HomeMy WebLinkAbout916412
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000646
63
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RECORDATION REQUESTED BY:
KeyBank National Association
OH-DF-Key Dealer Finance
BOO Superior Avenue
Cleveland, OH 44114
WHEN RECORDED MAIL TO:
KeyBank National Association
Mail Code: JD-56-PC-0125
431 Parkcenter Blvd. - P.O. Box 527B
Boise, JD B3705
RECEIVED 3/3/2006 at 3:17 PM
RECEIVING =# 916412
BOOK: 613 PAGE: 646
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
SEND TAX NOTICES TO:
Timothy Alan Allred
Cynthia H. Allred
24 Aspen Grove Drive East
Evanston.WY 82930
!'.dtc'k1Ct1ífient is being ~~1d
b~;' Southwest Title Comp~
~ l5 ~tl1J'Y!."tœy omy.
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
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*5151BDD67644DDDDDDDD02DG14*
ASSIGNMENT OF RENTS
THIS ASSIGNMENT OF RENTS dated February 28,2006, is made Bnd executed between Timothy Alan Allred Bnd
Cynthia H. Allred, whose Bddress is 24 Aspen Grove Drive .East, EVBnston, WY 82930 (referred 10 below Bs
"Grantor") Bnd KeyBank National Association, whose Bddress is 800 Superior Avenue, Cleveland, OH 44114
(referred 10 below BS ".Lender").
ASSIGNMENT. For valuable consideration, Grantor hereby .assigns, grants .a continuing security interest in, Bnd
conveys 10 .Lender BlI of Grantor's right, 1itle, Bnd interest in Bnd 10 1he Rents from 1he following described Property
located in Lincoln County, State of Wyoming:
Bee Exhibit "A", which is .attached 10 1his Assignment Bnd made .a part of this Assignment BS if fully set iorth
herein.
The Property or its .address is commonly knownBs 409 W.ashington S1reet, Afton, WY 83110.
CROSS-COLLATERAUZATION. In .addition to the Note, this Assignment secures all obligations, debts Bnd IÎBbilities, plus interf!st therf!on, of
Borrower to lÆnder, or anyone or morf! of them, BS well BS BII claims by lÆnder against Borrower or Bny one or more of them, whether now
,existing or hereaftf!r Brising, whether related or lJnrf!lated to the purpose of the Notf!, whether voluntary or otherwise, whether due or not due,
dirf!ct or indirf!ct, .df!termined or lJndetermined, .absolutf! or contingent, liquidated or unliquidated whether Borrower or Grantor may be liable
individually or jointly with others, whether obligated .as guarantor, surety, accommodation party or otherwise, Bnd whether recovery lJpon such
.amounts may be or hereafter may become barred by any statute of limitations, Bnd whether the obligation to repay such Bmounts may be or
herf!after may become otherwise lJnenforceable.
"THIS ASSIGNMENT JS GIVEN TO SECURE (11 PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF BORROWER AND GRANTOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT JS GIVEN
AND ACCEPTED ON THE FOLLOWING TERMS:
GRANTOR'S WAIVERS. Grantor waives BII rights or nefenses Brising by rf!ason of Bny "one Bction" or "Bnti-deficiency" law,or Bny other BW
which may prf!vent lÆnder from bringing Bny Bction Bgainst Grantor, including a claim ior deficiency to the extent under is otherwise ,entitled to
a .claim for deficiency, before or Bfter lÆnder's commencement or completion of :any ioreclosure Bction, f!ither judiciBlly or by ,exercise of B
power of 5Ble.
BORROWER'S WAIVERS AND HESPONSJBILITJES. lÆnder need not tell Borrower Bbout .any .action or inaction Lender takes in connection with
this Assignment. Borrowf!r .assumes the responsibility for being Bnd keeping informed .about the Property. Borrower waives Bny .defenses <hat
may Brise because of Bny Bction or inBction of Lf!nder, including without limitation Bny iBilure of Lender to realize lJpon the :Property, or Bny .delay
by lÆnder in rf!alizing lJpon the Property. Borrower agrees to remain liable under the Note with under no matter what .action .Lf!nder takes or
iBils to take lJnder this Assignment.
