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ASSUMPTION AND MODIFICATION AGREEMENT
AGREEMENT, made as of this J. ~ day of ~ ' 2001,
between U. S. Bank Trust National Association, as Cu odranfTrustee, located and
having its principal office at 180 East Fifth Street, St. Paul, Minnesota 55101,
("Lender"), and Roland C. and Linda L. Willis ("Assumptor"), whether one or more,
WITNESSETH:
WHEREAS, Lender is the holder of a note or bond ("NOTE") dated March 5,
1998, for Eight Hundred Eighty-two Thousand Dollars ($882,000.00), secured by a
mortgage, deed of trust, or security deed ("MORTGAGE") of even date therewith on real
property recorded in the office of the Recorder of the County of Lincoln, State of
Wyoming, In Book 408, Page 549, executed by Marie P. Weston aka Marie Weston,
Dale B. Weston and Pamela P. Weston (hereinafter "Mortgagor") to Central Bank, and
assigned to U.S. Bank Trust National Association, as CustodianfTrustee fka First Trust
National Association, as CustodianfTrustee by that certain Assignment of Mortgage and
recorded in the office of the Recorder of the County of Lincoln, State of Wyoming, in
Book 408, Page 560, upon which Note there is unpaid principal of $876,477.01 with
interest on the interest bearing sum of $876,477.01 from /1 'if.- (1A~~ '-'L...t'.- ' ;;J eMj,
at the rate of 8.29 per centum per annum; and whereas, the parties r~o are desirous
of modifying the Note and Mortgage in the particulars hereinafter mentioned;
NOW THEREFORE, in consideration of the premises and of the mutual promises
herein contained, and of the sum of one dollar duly paid to Lender, it is hereby mutually
covenanted and agreed that the terms of the Note and Mortgage be and the same are
hereby modified as follows:
1. The Due-on Sale clause provision of the mortgage is hereby waived as to
the transfer of the premises to said Assumptor but not as to any
subsequent transfer.
2. Lender releases Mortgagor from any and all liability for the payment of the
indebtness secured by said mortgage.
3. As a part of the consideration for this agreement and as a part of the same
transaction, the Assumptor assumes and agrees to pay the indebtedness
evidenced by that Promissory Note and to be bound and to perform all of
the covenants of the Deed of Trust or Mortgage at the time and in the
same manner provided.
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4. The following paragraphs shall be added as new paragraphs to the Deed of
Trust or Mortgage:
CROSS DEFAULT. This Mortgage is given in connection with one (1) of three (3) loans which
Lender has made contemporaneously to Borrower. (All of the loans are listed on Exhibit At and
are referred to herein individually as a "Loan" and collectively as the "Loans.") Upon (a) the
occurrence of a default under this Mortgage or any of the other documents or instruments
relating hereto (the "Loan Documents"), or (b) the occurrence of a default under any mortgage
or any of the other documents and instruments relating to any other Loan (collectively, the
"Other Loan Documents"), then in any such event, Lender may declare all of the principal,
interest and other sums which may be outstanding under the Note and with respect to the other
Loans (collectively, the "Indebtedness") to be immediately due and payable without further
demand, and Lender may exercise any and all rights and remedies provided in any of this
Mortgage, the Loan Documents, or any Other Loan Document, whether or not Lender exercises
its right to accelerate the Indebtedness secured by this Mortgage and the Loan Documents, or
the Indebtedness secured to Lender by any of the Other Loan Documents.
The Total Property (which shall be the "Property" as that term is defined herein,
together with the "Property," as that term is defined in the Other Loan Documents) shall secure
to Lender the payment of the Indebtedness and the performance of the covenants and
agreements set forth in this Mortgage, the Loan Documents and the Other Loan Documents
(collectively, the "Obligations"), all of which are secured to Lender by this Mortgage without
apportionment or allocation of any part or portion of the Property and without apportionment or
allocation of any part or portion of the Total Property.
