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MORTGAGE ~:'5338 -
Wj ~ ~ ia*r+ B rr~ Otto & Jc~an A_ Qttc~ (hig Tetife ~
rhe mortg~i~?or, in consideration of the principal sum specified in the promissory note hereafter descril>ed. re-
~~~~i~•ed from OL'TDOOR RF.SORTS OF AMERICA, INC., a corgoration organized and existing under the Laws
~~f the St:~te of Tenne~see~ the Mortgagor, hereby on thic__1~th_day of__,IuliE: _ I92~_,
Rl~~l'tgages tu the i11oi•tgagee the real property in St. Lutie Count~~, Florida. described as:
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Lot No.__14~II in that certain condominium known as OUTDOOR -
RESORTS OF A1IIERICA AT r'F.TTI.ES ISLAND, as sho~ n by plat ~
recorded in the Oftice of the Circuit Court in and for St. Lucie CountS~, ~
Florida. in Plat Book 16, page 1:]A through 1J. •
THIS IS A PURCHASE MONEY MORTCAGE
securit~• for.the p~~~•ment of the promissoiy note of ~vhich the following is a copy: .
lnstallment Note and Disclosure Statement ~
~12 ~ 48~. [;ccurer.+,ary S'.ampS
~ _ - at.,~~,s ~ ~~ta St. LuC 3e COUntY ~ ; Florida
.:ttiied June 13 . 19~
F~r ~'alue Receieed, I, w•e or either of us promise to pay to the order af "OUTDOOR RESORTS OF
a~1ERI('A, II`C., P. O. Box 1116, Jensen Beach, Flor ida, 33457, or any other place as the holder hereof may
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c,e:i~,•nate in ~ti•ritin~, the sum of~£~Ve thousand_f9ur__h~~~d
eiqhty~ (~~,agprpb Dollars.
thi, ,um Uein~; the Total of Payments referred to in the Disclosure Statement Uelow, which includes a FINANCE
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~~II~RGE on the amount financed, payable in_.__ -96- equal consecutive monthly installments of
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' ~13Q~ 00_------ each, and the first installment to become payable on thp ~ st day of ~ctol~r
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1~ 73 , anci one such instaliment to bc~come due and payable on the~_ lst day of each succeeding month
until the whole of said indebtedness (Total of Pa~~ments) i, paid. In the event of prepayment in full by cash
i~~~fure the final installment date, the unearned portion of the FINANCE CHARGE shall be rebatecl under
the Rule of 78's.
i In the e~ent of default in the due aiid punctual pa~•ment of any installment on this Note for a period of
tl~irty (30) days, or if any statement, representation or v~arrant~• in any application for the credit evidenceci
this Note is found to be untrue in any material respect, or in the event THE UNDERSIGNED, WITHOUT
~ 'I'fiE PRIOR ~i'RITTEN CO~'SENT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBER (EXCEPT
~ FOR ANY MORTGAGE WNICH 1S SECURITY FOR THIS NOTE) QR OTHERWISE DISPOSE OF OR EN-
€ !'L'MBER OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT OR SUFFER ANY LIEN TO
: F;\IST ON THE REAL PROPERTI' PURCHASED BY THE L'NDERSIGNED AND FINANCED THROUGH
~ TIiE CREDIT EVIDENCED BY THIS \'OTE or in the event of the incompetency, insolvency (howsoever
~ e~•idenced) or bankruptcy of anyone or more of the under.igned, then the entire remaining indebtedness then
~ clt~e 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 ;~`ote. In thE event any instaliment 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 S5, whiche~-er is less, nnd in the event this Note is collected by `
~ law or through an attorney at law or under advice t6ereof, the undersigned agrees to pay all costs of collection,
includin~? reasonabte attorney's fees and court costs to the extent permitted by Fiorida law.
; The undersigned and all endorsers or other parties to this note jointly and severally transfer, convey and
assi~n to the Holder a~ suflicient amount of such h'omestead or exemption as may be allowed, induding such -
't, homestead or exemption as may be set apart in bankruptcy, to pay this note in fuli, with all costs of collec:tion,
~ and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to deliver to
' the Holder a suflicient amount of properts~ or money set apart as exempt to pay the indebtedness evidenced
~ hereby, or any renewal thereof, and do hereby, jointly and se~-erallp, appoint the Holder the attorney in fact for '
eaeh of them, to claim ar:~~ and all homestead exemptions allo~~•ed b~ ]a~s. , i`
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A first mortgage for the seeurity of the aforesaid indet~tedne•s is retained by OUTDOOR ftESORTS OF
$ A11F,RICA, INC., on Lot No1.1Lq9.~CL~Tthat certain Condominium known aa OUTDOOR RESORTS AT NETTLES
~ ISI.AND, and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
i corded in the Office of the Circuit Court in and for St. I.ucie County, Fl~~id i P2st Book 16, page 1:1A
thmu~,~h 1J. , E,.1 ~rf.~~ f'AC~ ~JL1
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