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HomeMy WebLinkAbout889941O, mo L INO 889941 BOOK'~20' PRPAGE 5'~ 7 Space Above This Line For Recording Data ASSIGNMENT OF LEASES AND RENTS DATE AND PARTIES. parties and their addresses are: ASSIGNOR: P & F TRUCKING & SERVICES, INC. A Wyoming Corporation PO Box 1076 Kemmerer,'Wyoming 83101 LENDER: The date of this Assignment of' Leases and Rents (Assignment) is REOEIVED 3L~',I OOUNTY CLERK April 15, 2003. The COMMUNITY FIRST NATIONAL BANK Organized and existing under the laws of the United States of America 801 Pine Avenue Kemmerer, Wyoming 83101 TIN: 1. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Assignment at any one time will not exceed $32,000.00. This limitation of amount does not include interest and other fees and charges validly made pumuant to this AssignmentI Also, this limitation does not apply to advances made under the terms of this Assignment to protect Lender s security and to perform any of the covenants contained in this Assignment 2. SECURED DEBTS. This Assignment will secure the following Secured Debts: A. Specific Debts. The following debts and all extensions, renewals, refinancin~s, modifications and replacements. A promissory note, No. 3888601015, dated April 15, 2003, from P & FI Trucking & Services, Inc., Pamela Russo and Frank Russo (Borrower)to Lender, with a loan amount of $32,000.00 with an interest rate of 6.75 percent per year and maturing on April 14, 2008. B. Sums Advanced. All sums advanced and expenses incurred by Lender under the terms of this Assignment. 3. ASSIGNMENT OF LEASES AND RENTS. For good and valuable consi.deration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Assignors performance under this Assignment, Assignor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (all referred to as Property). A. Existing or future leases, subleases, licenses, guaranties and any other written or verloal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements referred to as Leases). (all P & F Trucking & Services, Inc. Wyoming Assignment of Leases and Rents WY/4XXiflutoO0600000003657024041403Y ©1996 Bankers Systems, Inc., St. Cloud, MN 578 B, Rents, issues and profits (all referred to as Rents), including but not limited to secu ltv deposits, minimum rent, percentage rent, additional rent, common area maintenance charges, parking char les, real estate taxes, other applicable taxes, insurance premium contributions, liquidated damages followint default, cancellation' premiums, "loss of rents" insurance, guest receipts, revenues, royalt es, Proceeds, bonus!es, accounts, contract rights, general intangibles, and all rights and claims which Assignor may have regarding the Property. C. The term Property as used in this Assignment shall include the following described real property: Lots 14, 15 and the North one-half (being the northerly 15 feet) of Lot 13 of Block 3 to the Town of Diamondville, Lincoln County, Wyoming. The property is located in Lincoln County at 104 Sublete Ave, Diamondville, Wyoming 83' 16. In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. 4. PAYMENTS. Assignor agrees that all payments under the Secured Debts will be p.~id when due and in accordance with the terms of the Secured Debts and this Assignment. 5. COLLECTION OF RENTS. Assignor may collect, receive, enjoy and use the Rents so lone as Assignor is not in default. Assignor will not collect in advance any Rents due in future lease periods, unless Assignor first obtains Lender's written consent. Upon default, Assignor will receive any Rents in trust for Lender and Assignor will not com~ningle the Rents with any other funds. When Lender so directs, Assignor will endorse and deliver any payments of Rents from the Property to Lender. Amounts collected will be applied at Lender's discretion to the Secure Debts, the costs of managing, protecting and preserving the Property, and other necessary expenses. Assignor agrees, that this Assignment is immediately effective between Assignor and Lend~ and effective as to third parties on the recording of this Assignment. This Assignment will remain effective during any statutory redemption period until the Secure, Debts are satisfied. Unless otherwise prohibited or prescribed by state law, Assignor agrees that Lender may tak~ actual possession of the Property without the necessity of commencing any legal action or proceeding. Assignor agrees that actual possession of the Property is deemed to occur when Lender notifies Assignor of Assignor's default and demands that Assignor and Assignor's tenants pay all Rents due or to be come due directly to Lender. Immediately after tLhender gives Assignor the notice of default, Assignor agrees that either Lender or Assignor m~y immediately not fy e tenants and demand that all future Rents be paid directly to Lender. 