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HomeMy WebLinkAbout959185RECORDATION REQUESTED BY: Commerce Bank ol Wyoming, a branch of Nebraska Lend National Bank 1575 Dewar Drive, Suite 100 PO Box 3000 Rock Springs, WY 82901 WHEN RECORDED MAIL TO: Commerce Bank of Wyoming, a branch of NebraskaLend National Bank 1575 DOW Olive, Suite 100 PO Box 3000 Rock Springs, WY 82901 SEND TAX NOTICES TO: Commerce Bunk of Wyoming, a branch of Nebraska Land National Bank 1575 Dewar Drive, Suite 100 PO Box 3000 Reek Swims. WY 82901 RECEIVED 5/5/2011 at 2:45 PM RECEIVING 959185 BOOK: 766 PAGE: 366 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY 000366 PAC A�VE LINE IS FOR RECORDER'S LatONLY ASSIGNMENT OF RENTS THIS ASSIGNMENT OF RENTS dated May 5, 2011, is made and executed between Sierra Homes Construction, Inc. whose address is 470 N 2450 W Tremonton, UT 84341; A Utah Corporation (referred to below as "Grantor") and Commerce Bank of Wyoming, a branch of Nebraskaland National Bank. whose address is 1575 Dewar Drive, Suite 100, PO Box 3000, Rock Springs, WY 82901 (referred to below as "Lender") ASSIGNMENT. For valuable consideration, Grantor hereby assigns, grants a continuing security interest in, and conveys to Lender all of Grantor's right, title, and interest in and to the Rents from the following described Property located 41 Lincoln County, State of Wyoming: LOT 1 HOLLAND DRIVE ADDITION 3RD FILING RECORDED JUNE 4. 2008 AT DOCUMENT NO. 939495, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING The Property or its address is commonly known as 1501' Canyon Road, Kemmerer, WY 83101. The Properly tax identification number is 12-2116-23-2-13-208.00. caOSs-CoLLATERALizATioN. In addition to the Note, this Assignment 3eCuteti as obligations, debts and nobilities, plus interest thereon, of Gramor to Lender. or any ono or more of them. 11$ ‘vrofr as all claims by Lender agarnst Grantor or any one or more al Morn, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not duc, direct or indirect, determined or undetermined, absolute or corniogent, liquideted *f ilUrrThtsO whOffief Cranyor may be liable individually or jointly with others, whether obligated 4S Iparantot, surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute oI limitations, and whether the obligation to repay such amounts may bo or hereaf ter may oceans otherwise unonfOrceoble, FUTURE ADVANCES. In addition to the Nolo, this Assignment sitcoms all future advances made by Lender to Grantor whether or not the advances are mode pursuant to a commitment. Specifically, without limitation, this Assignment secures, in addition to the amounts specified the Note., all future amounts Lender in its chscre lion may lotto to Grantor, together with all interest :hereon, THIS ASSIGNMENT IS GIVEN TO SECURE (11 PAYMENT OF THE INDEBTEDNESS AND 12) PERFORMANCE OF ANY AND ALL OBLIGATIONS OF GRAB/TOR UNDER THE NOTE, THIS ASSIGNMENT, AND THE RELATED DOCUMENTS. THIS ASSIGNMENT IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Assignment of any Related Decurnents, Grantor shall pay 10 Lender all amounts secured by Mk Assignment as they become due, end shalt strictly perform all or Grantor 3 obligations under this As 3(1818.01. Unless and until Lender exercises As right to collect the Rents as provided below and so long as there is no default under this Assignment, Grantor may remain in possession and control of and operate and manage the Properly and coliect the Renta, provided 11100 111* granting Of tho right to collect :he Runts shall not comnitute Lender's 501111001 10 the :me of cash collateral In a bankruptcy proceeding. GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that; Ownenthip. Granter is entidod le receive the Rents tree and clear of all rights, loans ewes, encumbrances, and deem exoaga 116 thee100001 to and accepted by Lender 11 wtiling, Right to Assign, Grantor has the fiai right, power and authority to enter to this Assignment and 10 assign anti convoy the Roost S to Lender, No Prior Assignment. Grantor hes net previously assigned or eenvayea the florae is any other person by ally eleltualtaal now in force. No Further Transfer. Grantor will not sell, assign, encumber, or otherwite dispose of any of Grantor's rights in the Rents atreent as tabvided in this Assignment, LENOER'S RIGHT TO RECEIVE AND COLLECT RENTS, Lender shell have the right at any time. and even though no delaret shnll have occurred under this Assignment. itr collect and receive the Rents. For this purpose, Lender is hereby given and granted the following 'OM powers, and authority, Notice to