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HomeMy WebLinkAbout949899RECEIVED 10/7/2009 at 10:10 AM WHEN RECORDED RETURN TO: RECEIVING # 949899 Mountain West Small Business Finance BOOK: 733 PAGE: 336 2595 East 3300 South JEANNE WAGNER Salt Lake City, Utah 84109 LINCOLN COUNTY CLERK, KEMMERER, WY Real Estate Lease Subordination Agreement This Subordination Agreement is entered into by SALT RIVER AUTO BODY INC ("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 Christopher W. Wolfley and Rachael M. Wolfley ("Les- sor") by lease dated September 25, 2009 for a term of twenty years (the "Lease") certain real property G (the "Leased Premises") known as 93 CMR Lane, Etna, WY 83118, located in the County of Lin- coln, State of Wyoming and described as follows: k 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. 35567650-06, to Lessor in the amount of $146,000.00, 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 $146,000.00 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 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 September 25, 2009. LESSEE: SALT RIVER AUTO BODY INC GAG' ~ By: Christopher W. Wolfley, P e ' ent STATE OF Wyoming :ss. COUNTY OF Lincoln ) The foregoing instrument was acknowledged before me thi September 25, 2009 by Christo- pher W. Wolfley, President, SALT RIVER AUT BODY INC. - L Notary Public SE ~ C. INKINK N PU COUNTY OF STATE OF UNCOL14 WYOMING W CDMppjgm p~ JINIE 17 1013 "EXHIBIT A" Lot 19 of CMR Subdivision Third Filing, Lincoln County, Wyoming as described on the official plat filed on March 25, 2009 as instrument No. 946109 of the records of the Lincoln County Clerk.