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Home My WebLink About919811 ,~--~ PURCHASE AGREEMENT SECURITY AGREEMENT t' n n ,', () 7 \.;uUuu This PURCHASE and SECURITY AGREEMENT made between Ralph Fife and Tina Fife, husband and wife, of 50 Burton Lane #3 Afton, WY 83110, (the "Purchaser"/"Debtor"), and Michael 1. D' Anzi of 87693 U.S. Highway 89, Afton, WY,( the "Seller"/ "Secured Party"). 1. Creation of security interest. Debtor, to secure the payment of the indebtedness described below, grants to Secured Party, its successors, and assigns a security interest in the following items of personal property (Collateral): Amount Item VIN Number One (1) One (1) One (1) One (1) One (1) One (1) 1975 Gover House Trailer BFX570143K1S19689 1964 Vinda House Trailer 255XECDR9598 1972 AMEEA House Trailer GC080068 1975 LANCE 2FR14745522 1977 FLEET House Trailer S0195 1972 GREL House Trailer 9795 2. Obligation to pay. Debtor shall pay to Secured Party, its successors, and assigns the sum of Sixty Thousand Dollars ($60,000.00), as evidence by the Promissory Note payable at the rate of Two Thousand Dollars ($2,000.00) on 1st day of July, 2006, and Two Thousand Dollars ($2,000.00) on the 1st day of each month thereafter until the entire amount is paid. 3. Risk of Loss/Insurance. The Purchaser assumes the risk of loss or damage to the premises by fire or othp casualty. The Purchaser hereby agrees to maintain casualty and premise liability insurance on the above described Collateral during the term of this contract. . Purchaser shall indemnify and hold the Seller harmless from any and all claims, liability, loss, damage, or expense resulting from the Purchaser's use of the Collateral. The Purchaser shall provide the Seller with proof of insurance on the Collateral within thirty (30) days of the execution of this Agreement. Purchaser shall continue to provide proof of insurance every six (6) months thereafter until the Promissory Note is paid in full. 4. Acceleration clause: If default b~ made in the payment of any such notes, or any portion thereof, or of interest as and when due, then and in that event all the rest or any portion of the notes remaining unpaid, whether due or not, shall immediately become due and payable. 5. Removal of Collateral from Lincoln County, Wyoming. The Collateral shall not be removed from Lincoln County, Wyoming without the written consent of Secured Party. Removal of the Collateral by Debtor, or his agents, servants, or employees, shall be deemed a willful taking and an unlawful conversion under this Security Agreement, and shall constitute a Purchase Agreement Security Agreement Page I of 4 RECEIVED 6/30/2006 at 10:08 AM RECEIVING # 919811 BOOK: 625 PAGE: 97 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ---------- --- ~ -~------ --------..------ . {)Ù'!j tt'~'b'h ,'~ . -~~J ..J.-!t 11~ (~~) J,j :f~~ (' n (1 ¡"' tì 8 ....... \.' \.J \.. ~J default hereunder, and all sums owing and secured hereby, whether or not due, shall thereupon become immediately due and payable. 6. Late Payment/Penalty/Repossession. The Purchaser shall make all payments when due as stated in the Promissory Note incorporated with this Agreement. In the event the Purchaserfails to make the payments within ten (10) days of the due date a penalty shall be assessed by the Seller in the amount of One Hundred Dollars ($100.00) for each month the Purchaser fails to make the payments when due. In the event the Purchaser fails to make the payments for a period of more than sixty (60) days, the Seller shall have the right to repossess the Collateral. In the event the Purchaser has failed to maintain the Collateral the Seller shall have the right to seek reimbursement from the Purchaser for any repairs or maintenance needed to return the Collateral to a merchantable condition. If the Seller chooses to sell the Collateral after repossession, the Seller shall have the right to seek reimbursement for any deficiency between the amount owed by the Purchaser and the sales price of the Collateral after repossessIOn. 7. Purchaser Installed Improvements. Any improvements made to the Collateral by the Purchaser shall become property of the Seller, the Purchaser shall have no right of reimbursement for the improvements. 