HomeMy WebLinkAbout889620WHEN RECORDED RETURN TO:
Greater Salt Lake Business District
2595 East 3300 South
Salt Lake City, Utah 84109
889620
BO0 Si9 4 Lease
REOEIVED
LINOOLN COUNTY OLERK
1. The Parties and The Property. HG_~oup LLC, a Wyoming limited liability company ,
hereinafter referred to as "Lessor", hereby leases to Wy_o~sj Designs II, Inc: hereinafter referred to as "Les-
see" all those premises situate lying and being in the~ounty of Lincoln State of Wyoming, commonly known as
101352 South U.S. Highway 89, Thayne, WY 83127 and more particularly described in Exhibit "A" which is
attached hereto and incorporated herein by this reference (the "Property").
2. The Term. TO HAVE AND TO HOLD the Property, together with the appurtenances, unto the
Lessee for a term of approximately twenty (20) years commencing April 22, 2003, for and during the latest of
April 22, 2023 or until the SBA 504 Loan under SBA Loan Authorization No. CDC-540691 40 00-cAs is paid in
full.
3. The Lease Payment. Lessee covenants and agrees to pay Lessor a lease payment in the sum of
$5,165.00 on the first day of each month during the term of this Lease provided, however, that the amount of rent
paid must be substantially the same as the debt service on the Third Party Lender Loan and the SBA 504 Loan
together with an amount necessary to cover taxes and assessments, utilities and insurance and a repair/replacement
reserve. The lease payment shall be reduced to the extent that it is in excess of the amount needed to meet the debt
service and expenses. In the event there is more than one operating company under the terms of the SBA Loan, the
lease payments of all operating companies shall be considered together and shall be reduced, pro rata, in the event,
when considered together, they are in excess of amount needed to meet the debt service and expenses above de-
scribed.
4. The Return of the Property. Lessee further agrees to deliver up to Lessor at the expiration of
said term in as good order and condition as when the same were entered upon by Lessee, reasonable use and wear
thereof and damage by the elements excepted.
5. No Sublease or Assignment. The Lessee will not let, underlet, assign the Property, or any part
thereof, without the prior written consent of Lessor, which consent will not be unreasonably withheld.
6. Default/Remedies. And Lessee further covenants and agrees that if any monthly lease pa~/ment or
any part thereof shall be unpaid for 20 days after the same shall become due; or if default in any of the covenants
herein contained to be kept by Lessee is not cured within 20 days from written notice, or if Lessee shall vacate such
premises, Lessor may elect, without notice or legal process, to re-enter and take possession of the Property and
every and any part thereof and re-let the same and apply the net proceeds so received upon the amount due or to
become due under this lease, and Lessee agrees to pay any deficiency.
7. Utilities, Taxes and Insurance. Responsibility for utilities, taxes and insurance shall be as
indicated [Lessee responsible for (T), Lessor responsible for (L)]:
Power_T_T, Heat_T_T, Water_T_T, Sewer_T_T, Telephone_T_T, Real Property Tax_T_T,
Personal Property Tax_T_T, Fire Insurance on Personal Property T, Glass Insur-
ance~T, Others:
None
8. Maintenance and Repair. Responsibility for the maintenance and repair of the Property shall be
as indicated [Lessee responsible for (T), Lessor responsible for (L)]:
Roof L , Exterior Walls._b_L, Interior Walls L , Structural Repair L , Interior
Decorating T_T__, Exterior Painting_~_, Yard Surfacing_L_L, Plumbing EquipmentL
, Heating and Air Conditioning Equipment._b_L, Electrical Equipment__b_L, Light
Globes and Tubes~T, Glass Breakage_T_T, Trash Removal_T_T, Snow RemovalT
, Janitorial T , Others:
None
423
9. Negligence. Each party shall be responsible for losses resulting from negligence or misconduct of
himself, his employees or invitees.
10. Lessor's Lien. Furniture, furnishings and personal property of Lessee may not be removed from
the premises until all lease payments and other charges are fully paid, and Lessor shall have a lien upon said
personal property until the same are paid in full.
