HomeMy WebLinkAbout878605 T~S MORTGAGE~ as the same may be r~ewed or extruded (the 'Mortgage'9, is dated a~ of .~nuarv
~002, ~d is m a~eement BETWEgN, Kent L. Perkins ~d Maril~n W. Perki~, Trust.s of th, Perkin, Lix, ing Trust
dated Oetobm 15~ 1997 who reside~ at 638 Mountain Driv, ~pin~, Wyoming 83128 as the mortgagors, ~ld M,rfill
Lynoh Cr~flit Co~0mtion, a Delaw~e eo¢oration, w~ose ~tre~[ address is 4802 Deer Lak, Drive E~t~ Ja~onvllle,
Florida 32246-6484, a~ ~h,
~rou~out thi~ Mo~gage, "we", "u~" ~d "our" refer to the per~oa o~ ~y ar ~1 of tho per~ who sign ~i~
Mog~ge, ~d ~Merr~l Lyn~~ tel, rs to Merrill Lynch Credit Co~oration, ~e mortg~ee, or ~yone to whom this
Mortgage is assi~ed.
DESC~ION OF SEC~TY
By ~igning thi~ Mo~gage, we mo~gage to Menill Lynch the followi~ described property located in ~e County
Lineola, State of Wyo~ng, subjec~ to ~e terms of tiffs Mo~g~ge;
~gal De~rtptim attached h~reto and mad~ a pa~ h~f.
Tiffs prope~ has the Mdre~s of 638 Mo~t~ Drive, Alp~. Wyo~ng 83128 ~d, toge~er wi~ ~e interests
de, cfibed below relating to r~s prope~y, it cEled ~e "Prope~" in thit Mongag,.
In addition [o mo~gag~g to M~ii1 Lyn~ ~ Property descried above, we E~o mo~gag, to Memll Lynch the
following inter~rs relat~g ro thai' ProperS: (a) El buildings md other s~¢mr,s located on ~o Property; (b) Ei righu we
may have in my ro~s ~d alleys next to ~he Prope~y or in ~y ~ne~s. o~ ~d gas figh~s and profits, w~er, w~,r rights,
~d wat,~ s~k which ~ a pm of ~e Property; (e) d.l rent, ~d reyaltie, ~om ~e ~ap~ny md ~y proceed~ from the
cond~m~ion el, or i~urm~ pa~m~t~ co.ming loise~ to, the Property; ~d (d) El fixture, now on the Property or
plac~ on the ~openy, including replaeemmts of, ~d addition$ to. ~o** fix~r~. Our moagage m Merrill Lynch of the
rights ~d 'imor~ts d~s¢ribed above [nclude~ ~1 right, ~d in~ere~t~ w~ch we now hay, or which we ~y ~quirc in the
future. For exmple, if the see~ity mortgaged under thh Me.gage is a leasehold eitate, md we mb~quenily ~quire
title tO the Property ~ubj~ct to ~e lea~hold emote, ~e right~ ~d inte~t~ mortgaged to Me.ill Lynch by ~i~ Mongag~
will ~elude ~' f,, title to ~, Property ~a~ we aequke..
OBLIGATIONS BErG SEC~D
W, hay, ~lgn~d fl~is Mo~gage ~ ,ecar~ (a) the paymem to Me,ill Lyric[ of a revolving line of credit debt
mount of U,S. $175,~.~, or ~o much of that debt ~ may ~ outst~g, plus ~1 ~med interest, f~ md other
ch~g~l owed ~der ae M~ill Lynch ~aity Acc,~s* Agr~oment, a~ the tree may ~ renew~ or ex~aded (the
"~raem~nt"). rela[~g ~o ~5 Montage; 13) ~, pay~nt of my ~ adv~c,d by M~rrill Lyn~ io prot~t ~e ~eurity of
~is Mo~gage, wi~ ~ere$t on tho~, ~ounts; (c) the ~fo~ by ~c'pcr~on~ who ~lgncd the Ag~cmcm of
obligafiol~ ruder ~e Agr~ment; ~d (d) au~ pe~am~c, of our obligations under ~s Mortgage. ~e Agreement mid th~
Mortgage, 't~en mge~er, ~e c~led the 'Credit Documents," ~e term. Agreement sh~l include ~i modifications,
extensions, ~d renowns ~ereof, Ail s~s ow~ ruder ~e Ag~emont becom~ due ~d pay~le ia ~11 on J~ua7 8, 2012.
~SENTATION$ ~ OBLIGATIONS CONCE~G T~ ~O~ERTY
We promise that exit for the "Exceptions" l'isted in ~y title insur~ poll~ whi~ insures Me. il Ly~h's
right~ in ~e Property: ~a) we law~ll7 own ~e Propmy; (b) we have ~e right to mortgage ~e Property 'to Momll L~ch;
~d (c) diere ~ no outst~g clMms or ch~g~s aganst the
We give a g~er~ w~ty of title to Merrill Lyach. This meal, '~at w, will be hlly rcsp0a~ible for ~y
which M~i~ Lynch ~uffers because someo~ o~er ~ Hs h~ some of ~e ~ght~ M ~e Prope~y which we promise that we
have. We pro.se that we will defend our owner~hlp of ~e PropeHy against ~y clams 0f such rilhts,
We ~er promise that we will mither [~e nor ~mit ~7 ~[ion to position or subdivide all or ~ of the
~ope~, or chug, tn ~y way th~ condition of title to ~1 or pm. of ~e
PROVISIONS OF T~ AG~~
~e uncemt~d ~at ~c A~reement c~ls ~or a variable ~ter~st.rate, ~d ~a Me~ll Lynch ~y, prior to the ~nd of
ih, term qf ~, ~rcm~t ~d und.~r c~n~n Cimumst~ces sp~ified in fl~e Agr~mnt, cmcel its obligation to m~e ~turc
adv~, ~d/or ~quire ~celerated repaym~t of the out~t~ding bdm~, under ~c Agr~m~nt, ~c Agr~ment
provisiom below relate to ~e vmabl~ int~t rate.