PAYMENT AND PERFORMANCE. Exc,ept BS otherwise provided in this Assignment or any Related Documents, Grantor shall pay to lÆnder .all
.amounts securf!d by this Assignment .as they become due, .and shall strictly perform BII of GrBntor's obligations under this Assignment. Unless
.and lJntil .Lf!nder exercises its right to collect the Rents .as provided below .and so long .as therf! is no .default lJnder this Assignment, Gr.antor may
r,emain in possession .and control of .and operate and manage the Property Bnd collect the Rents, provided that the gTBnting of the right to· collect
the Rents shall not constitute lÆnder's consent to the use of CBsh collBteral in a bankwptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTJES. Grantor warr.antsthat:
Ownarship. Grantor is ,entitled to receive the Rents free Bnd clear of BII rights, loans, liens, ,enèumbrancf!s, Bnd .claims ,except .as disclosed
to Bnd Bccepted by L,ender in writing.
Right 10 Assign. Grantor has the iull right, power Bnd Buthority to ,enter into this Assignment Bnd to .assign Bnd convey the Rents to
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ASSIGNMENT OF RENTS
(Continued)
000647
PagE!' Z
lender.
Na Frior Assignmertt. Grantor has not previously assigned or conveyed the' Rents to any other person by any instrument now in force'.
Na FUrther Transfer. Grantor will not sell, assign, encumber, or otherwise' dispose' of any of Grantor's rights i., the' Rents except as
provided in this Assignment.
LENDER'S RIGHT TO RECBVE AND COLLECT RENTS. Lender shall have the right at any time, and e'ven though no default shall have' occurred
under this Assignment, to collect and receive' the' Rents. For this purpose', Lender is hereby given and granted the' following rights, powers and
authority:
Notice ta TelTllntt. Lender may send notices to any and all tenants of the Property advising them of this Assignme'nt and directing all Rents
to be' paid directly to lender or Lender's agent.
Enter the Froperty. lender may enter upon and take possession of the' Property; demand, collect and receive' from the' tenants or from any
other persons liable' therefor, all at the' Rents; institure and carry on all legal proceedings necessary for the' protection of the Froperty,
including such proceedings as may be' necessary to recover possession of the' Property; collect the Rents and remove' any tenant or tenants
or other persons from the Property.
MaintailT thll' Froperty. Lender may enter upon the Property to maintain the' Property and keep the' same' in repair; tu pay the costs thereat
and of all services at all employees, including their equipment, and of all continuing costs and expenses of maintaining the' Property in
proper repair and condition, and also to pay all taxes, assessments and water utilities, and the premiums on fire and other insurance'
effected by Lender on the' Property.
Compliance with Laws. lender may do any and all things to execute' and comply with the laws of the State of Wyoming and also all other
laws, rules, orders, ordinances and requirements of all other governmental agencies affecting the' Property.
lease the Froperty. Lender may rent or lease' the' whole' or any part of the' Property for such term or terms and on such conditions as
lender may deem appropriare.
Employ Agents. Lender may engage such agent or agents as lender may deem appropriare, either in lender's name or in Grantor's name,
to rent and manage the' Property, including the' collection and application of Rents.
Other Acts. Lender may da all such other things and acts with respect to the' Property as lender may deem appropriate- and may act
exclusively and solely in the' place' and stead of Grantor and to have all of the' powers of Grantor for the purposes stated above'.
Na Requirement ta Act. Lender shall not be' required ta do any of the foregoing acts or things, and- the' fact that lender shall have'
performed one' or more of the foregoing acts or things shall not require lender to do any other specific act or thing.
APFLlCATTON OF RENTS. All costs and expenses incurred by Lender in connection with the' Property shall be for Grantur's account and lender
may pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determin& the application of any and all Rents received by
it; however, any such Rents received by lender which are not applied tu such costs and expenses shall be applied to the Indebtedness. All
expenditures made by lender under this Assignment and not reimbursed from the' Rents shall become a part of the' Indebtedness secured by this
Assignment, and shall be' payable' on demand, with interest at the' Note rate' from dare of expenditure until paid.
