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Home My WebLink About918093 ¡.. (; 60235 ~. ;F";i';F;;}if:r~·~;: .~. '~'N,'i'/¡I,t/ ". ¡~(.>~'~!:(;::!:'Nir ;) {JP . . Ì;, r o. Q. ," () 3 ..' u~ .-. ~ -.--- ._~_. .---..- ----,---~,- WHEN RECORDED, RETURN TO Mountain West Small Business -Finance 2595 East 3300 South Salt Lake City, Utah 84109 RECEIVED 5/5/2006 at 2:12 PM RECEIVING # 918093 BOOK: 619 PAGE: 23 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SUBORDINATION AGREEMENT THIS SUBORDINATION AGREEMENT (hereinafter referred to as the "Agreement") is made and executed as of March 23,2006 by and between Lawrence S. Rodeck and Sandra S. Rodeck, Trustees of the L~ence S. Rodeck and Sandra S. Rodeck Revocable Living Trust u/t/a dated August 9, 1998 (hereinafter referred to as "Rodeck") and Mountain West Small Business Finance for the benefit of its assignee, the SMALL BUSINESS ADMINISTRATION, an Agency of the Government of the United States o~erica (collectively hereinafter referred to as the "SBA"). RECITALS A. There heretofore has been executed, delivered and recorded, for the benefit of Rodeck, the following: Mortgage executed by Kenneth L. Cram and April Cram, husband and wife, as Mortgagors in favor of Lawrence S. Rodeck and Sandra S. Rodeck, Trustees of the Lawrence S. Rodeck and Sandra S. Rodeck Revocable Living Trust u/t/a dated August 9, 1998, as Mortgagee, in the amount of$21 0,000.00 dated Apri12, 2004, recorded October 20, 2004, Boo~~,:p.R., Page 874. B. The Document referred to in Paragraph A above is hereinafter referred to as the "Rodeck Document. " C. The Rodeck Document affects that certain real property located in Lincoln County, State of Wyoming, together with certain improvements now or hereafter located thereon, which real property is more particularly described in Exhibit" A" attached hereto and incorporated herein by this reference (the "Property"). D. Kenneth L. Cram and April Cram, husband and wife, as tenants by the entireties are currently vested with fee title to the Property. E. Conditional upon the execution of this Agreement, the SBA has agreed to make, or has , made, a loan (hereinafter referred to as the "Loan") to in the aggregate principal sum not to exceed $522,000.00 to provide, in part, for the purchase of and lor construction of a building and improvements upon the Property. In connection with the Loan, the following described instruments have been, are being, or will be executed as ~vidence of the transaction or as security for the obligation of related thereto: ' (i) One (1) Promissory Note (hereinafter referred to as the "SBA Note") in the aggregate principal amount of $522,000.00, payable as provided therein to the order of Mountain . . ·,.·...:,.:~\·,'.:;..:·~·.,~h.'=~·;: -~ '_', ..:....' .... ·,\.'~¡':'·.'f-,C4:'~.~'¡¡~\"'_"~;;"." ,~. ! '~·'''''.~'''-'1.:rt'r.:;.;¡.:'':!''I''~.J';;'~~~;':':'o".., '",,~"~,..'. '_~',:".,';' ,¡,¡:-.'.'V.J!ô~t;?i"ô9..;"..:v..-"'-;:-?:"'T-:.,,;.'.-,,'. . ',·_".'.-~~,;7Jo:-~~·;""1,~:"~'¡- "A,":'."',':.. ""~:",'"-.¡..~..arð('f:':,~..~.,.;~;;..-,,~";w.;"'''~$"r.h'¡'.·,:,,r.-,..~.~,~":-;",'___ ~f1mt£~~gm~ N~~~ :,!ts~':IH' 1·4·.·.·!"'t.¡IÇ",·.·¡1 Il.'ììl'.:¡.!.........1 '".i.,a::¡;;':"'l:.I.I.I,' ~r~~~;l~~~~~~ .', ~·;'·':r.&:,m. , ;'! . ";" ........'.:.........'....,. '. .,., " :-... ,'~.:, '; "i '-' ..' - T;, ~ ~- :. . -. '.:;'::,: ,j;,: r, .:,'.., ". . .' 0918093 000024 West Small Business Finance. (ii) One (1) Mortgage with Assignment of Rents executed by, as Trustor, to the SBA, as Trustee, in favor of Mountain West Small Business Finance, as Beneficiary, which shall, by separate instrument, be assigned to the SBA, covering the Property, and securing, among other things, the SBA Note. The recording information pertaining to said Mortgage is as follows: DATED: _ f\'çt\t¥\a~ .C{Q ·ENTRYNO.: .