ;
~ i?~c~tading reasonable attorney's fees and court costs to the extent permitted by Florida law.
~ ~ The unciersigr.e~:l and all endorsers or other parties to this note jointly and severally transfer~ convey and
as~:gn t,~; th~ ~i~lder a sufficient amount of such homestead or exemption as may be allowed, including such
g;':
~i h~rt~~stead or exempt;on as may be set apart in bankruptcy, to pay this note in full~ with all costs of collection~
anL: do hereby direc± any trustee in bankruptcy having possession of such homestead or exemption to e iver" to
the Holder a a~~ft'icient amount of property or money set apart as exempt to pay the indebtedness evidenced
hereby. or any renewal thereof. and do hereb~?, jointly and severally. appoint the Holder the attorney in fact for
each of them. to claim a~ and all homestead exemptions allo~t ed by law.
~ A first mortgage for ~/s~yrity of the aforesaid~indebtedness is retained by OUTDOOR RESORTS OF
A1'iERICA, INC., on Lot No.~", ~n that certain Condominium known aa OUTDOOR RESORTS AT NETTLES
~a
ISLA:v'D, and on any improvements, fixtures or after acquired property added thereon~ as shown by plat re-
corded in Zhe Office of the Circuit Court in and for QS~ j~~ Cou~ ~da~ in Plat Book 16~ page 1:1A
throtigh 1J. ' dOOK~~ P1U'+f
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