HomeMy WebLinkAbout907363 ~ECORDATION REQUESTED BY;'
FIRST NATIONAL BANK-WEST-AFTON BRANCH
314 Washinglon Streel ,
PO BOX 1620
Alton, WY 83110
WHEN RECORDED MAIL TO:
FIRST NATIONAL BANK_WEST_AF~rON BRANCH
314 Washington Street
PO BOX 1620
Aflon, WY 83110 !~
SEND TAX NOTICES TO:
FIRST NATIONAL BANK-WEST-AFTON BRANCH
314 Washington Street ·
PO BOX 1620
RECEIVED 3/31/2005 at 10:19 AM
RECEIVING # 907363
BOOK: 582 PAGE: 1
JEANNE WAGNER
Aflon, WY 83110 LINCOLN COUNTY CLERK, KEMMERER, VVY
SPACE ABOVE THIS LiNE IS FOR RECORDER'S USE ONLY
PURCHASER'S ASSIGNMENT OF LAND SALE CONTRACT
THE PURCHASER'S ASSIGNMENT OF LAND SALE CONTP~CT IS DATED March 25 2
HUNSAKER'AND BONNIE M. HUNSAKER ref
34 Smoot WY 83126- ~ ..... ( erred to below as "~ .... ,,- ,. 005, BETWEEN JOHN
..1, Lender,,~ ..... , =~u ~'l' NATIONAL BANK-w~o~ ...... ~LOr ), whose addre · E.
~ w, ose a~ress is 314 Washington S~['~°~-~a~'O~ BRANCH (referred to ~s~ J.s P O BOX
~==~, ~ O Box [ ~ow as
ASS. IGNMENT AND GRANT OF MORTGAGE AND SECURITY INT== ..... 620, Afton, Wy 831 ! 0.
assigns to Lender all of Grantor's right, litle and Interest In and to the Collateral and mortgages and conveys lo Lender all of Grantor's righl,
"-",~. por ValUable consideration, Grantor granls a securily interest In and
title, and interest In and to the following described Property to secure lhe Indebledness and agrees that Lender shall have the rights stated in
this Assignment wilh respecl to the Collateral, and lhe Property covered by the Contract, In addlllon to all other rights which Lender may have
by law.
Grantor presently assigns to Lender all of Grantor's right, lille, and inlerest in and to the Rents from the Property. In addition to lhe security inlerest in
the Collateral, Grantor grants Lender 6 Uniform Commercial Code securily Interest in the Rents and in any of the Property consisting of personal
property.
DEFINITIONS. The following words shall ha~e the following meanings when used in this AssignmenL Terms not olherwise defined in this Assignmenl
shall have the meanings attributed to such lerms in lhe Uniform Commercial Code. All references Io dollar amounts shall mean amounts in lawful
money of the United States of America. ~ ~
Assignment. The word "Assignment" means this Purchaser's Assignment of Land Sale Contract belween Granlor and Lender, and includes
wilhout limitation the mortgage of the Property and all assignmenls and security interest provisions relating lo lhe Collateral and Property.
Borrower. The word "Borrower" m~;.-
Hunsaker and Bonnie M Hun~,I or en,ty
0,=,~ ~,~cn eno every person ' signing the Note, including without limitation John E.
Collateral. · ~er
The word "Collateral" means all of Grantor's right, title and interest
addition, lhe word "Collaleral" includes a:il of lhe following: in and Io the Contract and the Property covered by the Contract. In
(a) All proceeds (including insurance proceeds) from the sale or olher disposition ol any of the property described in this Collateral section.
(b) All records relating to'any of the property described in this Collateral section, whether in the form of a writing, microfilm, microfiche, or
electronic ..me_gila.
· Contract. The word "Contr~', -
which State of · =~ means the.land sale contract dated January 8, 1993 in
Contract was recorded as follow°: is the purchaser. The
the following Real Property lOc;tedB~nOKLi3n2~o~GcEou2n0t3y~AsTtEaDteMaorghW3' 1993, and covers
· Wyomzng, Farm Loan Board ms the seller and GrantOryoming:
NE1/4SW1/4 Of S~-ction 34, T33N, Rll9W of the 6th 'p
,T~he Real Property or its a o . .M., Lincoln County,
.Gra. ntor. The wore "Grantor" means ~ .ddr_es° is commonly kno, .... Wyoming.
~sslgnmen,. ~onn E & Bonnie u & ,"- '~"" W.%~atnl0~H~s{01~limAesf~te~r~dV~as ~rc~aserinlhis
' ~'~' ~unsaKer
Improvements. The word "Improvements" means and includes without limitation all existing and future improvements, fixtures, buildings,
structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construclion on the Real Property.
