HomeMy WebLinkAbout930096
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 # 930096
BOOK: 661 PAGE: 20
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, wY
)
Real Estate Lease
Subordination Agreement
This Subordination Agreement is entered into by BOWERS LAW FIRM PC ("Lessee") for the
benefit of Mountain West Small Business Finance ("MWSBF") and its successor in interest, the Small
Business Administration ("SBA").
RECITALS
A. Lessee has heretofore leased from Teri M. Bowers, Trustee, THE BOWERS FAMILY
TRUST dated January 13, 2005 ("Lessor") by lease dated May 21,2007 for a term oftwenty years (the
"Lease") certain real personal property (the "Leased Premises") known as 685 South Washington,
Afton, WY 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.
27048060-10, to Lessor in the amount of $189,000.00, due and payable on or before a time to be deter-
mined by the U.S. Secretary of the Treasury (the "Loan"). ,
I
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 acknowledged,
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 exten-
sions 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 $189,000.00 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 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,
together with any and all right, interest, estate, title, lien, or charge against or respecting the Leased
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Premises (or any portion thereot) by virtue of the Lease, are hereby subordinated to the Loan Docu-
ments the same and as fully as if the Loan Documents had been executed, delivered and, where appro-
priate, 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 May 21, 2007.
LESSEE:
STATE OF Wyoming
COUNTY OF Lincoln
)
:ss.
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The foregoing instrument was acknowledged before me this May 21, 20 7 by John D. Bowers,
President, BOWERS LAW FIRM PC.
Notary Public
\ STEVEN A. HARTWELL NOTARY PUBLIC
'~ . STATE OF
, CO.UNTV OF WYOMING
, <.\NCOLN
MY COMMISSION EXPIRES JULY 8. 2010