6. COLLECTION EXPENSES AND ATTORNEYS' FEES. On or after Default, to the extent permitted by law, Assignor agrees to pay all expenses of collection, enforcement or protection of Lender's rights and reined es under this Assignment. 'Assignor agrees to pay expenses for Lender to inspect and preserve the Property and for any recordation costs of releasing the Property from this Assignment. Expenses include, bu' are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee elf the Lender. These expenses are due and payable immediately. If not paid immediately, these expenses will b3ar interest from the date Of payment until paid in full at the highest interest rate in effect as provided for in the :erms of the Secured Debts. To the extent permitted by the United States Bankruptcy Code, Assignor agrees t~ pay the reasonable attorneys' fees Lender incurs to collect the Secured Debts as awarded by any court exercising jurisdiction under the Bankruptcy Code. 7. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, ( ) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and L ~bility Act (CERCLA), all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardou substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the pub c health, safety, welfare or environment. The term 'includes, without limitation any substances clef ned as "hazardous material," "toxic substance," "hazardous waste," "hazardous substance," or "regulated substance" under any Environmental Law, Assignor represents, warrants and agrees that: P & F Trucking & Services, Inc. ©]996 Bankers ~ ,stems, Inc., St. Cloud, MN Wyoming Assignment of Lmases and Rents WY/4XXiflutoO06000OO00365702404 ] 403 Y 579 A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance has been, is, or will be located, transported, manufactured, treated, refined, or handled by any person Dh, under or about the Property, except in the ordinary course of business and in strict compliance with all ap)licable Environmental Law. B. Except as previously disclosed and acknowledged in writing to Lender, Assignor has pt and will not cause, contribute to, or permit the release of any Hazardous Substance on the Property. C. Assignor will immediately notify render ~ (1) a [e~ease or threatened release o~ Hazardous Substance occurs on, unde~ or about the Property or ~i~[ates o~ threatens to ~[ate from nea[b~ p~op~[t~' or (2) there ~s a v~o~at~on of any Environmental La~ coace[s~n~ the P~ope[ty. ~n such an event, Assgno[ ~H'take a~] necessary remedial action in accordance with Environmental Law. . D. Except as previously disclosed and acknowledged in writing to Lender, Assignor ha~ no knowledge of or reason to believe there is any pending or threatened investigation, claim, or proceeding of any k nd relating to (]) any Hazardous Substance located on, under or about the Property; or (2) any violation by Assignor or any tenant of any Environmental Law. Assignor will immediately notify Lender in writing as soon as Assignor has~ reason to believe there is any such pending or threatened investigation, claim, or proceeding. In such an event, Lender has the right, but not the obligation, to participate in any such proceeding includir,g the right to receive copies of any documents relating to such proceedings. E. Except as previously disclosed and acknowledged in writing to Lender, Assignor and every tenant have been, are and will remain in full compliance with any applicable Environmental Law. F. Except as previously disclosed and acknowledged in writing to Lender, there are nO underground storage tanks, private dumps or open wells located on or under the Property and no such tank, dump or well will be added unless Lender first consents in writing G. Assignor will regularly inspect the Property, monitor the activities and operations )n the Property, and confirm that all permits, licenses or approvals required by any applicable Environmental .aw are obtained and complied with.' t ' H. Assignor will permit, or cause any tenant to permit, Lender or Lender's agent to n~ ~s~tret~ Property and review all records at any reasonable time to determine (1)the existence, I%~o~ n any Hazardous Substance on, under or about the Property; (2) the existence, location, nature, and magnitude of any Hazardous Substance ~hat has been released'on, under or about the Property; or (3) whether or not Assignor and any tenant are in compliance wi~h applicable Environmental Law. I. Upon Lender's request and at any time, Assignor agrees, at Assignor's expense, t~ engage a qualified environmental engineer to prepare an environmental audit of the Property and ~o submit [he results of such audit to Lender. The choice of the environmental engineer who will perform such audit is~ subject to Lender's approval. J. Lende~ has the right, but not the obligation, to perform any of Assignor's obligat ons ~under this section at Assignor s expense. K. As a consequence of any breach of any representation, warranty