In addition to the rights and remedies provided to Lender elsewhere in this Mortgage,
upon the breach of any covenant or agreement of this Mortgage, the Loan Documents or the
Other Loan Documents, lender shall be allowed, to the greatest extent permitted by law, to
enforce the payment of the Indebtedness and performance of the Obligations, and to exercise
all of the rights, remedies and powers provided under this Mortgage or any of the Loan
Documents, or the Other Loan Documents, or any of them, or under any provision of law, in one
or more proceedings, whether contemporaneous, consecutive or both, to be determined by
Lender in its sole and absolute discretion. Lender may enforce its rights against anyone or
more parcels of the Total Property in such order and manner as Lender may elect in its sole and
absolute discretion. The enforcement of this Mortgage. and of the Loan Documents. or any of
the Other Loan Documents against anyone or more parcel of the Total Property, whether by
court action, power of sale or otherwise, shall not constitute an election of remedies. and shall
not prejudice or in any way limit or preclude the enforcement of this Mortgage, the Loan
Documents, or the Other Loan Documents, or any of them, through one or more additional
proceedings. No judgment obtained by Lender in anyone or more enforcement proceedings
shall, merge the debt secured hereby into such judgment, and all of such debt which shall
remain unpaid shall be a continuing obligation of Borrower, not merged into any such judgment.
This Mortgage shall secure to Lender the repayment of any amount which Borrower may owe to
Lender, including without limitation the amount of any judgment, together with any interest
thereon, which may be rendered in connection with the enforcement of the Note secured hereby
or the Loan Documents, or any of the Other Loan Documents. Borrower waives and
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Documents is invalid or unenforceable as to any parcel of the Total Property, the unsecured or
partially secured portion of the Indebtedness secured by this Mortgage, any other of the Loan
Documents or any Other Loan Document shall be completely paid prior to the payment of the
remaining secured or partially secured portions of such Indebtedness.
5. All of the provisions of the Note and Mortgage shall remain in full force and effect
except as herein specifically modified and this agreement is made upon the
express condition that the Assumptor is vested with the fee simple title to the
premises covered by the Mortgage. And the said Assumptor in consideration of
the granting of this modification further covenants and agrees to pay and comply
with the terms and conditions of the Note and Mortgage as herein modified, and
nothing herein contained shall invalidate any of the security now held for the
payment of said debt. This agreement shall bind the parties, their heirs, legal
representatives, successors and assigns.
IN WITNESS WHEREOF, the parties hereto have caused this agreement to
be duly executed as of the day and year first above written.
PRESENT BENEFICIARY:
U.S. BANK TRUST NATIONAL ASSOCIATION
flk/a FIRST TRUST NATIONAL ASSOCIATION
as Custodianrrrustee
BY: Lend Lease Agri-Business, Inc.
Not personally, but as Attorney-In-Fact
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BY: G. Michael Smith. Sr. Vice President
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Roland C. Willis, Assumptor
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Linda L. Willis, Assumptor
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EXIllBIT A
1. Loan No. 398120, described as follows:
Note dated March 5, 1998, for Eight Hundred Eighty-two Thousand Dollars
($882,000.00), secured by a mortgage ("Mortgage") of even date therewith on real
property, recorded in the office of the Recorder of the County of Lincoln, State of
Wyoming, in Book 408, Page 549, executed by Marie P. Weston aka Marie Weston,
Dale B. Weston and Pamela P. Weston to Central Bank, and assigned to U.S. Bank
