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WHEN RECORDED RETURN TO:
Greater Salt Lake Business District
2595 East 3300 South
Salt Lake City, Utah 84109
BOOK 5~1. ~(3} PR PAGE
889621
Real Estate Lease
Subordination Agreement
This Subordination Agreement is entered into by W_xoming W_est Designs II, Inc. ("Lessee") for the
benefit of Greater Salt Lake Business District ("GSLB') and its successor in interest, the Small Business
Administration ("SBA").
RECITALS
A. Lessee has heretofore leased from HGRR Group LLC ("Lessor") by lease dated April 22, 2003 for
a term of twenty years (the "Lease") certain real property (the "Leased Premises") known as 101352 U.S.
Highway 89, Thayne, WY 83127, 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-540691 40
00-CAS, to Lessor in the amount of $216,000.00, 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 $216,000.00 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 Doculnents or any of them, including all sums ad-
vanced or costs incurred as fees, expenses, disbursements, or charges in connection with the Loan Documents
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 April 22, 2003.
LESSEE:
WYOMING WEST DESIGNS II, INC.
Harry_5 Talermo, President
STATE OF Wyonfing
COUNTY OF Lincoln
)
:SS.
)
The foregoing instrument was. acknowledged before me this April 22, 2003 by Harry V. Talermo,
President, Wyoming West Designs II, Inc.
Notary Public
SBA 504 Loan No.: CDC-540691 40 00-CAS
EXHIBIT 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°50'06,,E, 338.91 feet, along said south line, to a
pipe,
thence N01°06'44,,W, 198'.03 feet to a point;
thence S89o50'06,,W, 337.06 feet, along a line parallel with
said south line, to a point on said easterly right-of-way line;
thence S00o34'33,,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
A_ND BOUNDARY ADJUSTMENTS FOR SRS DEVELOPMENT WITHIN THE
SE1/4SW1/4 SECTION 11, T34N, RllgW, LINCOLN COUNTY, WYOMING."
dated August 1998