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MORTGAGE . -
Phiiliu D. Zarzour & E1sie Cindy Zarzour~ ~
tht~ nwi•t~;a~or, in consider~tion of the principxl sum specified in the promissor~~ note hereafter described, re~
~•t~i~•ed f~y?m OL'TDOOR RESORTS OF A11iERICA, INC., a corporation organized and eYisting under the Laws
~~f the State of Tenne:c~ee~ the Mortgagor, hereby on this llth__day of November ~ lg 73~
m~~rtgx~,?es to the Diortgagee the real property in St. Lucie County, Florida. de.scribed as:
Lot No.
1349/Ilin that certain condominium known a.s OUTDOOR
S7,~`~pg RESORTS OF AMERICA AT NF.TI'LES ISI~AND, as shown by plat
M~~ ~ recorded in the Oflice of the Cireuit Court in and for St. I~ounty.
KOjE Florida, in Plat Bbok 16~ page 1:1A through 1J. ~py _6~
THIS IS A PURCHASE MONEY 1tORTGA(,.'F-:""~r to Mr~~
. romisso note of which the foltow ing is a ~i-1~3~ ~'~R:•. L~ of t~Q
.1. security for the paSment of the p ry ~•~~?~C~ ~ ,~s ~ Er~r
J
installment Note and Disclosure Statement "0j"~
~ 7 331.52 St. Lucie County Ftorfi~a
.
November 11 ~ 1s 73
Foi- V alue Receivecf, I, H•e or either of us prom ise to pay to the order of OUTDOOR RESOR'fS OF
~iERI('A, INC.. P. O. Box 1116, Jensen Beach. Flor ida~ 33457~ or any other p ace as the holder hereof may
Seven thousand three hundred th~rty- ~ 331.52
cl~~~i~nate in writin~*, the sum of ~,u~ -&---~32 ~ ' ~O~~a~~
t},;, .um bein~ the Total of Payments referred to in the Disclosure Statement belov~, which includes a FINANCE
t~il:~R(:E on the amount financed. payabie in -96- equal consecutive monthly installments of
76.3]_. each, and the first installment to become payable on the lst _day of- APril
: ~
1~ 74 and one such installment to become due and payable on the_1St _day of each succeeding month
! ~;nti! the v~hole of said indebtedness (Totai of Payments) is paid. In the event of prepayment in full by cash
! ?~«>fore the fina! instailment date~ the unearned portion of the FINANCE CHARGE shall be rebated under
E the Kule of 78's.
In the event of default in the due and punctual payment of any installment on this Note for a period of
?l~irty (30) days, or if any statement. representation or warranty in any application for the credit evidenced
f~~• this Ir'ote is found to be untrue in any material respect, or in the event THE UNDERSIGNED, WITHOUT
~r~tE PRIOR WRITTEN CONSENT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBER (EXCEPT
FnR ANY MORTGAGE WHICH IS SECURITY FOR THIS Iv'OTE) OR OTHER~VISE DISPOSE OF OR EN-
~'UMRER OR COMMIT ANY RREACH OF THE MORTGAGE OR PEftMIT Oft SUFFER ANY LIEN TO
F:\IST ON THE REAL PROPERTY PURCHASED BY THE L~NDERSIGNED AND FI~TANCED THROUGH
"1'I~E CREDIT EVIDENCED BY THIS NOTE or in the event of the incompetency, insolvency (howsoever
~.•idenced) or bankruptcy of anyone or more of the undersigned, then the entire remaining indebtedness then
ciue shall become immediately due and paSable aL the option of the holder hereof ~vithout demand, presentment
~~i- notice of any kind. Any failure of holder to exercise said option shall not constitute a waiver of the right
t~ exercise the same at any other time.
Time is of the essence. of this Note. In the event any instailment is not paid when due or within ten
cla~•s thereafter, the holder may collect, and the undersigned agrees to pay a late charge on such installment in
<~r~ amount equal to 5~/< of such instailment or $5, whiche~er is less. and in the event thi~ Note. is collected by
la~.• or through an attorney at law or under advice thereof, the undersi~ned agrees to pay all costs of collection~
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ineludin~ reasonable attorney's fees and court costs to the extent permitted b~ Florida law. :
The undersigned and all endorsers or other parties to this note jointly and severally transfer, convey and ~
~ ,
a.,ign to the Holder a sufi'icient amount of such homestead or exemption as may Ue allow~d, }ncluding such
homestead or exemption as may be set apart in bankruptcy, to pa~~ this note in full, with all costs of collection, ~
~ and do herei~y direct any trustee in bankruptcy having posse~sion of such homestead or exemption to deliver to
the Holder a sufficient amount of property or money set apart as exempt to pay the indebt~ess evidenced
hereby, or any renewal thereof, and da hereby, jointly and se~~erall~~, appoint the Holder the attorney in fact for
each of them, to claim a~ and all homestead exemptions allo«•ed b~• law.
A first mortgage for the security of the aforesaid indebtecinc~s is retained by OUTDOOR RESORTS OF
:~`tERICA, INC., on Lot No1349/~that certain Condominium known aa OUTDOOR RESORTS AT NETTLES
15I.ANn, and on any improvements, fixture.g or after acquired property added thereon, as shown by plat re-
r~~rded in the Office of the Circuit Court in and for St. Lucie County, Florida, in Plat Book 16, page 1:1A
through 1J. . '
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