HomeMy WebLinkAbout919135
J
ttJ
]0
Uo.!
CI.)":; ~
-=~8
jif
..",) "3 ..
i! }¡ ti
/1
~~~~¡¡i~~;ml~m~¡J
__ _ .._ _...__ _.,._' _._. __..__ ____...000....- _____.___ _.~
RECEIVED 6/7/2006 at 4:01 PM
RECEIVING # 919135
BOOK: 622 PAGE: 526
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Real Estate Lease
Subordination Agreement
WHEN RECORDED RETURN TO:
Mountain West Small Business Finance
2595 East 3300 South
Salt Lake City Utah 84109
---
This Subordination Agreement is entered into by S&C Properties, LLC ("Lessee") for the
benefit of Mountain West Small Business Finance ("MWSBF") and its successor in inte.rest, the Small
Business Administration ("SBA"). \
RECITALS
A. Lessee has heretofore leased from Scott L. Carlisle and Cherie L. Carlisle ("Lessor") by
lease dated
June 1, 2006 for a term of twenty years (the "Lease ") certain real and personal property (the "Leased
Premises") known as 161 South Washington, Afton, Wyoming 83110, located in the County of -
Lincoln, State of Wyoming and described as follows:
See Exhibit "A" which is attached hereto and incorpo-
rated herein by this reference.
B. MWSBF and the SBA have authorized the making of an SBA 504 Loan, Loan No.
12931460-02, to Lessor in the amount of $286,000.00, due and payable on or before a time to be deter-
mined 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 acknowl-
edged, 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 renewals 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 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 $286,000.00 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
.. _·'~'·A·';':":'·;' ':. , : ";;'. .',", .,,,. ..:,.,.'...·,..~...'/.I..T.."...
,¡.: ~;.. ~:~¡. ,'~"I' "',0'-,"1;'7".<-,;""" ", .~::.-"" ;';'U,(:;j¡;f:--;-: -:,
';!J:_;r.o!lo;.r.:r":J:,>:'"
- ~';"~~:;:T.,-.:'.-; ,T¡1'. ""_l.,;··,, ":'." ;;.c', ;,~.lJ.Si>tl,~" ·..t~ ,,;......i_'t~..--..;~,,:0>:~',·. t,,: ':"i1"a;.~,JY..:O:'::~.
;~~;m;;~~~~~
··-:·,~.·""·¡Oj· ·:"¡·";'¡·I· ·'·I·'·_· 't~!~~: ":::~~;':'.J."!!·J~¡:I"':":;Jr.:'-_·,:.:!:,:-,: :;:::.::, :':', ,'.-'.' 8~.l"'::.-"':':';~-~:~'1<.:~ "
.,"-~"~:.:...",.,.;".. ,,,~."'''''...'.'''...
'; ;;'''':''·F.:1.·~;¡''1-.'o;'f1'1..'';'''!:~~fr;;lml~~~.:r~lr";'~_~ ':'~":<-1r-"'~'·:' :", :',:;'~¡..~:¡-;, ·"~'¡7.;tI' :ll~.;';'1¡'i· :....-;.."".:..".;" 'j'; .,;....~.:.:.,... .;_;. ." ,
0919135
Co· f'5:t)~
...... \.' ~ if
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 Documents or the Loan. The Lease
Rights, togèther 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 represen-
tatives, successors and assigns of the parties hereto.
Dated June 1,2006.
LESSEE:
S&C PROPERTIES, LLC
By:
\
By: CJ¡jÆ/~{!tlAfÛd(
Cherie L. arlisle, Manager
STATE OF Wyoming
COUNTY OF Lincoln
)
:S8.
)
The foregoing instrument was acknowledged before me this June 1, 2006 by Scott L. Carlisle
and Cherie L. Carlisle, Managers, S&C proper~ties, LCo. tf ~
Notary Public bl' ç-
STEVEN A. HARTWELCi lC
State of
County of Wyoming
Lincoln
. . July 8 2006
My Commission Expires .
/
·'·ï:¡:j~I~U71: :I:·;'. .' - .j;. ._ '.",..:...... ',:,·',"'·'·';"I'rI..".'-::
..·:·'·'.,T·~\.:,·~:!Lt.;'!';': .'
·'_·:'_·.,:,·¡~;V,'.'.·.·.'.·.·.·.·.·.·.·.·.·.·.'. :
. ,', .'..J.~W'...,":'~...-,¡.,... .':_.~.;'.:.!,,:J;~~...,,~~:.,..'. r,. '..- ".'
, ~ ","c' ,.', ".,. '¡'.'" ""~ .J'. :-t~ ,·;·-t¡'¡". ",' .".....'~~~ ~ "t:~. ::-, :¡~;r.;.,"t.~..:..,~,.
09191.35
Cûrr5~s
Exhibit A
The land referred to in this document is situated in the Sta.te of Wyoming, County of Linco}n, and is
descnòed as follows:
That part of Lot 11 of the Schwab Addition to the Town of Afton, said addition being identical
with Block 5 Lot 4 Original Townsite of Aft on, being part ofthat tract of record in the Office of
the Clerk of Lincoln County in Book 122PR on pnge 705, described a.s follows:
Beginning at the Northwest comel' of said Lot 11, marked by n P·K nail in A split cedar post;
thence South 88°14'04" Enst, 165.00 feet. along the North line of said Lot 11, to a bat hey;
thence South 01 °45'56" West, 117,12 feet, along the East line of said Lot 11, to a point;
thence North 88°14',04" West, 165,60 feet, parallel with the said North line, to a point on the
West line of said Lot 11;
thence North 01 °45'56" East, 117.12 feet, along said West line, tothe corner of beginning.
ALSO
Lot 3 of Block 5 to Afton Townsite, Lincoln County, Wyoming as described on the official plat
thereof.
LESS AND EXCEPT any land contained in Warranty Deed recorded September 23,1966 in
Book 75PR on page 530 of the records of the Lincoln County Cleric.
....t
fj'I'~I:J~r;¡O
~r""··'~:?';··'·
~:~~h:~:lli¡~