or promise made in this section, (1) Assignor will indemnify and hold Lender and Lender's successors or assigns harmless from and aganst a losses, claims, demands, liabilities, damages, cleanup, response and remediation costs penates and expenses, including_ without limitation all costs of litigation and attorneys' fees, which Lender and Lender's successors or assigns may sustain; and (2) at Lender's discretion, Lender may release this Assignment a~d in return Assignor will provide Lender with collateral of at least equal value to the Property secured by this Assignment without prejudice to any of Lender's rights under this Assignment. L. Notwithstanding any of the language contained in this Assignment to the contrary, the terms of this section will survive any foreclosure or satisfaction of this Assignment regardless of any passage of title to Lender or any disposition by Lender of any or all of the Property. Any claims and defenses tothe contrar, are hereby waived. 8. CONDEMNATION. Assignor will give Lender prompt notice of any pending or threatenec action by private or public entities to purchase or take any or all of the Property through condemnation, eminent omain, or any other means. Assignor authorizes Lender to intervene in Assignor's name in any of the above ~escribed actions or claims. Assignor assigns to Lender the proceeds of any award or claim for damage~ connected with a condemnation or other taking of all or any par[ of the Property. Such proceeds Will be considered payments and will be applied as provided in this Assignment. This assignment of proceeds is subject to t~e terms of any prior mortgage, deed o[ trust,'security agreement or other lien document. P & F Trucking & Services, Inc. ~1996 Bankers Systems, Inc., St. Cloud, MN ~" Initia~ Wyoming Assignment of Leases and Rents WY/4XXiflutoO0600000003657024041403Y 58O 9. APPOINTMENT OF A RECEIVER. On or after an Assignor's'default, Assignor agrees to Lender making an application to the court for an appointment of a receiver for the benefit of Lender to t~lke possession of the Property and the Leases, with the power to receive, collect and apply the Rents. Any Rents collected w be applied as the court authorizes to pay taxes, to provide insurance, to make repairs and to pay costs or any other I . expenses relating to the Property, the Leases and Rents, and any remaining sums shall be ~pphed to the Secured Debts. Assignor agrees that this appointment of a receiver may be without giving bond, without reference to the Securedthen-existing Debts. value of the Property, and without regard, to the insolvency of any person liable for any of the 10. DUE ON SALE. Lender may, at its option, declare the entire balance of the Secured Debts to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law governing the preemption of state due-on-sale laws, .as applicable. 11. TRANSFER OF AN INTEREST IN THE ASSIGNOR. If Assignor is an entity other than a n~tural person (such as a corporation or other organization), Lender may demand immediate payment if: A. A beneficial interest in Assignor is sold or transferred. B. There is a change in either the identity or number of members of a partnership or similar entity. C. There is a change in ownership of more than 25 percent of the voting stock of a corpor ~tion or similar entity. However, Lender may not demand payment in the above situations if it is prohibited by law as of the date of this Assignment. 12. WARRANTIES AND REPRESENTATIONS. Assignor makes to Lender the folio lng warranties and representations which will continue as long as this Assignment is in effect: A. Power. Assignor is duly organized, and validly existing and in good standing in all jurisdictions in which Assignor operates. Assignor has the power and authority to enter into this transac:ion and to carry on Assignor's business or activity as it is now being conducted and, as applicable, is qualified to do so in each jurisdiction in which Assignor operates. B. Authority. The execution, delivery and performance of this Assignment and the obligation evidenced by this Assignment are within Assignor's powers, have been duly authorized, have received all ne:essary governmental approval, will not violate any provision of law, or order of court or governmental ag.enc~, and will not violate any agreement to which Assignor is a party or to which Assignor is or any of Assignor s pr)perty is subject. C. Nameand Place of Business. Other than previously disclosed in writing to Lender, Assi nor has not changed Assignor's name or principal place of business within the last 10 years and has not usc any other trade or fictitious name. Without Lender's prior written consent, Assignor does not and will not use any other name and will preserve Assignor's existing name, trade names and franchises. D. Title. Assignor has good title to the Leases, Rents, and Property and