Loading...
HomeMy WebLinkAbout907405E,C(.~:~,; .ON REQUESTED BY: FIRST NATIONAL BANK-WEST-AFTON BRANCH 314 Washinglon Streel PO BOX 1620 Alton, WY 83110 -0178 WHEN RECORDED MAIL TO: FIRST NATIONAL BANK-WEST-AFTON BRANCH 314 Washington Street PO BOX 1620 Alton, Wy 83110 SEND TAX NOTICES TO: FIRST NATIONAL BANK-WEST-AFTON BRANCH 314 Washington Street PO BOX 1620 Alton, WY 83110 RECEIVED 4/1/2005 at 1:30 PM RECEIVING # 907405 BOOK: 582 PAGE: 178 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY PURCHASER'S ASSIGNMENT OF LAND SALE CONTRACT MARK A. JON~S AND JILL A KACZMARC .... D Marc , Whd, ge' address is o ~ ~ '._ ZYK (AKA JILL Tax ..... h 21 2005, BETWpp~T (referred to bolo~ ~,o,.x 15~01,..Afton Wy 83110. aA~ ~g~J. [referred to below ;'~,~ ..... w ~ hen~er'-~ .,~, .... ' n~ r~_~.~-r NATIO~A~ ...... a~ ~can~or--), Afton,-,Wy 83110.. . , ~,,ose aadress is 314 South u-~[':~ ~a~K~-WEST-AFTON'BRANCH "=~uzngton Street, p 0 Box 1620 ASS. IGNMENT AND GRANT OF MORTGAGE AND SECURITy INTEREST. For Valuable consideration, Grantor grants a secudly Interest Jn and assigns to Lender all of Grantor's right, lille and Interest In and !o lhe Collateral and mortgages and conveys to Lender all of Grantor's right, title, and interest Jn and to the following described Property to secure the Indebtedness and agrees that Lender shall have the rights stated in this Assignment Wilh respecl to the Collateral, and the Property covered by Ihe Contracl, in addtfion to all other righls Which Lender may have by law. Grantor presently assigns to Lender aJJ of Grantor's right, title, and interest in and 1o the Rents from the Properly. In addition to/he security interest in the Col/aleral, Grantor grants Lender a Uniform Commercial Code security Jnteresl tn lhe Rents and in any of the Property consisting of personal property. DEFINITIONS. The following Words shall have the following meanings when USed in this Assignment. Terms not otherwise defined in this Assignment shall have lhe meanings altributed to such terms in the Uniform Commercial Code. All references to dollar amounls shall mean amounts in lawful money of lhe United States of America. Assignmenl. The Word 'Ass'gnmenl. means this Purchaser's Assignment of Land Sale Contract between Grantor and Lender, and includes without limitation/he mortgage of the Property and all assignments and security interest provisions relating to the Collateral and Properly. Borrower. The Word 'Borrower' means each and every person or enlily signing lhe Note, including without limitation Hark A. Jones JILL KACZMARCZyK (-AJ(A JILL JONES). Collateral. The Word "Collaleral" means a of Grantor s right, title addition,/he Word "Collateral includes ail of the following: and in/eresl in and to the Contract and the ProPerty covered by the Contract. In f'C'~ (a) All proceeds (including insurance proceeds) from the sale or other disposition of any of the property described in this Collateral section. ~ (b) All records relating to'any of the property described in this Collateral section, whether Jn the form of a writing, microfilm, microfiche, or ~ electronic...m~ia. CONTRACT. The Word "contract" means the land sale contract dated May 1, 2003 in which Jon ~rook is the seller and Grantor is the purchaser. The contract was recorded as follows: BOOK 520 PAGE 088 DATED MAY 7, 2003, located in LINCOLN County, State of Wyoming. and covers the following Real Property See attached Exhibit "A" The. Real Property or its address is commonly known a Grantor. The Assignment, WOrd Grantor means Marl( A. 'Jones & T4'1'~'~ S Smo. o.t Wy 83126 °~&maczmarczv~. [~a~a Jill A ~- - -~ '~ramor is some,~-- ' .,Julia S) " " -,,u,, re~erred to as Purchaser Jn this Improvements. The Word "improvements', means and includes without limitation all existing and fulure Jmprovemenls, fixtures, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and olher construction on the Real Property. Indebtedness. The Word "Indebtedness,, means all principal and interest payable under the Note and any amounts expended or advanced by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Assignment, together wilh interest on such amounts as provided in this Assignment. Specifically, Wilhout limitation, this Assignment secures a revolving line ot credil, which obligates Lender to make advances to Grantor so long as Grantor complies With all the lerms of the Note. Note. The Word "Note" means the promissory note or credit agreement dated March 21,2 00Jrt the original principal amount of $20,121.0Cfrom Grantor to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions 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 hereafter attached or affixed to the Real Property; together with all accessions, parts, and additions and all substitutions for, any of such properly; and together with ali proceeds (includingto, all replacements of, premiums) from any sale or other disposition of the Property. without limitation all insurance proceeds and refunds of Property. The word "Property" means ail property covered by the Contract whether ex~sli~g, ,a.nd whether now or.hereafter Covered by lhe Contract and ncl[~din wi real properly or personal rd e buildings ~mprovements and hxtures all ea minerals, oil, gas and water r ~* ....... .s.,e .meats roya ties annurten ..... g... thoul I~mitation all ex ~"-- p p dy, whether now or u-,=], ,-,no a I dilcn ri,-,hfo/i__,..