HomeMy WebLinkAbout930060
rVVv-"r ,
O·t1U It' 87 n
I
SBA LOAN NO: 51202840-06
RECEIVED 6/6/2007 at 10:27 AM
RECEIVING # 930060
BOOK: 660 PAGE: 787
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Recor1ing Requested by:
SBA,lå737 GATEWAY WEST, SUITE 300 EL PASO, TEXAS 79936
SUBORDINATION AGREEMENT
SMALL BUSINESS ADMINISTRATION, an Agency of the United States Government,
(hereinafter referred to as SBA), hereby represents that it is the owner and
holder of a lien on certain real estate of Top-flight Properties, Inc.
(hereinafter referred called Borrower) .
SAID LIEN was created by Borrower/Guarantor's execution and delivery of a Mortgage
/ Deed of Trust, hereinafter called SBA Mortgage, recorded on March 28, 2002,
Document No, Book 486 PR, Pages 289, County of Lincoln, State of Wyoming. Said
real estate is fully described and set forth in that Mortgage, to-Wit:
See Exhibit "A"
\ /
. , r;'"
j,
BORROWER has requested the SBA to subordinate said SBA Mortgage to a Mortgage /
Deed of Trust, hereinafter called Lender's Mortgage, in favor of Zions First
National Bank (hereinafter referred to as Lender), securing a Note/Line of Credit
in the principal sum not to exceed $1,731,000.00, and the SBA, subject to certain
terms and conditions,. has agreed to subordinate.
NOW THEREFORE, SBA does hereby subordinate its SBA Mortgage on said property to
Lender's Mortgage on the identical property in favor of Lender, securing the
above-described note, and recorded or to be recorded on or about
MAY ~O'" \ 2.DO", , in the real estate records of said county.
SAID SUBORDINATION shall be limited to amounts due to Lender for principal and
interest payments on the aforesaid note of Lender, and advances to preserve the
security thereof including advances for tax payments and insurance.
NO SUBORDINATION is intended or made as to any advances made under a clause to
secure future advances, if any.
This subordination is expressly conditioned that in the event of foreclosure by
Lender, its heirs, transferees or assigns, SBA is given 30 days advance, written
notice at the above address of the time and place of sale.
This Subordination is further expressly conditioned on the written acceptance of
borrower(s), guarantors (if any) and lender on the signature pages hereof. Failure
to obtain all of said written acceptance shall undo this subordination making it
void ob initio.
OS¡30060
000788
This subordination is further expressly conditioned on the written concurrence of
any and all other lien holders, both junior and senior, of record at the time of
execution and filing of this instrument.
This subordination agreement is to be filed of record in the real estate lien
records of the county as stated in paragraph 2 hereof.
IN ALL OTHER respects, said SBA Mortgage and its priority position as to .all other
liens on said property not specifically mentioned herein shall remain in full
force and effect. SBA's lien position on any collateral not legally described
above, including other realty or personalty, remain unaffected by this
subordination.
clIP i)/
Dated this ~day of April, 2007.
BEFORE ME, the undersigned authority, on this day personally appeared Daniel
Chacón, known to me to be the person whose name is subscribed to the foregoing
instrument, and acknowledged to me that he executed the same as MEO Deputy
Director for Small Business Administration on behalf of said agency in the
capacity stated.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, THIS ~~ ~ Y
2007.
'~
My Commission expires:
03-27-11
oris Ann Pang
Notary Public,
State of Texas
County of El Paso
AGREED TO:
~\\\'~~IV;"/~
~~~~.. _.If,.\.
1-'- ...~~
i : : ª
\~~¡. ';\;~~
~"":t{.,\\\"
;.;.~..
DORIS ANN PANGHINÂN' ¡
Notary Public¡, SllIt\i1 9f T<I)ji)~ i
My Commiliøion Expire¡¡
Maroh 27, 2011 ..
Zions First National Bank (Lender)
~
000789
O~3UÜCO
Top Flight Properties, Inc.
Sky International, Inc.
J
Aviat Aircraft, Inc.
ji)
Stuart Horn, Presi nt/Secret
~~
/. '\ '·l·1 ".',\ (1161. C !r~
Vv....JIÙV\,J'OV
000790
Name: Aviat Aircraft. Inc.
Control No. I Loan No: 9TWY-00002 I EIDL 51202840-06
EXHIBIT "A"
Lots 1 and 2 of the Airport Addition to the Town of Afton, Lincoln County, Wyoming, as described
on the official plat thereof.