8. Unlawful Activities. During the term of this Agreement, the Purchaser shall ensure that no illegal activities are conducted on the premises. 9. Default. Debtor shall be in default hereunder if: Debtor makes any misrepresentation or misstatement in connection with, or is in noncompliance with, or nonperformance of any of Debtor's obligations hereunder; Debtor shall default in the payment of any sum secured hereby or any part of installment thereof; all or any part of the Collateral is seized or levied upon under any process; Debtor shall sell, assign or create a security interest in, or transfer its right, title and interest in and to, the vehicle or its right of possession thereto or any part thereof; a petition in bankruptcy is filed by or against Debtor; any proceedings under the bankruptcy laws are commenced by or against Debtor; a receiver of Debtor or of its property is appointed; Debtor shall make an assignment for the benefit of creditors; a judgment is obtained against Debtor; an action or proceeding is brought against Debtor in any court; dispossession proceedings are taken against Debtor; or Secured Party at any time deems itself insecure. 10. Waiver by Debtor. Debtor waives any and all claims of any nature, kind, or description which it has or may claim to have against Secured Party or its representatives, by reason of taking possession of or selling the Collateral. Debtor expressly waives the rig'ht to a jury trial in any action or proceeding between the parties. 11. Waiver of breach. The acceptance of any payments by Secured Party after maturity, or the acceptance of a partial payment, or the waiver of condonation of any breach or default shall not constitute a waiver of any other or subsequent breach or default or prevent Secured Party from immediately pursuing any or all its remedies. Purchase Agreement Security Agreement Page 2 of 4 ~-~ liD 'r>. 1i '" -, Yo ,~1 ~ ::",t 'ii.;) "ii, ''':i ,.~ .....}/ (...1I4.:dL~ , r\,... . 9 ' . ',$ I" 9 ;·$ut;., 12. Counsel fees and expenses. If Secured Party retains counsel for the purpose of collecting any moneys which may be due under or secured in any way by this security agreement, or to recover the Collateral, or to protect its interest therein bireason of a default or breach by Debtor, then and in that event Debtor agrees to pay counsel fees. 13. Collateral Sold "AS IS". The items described in Paragraph 1 of this Agreement are being sold in "as is condition" the Secured Party has made no representations or warranties express or implied. 14. Entire Agreement. This Agreement with the corresponding Promissory Note represents the entire agreement between the parties. No amendments or modifications of this agreement shall be made except in writing signed by both parties. 15. Governing Law. This Agreement shall be interpreted and enforced according to the laws of the State of Wyoming. 16. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, successors and assigns. In witness whereof Debtor has caused this security agreement to be duly executed, sealed, and delivered, this 2..0/ day of.::J U AlE- ,2006. ~:¿ TINA FIFE, ebtor ~ MICHAEL 1. D' ANZI Secured Party Purchase Agreement Security Agreement Page 3 of 4 ·''".......'m·''...':" "~T'" '''', 'TIt~::;: '" ',' ,',' . .,'¡','.' " 000100 n'9~~ Q¡~~)'fi ~ - '- ~~. .,"t' (.-'L,!L..,¡~, STATE OF WYOMING ) ) SS COUNTY OF LINCOLN ) The foregoing Purchase Agreement Security A~e.xI]Jent was S::J¿ed before me by RALPH FIFE, Debtor and TINA FIFE, Debtor this C{ftl day of ~~ , 2006. . WITNESS MY HAND AND OFFICIAL SEAL ROBIN A. WILDE - NOTARY PUBLIC County of ~ State .of Teton . Výyommg My CommissIon Expires filer (2-0 (0 ~~f-f~ NOTARY PUBLIC My commission expires: Lf((C{(zo{O STATE OF WYOMING ) ) SS ) COUNTY OF LINCOLN The foregoing Purchase Agreement Securi¡~ Agreeme~ was signed before me by MICHAEL 1. D'ANZI, Secured Party this d q - day of Uµ , 2006. WITNESS MY HAND AND OFFICIAL SEAL H8D! BROWN - NOTARY PUBUO County Œ. State c 4l'\ÇÇJln· Wyoming My CQmml$Slon Expires August 5, 2009 . . .....~,~......r¡;o..4'¡ '¡;t~''''-:,.-'-J..,'~...·~ ".~:". ~~c{~, &LfiL NOTARY PUBLIC My commission expires: 1) ~ 5'-D9 Purchase Agreement Security Agreement Page 4 of 4