~.' '-'7. "HCUS, a I fJ hfs r ~fi~ ~-, ~'L'UW or SUDse Ue .... u,,~.',uomg stock in util ties wireg .... ~el..,,.,u ,u.,he real pro arty r~ ,q,.., [n?y .e. rected or affixed Purchaser. The word "Purchaser" means Grantor. -, u,,c~ or ~rngafion rights) p - d,,,.,..,u.,g w~thout limitation all Real Property. The word "Real Property" means the Real Property described above Jn the definition of the word "Conlract". Relaled Documents. The words "Related Documents" mean and include Without limitation all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness. Rents. The Word "Rents" means all present and tuture rents, revenues, income, issues, royalties, profits, and other benefits derived from the Properly. Seller. The Word "Seller" means, Jori Crook whose address is ? 0 Bo×' 52, Smoot THIS ASSIGNMENT AND MORTGAGE, iNCLUDiNG THE ASSIGNMENT OF RENTS AND THE SECURITy INTEREST IN THE ~y 83126 PERSONAL PROPERTY, IS GIVEN TO SECURE (1) PAYMENT OF THE INDEBTEDNESS AND (2) PERFORMANCE OF ALL OBLIGATIONS OF RIGHT OF SETOFF. I grant to Lender a contractual security interest in, and hereby assign, convey, deliver, pledge and transfer COLLATERAL AND GRANTOR UNDER THIS ASSIGNMENT AND MORTGAGE AND THE RELATED DOCUMENTS. THIS ASSIGNMENT AND MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: title and interest in and to all my accounts with Lender (whether checking, savings, or some other account) This in,'.h,,--f ...... ' - ......... to 17ecTder, all my riehl. ©~L~ ~-(~ PURCHASER'S ASSIGN ...... , - ~v~Nl- OF LAND SALE CONTRA 0_1 7 ~ ~ .. (Continued) - CT~ ~hO~;r~r~~ oelSae saencdu r~llY ~'nC~e°r:~ISwlor~l~lYb°ep Page2 /he grant of a security interest Would be prohibited by law. I authorize Lender, to the extent permitled by applicable law, to charge or setoff all sums OWing on the Indebtedness against any and all such accounts. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions:, Possession and Use. Until in default, Grantor may remain in possession and conlrol of and operate and manage Ihe Property and collect the Rents, if any, from the Properly. Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Hazardous Substances. The terms "hazardous waste," "hazardous substance," "disposal," "release," and "threatened release," as Used in this Assignment, shall have the same meanings as set forth in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Seclion 1801, et seq., the Resource Conservation and Recovery Ac~, 42 U.S.C. Seclion 6901, et seq., or other applicable state or Federal laws, rules, or regulalions adopted pursuant to any of the foregoing. The terms "hazardous waste" and "hazardous substance" shall also include, without limilation, petroleum and petroleum by-products or any fraction thereof and asbestos. Grantor represents and warrants to Lender that: (a) During the period of Grantor's ownership of the Property, there has been no use, generalion, manufacture, storage, treatment, disposal, release or threatened release of any hazardous waste or substance by any person on, under, about or from the Property; (b) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (i) any use, generation, manutacture, storage, treatment, disposal, release, or threatened release of any hazardous waste or substance on, under, about or from the Property by any prior owners or occupants of the Property or (ii) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (c) EXcept as previously disclosed to and acknowledged by Lender in writing, (i) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shall use, generate, manufacture, store, treat, dispose of, or release any hazardous waste or substance on, under, about or from the Property and (ii) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including Without limitation those laws, regulations, and ordinances described above. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, es Lender may deem appropriate to determine compliance ot the Property with this section of the Assignment. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to creale any responsibility or liability on the part of Lender to Grantor or to any other person. The representalions and warranties contained herein are based on Grantor's due diligence in investigating the Property for hazardous waste and hazardous substances. Grantor hereby (a) releases and waives any future claims againsl Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws, and (b) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this seclion of the Assignment or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the properties. The provisions of this section ot the AssJgnmenl, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lien of lhis Assignment and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting the generality of the foregoing, Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including oil and gas), soil, gravel or rock products wilhout the Prior written consent of Lender. Removal of Improvemenls. Granlor shall not demolish or remove any Improvements from the Real Property without the prior written consent ot Lender. As a condition to the removal of any Improvements, Lender may require Grantor to make arrangements satisfactory to Lender to replace such Improvements with Improvements of at least equal value. Lender's Right to Enler. Lender and its agents and represenlatives may enter upon the Real Property at all reasonable times to attend to Lender's interests and to inspect the Property for purposes of Grantor's compliance with the terms and conditions of this Assignment. Compliance with Governmental Requirements. Grantor shall promptly comply with all laws, ordinances, and regulations, now or hereatler in effect, of all governmental authorities applicable 1o the use or occupancy of the Property, including without limitation, the Americans With Disabilities Act. Grantor may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor 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 surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon nor leave unattended the Property. ~rantor shall do all other acts, in addition to those acts set forth above in this section, which from the character and use of the Property are reasonably necessary to protect and preserve the Property. DUE ON SALE - CONSENT BY LENDER. Lender may, at its option, declare immediately due and payable all sums secured by this Assignment upon the sale or transfer, without the Lender's prior written consenl, of all or any part of the Real Properly, or any interest in the Real Property. A "sale or transfer" means the conveyance of Real Properly or any right, title or interest therein; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by outright sale, deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option contract, or by sale, assignment, or transfer of any beneficial interesl Jn or to any land trust holding title to the Real Property, or by any other method of conveyance of Real Property nterest. If any Grantor is a corporation, padnership or limited liability company lransfer also includes any change in ownersh p of more than twenty-five percenl (25%) of the voting stock, partnership interests or limited I ability company interests, as the case may be, of Grantor. However, this option shall not be exercised by Lender if SUch exercise is prohibited by federal law or by Wyoming law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Assignment: Paymenl. Grantor shall pay when due (and in all evenls prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied againsl or on account of the Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Property. Grantor shall maintain the Property free of all liens having priority over or equal 1o the interes~ of Lender under this Assignment, except for the lien of taxes and assessments not due, except for the Existing Indebtedness referred to below, and except as otherwise provided in the following paragraph. Right To Conlest. Grantor may withhold payment of any tax, assessment, or claim in conneclion with a good faith dispute 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 of nonpayment, Grantor shall within fifteen (15) days after 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 it requested by Lender, deposit with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge the lien plus any costs and ~:easonable attorneys' fees or other charges that could accrue as a result of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against the Property. Grantor shall name Lender as an additional obligee under any surely bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfaclory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lender at any time a written statement of the taxes and assessments against the Property. Notice of Construction. Granlor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Properly, if any mechanic's lien, materialmen's lien, or other lien could be asseded on account of the work, services or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. , PROPERTY DAMAGE INSURANCE. The following provisions relating to insuring the Properly are pad of this Assignment: Maintenance of Insurance. Grantor shall procure and mainlain policies of fire insurance with standard extended coverage endorsements on a replacemenl basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of 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 acceplable to Lender. Grantor, upon request of Lender, will deliver to Lender from time to time the policies, certificates, or endorsements of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least ten (10) days' prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or defautt of Grantor or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Grantor will provide Lender with such loss payable or other endorsements as Lender may require. Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may rr,.',J ......... "~: of loss if Grantor fails to do.=~w.i~hin fifteen (15) days of the casualty Whether ~?der's security is impaired Lender may at its e: .i!~ply the proceeds to the ~ lot the ndebledness, payment of any lien altec! ~':!!i!ii."..'ii!!i;roperty' or 1o the restoration and repair of the apply [ii;i; '~ioCeeds to restoration and repair Grantor shall re a r or re Property. if Lender elects to [ ~nc~,c,r I ,::,,-,,~, .~., ........... ' P Place the darn~nar-I ,-,,- .~.~ ....... :,. · PURCHA.?ER'S ASSi~i::~i~,i::~NT OF LAND SA LE CONTRACT (Continued) 0J_$0 P,,ge 3 or restoralion if Grantor is not in default hereunder. Any procegds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration ef the Property shall be used first ~o pay any amounts owing to Lender under this Mortgage, lhen to prepay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds afler 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 o[, and pass to, the purchaser of the Property covere~ by this Assignment at any trustee's sale or other sale held under the provisions of this Assignmed, or at any foreclosure sale o~ such Prope~y. 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 instrumen~ evidencing such Existing Indebtedness shall constilute compliance with the insurance provisions under this Assignment, to the extent compliance wi~h the terms o~ this Assignment would constitute a duplication o[ insurance requiremenL If any proceeds from the insurance become payable on loss, lhe provisions in this Assignmed for division of proceeds shall apply only to that portion of the proceeds not payable to the holder of the Existing Indebtedness. Granlor's Reporl on Insurance. Upon requesl of Lender, however not more than once a year, Grantor shall furnish to Lender a reporl on each existing policy of insurance showing: (a) the name of the insurer; (b) the risks insured; (c) lhe amount of the policy; (d) the property insured, lhe then current replacemenl value of such properly, and the manner of determining that value; and (e) the expiration date o[ the pdicy. Grantor shall, upon request of Lender, have an independent appraiser satisfactory Io 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 behal[ may, bul shall nol 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 dale 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 o~ 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 entilted 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 othe~ise would have had. WARRANTY; DEFENSE OF TITLE. The following provisions relaling ~o ownership of the Properly ~re ~ pa~ Ot 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 defaull existing under the Contract, there are no offsets or counter claims to lhe 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 Properly 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 Jn favor of, and accepted by, Lender in connection wilh this ~signment, 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 Propert~ against the lawful claims of all persons. In the event any action or proceeding is commenced that questions Grantor's title or the interest o[ Lender under this Assignment, Grantor shall defend the action at Grantor's expense. Grantor may be lhe nominal party in such proceeding, but Lender sha~l be entitled to parlicipate in the proceeding and to be represented in the proceeding by counsel o~ 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 parlicipation. Compliance With Laws. Grantor warrants that lhe 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 Indebledness") are a part of this Assignment. Existing Lie~. The lien of this Assignment securing the Indebtedness may be secondary and inferior to the lien securing payment ot an existing obligation to' ~ON C~O0~ - described as:HoR~GAG~ ;~0~ 9A~ ~ ~, 2~03.~.. ~00~ 520 ~G~ 088The existing obligation has a current prndpal balance of ap rox~m t $'~_~0~0~.~07antor expressly covenants and agrees to Pa ,orsee o the p~ ' ~ ' ' ' .... .... ..... menta~l~hOU~,, ,naee[eoness any oe,ault under the nstr , ,.000 and ~s In the orginal principal amoum of.~ ........ , ~sl~ng Indebtedness and to prevent any defau t on indebtedness. ' ......... . .