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M O R T G A G E 284681
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,~the mortgagor~ in consideration of the principal sum spec?fied in the promis.ROry note hereafter described, re-
eei~~ed from OUTDOOR RESORTS OF AMERICA, INC.. a corporation organized and existing under the Laws
c~f the State of Tennessee. the Mortgagor, hereby on this~--day of ~ 197~ ~
mortgages to the Mortgagee the real property in St. Lucie County, Florida~ described as:
~ s~~~ ' Lot No.~~ ~ S in that certain condominium known as OUTDOOR
M ~o
y~~xEO ~ RESORTS OF AMERICA AT NETTLES ISLAND, as show:~ by p at
~qtNii . recorded in the 085ce of the Circuit Court in and for St. ~County~
Florida, in Plat Book 16. page 1:1A through 1J. DUF pp
THIS IS A PURCHASE MONEY MOATGAG~r tp ~;"~rMrc~e~ f~.PAYA1EhT pF Ta
As security for the payment of the promissory note of which the following is a qg~t~I~IT ~f~
~~-1l ~~4~: f,rr~~
. Instaltment Note and Disclosure Statement • S~ ~>f~
~R . St . Lucie County , ~o~a
~V UJ. ~ 19)3
For Value Received. I, v~e or either of us promise to pay to the order of OU'fD00R BESORTS OF
A~tERICA, INC.. P. O. Box 1116, Jensen Beach. Flor ida~ 33457. or any other place asL~~der hereof may
de~ignate in writing, the sum o~;*+P ~h^~~~and two h~mdred eighty-one (9281.28 ) Dollars,
this sum being the Total of Payments referred to in the Disclosure Statement below. which includes a FINANCE
CHARGE on the amount financed. payable in -96- equal consecutive monthly installments of
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~ ~ 96.68 each, and the first installment to become payable on the -day of,~ .
j 19~~, and one 4uch installment to become ciue and payable on the_ l~~ daY of each succeeding month
~ t~ntil the ~vhole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
t,efore the final instaliment date, the unearned portion of the FINANCE CHAftGE shall be rebated under
the Rule of ?8'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
hv 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
FOR ANY MORTGAGE WHICH 1S 3ECURITY F08 THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
CUMBER OR GOMMIT ANY RREACH OF THE MOBTGAGE OR PERMIT OR SUFFEft ANY LIEN TO
F.XIST ON THE ftEAL PBOPERTY PUftCHASED BY THE UNDEBSIGNED AND FINANCED THROUGH
THE CREDIT EVIDENCED BY THIS NOTE or in the event of the incompetency, 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 af 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 a11 costs of collection,
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including reasonable attorney's fees and court costs to the extent permitted by Florida law.
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~ 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 be allowed. including such
homestead or exemption as may be set apart in bankruptcy, to pay this note in full, with all cos~g of coilection~
and do hereby direct any trustee in bankruptcy having possession of such homestead or exemption to deliver to
the Holder~ a suflicient amount of property or money set apart as exempt to pay the indebtedness evidenced
hereby, or any renewal thereof, snd do hereby. jointly and severally, appoint the Holder the attorney in fact for
each of them. to claim ar~? and all homestead exemptions allowed by law.
A first mortgage for the security of the aforesaid indebtedness is retained by OUTDOOR RESOftTS OF
AtKERICA, INC., on Lot NoSIG ~ in that certain Condominium known sa OUTDOOR BESOATS AT NETTLES
ISLAND, and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
corded in the O~'ice, of the Cireuit Court in and for St. Lucie County~ Ftorid~, ~ Book ~ age 1:1A
~ throu~h 1J. d~n~
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