FULL PERFORMANCE. If Grantur pays all of the' Indebtedness whèn due and otherwise' performs all the' obligations imposed upon Grantor under
this Assignment, the' Nore, and the Related Documents, lender shall execute and deliver tu Grantor a suitable satisfaction of this Assignment
and suitable' statements of termination of any financing statement on file' evidencing Lender's security interest in the Rents and the' Property.
Any termination fee' required by law shall be' paid by Grantor, if permitted by applicable law.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect lender's interest in the' Property or if Grantor
fails ta comply with any provision of this Assignment or any Related Documents, including but nat limited ta Grantor's failure tu discharge' or
pay when due' any amounts Grantor is required to discharge' or pay under this Assignment or any Related Documents, Lender on Grantor's
behalf may (but shall not be' obligated to) take' any action that Lender deems appropriare, including but not limited tu discharging or paying all
taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on the' Rents or the Property and paying all costs for
insuring, maintaining and preserving the' Property. All such expenditures incurred or paid by lender for such purposes will then bear interest at
the' rare charged under the' Note- from the date incurred or paid by lender to the dare of repayment by Grantor. All such expenses will become a
part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added tu the balance of the Nore and be' apportioned
among and be' payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the'
remaining term of the' Note; or (C) be'treated as a balloon payment which will be due- and payable' at the' Nore's maturity. The Assignment also
will secure payment of these' amounts. Such right shall be' in addition to all other rights and remedies to which Lender may be entitled upon
Default.
DEFAULT. Each of the' following, at Lender's option, shall constitute' an Event of Default under this Assignment
Paymertt Default. Borrower fails tu make' any payment when due' under the' Indebtedness.
Other Defaults. Borrower or Grantor fails to comply with or tu perform any other term, obligation, covenant or condition contained in this
Assignment or in any of the' Relared Documents or to comply with or to perform any term, obligation, covenant or condition contained in
any other agreement between Lender and Borrower- or Grantor.
Default on Other Payments. Failure' of Grantor within the time' required by this Assignment to make any payment for taxes or insurance, or
any other payment necessary to prevent filing of or to effect discharge of any lien.
Default in Favor of Third Parties. Grantor defaults under any loan, extension of credit, security agreement, purchase' or sales agreement, or
any other agreement, in favor at any other creditur or person that may materially affect any of Grantur's property or Grantor's ability to
perform Grantor's obligations under this Assignment or any of the Related Documents.
False Statements. Any warranty, representation or statement mad& or furnished to Lender by Borrower or Grantor or- on Borrower's or
Grantor's behalf under this Assignment or the Related Documents is false or misleading in any marerial respect, either now or at the' time-
made or furnished or becomes false' or misleading at any time thereafter.
Defective CollateralizatiolT. This Assignment or any of the- Related Documents ceases to be in full force and effect (including failure' of any
collateral document to create' a valid and perfected security interest or lien) at any time' and for any reason.
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ASSIGNMENT OF RENTS
(Continued)
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Death Dr Insolvency. The death of Borrower or Grantor, the insolvency of Borrower or Grantor, the appointment of a receiver for any part
of Borrower's or Grantor's property, any BSsignment for the benefit of creditors, any type of creditor workout, or the commencement of
any proceeding under any bankruptcy or insolvency laws by or against BorrDwer or Grantor.
Creditor Dr Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help,
Œpossession or any other method, by any creditor of Borrower or Grantor or by any governmental agency against the Rents or any property
securing the Indebtedness. This includes a garnishment of any of Borrower's or Grantor's accounts, including .deposit accounts, with
.Lender. tlowever, this Event of Default shall not apply if there is a good faith .dispute by Borrower or Grantor as to the validity or
reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives .Lender written
notice of the creditor or forfeiture proceeding and deposits with .Lender monies or a surety bond for the creditor or forfeiture proceeding, in
an amount Determined by.Lender, in its sole discretion, as being an adequate reserve or bond for the .dispute.
