The opinion of the court was delivered by: MCNICHOLS
Robert J. McNichols, United States District Judge.
By this action the plaintiff seeks to enforce the terms and conditions of a heavy equipment lease against the original lessee, his transferee and the guarantors. Plaintiff is actually the assignee of the original lessor, Lynnwood Equipment, Inc.
The following facts were admitted by all parties or clearly established by the evidence:
1. By Equipment Lease Agreement (the "Lease") dated January 27, 1978, Lynnwood Equipment, Inc., leased to Don L. Chappell one Driltech Well Drilling Machine and ancillary equipment for a total rent of $ 340,380.00, payable $ 17,019.00 upon execution of the Lease and the balance of $ 5,673.00 per month, for fifty-seven (57) consecutive months, starting March 5, 1978.
2. On January 27, 1978, defendants Richard J. Carman, Betty J. Carman, Deanna V. Chappell signed personal guarantees, guaranteeing Don L. Chappell's obligation to Leasing Service Corporation.
3. Lynnwood Equipment, Inc., assigned its lessor's interest under the Lease to Leasing Service Corporation, the plaintiff herein, on January 27, 1978.
4. By Transfer and Assumption Agreement dated June 21, 1978, Don L. Chappell assigned his lessee's interest under the Lease to Ralph E. Broetje. The assignment was approved by the guarantors, Richard J. Carman, Betty J. Carman and Deanna V. Chappell. At the time the Transfer and Assumption Agreement was signed by Don L. Chappell and Ralph E. Broetje, the unpaid balance of rent under the Lease was $ 300,669.00. Pursuant to the Transfer and Assumption Agreement, Ralph E. Broetje agreed to pay fifty-two (52) consecutive monthly installments of $ 5,673.00, plus tax, starting July 5, 1978.
5. Defendants defaulted on the rental payment due March 5, 1981, and since that time have failed to make any rental payments, despite demand.
6. The unpaid balance of the rent as of March 5, 1981 was $ 119,133.00.
7. The full unpaid balance of the rent was accelerated and full payment demanded by letter dated June 26, 1981, which letter was sent by certified mail to all defendants.
8. Thereafter, Leasing Service Corporation elected to sell the equipment at public sale as permitted in the Lease. By letter dated July 24, 1981, all defendants were notified that the equipment would be sold at public auction at 11:30 a.m. on August 19, 1981 at the premises of Lynnwood Equipment, Inc., 19009 Highway 99, Lynnwood, Washington 98036. Notice of the public sale was also advertised in the following newspapers: Tri-City Herald, Pasco, Washington, August 10, 11, 12, 13, 1981; Contractors Hot Line, Box 1052, Fort Dodge, Iowa, July 28 and 30, and August 4 and 6, 1981.
9. A public sale of the equipment was held August 19, 1981 at Lynnwood Equipment, Inc., 19009 Highway 99, Lynnwood, Washington 98036, at which Leasing Service was the successful bidder for $ 50,000.00. No other bids were received.
10. Leasing Service Corporation then brought this action against the defendants for the deficiency remaining after ...