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1b M O G A G E 328~Q$
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the mortgagor. i nsideration oi the principal sum specified in the pron~issory note hereafter described, r~
rei~•eci frcm O OR RESORTS OF AME~tICA, INC., a carporation organi and existing under the Laws
af the State of Tennessee..the Mor~gagor, hereby on this~__day of 19~,
mortgages to the Mortgagee the real property _in St. Lucie County, Florida, ribed as: ~
~1 t: - Lot No.~~:L~ll~in that certain condominium known as OUTDOOft
~11 ~ ~ RESORTS OF AMERICA AT NETTLES 1SLAND; as shown by plat' ~
recorded in the Oflice of the Circuit Court in and for St. Lucie Caunty. .
N' Florida~ in Plat Book 16, page 1:1A through 1J. ~~utsfas - ~
\ ~ THIS LS A PURCHASE MONEY MOR~~~~ ~7~~ -~Ol ~ 039~-~
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As security for the pxyment of the promissory note of which the following is a copy : .
Installrr~ent Not - and Disclosure St teme t:
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~ ' p~ q~ ~ ,p ~ ~ry. Florida
~ pu~uwrr w aw~~ n-i~t. ~crs aF ia~~.
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For Value Received. t. ~~~~f ~s~~s~u pay to the order of QUTDOOB RESORTS OF
A:1iERiCA. IN~.. P. O. Box 111 , Jens Beach, Flor i~ 33457, r any ther p~oe as the holder hereof may
de~i~n:tte in writing. the sum o . ~ ~ _
this sum being the Total of Pay nts referred to in the Disclosu ' tement below, which includes a-FINANCE
CHARGE on the -amount financed, payable in l~ ~ equal consecutive monthly installments of
each, and the first installment to become payable on th~~ day of ,
19.1_,z._, and one such installm~nt to become due and payable on th ~ day of each succeeding month
w~til the whole of said indebtedne~ (Total of Payments) is paid. In the event of prepayment in full by cash
before the final installment date, the unearned portion of the FINANCE CHARGE shall be rebated under '
' the Rule of ?8's.
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f 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
~ by this Note is foand to be untrue in any material respec~ or in the event THE UNDERSIGNED, WITHOIIT
THE PRIOft WRITTEN CONSE~iT OF THE HOLDER HEREOF, SHALL SELL, ENCUMBER (EXCEPT
FOR ANY MOBTGAGE WHICH 1S SECURITY FOR THIS NOTE) OB OTHERWISE DISPOSE OF OR EN-
CUMBER OR COMMIT ANY BREACH OF THE MOftTGAGE OR PERMIT OR SUFFER ANY LIEN TO
EXIST ON THE REAL PROPERTY PU~tCHASED BY THE UNDERSIGNED AND FINANC~D THROUGIi
THE C~tEDIT 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 h.ecome immediately due and payable at the option of the holder. hereof without demand, p*esentment
or notice of any kind. Any failure of holder to exerejse said option shall not constitute a waiver of the right
to exercise the same at any other time. _ ~
Time is of the essence of thia 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 ingtall~ent in
~ an amount equal to 5% of such installment or ~5f whichever is less, and in •the event this Note is cu~~ected by _
~ law or through an attorney at law or under advice thnreof, the underQigned agrees ~.:o pay all costs of collection,
~ including reasonabl~ attorney's fees and court costs "to the extent permitted by Florida law. :
~ The undersigned and all endorsers or other parties to this note jointly and severally transf~r, conve3? and
a.ssign to the Holder a suffi~.,ient amount of such homestead or exemption as may be allowed, ~ncluding such
home.vtead or exemption as may be set apa*t in bankruptcy, to pay this note in full, with all costs of collection,
and do hereby direct any trustee in bankruptcy havir,g po.ssession of such homestPad or exemptior~''to deliver t~
the Holder a sufl~icient amount of property or m~ney set apart as, exempt to pay the indebtedness ev;denced
hereby~ or any renewal thereof, and do hereby, jointly and severally, appoint the A~Ider the attot4ney in fact for
each of them, to claim at:~ and all homestead exemptions allowed by law.
A first mortgage for ths security of the aforesaid indebtedness is retained by OUTD00 RESOBTS OF
~ AMERICA~ INC., on Lot No.~ ~'n that,certain Condominium known aa OUTDOOR ftESORTS =AT NET'FLES .
ISLAND. and on any improvements, fixtures or after acquired property added thereon, as shown by plat re-
corded in the Oflice of the Circuit Court in and for St. Lucie County, . Florida, in Pl~t Book 16, page 1:1A
through 1J. e c~ ~
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