~,u~,,~,,,~ ~u~n moeo[eoness, or any default under any security documents for such Default. If the paymenl 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 defaul~ occur un,ar the instrument securing such indebtedness and nol 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 lhe holder of any mortgage, deed of trust, or other security agreement which has priority over this Assignment by which that agreemed is modified, amended, extended, or renewed without the prior written consent Lender. Grantor shall neither request nor accept any future advances under any such security agreement wilhout the prior written consenl of Lender. CONDEMNATION. The following provisions relating to proceedings in condemnation are a part o~ this Assignment: Applicallon 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 lhat all or any poraon 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 o¢ its own choice, and Grantor will deliver or cause to be ddivered to Lender such instruments as may be requested by it from time to time to permit suCh padicipation. IMPOSITION OF T~ES, FEES AND CHARGES BY GOVERNMENTAL AUTHORITIES. The following provisions relaling to governmental laxes, fees and charges are a part of this Assignment: Current T~es, Fees and Charges, Upon request by Lender, Grantor shall execute Such documents in addition to this Assignmenl and take whatever other action Js requested by Lender to perfecl 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, perfecling or continuing this Assignment, including without limilation all taxes, fees, documentary stamps, and other charges for recording or registering this Assignment. T~es. The following shall conslitute laxes to which this section applies: (a) a specific tax upon this type of Assignmenl or upon all or any part of the Indebtedness secured b~ this Assignment; (b) a specific tax on Granto.r which Grador is authorized or required to deduct from payments on ~he Indebtedness secured b~ this type o~ Assignment; (c) a tax o~ this type of Assignment chargeable against the Lender or the holder of the Note; and (d) a specific tax on all or any portion o~ the Indebtedness or on paymenls of principal and interest made by Grantor. Subsequent T~es. If any t~ to which {his section applies is enacted subsequent to lhe date of this Assignment, this event shall have the same effect as an Event of Defaul~ (as defined below), and Lender may exercise any or all of its available remedies for an Event of Default as prodded below unless Grantor either (a) pays the tax before it becomes delinquent, or (b) contests lhe t~ as provided above in the Taxes and Liens section and deposits with Lender cash or ~ sufficient corporate surety bond or other security satisfactory 1o Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The fallowing provisions relating to this Agreement being a security agreemed are a part of this Agreement: Security Agreement. This instrument shall' constitute a security agreement to the extenl any of the Property conslitutes fixtures or other personal property, and Lender shall have all of the rights of a secured parly under the Uniform Commercial Code. Securily Inlerest. Upon request by Lender, Grantor shall execule financing statements and take whdever other action is requested by Lender to perfect and continue Lender's security interest in the Cdlateral, Rents and Personal Properly. Grador hereby appoints Lender as Grantor's attorney-in-fact for the purpose 0f executing any documents necessary to pedect or continue lhe security interest graded in the Coliaterai, Rents and Personal Properly. In addition to recording this Assignment in the real properly records, Lender may, at any time and without further authorization from Grantor, file copies or reprodudions o~ Ibis Assignment as a financing statement. Granlor will reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall assemble ihe Personal Properly and make it available 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 whi~ i~ security interest granted by this Assignment mav bR nhf~in~ /~ ~,--~,~.~. ,.:.,~ ~.,.... PURCHA,5'ER'S ASSIGNMENT OF LAND SAL ' . ~ ~ '~: ~'"'~ ~ · (Continued~, F~ CONTRA~C~T/.I 1 R ~ ,-. . of this AssJgnmenL FULL PERFORMANCE. If all the Indeb[edness is paid when due and Grantor performs all the obligalions imposed upon Grantor under this Assignment and the Note, Lender shall execute and deliver to Grantor a suitable satisfaction of this Assignment and suitable statements of termination of any financing statement on file evidencing Lender's security interesl in the Collateral, Rents and lhe Personal Property. Granior will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from lime to time. DEFAULT. Each of the following, at the option of Lender, shall cons~itule an even~ of default ("Event of Default") under this Assignment: Default on Indebtedness. Failure of Grantor tO make any Payment when due on the Indebtedness. Defaull on Other Payments. Failure of Granlor within the time required by this Assignment to make any paymenl for taxes or insurance, or any other payment necessary ~o prevenl filing of or to effect discharge of any lien. .Compliance Default. Failure of Grantor to comply with any oiher term, obligation, covenant or Condilion contained in this Assignment, the Note or in any of the Relaled Documents. False Statements. Any warranty, representation or statement made or furnished to Lender by or on behalf of Grantor under this Assignment, lhe Note or the Related Documents is false or misleading Jn any