tenants. Lender may send notices to any and ail tenants of the Property advising 81401 of this Assignment (WO directing all Rents to be paid (tweedy to Lender or Lenders agent. Enter the Property. Lender may enter upon and take possession of the Progeny: demand, collet and receive from the tenants or from any other persens ell of the Rents: filetaote and carry on facial proceedings necessary for the protection of the PrOoerl', including such prOteedinge as may to neceswy to recover possesston (A the Property, coliect the Rents and remove any tenant or tenants or ether persons from dte /Rawly, Maintain the Property, tender may order upon the Property to maintain the Property anti keep the same in repair, to pay the costs thereof and of all services of all ornplorieeti, including their equipment, and of 411 continuing 00018 and expeneee of maintatrung thc Property Wailer repair and condition, and also to pay an taxes, aeseaselente and water utilities, MCI t he premiums on fire sod other insurance effected by Lender on the Properht. Compaance with Laws. Lander May do any and all things le execute and comply with the laws Of the State, of Wyoming and also all other laws, rules, 0(11081, Oraieaneen and requirements of all other Oovernmental 00080.0e affecting the Property. Lease the Progeny, Lender may rent or tease the whole or any part of the Property for such term or terms and on such conditions 05 Leader May deem appropriate. Employ Agents. Lender may engage such agent or agents as Lender May deem appropriate, ailher M Lender'S name or in Grantor's name, to rent and menage the Property, including the coOlection and application of Rents Other Acts. Lender may do 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 01 the 31081810 of Grantor lot the purposes stroed oboe. NO RdgffiTeMent BS Act. Lender shell nett bo requited to do any of the foregoing Pale Of flungs, and the foot that Lender shall have performed one or more of the foregoing oots or things shall not require Lender to do any other specific 1003 or elev. 000367 ASSIGNMENT OF RENTS Loan No 60828 (Continued) Page 2 APPLICATION OF RENTS, Al Oasts and experteee incurred by Lender in connection with the Property ehall be for Granter's aecoont end lender may pay such costs and expenses from the Rents. Lender, in ate stale diectetion, shall determine the application of any and all Sients received by at; however, any Such Rents received by Leoder which are not embed to such costs and expanses shall be applied to the Indebtedneeei All expenditures made by Lender under Mai Assignment and not reimbursed from the Rents shall become a post of the Indebtedness secured by this Assignment, and shaft be payable On demand, with interest at the Note rete from date of expenditure Until paid, FULL PERFORMANCE. ft Grantor Peys 401 rat' hi ndobiedness when due and otherwise per foririe all the obligations imposed upon Glamor under this Assignment, the Note, ertd the Related Documents, Lender shall execute and deliver to Greeter a suitable satiatection of this Assignment and suitable statements cd termination of any financing statement on f videncing tender's security interest in the Rome and the Property. Any termination fee required by law ghee be paid by Grantor, if permitted by ap0fiCable bw LENDER•S EXPENDITURES, if any action or proceeding is commenCed Mal would materially tie ct Lenders interest in the Property or it Grantor We to comply with any provision of thie Assignment or arw %toted Docurnerres, incliiding but not /Meted to Grantor s rehire to discharge or pay when due any amounts Gtentor is required tO discharge or nay under this Assignment or any Reseed Documents, Londe on Gramm G behalf may (but shall riot be obligated to) take any aCtiOrt that Lender deems appropriate, e:Sing bait not limited to diseharginp re pewees ii taxes, Umtata, security imamate, miturtettrantes and Other @Mont at any lane levied or placed an the Rents or the Prowirty and paying ail coma for insuring, maintaining and preserving the Property. All such expenditures metered or paid by Lander for Guth purposes will Men beat interest at the rate chanped under the Note from the data incurred or paid by Len* to the date of ymere by Grantor. Air eueli expenses will become a part of the Indebtedness and, at Lender's option, well Ai be payable on demand; 481 be meted to the balance tal the Note and be apportioned among end be payable with any instanter:PI payments to become due during either (II the term of any anplitabte insurance policy, or 421 the remaining term of the Note; or ICI be Poetise ge a balloon