HomeMy WebLinkAbout911701WHEN RECORDED RETURN TO:
Mountain West Small Business Finance
2595 East 3300 South
Salt Lake City, Utah 84109
(':0 0 J. 6 8
RECEIVED 9/9/2005 at 4:57 PM
RECEIVING # 911701
BOOK: 597 PAGE: 168
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, VVY
Real Estate Lease
Subordination Agreement
This Subordination Agreement is entered into by North Ridge Homes and Properties, Inc. ("Lessee")
for the benefit of Greater Salt Lake Business District CGSLB") and its successor in interest, the Small Busi-
ness Administration ("SBA"). t
RECITALS
A. Lessee has heretofore leased from Freedom Star Construction and Properties, LLC ("Lessor") by
lease dated August 4, 2005 for a term of twenty years (the "Lease") certain real property (the "Leased Pre-
mises'') known as 15 Cedar Creek Road, Freedom, Wyoming 83120, located in the County of Lincoln, State of
Wyoming and described as follows:
See Exhibit "A" which is attached hereto and incorporated
herein by this reference.
B. GSLBD and the SBA have authorized the making of an SBA 504 Loan, Loan No. 89554940-01, to
Lessor in the amount of $237,000.00, due and payable on or before a time to be determined by the U.S.
Secretary of the Treasury (the "Loan").
C. The Loan is for the benefit of both Lessee and Lessor, in that the funds are to be used for the
benefit of the business conducted on the Leased Premises purchased and/or renovated by Loan proceeds.
D. A condition of' the Loan is that the Lease be subordinated to the lien of a trust deed executed by
Lessor and recorded as a lien superior to the Lease.
AGREEMENT
NOW, THEREFORE, in consideration of disbursement of the Loan or any part thereof, and for other
good and valuable consideration the receipt and legal sufficiency of which are hereby, acknowledged, Lessee
covenants and agrees as follows:
1. No Default. Lessee is not now in default in the performance of the Lease; and Lessee will perform
the covenants and conditions required of is by the Lease for the term of the Loan and any extensions or renew-
als of it.
2. Subordination of Lease. All rights under the Lease together with any and all right, interest, estate,
title, lien, or charge against or respecting the Leased Premises (or any portion thereof) by virtue of the Lease,
shall be .and the same are h~reby made subject, subordinate, inferior, and junior to the lien and title of GSLBD
and the SBA represented by the SBA Note in the amount of $237,000.00 and security instruments related to
the Loan, including without limitation the Promissory Note, Deed of Trust, Security Agreement and UCC
Financing Statements (filed with the Uniform Commercial Code Division for the State of Wyoming and as
fixture filings in Lincoln County, Wyoming) (the "Loan Documents") and to all rights, powers, title, and
authority of GSLBD and the SBA under or in any way related to or arising out of the Loan Documents and to
all sums heretofore or hereafter advanced on the security of the Loan Documents or any of them, including all
sums advanced or costs incurred as fees, expenses, disbursements, or charges in connection with the Loan
C:00!69
Documents or the Loan. The Lease Rights, together with any and all right, interest, estate, title, lien, or
charge against or respecting the Leased Premises (or any portion thereof) by virtue of the Lease, are hereby
subordinated to the Loan Documents the same and as fully as if the Loan Documents had been executed,
delivered and, where appropriate, filed, prior to execution, delivery and filing of the Lease.
3. This Agreement shall be binding upon and inure to the benefit of the personal representatives,
successors and assigns of the parties hereto.
Dated August 4, 2005.
LESSEE:
NORT~~ HOMES AND PROPERTIES, INC.
By: Derk~att~'-
STATE OF Wyoming
COUNTY OF Lincoln
)
:SS.
· The foregoing instrument was acknowledged before me this August 4~'~05 by Derk
North Ridge Homes and Properties, Inc. ~ Izatt, President,
Lincoln Wyo ' g No'Bta'l~ Public
ALTA COMMITMENT - 1982 - WY
Commitmem No.: FA 13873 M
SCt~]~ULE ]~
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 SW~SW~d of Section 35, T35N Rll9W, 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. Highway
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, along said easterly'right-of-way
line to the SPIKE OF BEGINNING.
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