No preview available
HomeMy WebLinkAbout925453 .---.-------.. '-""..-- .__. ..._._ .__..._..._ _ ._.___u_____._..._.-____n__.____.__._______ ------.---- .---..-.---- --- ---- -----ŒJï ..- - --. -.- ·il- -..- .----- .---.- ..-. ,.-. ---.--. :I.. ú()f3lR9 ..'''!, 4 ( v I"ý' "J i !"4 . WHEN RECORDED, RETURN TO: Kim H Tebbs Mountain West Small Business Finance 2595 East 3300 South Salt Lake City UT 84109 RECEIVED 12/19/2006 at 1 :50 PM RECEIVING # 925453 BOOK: 644 PAGE: 28 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SBA Loan No. 732773 40 06 CAS SUBORDINATION AGREEMENT THIs AOREEl\.1ENT is dated for reference November 21, 2006, and is between Christine Goodman, a single woman, (hereinafter referred to as mortgagor, owner(s) of the land described in the Mortgage reference below (hereinafter called "Owner"), 1 st Bank (hereinafter called. "Lender") and the SMALL BUSINESS ADMIl'{ISTRATION, an agency duly created under and by virtue of an Act of Congress, having its principal office in Washington, in the District of Columbia, and a Commercial'1oan Servicing Center at 2719 North Air Fresno Drive, Suite 107, Fr~sno, California , 93727 (hereinafter called "SBA") . SBA is present holder and· beneficiary of that/those certain mortgagees) or deed(s) of trust and other executed documents as follows: .,"/ ," 1) A Mortgage (participation) Fixture Filing and Assignment of Rents in favor of GREATER S~T-LAKE BUSINESS DISTRICT as beneficiary, which trust deed was recorded on July 7, .2004, as Entry 90.0804, Book 561, Page, 060 of the records of Lincoln County, Wyoming. Said Mortgage was assigned to the SBA by an Assignment . . ~f Trust'Ðeed recC;Jl~4ed 'on July 7, 2004, as Entry 900805, Book 561, Page 068 of the records ofLinco.ln County, Wyoming;' , ' to secure a note or notes in the sum of$83,OOO,OO, The aforementioned documents (which are hereinafter collectively referred to as the "SBA Security Instruments") affect that certain real property located in Lincoln County, Wyoming, and is more particularly described in Exhibit "A" attached hereto (herein "The ~roperty"), , " Owner has also exe~ut~d, or is about to exec;ute, a deed of trust or mortgage securing a note in a sum notto exce~d $75~000.:00;date4 DECEMBER '01 .2006, in fa~or of Lender ("Lender's SecUrity Instrument'!). 'Lender's Security Instrument shall be recorded' concurrently herewith and shall encumber,The Property. As a condition precedent to Lender's performance, the SBA Security Instruments must be subordinated to the Lender's Security Instrument. SBA is willing to subordinate the lien(s) of the SBA Security Instruments provided it retains its lien priority with regard to all other legal or equitable interests in the property. In consideration of the mutualb~nefits to the parties and to induce Lender to make a loan to Owner, it is,hereby agreed as,foll.0':Vs: , , ' , '. .r' . ~".'" ...'.. . , .. .' .. 1. Lender's Security Instrument, and any re~ewals or extensions thereof, shall be a lien on the property prior ~o the lien of the SBA Security Instruments,· 1 ----_.-..----------- __ __ ._____________._._._._ ._._._ _ ._.. __ ,_. __ _ h__ _ _. _. .. ___ ._.__ .--.----------.-...--- -. -.- - -------.- ------.-... .-- -.. ._- - -_.- -------- . .- ---- ---.- --. 000029 2. Lender would not make its loan without this subordination agreement. 0925453 3, Lender will not make any additional advances under Lender's Security Instrument except such disbursements which become necessary to protect its security interest and for which Owner is liable under Lender's Security Instrument and note, 4, This agreement shall be the whole and only agreement with regard to the subordination of the SBA Security Instruments to Lender's Security Instrument. 5. Except as expressly provided herein, this agreement shall not operate or be construed to alter the priority ofthe SBA Security Instruments with regard to any legal or equitable interest in the property. Owner and Lender shall hold SBA harmless ftom any impairment of its lien (with regard to any third PartY) which is occasioned by this subordination, 6, All proceeds of Lender's loan shall be applied to satisfy debt secured by a Hen(s) presently superior to the lien of the SBA Security Instruments, the following described uses, if any, plus customary closing costs. A.) Proceeds are to be used for improvements to the real property and the purchase of business equipment. . Any other use of proceeds not described herein shall void this agreement. 