payment which wM be due end parolee et the Note's maturity. The Aesemmem eleo wM secure payment of these amounte, Such right thee be in addition to MI other rights and remedies to which tender may he entitled upon Deleult DEFAUtT. Each of the Meowing, at Lender's Option, shall constitute an Event of Default uncle, Ites Aesienment: Payment Default. Grantor fade itt mike any payment when due under the Indebtedness. Other Defaults, Grantor fees to comply with or oettoem any other torm, cesegetioe, covenant re condition contained re the Assignment or in env of the Related Documents re to comply with or fo perform any term, obligation, covenme of condition contained es any other agreement between Lender erld Grantor.. Default On Other Payment', Failure of Grantor within the Irmo required by this Aseignment tb make any payment for tans or insurance, or er( other payment necessary to prevent riling of or tp effect discharge of any lien, Fall* Staternesite. Any warranty, representation or statement made or furnished to Lender by Grantor or on Grantees behaft n this, Assignment or the Related Donn te Is false or misleading M any materiel respect, either now or at the time mane or furnished or bereames false or misleading at any time thereafter. Defective Colletereezetion. This Assignment to any of the ;feinted Documents ceases to be M full loose and effett fineluding fititure of any cOlaterat document to create valid and perfected security interest or lien) al any time and for any meson. Insotvency, The dissolution or termination of Grantors existence as a genie bueiness, insolvency of Grantor. the appointment of a receiver for any part of QrantOr's property, eny assignment for the benefit of credeore, uny type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or imainat Grantor. Creditor or rodeisure Proceedinee. Commencement of foreclosure or forfeiture proceedings, whether hy judicial prourteding, self help, repossession or any other method, ny any creditor of Grantor or by tiny governmental agency against Ifni Rents or any property securing the Indebtedness. This includes a garnishment ol any of Grantor's ascountS, including deposit accounts, with tender However, this Event of Default Shall not Mee if them is a good Mich dispute by Grantor as to the validity or reasonableness of he claim which is Ih e. beeis al the creditor 0 10,1e11U proceeding and Grantor gives Lender written notice of the creditor w forfeiture proceeding ar4 cloots with Lender merlin or a surety bond for io lti creditor 01 forfoitere proceeding. rn an 'mount determined by Lender, in ite sole test:retiree as being en adequate reserve or bone for the dispute. Property Damage or Loss, The Properly I Met, stolen, subeieeritely damoged, Sold, ot borrowed against. Events Affecting GuotantOr, Any 01 the preceding events occurs with respect le any Guarantor of any 01 the Indebtedness nt any Guarantor dies or becomes incompetent, or revokes cr disputes the validity of, or liability ieefv, any Guaranty of the Indebtedness. Adverse Chenge, A materiel edverse change o0eur8 in Gromors financial condition, cr Lender believes the prospect of payment or performance of the Indebtedness is impaired leeectelty. Lender in good faith behoves ;tool( insecure, Cure Provisions. If any default, other than a default in payment t4 curable and if Grantor hes not boon given a notice of a breach of the stone provision of this Assignment wrath) the preceding twelve 1 2) month% it rney be curer/ if Granter, after Lender sends written notice to Grantor demanding Cure Of such default: 11) come the default Within fifteen (15) dam, 0 (71 it the cure requires more than fifteen (15) days, immedietely initiates stops which lender drams in lender's sole discretion to he sufficient to cure the default and thereafter continuer! and completed elf reasonable ond neceesery slope sufficient to produce compliance es soon ae reasonably practical. RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence of tiny event et Default and et any time thereafter, LOOPOr may exercise any one or MOM of get following rights end remedies, in addition to any other righte er remedies; provided by lew: Acceferme Indebtedness. Lender ehail have the right at its e,tier, without Douce to Grantor to declare the entire Indebtedness immediately due 441(1 payable, including any prepayment penalty that Grantor would be teetered to pay. Collect Rents. Lender Shall have the right, without notice to Grantor, to take possession oi the Property Reg collect the Rents, including 011100,1113 pant duo and unpaid. and apply the net proceeds, over