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09 -05 -2000 URCHASER'S ASSIGNMENT OF LAND SALE CONTRACT Page 3
Loan No 61009593 O 8286 (Continued) 834
or restoration if Grantor is not in default hereunder. Any proceeds which have not been disbursed within 180 days after their receipt and which
Lender has not committed to the repair or restoration of the Property shall be used first to pay any amounts owing to Lender under this Mortgage,
then to prepay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any
proceeds after payment in full of the Indebtedness, such proceeds shall be paid to Grantor.
Unexpired Insurance at Sale. Any unexpired insurance shall inure to the benefit of, and pass to, the purchaser of the Property covered by this
Assignment at any trustee's sale or other sale held under the provisions of this Assignment, or at any foreclosure sale of such Property.
Compliance with Existing Indebtedness. During the period in which any Existing Indebtedness described below Is In effect, compliance with the
insurance provisions contained in the instrument evidencing such Existing Indebtedness shall constitute compliance with the insurance provisions
under this Assignment, to the extent compliance with the terms of this Assignment would constitute a duplication of insurance requirement. If any
proceeds from the insurance become payable on loss, the provisions in this Assignment for division of proceeds shall apply only to that portion of
the proceeds not payable to the holder of the Existing Indebtedness.
Grantor's Report on Insurance. Upon request of Lender, however not more than once a year, Grantor shall furnish to Lender a report on each
existing policy of insurance showing: (a) the name of the insurer; (b) the risks insured; (c) the amount of the policy; (d) the property insured, the
then current replacement value of such property, and the manner of determining that value; and (e) the expiration date of the policy. Grantor
shall, upon request of Lender, have an independent appraiser satisfactory to Lender determine the cash value replacement cost of the Property.
EXPENDITURES BY LENDER. If Grantor fails to comply with any provision of this Assignment, including any obligation to maintain Existing
Indebtedness in good standing as required below, or if any action or proceeding is commenced that would materially affect Lender's interests in the
Property, Lender on Grantor's behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender
expends in so doing will bear interest at the rate provided for in the Note from the date incurred or paid by Lender to the date of repayment by Grantor.
All such expenses, at Lender's option, will (a) be payable on demand, (b) be added to the balance of the Note and be apportioned among and be
payable with any installment payments to become due during either (i) the term of any applicable insurance policy or (ii) the remaining term of the
Note, or (c) be treated as a balloon payment which will be due and payable at the Note's maturity. This Assignment also will secure payment of these
amounts. The rights provided for in this paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account
of the default. Any such action by Lender shall not be construed as curing the default so as to bar Lender from any remedy that it otherwise would
have had.
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of the Property are a part of this Assignment:
Contract. Lender may notify Seller of this Assignment at Lender's sole discretion and with no further permission from Grantor. Grantor represents
to Lender that there is no default existing under the Contract, there are no offsets or counter claims to the same, and that the Contract has an
unpaid principal balance of not more than
Title. Grantor warrants that: (a) Grantor holds good and marketable title of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth in the Real Property description or In the Existing Indebtedness section below or in any title insurance
policy, title report, or final title opinion issued in favor of, and accepted by, Lender In connection with this Assignment, and (b) Grantor has the full
right, power, and authority to execute and deliver this Assignment to Lender.
Defense of Title. Subject to the exception in the paragraph above, Grantor warrants and will forever defend the title to the Property against the
lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the Interest of Lender under this
Assignment, Grantor shall defend the action at Grantor's expense. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or
cause to be delivered, to Lender such instruments as Lender may request from time to time to permit such participation.
Compliance With Laws. Grantor warrants that the Property and use of the Property complies with all existing applicable laws, ordinances, and
regulations of governmental authorities.
EXISTING INDEBTEDNESS. The following provisions concerning existing indebtedness (the "Existing Indebtedness are a part of this Assignment.
Existing Lien. The lien of this Assignment securing the Indebtedness may be secondary and inferior to the lien securing payment of an existing
obligation to LORAIN J BAGLEY REVOCABLE TRUST described as: MORTGAGE LOAN DATED JULY 6, 2000, AND RECORDED IN BOOD 448
AT PAGE 326. The existing obligation has a current principal balance of approximately $119,000.00 and Is in the original principal amount of
$119,000.00. Grantor expressly covenants and agrees to pay, or see to the payment of, the Existing Indebtedness and to prevent any default on
such indebtedness, any default under the instruments evidencing such indebtedness, or any default under any security documents for such
indebtedness.
