HomeMy WebLinkAbout870230RECORDATION REQUESTED BY:
American Investment Financial
535 East South Temple
Salt Lake City, UT 84102
WHEN RECORDED MAIL TO:
American Investment Financial
535 East South Temple
Salt Lake City, UT 84102
SEND TAX NOTICES TO:
Jean M. Gray
Ronald S. Gray
1424 Central Avenue
Kemmerer. WY 83101
Recorded
1 at Kammerer, WY
/7'X�
N
in pa e,..... Kemm Jeanne Wagner, Clerk
SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY
ASSIGNMENT OF RENTS
THIS ASSIGNMENT OF RENTS dated December 11, 2000, is made and executed between Ronald S. Gray and
Jean M. Gray, husband and wife, as tenants by the entireties (referred to below as "Grantor and American
Investment Financial, whose address is 535 East South Temple, Salt Lake City, UT 84102 (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 in Lincoln County, State of Wyoming:
PARCEL 1: Lots 8, 9, 10 and 11 of Block 8 of the Fairview Addition to the Town of Kemmerer, Lincoln
County, Wyoming as described on the official plat thereof.
The Property or its address is commonly known as 1424 Central Avenue Kemmerer, WY 83101. The Property
tax identification number is 12- 2116- 24 -2 -16- 131.00.
THIS ASSIGNMENT IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ANY AND ALL OBLIGATIONS
OF GRANTOR 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 or any Related Documents, Grantor shall pay to Lender all
amounts secured by this Assignment as they become due, and shall strictly perform all of Grantor's obligations under this Assignment. Unless and until
Lender exercises its 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 Property and collect the Rents, provided that the granting of the right to collect the Rents shall
not constitute Lender's consent to the use of cash collateral in a bankruptcy proceeding.
GRANTOR'S REPRESENTATIONS AND WARRANTIES. Grantor warrants that:
Ownership. Grantor is entitled to receive the Rents free and clear of all rights, loans, liens, encumbrances, and claims except as disclosed to and
accepted by Lender in writing.
Right to Assign. Grantor has the full right, power and authority to enter into this Assignment and to assign and convey the Rents to Lender.
No Prior Assignment. Grantor has not previously assigned or conveyed the Rents to any other person by any instrument now in force.
No Further Transfer. Grantor will not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Rents except as provided in
this Assignment.
LENDER'S RIGHT TO RECEIVE AND COLLECT RENTS. Lender shall have the right at any time, and even 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 to Tenants. Lender may send notices to any and all tenants of the Property advising them of this Assignment and directing all Rents to be
paid directly to Lender or Lender's agent.
Enter the Property. 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 of the Rents; institute and carry on all legal proceedings necessary for the protection of the Property, 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.
Maintain the Property. Lender may enter upon the Property to maintain the Property and keep the same in repair; to pay the costs thereof and of
all services of 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 Property. 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 appropriate.
Employ Agents. Lender may engage such agent or agents as Lender may deem appropriate, 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 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 of the powers of Grantor for the purposes stated above.
No Requirement to Act. Lender shall not be required to 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.
APPLICATION OF RENTS. All costs and expenses incurred by Lender in connection with the Property shall be for Grantor's account and Lender may
pay such costs and expenses from the Rents. Lender, in its sole discretion, shall determine the application of any and all Rents received by it;
however, any such Rents received by Lender which are not applied to 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 date of expenditure until paid.
FULL PERFORMANCE. If Grantor pays all of the Indebtedness when due and otherwise performs all the obligations imposed upon Grantor under this
Assignment, the Note, and the Related Documents, Lender shall execute and deliver to 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
to comply with any provision of this Assignment or any Related Documents, including but not limited to Grantor's failure to 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 appropriate, including but not limited to discharging or paying all taxes, liens, security interests,
encumbrances and other claims, at any time levied or placed on the Rents or the Property arid 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 rate charged under the Note from the
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speeooad pue )uewAsd pepoo pue enieoea o; pue saseel yons eo)o;ue o; 4461) s,aoluea0 uollsliwil Inoylim 6uipnioul ')e ;el JO mou enp )e44eym
em4eu pue pup{ AJene ;o saseel yons woJ; penu9p aq of JO peni)ep sli;eueq pue sluewAed ae44o pus 'Apedo)d ay; woa; speeooad pus 9 ;i ;oad
'sle;ua) eousnpe 's;isodep A1unoas JO qseo 'elgenleoa) slunoaos 'sesnuoq 'sal ;leAoj 'senssl 'ewooul 'enuene) 'slue) Hs 'uo!lel!w!I lno44im '6uipnpu!
