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Home My WebLink About918092 ( VVLoJv noo,·,r,o I.... II ¡::, @\ðr WHEN RECORDED RETURN TO: Mountain West Small Business Finance 2595 East 3300 South Salt Lake City, Utah 84109 RECEIVED 5/5/2006 at 2;2PM RECEIVING # 918092 BOOK: 619 PAGE: 20 JEANNE WAGNER LINCOLN COUNTY CLERK. KEMMERER, WY Real Estate Lease Subordination Agreement )0 This Subordination Agreement is entered into by Star Valley Quick Stop, Inc. ("Lessee") for the benefit of Mountain West Small Business Finance ("MWSBF") and its successor in interest, the Small Busi- ness Administration ("SBA"). -- RECITALS A. Lessee has heretofore leased from Kenneth L. Cram and April Cram ("Lessor") by lease dated May 1, 2004 for a term of twenty years (the "Lease") certain real and personal property (the "Leased Pre- mises") known as 128 South Main Thayne, Wyoming 83127, 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. MWSBF and the SBA have authorized the making of an SBA 504 Loan, Loan No. CDC 733334 40 03 CAS, to Lessor in the amount of $522,000.00, 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 thereot) by virtue of the Lease, shall be and the same are hereby made subject, subordinate, inferior, and junior to the lien and title of MWSBF and the SBA represented by the SBA Note in the amount of $522,000.00 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 MWSBF 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 ';:.~;'''''!"'''.'''"~.,,, ,-,.,.,. -,..., ".·,....';~,~'~".,fl·.."'I;;...·4".·f·.,;. '.' ,ó,' ,." ".{::'(.i.)¡:,f~,.,...,;-".tli.tå'Ú':l"i_'tp-..:~~",:).¡,,...~r.-;,,'~'.;"'; "!'~~':I:O:r:"'~"t·,.,·' .! . ~,"~!~,' '''',~',,~,!..:. .."-",.'., '.'... ·...i~' ","~'t"' .'';;'''i""-","",,~_...:¡:.,,, d.. ,y- :.-~~.' '.'." ,-' ;,'. ,""",:.,.:o~...~..'" . :;::;::~::::::::;t::;:: ~;:~::::~::::::::::~:::; ·' '. -."'---,~",., , ']'.' , , ' , ,:." I~I:' .1;..... , , . ~ , "-"~_',,:'t":-"';;-" ',' ."" ''''_'''_':::~ ,..., .;....:...!.'~., ,I, ':','.'.1,',· ."':"W::' ,:' ',; :¡';. " ,," .,.,O",'~"",..','.' C00021 091..8092 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 March 23,2006. LESSEE: STAR VALLEY QUICK STOP, INC. By: ~L-~ Kénneth L. Cram, President STATE OF Wyoming ) :ss. COUNTY OF Lincoln ) The foregoing instrument was acknowledged before me this March 23, 2006 by Kenneth L. Cram, President, Star Valley Quick Stop, Inc. ~/ ff/~fß SALLY L. MARTIN. Notary Public County of . . State of Lincoln Wyoming My Commission Expires September 13, 2006 i::¡::¡:::::~:::;~;:¡:~ ~~.lr~·l·~·~t\ ¡ ;I~~i¡~~~~m~~~;~ ~~; " . .,.;.,....,...,--"_._._.,._. ',' _',> "_ ",_" .~':.~. ", '.',. '1,', ':,_>J:::::",:r\"~.:õ-- '.'..:.. ':;._. . ·,-·,....1.·.....·,..·.·,'.. ";",':.i:t&,:.:1-:'~'''''''>"...'','''·'ct·'-..",'.;:,-.',I':: ,··..',·'·,ro-r ,.",,,-,,,~'~''', -,..', "', ,..'.',''".~.~~......,.. 091.809Z ~h~b;t-- A (00022 De'scription: ParGel A Amended A portion of the properti~s as referred to in ·the Deed recorded in BDok 458PR, on Page 3161 and in Book 447PR, on Page 314,-with the Office of the Cleric of Lincoln County, Wyoming, within the SE1J4 of Section 23. T34N, R119W. of the 61h P.M., Th~ynel Lincoln County, Wyoming, the metes an¿ bounds being more particularly desr:ribed as follows: BEGINNING at än.Âtuminum Cap on Iron Pipe marking a point in:the Ea.st Right- of-Wa.y line of U.S. 'Highway 89, said Point of Beginning being 1,532.43 feet N20D20'Z7"E, from the B.L.M. type Monum~nt marking the Paul N. Sc.herbel RLS 164. 1986 loætion for the Southwest Comer of said SE1/4, also snid Poim.of Beginning being, 2,609.98 feet N52D25'38"W; from the B.LM. type Monument marking the Paul N. Scherbel RLS 164, 1976 location forthe Sout[\east Comer ofsaid SE1/4; thence N23°'5B'43"W, along said East Right-of-Way Line, 147.48 feet to an Aluminum Cap on Iron Pipe marking the Southwest Com':3r of the Thayne Village Center; thence N8So.01145"E, along the South Line ,)f said Thayne Village Center, 313.51 feet to an Iron Pipe marking a Northwest corner of T ra-ct NO.2 - Dana Lånds, of the Star Valley Cheese Corporation, proper.y as referred to in the Deed recorded in Book 337PR, on Page 661, with said Oftic:e; thence SOD2B'04"W, along a west line of said Tract No.2, 113.05 feet to an Aluminum Cap on Iron Pipe; thet'ce S79CJOO'05I'W 256.1 B feet to the Point of Beginning Description: Parcel B Amended A portion of the properties as referred to in the Deed recorded in Book 458PR, on Page 316, and in Book 447p·R. on Page 314, with the Office of the Clerk of Lincoln County, Wyoming, within the SE.1J4 ot Section 23, T34N, R1; 9\1\(, of the 6th P.M:, Thayne. Lincoln County, Wyoming, the metes a!}d bounds being more particularly described as.follows: BEGINNING at an Aluminum Cap on Iron Pipe marking a point in the East Right- of-Way line of U.S. Highway 89, said Point of Beginning being 1,652.43 feet N20D20'27"E, from the B.LM. type Monument marking the Paul N. Scherbel RLS 164 1986 location for the Southwest Comer of said SE 1/4, also said Point of ' , Beginning being, 2,609.98 feet N52°25'38'W, from the B.LM. type Monument marking the Paul N: Scherbel RLS 164, .1976 location for the Southeast Corner of the SE1/4; thence N79°0D'05"E, 256.18 feet to an Aluminum Cap on Iron P.ipe marking a point in a West line of Tract No.2 - Dana Lands of the Star Valley Cheese Corporation property as referred to in the Deed recorded in Book 337PR, on Page 661, with said Office; thence SOD28'04'W, along said West line, 185.57 feet to an Iron Pipe, marking a comer of said Tract No.2; thence N89"'24152'W, along a line of said Tract No.2, 190_03 feet to an Iron Pipe marking a point in said East Right-of-Way line: thence N23"'58'43"W, along said East Right-of-Way, 147.48 feet to the Point of Beginning, .