has the right to ssign, grant, bargain, convey, mortgage and warrant to Lender as additional security the Leases and Rents, and no other person has any right in the Leases and Rents. E. Recordation. Assignor has recorded the Leases as required by law or as otherwise prudent for the tYpe and use of the Property. F. Default. No default exists under the Leases, and the parties subject to the Leaseshave not violated any applicable law on leases, licenses and landlords and tenants. Assignor, at its sole cost and expense, will keep, observe and perform, and require all other parties to the Leases to comply with the Leases and any applicable law. If Assignor or any party to the Lease defaults or fails to observe any applicable law, Assignor will promptly notify Lender. . G. Lease Modification. Assignor has not sublet, modified, extended, canceled, or otherwise altered the Leases, or accepted the surrender of the Property covered by the Leases (unless the Leases so require). H. Encumbrance. Assignor has not assigned, compromised, subordinated or encumbered thel Leases and Rents. 13. COVENANTS. Assignor agrees to the following covenants: an abatement of Rents due to fire, flood or A. Rent Abatement and Insurance. When any Lease provides for other casualty, Assignor will insure against this risk of loss with a policy satisfactory to Lender. Assignor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. B. Copies of Leases. Assignor will promptly provide Lender with copies of the Leases ~nd will certify these Leases are true and correct copies. The existing Leases will be provided on execution of Ihe Assignment, and~ P & F Trucking & Services, Inc. Wyoming Assignment of Leases and Rents Initials WY/4XXiflut°O~'~?'~'~~3657024041403Y ©1996 Ba~ ' . ~. E. Other Documents. A default occurs under the terms of any other transaction document F. Other Agreements. Assignor is in default on any other debt or agreement Assignor has G. Misrepresentation. Assignor makes any verbal or written statement or provides an that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Assignor fails to satisfy or appeal anyiudgment against Assignor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscatior J. Name Change. Assignor changes Assignor's name or assumes an additional name w~t before making such a change. P & F Trucking & Services, Inc. Wyoming Assignment of Leases and Rents WY/4XXiflutoO0600000003657024041403Y ©'1996 Bankers Systems, Inc., St. Cloud, MN ~" Nith Lender. financial information by a legal authority. bout notifying Lender 0S 9 41, 581 all future Leases and any. other information with respect to these Leases will be provided immediately after they are executed. C. Right To Rents. After default and Lender taking the appropriate affirmative action, Assignor will notify all current and future tenants and others obligated under the Leases of Lender's right tO the Leases and Rents. D. Accounting. When Lender requests, Assignor will provide to Lender an accounting Rents, prepared in form acceptable to Lender, subject to generally accepted accounting principles and certified~ by Assignor or a Assignor's accountant to be current, accurate and complete as of the date requested by Lender. E. Lease Modification. Assignor will not sublet, modify, extend, cancel, or otherwise altelr/the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's written consent. F. Encumbrance. Assignor will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent, written consent from Lender. G. Future Leases. Assignor will not'enter into any future Leases without prior Assignor will execute and deliver such further assurances and assignments as to these future Leases as Lender requires from time to time. personal property on the Property, unless Assignor H. Personal Property. Assignor will not sell or remove any replaces this personal property with like kind for the same or better value. I. Prosecution and Defense of Claims. Assignor will appear in and prosecute its claims or defend its title to the Leases and Rents against any claims that would impair Assignor's interest under thi~ Assignment and, on Lender's request, Assignor will also appear in any action or proceeding on behalf of Lender. Assignor agrees to ass!gn to Lender, as requested by Lender, any right, claims or defenses which Assignor may have against parries who supply labor or materials to improve or maintain the easeholds subject tolthe Leases and/or the Property. J. Liability and Indemnification. Lender does not assume or become liable for the Prpperty's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserv~ the Property, except for losses or damages due to Lender's gross negligence or intentional torts. Otherwise, Assignor will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incu~when Lender opts to exercise any of its remedies against any party obligated under the Leases. / K. Lease,hold Estate. Assignor will not cause or permit the leasehold estate under the Leases to merge with Assignor s reversionary interest, and agrees that the Leases shall remain in full force and effect regardless of any merger of the Assignor's interests and of any merger of the Interests of Assignor a~d any party obligated under the Leases. L. Insolvency. Lender will be the creditor of each tenant and of anyone else obligated unider" the Leases Who is subject to an assignment for the benefit of creditors, an insolvency, a dissolution or a receivership proceeding, or a bankruptcy. 