Default. If the payment of any installment of principal or any interest on the Existing Indebtedness is not made within the time required by the note
evidencing such indebtedness, or should a default occur under the instrument securing such indebtedness and not be cured during any
applicable grace period therein, then, at the option of Lender, the Indebtedness secured by this Assignment shall become immediately due and
payable, and this Assignment shall be in default.
No Modification. Grantor shall not enter into any agreement with the holder of any mortgage, deed of trust, or other security agreement which
has priority over this Assignment by which that agreement is modified, amended, extended, or renewed without the prior written consent of
Lender. Grantor shall neither request nor accept any future advances under any such security agreement without the prior written consent of
Lender.
CONDEMNATION. T he following provisions relating to proceedings in condemnation are a part of this Assignment:
Application of Net Proceeds. If all or any part of the Property is condemned by eminent domain proceedings or by any proceeding or purchase
in lieu of condemnation, Lender may at its election require that all or any portion of the net proceeds of the award be applied to the Indebtedness
or the repair or restoration of the Property. The net proceeds of the award shall mean the award after payment of all reasonable costs, expenses,
and attorneys' fees incurred by Buyer or Lender in connection with the condemnation.
Proceedings. If any proceeding in condemnation is filed, Grantor shall promptly notify Lender in writing, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be the nominal party in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represented in the proceeding by counsel of its own choice, and Grantor will deliver or cause to
be delivered to Lender such instruments as may be requested by it from time to time to permit such participation.
IMPOSITION OF TAXES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relating to governmental taxes, fees
and charges are a part of this Assignment:
Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents (n addition to this Assignment and take
whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all
taxes, as described below, together with all expenses incurred in recording, perfecting or continuing this Assignment, including without limitation all
taxes, fees, documentary stamps, and other charges for recording or registering this Assignment.
Taxes. The following shall constitute taxes to which this section applies: (a) a specific tax upon this type of Assignment or upon all or any part of
the Indebtedness secured by this Assignment; (b) a specific tax on Grantor which Grantor is authorized or required to deduct from payments on
the Indebtedness secured by this type of Assignment; (c) a tax on this type of Assignment chargeable against the Lender or the holder of the
Note; and (d) a specific tax on all or any portion of the Indebtedness or on payments of principal and interest made by Grantor.
Subsequent Taxes. If any tax to which this section applies is enacted subsequent to the date of this Assignment, this event shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as provided
below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests the tax as provided above in the Taxes and Liens
section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Agreement being a security agreement are a part of
this Agreement:
Security Agreement. This instrument shall constitute a security agreement to the extent any of the Property constitutes fixtures or other personal
property, and Lender shall have all of the rights of a secured party under the Uniform Commercial Code.
Security Interest. Upon request by Lender, Grantor shall execute financing statements and take whatever other action is requested by Lender to
perfect and continue Lender's security interest in the Collateral, Rents and Personal Property. Grantor hereby appoints Lender as Grantor's
attorney —in —fact for the purpose of executing any documents necessary to perfect or continue the security interest granted in the Collateral, Rents
and Personal Property. In addition to recording this Assignment in the real property records, Lender may, at any time and without further
authorization from Grantor, file copies or reproductions of this Assignment as a financing statement. Grantor will reimburse Lender for all expenses
incurred in perfecting or continuing this security interest. Upon default, Grantor shall assemble the Personal Property and make it available to
Lender within three (3) days after receipt of written demand from Lender.
Addresses. The mailing address of Grantor (debtor) and the mailing address of Lender (secured party) from which information concerning the
security Intarect granted by this Assignment may be obtained (ea chas required by the Uniform Commercial Code) are as stated on the first page
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09 -05 -2000 PURCI jASER'S ASSIGNMENT OF LAND SALE CONTRACT
Loan No 61009593 O 8 S t (Continued) 836
Amendments. This Assignment, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to
the matters set forth in this Assignment. No alteration of or amendment to this Assignment shall be effective unless given in writing and signed by
the party or parties sought to be charged or bound by the alteration or amendment.
Annual Reports. If the Property Is used for purposes other than Grantor's residence, Grantor shall furnish to Lender, upon request, a certified
statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require.
"Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the
Property.
Applicable Law. This Assignment has been delivered to Lender and accepted by Lender in the State of Wyoming. This Assignment shall
be governed by and construed In accordance with the laws of the State of Wyoming.