~e paragraph in the Agreement, en0~led "Interest," provides, ~ p~, ~ follows:
WY EQUI'FY/PRIME
(II-14-01) HEWYMTO Wyomln~ Mo~g~o
p'.~ ~: ~ ·
511
(~) ~~ ~TE~ST ~TE. ~ m~u~ int~r~ ra~e applied ~o a~ Ou~s~ding Princip~ B~ce
c~culat~ da~ly md ~qu~ ~e Prime ~a~e plus .. o~ ~d on~ h~f p~ent il .50.~)
~) ~ KITE, The Pr~e Ra~ for ~y da~e is th~ "prime rate" publi~ by The W~) S~e[ Journ~ for that
date, If a "pfi~ rate" r~ge i, pubH~ed by ~h~ Wall ~reet loun~, th~ th~ highest rat~ of ~at r~g~ will be u$~.
~~t louma[ ~ not publi~h a prim~ rate or ~ prime rat~ rmg~ for ~y date, ~ the pri~ r~e or th~ highest
tar~ of th~ pfin~ mI~ rmg~ published by Th~ W~I ~tr~{ Joo~al for ih~ most r~m day wi~in foul (4) days prior to ~at
date, for which '~e Wall Strut loumM does publish a pr~e rate or a p~ rge ~ge, will be us~.
If ~e W~I S~ Joum~ fails ~o publish a p~e rate or a prime ram r~ge for any date or for ~y day within four
(4) days p~or to ~at ~ie, Me~I Lynch will use a ~bstit~e index, lo be detemi~d at fha time, ~at has ~ hBtofi~
movement t~bs~[ially ,i~ to att of t~ prime rate published B Th, Wail ~ Jouma, ~d that woul~ r~i~lt in
~nu~ percentage rote aubst~ti~ly s~l~ to the ra~ in ,fleet at ~h~ ,im~ th~ primo rea published ~ Tho W~l Sirdar,
~o~m~ beaomes unav~lable.
(z) V~RIABLE ~EREST ~. %is Agreement provides that d~e ~u~ interes~ rate will ~ge when
Prime Rate ~ges, which rne~s that ~ Mcre~¢ or decre~e M the ~u~ interest rM~ will take effect on ~e day ~c Prime
Rat, eh~ges.
The m~imum corresponding (nominal) ANNUAL PERCENTAGE RATE will not exceed z 2, ~ 5 perc~t.
Decree.s ~ the ~u~ interest rate ~e m~dato~ as the Prime Rat~ decree,s. We underst~d that we will not
provided wl~ ay aflv<ce noti~ of ehages in the ~ual ~re~t rate or the Prime Rate,
PRESSES ~ AG~E~NTS
We agr6~ with Merrill Ly~h ~
1. PA~E-~ OF ~C~ ~ ~TE~$T. Ex~pt. as li~ted by p~agraph 10 of this Mortgage. we sh~l
promptly pay. wMn required by ~ Agreement, the pr~cipal ~d Mt~r~t due =~r ~a Agmem~m, testier wiflx ~y late
ch~ge$ ~d oth~ ch~ges ~posed under ~e Agreement.
2~ ~PLICATION OF PA~S. Unless prohibit~ by law, ~1 paym~na receiv~ by Merrill Lynch under
Agreement ~d ~is Mortgage $h~l M applied by Merrill Lynch first to r~uc~ ~3' sums outst~dMg under th~ ling of
credit s<ur~ by thig Mottgage (the "Account'9 whi~ ~ in ex~ss of the ~redit dryable md~ '~ Accoum, ~en in
paym~t of ~ounts pay~le W Merrill Lyn~ by us under pmagraphs 6 ~d 23 of ~is Mortgage, th~n to chmg~ payable
~der ~e Agreem~t (o~er ~ those specifically identified in this p~agraph 2), then to interest, ~d th~ to th~ pfincip~
payola under the Agreem~t.
3. P~OR MORTGAGES ~D DEEBS OF TRUST; CH~GES; L~NS. We shal ~lly ~d timely ~o~
~11 of our obligations under <y me.gage, d~d of ~tt or other seafi~ ~re~t which is prior to ~is Mortgage,
indud~g our oblig~iom to m~e <y payments when due,
We gh~l pay or cause t0 be paid, ~t le~t t~n (10) c~eridnr daysbefore delinqu~cy, ~1 t~es, ~esim~ts ~d o~et
eh~ge~, fin~ <d i~o$itiona relating to the Property md ~1 ~cumbr~ces, charge, io~ md liens (Giber th~ my prior
me.gage or deed of trust) on the Property whkh my become prioz to ~is Mortgage, <d leda:hold paym~t$ or ground
rents, if =y. We sh~l deliver to Mamll Lynch, upon its mq~st, receipts evid~neMg such paymeat. If, at ~e ti~ Me~ll
Lynch el~ to te~nate the Account a provided in p~agraph 15 below, ~ere i~ ~ ~ses~m~nt which i$ payable In
imtfllm~nts at our ~l~tion or at ~e elation of the lessee of the Prope~, t~at assessment will neva~el~s$ ~ ~niide~
entirely due md pay~le on the ~y the first Mstalment begomes due or payable or a li~.
4. ~Z~ ~SPRiNCE, We shall, at our ~st, keep the improvable now sabring or later ergted on ~e
~ope~ insured aga~t 1o,$ by f~e, by h~s includ~ wiCain the term "~teMed coverage,' md by such other
(collectively referr~ to as "H~aMs U ~ Me~ll Ly~ may r~uire. We shill ~t~n H~d insur~e for ~e ~tire t~m of
~he Agreement, 0r a~ long ~ Me.ill L~ch ~y reqMr~, in ~ mount equM to ~e le~$er of (a) ~e m~imam insurable
vaua of ~e ~o~ or (b) the ~imum ~ount of the A<oum plu, ~e outitgi~ng amount of <y o~ligatlon prior to
Meagre, bm in no ev<t shall such m~ts ~ l~s$ ~ '.fi~ ~ount neen~a~ to sat~ ~y coim~ teqgi~nt
~ont~ned in '~e i~urmce polio.