Indebtedness. The word "Indebtedness" means all principal and interest payable under th
Lender to discharge obligations of GrantOr or expenses 'ncurred by Lender to enforce . e. Note and any ampunls expended or advanced by
interest on such amounts as provided in this Assignment. Specifically, without limitalion, this Assignment secures a revolving line of credit,
°bhgat~ons of Grantor Under this Assignment together with
which obligates Lender to make advances Io Grantor so long as Grantor complies Wilh all the lerms of the Note.
Note. The word "Note" means the promissory note or credll agreement dated. 3 25 20..0.5 . , I, !hal principal amount of
$150,000.00 from Grantor to Lender, togelher with all renewals ut extensions of, modifications of, rehnancmgs ut, consolidations of and
substitutions the .orlg
for the promissory note or agreement.
Personal Property. The words "Personal Property" mean all equipment, fixtures, and other articles of personal property now or hereafter owned
by Grantor, and now or herea~er attached or affixed to the Real Property; together wilh all accessions, parts, and additions Io0 all replacements of,
and aJJ substitutions for, any of such proPerty; and together with all proceeds (including without limitation all insurance proceeds and refunds of
premiums) from any sale or other disposition ut the Property..
Property. The word "Property" means all property covered b
ex'stin and w y the Contract, whet
g, helher now or hereafter ~overed by the Contracl =n,~ -*, ..... h.er real .prop.e. rly or persona properly, whether now or hereatter
buildings, improvements and f xlures, all'easements, royalties, appurtenances, al rights relaling to the
· , - ~ ,.,.,uu,ug w~thouJ I~milatJon all exisling or subsequently erected or affixed
minera s, oil, gas and water rights), and all ditch rights (including stock in utilities wi~h dilch or irrigation real property (including withoul limitation all
Purchaser. The word "Purchaser" means Grantor. rights).
Real Property. The word "Real Property" means lhe Real Properly described above In the definition of the Word "Conlracl".
Related Documenls. The words "Related Documents" mean and include without limitalion all promissory notes, credit agreemenls, loan
agreements, environmental agreemenls, guaranties, security agreements, mortgages, deeds of lrust, and all other instruments, agreements and
documents, whether now or hereafter existing, executed in conneclion with lhe Indebtedness.
Renls. The word "Rents" means all present and future rents, revenues, income, issues, royalties, profits, and other benefits derived from the
Property.
.F~lrm Loan Board
Seller. The word "Seller" means,State or Wyommng whose address is Cheyenne Wyoming
THIS ASSIGNMENT AND MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE COLLATERAL AND
PERSONAL PROPERTY, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (~) PERFORMANCE OF ALL OBLIGATIONS OF
GRANTOR UNDER THiS ASSIGNMENT AND MORTGAGE AND THE RELATED DOCUMENTS. THIS ASSIGNMENT AND
AND ACCEPTED ON THE FOLLOWING TERMS: ~! : .GE IS GIVEN
RIGHT OF S~ grant to Lender a co. ntractua secur ty Interest I.,., ~+,~,.,L~reby assign, .c,,onvey, deliver, pledge and transfer
title and intere~; ',,i ~i~a io all my accounts w~th Lender (whether checklna s~vm,.-,~ ....... ~ ........
· - PURCHASER'S ASSIGN,M,.,EN..T OF LAND SALE cna, r,-,-, ,, ~".~' O'~t~r'~.9'
SOrn~nn~ ~ ..... ,,~" . [t. on[Inued~ ~-~;,~-~,C~,:~,..~,..-.,~_. ~,'J~I/.~L;I - '~-' '~-' ~.~
~ ....... --" '~L,~q./;,',,J'~,~: Page
. u.--, u,a secumy mlerest Woul~l' b r SLde°n~rn' ~l°'~l~u r "")' ,~vp,,uau,e ,aw, to cnarge or se/off all sums
rust accoums for whichAND
MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by
foJlowing provisions:
Possession and Use. Until in default Grantor may remain in possession and control of and operate and manage the Property and collect the
Rents, if any, from ~he Property.
Duty Io MaJnlaJn. Grantor shall mainfain the Property Jn tenantable Condition and promptly perform all repairs, replacements, and maintenance
necessary lo preserve its value.
Hazardous Substances. The terms "hazardous waste," "hazardous substance,,, "disposal," "release," and "threatened release," as ased in Ibis
Assignment, shall'have the same meanings as sol forlh in the Comprehensive Environmental Response, Compensation, and Liability Act of ~980,
as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reaulhorizalion Act o~ 1986, Pub. L. No. 99-499
("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, e~ seq., the Resource Conservation and Recovery Act, 42 U.S.C.