and above Lenders emus, &grew tho indebtedness. In furtherance of this right, Lender shall have at the rights provided for in me Lender's Right to Receive end Collect Rents SoCtion, above. If the Rents are collected by Lender, teen Grantor irrevocably designetee termer as Grantor's 0tiOr0oynl 1001 les (indorse maw/71040S received in Menem thereof in the mime of Grantor and to negotiate the tense sod colieet the proceeds. Premieres by tOrptfils Of 0(00) users to Lender in response to Lender's demand sheer sensfy the obligations for which the payments ere reside, whether or not tiny proper grounds for the demand existed, Lender may exercise ite rights under this subparagraph either in person, by agent, er through a receiver. Appoint Receiver. Lender shell have the right to have a receiver appointed to take possession of e0 Or any pert el the Properly, with the power to proteet and preserve the Properly, to (*settee Me Property precedine foreclosure or sale, nre) to colhict the Rents from the Property and apply the proceeds. over and above the coet of the receivership, against the Indebtedness, Tee receiver may serve without bend if pemerted by taw, Landeres right to the appointment of a receiver hII exist whether Or not the appreent value of the Property exceeds the Indebtedness by a substantial amount, Employment by Lender entre not disqualify a person from servIne as a reeerver. Other Remedios. Lender )rall have all other rights arid remedies provided 10 01(0 Assignment or the Note or by low. Election of Remedies, Election 00 Lender to pursue any remedy shell not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an 041(1561100 01 Grantor under thin Assignment, atter Grantor's failure to perform, s-nall not effect tender's right to declare u default and exercise toe remedies. Attorneys' Fees; Expanses. If Lender inetitules any sue or action to enforce any of trio terms of this Assionment. Lander shell be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees et trial end upon any appeal. Vehether or not any coon action is involved, and to the extent not prohibited by law, aft reaeonable expenses Lender iecurs that in Lenders opinion tee necessary at any time Mr the protection of ito interest or the enforcement of Its rights shall become a part of the lotietnectrlese payable on demand end shelf boar interest or the Note rate from the date ol the expenditure until repaid. Fxpenses coverers by this peregreph include, without limitation, howevat subject to any limits Under applicable law. Lender's reasonable attorneys fees end Lender's legal expenies whether or not there es n lOwOUlt, indirding reasonable attorneys' fees end expenses for bankruptcy proceeeesgs [including efforts' to moiety or vacate jo automatic sew Of injunctiOoL appeals, end any anteepoted pesojudgment collection services, the cost of searching meanie, obtaining title reports ()ncluding foreclosure 10011,1411, surveyors' reports. and appitaisel loos, ode insurance, and lees for the Trustee to 1110 1111 by 1114flibable taw. Grantor also will pay any emir. 'some, 11 6116111011 10 all ether seine provided by Mw. MISCELLANEOUS PROVfSIONS. The following misceaanettus provisions are a part of this Aesignmenr Amendments, This Assionnip.nt, together with any Related 1)ocurnools, constitutes the entrre understanding end agreement o the ponies ASSIGNMENT OF RENTS Loan No: 60828 (Continued) Pdge 3 as to the matters set forth in this Assignment. No alteration of or amendment to this Assignment shalt be effective unless Oven in writing end signed In the party or parties sought to be charged or bound by the alteration or amendment. Caption Headings. Caption headings in this Assignment are for COnve.nience purposes only and are not to ho used to interpret or <Wino the provisiene of this Assignment. Governing Law. Thie Assignment win be governed by federal law appnetible to Lender end, to the extent no preempted by federal law, the laws of the State of Wyoming without regard to Its conflicts of taw provisions, This Assignment het been accepted by Lender in the Stole of Wyoming, Choice of Venue, If Mere is a lewstrit, Grantor agrees upon Lender's request to submit to the jurisdiction M the courts of Sweelwator County, Stele of Wyoming. Merger, There shell be no merger of the interest or estate created by this assigrtmont with any other interest or estate in the Property at any time held by or for the benefit of Lender in any capacity, without the written consent of I code Interpretation. (II In all cases where biers is more than one Borrower or Grantor, than an words used In this Assignment ai the singular shall be deemed to have been used M the plural where the context end construction so require. (21 11 more than one person signs this AsSignment as "Grantor,' the obligations of each Grantor ore joint end several. Tnis moans that if Lender brings o awsuit, Lender may sue any one or more of the Grantors. 