._ We ~y ch~se~e in~r~ce comply subject to approvfl by Me.ii1 Lynch, provided ~at su~ approval ~y not be
'anz~ason~ly wilhold, All imum~ policies, ~cluding ren~s, m~t be ~ ~o~ ~ceptabl~ to Memll Lyn~ ~d must
include a st~d~d ~ag~ elaine in favor of~d [na form accapt~l~ to M~ill Lynch. M~ill L~ch sh~l b.a~e the
right ~o h~ld ac policies ~d ren,w~, abject to ih~ term~ of ~y mortgage, deed or.si or o~er s~ily agreement wl9ch
prior to th~ Mo~$~, if we pay the premiums directly, we sh~l promptly ~sh to M~fll Lynch al ren~ nations ~, if
requested by M~ll Lynch, fll recci~ of paid pressures. Ifpolici~ ~ r~n~,~s ~e h~ld by ~y o~r person, we shal
~pply copi~s of ~cm to M~rrfll Lynch within ten (10) c~end~ days ~er they ~e issued.
In ~hc event of loss, we sh~l give prompt noti~ to ~e in~ur~ce compmy ~d M~.~I1 Lynch. M~t~ll Lynch ~y
~e proof of loss if not mdc promptly by us.
Subject to thc right~ and ten-n~ of uny mor~g~c, dccd of trust or other security agrccmcn~ which is prior to this
Mortgage. ~e ~o~ts collec, t~ by us or Merrill L)mch under ~y ~d ins~an~ policy ~y, at Merrill Lynch'e. sole
discretion, either be applied ~o the sums secured by ~is Mortgage .(ffi~ payment of ~1 re~onabl~ m~t,~ expen[e~' ~
attorneys' fee~ ~cess~ily p~d or incumd by Memll Lynch ~d u~ in ~is co~tion) ~ in whoever order Merrill Lynch
~y determine ar ~e rated,ed to u~ for u~, ~ repairing or recomtmcting the Proart. Merrill Lyn~ ~s the authority to do
~y of the abow. Re~ardl,s~ of ~y applt~tton or release by Me,ill L~ch. ~ demrib~ above, fl~i~ ~h~l nOt cm Or waiv~
~y dehult er notice of dehuk ruder ~i~ Me,gage ar inv~.idate ~y ~t don, pur~uat to ~uch
If the ~apany i~ abmdoned by us, or if we hil to respond to Merffil Lynch in wfitin~ within ~i~y (30) c~lend~
days from th, date notice is given to us by Merrill Lyn~ '~at th~ insur~ comply offer~ to ~ettl~ a clam for imurm~ce
benefit~, M~i!I Lynch ~1 have ~e au~odty to ,ertl, th~ cl~m ~d to collect ~d apply ~e tmurmee pmc~d~ at Me,ill
Lynch~ role option ~itk,r to r~toration or repot of the Property or to ~e ,urn, ~o0~ by ~i~ Mortgage.
If the Pro~rt7 i~ aequir,d by Merrill Lynch, ~[ of our right, title md interest ~n and to ~y in~ur~c~ proc~ds
resulting from th, da~g~ to ~, Property prior re au~ ~qui~kioa ,h~l become the prope~ of Merrill Lymh to fie extem of
· e *urns ~e~r~ by ~is Mortgage immmlately prior Io such acquisition.
5. P~SERVATION ~ M~EN~CE OF ~OP~TY; LEA*E'.8OLDS~
PL.~D ~ DEVELO~S, We sh~l: (a) u~e. improve ~d m~nt~ ~e Property in eo~li~ with applicable
law~, ~tat~te~. ordin~c,~, ardors, r~quiremtnrs~ deeree~ or regulatiom; (b) keep ~e Proper~ in g0~ m~ition md r~palr,
including ~e repak or r, smradon of ~y imProvemeni~ on the Prope~w which may be d~aged or d,s~royed, md sh~l pay
when duo dl clai~ for lair ~ffomd ~0 ma~er1M~ ~ed therefor; (c) not co~[ ar pe~t waal'e Or p,rmit
imp~m~l or d~t~rior~ien of the ~op~iiy; md (d) hlly ~d p~mptly comply with the ptovi~ion~ of ~v 1,as, tf
Mo~gag~ is on a le~old. '
If this Moggage i~ on a ~nit in a condemn[urn project or a pla~ed u~ development, we ,hall promptly perform
~I of ou~ obligations under ~e decl~'a~on or covm~ts cr~at~g er govet~ng ~e eon~o~ium proj~t or pl~ed unit
dev~lopmem. ~d th, by-law~, r~gulation~ md oth~r ~ummu of ~e ~ado~aium proj~ or pl~ Unit
inclu~ng ~y amendmenm If a ~ndomiffium or pl~d ~il d*v~lopm~nt rider i* ~*eu~d by m ~d ~ooo~ded together
with '~is Me,gage, ~e eoveamm ~d agr~mmt~ of th~ rtd~r ~h~I ~om~ a pm of dis M°rrgage a~ i~ the rider
included in ~is doeummt it,,If. " ..
~. ~OTECTION OF N~L L~C~'S $EC~TY. We ~h~l app~ in md defend ~y ~tion or
proceeding pu~o~ing to aff, c~ ~ s~cufity o~ '~i~ Mongag~ or the fig[i'd or pow~m of Memll Lynch und~ ~i~ Mortgage.
