Loading...
HomeMy WebLinkAbout870231RECORDATION REQUESTED BY: American investment Financial 535 East South Temple Salt Lake City, UT 84102 Recorded AS/ at 37 PM WHEN RECORDED MAIL TO: in Book Page 41 WY American Investment Financial NOt .,k Jeanne Wagner, Clerk 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 ASSIGNMENT.OF RENTS SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY 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: Lots 9 and 10 of Block 4 to the Town of Kemmerer, Lincoln County, Wyoming as described on the official plat thereof. LESS AND EXCEPT the northerly 25 feet of said Lot 9 described in Warranty Deed recorded May 24, 1960 in Book 44PR on page 349 of the records of the Lincoln County Clerk. The Property or its address is commonly known as 609 Cedar Avenue, Kemmerer, WY 83101. The Property tax identification number is 12- 2116- 14 -4 -22- 177.00. 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, This document is being recorded by Southwest Title Company as a r°orr`ie.v only, to Asm Aq sseupejgaput 841 pus ;uawu6tssy sty} o} aoua)a1ei y;iM siossso3ns s,JO 4uer0 q;lM heap ABw 'JO }usJO o} eopou ;nog }tM `Jepue 'Jo ;ue)0 may; Jey }o uosred a ul pe ;son sawooeq A;JedoJd eq; ;o dlysreumo ;1 •suBtsse pue s)osseoons Jlay} 'salved ay} }o H;euaq ey} o} emu! pue uodn 6uipuiq eq pugs 4uewu6lssy sty} 'lseJa }ut s,)olusJO ;o pe4su8J4 uo 4ua(114ssy 9144 u! peels suol;eiwll Aug o; }oefgns •su6lssy pue sJossaoons •luawuelpsy sly; !o uo!stnoJd Jey ;o Aus ;o A}H!gse3Jolue Jo AHp!an 'Ames! e41 loe;;e;ou 11gys 4uawu6tssy sty; 4o uo!stnoJd Aus 4o Ap geawolueun Jo AHp!IBAu! `44 ey} 'met Aq palings) espwaylo ssalun •luawu8lssy sty} woJ4 pelelep peieptsuoo eq pays 'pet4lpow os eq louueo uols!nOJd 6utpuel;o ey; ;1 •algeeo)o4ue pue piten'peel sewooeq 1! my; os peptpow peiep!suoo eq fsys uotstnoJd 6ulpua ;lo ey }'e1Q1sse ;i 'eoue;swnwio Jo uosied J8410 Aus o} ss a geaoJO;ueun Jo 'ptl8nu! 'ION! uo!s!noJd Butpue; ;o e4; ammo ;ou pays 6utpul ley} `aoue }swnono Jo uosied Aue o4 se elgeeoJO;ueun J0 'pp8nu! leap! eq o} }uewu5tssy sty; to uo!slnoJd Aus sputa uopolpsunf ;uejedwoo 40 }moo a 41 'AIIIIgeJanas •Japua- Aq peounouap sae ewes ey} se ewp lions ll ;un Jo }us)O Aq peNonep eq lou Asw pue *noes 4o sesodpnd Jo; pe;ue)6 ern }uawu6tssy sly; Jepun Jepue uo peAanuo3 Aeummie to s)amod pus saloue6e snouen ay± 'Aawolly ;o sJamod •s)o }ueie Ile o} uent6 eopou eq o; peweap st )olue)0 Aue 04 Japue Aq uanl6 eopou Aue '10;!8.10 auo uey} eiow si amyl 4! 'met Aq peJtnbej Jo pepino)d es!Nuay }o ssalun •ssaappe ;mom s,)olueig 10 saw!