Section 6901, et seq., or other applicable state or Fedora laws, rues, or regulations adopted pursuant to any at the foregoing. The terms
"hazardous waste" and "hazardous substance' shall also nclude, wilhoul limitalion, pe~r0~eum and petroleum by-products or any fraction thereo~
and asbeslos. Grantor represents and warrants to Lender that: (a) During the period of Granlor's ownership of the Property, there has been no
use, generation, manufacture, storage, treatment, disposal, release or ~hreatened release at any hazardous waste or substance by any person on
under, about or from the Property (b} Grantor has no knowledge at, or reason lo bel eve that
and acknowledged by Lender in ~riling, (i) any use, generation, manufaclure, storage, treatmelu~ d~sposal, release, or lhrea[ened release o~ any
waste or substance on, under, about or from ~he Property by any prior owners or occupants of ~he Property or (ii) any actual or
hazardous h~r~. has been, excepl as previously dJscJoseO
threatened litigation or claims of any kind by any person relating to such matters; and (c) Except as previously disclosed ~o and acknowledged by
Lender in writing, (i) neither Grantor nor any tenant, comractor, agent or other authorized user of the Properly shall use, generate, manufacture,
store, treat, dispose of, or release any hazardous waste or
conducted in compliance with all applicable federal, state, substance on, under, about or from the Property and (ii) any such activity shall be
regurgitations, and ordinances described above. Grantor authorizes Lender and its agents lo enter Upon the Property lo make Such inspections and
tests, at Grantor's exnens ....... and local laws, regulations and ordinances, including
- ~, -~ ~enaer may oeem appropriate to determine c
~,th~s sechon of the Assi nmenProperty
mvesligaling s
' P esenlallons and Warranlies contH .... ; 'y u,.~,~ any responsibility or ,~i,,,. ~_~Y
for hazardous wasle and hazardous substances. Granlor hereby (a) releases and waives any ~u~ure claims against
-,,~u .eton are h~a~ ~ ~ . ~ ,,a~..y un ~ne
..... v. uran(or's due diligence in
Lender for indemnity or conlribulJon Jn the event Grantor becomes liable for cleanup or other costs under any SUch laws, and (b) agrees to
indemnify and hold harmless Lender againsl any and all claims, losses, liabllilles, damages, penalties, and expenses which Lender may directly or
indirectly suslain or suffer resulting from a breach o1 this seclJon of the Assignment or as a consequence of any use, generation, manufaclure,
slorage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions at this seclion oF the
signmenl, including the obligation to indemnify, shall survive the Payment of the Indebtedness and the satisfaction and reconveyance of ~he lien
this Assignment and shall not be affected by Lender's acquisition oF any in/eresl in the Property, whelher by foreclosure or otherwise.
Nuisance, Waste. Grantor shall not cause, Conduct or permit any nuisance nor commit erin'
Property or any portion of the Property. WJlhout Ii" ·
right 1o remove, any l~mber, minerals (incl ' - -~, .~l~g t~e ~nerallly at the forego n P I1 at ~uffer any slrlpplng of or wast
. udm~ ~,, ..u gas), so~l ravel . g, ~antor will not remov ~, on or lo the
uunaer.
Removal of Improvemenls. Granlor shall not demolish or remove any Improvemenls tram the Real Property without the prior writlen consent of
Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangemenls satisfaclory 1o Lender lo replace
such Improvements with Improvements b~ al least equal value.
Lender's Right lo Enter. Lender and ils agents and representatives may enter upon the Real Property al all reasonable limes to attend to
Lender's interests and Io inspect the Property for purposes of Grantor's compliance with the terms a~d conditions of this Assignment.
Compliance Wllh Governmental Requirements. Grantor shall promplly comply with all laws, ordinances, and regulations, now or hereafter in
e~fec~, of all governmental authorities applicable to the use or occupancy of the Property, inclueing wilhout limitation, the Americans With
Disabilities AcL Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding,
including appropriate appeals, so long as Gramor has notified Lender In writing prior to doing so and so long as, in Lender's sole opinion,
Lender's interests in the Property are 'not jeopardized. Lender may require Grantor to post adequate security or a surely bond, reasonably
satisfaclory ~o Lender, to protecl Lender's interest.
Duly to Protecl. Grantor agrees neither to abandon nor leave unattended the Property. ~ran~or shall do all other acts, Jn addition [o those acts
set forth above in lhis section, which from the characler and use of the Property are reasonably necessary to prolect and preserve the Property.
