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~ MORTGAGE . . ,1,
-~g~~ L~!?g,-•~n and ~?os111~ i~Brt~n fhia ~vi~e ~ .
the mort~;<<gur, in cansideration of the principal sum specified in the promissor~• note hereafter described, re-
~•ei~•eci fmm OUTDOOR RESORTS OF AMERICA. INC., a corporation organized and existing under the Laws
~~f the Sta~te of Tem~essee. the Mortgagor. hereby on this_~t~-day of-~reh , 19_Z4_,
m~?i•tg:i~es to the Mortgagee the real property in St. Lucie County. Florida. described as:
Lot No.~25.~~-in that certain condominium kno«n as OUTDOOR
RESORTS OF AMERICA AT NETTLES ISLAND, as shown by plat
recorded in the Ofi'ice of the Gircuit Court in and foi• St. Luc~_County~
Florida, in Plat Book 16. page 1:1A through 1J. 0(~ ~
D ~~'~fp PAY
THIS IS A PURCHASE MONEY ~iORT(:AGE ~~JD
~rE~iBIE pE~~E~
~o
£~fr
,ecurity for the payment of the promissory'note of which the following is a copy~~ ~~~jS pF 1`~~
Installment Note and Disclosure Statement ~"T °01~'•'j fu'
S t. Luc ie County , Florida
~
March 9, 19 74
' For Value Recei~~ed, I. «e or either of us prumise to pay to the order of OUTDOOR RESORTS OF
:~~I~:RI('A, INC.. P. O. Box 111g. J nsen Beach, Flori a 334 7~ o an other place as the holder here~nf may
Eig~it thousand e~g11t ~un~re~ eight ~ g~ g08 . 60~ ~~~a~,
~i~~:i~*nate in ~vriting, the sum of QQ-
t}~i~ ~i~m Uein~* the Total of Payments referred to in the Disclosure Statement below. which includes a FINANCE
~~}tARGE on the amount financed. payable in -60' equal consecutive monthly installments of
* 14~i .8~_-..--each, and the first instaliment to become payable on thp ~~t-day of-1r1a3~ .
~ n 74, 1nc1 one such installment to become due and payable on the ~ st day of each succeeding month
j until the ~+hole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
F 1~efore the final instaliment date, the unearned portion of the FINANCE CHARGE shall be rebated under
the Rule of 78's.
ln the e~ ent of default in the due and punctual payment of any instaliment on this Note for a period of ;
o ti~irty (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, WITHOUT
TEIE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELL~ ENCUMBER (EXCEPT
FOR ANY ~iORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
('UMBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PERMIT OR SUFFER ANY LIEN TO ~
EYIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THROUGH f
'I't~E CREDIT EVIDENCED BY TNIS 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 ;
clue shall become immediately due and payable at the option of the holder hereof without demand. presentment ~
~~r 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. `
~ t
Time is of the essence of this Note. In the event any installment is not paid when due or within ten ~
da~ s thereafter, the holder may collect, and the undersigned agrees to pay a late charge on such installment in
an amount equal to 5`'I 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,
~ includin~ reasonable attorney's fees and court costs to the extent permitted b~~ Florida la~v. ~ ~
~ ~ The undersigned and all endorsers or other parties to this note jointly and severally transfer, convey and ?
~ assign to the Holder a sufficient amount of such homestead or exemption as may Ue 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 heretiy direct any trustee in bankruptcy having posses~ion of such homestead or exemptior~ to deliver to
~ the Holder a sufficient amount of property or money set apart as exempt to pay the indebtedr~ess evidenced
~ hereb~•, or any renewal thereof, and do hereby, jointly and sererally, appoint the Holder the attorney in fact for
x each of them, to claim at and all homestead exemptions alloH•eci by law.
~ ess is retained b OUTDOOR ftESORT5 OF
~ A first mortgage for the security of the aforesaid indebtecln Y
a:~1F.RICA, INC., on Lot No 325/I~ that certain Condominium known aa OUTDOOR RESORTS AT NETTLES
ISI,ANI)~ and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
corded in the Office of the Circuit Court in and for St. Lucie County, Florida. in Plat Book 16, page 1:1A
throu~h 1J. ' 800K~+~0 PACE2V~ E
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