Property Damage Dr .Loss. The Property is lost, stolen, substantially .daTrulged, sold, or borrowed against.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any
Guarantor dies or becomes incompetent, or revokes or dispUtes the validity of, or liability under, any Guaranty of the Indebtedness. In the
event of a death, .Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the
obligations arising under the guaranty in a manner satisfactory to .Lender, and, in doing so, cure any Event of Default.
Adverse Change. A Trulterial adverse change occurs in Grantor's financial condition, or .Lender believes the prospect of payment or
performance of the Indebtedness is impaired.
Jnsecurity. .Lender in good faith believes itself insecure.
Cure Provisions. If Bny default, other than a default in payment is curable Bnd if Grantor has not been givfm B notice of .a breach of the
same provision of this Assignment within the preceding twelve (12) months, it may be cured if Grantor, Bfter receiving written notice from
.Lender demanding cure of such default: (,) cures the default within fifteen ('5) days; or (2) if the cure requires more than fifteen ('5)
days, immediately initiates steps which .Lender deems in .Lender's sole discretion to be sufficient to cure the .default and thereafter
continues Bnd completes .all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of Bny Event of Default and Bt any time thereafter, .Lender may exercise Bny one
or more of the following rights Bnd remedies, in addition to any other rights or remedies provided by law:
Accelerate Indebtedness. .Lender shall have the right Bt its option without notice to Grantor to Declare the entire Indebtedness immediately
due and payable, including any prepayment penalty which Grantor would',be required to pay.
Collect Rents. .Lender shall have the right, without notice to Borrower or Grantor, to take possession of the ProPerty and collect the Rents,
including Bmounts past Due .and unpaid, Bnd Bpply the net proceeds, over Bnd .above .Lender's costs, against the Indebtedness. In
furtherance of this right, .Lender shall have all the rights provided for in the .Lender's Right to Receive Bnd Collect Rents Section, Bbove. If
the Rents are collected by.Lender, then Grantor imIVocably designates .Lender as Grantor's attorney-in-fact to endorse instruments received
in payment thereof in the name of Grantor .and to negotiate the same and collect the proceeds. P.ayments by tenants or other users to
.Ltmder in response to .Lender's demand shall satisfy the obligations for which the payments are Trulde, whether or not any proper grounds
for the demand existed. .Lender may exercise its rights under this subparagr.aph either in person, by agent, or through a receiver.
Appoint Receiver. .Lender shall have the right to have a receiver .appointed to take possession of all or .any part of the Property, with the
power to protect Bnd preserve the Property, to operate the Property preceding foreclosure or sale, Bnd to collect the Rents from the
Property and apply the proceeds, over and .above the cost of the receivership, Bgainst the Indebtedness. The receiver may serve without
bond if permitted by Jaw. .Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property
exceeds the Indebtedness by.a substantial amount. Employment by .Lender shall not disqualify.a person from .serving as .a receiver.
Other Remedies. .Lender .shall have all other rights .and remedies provided in this Assignment or the Note or by law.
.Election of Remedies. .Election by .Lender to pursue any remedy shall not exclude pursuit of any other remedy, and Bn election to make
expenditures or to take action to perform .an obligation of Grantor under this Assignment, after Grantor's failure to perform, shall not affect
Lender's right to Declare a default .and exercise its remedies.
Attorneys' Fees; Expenses. If .Lender institutes any suit or action to enforce .any of the terms of this Assignment, .Lender shall :be entitled to
recover such sum as the court may adjudge reasonable .as attorneys' fees at trial and upon any appeal. Whether or not any court action is
involved, and to the extent not prohibited by law, all reasonable expenses Ümder incurs that in .Lender's opinion are necessary Bt any time
for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness paYBble on demand Bnd shall beBr
interest at the Note rBte from the Date of the expenditure until repaid. .Expenses covered by this paragrBph include, without limitation,
however subject to Bny limits under BpplicBble law, .Lender's Bttorneys' fees and .Lender'.s legal expenses whether or not there is B lawsuit,
including Bttorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or VBcate any ButOTrultic stay or injunction).
appeals, Bnd any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure
reports). .surveyors' reports, and BpprBisal fees, title insurance, Bnd fees for the Trustee, to the extent permitted by Bpplicable Jaw. Grantor
Blso will pay Bny court costs, in addition to all other sums provided by law.