DUE ON SALE - CONSENT BY L~NDER. Lender may, at ils option, declare Immediately due and Payable all sums secured by this Assignment upon
the sale or transfer, without the Lender's prior written consent, o~ all or any Part of the Real Properly, or any interest in the Real Property. A "sale or
transfer" means the conveyance of Real Property or any right, t/lie or Inlerest therein; whether legal, beneficial or equitable; whether voluntary or
involuntary; whether by outrighl sale, deed, ins~a meat sale contract, land conlract, contracl for deed, leasehold interest with
(3} years, lease-option contract, or by sale, assignment, or transfer o~ any beneficial Interesl in or to any land trust holding to the Real Property, or
by any other method of conveyance of Real Pro ed inl . ~erm greater than lhree
~l,~des any cha~ge in ~wnership o, more than l~P;nt~_fiv:r~.l~,tt~.~?0'~r isa corporation, Dadner.~,- ~-- : ..
~ me case may De o~ Grantor e Ar thl. ~- ~L ,,' HTr,uoHI tcQT°) O~ mG voting stock, ' . "' ''~ ~ limited I aa ity cam an .
, How_v__, .,,,~ ~H~uH ~nail hal De exnml--~ ~-, .... . partnership Interest. or ~;~=, ........ P Y, transfer also
....... x u~neer Ir such exercise is nrOhibit~ ~,~",~_?o~my ~ompany interests,
T~ES AND LIENS. The ¢ollowing provislon~ relating to Iht loxes and liens on the Properly are pad of this Assignment:
~- ~z ~uu.~a~ law or ay Wyoming law
Payment. Grantor shall pay when due (and in all events prior to delinquency) all taxes, payroll taxes, special t~es, assessments, water charges
and sewer service charges levied against or on account of the Property, and shall pay When due all claims tar Work done '
rendered or malerial furnished to the Properly. Grantor shall mainlatn the Pro ed - .
Lender under this Assignment, excep~ for the lien of faxes and as .... ~. ~ ..Y free at al~ liens having pnorJl ov on or'for services
' se~s,,,~.~, u.% ~ ut =~ ~xs[ing ~oebtedness referred
except as mherwise provided in ~he following paragraph, u~ .. exce~l t ........ Y er or equal 1o the interest of
Io below, and
Right To Conlesl. Grantor may withhol~ payment of any tax, assessment, or claim in connection with a good ~aith dispule over the obligation to
pay, so long as Lender's interest in the Property is not Jeopardized. If a lien arises or is filed as a result or nonpayment, Grantor shall wilhin fifteen
(]5) days afler the lien arises or, if a lien.is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or ir
requested by Lender, deposi~ with Lender cash or a sufficient corporate surety bond or olher security satisfactory to Lender in an amount sufficient
to discharge Iht lien plus any costs and ~easonable a[iorneys' fees or olher charges that could accrue as a result o~ a foreclosure or sale under the
lien. In any contest, Grantor shall defend ilself and Lender and shall satisfy any adverse judgment before enforcement against the Property,
Grantor shall name Lender as an addilional obligee under any surety bond furnished in the conlast proceedings.
Evidence of Paymenl. Grantor shall upon demand furnish to Lender satisfactory evidence o~ Paymeni of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender al any time a written statement at the taxes and assessments ~gainst the
Properly.
Nolice of Construclion. Grantor shall noilly Lender at least fi¢teen (15) days before any work is commenced, any services are furnished, ar any
malerials are supplied to the Property, if any mechanic's lien, materialmen's lien, or other lien could be asserled on accounl of the work, serv cos
or materials. Grantor will upon request of Lender furnish to Lender advance assurances salisfactory to Lender thai Grantor can and will pay the
cost o~ such improvements.
PROPERTY DAMAGE INSURANCE. The following provisions relaling to Insuring the Properly are part o~ this Assignmenk
Maintenance of Insurance. Grantor shall procure and mainlain policies of fire Insurance with standard exlended coverage endorsements on a
replacement basis for the full insurable value covering all Improvements on the Real Properly in an amount sufficient to avoid application at any
coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written in form, amounts, coverages and basis
reasonably acceptable to Lender and issued by a company or companies reasonably acceptable to Lender. Grantor, upon request o~ Lender, will
deliver to Lender from time to time the p01icJes, certificates, or endorsements of insurance In form satisfactory 1o Lender, including stipulations ~hat
coverages will not be cancelled or diminished wilhout at leasl ten (10) days' prior written notice to Lender. Each insurance policy also shall include
an endorsemenl providing that coverage in favor of Lender will not be impaired in any way by any ecl, omission or defaull of Granior or any olher
person. In connection with all policies covering assels in which Lender holds or is offered a secudly inleresl for the Loans, Granlor will provide
Lender with such loss payable or other endorsements as Lender may require.
