Loading...
HomeMy WebLinkAbout888611888611 RECITALS RECEIVED LINCOLN COUNTY CLERIC P f" C1 1 1 1%1 it WHEN RECORDED RETURN TO: 8 Greater Salt Lake Business District 1-' E 2595 East 3300 South O Salt Lake City, Utah 84109 H o BOOK 51 `1PR PAGE Real Lease z Subordination Agreement -0 n U n This Subordination Agreement is entered into by James Livingston D.D.S., P.C., a Wyoming Corpora 2 tion "Lessee for the benefit of Greater Salt Lake Business District "GSLB and its successor in interest, the e Small Business Administration "SBA A. Lessee has heretofore leased from James G. Livingston and Jeanelle E. Livingston "Lessor by lease dated February 1, 2003 for a term of twenty years (the "Lease certain real property (the "Leased Premises known as 800 S. Washington Street, 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. GSLBD and the SBA have authorized the making of an SBA 504 Loan, Loan No. CDC 567717 40 05 -CAS, to Lessor in the amount of $176,000.00, 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. 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 extensions or renew- als 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 GSLBD and the SBA represented by the SBA Note in the amount of $176,000.00 and security instruments related to the Loan, including without limitation the Promissory Note, Deed of Trust, Security Agreement and UCC Financ- ing 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 GSLBD 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 ad- vanced or costs incurred as fees, expenses, disbursements, or charges in connection with the Loan Documents b 8X01.1. 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 representatives, successors and assigns of the parties hereto. Dated February 1, 2003. LESSEE: JADES LIVINGSTON D.D.S., P.C. STATE OF l,lk COUNTY OF S6(4- Lo RE ent :ss. 530 The foregoing instrument was acknowledged before me this February 1, 2003 by James G. Livingston, President, James Livingston D.D.S., P.C., a Wyoming Corporation. Not Public Notary Pubiic Jane's F. Benton 2595 E 3300 S Salt Lake City, Utah My Commission E rp_ September 13. C 604 State NA-0K o8 8 i SBA 504 Loan No.: CDC 567717 40 05 -CAS The land described in the foregoing document is located in Lincoln County, State of Wyoming and is described more particularly as: The North 100 feet of Lot 11 of the Airport Addition to the Town of Afton, Lincoln County, Wyoming as described on the official plat thereof. EXHIBIT A 53.1