04/11/2006 Resolutions 2006-116
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RESOLUTION 2006-116
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July 1, 2005 and recorded on August 12,2005 as Instrument No. 0200507865, in the
amount of $25,000.00, secured by property located at 3324 N. Homestead Drive and owned by
Douglas A. Boersen and Angela M. Boersen, husband and wife, said property being described as
follows:
Lot One (1), Homestead Second Subdivision in the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Douglas and Angela Boersen wish to execute a Deed of Trust and Note
in the amount of$143,000 with Franklin American Mortgage Company to be secured by the above-
described real estate conditioned upon the City subordinating its Deed of Trust to their lien priority;
and
WHEREAS, the value of the above-described real estate is sufficient to adequately
secure both loans.
WHEREAS, the requested subordination of the City's lien priority is in the best
interests of all parties.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized and directed to
execute an agreement subordinating the lien priority of the above described Deeds of Trust from
Douglas A. Boersen and Angela M. Boersen, husband and wife, to the City of Grand Island, as
beneficiary to that of the new loan and Deed of Trust of Franklin American Mortgage Company,
Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, April 11 , 2006.
Attest:
Do.\\lU <t.Q~
RaNae Edwards, City Clerk
Approved as to Form ,,'d:w6
April 6, 2006 " City Attorney
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