material respect, either now or at the time made or furnished. Death or Insolvency. The dissolution or termination of Grantor's existence as a going business or the death of any partner, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of creditor Workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or againsl Grantor. Foreclosure, Forfellure, etc. Commencement of attachment, levy, foreclosure, or forfeilure proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor 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 the claim which is the basis of the attachment, levy, foreclosure or forfeiture proceeding, provided that Grantor gives Lender written notice of such claim and furnishes reserves or a surely bond for the claim satisfactory 1o Lender. Breach of Olher Agreement, Any breach by Grantor under the terms of any other agreement between Granlor and Lender that is not remedied wilhin any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Property Damage. Any loss, theft, damage or destruction of the Property, which is not fully covered by insurance. Default Under the Contract, Any default by Seller under the Conlracl which is not cured within fifteen (15) days of the occurrence of such default. Evenls Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. Lender, at its option, may, but shall not be required to, permit the Guarantor's estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory 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 ct the Indebtedness is impaired. Insecurity. Lender in good faith deems itself insecure. Exlsling Indebtedness. A default shall occur under any Exisling Indebtedness or Under an nstru · rTye. nt on the Property securing any Existing Indebtedness, or commencement of any suit or other action to foreclose any existing lien on th~YPrope RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of Default and at any time thereafter Lender may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law: . ' Accelerate Indebtedness. Lender shall have the right at its option without hotice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty which Grantor would be required to pay. UCC Remedies. With respect to all or any part of the Personal Property, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code. Collect Rents. Lender shall have the right, without notice to Grantor, to take possession of the Properly and collect the Rents, including amounts past 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. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name of Grantor and to negotiale 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 payments 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. Appoint Receiver. Lender shall have the righl to have a receiver appointed ~o take POSSess on of all or any part of the Property, 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 Ihe Indebtedness. The receiver may serve without bond if permitted by law. Lender's right to the appointment of 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 a receiver. Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in the Collateral, including without limitation 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 Judgment. If permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to 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 Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, either (a) pay a reasonable rental for the use of the Property, or (b) vacate the Properly immediately upon the demand of Lender. Other Remedies. Lender shall have all other righls and remedies provided in this Assignment or the Note or otherwise available at Jaw or in equity. Sale of the Property. To the extent permitted by applicable law, Grantor hereby waives any and all right to have the properly marshalled. Jn exercising its rights and remedies, Lender shall be free to sell all or .any part of the Property together or separately, in one sale or by separate sates. Lender shall be entitted to bid at any public sale on all or any portion of 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 time after which any private sale or other intended disposition of the Personal Property is to be made. Reasonab e 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 Assignmeni shall not constitute a waiver of or prejudice the party's rights otherwise to demand strict compliance with that provision or any other provision. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or take action to perform an obligation of Grantor under this Assignment after failure of Grantor to perform shall not affecl Lender's right to declare a default and exercise its remedies under this Assignment. