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- - MORTGAG E 32~-3._ , _
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~ he mortgagor, in consideration of the principal sum specif~ed in the promissory note hereafter descrtbed, re- ~
~•ei~~~l from OL'TDOOR RESORTS OF AMERICA. INC., a corporation organized and existing under the I.aws ~
nf the State of Tenn~ssee, thz Mortgagor. hereby on this~_'"'dsy of ~ 19~.
r.~ortga~es to the Mortgagee the real ~roperty in St. Lucie County. Florida, described as: ,
Lot No.~~in that certain condominium known as OUTDOOR ~
~ _ RESORTS OF AMERICA AT NEITLES ISLAND, as shown by plat
recorded in the~ Office of the Circuit Court in and for St. Lucie County,
Florida, in Plat Book 16; page 1:1A through ld. ,
THIS IS A PURCHA3E MONEY MOATGAGE .
as security for the payment of the protniesory nate of which the following ia a copq: . ~ ~
installment Note and Disclosure Statement
, ~~d ~ • ~o . - Lu~.~~~ C.~- . ~o~;aa `
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For Value fteceived. I, v~e. or either of us promise to pay to the order of OUTDOOR RF~SORTS OF
:t~iERICA. INC., P. O. Box 11 . Jensen Beach~ Florida, 33467. or any other plac_e as~the holder hereof may
c?e~i~?nate in writing. the sum of tC~c 13c.••,.T~s • ~ilars.
t his sum bein~ the Total of Payme referred to in the Disclosure Statement ow. which includea a FIN~INCE
~'tIARGE on the amount financed, psysble in ~ d equal consecutive monthly i tallmenta of
__1~~1~each~ and the first instaltment to become payable on thp ~'Q'r- day of
~ and one such installment to become due and payable on the daq of each sucxReding month
:~~~tii ,the whole of said indebteciness (Total_ of Payments) is paid. In the even~ of prepayment in full by cash
,.~•iore the final installment. date, the unearned portion of the FINANCE CIiARGE shall be rebated under
~ : he R?~le of 78's. _ . ,
~ In the event of default in the due and punctual payment of any installment on this Note for a period of
tl~irty (30) days. or if any statement. representation qr vsrarranty in any application for the credit evidenced
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, ENCUMBEB (EXCEPT
~ F'OR ANY MORTGAGE WHICH 1S SECURITY FOR THIS NOTE) OR OTHERWISE DISPOSE OF OR EN-
c'UMBER OR.COMMIT ANY AREACH OF THE MOATGAGE OR PEAMIT OR. SUFFEB ANY LIEN TO
1;YIST ON THE REAL PROPERTY PURCHASED BY THE UNDERSIGNED AND FINANCED THROUGH
TfiE CREDIT EVIDENCED BY THIS NOTE ar 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 paysble at the option of.the holder hereof without demand, presentment
or ::~tice of an~+ kind. Any failure of holder to exercise said option shall not conatitute 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
~iays thereafter, the holder may collect, and the undersigned agrees to pay a late charge on such installment in
an amount equal to b~ of such instailment or $5~ whichever is lrss, and in the event this Note ~s coll~te~i by
~ !aw ar through an attorney at jaw-or under advice thereof, the undersigned agrees to pay aU costs of coUec~'wn,
~ ;~~cluding reasonabae attorney's fees and court costs t6 the extent permitted by Florid~ law. .
'I'he undersigned and all endorsers or other parties to this note jointly ar.d severally trans~er, conveq and
~ -~.~sign to the Holder a suflicient amomit of such homestead or exemption a.4 may be alDowed, nCluding such
~ homeatead or exemption as may be set apart in bankruptcy. to pay this note in fu11, with all cos~a of coUectic~n,
~ and do hereby direct any trustee in bankruptcy having possession of such homestead or exemptidfn "to deliver to
the Holder a suflicient amount af property ~r money set apart as exempt to pay the indebte~nee~s evidenced
h~r~by, or sny renewal thereof, and do. hereby, jointly and severally. appoint the Holder the attorney in fact for
each of them, to claim any and all homestead exemptions allowed by law.
~ ~ A' first mortgage for the 5ecysity of the aforesaid indebtedness is retained by OiJTDOOA' BESO~t3'S OF
A,4iERICA, INC., on Lot I~jo. l~n that certain Condominium kr.own ae OUTDOOB 1tESO~tTS AT NETTLES
iSLAND, and on any impr~vements. fixtures or after acquired property added thereon, as shown by plat re-
corded in the Oflic~ of the Circuit Court in and for St. Lucie County. Florida, in Plnt Book 16, page 1:1A
tf~rough 1J. -
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