} ps }B paw Japue dee>I of seoJ6e Jolu8J0 'sesodmd eo1lou )off •ssa)pp8 s,Aped ey; e6ue of st eol}ou ey; ;o esodind ey; ley; 6uiA ;coeds 'set }JSd aey }o eyl 04 aot}ou ua}}um Iew)o; 6utnl6 Aq 4uewu6tssy sty} )spun seo!ou Jo; ssaappe si! e6ueyo Aew Aped Auy }uawu6tssy sty} to 6uluui6aq ey; 18au umoys sesse .1pps ey; o; pe}oeJtp 'plsda)d e6elsod pew pe)a ;sl6a.1 Jo pat;paeo 'ssep }si; se 'pew se}els pellun ey} u! paHsodep ueym 'pepsw 'JO 'Jeonoo 146luJeno peziu6o0ei Apeuoleu a yHm paHsodep ueym '(met Aq pannbOJ es!MJeq o ssalun) epwlsoe ;eta} Aq paA!000J Apen }os ueym 'peJanitap Apanpe ueym anp0a ;4a eq Heys pue '6uplM u! uenl6 eq Heys }uawu6tssy sty} Jepun uant6 eq ol peilnbei eolou Auy •saalloN •Jepue-1 4 not }e)oslp aios ey; ut pteyy }IM Jo p0}usJ6 eq Auto }uesuoo Lions sass° Ile u! pus pennbei st ;uesuoo lions 8.181M seoue}su! luenbesgns o; !uesuoo 6utnupuoo eln }psuoo 40u Hays &pus }sul Aus ut Japual Aq }uesuoo lions ;0 6upuBJ6 ey; '!uawu6tssy s!41 Jepun patnbaJ st Japuei ;o }uesuoo ey; )eneueq •suo!OesuBJ! am ;n1 Aue o} se suope6Hgo s,.1olusp0 ;o Aue 10 Jo sIy6!J s,Jepue i 10 Aue 10 JentBM a einlisuoo pegs 'JO }ueJO pue Japue ueem ;eq 6upeep ;o esmoo Aus sou 'Jepuen Aq JeA!BM Joud ON }uewu6tssy sty} 4o uo!s!noJd Jay ;o Aue Jo uo!slno)d }alit yHm eouepdwoo puts puewap o} es!Mieglo 1116! sdepue 4o JaA!BM a ainlpsuoo Jo eolpnfard lou Heys }uawu6tssy sly; 4o uolsinoJd 8 p )epue Aq aantem V 4146u J844O Aue JO ;46p lions ;o JON BM B se elgredo pays 1146u Aus 6uls!oJexe ul Jepuei ;g !Jed ey; uo uolss!wo JO Aetap oN •Janus i Aq pau6ts pus Buplm ul uant6 st Jen!BM lions ssalun }uawu6tssy sty; Jepun sly6p Aus panlem envy o; pewee!) eq ;ou Heys Japuei •Japua- Aq Jan!PM oN •Japue yHm s}ueweeJ68 Aw ;o e0uep!ne ;seq ey; s! }uawu6tssy sly! }B4} eeJ6s 1 (q) •luewu6lssy sly! ;o suotslnoJd ey} eulep Jo 4oJd)alut o1 pesn eq o; ;ou are Aay± 'Apo sesodmd eouatuenuoo Jo; 9JB 4uaw4ssy sty} ul suolloes Jo sydBJ6111ed o} uenl6 seweu 041 (s) •Hnsmsl Aus ut peutor eq ;ou peeu JemoJJO9 ley; pus ';sill JemoJJOe ens lou peeu Jepue pue}srepun oste 1 •sn ;o avow Jo euo Aug ens Aew Jepuei 'Hnsmsl a s6uuq Japual 'ley; pus 'luewu6lssy sty} Butu6is A }I ;ue JO uosied Mena pus 1.1o8e usew „Aw„ pus ew„ I„ spJOm 941 ley; sueaw sly! 'UB .19n199 pus }idol eJe suo!s611go Jno 'moteq suets uosied euo uey; a)ow 41 (Z) •sn ueemlaq 1uewee168 ue1 }!Jm Jeylous Aq ldeoxe pe6usgo eq lou Aew luewu6lssy sly! •ApedoJd eq; 6ulweouoo Japuei 44)m 4uew0eiB argue Aw sl ;uawu6tssy sly; ul uellum sI pByM (L) •uone ;aJdialui pue sluawpuawy •Jepuen ;o }uesuoo vellum ay; }noy}iM 'Apo deg Aue ut Japual 40 pjeueq ay; 1o4 Jo Aq play awn Aus ;13 AjJedoJd ey; u! a }s ;se Jo ;seJelul Jay }o Aue yHm }uawu6lssy s14} Aq pe}saJO a }B }se JO isa)a}ut ay ;o JeBJew ou eq pegs amyl •J96.1spy •}uewu6tssy sly; Li! suope6pgo Hs Jo; elglsuodsa.1 sl motet; 6ulu6ts JolueiO lose My' sueaw sly! •JOjueJO AJene pue yoea ueew pays JolueiO o; seouepa ;e) pe pus `Ie)eA0s pus ;utof eq Hays luewu6lssy sly! Japun Jo}u0J0 4o suope6Hgo Hy 'Amgen IeJanaS pue tutor e A ung awn a o s no 9 4 ems }s 0 ii Bus u pay ;o uoliplps!)nf ay! of }twgns o};senba.1 s,papua uod saa)6g )olus ';lns a s! WOW }I •anuaA ►o aoloUO Uelfl to ems aUl ul Japual Aq geldaaae uaaq emu sluawnoop ueo! AJessaoeu He pue 'spew pue penoJdde 'paJapIsuoo `JO► pa!ldde