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Assignment, Lender shall be entitled to recover such sum as the court may adjudge reasonable as reasonable attorneys' fees at trial and on any appeal. Whether or nol any court action is involved, all reasonable expenses incurred by Lender that in Lender's opinion are necessary at any time for the protection ol its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until 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 not there is a lawsuit, including reasonable attorneys' fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunclion), appeals and any anticipated post-judgmenl collection services, lhe cost of searching records, obtaining title reports {including foreclosure reports), ~u[v.e¥ors' reports, and appraisal fees, and titte insurance, to the extent permitted by ~I¢ law. Grantor also will pay any court costs, ir : i itc all other sums provJdi~ ~-?-~:~ ...... MISCELLA~c.:~u~ PROVISIONS. The following miscellaneous provisions are a n~rt nf fhi~ -'-~' '" '~'~"~ PURCHASER'S ASSIGNMENT OF LAND SALE-CONTRACT_ 01 (~ 2 .~ (Continued) Page 5 Amendments, This AssJgnmen[, together with any Related [~ocuments, 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 Properly 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 receipls from the Property less all cash expenditures made in connection with the operation of the Property. ' Applicable Law. This Asslgnmenl has been delivered Io Lender and accepled by Lender In the State of Wyoming. This Assignment shall be governed by and construed in accordance with lhe laws of the State of Wyoming. Atlorneys' 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 ncurred by Lender shall be secured by this Agreement and shall be due and payable by Grantor to Lender on demand, with interest thereon al 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 benefil of Lender in any capacity, without lhe 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 lhJs Assignmenl 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 Slates 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 Assignmenl by giving formal written notice to the other parties, specifying that the purpose of lhe 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-Liabilily 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. SeverabilJty, 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 limilations stated in this Assignment on transfer of Grantor's interest, this Assignment shall be binding upon and inure to the benefJl of the parties, their successors and assigns. If ownership of the Properly 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 ot 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 subsequenl instances where such consenl 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? MARK A. JONES AND JIEL A. KACZMARCZYK (AKA JILL A. JONES) STATE OF WYOMING I ~' COUNTY OF LINCOLN Th~ foregoing instrument was acknowledge~before me by Mark A. Jones and Jill A. Kaczmarczyk (AKA Jill A. J~nes), this ..?-/~-' day of March, 2005. WITNESS my hand and official seal. L(I COONW O~ ~ STAT~ O~ ~ ~otary~b~ MY co=ission expires: ,..~O,F~{r~ PURCHA£ER'S ASSIGNMENT OF LAND ~-'- - ~age ~ (Continued) ~LE CONTRACT~ ~ ~ ~ , _ " CONS to the foregoing Purchaser s Assignment of Land Sale Contract from Jon Crook hereby consents , Grantor named above to First National Bank-West-Afton Branch and also acknowledges receipt of a copy of the Assignment. Seller agrees that copies of all future notices sent by Seller pursuant to 'the Land Sale Contract will also be sent to Lender at the following address: 314 South Washington, p O Box 1620, Afton,.. Wyoming 83110 This Consent to Purchaser's Assignment of Land Sale Contract is dJted X JON CROOK %,¸ JbN-p. c~o0K CROOK TRACT To-wit:-- That part of tLC Lot 4 (NW%N~¼} of Secti Lincoln County, Wyomin on £oZlowa: ,.~=usCa~lc Record ~. ~ ~,x~c ~ract of R~UINNINa at the southwest corner of said GLO Lot 4 found as des~lbed, in the Corner Record filed in Said office, identical with the southwest corner of Said tract in Book 3?4; 'thence ROO"-42~,33.W, 200.00 feet, along the west line of said GLO Lot 4, to =ne northwes't point of said'tract in Boo~ 374; thsnoe coattnutng line, to a Point; N00'-42,-33.W. 141.05 feet, along Said west thence N89._09,.06.E _~ ' thence S00.~42,_33.E, 343,18' feat, along a 1 Said West line, to a point on the south ~.. ins Parallel with 1 .... of Said GLO Lot 41 thence SOge_29,.11.W, 147.00 fe~t, alnnq said'south line, to the ~OUtheast Point of Said tract zn Book 3741 thsno~ continuing S89._29~_i1.w, 21~,00 feet, along '~'a~d ~outh line, to the ~OINT OF BEGINNING;. ENCOMPASSING a~ area of ~.87 acres, mo~e ur ~2 150 and an easement for Reeves-~chwab County 5~JE~ to ~n easement for E, L c~ark Lane 0ounty Road Roa~ No, 12-149; ~e BASE B~iNo for this SUrvey is the ~as~ line of section T3ON, Rllew, being N00._le~_00.W; PLs 5368- ~ znscr~bmd ,,o., .... o~ee~ reinfow.:-_ ~ ~36Su, With OffiCe 0~ ~he~le=k _ p~a~ pres . _ ' ~ND LISA A W~--- of ~ncoln Countu ~]L~d .to be filed ~. ~ uu LO · ~uOK NYOMINc. =_. T 4 {~l S~._ P~T OF BO~---~- H. WEL~I ; q~cod ', ~=i'zUN 6 ~30N "-- -.,ua~x A~USTH~~ ,er 1996. ~zsw ~Z. Co~ cou~ we lcherk, des "/vtodifiCallon In any way si .... the Iorefotnf, descdpilon terminates/labflih, of Ihs surveys,"