7, Lender shall provide notice to SBA of any default under the terms of the Lender's Security Instrument which remains uncured for 60 days. A default in the obligation secured by Lender's Security Instrument may be cured (including purchase of the property at or prior to foreclosure) by the SBA via cash, certified funds or a United States Treasury check, at SBA's option, Lender will not enforce any default provision in its Security Instrument to the detriment of the SBA, including, but not limited to, any provision regarding a default rate of interest. 8, This subordination agreement is void if not duly executed by Owner, Lender, SBA, the SBA Borrower(s) and all Guarantors of the SBA loan, 9,,'·, This; agreement shall not be, 'construed to 'waive ~y fed.~ra1 immunity. of SJ;3A'ftoJ;Il.~tate, or local control, penalty, tax of liability. As to the SBA Security Instruments, the Owner may not claim or assert against the SBA any state ofloca11aw to deny any obligation, defeat any claim of SBA or preempt federal law. The parties executing this agreement have obtained such independent legal or other advice as they have deemed necessary and have not relied upon the SBA, its agents, employees or attorneys in entering into this agreement. 2 SBA LOAN No, 732773 40 06 CAS SUBORDINATION AGREEMENT SIGNATURE PAGE Date: IIIJ1lo~ PLEASE SEE ATIACHED SIGNATURE PAGES: 000030 OSZS4S3 SMALL BUSINESS ADMINISTRATION, an agency of the Govenunent of the United States of America /) ~. By: Its: ~,.o t...(t' .q, ( Elodia Castro" Q Sr. Loan Specialistc 3 - - -----------_. -..------'----.- --.----.---..--.----.---- -------------------- ---- --- -_.- -.-.---.-------.--.-.- -- -----.------.-----.---. SBALoANNo. 732773 40 06 CAS SUBORDINATION AGREEMENT SIGNATURE PAGE CONTINUED 000031 1 st BANK Date: I¿-I-ð? 0325453 B~~fi<~ ~ fis: ~ The undersigned -Obligors and Guarantors, consent to this transaction and unconditionally .acknowledgetheir continuing legal responsibility as Obligors and Guarantors of the primary '., obligation of Christine G, Goodman and agree to all terms set forth in this subordination agreement. ....-~ - Date: J Z - I - 06 ~,~ Christine G, Goodman, Individually 4 SBA LOAN No. 732773 40 06 CAS SUBORDINATION AGREEMENT NOTARY PAGE 000032 SBAACKNOWLEDGEMENT 0325453 State of California County of Fresno On Nt) v, :<~ 2. OO(p~ before me, C!tnS¡J.e.lö<;:/;kelf-rn , a Notary Public, personally appeared r-1lJl d j t/..) (It/ s (yo personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. WI1NESS my hand and official seal CONSIJElOSKEL TO COMM. Ø1597943 z Notary PubliC . Califinnia ~ F I,esno County ... M Comm, Expires Jul. 29; 2009 ~J~~ NOTARY PUBLIC See Notary Page continued 5 -----.--.-- _ _ __ ...____._ ________________·__n__._ _________. _ _ _____________ __. .______._______.___ _._____ __.___ _ ______.__. _____ __.._. "__.._.__ ____._.__.._ ._. . " .j SBA LOAN No. 732773 40 06 CAS SUBORDINATION AGREEMENT NOTARY PAGE CONT. . , 000033 /' J " CORPORATE ACKNOWLEDGEMENT 09;::5453 State of W4~ County o~ ~I ~ / n theMay of ~ .2006, personally appe e e who being by me duly sworn, did say that he/she is th of 1st ank and that the foregoing, attached instrument ~as sjgnÿd i9 behalwfthe corporation by authority of a resolution of its board of directors, and the said ~ ,acknowledged to me that the corporation executed the same. ..,/ J /.1) DORmA WEBB NOTAR.Y PUBLIC M<o ÄR~ COUNTY OF ~ STATE OF LINCOLN ~ WYOMING I n E res Februar 20. 2010 --- INDIVIDUAL ACKNOWLEDGEMENT STATE OF WYOMING) :SS County of L I f\c (> I "" ) , On the i ~ day of Dc~r , 2006, personally appeared before me Chri~tine G, Goodman, signer oflbe above insttumen~ who duly acknÃ~e ~!.hµe executed the same. SETHC,JENKINS NOTARY PUBLIC NOTARY PUBLIC COUNTY OF . STATE OF LINCOLN WYOMING .~..QMMISSION EXPIRES JUNE 172009 .~,....~ 6 ..--- ---- --_..-..... ..-.--- - -.. ...__.. - .---. . .-.- .--_.. -- . .-."--.- - . _. .---.-- ,------ --.--- ..- ---. t EXlrrnJ'J~A 000034 09Z545~J The 1and descrih~d in the f(lre~ojng. documc.I~1 is lociltw in Linc,oln COllnt)', State of Wuyoming /lnet j¡; , lk.scriÞ~d more. particularly as: A tract of la.nd in the South half of th~ Southea!ìl Quarter (8] /2SEI /4) of Section 31, To'wmhip 37 North, Range] ] 8 WC!ìtþ 6~h }> .M., UnwIn County, Wyoming, beginning at a point N 73 II] &' ''Yest, ]] 81.02 feet from the SDutheast c·omer of said S~.ctjon 3]; l.nonce N 9Þ1 ) 'W, 135,12 feet; the-noc N 55°02'W, 295,97 fbet; thence S 59°0'W, J 73.3& feet; thence S 31 °O'E, 395.75 fcct; then('~ N 59°0'B, 243.7J Io('.1 10 the pDint of bog inning.