If w~ hil to do what i~ requited of us t~ ~is Me,gag* or the ~0a, who ~ign'th~ Ag~e~nt fal to do whm
required of ~m m~der ~e Agreement, or if ~y action or priding i~, cozened n~ng M,~ill Lynch a~ a party or
~'[,cting Merrill Lynch~ [merest in ~e Pro~ or the right~ or ~wers of M,~II Lynch, ~en Me,ill Lyn~ without
d~ u~u m but u~n notice to u~ ~ provided in p~raph 11 b~low, ~y, wi~out relea~g u~ ~m my oblig~ion
un4er this Mop, age, do what~ve~ Merrill Lynch ~eve~ i~ ne~,~, includ~g my di~bur~.~nt of hn~, to prot~ th~
~eeurity of ~a Moggago. '
If Mer~ll Lynch h~ r,quired mortgag, ins~e aa a condition of opening th, A~omt, we ~ball pay the pre~um~
required to ~n~in that lmur~c, la ~ffec[ until it is n° lo~ m~Ired by .M,rr~l Lynch or apglicable law.
Any mounts di,bur~ by Merrill Ly~ pur~t to this p~agraph 6, with ~t~e~t at the v~iabl~ inter~t r~t~ in
,ff~ct ~d~r th, Agmm~nt from time to tree, sh~l be p~d by us ~d ~.,ecured by ~is Mo~gag,, U~e~ w, ag~,, in
writing., with Me~ill Lynch to o~er terns of paym~t~ ~uch mount, sh~l b~ ~ayable Upon r~quest of M,nilI Lyn~.
Me~tl Lynch i, n~wr r~uked 'to incur ~y expeme or t~e ~y action und~ ~i, Mortgage ~d ~y action t~en ah~l not
rel,ase u~ from my obligation in fl~is Mortgage.
7. ~$PE~ON. Merrill Lynd~ may m~, or ~u~e to ~ made re~ombl, ~t~ea upon md inspeetinn~ of
Prop,~. Unless it is m emergency, Menfll L~O shall giv, us mti~ r~e paragraph tl b,tow) prior to ~ inaction
~p~ci~ing r,asonable cause for the ~pection.
8. COntrITION. A t~in8 of property by my govm,md au~orily b7 e~nenI demon i~ ~wn as a
convey~ or o~er t~g of dl Or pa~ of ~e Prope~y, ~e hereby ~sign~ ~d ~I be p~id to Me,ill Lyn~, subj~t
the terms of ~y mongage, de~ of trust or oiher s~urity agreement which i~ prior to this Mortgage, We ~ree to execute
whatever daeaments ~e requized by the co~emtng authorlg~ to c~ out ~ paragraph, MerrilI Lyn~ ,hall have the
tufiority Io apply o~ telex, ~ eondemaflon proeoeds or ~ttle' for tho~e p~d~ ~ lhe ,~e way a provided in ~is
Mortgage for dl~sifion or settlem~t of pr~eds of g'a~d insurance. No ~ettlemmt for con~mation dmage~ may be
made without M~rill Lynch', prior writt~ approvfl, ·
9, CONT~WATION OF O~ OBLIGATIONS ~ ~I, L~C~'8 ~G~8. ~te~ion of ~e time
for payment, ae~pt~eo by Moffill Lyn~ ofpaymnts o~ ~ agordtng t0 the tern of tho Agreement, modification in
payment terms of the ~ms seeut~ by ~s Mortgage ~ted by Menill Lynch to ~. of our ~uc~s~o~ or ~e walwr or
failure to e~ercise ~y right grated ~ ~i~ Meggage or under ~e Agtee~nt sh~ net rdea,e, in ~y ~er, our ltabil
~at of our suee~ars ~ intron, or ~y ~mtor or ~e~ of o~ liability. MedrOl Lynch shall not be requRed te stm
p~c~dtng~ aga~t ~uch ~uece~,or or re~ to exteM time for paymen~ or othe~ise modi~ payment ter~ of the
~ured by this Mortgage by re,on of ~y de~d rome ~y us 0r our sueeessom
:3-
513'
I% act or failure to act of Merrill Lynch ~hall waive any of Merrill Lyneh's right~ m reraedios under this Mo~gag~
afl=** th, waiver is in writing ~ iign~ by Me~g Lynd~. ~y waver shall apply only to the ext~nt sp~ific~ly set forth
~0 wri,hg, A w~ver ~ t0 on, ~ent ah~l no't be a waver ~ to ~y oth~r event, Obtan~g insurace, 0r paying taxes,
oth~r li~a or ~ge~ shall not ~ a w~ver of Me. ill Lynch'~ fight ~dor this Mortgage to ~celerate th~ maturity of the
sums see~ed by this Mortgage in the evmt of a default under this Morrgage'or ~e
I0. SUCCESSORS ~ ~SlGNS BOU~; ~O~ ~ 8E~ L~BILITY; WA~RSI
CO-SlG~RS; C~ION~, The agr~ment, eonUin~d ~ this Mortgage ah~l bind, ~d file N~ts under ~is
shal ~t~nd to, tho resp~tive succeisors, h~irs~ l~atem, devisees, ad~nls=atorh ~emtors ~d ~si~s of bi~rrffi Lynch
~d us. ~I of ~e agr~m~n~ made by us (or o'ur ~u~ssor~, h~irs, legatee,, t.vi~**s, ad~nl~tratots, ex,rotor,
assigm) sh~I ~ jo~; ~d sever~. This meres that my one of ua may be r~uired tn individuMly ~lfi[l the ag~ments,
We hereby expressly w~ve ~y rights or bemfits of homestead, redemption, dowor ~d/or e'u~osy whi~ we may
hav~ under applicable law,
~y ~raon who m-signs lhi; Me.gags, but does not ex,cute th, Agr~emem, (a) i~ co-d~tng thi~ Mortgage only ;o
eneumb,r that person's interest, la ~e Property und;r t~ lira ~d tho t~rma of ~i~ Men, ag; md to relem~ homest~.
