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HomeMy WebLinkAbout903606WHEN RECORDED RETURN TO: Mountain West Small Business Finance 2595 East 3300 South Salt Lake City, Utah 84109 RECEIVED LINCOLN COUNTY CLERK 9 0 3 6 0 G oct -8 PH 3: 2s Real Estate Lease Subordination Agreement JEANNE This Subordination Agreement is entered into by Sch.w~al? _Mortuary, Inc. ("Lessee") for the benefit of Great__..~e_r Salt Lake Business District ("GSLB") and its successor in interest, the Small Business Administration ("SBA"). RECITALS A. Lessee has heretofore leased from Schwab Limited Parmership ("Lessor") by lease dated Decem- ber 1, 2000 for a term of twenty years (the "Lease") certain real property (the "Leased Premises") known as Jepperson Subdivision Lot #5, Thayne, Wyoming, 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 667084 40 07 CAS, to Lessor in the amount of $107,000.00, 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 (OI' 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 $1(/7,000.00 and security instruments related to the Loan, including without limitation the Promissory Note, [)ced of Trust, Security Agreement and UCC Financing 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 advanced or costs incurred as fees, expenses, disbursements, or charges in connection with the Loan 0 0 606 '- 0579 Documents or the Loan. The Lease Rights, together with all)' 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 it' 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 August 31, 2004. LESSEE: SCHWAB~ By: ~ M~"~ee Schwab, President STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) The foregoing instrument was acknowledged before mc this August 31, 2004 by M. Lee Schwab, President, Schwab Mortuary, Inc.. ary Public~ - 053 0 SBA 504 Loan No.: CDC 667084 40 07 CAS EXtHBIT 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 88°14'04'' W, 80.0 feet, along the north line of said Lot 2, to a corner; thence S 01°45'56'' W, 61.9 feet to a corner; thence N 88014'04" W, 2.5 feet, to the southeast corner of that tract of record in said Office in Book 332PR on page 24; thence S 01o45'56" 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 88°14'04'' E,'82.5 feet, along ~he 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 01°45'56'' E, 128.2 feet, along said east line, to the corner of beginning.