11 Borrower and Grantor are not the same person. Lender need not sue Borrower lirst, end that Borrower need not be 'joined in any lawsuit. 131 The names given to paragraphs or soCtions M this Assignment are 10 convenience norPoSeS only They aro 1101 10 be used to interpret or define the provisions of this Assignment, No Waiver by Lender, Lender shall nor oe deemed to hove waived any rights under this Assignment unless such waiver is given M writing and signed by Lender. No delay or omission On Me part of Lender in exercising any right shelf operate as a waiver of such right or any other right, A wniver by Lender of a provision of this Assignment shall not prejudice or conStM.de 11 waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Assignment. No poor waivor by Lender. nor any course of dealing between Lender and Grantor, shall constitute a waiver al any 01 Lender's rights or of any of Grantor's, obligations es to any future VanseCtions. Whenever the consent of Lender is required under this Assignment, the granting of Such consent by Lander in any instance shad not constitute continuing consent to subsequent instances where such consent et required and in as cases such consent may be granted or 'withheld M the Sole discretion of Lender, Notices. Any notice required to be given under this Assignment shag he given in writing, and shal bit effective when actually delivered, when actually receivee by telelacsrmile funkiss otherwise required by law), when deposited with a nationally recognized overnight courier, 01, if mailed, when deposited M the United Slates men, as first close, certified or registered moil postage prepaid, directed to the addresses shown near the beginning of this Assignment, Any party may change its address for notices under this Assignment by giving lormal written nonce to the other parties, specifying that the purpose 01 11111 notice is to alewife the party's nddress, For notice purposes, Gnarlier agrees to Seep Lender informed at ell tants of Grantor`e current address. Unless otherwise provided or required by law, 11 there is mom 1114n one Grentor, any notice given by Lender 10 any Grantor to deemed to he nonce giver, to all Grantors. Powers of Attorney. The various agencies and powers of attorney conveyed an Lender under this Assignment are granted for .porposts of security end May not be revoked try Grentor until such time as the lame era renounced by Lender. Seversibility. If a court of competent jurisdiction finks any provision of this Assignment to be alegal. unenlorceetle 110 ns any circumstance, that finding shall not nuke the offending provision illegal, invalid, co unenforceable en to env other circumstance, 11 10010100 the offending provision shall ire considered modified so that it beeomes legal, valid and enforceable. 1 the offending provision artnnol be its, modified, 0 01911 he considered deleted from this Aseignmern. Unless otherwise required hy few, the Modality, invalidity, or unenforeeribility of any provision of this Assignment shall not affect the legality, validity or enforceability of any other provision ot this ASsignment. Successors and Assigne. Subject fo any limitations inated M this Assignment on transfer of G1en101 interest, this Assignment shall be binding upon and inure to the benefit of the parties, their euceeesors and FISIngitS. If ownership of the Property becomes ousted in a person other than Gramm, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment and the Indebtedness by way of forbearance 0 extension without releasing Grantor from the obligations of this Assignment or liability under the Indebtedness. 0007" Time is of the Essence. 