~\W51 BOOK:tt>\q PAGE..l .. ", _ RECORDED: 5:::'ò-ro',' '. ,,' .' ,/ F. All of the Documents and foregoing instruments referred to in Paragraph E above, together with such other instruments as have been, are being, or will be executed and delivered by or by any guarantor or accommodation party, to or for the benefit ofthe SBA, in connection with the execution and delivery ofthe foregoing instruments are hereinafter collectively referred to as the "SBA Loan Documents." G. The parties hereto desire that the SBA Loan fund and as a condition thereto, SBArequires this Subordination Agreement be signed and recorded. NOW THEREFORE, for the reasons recited above, based upon the mutual promises set forth below, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Rodeck and the SBA do hereby mutually covenant, consent, and agree as follows: 1. Incorporation by Reference. The Reci ta1s, above, are incorporated herein by this reference. 2. Subordination of the Rodeck Document. The Rodeck Document together with any and all right, interest, estate, title, lien or charge against or respecting the Property (or any portion thereof) arising by virtue of the Rodeck Document shall be and the same' are hereby made subj ect, subordinate, inferior, and junior to all rights, powers, title and authority of the SBA arising out of the SBA Loan Documents and each of them, including all ordinary costs incurred as fees, expenses, or charges in connection with the SBA Loan Documents or the SBA Loan advanced for unpaid property taxes or insurance required to be paid by the Trustor or collection costs involved in enforcing the terms of the SBA Loan Documents, the same and as fully as if the SBA Loan Documents had been executed and delivered and recorded or filed prior to the execution, delivery or filing of the Rodeck Document. 3. No Personal Liability. Notwithstanding any ofthe other provisions hereof, this Agreement· is not intended to create, shall not be deemed to create, and does not create any persona11iabi1ity on the part of Rodeck for repayment of the SBA Loan or on the part of SBA for repayment of the Rodeck Loan. 4. Authority. The persons executing this Agreement hereby warrant and represent that they have full power and authority to enter into this Agreement and to execute this Document. ,..,' .,'" ,:.'.' :..:~.:"~~~:'·ô~¡~.ti.::-"f·':.'3;~ê:;:';.""'!;í:~:'?'>'!·'''',f!''r''.'.!t!bY,ii....:... '·'·~h' ,':" .,:·oJ._. ..: ·-"<>;'I'A!.G'...,t'I,I'..· .. . ~ -' ¡"r. .....,....:.:,-,..:,. ¡ .--.': ·"~~:":~··<;'~::_'i;;;;'.: r~""M~'f.'¡:,~,'_':.' w:' ':'-. '.', ~:';~"'''I. ........,:~' .. .'," . _'no ; :.. .·.~.:Ù:~'.....' . ',' ,) 091.8093 (\ 0 n "(" 5 L \J U 1'.:: 5. Successors and Benefits. This Agreement is and shall be binding upon and shall inure to the benefit of Rodeck, SBA and their respective successors and assigns. EXECUTED as the day and year first above written. THE LAWRENCE S. RODECK AND SANDRA S. RODECK REVOCABLE LIVING TRUST U/TIA DATED AUGUST 9,1998 By:~-,~ ·Á. ~~ Lawrence S. Rodeck, T ee' By: '~~ ,,<[. ad.tdt , Sandra S. Rodeck, Trustee - MOUNTAIN WEST SMALL BUSINESS FINANCE By: 1*:!i::::::I:::Z:::¡:: 1.1,.,æ·!:~:~.~~ ~~~l~~~J~trj ;::::::::::~~:::~:t:::: ;':~:1:!:;,;:;:!:;:i:;~: ···-...-.......·.·.·....-.-,·.·.·.t.·.·· '_.,,'~,,-.. ", ,."...,...".,.-.,.", ".' ··I...·t·.:.:.::.:"'I·I·.~·· ,·::.-:";·¡~~~¡,·,·~.-·~~.W..!!.!(¡·.t;~:~i~';: '~1·: ~',.'.", ~,.- ~.'.. ''''. .:' :.- ·1'.';I'~,.!"·~'·'·i:':': ,':'",- ~'-::: '~ '.....:, '.' ,A..;'~...';..',i"¡:.· .:.' '.' ; t, ) 09'lS093 f" n 0 . " 6 \.... l, ~. ~ í :',1 ' ... \.... ..~. Subordination Agreement Notary Pa~e STATE OF Wyoming COUNTY OF Lincoln ) :ss. ) The foregoing instrument was acknowledged before me this March 23. 2006 by William J. Frisby, . Senior Vice President. Mountain West Small Business Finance. SAllY l MARTIN ' .Notary Public County of Lincoln I State of Wyoming M Oommlsslon e . Xplres September 13, 2006 ZM/1 &~ ffM~Notary Public STATE OF Wyoming COUNTY OF ;¡;d;.wtrr'....c:t:i-- ~ ) :ss. ) The foregoing instrument was acknowledged before me ~.s-~ ~4b by Lawrence S. Rodeck and £.tul~UJCl,.1t, Trustees of the Lawr ce S. Rocfeck and Sandra S. Rodeck Revocable Living Trustul a dated August 9, 1998. ~ ~~~ , Notary Public .