redemption, curte~y md/or dower d~ts, if my, ¢) ia hot p,rson~ly liable ~d~r ti, ~r~nt or ~d~r fl~is Mottg~e,
md (c) ~ree, th~ Mo~ill L)m~ ~d my of ua or ~y of th~ pmie~ to th, Agr,~at ~y ago, ~o extend, modi~,
forb~, or m~; my o~r acco~od~tiom wi~ r~g~d to Iht ttrm, et ;his Mo~gag~ or the Agreement, without the
cpasent of the rest ef ns md without rel~ing th, r,st of u~ or mdi~'ing t~s Mongag, ~ to fl~o interest o~ th, rmt of m in
the Prop;~7,
~e eaptiom ~d headings of the p~agraphs of tki$ Me.gage ~e for ~nwnienco only ~d ~e not to be ~ed to
inte~r,~ or define i~ provisions. In this Mortgage. whm;v~ the context so r~uire$, tho toss.line g~der includes
fem~ne m~or n~ut~r, ~e aiu~Iar aumb~r' includes Ol~ plurM, ~d ~h~ plur~ number ~cl~ea ~e aingul~,
11..NOTICES. Exert where applicable law requir~ othe~i**:
(a) To give us my norse, under this Mo~gag~,. Me~ll Lynch will hind d,liwr ~e ac'ti2¢ to us, or mail the notice to us by
tim ciasa mail, or by regist.md or certified mail,,. Merrill Lynch will deliver or ~1 the notice to ua at the ad,ess of the
Property, or at my o~er ~dress of which we have giv.n M~rrill Lynch wrkr~n notic, a~ provid~ ia ~is p~agxaph;
(b) TO ~ve ~¢ perso~ who sign the Agar.ut my notice under &is M~rtgage, Merrill Lynch will h~ ddivor
th~ norse, to such p~sons or ~1 ~ n~co to $u¢h ~rsom by first class mag, or by mgister,d or c~ified mail, M~tll
Lynek will deliv,r or mM1 ~ notic; ;o mO p,rmns at th; address in~i;at~d in fl~e Agr~ment, or at my o~er addr~s of
which su~ p,rsom have g~on M~ill Lynch such no~;; as provid;~ in ~e A~mont: ~
(C) To give M~ffill Lynch my nofie, under this Mongage~ we will mail ~e notice lo Me.ill Lynch by first ciasa
mail, or by regi,;er~ or ceaifi~ ~, a't tho address s~ifi;don o~ most recent mon~ly billing state,at for ~ receipt of
such notims. We ~y aisc give Me~ll Lynch such no;ice m any o~ee a~d~ss of wh~h M.~fll Lynch has given us ~ittm
no, ce a~ pro~'id~ in this p~gr~h.
Exert as olhe~ise provided in thB Mortgage, ay notic, provid~ for in Sis Mortgage must be in writing md is
considered given on ~e day ir is delivered by hind or de~sit~ ia ~he U.S, Mal, ~ prodded above,
12, GOVE~G LAWl SECRetlY, Wyo~g law ~lies to t~s Moggage, l~i~ do~s not
however, the ~pticabfli~ of f, der~ law to this Mo~gag~. If my provision of ~i~ Mortgag~ i~ held to b, tnvaid, illega, or
unto[ore,able by ~y corn, that provision ~al b~ delete~ from this Mortgage ~d tho b~aa~ of ~is Mortgage shall
int,~rered ~ if fl~e del~ provision never existed,
13. O~ CO~', We shall ~lve a copy of'~e Agreement ~d cf this Mor~g~o at the ~mc ~cy ~e sigmd or
after thi~ Mortgage i~ r~;orded.
14. EXERCISRqG ~MED~S. Me.ill L~.ch may exercise ~I of tha rights md r~medio~ provided in this
Mortgage md in ~he Ag~,m~nt, or whi~ may ~ avail~bl, to Merfl}l Lynch by law, ~4 my of these rights md ~medies
~)' b, exercised. ~vidu~, 0r they rosy b~ exorcised toge~er, at Merr~ll Lynn's solo discretion, md may be exercis,d
often as ~e right to do so occurs,
15. ~S$~LE ACTIONS,
Morrill Lynch ha, ~e rt~t und~ cma~ cimu~t~ce, specified in the Credit D~umenrs to (a) automafic~ly
m~a ~he Acvo~t md requir~ repayment '6f ~y ~unts outs'~ding u~r ~e Ac~nr, plus the: ,nfirc acc~
interest, late chgge~ ~ o~er ~ge, impend on ~e Accomtt, (b) prohibit ad~ition~ e~t~nsions of credit wiflmut
mquir~g ~cel,rfled paymmt of ~ mounU outriding und~ &, Ac~t ("free~' ~h. AcCo~t) or (c) r;auc, ~e
.. limit on ~, Account,
(~) NOTICE. Me.ill Lyn~ will have ~e ri~t to m~nate, t.mporafily or peri.fly froze, or reduc,
credit li~t in ~e Ac~unt i~iately u~n Merrill Lynch giv~g notio~ to us ~d to ~{ pcr~m who sign m~
(see ~aragrapg Jl above) of eno of ~e events lis~ ~ p~agraph 15&) below. ~agraph 15(c) s~cifi,s aflditio~
circmst~cm ~dor which Me.ill Lynch may t~mpor~ly fr~ or ~ ~e cr~it limit ~ ~ Acco~t./Actions under
~agraph 15¢) ne~d not b~ pmc~ by tho 'notice specifi~ ~ this s~p~agr~h,
4-
(b) TERMINATION AND ACCELER.4~TION. ~ emil Lynch can t~m:mate the Account ~d d~m~d repayment of
· e entire outst~d~g b~ in ad~ of'~o ofigin~ tv~ if:
' I {~ A) The persons who sign the Agreement fal to meet the repayment tenm. under flxe Credit
Doc~en~; except ~at, u=der' ~s subpmagraph only. aero is a nifty (30) day grac~ period
wi~in which Merrill Lyn~ will nm ter~n~te the aemunt ~d which beg~s to mn on the day
a~er the ~tic,e is given ~ expires at 1I:~9 p.m. Eastern t~e on tM last day of tl~e period; or
(B) Me.ill Lync~ r~ceives a~aa ~owl~ge ~at the p~riom who ,sign ~e Agreement haw
imentiondly (i) onfltte~ ~teria info~ation from, or ia ~me~tion win, ~eir credit appi~ion,