Application of Proceeds. Grantor shall ~romplly notify Lender at any loss or damage to the Properly. Lender may make proof of loss jf Grantor
fails to do so within fifteen (15) days of the casually. Whether or not Lender's securily is impaired Lender may, at its election,
to the reduction of the Indebtedness, payment of any lien affecting the Properly, or to [hR r~fn~.~i~,apply the DronRnd~
apply the proceeds to restnrnfinn ~n~ .~.:~;. ~ ....... ' ._4 .....
PURCHAS'ER'S ASSIGNMENT OF LAND S~ L._.~E.~.
or resloralion if Grantor is not in default hereunder. Any proceeds which have no/been disbursed Within
Lender has riel commitled to the repair or restoration of lhe Property shall
lhen to prepay accrued interest, and ~h ' ·
proceeds afler payment i,~ ~.. ~, ..... e ~ema~nder, if any sh-. ~- ,.be ?sad hrst to pay ....... 180 days after their receipt and
....... ,ua moebtedness, such ~7~-'~" u~ applied lo the nr nci--~ ~.[ amounts owing ~o Len~ ........ Which
~.u~ueas snail ~ n~i~ ~ ~ ~ , ~o~ ua~ance el th ~. _ ',~=. unaer mis Mortgage,
b_ ..,~ ,u ~ramor. e ,,,debtedness. 1~ Lender holds any
Unexpired Insurance al Sale. Any unexpired insurance shall inure to the benefil ct, 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 ~oreclosure sale of such Properly.
Compliance Wilh Existing Indebtedness. During the period in which
insurance provisions contained in the ins/ru · any ~isting Indebtedness described below is in effect,
the proceeds not payable lo lhe holder of the Existing Indebtedness. - ........u~ uwision of proceeds sh-~sura¢ce requirement. If any
, ~ p~uv~slo~s In this Assinn~.t ~-. ~,,~u[~ a oupl catJo~ of i ',o~.anue provls ohs
u~ apply only to that portion
Grunter's Report on Insurance. Upon re
'~r ~ o~,,nsuran?. ,howing:-(a)th f ~tr, howev,~ not mo~e the, onc, -- -
EXPENDITURES BY LENDER. If Grantor fails c
Property, Lender on Grunter's behalf ma bu comply with. any provision o~ this Assignmenl, inClUding any obligation to maintain Existing
Indebtedness in good standing as required below, or if any action or proceeding is e replacement cosl of lhe Property, or
t~pen?s in so doing will bear interest al t~' r-t~ ~/~:27~ pe .required to, take .n ac~mmenced that would materially affect Lender's interests in the
payable with any installmen~ payments to become due during either (ii the term of an
N°te'°r (c) be treated as a balloon payment which , a' I' · . ~'~;; A~yam;untthatLender
· / -~ -uuuu [o l~e balance nfm. *,_,_'~ -~ea[e or repayment by Gr
amounts The rights provided for In this paragraph s~ ~e ?~:~j~a~ba~ya~ ....... ute uno be apportioned among
the default. Any such action by Lender shall ~ot be construed as curing the default so as to bar Lender from any remedy that it otherwise
have ' ' ' ' ' ~ ' ' t ' ' ' ' ' · '
~had.
. --uu, Hlay De endtJed on account
WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of lhe Prope~y are a part o¢ this Assignment:
Contract. Lender may notify Seller of this Assignment at Lender's sole dJscrelion and wilh no further permission [rom Grantor. Grantor represents
to Lender that lhere is no default exislJng under [he Contracl, there are no offsets or counter claims to lhe same, and that the Contract has an
unpaid principal balance ct not more than $.
Tille. Grantor warrants that: (al Grantor holds good and marketable title ct record to the P
encumbrances other than those set forth In the Re . ·
right, power, and authority to execute and deliver this Assignmenl to Lender. e
lawful claims of all persons. In the evenl any aclion or proceeding is commenced that questions Grunter's title or the interest o¢ Lender under ibis
Defense of Title. Subject [o the exception in the paragraph above, Grantor warrants and will forever defend the lille to the Property against the
Assignment, Grantor shall defend the action at Grunter's expense. Granlor may be lhe nominal party in such proceeding, bu~ Lender shall be
entitled to participate in the proceeding and to be represented in lhe 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 1o time to permil sbch parlicipalion.
Compliance Wilh Laws. Grantor warrants that lhe Property and use of lhe Property complies wilh all existing apPlicable laws, ordinances, and
regulations of governmental authorities.
EXISTING INDEBTEDNESS, The following pro'visions concerning existing indebledness (the "Exisling Indebtedness,,) are a part ct this Assignment,
Exisling LleP. The en of this Assignment sec ri
obligation lo'State o~ ~YomSn-~yL~ una th~lnd~.bte~ness may be secondar an ' · .