MISCEllANEOUS PROVISIONS. The following miscellaneous provisions Bre a part of this Assignment:
Amendments. This Assignment, together with any Related Documents, constitutes the entire understanding and agreement of the parties
BS to the matters set forth in this Assignment. NOBlteration of or amendment to this Assignment shall be effective unless given in writing
.and signed by the party or parties so~ght to :be charged or bound by the BlterBtion or Bmendment.
Caption Headings. Caption heBdings in this Assignment are for convenience purposes only Bnd ari not to:be used to interpret or .define the
provisions of this Assignment.
Governing .Law. With respect 10 procedur.al matters related 10 the perfection .and enforcement of .Lender's rights .against the Property,"this
Assignment will be govemed by iederal Jaw .applicable "to .Lender .and "to the extent not preempted by iederBI Jaw, the Jaws of "the State of
Wyoming. In.all other respects, "this Assignment will be governed by iederal Jaw .applicable 10 .Lender .and, 10 "the -extent not preempted by
federal Jaw. "the Jaws of "the State of Ohio without regard to its ¡:onflicts of Jaw provisions. However, if "there ever is a XlU8stion.about
whether .any provision .of "this Assignment is lIalid Dr enforceable, "the provision "that is questioned will be governed by whichelltir .state or
iederBI Jaw would iind "the provision "to be valid .and enforceable. The wBn transaction "that is evidenced by "the Note .and this Assignment
has been .applied for, ¡:onsidered, .approved .and made, and .all necessary loan .documents have been .accepted by .Lender in "the State of
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ASSrGNMENT OF RENTS
(Continued)
OOC649
. Page 4-
Ohio.
Jqint" and Several Uability. All obligations of Borrower and Grantor under this Assignment shall b~ joint and several, and all references to
Grantor shall mean eaclT and every Grantor, and all references to Borrower shall mean eaclT and every Borrower. This means that eaclT
Borrower and Grantor signing below is responsible for all obligations in this Assignment.
Merger. There shall be no merger of the interest or estate' created by this assignment witlT any other interest or estate' in the fYroperty at
any time held by or for th~ benefit of Lender in any capacity, without th~ written consent of Lender.
Interpretation. (1) In all cases where there is more than on~ Borrower or Grantor, then all words used in this Assignment in th~ singular
shall b~ deemed to hav~ been used in th~ plural where the context and construction so require. (2) If more than on~ person signs this
Assignment as "Grantor, " th~ obligations of each Grantor are joint and several. This means that if Lender brings a lawsuit, Lender may su~
any on~ or mor~ of th~ Grantors. If Borrower and Grantor ar~ not th~ same person, Lender need not su~ Borrower first, and that Borrower
need not be joined in any lawsuit. (3) The names given to paragraphs or sections in this Assignment are for convenienc~ purposes only.
They are not to b~ used to interpret or defin~ the provisions of this Assignment.
No Waiver by Lender. Lender shall not be deemed to hav~ waived any rights under this Assignment unless such waiver is given in writing
and signed by Lender. No. delay or omission on the part of Lender in exercising any right shall operate as a waiver of suclT right or any
other right. A waiver by Lender of a provision of this Assignment shall not prejudice or constitut~ a waiver of Lender's right otherwise to
demand strict compliance witlT that provision or any other provision of this Assignment. No prior waiver by Lender, nor any course of
dealing between Lender and Grantor, shall constitut~ a waiver of any of Lender's rights or of any of Grantor's obligations as to any future
transactions. Whenever the consent of Lender is required under this Assignment, the granting of suclT consent by Lender in any instanc~
shall not constitute continuing consent to subsequent instances where suclT consent is required and in all cases suclT consent may be
granted or withheld in th~ sole discretion of Lender.
