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HomeMy WebLinkAbout906617WHEN RECORDED RETURN T.O~--'" Greater Salt Lake Business District 2595 East 3300 Sou,th Salt Lake City, Utah 84109 RECEIVED 2/22/2005 at 1:50 PM RECEIVING # 906617 BOOK: 579 PAGE: 3'/8 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Lease 1. The Parties and The Property. Star Valley Wellness, LLC, a Wyoming limited liability company, hereinafter referred to as "Lessor", hereby leases to Courtney C. Cobbs O.D., P.C. hereinafter referred to as "Lessee", a portion of those premises situate, lying and being in the ~of Lincoln, State of Wyoming, commonly known as 124 Peterson Parkway, Thayne, Wyoming 8~127 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 October 29, 2004, for and during the latest of September 24, 2024 or until the SBA 504 Loan under SBA Loan Authorization No. CDC-740760 40 02 CAS is paid in full. 3. The Lease Payment. Lessee covenants and agrees to pay Lessor a lease payment in the sum of $ on the first day of each month during the term of this Lease provided, however, that the mount 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 described. 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 °r 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 payment or any part thereof shall be unpaid for 20 days after the same shall become due; or if default in any of the cove- nants 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, Water._T_T, Sewer~T, Telephone_T_T, Real Property Tax~T, Personal Property Tax~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 L , Interior Walls L , Structural Repair__~_L, Interior Decorating_T_T, Exterior Painting._L_.L, Yard Surfacing__L__L, Plumbing Equipment 0079 L__, Heating and Air Conditioning Equipment L , Electrical Equipment L , Light Globes and Tubes_T_T, Glass Breakage_T_T, Trash Removal_T_T, Snow Re- moval_T_T, Janitorial_T_T, OtherS: None 9. Neelieence. 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 result- ing 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-740760 40 02 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 Mountain West Small Business Finance 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 October 29, 2004. LESSOR: STAR VALLEY WELLNESS, LLC Wheeler, Member '~... By: Kenneth F. Cobbs and Courtn~ocable Trust, u/a/d 9/18/98, Member By: ~ Kenneth F.B. Cobbs, Trustee By: Co y C. Cobbs, Trustee LESSEE: COURTNEY C. COBBS O.D., P.C. By: o~~-~ C dent STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) The foregoing instrument was acknowledged before me this October 29, 2004 by Kenneth F.B. Cobbs, and Courtney C. Cobbs, Trustees, Kenneth F. Cobbs and Courtney C./Cobbs Revocable Trust, u/a/d 9/18/98, and Jimmy D. Wheeler, Members, St%Va)ley Wellness,~/L/~,.  L~,Notary Pt:bbc 'il Nota"-~Public / 11~'~ State o',  Wyom,'~r: IL My Commission Expires July .q ~_0: .¢ . STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) The foregoing instrument was acknowledged before me this October 29; 2004 by Courtney C. Cobbs, President, Courtney C. Cobbs O.D., P.C. ~,. ~ ~ $ r~v'::~ ~ '~'~EL~li~N°~il NOtary Public M-Y Commission Expires Jul, 8 2008 A~ SBA 504 Loan No.: CDC-740760 40 02 CAS EXi-IIRIT A The land described in the foregoing document is located in Lincoln County, State of Wyoming and is described more particularly as: ALSO, a portion of that certain parcel of land referred to in the Deed recorded in Book 379PR on page 643 with the Office of the Clerk of Lincoln County, Wyoming, within the NW~SE~ of Section 23, T34N ~llgW of the 6th P.M., located in the Town of Thayne,. Lincoln County, Wyoming being more particularly described as follows: BEGINNING at the Iron Pipe found marking a point in the Easterly line of said parcel, said Point being 879.67 feet East to a Magnetic PK Nail set at a point in the Center line of the Dana Street Right-of-Way and 40.39 feet S 7°28'21'' E from the Knowlton's B.L.M. type Monument marking the Northwest corner of said NW~SE~; thence S 7°28'21'' E, along the East line of said parcel, 178.05 feet to an Iron Pipe found; thence S 90° W 185.98 feet to an Iron Pipe found marking a point in the West Line for Village Parkway; thence N 0° E, along said West Line, 176.54 feet to an Iron Pipe found; thence N 90° E, 162.82 feet, to the POINT OF BEGINNING.