Trust National Association, as Custodian/Trustee fka First Trust National
Association, as Custodian/Trustee, by that certain Assignment of Mortgage and
recorded in the office of the Recorder of the County of Lincoln, State of Wyoming, in
Book 408, Page 560;
2. Loan NO. 398434, described as follows:
Note dated September 10, 1998, for Nine Hundred Thousand Dollars ($900,000.00),
secured by a mortgage ("Mortgage") of even date therewith on real property,
recorded in the office of the Recorder of the County of Lincoln, State of Wyoming, in
Book 419, Page 725, executed by Roland C. Willis and Linda 1. Willis to Central
Bank, and assigned to U.S. Bank Trust National Association, as Custodian/Trustee,
by that certain Assignment of Mortgage and recorded in the office of the Recorder of
the County of Lincoln, Statc of Wyoming, in Dook 419, Page 736;
3. Loan No. 20101118, described as follows:
Note dated May 21, 2001, for Five Hundred Seventy-five.Thdusap.d Dollars
($575,000.00), secured by a Deed of Trust ("Deed") of even date therewith on real
property recorded in the office of the Recorder of the County o.f-Itlch, State of Utah,
in Book Y 8 ,Page 040 , executed by Roland C. Willis and Linda 1. Willis to
Central Bank, and assigned to U.S. Bank Trust National Association, as
Custodian/Trustee, by that certain Assignment of Deed of Trust, and recorded in the
office of the Recorder of the County of Rich, State of Utah, in Book~, Page
061
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thellce 8 89"511'5]" W, a cli,(anee (If 1299,18 fCd In (,1lmer /Iuntber 8 of Tr.ld
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Ihence S 00.01'00" n. a distance of 4027.75 feelj
IIlence N 87.S6'3Q" W, . dlllancc of IJIS.49 feet In cllrner IIUmher 6 IIf said
'(ract 49;
lIlCftte S OO"OC)'OO" Ii, . dlslance of 1;1117.14 fete 10 cOllier "umill!( 'i or uu'
Tract 49;
thence N 89"32'1)8" W, a dislallce: or 753.68;
/lIenee N 18"47'07. 11., a dlslanee (lr :1677.25 reef;
lhenee N 17"10'00" n. a dislance or 737,U7 feel;
Ihellce N 18"23'21" I!, a dlslallCC or 4791.86 rm;
lhence N ]3"37'14" II, a dislaMe of 1152..1.1 fed, IItnre IIr less, In Ille Nil/-III
bolllldary line or said See/lon 2;
lhence.'i 89"57'07" n, along Ille Norlh bCllllldilty /llle (If s.1id Secllllll 2 a dist:Jllcc
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Legal Description
Township 21 North. Range 119 West. 6th P.M.
Section 7: W1/2S1/2.of Lot 7, W1/2N1I2 of Lot 8
Township 22 North. Ranoe 119 West. 6th P.M.
Section 7: Lot 32
Section 8: Lots 1, 7, 9,12,13,14,15,16,17,20 (or NE1/4SW114),
21,22,23,24 and 25, and NW1/4SW1/4
Section 9: Lots 7,9,16,17,18 and 19
Section 18: Lots 5, 6, 17 and 20
excepting therefrom:
a parcel of land situated within the boundaries of the public survey of
Lot 21, 22, NW1 14SW1 14, Lot 20 and Lot 9, of Section 8, Township
22N, Range 119 West of the Sixth Principal Meridian; said parcel of
land forming the right of way of Wyoming State Highway No. 30
through the aforesaid subdivisions of the Public Survey, said parcel of
land being shown, in general, upon the plat of the survey of said
highway,_ by the ~y'omi~gRt~te Highway Commission and designated (,
thereby as being F.A. P. no. 193-D, said plat of said survey being part
of the official record of the County Clerk of Lincoln County, Wyoming,
and said parcel of land being shown in particular upon said plats of
said survey as follows: Beginning at a point situated approximately
80.0 feet West of the Southeast Corner of said Lot 21 of said Section,
Township, and Range, said point being identical with the intersection
of the Southerly boundary line of said Lot 21 and the center line of the
roadway of said highway, thence North 10 degrees 58 minutes East
2715.0 feet to the intersection of said center line with the South
boundary line of Tract 46 of said Township and Range, said center
line being situate 100.0 feet from. and parallel to, the longitudinal
boundaries of said parcel of land.
Township 22 North. Ranoe 120 West. 6th P.M.