Notices. Any notice required to be given under this Assignment shall be given in writing, and shall b~ effectiv~ when actually delivered,
when actually received by telefacsimile (unless otherwis~ required by law). when deposited with- a nationally recognized ovemight courier,
or, if mailed, when deposited in th~ United States mail, as first class, certified or registered mail postag~ prepaid, directed to th~ addresses
shown near th~ beginning of this Assignment. Any party may clTange its address for notices under this Assignment by giving formal
written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Grantor
agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more
than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors.
FowerS, of Attorney. Th~ various agencies and powers of attomey conveyed on Lender under this Assignment are granted for purposes of
security and may not b~ revoked by Grantor until such time as the same are renounced by Lender.
Severability. If a court of competent jurisdiction finds any provision of this Assignment to be illegal, invalid, or unenforceable as to any
person or circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other person or
circumstance. If feasible, th~ offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the
offending provision cannot be so modified, it shall be considered deleted from this Assignment. Unless otherwise required by law, the
illegality, invalidity, or unenforceability of any provision of this Assignment shall not affect tire legality, validity or enforceability of any other
provision of this Assignment.
Successors and Assigns-. Subject to any limitations stated in this Assignment on transfer of Grantor's interest, this Assignment shall be
binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the fYroperty becomes vested in a person
other than Grantor, Lender, without notic~ to Grantor, may deal with Grantor's successors with referenc~ to this Assignment and the
Indebtedness by way of forbearance or extension without releasing Grantor from th~ obligations of this Assignment or liability under th~
Indebtedness.
TimlJ is of thlJ EssenclJ. Tim~ is of the essence in th~ performanc~ of this Assignment.
WaivlJ Jury. All parties to this Assignment" hereby waivlJ the right to any jury trial in any action, proceeding, or counterclaim brought by any
party against any other party.
WAIVER OF HOMESTEAD EXEMPTION. Grantor hereby releases and waives all rights and benefit!r of th~ homestead exemption laws of th~
State of Wyoming as to all Indebtedness secured by this Assignment.
WAIVER OF RIGHT OF REDEMPTION. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS
ASSIGNMENT. GRANTOR HEREBY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM SALE UNDER ANY ORDER OR JUDGMENT OF
FORECLOSURE ON GRANTOR'S BEHALF AND ON BEHALF OF EACH AND EVERY PERSON, EXCEF'T JUDGMENT CREDITORS OF GRANTOR,
ACQUIRING ANY INTEREST IN OR TITLE TO THE PROPERTY SUBSEQUENT TO THE DATE OF THIS ASSIGNMENT.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless specifically
stated to th~ contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms
used in the singular shall includ~ th~ plural, and th~ plural shall includ~ the singular, as th~context may require. Words and terms not otherwis~
defined in this Assignment shall hav~ th~ meanings attributed to such terms in the Uniform Commercial Code:
Assignment". ThEf word "Assignment" means this ASSIGNMENTOF RENTS, as this ASSIGNMENTOFRENTS may b~ amended or modified
from tim~ to time, together with all exhibits and schedules attached to this ASSIGNMENT OF RENTS from tim~ to time.
Borrower. The word "Borrower" means Timothy Alan Allred.
Default. The ward. "Default" means th~ Default set forth in this Assignment in the section titled "Default".
Event" of Default. Th~ words "Event of Default" mean any of the events of default set forth in this Assignment in th~ default section of this
Assignment.
Grantor. The word "Grantor" means Timothy Alan Allred and Cynthia It. Allred.
Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Indebtedness.
Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the.
Note.
Indebtedness. Th~ word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payabl~ under th~ Not~ or
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:ti4
ASSIGNMENT OF RENTS
(Continued)
C00650
Page 5
Loan No: 2
Related Documents, together with all renewals of, extensions of, modifications of, consolidations of and substitutions for the Note or
Related Documents and any amounts expended or advanced by Lender to discharge Grantor's obligations or expenses incurred by Lender to
enforce Grantor's obligations under this Assignment, together with interest on such amounts as provided in this Assignment. Specificelly,
without limitation, Indebtedness includes all amounts that may be indirectly secured by the Cross-Collateralization provision of this
Assignment.
Lender. The word "Lender" means KeyBank National Association, its successors and assigns.
