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HomeMy WebLinkAbout903604WHEN RECORDED RETURN TO: Mountain West Small Business Finance 2595 East 3300 South Salt Lake City, Utah 84109 90360b RE'O£1V£D LINOOLN OOUNTY OLFRK OhO~T-8 PH 3:23 JEAtINE ADDE~~ TO LEASE AG~E~NT This Agreement is entered into August 31, 2004 by and between Sc.~hwgb Limited Part- nership, a Wyoming limited partnership, Lessor, and Schwab Mortuary, Inc., Lessee. RECITALS ' '" ,_.0..5 5 7 1 A. Lessor and Lessee have heretofore executed and entered into a certain Lease Agree- ment dated December 1, 2000 (the "Lease"). B. The Small Business Administration ("SBA") has authorized the guarantee of a deben- ture to be sold by Greater Salt Lake Business District in the amount of $107,000.00 to assist Lessor and Lessee pursuant to section 504 of the Small Business Investment Act of 1958, as amended (the "SBA Loan"). C. Lessor and Lessee desire to amend the Lease to satisfy all of the terms and conditions of the Loan Authorization and Guaranty Agreement for the SBA Loan. AGREEMENT Now, therefore, for the reasons recited above, and for other good and valuable consider- ation, the receipt and legal sufficiency of which is hereby acknowledged, Lessor and Lessee hereby agree as follows, anything to the contrary not withstanding: 1. The term of this Lease shall be equal to or longer than the term of the said SBA Loan. The monthly lease payment stated in this Lease shall continue in the same monthly amou- nt stated in the Lease throughout the term herein stated. 2. Lessor and Lessee hereby assign, set over, and transfer to the Small Business Admin- istration and Mountain West Small Business Finance all of their right, title, and interest in and to this Lease, as security for said SBA Loan. 3. Lessor and Lessee hereby agree to maintain exactly the present ownership of both entities (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. 4. Lessor and Lessee agree that the amount t~l' rent paid under the terms of the lease must be substantially the same as the debt service on thc Third Party Lender Loan and the SBA o oa¢;o4 ': 0572 504 Loan together with an amount necessary to cover taxes and assessments, utilities and insur- ance 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 operat- ing 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 described. 5. The demised premises which is the subject of the Lease consists of all of those pre- mises and real property purchased in connection with the SBA 504 Loan and Authorization referenced above notwithstanding anything to the contrary in the Lease. In the event there is more than one operating company under the terms of the SBA Loan, the demised premises which is the subject of the Lease, when combined with the demised premises under the terms of the leases between Lessor and those other operating companies identified in the SBA Loan Authorization, consists of all of those premises and real property purchased in connection with the SBA 504 Loan and Authorization referenced above notwithstanding anything to the contrary in the Leases. DATED August 31, 2004. LESSOR: SCHWAB LIMITED PARTNERSHIP By: ~ '~.~L~e Schwab, General Partner By: ~Ter~ C. Schwab, General Partner LESSEE: SCHWAB MORTUARY, INC. By: M. ~ent (;0573 LEASE ADDENDUM NOTARY PAGE STATE OF Wyoming COUNTY OF Lincoln The foregoing instrument was acknowledged before mc this August 31, 2004 by M. Lee Schwab and Terri L. Schwab, General Partners, Schwab Limited Partnership. l~tary Pub'lic STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) L, ,.: hi ~..!?~.~: Wyoming ~__~.i,i.~ ,.,~, .,c,n Expires Februaw 9, 2005 The foregoing instrument was acknowledged before me this August 31, 2004 by M. Lee Sch- wab, President, Schwab Mortuary, Inc. N'~tary Public o oa6o SBA $04 Lo~n No.: CDC 667084 40 07 CAS -.-0574 EXHIBIT A The land described in the foregoing document is located in Lincoln County, State of Wyoming and is described more particularly as: Parcel 2 That part of Lot 2 of Block 20 of the Original Townsite of Afton, Lincoln County, Wyoming, it being the intent to more correctly describe part of that tract of record in the Office of the Clerk of Lincoln County in Book 344PR on page 244, as follows: Beginning at the northeast corner of said Lot 2; thence N 88014'04" W, 80.0 feet, along the north line of said LOt 2, to a corner; thence S 01045'56" W, 61.9 feet to a corner; thence N 88.°14'04" W, 2.5 feet, to the southeast corner of that tract of record in said Office in Book 332PR on page 24; thence S 01045'56" W, 66.3 feet along the east line of those tracts of record in said Office in Book 155PR on page 342 and in Book 261PR on page 342, to the southeast corner of said tract in Book 342; thence S 88014'04'' E,'82.5 feet, along the north line of that tract of record in said Office in Book 338PR on page 37, to a point on the east line of said Lot 2; thence N 01045'56'' E, 128.2 feet, along said east line, to the corner of beginning.