uaaq seq }uawu6lssy sly} pue alON 9111 Aq paouapina sl tpltm uonoesueJ; ueo! 9yl •uolslnoJd pauopsanb JO pa6u9lleyp tans aoJO►ua pinoM Jo ploydn mom Me! l0Japa► JO Nets algeolldda Janego qM Aq pawano6 eq netts uolsinojid vans 'peuollsanb Jo pa6uallego s! }uawu6lssy sill ►o uolslnoJd Aug ►o A ;lp!Ien Jo Alll!geaoJO ►ua at; ley! Juana alit u! `JanaMOH •6UIWOAM ;o 9 191S 8 41 p sMel ay; Aq pauJano6 aq Heys SJ911ew town `ApadoJd ayl }sule60 salpawaJ pue s;U6!J s,Japua 10 1u9wa3JO►ua pue uol ;gaped 941 0l galele. sia ;low leinpaooid ►o lualxa ay; of Aluo pue ;daoxa 'ye1n ►o altnS 9111 i0 shoal ay} pue met Ie4apal LIIM a3uepJ0330 u! poaio►ua pue pan.;suoo `Aq pauJano6 eq !um luawu6issd sty! Me, 6uluJanop !uawu6lssy sty ;0 suotslnoJd ey; eupep JO leJdralut of pesn eq o4 lou ere pue Apo sesodind eouetuenuoo Jo; are luawu8lssy sly; u! s6utpeay uoldg0 •sfiulpe9H uollde0 •luewpuawe Jo uoiloJa }Ie 841 Aq punoq Jo pe6Jeyo eq 01 ;y6nos sapped Jo A ped ay; Aq pau6ts pus 6141m u! uanl6 ssalun enpoage eq pugs luewu6lssy sN# 01 luewpuawe JO 4o uop0JaHs oN }uawu6lssy sty} ut 41Joi les sJallew 0111 o! se sating ay; 10 luew98J6e pue Buipue }srapun &plus 041 seln i ;suoo 'sluawnooa po eieu Aue yHm Jay10601 ';uawu6lssy sly± •sluawpuawy }uewu6tssy sty! 10 }Jed e are suotslnoJd snoeuspeostw 6utmopo; ay± 'SNOISIAOad Sf103NY1130SIIN met Aq peptnoJd swns Jey ;o 110 o4 uollppe u! 'slsoo }moo Aue Aed p!m osie Jo;ueJO 'ME] emeolldds Aq peHlw)ad 1ue;xe ay; of 'aa ;snj± ay; Jo; seal pue 'eoueJnsut awl `sae; lesleidde pus 'spode) ,$)oAen.ins '(spode) eJnsopa)o; Bulpnpul) s ;JOdeJ elm Bulula ;qo 'sp)o0aJ Butyoises 40 ;sop ey; 'seolnras uoppOHOO luaw6pnf —lsod peledplue Aue pus 'sleedde '(uopounfui Jo Asp ollewo ;ns Aue 8j800A .10 A;tpow o} spo44e 6utpntou!) s6ulpaeoo)d Ao;dn»lueq Jo; sasuadxa pus see; ,sAOWOH8 Bulpniou! 'Hume! B si aney! }0u 10 J04404M sasuadxa 18601 s,Jepue1 pue see; ,sA&uJOHO s,Japuei 'Mel eigeoildde Jepun sllwll Aue o! loafgns JOAOMOy 'uo10Hwi ;noyHM 'apnpui ydOJ6eJed sly! Aq peJanoo sesuadx3 •p!odeJ Q1un amHpuedxe 0U1 10 Keg ey! wag 018.1 e1oN ay; Is ;sera }ul Jeeq !lays pue puewap uo elgeAed sseupe gopu! ayl ;o }Jed 8 awooaq pugs s }y6u ell l0 lueweOJO;ue ey; Jo ;sepal!! s ;I ;o uopOaloJd ey! Jo; awn Aus }e JSJesseoeu ape uoluldo s,Japuei ut lei! snout Jepuel sesuadxe atgeuos8oJ !18 'me! Aq poHglyo)d ;ou }ue;xe ey; 01 pus 'pawn! s! uop0s lingo Awe lou .10 JaylayM •leadde Aug uodn pus 1011 ;e sae; ,9Aawo }B s8 elgeuoseai e6pnfpe Am }moo ay} se wns lions JanoO$J 01 pappue eq Heys Japual }uawu6lssy sty; 10 awe; e41 10 Aue awo;ue o! uopoe JO ;ins Au8 seines }su! )ague'! •sesuadx3 :saad ,9Aawo ;ly •salpawaJ s}t espJ0x0 pue IUnRIap a aJBpep 01 1u6 s,Japuei 1pejo 101.1 118119 'wJO ;Jed o} eJnl84 s,JO;uBJO .1eue ';uawu6tssy sty! Jepun Jo }ueJ0 4o uope611go ire wmoped 01 !pipe 0)101 01 JO sem }ipuedxe ammo o1 uopoele ue pue 'Apewei .10410 Aue 40 HnsJnd epnpxe IOU Heys ApewaJ Aue ensind 04 Jepue i Aq U040013 •Selpewad ;0 U0113013 *met Aq JO a ;ON a4; JO;UOWUO1SSV 91144 ul pep!n0 .1d satpewelpus %(46p Jeylo 118 met; Heys Japual •salpawaa J9y10 •JenlaoaJ a se ButnJas w0J; uosred a AHIOnbstp 1ou pays Japue Aq }uawAoldw3 ;unowO lgpue}sgns e Aq sseupe;gopul 8111 speeoxe Apedojd eU1 10 enlen luaJedde 8111 IOU Jo JaylayM 1spce !As JOAI000.1 a 4 }uew }utodde ay; 01 1461) s,J8pue i we! Aq peHlwJed 4! puoq }noyHM anJOS Aew JanteoaJ ay± •sseupelg0pul ey! lsule6e 'dtysJenteoeJ ay; to }sop ey} anoge pus Jeno 'speeoopd ey! Aidde pus ApedoJd 041 wOJ4 web; ay; 1001100 04 pus 'ales .10 eJnsoloaJO; 6utp030Jd AlJedo)d ey; a}8iedo 04 'Alrado id 841 eAJes8Jd pus pa}ojd 04 JaMOd ey} 41!M 'A ;JadoJd ey410 ;Jed Aug Jo pe 10 uolssessod ale; 01 pa}utodde JenlaoaJ a aney 01 1461.1 ay} am; pays Japue1 •J0n10391:1111!Oddy •JanteoaJ 8 y6noJy .10 'webs Aq uosred ul JaiHe gdei6e)edgns s141 Jepun 91116! si! aspJaxa Aew Japual •pa4stxe puewap 044 .1ol spunoi6 Jedopd Aug 4ou .10 JaylayM 'spew ar0 sluewAed ay} y0tym .104 suol ;eBlgo ay; A;s118s Keys puewap s,Japue i o! esuodsa) ul Janus"! 0! sJasn Je410 .10 s;ueuel Aq s}uewAOd •spe00a.1d ey1 1001100 pus ewes 341 a18po6eu 01 pub Ja}uOJO 40 aweu ay! u! 408)0(4; 4uewA8d uI penle08J s4uawnJ4sul esJOpue Ol 1084— u!— AawoIB s,JO }uOJ0 98 Japual sa ;euBlsep Algeoonauu! JoIu8J0 uey; 'Japual Aq peloe1103 eJe s }ualI 81.0 41 •enoge 'u0110es slued 1001100 pub enleoeu o1 ;Au s,Jepue ey; u! Jo; pep!no)d sly6uu 044 lie 8Aey 110119 Japue ';y61J sly; 40 eoue)ei4Jn4 u! •ssaupe}gapui ey! pules 's }sop s,Japu0i enoge pus Jano 'spaeooJd ;au 843 Aidds pus 'pledun pus enp ;sad s;unowe 6utpnioul 's}uad ay; 1001100 pus A4Jado.d ey; 4o uo!ssessod 0)181 0; 'JO }uOJO 0; 90140U ;noyHM '11161 ey} aney Heys Japual •shield 1301103 'Aed o} peiinbe. eq pinom Jo ;u8J9 10114M Alleued luewAed8)d Aue Bulpnpul 'elquAed pue enp A!e }etpeww! sseupa}gaput OJ11ua ey} a)ep0p 0; JoIu8)O 04 aopou mown uopdo H ;8 ;Op 044 any Buys Japual •ssaupalgapul a40Jaiaooy :mg Aq papino)d salpawaJ .10 s }y6l.1eylo Aus o} uoptppe uI salpawa) pus sly6! 6uIMOHo4 ey; 4 0JOW Jo euo Aue esppexe A0w Jepua4 .101483)9 (44 0wp Aue 48 pus llnslaa uodn 'iinvAa0 NO S3I031N31:1 ONy SJ.H )IU 'enp ueym Aia }gtpewwl spew ;ou sl pn4 ul 4uawABd 4! nogg 111M }Ine4aa '1lflyd30 •Hnejea uodn pappu8 eq AOw )epue 4olyM o4 salpawaJ pue 94461 Jeylo 11B o} uop!ppe ut eq pegs 4‘46!J 4ons •slunows am); 40 luewAed amoes IBM Oslo 4uawu6tssy 941 •Alunlew s,e1oN 841 }8 elgeAsd pus enp eq BUM yo!yM }uewAsd uoopeq 8 se poise); eq (0) JO :e }ON 04# 4o Luis; 6ututewa) 844 (Z) Jo :Aoltod eoue)nsu! elgoolidde Aus ;0 w)a4 ay; (4) JayHa 6uunp enp awooaq o4 9}uawAsd luawlIOlsut Aue y}!M elgeAed eq pus 6uowe peuot}Jodds eq pus aloN a (44 40 e0usteq ay} 04 peppy eq (f3) :puewap uo op:WAed aq (y) pin `uopdo s,J8pue1 18 'pus ssaupelgepul ay} 40 ;Jed s awooaq Illm sesuedxe lions tly •JO1ue)0 Aq }uewAoda) ;0 81011 ay; 04 Japue i Aq pled JO pagnou! amp 044 wo44 ION 844 )spun