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HomeMy WebLinkAbout906621WHEN RECORDED RETURN TO: Mountain West Small Business Finance 2595 East 3300 South. Salt Lake City, Utah 84109 RECEIVED 2/22/2005 at 1:54 PM RECEIVING # 906621 BOOK: 579 PAGE: 392 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY Real Estate Lease Subordination Agreement This Subordination Agreement is entered into by Jim Wheeler Physical Therapy Services, LLC ("Les- see") for the benefit of Greater_~r_Salt Lake Business District ("GSLB") and its successor in interest, the Small Business Administration ("SBA"). RECITALS A. Lessee has heretofore leased from Star Valley Wellness, LLC ("Lessor") by lease dated September 24, 2004 for a term of twenty years (the "Lease") certain real property (the "Leased Premises") known as 124 Peterson Parkway, Thayne, Wyoming 85127, located in the County of Lincoln, State of Wyoming and de- scribed 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-740760 40 02 CAS, to Lessor in the amount of $298,000.00, 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 (or 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 $298,000.00 and security instruments related to the Loan, including without limitation the Promissory Note, Deed 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 Documents or the Loan. The Lease Rights, together with any 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 if 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 October 29, 2004. LESSEE: JIM WHEELER PHYSICAL THERAPY SERVICES, LLC Sandra E. Wheeler, Member , Member B y: ,~--~t..~,~ c..XL_) An~la D. Jeske, Member 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 W~der Physical Therapy Ser- t{ County of 11~,'1~ State of ii Lincoln ~ Wyoming ~,~,~ _.,.My .... Commiss on Expires July 8, 200691{ SBA 504 Loan No.: CDC-740760 40 02 CAS EXHIBIT 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 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~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.