The URL can be used to link to this page

Home My WebLink About972681195776 RECORDING REQUESTED BY: Bank of the West AND WHEN RECORDED MAIL TO: Bank of the West Attention: Beth Di Ramos 2527 Camino Ramon San Ramon, California 94583 965958/LA SPACE ABOVE THE LINE FOR RECORDER'S USE SUBORDINATION AGREEMENT RECEIVED 8/15/2013 at 4:19 PM RECEIVING 972681 BOOK: 818 PAGE: 77 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY This agreement, made this 14th day of August, 2013, is by and between Castlerock Dodge Chrysler Jeep, LC "Tenant and Bank of the West, a California banking corporation (hereinafter called the "Beneficiary'). WITNESSETH: WHEREAS, by a Lease Agreement dated as of August 1, 2013 (hereinafter referred to as the "Lease LINCOLN LAND DEVELOPMENT, LLC "Landlord leased and rented to Tenant certain premises (the "Premises located at 84 Sunbeam Drive, Alpine, Wyoming 83128 (the "Property a more particular description of which Property appears in Exhibit A attached hereto and by this reference made a part hereof; and WHEREAS, Landlord will borrow from or incur other payment or performance obligations and liabilities to Beneficiary and Tenant is a guarantor of such credit obligations to Beneficiary (the "Credit and the Beneficiary is unwilling to provide such Credit to Borrower unless the credit is secured, among other things, by a lien on the Property pursuant to a deed of trust from the Landlord for the benefit of Beneficiary (hereinafter referred to as the "Deed of Trust and WHEREAS, Tenant will benefit directly and indirectly from the credit extended by the Beneficiary to the Landlord; NOW THEREFORE, for and in consideration of the premises and of the mutual covenants and promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Tenant and the Beneficiary agree as follows: 1. The Lease and the rights of Tenant thereunder are and shall be subject and subordinate to the lien of the Deed of Trust and to all of the terms, conditions and provisions thereof, to all advances made or to be made thereunder, to the full extent of the principal sum and interest thereon from time to time secured thereby, and to any renewal, substitution, extension, modification or replacement thereof, including any increase in the indebtedness secured thereby or any supplements thereto. 2. In the event that the Beneficiary or any other person (the Beneficiary, any other such person and their successors and assigns being referred to herein as the "Purchaser acquires title to the Property pursuant to the exercise of any remedy provided for in the Deed of Trust or by reason of the acceptance of a deed in lieu of foreclosure, Tenant agrees that the Lease and any and all rights of Tenant thereunder shall immediately and permanently be terminated and of no further force or effect, regardless of whether Tenant is in default under the Lease or cures any default under the Lease, and, in such event, Beneficiary may, in its sole discretion, join Tenant as a party in any action by Beneficiary to enforce its rights under the Deed of Trust, this agreement or otherwise, including, without limitation, for purpose of terminating Tenant's interest under the Lease. 3. Tenant agrees that, from time to time at its own expense, it will promptly execute and deliver all further instruments and documents and take all further action that may be reasonably necessary or that Beneficiary may request in its discretion in order to enable Beneficiary to exercise and enforce its rights and remedies hereunder with respect to the Lease. 4. In no event shall the Trustee of the Deed of Trust, or the Beneficiary or any other Purchaser be: 5. Tenant agrees that it will not, without the prior written consent of the Beneficiary, do any of the following, and any such purported action without such consent shall be void as against the Beneficiary: 6. Tenant agrees to give Beneficiary copies of all notices of Landlord default(s) under the Lease in the same manner as, and whenever, Tenant shall give any such notice to Landlord. No such notice of default shall be deemed given to Landlord unless and until a copy of such notice shall have been so delivered to the Beneficiary. 7. Nothing contained herein shall prevent the Beneficiary from naming Tenant in any foreclosure or other action or proceeding initiated for the Beneficiary to avail itself of and complete any such foreclosure or other remedy. 