p86)8y0 els) eU4 4e ;98Ja4u1 nag uey} H!M sesodmd y0ns Jo; Japual Aq pled JO peJ)nout saJnlipu0dxe Lions py •AIJadoJd ey; euinrasa)d pue 6ulule }uiow '6uunsut Jo; s }soo 11B Binned pue AIJ0doJd ail Jo swab! 844 uo peoeld Jo patnel awn Aue 18 'sweep .184lo pus seouoJgwnoue Z abed on? V8 (penuquo3) n 1) SIN3H 1O1NOISSd Notary Public i forbearance or extension without releasing Grantor from the obligations of this Assignment or liability under the Indebtedness. Time is of the Essence. Time is of the essence in the performance of this Assignment. WAIVER OF HOMESTEAD EXEMPTION. Grantor hereby releases and waives all rights and benefits of the homestead exemption laws of the State of Wyoming as to all Indebtedness secured by this Assignment. DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Assignment. Unless specifically stated to the 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 include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Assignment shall have the meanings attributed to such terms in the Uniform Commercial Code: Assignment. The word "Assignment" means this Assignment of Rents, as this Assignment of Rents may be amended or modified from time to time, together with all exhibits and schedules attached to this Assignment of Rents from time to time. Borrower. The word "Borrower" means Jean M. Gray and Ronald S. Gray. Default. The word "Default" means the Default set forth in this Assignment in the section titled "Default Grantor. The word "Grantor" means Jean M. Gray and'Ronald S. Gray. Indebtedness. The word "Indebtedness" means all principal, interest, and other amounts, costs and expenses payable under the Note or 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. Lender. The word "Lender" means American Investment Financial, its successors and assigns. Note. The word "Note" means the promissory note dated December 11, 2000, in the original principal amount of $135,000.00 from Grantor 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 lease, 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 DECEMBER 11, 2000. STATE OF COUNTY OF V'∎ `i for the State of ASSIGNMENT OF RENTS (Continued) X -e. Ronald S. Gray, Individually INDIVIDUAL ACKNOWLEO, MF T SS day of Residing at V` My commission expires NOTARY EOFFU C PUBUC My Commission Expires June 17 2003 KAYLEEN BAIRD 1755 West 400 North Satt Lake City, Utah 84116 On this day before me, the undersigned Notary Public, personally appeared Jean M. Gray and Ronald S. Gray, to me known to be the individuals described in and who executed the Assignment of Rents, and acknowledged that4hey signed the Assignment as their free and voluntary act and deed, for the t] es and purposes the i mentioned. rW i Give un er my hand and off c seal this k r ti' r� `t` 1 1 [LASER PRO Lending, Reg. U.S. Pal. 8 T.M. OFF., Ver. 5.15.00.04 (c) Concentrex 1997, 2000. All Rights Reserved. WY/UT 1:1GSSICFI\LPLIG1e.FC TR -50 PR -11 843 Page 3