'eseei aim; pue ;uese)d Hs pue Aux; )epUn pus 04 'ui lseaelul pue ellll 'sl461a can ;n4 pue luesa)d s,)o;us)O }o Ile sueew „slued„ mom eqj slued
•sseupelgepui eqj 441m uoioeuuoo ul pa4noexe 'Bullslxe Jeieeieq JO MOU )ey4egm 'sluewnoop pus Sluewea)6e
'sluewn);sw ae44o 118 pus 'seBs6pow 1s)eleHoo 'speep A4imoes 'Isnal 40 speep 'seels6pow 'slueweaa6e Ailmoes 'sei;ueaen6 's ;ueweei6s
le)uewuo)lnue 's4uewee)6s usoi 'sluewee)6e pen `seiou A)ossiwoad He ueew „sluawnooa pejeley„ spaom eqj •sivawnaoa paleleu
luewu6lssy sly)
4o uolpes „luewu6lssy„ eqi uI pegl)osep se Apedoad 9144 He 04 pue ul ;swalul pus elm '44619 s,aojue)O 4o Ha sueew „AlJedoJd„ PJOM 841 'AlaadoJd
iueweeJBe )o emu A)osslwoad
944 )04 suol4n;l ;sgns pue ;o suo! ;epllosuoo '40 s6uiausui ;e) `40 suoaeoi4lpow '40 SUO!Sue4x9 ;o sismaua) 11 yllm ae449604 'Jepuei 04 JOIUBJ0
woa; 00'000`9EL$ 40 }unowe lediauiad leu!61ao 041 ui '000 'L L iegweoea pew!) alou A)osslwoad 844 Sueew „eloN„ p)om 9144 'eloN
•suelsse pus s)osseoons 941 'Is1oueuld IUBWIS9AUl ueolaawy susaw „)apue'4„ p)om ayl •Japua1
•4uewu6lssy sly; ui pepinad se s4unowe yons uo Ise)a;ui y;Im )ay ;a6o; 'luewu6lssy sly; aepun suol;s611go
s,)olueJo ao)o4u9 oI )epuei Aq pe)moui sesuedxe JO suolje6ligo sao;ue)O 86aegoslp 04 Jepua1 Aq peouenpe )o pepuedxa 9;unowe Ave pue
s4uewnooa peleield JO a;oN 844 )04 suoi4n4i4sgns pus 40 SuoIep1osuoo '40 suo14eoi;lpow '40 Suoisueixe '4o siemeuaa Ile 441m )ay ;a6o; 'sluewnooa
peleled ao 0 1 0 N 8144 Jepun eigeAed sesuedxe pue sIsoo 'slunows )ay)o pus '4sa)e4ul 'Isdiouiad Ile susaw „sseupe ;gepui„ pJom 9 141 •sseupalgapul
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suoa pus As)O •w ueer susaw „)oIus)O„ p)om eyl •JolueJ0
•,31ne4aa„ p9(14 uogoes ay; ui ;uewu6lssy siy; u! L44104 3es;lne4aa ay; sueaw ;ins ;ea„ paom eyl 'linela0
'Amp 's pisuol l pus As)O •W ueer susaw „aemo»og„ p)om 941 Jamoiiog
•ewi; 04 ewg wo); swab 40 ;uewu6lssy sly; 04 pe4oe118 seinpegos pus sllq(gXe He Liam 181/4e6ol 'awl;
04 awl; woa; peglpow )o pepuewe eq Aew slued 40 luewu6lssy sly) se 's ;uad ;o Iuewu6issy siy; sueaw „luewu6lssy„ p)om 941 •luawu6lssy
:epop lelwewwo3 w)o41un e44 u( sw)eI yons 0; pe ;ngialle s8wUSaw 941 aney Heys 4uewu6lssy
sly; uI peu14ep eslmae410 IOU awe; pue sp)oM •9)lnbeJ Aew IxaIuoo 941 Se ')ein6uis 841 epn;oul Heys !amid eta pue 'leanid 944 epnloul Heys aein6uis
ey4 uI pesn swag) pus sp)oM •eopewy 4o se4els pawn 8 144 4 Aeuow in ;mei uI sIunowe usew Heys s4unows mop 04 seouOJO ;a) He 'Aaea4uoo 844 04
pe4e4s AHeoypads ssa(un •4uewu61sSy 9(144 u( pesn ueym s6ulusaw 6ulmolio; ay; aney Heys swael pue spaom pez(elldeo 6u1mollo4
8 41 'SNOIIINId30
•4uawu6issy say; Aq pea sseupe44epui Hs 01 58 6ulwoAM
4o eIels 844 4o smel uoijdwexe paelsewoy ma 40 s4l4aueq pue s;y61a Ile senlem pue 98980(9) Aga)04 )0;1e)0 'NOIldW3x3 OV31S31NOH d0 1:13AIVM
;uewu6lssy siy4 4o eOuewaoped all ul eouessa 84140 s! 0w11 •eouess3 a i l to si awl!