14. DEFAULT. Assignor will be in default if any Of the following occur: A. Payments. Assignor fails to make a payment in full when due. B. Insolvency. Assignor makes an assignment for the benefit of creditors or becomes ins)lvent, either because Assignor's liabilities exceed Assignor's assets or Assignor is unable to pay Assignor's ebts as they become due. C. Business Termination. Assignor merges, dissolves, reorganizes, ends its business or <istence, or a partner or majority owner dies or is declared legally incompetent. D. Failure to Perform. Assignor fails to perform any condition or to keep any promme or covenant of this Assignment. K. Property Transfer. condition of default, as it relates to the transfer of the Property, is subject to the restri, DUE ON SALE section. L. Property Value. The value of the Property declines or is impaired. M. Material Change. Without first notifying Lender, there is a material change in Assign( ownership, management, and financial conditions. N. Insecurity. Lender reasonably believes that Lender is insecure. 1,5. REMEDIES. After Assignor defaults, and after Lender gives any legally required notice ard opportunity to cure the default, Lender may at Lender's option do any one or more of the following. A. Acceleration. Lender may make all or any part of the amount owing by the terms )f the Secured Debts immediately due. e B. Additional Security. Lender may demand additional security or additional parties to b obligated to pay the Secured Debts. C. Sources. Lender may use any and all remedies Lender has under Wyoming or f deral law or in any instrument evidencing or pertaining to the Secured Debts. D. Insurance Benefits. Lender may make a claim for any and all insurance benefits or refunds that may be available on Assignor's default. E. Payments Made On Assignor's Behalf. Amounts advanced on Assignor's behalf will be immediately due and may be added to the Secured Debts. F. Ren~s. Lender may terminate Assignor's right to collect Rents and directly collect and retain Rents in Lender's name without taking possession of the Property and to demand, collect,' receive, and sue for the Rents, giving proper receipts and releases. In addition, after deducting all reasonable e:ipenses of collection from any collected and retained Rents, Lender may apply the balance as provided for by th~ Secured Debts. G. Entry. Lender may enter, take possession, manage and operate all or any part of the Property; make, modify, enforce or cancel or accept the ~surrender of any Leases; obtain or evict any ':enants or licensees; ~ncrease or reduce Rents; decorate, clean and make repairs or do any other act or incur a~y other Cost Lender deems proper to protect the Property as fully as Assignor could do. Any funds collected ~rom the operation of the Property may be applied in such order as Lender may deem proper, including, but not limited to, payment of the following: operating expenses, management, brokerage, attorneys' and accountant~' fees, the Secured Debts., and toward the maintenance of reserves for repmr' or replacement. Lender may takel such action without ~gr~rcde~vOe~ht~ ~dequac. y_of.t, he secur.ty, w!th or without any action, or proceeding, through lany person or agent, e appom[e~] [~y a court, and irrespective of Assignor s possession. The collection and application of the Rents or the entry upon and ~aking possession of the Property as set out n this section shall not cure or waive any notice of default under the Secured Debts, this Assignment, or invalidate any act pursuant to such notice. The enforcement of such remedy by Lender, once exercised, shall continue for so long as Lender shall elect, notwithstanding that such collection and appl cat on of Rents may have Cured the original default. H' Waiver. Except as otherwise required by law, by choosing any one or more of these remedies you do not g~ve up any other remedy. You do not waive a default if you choose not to use a remedy. By electing not to use any remedy, you do not waive your right to later consider the event a default and to use any remedies if the default continues or occurs again. 