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Home My WebLink About871123and WHEN RECORDED RETURN TO: Greater Salt Lake Business District 2595 East 3300 South Salt Lake City, Utah 84109 871123 RECEIVED LINCOLN COUNTY CLERK 0 I Fri -2 PM I: 50 JE NNE WAGNER KEMME ER, WYOMING Assignment of Real Estate Lease and 13001(_ _`3 PR AGE: 1 1 5 Subordination Agreement This Assignment of Lease and Subordination Agreement is entered into by Jarp Capital, Inc. "Lessee David A. DeCoria and Roxanne A. DeCoria, husband and wife as tenants by the entireties "Lessor RECITALS A. Lessee has heretofore leased from Lessor by lease dated January 25, 2001 for a term of twenty years (the "Lease certain real property (the "Leased Premises known as 845 South Washington, Afton, Wyoming 83110 located in the County of Lincoln, State of WYOMING and described as follows: See Exhibit "A" which is attached hereto and incorporated herein by this reference. B. GREATER SALT LAKE BUSINESS DISTRICT and the SMALL BUSINESS ADMINISTRATION (jointly referred to as "Assignee have authorized the making of an SBA 504 Loan, Loan No. CDC 409936 40 06 -CAS, to Lessor in the amount of $82,000.00, due and payable on or before a time to be determined 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. ASSIGNMENT AND 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 and Lessor covenant and agree as follows: 1. Assignment of Lease as Collateral. a. Lessee, with the consent of Lessor, hereby assigns, transfers, and conveys the Lease unto Assignee, as security for the Loan, to have and to hold for and during the remainder of the term mentioned in the Lease, and all renewals and extensions of the Lease term as collateral for the Loan. b. Lessor, with the consent of Lessee, hereby assigns, transfers, and conveys the Lease unto Assignee, as security for the Loan, to have and to hold for and during the remainder of the term mentioned in the Lease, and all renewals and extensions of the Lease term as collateral for the Loan. 2. No Default. Lessee is not now in default in the performance of the Lease; and Lessee and Lessor will each perform the covenants and conditions required of them by the Lease for the term of the Loan and any extensions or renewals of it. So long as Lessee and Lessor are not in default of the Lease and not in default of the term of the Loan, Lessor shall be entitled to the lease payments. 3. Modification to Lease. Except as otherwise herein permitted, Lessee and Lessor will not, alone or by agreement between them, modify or terminate the Lease without consent of Assignee. Lessee and Lessor 91T `alelsa `1s01044 `1g8 IjE put Aut 14ptm 101410803 asuaZ a43 .iapun sig8p IIV •astari jo uopEutpiognS •6 •luauz0018T sttp mu! 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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 and delivered prior to execution, delivery and filing of the Lease and the same and as fully as if the Loan Documents had been joined in and executed by Lessee (as well as by each of the persons who in fact is a party to the Loan Document concerned). 10. This Agreement shall be binding upon and inure to the benefit of the personal representatives, successors and assigns of the parties hereto. Dated January 25, 2001. L SOR: -0- A 16(i 011(4 Roxanne A. DeCoria David A. DeCoria LESSEE: JARP CAPITAL, INC. By: kid A{ d e Roxanne A. 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