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FIRST FEDERAL SAVINGS AND LOAN ~
ASSOCIATION OF MARTIN COUNTY ~
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MO RTGAG E D E E D t
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THIS \IORTCACL•' I\t)E\TIiRE, ex~rutc~l this .26th ~ay of J~V~~ . A.D. 19 ?s , b ~
KENNETH E. PENNY and MARION E. PENNY, his wife,
uf the Couaty of !11:utin, State of Florida. hereinaftet called thc \tortgagors, which term as useci in every inst:u~c8 shall include
the Alurtgagors' heirs, exocutors~ administrators, suocessors~ legal repiesentatives and assigns, either voluntary by act of the
E~dies, or involuntary by operation of 1aw and shall denote the singular ~~d (or) plural, and the masculine and (or)
Feminine and natural and (or) artiEicial persous, ~vheuever and wherever the context so mquires or acimits~ Ixi~ties oE the
first part, und the FIRST FEDERAL SAVII~CS AND LOAN ASSOCIATION OF :~lART1N COUNTY, of Stuart, Florida, a
c~rpor•ttion existing uudrr the laws of thc Ui~itecl States of Amcrica, hereinafter called the Association, which term as used in
~•~•cry instance shall include tlie Association's successors, legul representatives and assigns, party of the second part.
~~'1T1~ESSETH: That for clivers good and valuable eonsiderations. and also in oonsideration of the aggregate sum of
monc~• named in the promissory note of even date herewith, heminafter described~ the Mortgagors Jo grant, burgain, seU, alien.
, emise, release, convey and confirm unto the Association, in fee simple the foUowring described real estato, of which the mortgagors
.u~c~ no~v seizecl and possessed aud in actual possession, situate in thc Counh~ oEEl6lf)G, State af Florida, ta~vit:
~T~.T C F L~ F~ ! L~+ f St. Lucie
Cs'~C'~_IMET~I~1~R~'r . - Si~M~' -'F!_?:;
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Lot 359, Section II, in that certain Condominium known as OUTDOOR
RESORTS OF AMERICA AT NETTLES LSLAND, according to the plat
thereof recorded in Plat Book 16, pages 1; lA through 1J~ and Declaration
of Condominium recorded in Official Records Book 186, page 2720, and
amendment thereto re~orded in Ufficial Records Book 191, page 18?7,
said amendment re-recorded in Official Records Book 192, page 820, all
of the public records of St. Lucie County, Florida; together with an
undivided 1/1585th interest in the common elements and limited common
elements thereof.
~i The failure of the mortgagor herein to comply with and abide by, and to
; pay all the assessments required of said mortgagor when due, pursuant ~
` to the Declaxation of Condominium of Outdoor Resorts of America at
( Nettles Island, as aforedescribed, and on exhibit attached thereto, shall
~ constitute an event of default under this mortgage. •
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O~ `x OF FIRST FEq~Rnl SAVIV;,S AND LOAN
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` TOGETHER with all structures and impruvemei~ts now and hereafter on said land :?nd the fixtures attached thenKo, and
~ .~ll rents, issues, and profits aocruing and w aocrue from said premises, all of which are included within the foregoing
~ descxiption and t~ie~sndum hereof; aL9o all gas, steam, and electric water and other heating, oooldng, refrigerating, lighting,
~ plumbing, ventilating, irrigating, and power system, machines, appliances, fictures and appudenances, which are raw or may
hereafter pertvn to or be used with, in or on said premises, even tbough they be detached or detachable, all of which it is hereby
~igreed are or when inctalled shall become a pait of said mal estate; and, if the above described property is now or shall here-
~ after be usecl for rnmmercial purposes, then the fumiture and furnishings and any replacements theneaf which may be owned'
bv the ~iortgagors and which are now or may hereafter be located upon the above described pmperty.
TO HAYE Ai~D TO HOLD the same, together with the tenements, hereditaments and appurtenances, unto the Associ-
ation, in fee simple.
Md the riortgagon do her+eby covenant with the Association that they are indefeasibly seized of said land in fee simple;
that they have full power and lawful right to convey said land in fee simple as aforesaid; that it shall be lawfid for the Association
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A-3~9 fi/75
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