Loading...
HomeMy WebLinkAbout906620WHEN RECORDED RETURN T.Q:-''' Mountain West Small Business Finance 2595 East 3300 South Salt Lake City, Utah 84109 RECEIVED 2/22/2005 at 1:52 PM RECEIVING # 906620 BOOK: 579 PAGE: 388 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY ADDENDUM TO LEASE AGREEMENT This Agreement is entered into October 29, 2004 by and between Star Valley Wellness, LLC, a Wyoming limited liability company, Lessor, and Jim Wheeler PhySiCal Therapy Ser- vices, LLC, Lessee. --- RECITALS A. Lessor and Lessee haVe heretofore executed and entered into a certain Lease Agree- ment dated September 24, 2004 (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 $298,000.00 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 of rent paid under the terms of the lease o o(i 2o 0 -3 8 9 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 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 October 29, 2004. LESSOR: STAR VALLEY WELLNESS, LLC '~~ D. Wheeler, Member ~.. By: Kenneth F. Cobbs and Courtney C. Cobbs Revocable Trust, u/a/d 9/18/98, Member Kenneth F.B. Cobbs, Trustee Courtney C. Cobbs, Trustee LESSEE: JIM WHEELER PHYSICAL THERAPY SERVICES, LLC x,._..Ji~y D. Wheeler, Member ~.... Sandra E. Wheeler, Member "'-IS~nielyeske, Member ) By: ~ember 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, S~r. Valley Wellness, LL.~. {{ STE~No;xty of ~ State~;C 11%N~Public STATE OF Wyoming COUNTY OF Lincoln ) :SS. ) The foregoing instrument was acknowledged before me this October 29, 2004 by Jimmy D. Wheeler, Sandra E. Wheeler, Daniel D. Jeske, and Angela D. Jeske, Members/Jim Physical Therapy 177ices' LLC' _Q~--~ ~~ .~, ~z~'--~~~ .wheeler N o-'tar~ Public ' County of ~1~ State of Lincoln ~t Wyoming II My Commission Expires J uly~_~.~;8~.I SBA 504 Loan No.: CDC-740760 40 02 CAS EXIqlBIT A The land described in the foregoing document is located in Lincoln County, State of Wyomiog 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 RllgW 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~XSE~; 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.