8. The foregoing provisions shall be self- operative and effective without the execution of any further instruments on the part of either party hereto. 9. The agreements herein contained shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, successors -in- interest and assigns. 965958/LA (a) liable for any act or omission of any prior landlord, including the Landlord; (b) liable for the return of any security deposit; (c) subject to any offsets or defenses that the Tenant might have against any prior landlord, including the Landlord; (d) bound by any payment of rent or additional rent that the Tenant might have paid to any prior landlord, including the Landlord, for more than the current month; or (e) bound by any amendment or modification of the Lease made without the Beneficiary's (or such other Purchaser's) prior written consent. (a) amend or modify the Lease; (b) terminate the Lease; (c) tender or accept a surrender of the Lease or make a prepayment in excess of one month of rent thereunder; or (d) subordinate or permit subordination of the Lease to any lien subordinate to the Deed of Trust. -2- 0078 10. This agreement may not be modified other than by an agreement in writing signed by the parties hereto or their respective successors -in- interest. 11. If any dispute, claim, controversy or difference arises among the parties concerning this Agreement that must be determined by litigation or arbitration, then the substantially prevailing party shall be entitled, in addition to the other relief granted, to recover from the other party, or parties, its reasonable attorney fees and costs, including those incurred in connection with any bankruptcy or insolvency proceeding. 12. This agreement may be signed in counterparts. 13. If any term or provision of this Agreement shall to any extent be held invalid or unenforceable, the remaining terms and provisions hereof shall not be affected thereby, but each term and provision hereof shall be valid and enforceable to the fullest extent permitted by law. This Agreement shall be governed in accordance with the laws of California. 965958/LA [SIGNATURE PAGE FOLLOWS] 3 0 0 7 9 IN WITNESS WHEREOF, Tenant and the Beneficiary have caused this instrument to be executed as of the day and year first above written. TENANT: Castlerock Dodge Chrysler Jeep, LC By: 965958/LA T othy A. Allred, ana•er, Dealer BENEFICIARY: BANK OF THE WEST By: Wendi Reed, Vice President perator Signature Page Subordination Agreement 0080 IN WITNESS WHEREOF, Tenant and the Beneficiary have caused this instrument to be executed as of the day and year first above written. TENANT: Castlerock Dodge Chrysler Jeep, LC By: BENEFICIARY: BANK OF THE WEST By: 4 r endi Reed, ice President 965958/LA Timothy A. Allred, Manager, Dealer Operator Signature Page Subordination Agreement 0081 State of 0 County of On 1r- c2-0 3 before me, Notary Public, personally appeared who proved to me on the basis of satisfactory a dence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of that the foregoing paragraph is true and correct. Signature JILL H. LARSON County of Lincoln My Corrimis ion 965958/LA WITNESS my hand and official seal. NOTARY PUBLIC State of Wyoming xpii' s Juno 20, 2015 ACKNOWLEDGMENT Signature Page Subordination Agreement Id (insert name of notary) A (Seal) 0082 Signature 965958/LA On my hand and official se ACKNOWLEDGMENT State of I; I,rIrn,!a County of Ca ntm CD sea before me, &s ;e. V. 7/21; A 6 yr 1,4 (insert name of no Notary Public, personally appeared who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is /are subscribed to the within instrument and acknowledged to me that he /she /they executed the same in his /her /their authorized capacity(ies), and that by his /her /their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. Signature Page Subordination Agreement ESSIE V. TAITE Commission 1973968 Notary Public California z Contra Costa County My Co m. Expires Apr 1, 2016 0083 EXHIBIT A Property Description Lot 34 of Snake River Junction First Filing Second Amended, Lincoln County, Wyoming as described on the plat filed July 9, 2013 as Document No. 971889 in the Office of the Clerk of Lincoln County, Wyoming. 965958/LA EXHIBIT A -1- 0084