07/11/2006 Resolutions 2006-193
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RES 0 L UTI 0 N 2006-193
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July 1, 2005 and recorded on July 11, 2005 as Instrument No. 0200506249, in the
amount of $22,564.00, secured by property located at 622 W. ih Street and owned by Brenda L.
Hack, a single person, said property being described as follows:
Lot Six (6), Block Sixteen (16), H.G. Clarks Addition to the City of Grand Island,
Hall County, Nebraska.
WHEREAS, Brenda Hack wishes to execute a Deed of Trust and Note in the amount
of$36,880 with Wells Fargo Bank, N.A. 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
Brenda L. Hack, a single person, to the City of Grand Island, as beneficiary to that of the new loan
and Deed of Trust of Wells Fargo Bank, N.A., Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, July 11,2006.
Attest:
---Ro.noL ffi {JL~
RaNae Edwards, City Clerk
Approved as to Form tI ~S
July 6, 2006 tI City Attorney