HomeMy WebLinkAbout911700Title Compan]/
WHEN RECORDED RETURN TO:
Mountain West Small Business Finance
2595 East 3300 South
Salt Lake City, Utah 84109
RECEIVED 9/9/2005 at 4:55 PM
RECEIVING # 911700
BOOK: 597 PAGE: 163
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Lease
1. The Parties and The Property. Freedom Star Construction and Properties, LLC, a Wyoming
limited liability company, here,~after referred to as "Lessor", hereby leases to _North Rid_~g~Homes and Properties,
Inc e ' ' " ' · · '~'--"---- - ·
· h remafter referred to as Lessee , all those premises sltuate, lymg and bemg m the County of Lincoln, State
of Wyoming, commonly known as 15 Cedar Creek Road, Freedom, Wyoming 83120 and more particularly de-
scribed in Exhibit "A" which is attached hereto and incorporated herein by this reference (the "Property").
2. The Term. TO HAVE AND TO HOLD the Property, together with the appurtenances, unto the
Lessee for a term of approximately twenty (20) years commencing August 4, 2005, for and during the latest of
August 4, 2025 or until the SBA 504 Loan under SBA Loan Authorization No. 89554940-01 is paid in full.
3. The Lease Payment. Lessee covenants and agrees to pay Lessor a lease payment in the sum of
$5,675.00 on the fa:st day of each month during the term of this Lease provided, however, that the mount of rent
paid must be substantially the same as the debt service on the Third Party Lender Loan and the SBA 504 Loan
together with an amount necessary to cover taxes and assessments, utilities and insurance and a repair/replacement
reserve. The lease payment shall be reduced to the extent that it is in excess of the amount needed to meet the debt
service and expenses. In the event there is more than one operating company under the terms of the SBA Loan, the
lease payments of all operating companies shall be considered together and shall be reduced, pro rata, in the event,
when considered together, they are in excess of amount needed to meet the debt service and expenses above
described.
4. The Return of the Property. Lessee further agrees to deliver up to Lessor at the expiration of
said term in as good order and condition as when the same were entered upon by Lessee, reasonable use and wear
thereof and damage by the elements excepted.
5. No Sublease or Assignment. The Lessee will not let, underlet, assign the Property, or any part
thereof, without the prior written consent of Lessor, which consent will not be unreasonably withheld.
6. Default/Remedies. And Lessee further covenants and agrees that if any monthly lease payment
or any part thereof shall be unpaid for 20 days after the same shall become due; or if default in any of the cove-
nants herein contained to be kept by Lessee is not cured within 20 days from written notice, or if Lessee shall
vacate such premises, Lessor may elect, without notice or legal process, to re-enter and take possession of the
Property and every and any part thereof and re-let the same and apply the net proceeds so received upon the
amount due or to become due under this lease, and Lessee agrees to pay any deficiency·
7. Utilities, Taxes and Insurance. Responsibility for utilities, taxes and insurance shall be as
indicated [Lessee responsible for (T), Lessor responsible for (L)]:
Power_T_T, Heat_T_T, Water_T._T, Sewer_T_T, Telephone_T_T, Real Property Tax._T_T,
Personal Property Tax__T, Fire Insurance on Personal Property_T_T, Glass Insur-
ance__T, Others:
None
8. Maintenance and Repair. Responsibility for the maintenance and repair of the Property shall be
as indicated [Lessee responsible for (1'), Lessor responsible for (L)]:
Roof L , Exterior Walls_~_L, Interior Walls_L__L, Structural Repair__L_L, Interior
Decorating___T, Exterior Painting__L_L, Yard Surfacing..[_L, Plumbing Equipment
L_L_, Heating and Air Conditioning Equipment L , Electrical Equipment L ,
×
Light Globes and Tubes_T_T, Glass Breakage._T_T, Trash Removal_T_T, Snow Re-
moval_T_T, Janitorial~T, Others:
None
9. Negligence. Each party shall be responsible for losses resulting from negligence or misconduct
of himqelf, his employees or invitees.
10. Lessor's Lien. Fumiture, furnishings and personal property of Lessee may not be removed from
the premises until all lease payments and other charges are fully paid, and Lessor shall have a lien upon said
personal property until the same are paid in full.
11. Attorney's Fees and Collection Costs. In case of failure to faithfully perform the terms and
covenants herein set forth, the defaulting party shall pay all costs, expenses, and reasonable attorneys' fees result-
ing from the enforcement of this agreement or any right arising out of such breach.
12. SBA Loan Requirements. In consideration of SBA Loan No. 89554940-01, Lessor and Lessee
agree as follows, anything to the contrary notwithstanding:
(a) The term of this Lease shall be equal to or longer than the term of the said SBA Loan;
(b)
Lessor and Lessee hereby assign, set over, and transfer to the Small Business Administration and
Deseret Certified Development Company all of their right, title, and interest in and to this Lease,
as security for said SBA Loan; and
(c)
Lessor and Lessee hereby agree to maintain exactly the present ownership (both identity of
owners and percent of ownership) during the entire term of said SBA Loan except for ownership
changes of up to 5 per cent beginning six months after the SBA 504 Loan closes.
13. No Other Agreements. This agreement supercedes and replaces any and all previous lease
agreements between the parties; and said previous lease agreements are hereby canceled by the mutual consent of
the parties.
This Lease is executed and effective August 4, 2005.
LESSOR:
FREED j~~ ,3M~ CONSTRUCTION AND
/ ,l~ee I~att,
........ / /
PROPERTIES, LLC
LESSEE:
NORT/WI~GE HOMES AND PROPERTIES, INC.
LEASE NOTARY PAGE
;00i66
STATE OF Wyoming
COUNTY OF Lincoln
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The foregoing instrument was acknowledged before me this August 4, 2005/1~ Derk Izatt and
Lee Izatt, Members, Freedom Star Construction ~es, EEC. ~/
TEVEN A HARTWELL Notary Pu ~ \ / - - ~ ~ '-~
~1 cou.tyo, ~ ..S. tat'sL II '
STATE OF Wyoming
COUNTY OF Lincoln
)
:Ss.
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The foregoing instrument was acknowledged before me this Au~rk Izatt,
President, North Ridge Homes and Properties, Inc%,._.~ ...
II County of ~ State o, // Nota'i'y.J~blic
)} My Commission Expires July 8, 2005 ))
.?00167
ALTA COMMITMENT - 1982 - WY
Commitment No.: FA 13873 M
SCI~IEDULE ~
The land referred to in this commitment is situated in the State of Wyoming, County of Lincoln, and is described as
follows:
That part of' the SWMSW~ of Section 35, T35N RllgW, of the 6th P.M.,
Lincoln County, Wyoming described as follows:
BEGINNING at a spike on the easterly right-of-way line of U.S. HiHhway
89, East 56.02 feet from the southwest corner of said Section 35 and
running thence East 616.53 feet along said south line, to a spike;
thence N 00015'22'' E, 334.07 feet, along an existing fence line, in
part, to a point at a fence corner;
thence N 89041'34" W, 378,88 feet, along an existing fence line, in
part, to a point;
thence S 89°54'16'' W, 240.35 feet to a point on the easterly right- ........
of-way line of U.S. Highway 89;
thence S 00°12'16'' E, 335.70 feet, alonH said easterlY'right-of-way
line to the SPIKE OF BEGINNING.
11/91