HomeMy WebLinkAbout873202OMB APPROVAL NO.:3245-0201
EXPIRATION DATE 7-31-2000
A Uf,, ~ U.S Small Business Administration RECEIVED
LINCOUd COl.INTY CLERi
1300K 464 PR PAGE -1 ~7 ~nn T 0 1 'M A r l'l'„ 1!t_• r22
SECURITY Z U4f
1 Mike M. Richins and Nellie M._Richins (here~rf''~MffihbebW!`OMING
(Name)
10716 Highway 30 Cokeville, WY 83114 , for value received,
(Address)
hereby grants to Frontier Certified Development Company, Inc.
(Name)
Suite 300 Casper, WY 82601- 1 (hereafter called
(Address) j
"Secured Party"), a security interest in the property described below (hereinafter collectively called "Col ateral") to secure
the payment of the principal and interest on and all obligations under a note (hereinafter called the "No e"), dated
May 10, 2001 , of the Debtor payable to the order of the Secured Party, in principal amount of
One Hundred Four Thousand and no/100 Dollars 104, 00 , all renewals and
extensions of the Note, and all costs, expenses, advances and liabilities which may be made or incurred l y Secured Party in the
disbursement, administration and collection of the loan evidenced by the Note and in the protection, m tntenance and
liquidation of the security interest hereby granted with interest at the maximum legal rate on such costs, ; xpenses, advances and
liabilities. The note and all other obligations secured hereby are herein collectively called the "Liabilities!"
2. The Collateral in which this security interest is granted is all of the Debtor's property described below ~n reference to which
an "Y' or checkmark has been placed in the box applicable thereto, together with all the proceeds and pro ducts therefrom. If
two such boxes are so marked, the security interest so designated secures the purchase money from the Ivan used by the Debtor
to acquire title to the Collateral.
a. All equipment and machinery, including power-driven machinery and equipment, fu ~ccessories, iture and fixtures now
a X❑ owned or hereafter acquired, together with all replacements thereof, all attachments, parts, and
tools belonging thereto or for use in connection therewith.
❑ ❑ b. All passenger and commercial motor vehicles registered for use upon public highwa s or streets, now owned
or hereinafter acquired, together with all replacements thereof, all attachments, accessories, parts, equipment
and tools belonging thereto or for use in connection therewith.
F] c. All inventory, raw materials, work in process and supplies now owned or hereinafter lacquered.
d. All accounts receivable now outstanding or hereafter arising.
F] F~
e. All contract rights and general intangibles now in force or hereafter acquired.
F] F-1
3. Debtor shall not transfer, sell or assign Debtor's interest in the Collateral nor permit any other security interest to be created
thereon without Secured Party's prior written approval, expect that Debtor may sell the inventory listed i Paragraph 2.c. hereof
in the ordinary course of business on customary terms and at usual prices and may collect as Secured Party's agent sums due on
accounts receivable and contract rights listed in Paragraphs 2.d. and 2.e. until advised otherwise by Secu~ed Party.
M M M
4. Debtor shall keep, store or regularly garage all Collateral at locations approved by Secured Party in writing. 8 J
5. Debtor shall not conduct business under any other name than that given above nor change or reorganiz6 the type of
business entity under which it does business except upon prior written approval of Secured Party, If such pproval is given,
Debtor guarantees that all documents, instruments and agreements demanded by Secured Party shall be pr pared and filed
at Debtor's expense before such change of name or business entity occurs.
6. Debtor shall pay the filing and recording costs of any documents or instruments necessary to perfect, extend, modify, or
terminate the security interest created hereunder, as demanded by Secured Party.
7. Debtor shall maintain all Collateral in good condition, pay promptly all taxes, judgements, or changes ~f any kind levied
or assessed thereon, keep current all rent due on premises where Collateral is located, and maintain insura* on all Collateral
against such hazards, in such amounts and with such companies as Secured Party may demand, all such insurance policies
to be in the possession of Secured Party and to contain a Lender's Loss Payable Clause naming Secured P rty in a manner
satisfactory to Secured Party. Debtor hereby assigns to Secured Party any proceeds of such policies and al unearned
premiums thereon, and authorizes and empowers Secured Party to collect such sums and to execute and a dorse in Debtor's
name all proofs of loss, drafts, checks and any other documents necessary to accomplish such collections, land any persons
or entities making payments to Secured Party under the terms of this Paragraph are hereby relieved absolutely from any
obligation to see to the application of any sums so paid.
8. Debtor shall be in default hereunder if Debtor fails to perform any of the liabilities imposed hereby or a~ y other obligation
required by the various instruments or papers evidencing or securing this loan, or if the full balance of thel loan becomes
immediately payable under the terms of such instruments, either automatically or by declaration of the Se4red Party. In
the event of any default, Secured Party may, in its own discretion, cure such default and, if it does so, anylexpenditures
made for such purpose shall be added to the principal of the Note.
9. In the event of default, Debtor shall assemble and make available all Collateral at any place designated y Secured Party.