'nine is of the eSSenCe in the periormance of this Assignment. Waiver of Homestead Exemption. Grantor hereby releases end waives all r.9019 and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness Secured by this Assignment. Waiver of Right of Redemption, NOTWITHSTANDING ANY OF ri-ei PROVISIONS TO THE CONTRARY CONTAINED IN THIS ASSIGNMENT, GRANTOR HERESY WAIVES ANY AND ALL RIGHTS OF REDEMPTION FROM 5411 UNDER ANY ORDER OR JUDGMENT OF FORECLOSURE ON GRANTOR'S OFILALI AND ON REHALF OF EACH AND EVERY PERSON, EXCEPT JUDGMENT CREOI TORS Or GRANTOR, ACQUIRING ANY INTEREST 101 011 TITLE TO THE PROPERTY SUSSEQU'ENT To THE GATE OF TillS ASSIGNMENT, DEFINITIONS. The following capitalized words and terms shall have the following meanings when used n that Assignment. UnlOn specilicany staled to the contrary, all references to dollar amounts shali mean amounts in lawful money of the United Stslos 01 Arneriea. Words and terms used 0 tho singular shall include the plural, and the plural shall matocie the singular, as the tontext may require. Wards and terms not otherwise defined in this Assignment shall have the meerangs atthguted octl terms m m uniform Commercial Code; Assignment, The word "Aesignment' 0100119 .00 ASSIGNMENT OF RENTS, as this .ASSIGNMENT OF RENTS may he emended M from time 10 11101. together with all exhibits and schedules attached to this ASSIGNMENT OF REN7 S from time to tone Borrower. The word SOrrOwer rtor', $(0rra Homes Construction, l Default. The word 'Default" means Me Oefiwit set forth in this Aes■gornent in the section titled 'Detour!". Event of Default. The words 'Event of Defettir mean any of the events 01 default aet forth in this Assignment in the default section of Pos 411019m11001. Grantor, The word 'Grantor' means Sierr a t1omo COnetfUenOn. GUnrenter, The word 'Guarantor° means. any guarantor, surety, or accommodation party of any or 011 el the Indebtedness, Guaranty. The word 'Guaranty" means the guaranty from Guarantor to Lender, including without limitetioe a guaranty of an Or pan Of the Note, Indebtedness, The word 'Indebtedness" means all principal, interest, and orbra amounts, costs anaf expenses payable under the Note or Related Documents, together with all renervale of, extensions of, modifications of, consolidations of and substitutions for the Note or .Related Documents and any amounts expended or advanced by Lendm to discharge Grantor's obligations or expenses incurred try Lender to entail:* Grantor's obligations under this Assignment, together with interest on such 0100001(00 31 provided 111 101 Assigornerd. Goetifiealiy, without rimitation, indebtedness includes the future advances set forth in the Entire Advaetes provision, together with alt interest thereon and all Ammons that May be indirectly secured by the CressiCellateralization provision of this Assignment, Lender. The word 'Lender' means Centmerce Bank or Wyoming, a branch of Nebraskaland National Bank, its successors end assigns, NM*. The WOM 'Note" means the promiriSory note dated May 6, 2011, in the original principal amount of 9216..000.00 from Grantor to Lender, together with all renewals of, extensions 01, modifications of, refinancings of, consolidations of, and sub.stitritions Poi the pearnfsSoty note or agreement. Property, the word 'Property 010011 111 of Grantor's right. tide end interest in end tu all the Property as deseribed in ine "Assignment' seoliOn of Oat Assignment, Related Documents. The WOWS 'theist/id Documents' mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, eecurity agreements, inertgeges, deeds of trust, security deeds, collateral rnottgages. and all other instrurnantS, agreements and documents, whether new Or hereafter existing. executed in connection with the Indebtedness. Rents, The word "Bents' manna 011 of Grantor'S preSent and future rights, title and 010001110, to and under any and all present and figure leases, including, without fimitation, all rents, revenue, income, issues, royalties, bonuses, accowtta receivable, caSti or security deposes, advance rentals, peolits 9109 peoceeds from the Property, and other paymems and benefits derived or to be derived from such leases of every kind and nature, whether due now Or 101r, including without limitation Grantor's right to enforce such theses and to 11110011 and collect. payment and proceeds theteunder, Loan No: 60828 GRANTOR: SIERRA HOMES CONSTRUCTION, INC. By: 7 Burdette Stocking State of County of Notary Public DAVID D. FREEMAN 1094 West 400 South Logan, Utah 84321 My Commission Expires December 18, 2011 S Utah j 000369 (Continued) Page 4 ASSIGNMENT OF RENTS THE UNDERSIGNED ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS ASSIGNMENT, AND NOT PERSONALLY BUT AS AN AUTHORIZED SIGNER, HAS CAUSED THIS ASSIGNMENT TO BE SIGNED AND EXECUTED ON BEHALF OF GRANTOR ON MAY 5, 2011. CORPORATE ACKNOWLEDGMENT This instrument was acknowledged before me on J/qJ 7 (date) by Burdette Stocking, b/14`� 6 of Sierra Homes Construction, Inc. 7)777 (Notarial S My commission expires: (2 2 00 LASER PRO Lending, Ver. 5.56.00.005 Copr. Harland Financial Solutions, Inc. 1997, 2011. All Rights Reserved. WY S: \PROGRAMS\CFIWINRS \CFI \LPL \G 14.FC TR -5570 PR -36