(ii) m~e ~y ~tefifl Staterooms fl~at ~ free or ~slea~ng on, or in co~eefion with, ~ir
credk application, (iii) comxi~d my fr~ud er ~e ~y ma~fi~ misrepresentation ~ co.cation
with ~e Aczount; or
(C) Without ~he prior wrlu~ consent of Menill Lynch, (i) we. or ~y person who si~s the
Agr~om~:, agree to Sail, 'tr~r or auriga thk Pr°per~ or ~y int~r~t in ae Property; or (i~)
Pr~y or ~y interest in ~e Pro~y is sal& rr~ferred or ~signed; or
(D) We or my person who si~ zh~ Agr~ment fads to maintan ins~ce on the dwelling ~ required
under p~agr~hs 4 ~d 6 of the Mortgage; ot
(E) We or ~y person who si~ xh~ Agreement co~irs wa~e or por~ imp~rmmt or deterioration of
&e Prope~, or othe~ise destructively uses ~e Property, such &at Merrill Lw~'s s~urity
~versely aff~; or '
(F) We or ~y ~erson who signs me Agreement fails to pay '~eS 0~ ~e Property or t~s so~x~ o~er
action '~hat resulu ~ the filing of t lien mnior to ~at of M~II Lynch whi~ adversely aff~s
M~ill Lynch's security;
(~) A judg~nt ~ainst us is filed, if ~e ~ount of ~e j~gment ad the eot!ateral subj~t to
judgment ~ such ant Memll Lynn's s~arity in tM Prope~ is ~dversely afl. ted; or
(H) ~y anSan or in~tian by ut or ~y p~rs~ signing ~e Agr~e~nt is [~en ~at advers~y
Mom31 Lynch's ~cari~ for th~ Accost or ~y right of Merrill Lymh ~ su~
As ~ altemmive ~me~y, a~ o~y IfMemll L~ndx expre~sly'st~res ~ ~e noii~ liven under ~ paagraph, M~i1 Lynch
~my tempo~ly 0r ~r~enfly fre~ the 'A~o~t or r~u~ ~he er~it limit for xhe Accost, If M~ill Lynch does not
immaturely ~e~mte xhe Ae~unt ad azceletae payment or t~ other a~ion provid~ for in ~e Credit D~um~ms, it has
the right to t~ke my o~ ~e pe~tted actiom at a later time providing the e~ndition allowing for te~ination of th~
~d acceleration of payment st~l exis~ a~ ~at time.
In, addition, d~pite ~y other te~s of ~e Credit Docmants, Me~ll Lyn~ may freeze the Account i~odiately
upon ~e occurr~ of ~y violation or o~er event specified in thi~ p~agraph. Me. II Lyn~ e~ t~e t~s action wi~out
giving us notice ad wiaoat declaring ~at he violation et other ev~ allow~ Merrill Lynch to termite ~e Accost
azcelerate payment.
If Mamll Lynch to.nates the Accent, ~e ~ounts outsmding uMer ~ Agorot ~d ~y other
out~t~dlng 'un&r ~e Credit D~'~ts ae 'i~x~iat~ly due md payable ~ ~11, ~d we will be required to im~iately
~pay such amounts plus the entre aee~ inter,st, let. ch~g~ ~d o&~ ch~ges im~sed on the Account. If we do not do
no, Me~i~ Lyn~ will have the right to ~voke ~ remedy given it by ~y of ae Cr~it D~m~ts, or a.y aaer r~medy
avail~le ~ Me~ll Lynzh nnd~r applia~le law, heludj~, but no~ limited to, j~eifl foreclosar~ or foreelosur~ by ~wer of
sac. This includes, wiaout I~tation,, ~stituting for~los~e proce~ings ~r t~s Mortgage,
ff M~rrill Lynch t~r~naes or perm~ently freezes ~e Accost, pursuit to this p~agraph, al credit cad(s) ad
unus~ cheeks obtain~ in eo~egion win ~ A~ou~t must be ~iat~l3, ~il~ to Momil Lynch at ~e a~.~s specified on
our most r~eat billing staement. In a~y ~v~t, ou~ Merrill Lynch ~zes or t~r~na'~es ae Aeon, at under mis
ae persom who signae Agre~mt wt~ no longer have ~y fight to obtan additionfl adv~ees un~r the Account,
M~ll Lyn~ shill be mtitled to collect al r~onabl~ eosa ~d expenses incur m pursuing the remedies
provided h ~hia paagraph, Including. but not li~ted to, r~onabl~ aaOm~s' f~s ~d ~. emi~ ~d largest,
zh~ges ~d other eh~ges lmpos~ on ~e Account, In ~e case' of a foreelo~re sic, ih~ Pro.ay may be sold h one
parcel, ·
(c) TE~R~Y F~EZ~G OF T~ ~CCO~T OR ~DUCTION ~ C~DIT ~T, Merrill
Lynch ca (a) fre~e the Ae~un~; or ~) redu~ ~e~edit l~it awil~ble to p~r~om stgni.~ the Agreement duri~ ~y period in
whizh: '
(1) ae value of ae Property de~lhes signifie~tly below its ~p~sed vauo for pu~osas of ae Account;
(2) M~rrflI Lyn~ ~o~bly believes ~t we or ~y ~r~on who signs the Aflreemem wilI be unable
Mfill the r~paym~t obligations ~&r the/~aunt ~ca~e of a ~te~al ch~ge in om f~ctal ci~it~gs or
financifl ekcumst~ ef ~y peaon who signs ~e A~eement; or
(3) we or ~y per, on ~ho ~igns ~e A~ement is in, d~faul~ of ~y material obligation under
Agreem~t; or '
(4) govemnt action p~van~ Megill L~oh from imposNg ~h~ ~u~ percentage rat= set forth N ih~
Agreemem; 0r
(~) gov~rr~em amlon impairs Ma~ill Lynn's ~ea~ty tnt~r~st in the ProperW to a~ ext~t ~at the vaue o'~
thc s~urity int~r~st is l~si ~ 120 p~mem of th~ ~re~il Iin=: or
(6) a fed=r~ or state r~g~atow agency aotifi~, M~I1 Lynch ~ ~min~d advaeeg would ~nitjt'ai~
un~ ~d ~sound practke; or
O) lbo ~u~ p~re~ntage rate r6ach~ tho m~imum alowefl u~er ~e Ag~em~nt.