~OOF 325 ~AC~ ?R~he existing obligatio~ has - --;[--, o~sc?u~? as: HoTtaa e= 'Y d mf~.[~r.t~ the hen securin a · .
$[~R nn ...... ~antor ex~resd ..... - .~u.um principal Oalance ct -E;-~=~ ~an date 3-3-9~ -~ .~-P ymen~ o~an ex,sim
.......... ~, any aerau~t under the instr~ent~ ~,_~[_see lu, t~e Payment of, lhe Exi andjs I. the ong,nal tinct o
indebtedness. - ~,~-~mg SUCh Indeht~ .... sting Indebtudnes ..~ ,_ P , pal am un[
.... m~, or any default under .~Sv'~,~,~,~revem any default on
._. --~u,,[y documents tot such
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 lndebledness and not be cured during any
applicable grace period therein, lhen, at',the option ct Len0er, the Indebtedness secured by Ibis Assignmenl shall become immediately due and
payable, and this Assignment shall be in deraull.
No Modification. Grantor shall not enter into any agreement wilh the holder of any mortgage, deed of Irust, or other security agreemenl which
has priority over this Assignmenl by which lhal agreement is modified, amended extended, or renewed wJlhout Ihe prior written concerti of
Lender. Grantor shall neither request nor accept any future advances under any SUch security agreemenl Without the prior wrilten consent of
LenOer.
CONDEMNATION. The following provisions relaling Io proceedings in condemnalion are a pad of lhis Assignment:
Applicallon of Net Proceeds If all or any part o¢ the Property is Condemned by eminent ~omaln proceedings or
m heu of condemnation, Lender may at its election require that all or any portion of lhe net proceeds of the award by any proceeding or purchase
or the repair or restoration of the Property, The net proceeds of the award shall mean the award be applied to the Indebtedness
and attorneys' fees incurred by Buyer or Lender in conneclion with the condemnation, after payment of all reasonable costs, expenses,
Proceedings. If any proceeding in condemnation is filed, Granlor shall promplly notify Lender in wriling, and Grantor shall promptly take such
steps as may be necessary to defend the action and obtain the award. Grantor may be lhe nominal pady in such proceeding, but Lender shall be
entitled to participate in the proceeding and to be represenled in the proceeding by counsel ct Its own choice, and Granlor will deliver or cause to
be delivered to Lender such instruments as may be requesled by ii from lime to lime lo permit such padicipation.
IMPOSITION OF T~ES, FEES AND CHARGEs BY GOVERNMENTAL AUTHORITIES. The following provisions relaling to governmental taxes, fees
and charges are a part o~ this Assignmeni:
Current T~es, Fees and Charges. Upon request by Lender, Grantor shall execute Such documents in addilion to this Assignmenl and take
whatever olher action is requested by Lender to perfect and conlinue Lender's lien on the Real Properly. Grantor shall reimburse Lender for all
taxes, as described below, iogether with all expenses incurred in recording, perfecting or continuing this Assignmenl, including wilhout limitation ali
taxes, fees, documentary stamps, and other charges for recording or registering this Assignmenl.
T~es. The following shall constitute taxes to which this section applies (al a specific lax upon this lype of Assignment or upon all or any part ct
the Indebtedness secured by this Assignment; (bi a spec tic tax on Grant0,r which Grantor is a'ulhodzed or required to deduct from payments on
the Indebtedness secured by this type of Assignmeni; lc) a tax on this type of Assignment chargeable against the Lender or the holder of the
Note; and id) a specific tax on all or any porlion o~ the Indebtedness or on payments of principal and interest made by Granlor.
Subsequent T~es. If any t~ to which this seclion applies is enacled subsequent 1o the date of this Asslgnmenl, this event 'shall have the same
effect as an Event of Default (as defined below), and Lender may exercise any or all of ils available remedies for an Event of Default as provided
below unless Grantor either (al pays lhe tax before il becomes delinquent, or (bi contests lhe tax as provided above in the Taxes and Liens
section and deposits with Lender cash or ~ sufficient corporate surety bond or other security salisfactory lo Lender.
SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to lhis Agreement being a security agreement are a pad of
this Agreement:
Security Agreement, This inslrumenl shall';conslitute a security agreement to the exlenl any o~ the Property
property, and Lender shall have all of the dghls o~ a secured pady under lhe Uniform Commercial Code. . constitutes fixtures or other personal
Security Interesl. Upon request by Lender, Grantor shall execule financing stalemenls an~ lake whatever other action is requested by Lender to
pedec~ and continue Lender's securily Interest'in the Collaleral, Rents and Personal Property,
attorney-jrt-fact for the purpose of executing any documents necessary fo perfect or continue the
authorization from Grantor, file copies or reproductions of this Assignment as a financing statement Grantor hereby appoints Lender as Grunter's
and Personal Properly. In addilion to recording this Assignment Jn the real properly records, Lender may, at any time and without further
incurred Jn perfecting or continuing this secur ty nteres[ se~rity inlerest granted in the Collateral, Ranis
Lender w~ 3 da - , Upon~ . . anlor wil~ reim ,
, , ( ) ys after rece~ t of , ranter shall ass bursa
Address~{~;~;~; ;~ P written demand from L amble the Persona Pr0~ed. a :/:; all expenses
security interes't ar~nf~ ~,, ,k;~ , .... ' '" H Y : t ;~2;.~,lt available to
~ AS$1GNI~IcENT OF LAND SALr:;j
ontinued) 'r CONTRACT .... pa
of Ibis Assignment.
ge 4FULL
PERFORMANCE. -'~
Assignment and the Note, Lender shall execute and deliver to Granlor a suitable satisfaction of this Assignment and suitable
of any financing stalement on file evidencing Lender's security interest in the Collateral, Rents and the Personal Properly. Grantor will pay, if permilled
It all Ihe Indebtedness is paid when due and Grantor performs all the obligations imposed upon Grantor Under ~his
by applicable law, any reasonable lerminalion fee as determined by Lender from time to time.
statements of termination
DEFAULT. Each of the following, at the option of Lender, shall constitute an event of default ("Event of Default") under lhis Assignment:
Default on Indebtedness. Failure of Grantor ~0 make any payment when due on the Indebledness.
Default on Olher Payments. Failure of Grantor within lhe time required by this Assignment [o make any payment for loxes or insurance, or any
other payment necessary to prevent filing of or to effect discharge o¢ any lien.
~ompllance Default. Failure of Grantor io comply Wi~h any other term, obligalion, covenant or COndition contained in this Assignment, the Nole or
m anyo¢ the Related Documents.
False Stalements. Any warranty, representation or s~atemenl made or furnished lo Lender by or on behalf of Grantor Under this Assignment the
Note or the Related Documents is false or misleading In any material respect, either now or at the time made or furnished.,
Death or Insolvency. The dissolution or termination of Grantor's existence a
Grantor, the appointment of a receiver for any part of Grantors r~ er s ~ going bus~ness or ~.he de ny partner
or the commencement of any proceedinn undo ..... ~ ....... P p t~, any ~ss~gnment for th at~ of a ,
~ ~"/ ~]~/U~'[CTM ~- '
~ / ~,,nso~vency laws by or against
creditor Workout,
Foreclosure, Forfeiture, elc, Commencement of attachment, levy, foreclosure, or fodeilure proceedings, whether by judicial proceeding,
self-help, repossession or any other melhod, by any credilor of Grantor or by any governmental agency against any of the Collateral. However
this subsection shall not apply in the event of a good faith dispute by Grantor as to the validity or reasonableness of lhe claim which is the basis of
the attachment, levy, foreclosure or fodeiture proceeding, provided that Grantor gives Lender writlen notice of such claim and furnishes reserves
or a surety bond for the claim satisfactory to Lender.
Breach o¢ Other Agreement, Any breach by Grantor under the terms ol any other agreement between Grantor and Lender that is not remedied
within any grace period provided therein, including without limitalion any agreement concerning any indebtedness or other obligation of Grantor
Lender, whether existing now or later.
Property Damage. Any loss, theft, damage or destruction of the Property, which is not full;y covered by insurance.
Default Under the Contract, Any default by Seller under the Contract which is not cured within fifteen (15) days of the occurrence of such
default.
Events Affecting Guarantor, Any ct the precedi
or becomes incompetent, or revokes or disnut 2~- ~,~[~.~c~rs..wlt~ respect 1o any Guarant
~ es t .... ~,,u.y uh or Ilablllly under, any Guaranty ~rf the Indebtedness or any Guarantor dies
t~;ny of
shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory
Indebtedness. Lender, at its option, may, but
to Lender, and, in doing so, cure the Event of Default.
Adverse Change. A material adverse change occurs in Grantor's financial condition, or Lender believes the prospect of payment or performance
of the Indebtedness is impaired.
Insecurily. Lender in good faith deems itself insecure.
EXisling Indebtedness. A default shall occur under any Existing Indebtedness or Under any instrument on the Properly securing any Existing
Indebtedness, or commencement of any suit or other action to foreclose any existing lien on the Property.