16. TERM. This Assignment will remain in full force and effect until the Secured Debts ale paid or otherwise discharged and Lender is no longer obligated to advance funds under any loan or credit agreement wh ch is a part of the Secured Debts. If any or all payments of the Secured Debts are subsequently invalidated, declared void or voidable, or set aside and are required to be repaid to a trustee, custodian, receiver or any olher party under any bankruptcy act or other state or federal law, then the Secured Debts will be revived and will continue in full force and effect as if this payment had not been made. 17. CO-SIGNERS.. If Assignor signs this Assignment but does not sign the Secured Debts, A!s gnor does so only to assign Assignor s interest in the Property to secure payment of the Secured Debts and Assignor does not agree to be personally liable on the Secured Debts. If this Assignment secures a guaranty between bender and Assignor, Assignor agrees to waive, any rights that may prevent Lender from bringing any action or claim against Assignor or any party indebted under the obligation. These rights may include, but are not limited to, ar one-action laws. P & F Trucking Inc. Wyoming Assi~ eases and'Rents WY/4X X i[luto~0600000003657024041403Y 582 Assignor transfers all or a substantial part of Assignor's money or property. This [ions contained in the 's business, including ©1996 Ba~, 7;'§'?' ~ems Inc., St. Cloud, MN ~.~ y anti-deficiency or 18. WAIVERS. Except to the extent prohibited by law, Assignor waives all homestead exe the Property. 19. FIXTURE FILING. Assignor gives to Lender a security interest in all goods that Assigr future and that are or will become fixtures related to the Property. 20. APPLICABLE LAW. This Assignment is governed by the laws of Wyoming, except t required by the laws of the jurisdiction where the Property is located, and the United States 21. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS. Each Assignor's obligations are independent of the obligations of any other Assignor. Lender may sue each Assignor with any other Assignor. Lender may release anypart of the Property and Assignor will still Assignment for the remaining Property. The duties and benefits of this Assignment wil successors and assigns of Lender and Assignor. nptio~ ~g~ts relating to or owns now or in the the extent otherwise America. under this Assignment ndividually or together be obligated under this bind and benefit the 22. AMENDMENT, INTEGRATION AND SEVERABILITY. This Assignment may not be amen, 'ed or modified by oral ~,gsr~enmoernta.nT~ean~e~nd_mCnt or modification of this Assignment is effective unless made in writing and executed by · g r. /h~s Assignment is the complete and final expression of the a~ree ~ ,,,.~.,~. ii dHy provision OT this Assignment is unenforceable, then the unenforceable prov s on will be severed and the remaining provisions will still be enforceable. 23. INTERPRETATION. Whenever used, the singular includes the plural and the plural inclpdes the singular. The section headings are for convenience only and are not to be used to interpret or define the terms of this Assignment. 24. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Unless otherwise required by law, any notice will be given by delivering it or mailing it by first class mail to the appropriate party's address listed in the DATE AND PARTIES section, or to any other address designated in writing. Notice to one p~rty will be deemed to be notice to all parties. Assignor will inform Lender in writing of any change in Assignor's name, address or other application information. Assignor will provide Lender any financial statements or informatior Lender requests. All financial statements and information Assignor gives Lender will be correct and complete. A~signor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessar 'to perfect, continue, and preserve Assignor's obligations Under this Assignment and to confirm Lender's lien stltus on any Property. Time is of the essence. SIGNATURES. By signing, Assignor agrees to the terms and covenants contained in this ,~ssignment. Assignor also acknowledges receipt of a copy of this Assignment. ASSIGNOR: P & F. king & S ices~./~. Pamela' Russo, President (Attest) LENDER: Community First Natioc~al Bank (Attest) P & F Trucki: ~ ...... .:es, Inc. Wyoming Assignment of Leases and Rents Initials 584 ACKNOWLEDGMENT. (Business or Entity) This instrument was acknowledged before me this /~'~, day of ~ , ;~)D Pamela Russo and Frank Russo as President and Secretary/Treasurer of P & F' Trucking & Services, Inc.. Mycommissionexpires:~C~;~.LO~- ~ . ~ ~,/ ~, AP. SHEA N ar P -' Acknow~~) ' .¢~ ~fl ~ke Cl~, ~ 84143 I (Lender OF L. i P ss, · ~?-'- day of /~ r',' ( of Community First National Bank. (Notary ¢~blic) This instrument was acknowledged before me thi§ Mary Lively as L~,~r~ 0-~-~ c.~r~ My commission expires: by by P & F Trucking & Services, Inc. Wyoming Assignment of Leases and Rents WY/4XXiflutoOn~nn(~r~nnO3657024041403Y ©1996 Banb-,- ~"~'ems, Inc., St. Cloud, MN Ini'tials Page 8