Debtor acknowledges being advised of a constitutional right to a court notice and hearing to determine wh ther, upon default,
there is probable cause to sustain the validity of the Secured Party's claim and whether the Secured Party i entitled to
possession of the Collateral and being so advised, Debtor hereby voluntarily gives up, waives and surrenders any right to a
notice and hearing to determine whether there is probable cause to sustain the validity of Secured Party's c~aim. Any notices
required pursuant to any state or local law shall be deemed reasonable if mailed by Secured Party to the persons entitled
thereto at their last known addresses at least ten days prior to disposition of the Collateral, and, in referenc~ to a private
sale, need state only that Secured Party intends to negotiate such a sale. Disposition of Collateral shall be eemed commercially
reasonable if made pursuant to a public offering advertised at least twice in a newspaper of general circula ion in the
community where the Collateral is located or by a private sale for a sum equal to or in excess of the liquidation value of
the Collateral as determined by Secured Party.
10. All rights conferred on Secured Party hereby are in addition to those granted to it by any state or local law or any other
law. Failure or repeated failure to enforce any rights hereunder shall not constitute an estoppel or waiver of Secured Party's
rights to exercise such rights accruing prior or subsequent thereto. Secured Party shall not be liable for an loss to Collateral
in its possession, nor shall such loss diminish the debt due, even if the loss is caused or contributed to by Secured Party's
negligence.
i
11. The Loan secured by this lien was made under a United States Small Business Administration (SBA) nationwide
program which uses tax dollars to assist small business owners. If the United States is seeking to enforce this document,
then under SBA regulations:
a) When SBA is the holder of the Note, this document and all documents evidencing or securing this I:oan will be
construed in accordance with federal law.
b) CDC or SBA may use local or state procedures for purposes such as filing papers, recording documents, giving
notice, foreclosing liens, and other purposes. By using these procedures, SBA does not waive any federal immunity
from local or state control, penalty, tax or liability. No Borrower or Guarantor may claim or assert against SBA any
local or state law to deny any obligation of Borrower, or defeat any claim of SBA with respect to this Loan.
Any clause in this document requiring arbitration is not enforceable when SBA is the holder of the Note secured by this
instrument.
SBA FORM 1059 (10-86) 'U.S. Government Printing Office 1992 - 312-624/51734 Page 2
186
IN WITNESS WHEREOF, The undersigned has executed this AgreeM:ent at the place
and on the date and year set forth below. Executed on May' 10, 2001
at Kemmerer, Wyoming.
Mike M. Richins
~
ellie M. Richins G
SBA FORM 1059 (10-86)
'U.S. Government Printing Office 1992 - 312-624/51734 Page 3
187
Exhibit A
CERTIFICATION
I, Mike M. Richins and Nellie M. Richins certify that the
attached list of equipment is true and accurate, th4t all of the
equipment referred to in said list is located on property subject
to the 504 Loan, and that all of said equipment is owned by Mike
M. Richins and Nellie M. Richins dba Valley Hi Motel and is not
subject to any other liens or claims of any third panties, except
as provided in the authorization, and that said gquipment was
purchased with loan proceeds, and therefore Frontier Certified
Development Company, Inc. is a Purchase Money Lendor under the
provisions of the Wyoming Uniform Commercial Code.
Mike M. Richins
Neslllie M. RicHi
MAY-08-2001 10:55
0873zoz
MAIL BOXES ETC. 435 8~3 0499 P.02/03
Valley Iii Motel
Inventory
(as of 01-21.01)
1 1974 IMernatioaal Truck 4-wheel drive wi
th snow plow
1 wizard 42" dual blade riding lawn mower
y i /t
1 telephone At switch board syctem•
s
Assorted water hoses with sprinklers
2 roll-a-ways
1 patio table & 6 chairs
2 swing sets witb slide
I electric hi-way sign
2 electric entrance signs
I electric lobby sign
8 billboard hl-way signs
1 extension ladder
1 step ladder
3 washers
4 dryers
1 culligan water softener
1 lobby desk & lamp
l smell electric heater
2 meld carts with wheels
1 basket with wheels
Assorted interior & exterior paint
5 out-door wall mounted fire extinquishers
2 vacums
1 Hag & Hag pole h e ; ; ~ c
1 ice-macbiae
j
1 wall oven
1 reSdAvatCr
t dishweaher
1 jean air cook stove
2 apartment oeiling fans
1 garage door opener
1 now blower
21 rooms ready to reat with telephones,air-co
aditioners,Ws fully lmu shed(lincns 19 below)
sheets 458
~i case cups Assorted D W bulbs
blukets 44
''A case kleerux
bed spreads +46
h case toilet tissue
mattress pads 49
test liquid eaesigW
bath towels 144
'r5 cut vottzx
hand towels 128
~i case liquid shine j
wasb cloths 119
6 botdcs ut' r
bath meta 65
4S box toilet strips
shower curtains 33
1 case = liners
pillows 73
Va case hand soap
i
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