RIGHTS AND REMEDIES ON DEFAULT, Upon the occurrence of any Event of Default and at any lime thereafter, Lender may exercise any one or
more of the following rights and remedies, in addilion to any other rights or remedies provided by law.·
and payable, including any prepayment Penally which Grantor Would be required to pay. '
Accelerale Indebtedness. Lender shall have the righl at its option without not ce to Grantor 1o declare the entire Indebtedness immediately due
UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies o¢ a secured party under
the Uniform Commercial Code.
Collect Rents. Lender shall have the right, without notice to Granlor, to take possession of the PrOperty and collect the Rents, including amounts
pasl due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender
may require any tenant or other'user of the Property to make payments of rent or use fees directly to Lender. I¢ the Rents are collected by Lender,
then Grantor irrevocably designates Lender as Grantor's altorney-ln-fact to endorse instruments received in PaYment thereof in the name
Grantor and to negotiate the same and collect the proceeds. Payments by tenants or other users to Lender in response to Lender's demand shall
satisfy the obligations for which the paymenls are made, whether or not any proper grounds for the demand existed. Lender may exercise its
rights under this subparagraph either in person, bY agent, or through a receiver.
Appoinl Receiver. Lender shall have the right to have a receiver appointed to take possess on of all or any part of the Properly, with the power to
protect and preserve the Property, to operate the Property preceding foreclosure or sale, a~d to collect the Rents from the Property and apply the
proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve Without bond if permitted by law.
Lender's right to the appointment o~ a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a
substantial amount. Employment by Lender shall not disqualify a person from serving as ~ ~eceiver..
Judicial Foreclosure. Lender may oblain a judicial decree foreclosing Grantor's inlerest in the Collateral, including without limilation the Contract
and all or any part of the Property.
Nonjudicial Sale. Lender may foreclose Grantor's interest in all or any part of the Property by nonjudicial sale, and specifically by "power of sale"
or "advertisement and sale" foreclosure as provided by statute.
Deficiency Judgmenl. If permitted by applicable law, Lender may obtain a Judgment for any deficiency remaining in the Indebtedness due
Lender after application of all amounts received from the exercise of the rights provided In this section.
Tenancy at Sufferance. If Grantor remains in Possession of the Properly after the Properly Is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Granlor, Grantor shall become a tenant at sufferance of Lender or the purchaser
the Property and shall, al Lender's option, either (a) pay a reasonable renlal for the use of the Properly, or (b) vacate the Property immediately
upon the demand of Lender.
Other Remedies. Lender shall have all other rights and remedies provided In this Assignment or the Note or othe~ise available at law or in
equity.
Sale of the Property. To the extent Permitted by applicable law, Grantor hereby waives any and all right to have the property marshalled. In
exercising its rights and remedies, Lender shall be free to sell ill or any pa~ of the Property together or separately, in one sale or by separate
sales. Lender shall be entitled to bid at any public sale on all or any portion o¢ the Property.
Notice of Sale. Lender shall give'Grantor reasonable notice of the time and place of any public sale of the Personal Property or of the lime after
which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least
ten (10) days before the time of the sale or disposition.
Waiver; Election of Remedies. A waiver by any party of a breach of a provision of this Assignmenl shall not constitute a waiver of or prejudice
the party's rights otherwise to demand strict compliance wilh lhat provision or any other provision, Election by Lender to pursue any remedy shall
not exclude pursuit o¢ any other remedy, and an election to make expenditures or take action 1o perform an obligation of Grantor under this
Assignment after failure of Grantor 1o perform shall not affect Lender's right to declare a default and exercise its remedies under this Assignment.
Atlorneys' Fees; Expenses. If Lender institules any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to
recover such sum as the coud may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or not any court action
is involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection of its interest or the
enforcement of its righls shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure unlil
repaid at the rate provided for in the Note. Expenses covered by this paragraph include, without limitation, however subject to any limits under
applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or nol there is a lawsuit, including reasonable attorneys'
fees for bankruptcy proceedings (including efforts to modify or vacate any automalic stay o~ injunction), appeals and any anticipated
post-judgmenl collection services, the cost of searching records, obtaining title repods (Including foreclosure reports), surveyors' reports, and
appraisal fees, and title insurance, to the extent permitted by applicable law. Grantor also will pay any coud costs, in addition to all other sums
provided by law. .
MISCELLANEOUS PROVIRI~ Tk~ ¢~11~,,,, ....
JOH'~D BONNIE M. HU~SAKER
STATE OF WYOMING
COUNTY OF LINCOLN I ss
On this .~7 ~--' day of March, 2005,
and Bonnie M.-~--~unsaker.
My commission expires:/~_~
before me personally appeared John E
COUNTy OF STATE OF
Hunsaker