Note. The word "Note" means the promissory note dated February 28, 2006, in the original principal amount of $700.000.00
from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions
for the promissory note or agreement.
Property. The word "Property" means all of Grantor's right, title and interest in and to all the Property as described in the" Assignment"
section of this Assignment.
Related Documents. The words "Related Documents· mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments,
agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.
Rents. The word "Rents" means all of Grantor's present and future rights, title and interest In, to and under any and all present and future
leases, including, without limitation, all rents, revenue, income, issues, royalties, bonuses, accounts receivable, cash or security deposits,
advance rentals, profits and proceeds from the Property, and other payments and benefits derived or to be derived from such leases of
every kind and nature, whether due now or later, including without limitation Grantor's right to enforce such leases and to receive and
collect payment and proceeds thereunder.
THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT. THIS DOCUMENT IS EXECUTED ON
FEBRUARY 28, 2006.
GRANTOR:
_----;:~7 ___
X ~h1..~
TimOthy Alan AI red .
k -it
X . 11~ .
Cynt i H ~red
\
(lLQ)¡J
INDIVIDUAL ACKNOWLEDGMENT
STATE OF
Wyoming
COUNTY OF
Lincoln
)
) SS
)
GLORIA K. BYERS" NOTARY PUBLIC
County of State of
Uncoln Wyoming
My CommIssIon Expires Sept. 15,2007
On this day before me, the undersigned Notary Public, personally appeared Timothy Alan Allred and Cynthia H. Allred, to me known to be the
individuals described in and who executed the ASSIGNMENT OF RENTS, and acknowledged that they signed the Assignment as their free and
voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this 28th day of
, .
February
06
,20
By
Residing at
Lincoln Cotmty
Notary Public in and for the State of
My commission expires
9-15-07
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000651
EXHffiIT "A"
The land referred to in this commitment is situated in the State of Wyoming. County of Lincoln, and is described as
follows:
Parcel 1
That part of the SE~SE~ of Section 36, T32N Rl19W of the 6th P.M.,
Lincoln County, Wyoming within the Southwest Afton Annexation to the
Town of Afton, Lincoln County, Wyoming, being part of that tract or
record in the Office of the Clerk of Lincoln County in Book 27 of Deeds
on page 402, and that part of Lot 18 of the Airport Addition to the Town
of Afton of record in said Office as Plat No. 313, it being the intent
to more correctly describe that tract of record in said Office in Book
414PR on page 421, as follows: .
BEGINNING at a spike, on the south line of said SE~SE~, S 89°14'35" W,
294.37 feet, from the southeast corner of said SE~SE~;
thence S 89°14'35" W, 121.83 feet, along the south line of said
SE~SE~, to a spike; .
thence N 01°05'00" W, 1177.89 feet, ,along a southerly extension of
the west line of said Airport Addition, to the southwest corner
thereof, marked by a concrete post;
thence continuing N 01°05'00" W, 17.:51 feet, along the west line of
said Lot 18, to the southeast point of that tract of record in
said Office in Book 209PR on page 455;
thence N 89°59'00" E, 119.97 feet, along an easterly extension of
the south lìne of said tract, to a point on the east line of
said Lot 18;
thence S 01°10'24" E, 17.42 feet, along said east.;: line, to the
southeast corner of said Lot 18, identical with the northwest
corner of the Call Air Foundation Addition Annexation to the
Town of Afton of record in said Office as Plat No. 376F, marked
by a brass cap;
thence continuing S 01°10'24" E, 360.00 feet~ along the west line
of said Annexation, to the southwest corner thereof, marked by
a brass cap;
thence continuing S 01°10'24" E, 816.44 feet, along a southerly
extension of said west line to the SPIKE OF BEGINNING.
Parcel 2
Lot 2 of Airport Addition to the Town of Afton Third Filing and Call Air
Foundation Addition Annexation to the Town of Afton Second Filing,
Lincoln County, Wyoming as described on the official plat No. 313-B
filed July 16, 2003 as Instrument No. 891662 of· the records of the
Lincoln County Clerk.
I.
/