Attorneys' Fees. In the event that Lender is made a party to any suit or proceedings by reason of the interest of Lender in the Property, Grantor
shall reimburse Lender for all costs and expenses, including, subject to applicable law, attorneys' fees, incurred by Lender in connection with the
suit or proceedings. All such amounts incurred by Lender shall be secured by this Agreement and shall be due and payable by Grantor to Lender
on demand, with interest thereon at the rate at which interest accrues under the Note.
Caption Headings. Caption headings in this Assignment are for convenience purposes only and are not to be used to interpret or define the
provisions 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.
Merger. There shall be no merger of the interest or estate created by this Assignment 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 Lender.
Multiple Parties. All obligations of Grantor under this Assignment shall be joint and several, and all references to Grantor shall mean each and
every Grantor. This means that each of the persons signing below is responsible for all obligations in this Assignment.
Notices. All notices required to be given under this Assignment shall be given in writing, may be sent by telefacsimile (unless otherwise required
by law), and shall be effective when actually delivered or when deposited with a nationally recognized overnight courier or deposited in the United
States mail, first class, postage prepaid, addressed to the party to whom the notice is to be given at the address shown above. Any party may
change its address for notices under this Assignment by giving formal written notice to the other parties, specifying that the purpose of the notice is
to change the party's address. To the extent permitted by applicable law, if there is more than one Grantor, notice to any Grantor will constitute
notice to all Grantors. For notice purposes, Grantor will keep Lender informed at all times of Grantor's current address(es).
Non Liability for Contractual Obligations. Nothing contained in this Agreement shall be construed to bind Lender to perform any of the terms of
the Contract or to impose any of the obligations of the Contract upon Lender.
Severability. If a court of competent jurisdiction finds any provision of this Assignment to be invalid or unenforceable as to any person or
circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such
offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be
so modified, it shall be stricken and all other provisions of this Assignment in all other respects shall remain valid and enforceable.
Successors and Assigns. Subject to the limitations stated in this Assignment on transfer of Grantor's interest, this Assignment shall be binding
upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Property becomes vested in a person other than
Grantor, Lender, without notice to Grantor, may deal with Grantor's successors with reference to this Assignment and the Indebtedness by way of
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.
Waivers and Consents. Lender shall not be deemed to have waived any rights under this Assignment (or under the Related Documents) unless
such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of
such right or any other right. A waiver by any party of a provision of this Assignment shall not constitute a waiver of or prejudice the party's right
otherwise to demand strict compliance with that provision or any other provision. No prior waiver by Lender, nor any course of dealing between
Lender and Grantor, shall constitute a waiver of any of Lender's rights or any of Grantor's obligations as to any future transactions. Whenever
consent by Lender is required in this Assignment, the granting of such consent by Lender in any instance shall not constitute continuing consent to
subsequent instances where such consent is required.
GRANTOR ACKNOWLEDGES HAVING READ ALL OF THE PROVISIONS OF THIS PURCHASER'S ASSIGNMENT OF LAND SALE CONTRACT,
AND GRANTOR AGREES TO ITS TERMS.
GRANTOR:
WAGONS YELLOWST•>0 I y rt ERS
STATE OF ile ,11/
COUNTY OF 1-1/1 /4/
a./
MADSEN, General Partner
Bv:
PARTNERSHIP ACKNOWLEDGMENT
88
1 ,f,�
DS E ,General Par n
NOTARY PUBLIC
State of
Wyoming
ma 29, 2004
Page 5
D.
On this 6 day of PETERSON, General Patner'of I VA GO NS WT YELLO OUTFITTERS; CHA D MADSEN, Gene Pa tn of WAGO S ST
YELLOWSTONE OUTFITTERS; LYNN D. MADSEN, General Partner of WAGONS WEST YELLOWSTONE OUTFITTERS; and MARCENE J.
MADSEN, General Partner of WAGONS WEST YELLOWSTONE OUTFITTERS, and known to me to be partners or designated agents of the
partnership that executed the Purchaser's Assignment of Land Sale Contract and acknowledged the Assignment to be the free and voluntary act and
deed of the partnership, by authority of statute or its Partnership Agreement, for the uses and purposes therein mentioned, and on oath stated that they
partnership.
rt
By
are au horiz to execute this sign nt in fact executed t he Assignment on behalf of the p Residing at 11
Notary Pub In and f the State of vli cr My commission expires ,9 Zva T