Merrill Lyn~ n.~d not ro~stat~ =r~dit privileges or inot~a~o ~e credit l~t av~labI, unl,ss w~ r~qu~st tach
roinstatement ~d, after investlgalon, Met~ll Lynch d~nes that ~h~ cobb/ion no 10rigor exists,
If Me~ill Lynch tenor=Sly fr~zes ~e Acemmt or reduces our credit li~t, we will ~t b~ obligated to r~pay
mount~ oulst~d~g under ~ Account ~til ~e date S~h mount~ ao duo, as specified in lh~
If M~rr~l Lyne~ temp0ariy fre~s the Account, p~uat to thi~ paagrap~, M~ill Lynch m~y, Mt ii not
r~qui=og, to, noti~ us act all ct~i, cm'd(s) ~d ~ui,d ~h~k~ oNain~ in co~ction wI~ ~ Accoum must b, immediately
mail~ to Me~ll Lynch at tM a~ss sp~ifi~ on o~ most r~e~nt bilEng ~t~o~nt, If M~II Lymh oxo~isos
option, ~d =mdit privilog~s m laier r~instat~, Merrill Lynch will issue aec~s m~/or card(s) In acco~ma~ win
procedures d~scflb~d in p=a~raph ~. In my even~, onc~ M~rrfll Lyn~ ~mpor~ily freezes ~e Account unde}
pwagraph, the pert0n~ who sign ~ Agreement will no l~ger have ~y right to obt~. ~dition~ adv~ces under
Account until credit privileges ~e
16, ASSIG~ OF ~NTS~ APPO~.NT O.F RECE~Rg LE~ER ~ PO~gE~SION, As
addition~ security, we h~mby ~sign to M~ilI Lyn~ ~e rents of the Propemy, provided ~a~ prior to acceleration ~der
paragraph 15 a~v~ or the oecu~ce of a d~fault or ab~do~nt of ~e Prope~, we sh~l haw the right to ~llcot
retain su~ ren~ as they ~ome due md payable. In ~y action to foreclose &is Mortgage, M~rrill Lynch shill be mtitled to
the appointment of a reviver,
U~a acceleration under p~agraph I5 a~v~, or abmdonment of the ~ope~y, Me~ll Lynch, at ~y time md
wi~out notice, ~ penon,, by agent or by judio~ly-appointed receiver, md wi~out reg~d to or proof of eider
depr~atlon oI ~e v~ue of the Pmpmy or (b) ~e insolvency of my ~on who sigm ~e A~eement or (c) the v~u~of
Prope~. or (d) ~e adequacy of ~y se~'W for ~e ~flebze~es, seared by ~is Mortgage, shill be entitled to ~t~r upon,
t~e ~es~ion of, md m~age ~e Property, ~d in its own ~e sue ~or or collar ~e rents of ~e Pm~ny, Including
those pm due.
All rmts ~Ilmefl by Merrill Lynch or fl~e r~eiver shall be appli~ first to paym~t of tho casts of operation
~agem~l of ~e Ptoper~ ~d ~lleeflon of rants, mel~ing, but not limi~fl to, meeivor's fees, premiums on r~eiver's
~nds md reasonable m~om~'s f~. md then to ~c ~um~ ~gurefl by this Mo~gage. Me.ri Lynch md ~e receiver Shall
liable to ~unt only for ~ose t~ts acidly received. '
~e enter~g ~on mad t~ing possession o~ ~e Property tutti the collection ~d applie~ion of ~ rents shill not
~am or waive my flef~It or notice o~ a violation uMer ~is Montage or iav~idate my ~t done p~s~t to such
We will noL without ~e written consent of Me~i~ Lynch, reoeNe or =oiler rent from ~y tenet of ri, or ~Y
p~ of, the Pro~rty for a ~riod of more ~ One mon~ in Mvmce, md in the evmt of ~y default ~der ~s
will pay monthly in advice to Me.ill Lyn~. or to ~y receiver appoint~ to collect s~fl rents, i**ues md profits. ~e fflr
~ reasonable rental vflue for ~e use md Occupation of the Property or that p~t of fl~e ~y ~ our possession.
upon dofaul.t in any such p~yment will vgate ~fl Suuen~er me possession o~? th~ Pro~ to Me~ll Lynch or to
receiver, ~fl may be eviet~ by s~a~ proceedings.
I7. SATISFACTION, Upon payment md dis~h~ge of all roms ,~ut~ by ~is Mortgage ~d termination, of
Account, this Mortgage ,hill becme null ~d void ~fl Me~ Lynch ~hfll satis~ th~ Mortgage. If reque~t~ by Me~ill
Lynch, we *hill pay Me=I9 Lynch a fee for ~e prepmation of ~e rele=e o~' ~tisfaction docu~nt ~d shill pay all
~so~at~ wifl~ ~e ~l~e or *gi~f~ction including th= ~at ct r~rdatlon, if ~y.
I8. ~Q~ST FOR NOTICES. Me=ill Lynch requ~ts ~at ~pies ofnoti~s o~efaul~, ~e ~d foreelo~e ~om
~e holder of ~y lien whi~ has priority ~ver ~hi~ Mortgage be ~ent to Me.ill Lynch g P,O. Box 45152, Jacksonville,
Florida 32232.
'i9. ~CO~I]ON O~ ~. MI of ~e ~r~, ~nditions and provisions of ~e Agreement
inco~otate~ by this 'referen~ ~to this Mortgage as if included ~ ~, Mortgage itself.
