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the mortg:?gor. ~n cons~deration of the principal sum specified in the promi~~or~ note hereafter de~c ~ed~
r~~i~•E~i f~Y?m OL'TDOOR RF.SORTS OF AMERICA, INC., a corporation organi nd xisting under the Laws
~~f 1he St~~te of Tennessee, the Mortgagor. hereby on this__~ da~~ of-__ _ _ . 19~
m~?~'t}(ii~,•e:: to the ~iortgagee the real property in St. Lucie Count~•. Florida. described s:
Lot 1\0._ _~d ~-in that cert.iin condominium kno~cn as OUTDOOR
RESOR~ OF A11iERICA AT N~:'CfLES ISLAND, .~s shown by plat
recordeci in the Oftice of the Cireuit Court in and for St. Lucie County,
Florida. in Plat Book lo~ page l:lA through 1J.
THIS IS A PUftCHASE \lONE1' ~IORTGAGE
~
:~..ecurit~• for the payment of the promissoiy note of ~~hich the follo~ving is ~ copy: ~
Installment Note and Disclosure St en
$~~,~.1~, ~ a t.--~C . Florida
~ '~--1- " ''1._-
~ _ _ 19~
F~?r Value Recei~•eci. I. ~~•e or either of us prumi.e to pay to the order of OUT OR RESORTS OF
:1 ~tERI('A. INC.. P. O. Box 1116, Je~~n Beach, Flor ida, 33457, or any other place ~a~ the h~lder hereof may
~l~~~i~nate in ~~riting, the sum of~H~_~'~bUS~.e.~.~--~Lt~E~!'~b~ ~ ~~Ct~-~--~
' S~ Dollars, _
t}~i. ~um Leing the Total of Payments referred to in the I1i~closure Statement ~~elow, which includes a FINANCE
~'IIARGF, on the amount financed. payable in___ - equal consecutive monthly installments of
c__D J- S_ 0 each, and the first installment to become payable on the~-day of- .
1~1_2~, and one ~uch installment to become due and payable on the-___~-day of each succeeding month
~~~~til the ~.hole of said indebtedness (Total of Payments) is paid. In the event of prepayment in full by cash
t~~~fore the final ~nctallment date, the unearned portion of the FItiAl`'CE CHARGE shall be rebated under ;
che Kule of 78'~. -
In the e~•ent of default in the due and punctual payment of any installment on this Note for a period of
thirt~ (30) days. or if any statement. representation or warranty in any applicatian for the credit evidenced
V,~- this 1``ote is found to be untrue in any material respect, or in the event THE UNDERSIGNED, WITHOUT
THE PRIOR R'RITTEN CONSE\T OF THE HOLDER HEREOF, SHALL SELL. ENCUMBER (EXCEPT
FOR r1\Y MORTGAGE ~VHICH 1S SECURITY FOR THIS NOTE) OR OTHER~'~~ISE DISPOSE OF OR EN-
('UDiBER OR COMMIT ANY RREACH OF THE MORTGAGE OR PERD'i1T OR SUFFEft ANY LIEN TO _
E~IST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THROUGH
TfiE ('REDIT EVIDENCED BY THIS NOTE or in the e~ent 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 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 ~sme at any other time.
Time is of the essence of this Note. In the e~ent any instailment 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 of such installment or $5, whiche~er is le~•, and in the event this Note is collected by
la~. or throuRh an attorney at law or under advice thereof, the undersigned agrees to pay all costs of ~ollection.
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 jointlS and se~•erally transfer, cpnvey and
a~si~:n to the Nolder a suflicient amount of such homestead or exemption as mac• be allowed, ~pcluding such
home.stead or exemption as may be set apart in bankruptc~•, tc pay thi, note in full, «ith all costs of collection.
and do hereby direct any trustee in bankruptcy having posses~ion of such homes±ead or exemption to deliver to
the Holder a sufficient amount of property or money set a~~art as eaempt tu pa~• the indebtedness evidenced :
herebl•, or any renewal thereof, and do hereby, jointly and se~•erall~•, ap~int the Nolder the attorpey in fact for ~
each of them, to claim ar~• and all homestead exemptions allo~~ed b~ la~~•. iv
A first mortgage for the security of the aforesaid indebteclnc» is retained by OL'TDOOR RESORTS OF =
ADiF:RICA. INC., on Lot No~~~n that certain Condominium known sa OliTDOOR RESORTS AT NETTLES
ISI.A`'n, and on any improvements, fixtures or after acc~uired 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 IJ.
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