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~ M 0 R A G E
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thc~ mortga~or, in consideration of the principal sum speci6ed in the promissory note hereafter described, re-
;~~i~-ed frnm OUTDOOR RESORTS OF AMERICA~ ING., a co o tion organi and existing under the LaRs
~~i the State of Tennes~ee. the Mortgagor~ hereby on this-- y'----da}• of 19'i~
m~~rtgages to the Diortgagee the real p perty in St. Lucie Cotmty. Florida, escribed as:
Lot No. ~ n that certain condominium known as OUTDOOR
RESORTS OF AMERICA AT I`'ETTLF.S ISLAI~`D, as shown by plat
- recorded in the Oflice of the Circuit Court in and for St. Lucie (',ounty,
Florida. in Plat Book 16. page 1:1A through 1J. `'•~wtr~,;i,
y~
THIS IS A PISRCHASE :110NEY ;NORTGAU~~f~ S.~
1_ 2 2-
~s security ~r the payment of the promissory note of ~ hich the follo~sing isA~
Ury_~~~ ;n F~-.,,.
. ~ ~ M ~r tU CH ~J" ~'"c P ~ '1F ' ;
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~ I nstaliment Note and Disciosure State~~,,~,;T~wtA ~?s ~ 1s,2 .
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; 10 60$ .OA' St . Lucie Coun~
19~~~
For Value Received, I. we or either of us promise to pay to the order of OUTDOOR BESORTS OF
:~~iERICA, INC., P. O. Box 1116, Jensen Beach, Florida, 33457, or any other pl~~~~he holder hereof may
; cie~i~nate in ~~~riting, the sum of Ten thousan~l_~i~ hu~d~gd &
eight & ( 10.608 .0~ ~~~ars,
! thi~ sum beinb the Total of Payments referred to-in the Disclosure Statement below. which includes a FINANCE
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~ i'Fi~RGE on the amount financed. payable in =Q6- equal consecu iy~ monthly ins lments of
~ _ 110 each, and the first installment to become payable on th ~ day of
I - -7
~ 1~1 and one such installment to become due and payable on the_-~day of each succeeding month
~ ~,ncil the whole of said indebtedness (Total of Payments) is paid. In the event of prepayment in fu l l by cas h
~ hetore the final installment date. the unearned portion of the FINANCE CHARGE shall be rebated under
E the Rule 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
~ t~~• this Note is found to be untrue in any material respect, or in the event THE UNDERSIGNED. WITHOIJ'f
~ THE PRIOft WRITTEN GONSENT OF THE HOLDER HEREOF. SHALL SELL. ENCUMBER (EXCEPT
~
~'OR ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
~ C'L'MBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PERMIT OR SUFFER ANY LIE;~ TO
~ F.t1ST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINAIICED THROUGH
~ Ti~E CREDIT EVIDENCED BY THIS NOTE or in the event of the incompetency. 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 payaUle at the option of the holder hereof without demand. presentment
x~ or notice of any kind. Any failure of holder to erercise said option shall not constitute a waiver of the right
ta exercise the same at any other time.
Time is of the essence of this I`tote. In the event any instaliment is not paid when due or within ten
days thereafter. the holder may collect, and the undersi~;ned 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 collectedl b3
,:~.3 law or through an attorney at law or under advice thereof, the under~igned agrees to pay all costs of collection,
includin~ reasonable attorney's fees and court costs to the extent permitted by Florida law. _
" The undersigned and all endorsers or other partie~ to this note jointly and severally transfer, con.•ey and -
as,ifin to the I~older a sufficient amount of such homesteacl or exemption as may be allowed. including such
homestead or exemption as may be set apart in bankruptcy. to pay this note in fu11, ~vith all costs of collection.
and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to detiver
~YY 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 herehy, jointly and se~~erally, appoint the Holder the attorney in fact for
each of them, to claim ac~~ and all homestead exemptions allo~~•ed by la~s.
A first mortgage for the s c rity of the aforesaid indebtedness is retained by OUTDOOft RESORTS OF
AMERICA, INC., on Lot Nor~~~Z~_~"" 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-
_ corded in the Oflice of the Circuit Court in and for St. Lucie ('ounty. Fdo~i~~p, Plat Bpok 6, page 1:1A
throi~~~h 1J. 800K ~ VAGE t~4~ ,