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RECEIVED
LII',.!OOL¥',! COUN'E¥ OLERK
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, gran~s, 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 June 16, 2002 between Barr & Patrice
McCutcheon__ as seller(s) and _Russell and Trisha Gardner_ as buyer(s) for the
sale of real estate recorded at Lincoln County, Wyoming, Book Page(s)__
and further described as 170 Papworth Lane, Afton, Wyoming with the following
described real property:
See Exhibit "A" attached hereto and made a part hereof.
This Assignment will secure the following Secured Debts:
One Promissory Note Dated _January 21, 2004 in the amount ors 20,500.00__.
1. Warranties and Representations-
To induce Lender to enter into the loan, Assignor makes these representations and
warranties for as long as the Assigmnent 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.
4De~mlt. No default exists under the terms and conditions of the assigned contract.
Assignor, will 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.
Covenants
-~nsurance. 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 um'easonably withheld.
Covenams continued-
Liability andIndemn3;carion. 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.
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 fifll 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
action under such laws and fails to have the petition or action dismissed
within a reasonable 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.
Remedies. After Assignor defaults, and after lender gives legally required notice
and 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 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 collection from any collected and retained rents, Lender may apply
the balance as provided for by'the Secured Debts
C799
5. Signatures. By signing, Assignor agrees to the terms and covenants contained in the
Assignment. Assignor also acknowledges receipt of a copy of this Assignment.
Entity Name
Signature: Russell B. Gardner
Si~Ture: Trisha P. ~er
Acknowledgement:
State of Wyoming )
ss)
County of Lincoln )
This instrument was acknowledged before me this c~-4~' day o ,
Russell B. Gardner and Trisha P. Gardner, Husband and Wife.
2004 by
My commission expires: cfi-//-/)&,
Notary Public
Exhibit "A"
A portion of the NWI/4NEI/4 of Section 1, T31N, R119W of the 6th P.M., Lincoln County,
Wyoming, being a podion of the land contained within Warranty Deed recorded
November 9, 1994 in Book 360PR on page 425 of the records of the Lincoln County
Clerk more particularly described as follows:
BEGINNING at a spike found marking the Ross M. Turner PE/LS 3514, 1985 Location
for tile East 1/16 between Section 36, T32N R119W and said Section 1;
thence S0°46'2"W along the east line of said NW1/4NE1/4, 266.43 feet to an Iron Pipe
set;
thence N89°47'19"W, 90.00 feet to an Iron Pipe set;
thence N0°46'22"E, parallel with said east line, 266.43 feet to a Cotton Gin Spike set n
said North line of said NW1/4NE1/4;
thence S89°47'19"E, 90.00 feet, along said north ine to the POINT OF BEGINNING
also
A portion of the NW1/4NEI/4 of Section 1, T31N R119W of the 6t' P.M., Lincoln County,
Wyoming, being a portion of the land contained witl~in Warranty Deed recorded
November 9, 1994 in Book 360PR on page 425 of the records of the Lincoln County
Clerk more particularly described as follows:
BEGINNING at an Iron Pipe set in the East line of said NWI/4NEI/4, said Iron Pipe
being 266.43 feet S0°46'22"W, along said east line from the spike found marking Ihe
Ross M. Turner PE/LS 3514, 1985 Location for the East 1/16 corner between Section
36, T32N R119W and said Section 1;
thence S0°46'22"W, continuing along said east line, 263.46 feet to an Iron Pipe set
marking the southeast corner of the above described property in said Book 360;
thence N89°47'19"W, along the south line of said properly and parallel with the north line
of said NW1/4NE1/4, 165.34 feet to an Iron Pipe set;
thence N0°46'22"E, parallel with said east ine and along the west line of said property,
263.46 feet to an Iron Pipe set;
thence S89°47'19"E, parallel with said north and south lines, 165.34 feet to the point of
beginning