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chains, thence North 80 degrees 02 minutes East 9.24 chains, thence
South 79 degrees 11 minutes East 3.77 chains, thence North 21
degrees 15 minutes East 5.79 chains, thence North 31 degrees 28
minutes East 7.86 chains, thence North 15 degrees 25 minutes East
3.01 chains, thence North 16 degrees 06 minutes West 14.78 chains,
thence North 71 degrees 50 minutes West 13.16 chains, thence North
1 0 degrees 29 minutes East 2.03 chains, thence North 34 degrees 37
minutes West 9.68 chains, thence North 34 degrees 19 minutes East
7.63 chains, thence North 82 degrees 36 minutes East 7.76 chains,
thence North 27 degrees 39 minutes East 4.73 chains, thence North
40 degrees 29 minutes West 5.39 chains, thence North 00 degrees,
02 minutes West 6.89 chains, thence North 31 degrees 24 minutes
West, 6.91 chains, thence North 80 degrees 24 minutes East 7.20
chains, thence South 78 degrees 14 minutes East 4.90 chains, thence
North 28 degrees 43 minutes East 8.32 chains, thence North 18
degrees 57 minutes East 7.08 chains, thence North 06 degrees 53
minutes West 5.84 chains, thence North 14 degrees 25 minutes West
3.61 chains, thence North 33 degrees 11 minutes East 6.21 chains,
thence North 45 degrees 00 minutes East 4.67 chains, thence North
47 degrees 01 minutes East 12.03 chains, thence North 27 degrees
13 minutes East 3.94 chains, thence North 26 degrees 06 minutes
West 5.46 chains, thence North 36 degrees 18 minutes West 6.08
chains, thence North 62 degrees 33 minutes East 8.11 chains, to the
end of said meander, the intent being to deed to the center of said
channel as measured midway b~een the banks of Bear River from
the top of the bank escarpments at normal ground levels, thence East
52.52 chains along the South boundary of the holdings of Leo Telford,
. thence South 02 degrees 14 minutes West 125.74 chains along the
Western boundary of the holdings of John Dayton, to a point on the
South boundary of Tract 44, thence West 14.98 chains to the point of
beginning (Except the following: a tract of land situated in Lot 15 of
Section 24, in Township 22 North, Range 120 West of the 6th P.M.,
L,incoln County, Wyoming, which is a part of Tract 44 in Township and
Range aforesaid, the boundaries of which are described as follows:
Beginning at a point 1810 feet North and 1077 feet East, more or less,
from the Southwest corner of said Section 24, thence North 14
degrees 41 minutes East 100 feet, thence North 75 degrees 19
minutes West 100 feet, thence South 14 degrees 41 minutes West
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State of Utah, County of Rich
Lot A, Block 1 of the Lamborn Subdivision as shown on the official plat of
said subdivision recorded the 15th day of July 1969 as Filing No. Fll,585 in
Book E2, at Page 482, in the office of the Recorder of Rich County, Utah.
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6, Buyers hereby agree that Banks shall take a security interest in all shares
in the Beckwith Quinn Canal Co. and the Woodruff Narrows Reservoir Co. and shall
perfect said interest by possession, Banks shall be entitled to possession and control of
said shares until the balance of the notes are entirely paid off, Further, the Buyers
agree that Banks shall take a secured interest in the center pivot sprinkler systems,
motors, and related equipment as described more fully in the Security Agreement
executed contemporaneously herewith,
7. Any action taken in an attempt to assign or transfer any of the State lease
lands to anyone else, unless permission is obtained from Banks prior to the transaction,
shall be considered a default. Similarly, the failure to make rental payments on or
renew any State lease lands shall be deemed a default.
8. The Buyers agree that they will enter into a written agreement with the
owners of the neighboring Petersen property and obtain written permission for the
pivots to be partially located and operated on the Petersen land, in substantially the
same form as the acknowledgment attached hereto as Exhibit "A."
9. The parties agree that this agreement is an addendum to and is hereby
incorporated into and made a part of the Promissory Note, Assumption Agreement, and
Modification Agreement, Commercial Security Agreement, Lincoln County UCC-1, and
Secretary of State UGC-1 executed by and between the parties on this date and failure
to comply with the terms of this agreement shall be grounds for Banks to declare default
under the terms of the loan documents and pursue any remedies available to it,
including, but not limited to, foreclosure.
DATED this ~ 1" day of June, 2001.
V<~ e-. tJtU-
Roland C. Willis
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Linda L. Willis
By:
U,S, BANK TRUST, NATIONAL
ASSOCIATION AS CUSTODIANITRUSTEE
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DATED this
day of
.2001,
Roland C. Willis
Linda L.Willis
Petersen
Petersen
STATE OF WYOMING
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COUNTY OF LINCOLN
On this day of , 2001, the above and foregoing
Acknowledgment was acknowledged before me by Roland C. Willis.
SEAL
Notary Public
STATE OF WYOMING
COUNTY OF
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On this day of . 2001, the above and foregoing
Acknowledgment was acknowledged before me by Linda L. Willis.
SEAL
Notary Public
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