HomeMy WebLinkAbout930095
WHEN RECORDED RETURN TO:
Mountain West Small Business Finance
2595 East 3300 South
Salt Lake City, Utah 84109
RECEIVED 6/6/2007 at 3:20 PM
RECEIVING # 930095
BOOK: 661 PAGE: 17
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
Lease
1. The Parties and The Propertv. Teri M. Bowers, Trustee, THE BOWERS F AMIL Y TRUST
dated January 13,2005, hereinafter referred to as "Lessor", hereby leases to BOWERS LAW FIRM PC hereinafter re-
ferred to as "Lessee", all those premises and personal property situate, lying and being in the County of Lincoln, State
of Wyoming, commonly known as 685 South Washington, Afton, WY 83110 and more particularly described in
Exhibit "A" which is attached hereto and incorporated herein by this reference (the "Property").
2. The Term. TO HAVE AND TO HOLD the Property, together with the appurtenances, unto the
Lessee for a term of approximately twenty (20) years commencing May 21, 2007, for and during the latest of
May 21, 2027 or until the SBA 504 Loan under SBA Loan Authorization No.
27048060-10 is paid in full.
3. The Lease Pavment. Lessee covenants and agrees to pay Lessor a lease payment in the sum of
$3,000.00 on the ftrst day of each month during the term of this Lease provided, however, that the amount of rent
paid must be substantially the same as the debt service on the Third Party Lender Loan and the SBA 504 Loan
together with an amount necessary to cover taxes and assessments, utilities and insurance and a repair/replacement
reserve. The lease payment shall be reduced to the extent that it is in excess of the amount needed to meet the debt
service and expenses. In the event there is more than one operating company under the terms of the SBA Loan, the
lease payments of all operating companies shall be considered together and shall be reduced, pro rata, in the event,
when considered together, they are in excess of amount needed to meet the debt service and expenses above
described.
4. The Return of the Propertv. Lessee further agrees to deliver up to Lessor at the expiration of
said term in as good order and condition as when the same were entered upon by Lessee, reasonable use and wear
thereof and damage by the elements excepted.
5. No Sublease or AssÏlmment. The Lessee will not let, underlet, assign the Property, or any part
thereof, without the prior written consent of Lessor, which consent will not be unreasonably withheld.
6. Default/Remedies. And Lessee further covenants and agrees that if any monthly lease payment
or any part thereof shall be unpaid for 20 days after the same shall become due; or if default in any of the cove-
nants herein contained to be kept by Lessee is not cured within 20 days from written notice, or if Lessee shall
vacate such premises, Lessor may elect, without notice or legal process, to re-enter and take possession of the
Property and every and any part thereof and re-let the same and apply the net proceeds so received upon the
amount due or to become due under this lease, and Lessee agrees to pay any deftciency.
7. Utilities. Taxes and Insurance. Responsibility for utilities, taxes and insurance shall be as
indicated [Lessee responsible for (T), Lessor responsible for (L)]:
Power...L, Heat...L, Water...L, Sewer...L, Telephone...L, Real Property Tax...L.
Personal Property Tax..I.., Fire Insurance on Personal Property...L, Glass Insur-
ance...L, Others:
None
8. Maintenance and Repair. Responsibility for the maintenance and repair of the Property shall be
as indicated [Lessee responsible for (T), Lessor responsible for (L)]:
Roof..1..., Exterior Walls..1..., Interior Walls..1..., Structural Repair..1..., Interior
Decorating_I-, ExteriQr Painting.J,_, Yard Surfacing L., Plumbing Equipment
o~X]Oe9'6
0000:18
1.., Heating and Air Conditioning Equipmentl, Electrical EquipmentJ:_,
Light Globes and Tubes..I.., Glass Breakage..I.., Trash Removal..I.., Snow Re-
moval..I.., Janitorial..I.., Others:
None
9. Nee:lie:ence. Each party shall be responsible for losses resulting from negligence or misconduct
of himself, his employees or invitees,
10. Lessor's Lien. Furniture, furnishings and personal property of Lessee may not be removed from
the premises until all lease payments and other charges are fully paid, and Lessor shall have a lien upon said
personal property until the same are paid in full.
11. Attornev's Fees and Collection Costs. In case of failure to faithfully perform the terms and
covenants herein set forth, the defaulting party shall pay all costs, expenses, and reasonable attorneys' fees result-
ing from the enforcement of this agreement or any right arising out of such breach.
12. SBA Loan Reauirements. In consideration of SBA Loan No.
27048060-10, Lessor and Lessee agree as follows, anything to the contrary notwithstanding:
(a) The term of this Lease shall be equal to or longer than the term of the said SBA Loan;
(b) Lessor and Lessee hereby assign, set over, and transfer to the Small Business Administration and
Mountain West Small Business Finance all of their right, title, and interest in and to this Lease, as
security for said SBA Loan; and
(c) Lessor and Lessee hereby agree to maintain exactly the present ownership (both identity of owners
and percent of ownership) during the entire term of said SBA Loan except for ownership changes
of up to 5 per cent beginning six months after the SBA 504 Loan closes.
13. No Other Ae:reements. This agreement supercedes and replaces any and all previous lease
agreements between the parties; and said previous lease agreements are hereby canceled by the mutual consent of
the parties.
This Lease is executed and effective May 21, 2007.
LESSOR:
:~E J; .F;jY;;:;~@ry 13,2005
Ted M. Bowers, Trustee
LESSEE:
000019
IJ::J3/Jü:),6 ' ,
LEASE NOTARY PAGE
STATE OF Wyoming
COUNTY OF Lincoln
)
:ss.
)
The foregoing instrument was aeknowled!ged before me this May 21,2007 by Teri M. Bowers,
Trustee, THE BOWERS FAMILY TRUST datetl Janua 13, 2005.
STEVEN A. HARTWELL NOTARY PUBLIC
COUNTY OF . STATE OF
LINCOLN WYOMING
MY COMMISSION EXPIRES JULY 8, 2010
STATE OF Wyoming
COUNTY OF Lincoln
)
:ss.
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The foregoing instrument was acknowledged before me this May 21, 2OO~Ohn D. Bowers,
President, BOWERS LAW FIRM PC. d.... .'
L ¿f ß-~
No lie (
:, STEVEN A. HARTWELL NOTARY PUBLIC
'.\ COUNTY OF . STATE OF
II LINCOLN WYOMING
, MY COMMISSION EXPIRES JULY 8, 2010