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~ MORTGAGE
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Geor~e W, Schaack &/or wife Helen P. Schaack
the mortgagor~ in consideration of the principal sum specified in the promissory note hereafter described, re-
cei~~ed from OUTDOOR RESORTS OF AbiERICA. INC., a corporation organized and existing under the Laws
of the State of Tennessee, the Mortgagor. hereby on thia 23rd day of- November ~ 19 73 ~
mortgages to the Mortgagee the real property in St. Lucie County. Florida. described as:
Lot No 99/II in that certain condominium known as OUTDOOR
RESORT'S OF AMERICA AT NETTLES ISLAND, as s own by plat
recorded in the OflSce of the Circuit Court in and for 3t. ~~Counts?.
Florida, in Plat Book 16. page 1:1A through 1J. o~, y
THIS 13 A PURCHASE ;110NEY MO~tTGAG~j ~o ~~ti~,~,~~e iN p,~
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As security for the pa~ment of the promissorq note of which the following is a~i • F~ ~J ~f PE~~r,M,~E~)7
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Instollment Note and Disciosure Statement T sf 19,'~~,
$ 7, 560 . 00 S__ T.nri sa _~ni-~ l~~E ~,F~qT 1•aa~~~
R~ D~C. STAIAP$ R
~IXE~ TO November 23, 19 73
ORfGiN11L NpiE
For Value Received~ I, we or either of us promise to pay to the order of OLITDOOIt RESOBTS OF
A:~iERICA. INC.. P. O. Box 1116. Jenseri Beach. Flor ida, 3345?, or an~r other place as the holder hereof niay
Seven thousand f' h ndred sixty
designate in writing. the sum of 10 ( 7, 6n _ ~O Dollars~
this sum being the Total of Payments referrgd to in the Disclosure Statement below. which includea a FINANCE
CHARGE on the amount financed, payable in -60- equal consecutive monttily instaUments of
~ 126.00-- each, and the first installment to become payable on thp 15th d$y of Januar~_,~
19_..Z_4 . and one such installment to become due and payable on thp 15th day of each succeeding month
until the whole of said indebtedness (Total of Payments) is paid. In the event of prepayment in fuU by cash
before the final installment date. the unearned portion of the FINANCE CHARGE shall be rebated under
the Bule of 78's.
In the event of default in the due and punctual payment of any installment on this Note for a period of
thirty (30) days, or if any statement, representation or warranty in any application for the credit evidenced
by this Note is found to be untrue in any material respect, or in the event THE UNDERSIGNED, WITHOUT
THE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF. SHALL SELL. ENCUMBER (EXCEPT
FOA ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHEBWISE DISPOSE OF OB EN-
CUMBER OR COMMIT ANY BREACH OF THE MORTGAGE OR PERMIT 08 SUFFE~t ANY LIEN TO
EXIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND
FINANCED THR
OUGIi
THE CftEDIT EVIDENCED BY THIS NOTE or in the event of the incompetencq. 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 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
assign to the Holder a suflicient amount of such homestead or exemption as may be allowed, including such
homestead or exemption as may be set apart in bankruptcy. to pay this note in full, with all costs of collection,
and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to deliver to
the Holder a sufi'icient amount of property or money set apart as exempt to pay the indebtedness evidenced
hereby~ or any renewal thereof. and do hereby, jointly and severaily, appoint the Holder the at,torney in fact for ~
each of them, to claim ar~? and all homestead exemptions allowed by law.
A first mortgage for the secerity of the aforesaid indebtedness is retained by OUTDOOR RESORTS OF
A'~1ERICA, INC., on Lot No99~II in that certain Condominium known aa OUTDOOR RESORTS AT NE'TTLES
ISLAND, and on any improvements, fixtures or after acquired property added thereon, as shown by piat re-
corde~: in the Office of the Circuit Court in and for St. Lucie County, Florida, in Plat Book 16, page 1:1A
thro~:gh 1J.
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