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BOOK
RECEIVED
LINCOLN OOUNTY CLERK
'8 9 0 7 8 9 o3 15 !o: 5
ASSIGNMENT OF BUYERS REAL ESTATE CONTRACT EQUITY
For good and valuable consideration, the receipt and sufficiency of which is
acknowledged, and to secure the Secured Debts and Assignor's performance under
this Assignment, Assignor irrevocably assigns, grants, bargains, conveys, and
mortgages warrants to the Bank of Star Valley, as Lender, as additional security all
the buyers right, title and interest in the following (all referred to as property)
A certain real estate contract dated ~ between i~et¢? ?,~ r~,¢~ /?~e O. tc~/-ttv-r,-
as seller(s) and ~,z//,~ 7',~ ~,~/~/t~; as buyer(s) for the sale of real estate
recordedat Lincoln' County, Wyoming Book ~ Page(s). and further
described as 170 Papworth Lane, Afton, Wyoming with the following described real
property:
See Exhibit Attached hereto.
This Assignment will secure the following Secured Debts:
-One promissory note dated 6-12-2003 in the amount of $400,260.00
1.Warranties and Representations-
To induce Lender to enter into the loan, Assignor makes these representations and
warranties for as long as the Assignment is in effect.
-Power and Authority. Assignor is duly organized, validly existing and in good
standing under the laws and jurisdiction where Assignor operates or Assignor owns or
leases property. Assignor has the power and authority to enter into this transaction and to
carry on Assignor's business or activity now as conducted.
Title. Assignor specifically states herein that assignor is NOT in title to the
property described here, but holds an interest in the assigned contract in so much as
detailed in that contract. .
Default. No default exists under the terms and conditions of the assigned
contract. Assignor, wilt keep, observe, and perform all covenants of said contract and any
applicable law. If Assignor or any party to the contract defaults or fails to observe any
applicable law, Assignor will promptly notify the Lender.
2.Covenants-
-Insurance. Assignor will insure against the 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.
Covenants continued-
-Liability and Indemnification. Lender does not assume or become liable for the
property's maintenance, depreciation, or other losses or damages when lender acts to
manage, protect or preserve the Property, except for losses or damages due to gross
negligence or intentional torts to the extent permitted by law. Otherwise, Assignor will
indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender
may incur when Lender opts to exercise any of its remedies against any party obligated to
perform according to the terms of the assigned contract.
3. Default. Assignor will be in default if any of the following occur with regard to the
Secured Debts that are secured by the Assignment.
A. Payments. Assignor fails to make a payment in full when due.
B. Insolvency or Bankruptcy. Assignor makes an assignment for the benefit of
creditors or becomes insolvent, either because Assignor's liabilities exceed
Assignor's assets or Assignor is unable to pay Assignor's debts as they
become due; or Assignor petitions for protection under federal, state or local
bankruptcy, insolvency or debtor relief laws, or is the subject of a petition or
actiOn under such laws and fails to have the petition or action dismissed
within a reasonable period of time not to exceed 60 days.
C. Death or Incompetency. If Assignor is an individual, Assignor dies or is
declared legally incompetent.
D. Property Transfer. Assignor transfers all or a substantial part of Assignors'
money or property.
E. Name Change. ASsignor changes Assignor's name or assumes an additional
name without notifYing Lender before making such a change.
F. Sale of Property. The loan secured by this assignment shall become due in'
full if the property is sold or transferred.
G. Insecurity. Lender reasonably believes that Lender is insecure.
4. Remedies. After Assignor defaults, and after Lender gives legally required notice and
opportunity to cure the default, Lender may ant 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 of the Secured Debts immediately due.
B. Payments Made on Assignor's Behalf. Amounts advanced on Assignor's
behalf will be immediately due and may be added to the Secured Debts.
C. Rents. Lender may terminate Assignor's right to collect rents and directly
collect and retain rents in Lenders name without taking possession of the
property and to demand, collect, receive, and sue for the rents, giving property
receipts and releases. In addition, after deducting all reasonable expenses of
collection from any collected and retained rents, Lender may apply the
balance as provided for by the Secured Debts.
5. Signatures. By signing, Assignor agrees to the terms and covenants contained in this
Assignment Assignor also acknowledges receipt of a copy of this Assignment.
Entity Name
Signature: Russell B. Gardner
Acknowledgement:
State of Wyoming,
County of Lincoln
Signature:
This instrument was acknowledged before me this 12the day of June, 2003 by Russell B.
Gardner; Trisha P. Gardner, Husband and Wife.
My commission expires: ~
Notary Public
County of ~i,'~ State ot'
Lincoln 11~ Wyoming
My Commission Expires July 8, 2006
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