11. Attorney's Fees and Collection Costs. In case of failure to faithfully perform the terms and
covenants herein set forth, the defaUlting party shall pay all costs, expenses, and reasonable attorneys' fees resulting
from the enforcement of this agreement or any right arising out of such breach.
12. SBA Loan Requirements. In consideration of SBA Loan No. CDC-540691 40 00-CAS, Lessor
and Lessee agree as follows, anything to the contrary notwithstanding:
(a) The term of this Lease shall be equal to or longer than the term of the said SBA Loan;
(b)
Lessor and Lessee hereby assign, set over, and transfer to the Small Business Administration and
Deseret Certified Development Company all of their right, title, and interest in and to this Lease,
as security for said SBA Loan; and
(c)
Lessor and Lessee hereby agree to maintain exactly the present ownership (both identity of owners
and percent of ownership) during the entire term of said SBA Loan except for ownership changes
of up to 5 per cent beginning six months after the SBA 504 Loan closes.
13. No Other Agreements. This agreement supercedes and replaces any and all previous lease
agreements between the parties; and said previous lease agreements are hereby canceled by the mutual consent of
the parties.
This Lease is executed and effective April 22, 2003.
LESSOR:
HGRR Group LLC
Harry. Talermo, Manager
By: '- / ..--<7....~/~',~._ ,~.~f/---''~'- .......
~_~;y~ond E. D~mecq~anager
LESSEE:
By:
WYOMING WEST DESIGNS II, INC.
alenno, President '
LEASE NOTARY PAGE
424
STATE OF Wyoming
COUNTY OF Lincoln
)
:SS.
)
The foregoing instrument was acknowledged before me this April 22, 2003 by Harry V. Talermo
and
Raymond E. Domecq, Managers, HGRR Group LLC.
County of State of
Lincoln Wyoming
My Commission Expires July 8, 2008
STATE OF Wyoming
COUNTY OF Lincoln
)
.'SS.
)
The foregoing instrument was acknowledged before xne this April 22, 2003 by Harry V. Taler-
mo, President, Wyoming West Designs II, Inc.
STEVEN A. HARTWEL,~Notary Public
County of ~,;~,,~ State
Lincoln I~ Wyomir,~
My Commission Expires Jul,,,
SBA 504 Loan No.' CDC-540691 40 00-CAS
425
EXIHBIT A
The land described in the foregoing document is located in Lincoln County, State of Wyoming and is
described more particularly as:
That part of the SE1/4SW1/4 of Section 11, T34N~ RllgW, Lincoln
County, Wyoming, it being the intent to more correctly describe
that tract of record in the Office of the Clerk of Lincoln
County in Book 360 of Photostatic Records on Page 1005, as
follows:
BEGINNING at the intersection of the south line of said
SE1/4SW1/4 and the easterly right-of-way line of U.S. Highway
89, N89°50'06.E, 10.92 feet from the southwest corner of said
SE1/4SW1/4;
thence N89°S0'06,,E, 338.91 feet, along said south line, to a
pipe,
thence N01°06'44"W, 198.03 feet to a point;
thence S89°50'06,'W, 337.06 feet, along a line parallel with
said south line, to a point on said easterly right-of-way line;
thence S00°34'33,,E, 198.01 feet, along said right-of-way line
to the POINT OF BEGINNING
the base bearing for this survey is the south line of the SW1/4
of Section 11, T34N, RllgW, being N89°50'06,,E;
each "corner" found described in the Corner Record filed in the
Office of the Clerk of Lincoln County,
each "pipe" marked by a 1" black iron pipe with a yellow
plastic cap inscribed "PE/LS 698";
each "point" marked by a 5/8 X 24" steel reinforcing rod with a
2" aluminum cap inscribed "SURVEYOR SCHERBEL LTD AFTON WY PLS
5368", with appropriate details
all in accordance with the plat prepared to be filed in the
Office of the Clerk of Lincoln County titled, "PLAT OF TRACTS
ANDBOUNI)ARy ADJUSTMENTS FOR SRS DEVELOPMENT WITHIN THE
SE1/4SW1/4 SECTION 11, T34N, RllgW, LINCOLN COUNTY, WYOMING."
dated August 1998