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HomeMy WebLinkAbout903612WHEN RECORDED RETURN TO: Mountain West Small Business Finance 2595 East 3300 South Salt Lake City, Utah 84109 RECEIVED LINOOLN OOUN'I'Y CLERK 9 0 3 6 i 2 or., oc"r -8 3: 32. J !-'_.A f'4 N E WAGNER ADDENDUM TO LEASE AGREEMENT This Agreement is entered into August 31, 2004 hy and between Schwa~b_Limited Part- nership, a Wyoming limited partnership, Lessor, and Schwab Mortuary, Inc.-~, Lessee. RECITALS 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. -.3 ~p AGREEMENT Now, therefore, for the reasons recited above, and fi~r 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 of I'Ollt paid under the terms of the lease must be substantially the same as the debt service on the Third Party Lender Loan and the SBA 09026 2 0599 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 l~oan, 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 thc 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 thc 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: ~ab~General Partner By:  Partner ~. Sc~hwab, General LESSEE: SCHWAB MORTUARY, INC. By: ~ (/I~L/. Lee Schwab, President ,. t'0600 LEASE ADDENDUM NOTARY PAGE STATE OF Wyoming COLrNTY OF Lincoln ) '-SS. ) Expires February 9, 2005 The foregoing instrument was acknowledged before mc this August 31, 2004 by M. Lee Schwab and Terri L. Schwab, General Partners, Schwab Limited Partnership. Notary Public - STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) ~..(' :. ~ r '~ Expires February 9, 2005{1 The foregoing instrument was acknowledged before me this August 31, 2004 by M. Lee Sch- wab, President, Schwab Mortuary, Inc. N~t a-r y Public SBA 504 Loan No.- CDC 667084 40 07 CAS 06'0 & EXHIBIT A The land described in the foregoing document is located in Lincoln County, State of Wyoming and is described more particularly as: Parcel 1 Lot 5 of the Jepperson Subdivision, Lincoln County, Wyoming as described on the official plat thereof.