20. T~ OF E$$ENCE. Time is of ~ e=scn~ in ~is Mortgage, ~d the Agreement,
-fi.
21. ACTUAL KNOWI~EDGE. 'For pu~e~ of thi~ Montage a~ ~a Agre~ent', Merrill Lynch do~s n~t receive
aa~M ~owledge ot ini~tion ~equirM to be eonwy~ ~o Meaitl LYnch i~ wGti~g by ~ ~til ~e dine of ac~al re~'ipt of
such ~fo~ation a~ ~e addr~s for notJ. ces spe~ffi~ in p~agraph 11 above. Such ~te ~1 be conclusively dethroned by
rcfcr~a~ to ~e re~ receipt in our possesflon. If ~u~ return receipt ~ ~z article, such date ~h~l be conclusively
d~t~ncd by rff~mnc~ to ~e "Retired" date $t~ped ~ such written notic~ by Merrill Lynch or M~III Lynch's ~m.
Wi~ ~g~d to omer ev~ts or Mfo~afion ~t provided by us ~er ~e Cr~it Dot. mu, Mer~ll Lynch will b~ d~ed to
have actual ~owledg~ of such event or ~o~ati< a~ o~ ~e date Merrill Lynch r~ivc$ a wfi~¢n notic~ of
infomtion from a sourer Merrill Lynch rem0nably believes to be reliable, Melu~ng but not li~t~ to, a court or other
gove~entfl ageacy, imti~fiond lender, or titl~ comply. The semi. dso of r~ipt ahgl be deremined by reference to
· e "Receiv'~" date stmped on such written notic~ by Merrill Lynd~ or Memll LyriC's agent.
22. TAXES. If the laws new in force for ~e r~ation of montages, or ae debts they se~e, or me m~nc~ of
operation of such t=es, chage May way citer a~ date ofthi~ Montage so ~ to affect the in~re~t of M~rrill Lynch, then we
shill pay ~ ~11 mount of such
23. EXPENSE OF LITIGATION. ~ ~y ~ui.t o~ o~or proce~ing to foreclose ~e lien of~is Montage or ~nfo<e
my o~er remedy of Merrill Lynch =der the Credit D~mmenls ~ere shill be ~l;ow~d and in~hd~d, to ~ ext~nt pe~tt~ by
law, ~ addifionfl ~ebtedne~$ in the judgment or decree, al co~ ~ts md out4f-p~ket disb~semnts md.
expenditures md ~xpenses wMch may be paid or incuned by Merrill Lynch or on M~mll Lynn's b~f for attorneys'
fees, appras~rs' fees, outlay ~r document~ ad ~xpm evidence, ~tenographers' chutes, pubiS.eaton costs, su~ey corn,
~d costs (wMch may b~ ~st~atid a~ to Items to he expended after enW of tar decry) or' procuring ~1 abstrams of title,
title ~e~a~ ~d ~xmmnatiom, elsie Msurane~ policies, ~fl ~imil~ dat~ ~d a~m~cos wt~ as~ct to title a~ Men'ill Lynch
may ~nsider re~onably ~ssa~ to either prosecute or da&nd such mil or other proceeding or to ~vid~nce to bidder~ at
~y see which my be had pursuer to such decree ae t~e condition of ae litle to or vflue of the Property. All such
expenditures ~a :xpe~o~, mad those ~a: may ~ i,mul'l'vd in ~ proiggtion of th~ Pro~r~ ~d the maimen~c¢
'~ Mor~e, includi~ the tees oily atto~y employed by M~aill L~ch M ay litigation or proe~ding affecting this
Mortgage, the Agr~ment or ~ Property or M px~ar~rion ,for fl~e co~en~m~n~ or defense of ~y proceediag$ or
areatened suit or pining, ~I be i~ediat~ly du~ ~d payable by u~, wis int~r~t at ~e inmre:t rat~ payable under
Air, merit,
~4, ~EN 8TATE~NT$. Within five (5) c~enfl~ ~ays Upon r~uest in p~rson or within ten (t0)
days upon t~ue,t by ~fl, Merrill Ly~h will ~rnl~ a duly ac~owledg~ written ~tatem<t or' the ~ount due on
Mon~ge ~d whether <y offset~ or de~mes exist against fl~ d~bt s<u~ed by th~ Montage..
By signing thJ.$ Mortgage, a,e agr~e~to all of the above.
MORTGAGOR .MORTGAGOR
MORTGAGOR MORTGAGOR
K~-nt L. Pezkim, T3u~tee of the ~erklns Living Trust dated October 15, 1997
M~ilynq~. Perkins. Tn~te~ of the Perkins tying Trust dated October 15, I997 '-
-7-
STATE OF WYOMING ) STA?E O~ WYOMING )
.-
COUNTY OF Lincoln ] COUNTY OF .7,.'~.: )
Th~ foregoing ins~mm,n~ w~ a,~owl,dgod b~*bre me by ~e Ere 9lng ~stmment was ac~owledgod b0fot~ m~ by
Kent L. Perkins,Trustee thi, 8t~ayof. January, 20~z
. , ~' ~lts day
WITNESS my h~d ~ s,fl.
my eOmmi~ ~r~y~a 1 ~2004 _ Officer/Not~ ~ublie
STATE OP W~OMINO ) STATE OF WYOM~O )
COUNTY OF' Lincoln .) COUNTY OF )
The fomgo}~ ins~ent w~ ac~owl~dg~ beBre m.e by ~l~ forego~g instrument w~ ac~owledgcd ~for, m~ by
Marilynn W. Perkins, Trustee ~is 8t~ayof January, 200,2
..... ' this day of
WITfl~.y h~d md se~. WITNESS my h~d md sea
O~r/Not~ ~blic
My c~s~lon expke~: 1-11-2004 My co~BSi0a expos:
(THIS/II~ACE INTENTIONALLY LE,~r BLANK)
-8-
LEGAL DESCRIPTION
Lot 27 of the Grand View Enterprises Incorporated, Li~ncoln county,
Wyoming as described on the official plat thereof.