~ MEUNDA JEAN WILSON· HJaTNf'( P\8JC County of . State or Teton ¥Iyon'IInO My Comrnlafon Ex Jan. 5,2008 ,I . ,............................... " 0918093 State of Wyoming County of Teton . ... . ".......",.._""...... .......:.......,.~.-.-..... ....... ..~..-.:.. .~.,.". .-.' ".' ".'.',·,·;·.·j:·i~I-........'.·..-".,·...·,·,.~,i«·,.~~·...\,,.~,.;:';c:~,,:-;.~;...~;...,... '-.". .~.. (' (\ 0 ., n 7 ~:t} '}~'~ .' \.. "" \..,. ..- ) ) :88. The foregoing Instrument was acknowledged before me ~ /.2., ~~" by Sandra S. Rodeck, Trustee of the Lawrence S. Rodeck d Sandra S. Rodeck Revocable Living Trust U/tIa dated August 9,1998. r::::::::*~:¡:::¡¡::~ ~'!'!'!fli~f~~~~:~:" , ~L~~ ~tt.2t- ~. , Notary Public 1otEI.JNOA.IfAN WILSoN . NOTARY PUeÚè C=ot . Stater¡ My Wtomlng COmmission ExpIres Jan. 6, 2008 ·-._.-._'....... --......, .-. --._-..-.-~.....----........~._..........-....,.....".. -......:",............~.,.., ,·,··~·······~J.._,···",;·.·.·.·4......-..·..,.·,.' ,.'." ._" -,,""'-:su''"'''''"'~''''--·~~-.,,····~~~.»;::''''_l;i.2-.~··.·, '. "'_.¡.~'-.~·!.,.J'i!I""'t1I.;'I!!!'~:."__.;,--.;_;:.. .~.!.-.::,~..-Jl~..........~ \ ~ . {' I r 'ì ... 091~8093 eí.h~bt+-A ('\ 0 0 " r 8 \... t. .J U ¿, De'scription: Parcel A Amended , . A pDrtion ofthe properti~s as referred to in the Deed recorded in Book 458PR, on Page 3161 and in Book 447PR, on Page 314,-with the Office ofthe Cleric of Lincoln County, Wyoming, within the SE1/4 of Section 23, T34N, R119W, of the 6th P.M., Th~yne. LincDln County, Wyoming, the metes and' bounds being more particularly described as follows: . BEGINNING at'án..~.Juminum Cap on Iron Pipe marking a point In:the Ea.st Right- of-Way lin~ of U.S. Highway 89, said Point of Beginning being 1,532.43 feet N20020'ZT'E, from the 8.L.M, type Monumÿrit marking the Palll N.Scherbe RLS 164, 1986 location for the SDuthwest Comer of said SE1/4, also said Poim.of Beginning being, 2,609.98 feet N52°25'38"W; from the B.LM. type Monument marking the Paul N~ Scherbel RLS 164. 1 976 location for the ßoutf \east Comer ofsaid SE1/4; then6e N23°·5B'43'W, along said East Right-of-Way Line, 147.48 feet to an Aluminum Cap on Iron Pipe marking the Southwest r;om';T of the Thayne Village Center; thence N85°0iI45"E alon9 the South Line ·)f said Thayne Village Center, 313.51 feet to an Iron Pipe marking a Northwest corner of Tra·Gt NO.2 - Dana Lånds, of the Star Valley Cheese Corporation, proþer.y as referred to in the Deed recorded in Book 337PR, on Page 661, with said Oflice; thence Soo2B'04nW, along a west line of said Tract No. 2,113.05 feet to aT) Aluminum Cap on Iron Pipe; ther¡ce S79°DO'05"W 256.1 a feet to the Point of Beginning . Description: Parcel B Amended A portion of the properties as refefTed to in the Deed recorded in Book 458PR, on Page 316. and in BDok447p·R, on Page 314, with the Office of the Clerk of Lincoln County, Wyoming, within the SE.1/4ot Section 23, T34N, R1i9V\(, of the 6th P.M:, Thayne, Lincoln County, Wyoming, the metes al}d bounds being more particularly described asfollows: BEGINNING at an Aluminum Cap on Iron Pipe marking a point in the East Right- of-Way line ofU.S, Highway 89, said Point of Beginnjng being 1,652.43 feet N20020'27"E, from the B.LM. type Monument marking the Paul N. Scherbel RLS 164 1986 location for the Southwest Gùmer 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°00'05"E, 256.18 feet to an Aluminum Cap on Iron Pipe 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 Soo28'Q4'W, along said West line, 185.57 feet to an Iron Pipe, marking a comer of said Tract No, 2; thence N89C>24'52'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°5B'43"W, along said East Right-of-Way, 147.48 feet to the Point of Beginning,