07/25/2006 Resolutions 2006-212
I
I
RES 0 L UTI 0 N 2006-212
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July 1,1994, and recorded on July 5,1994, as Instrument No. 94-105774, in the amount
of$17,400.00, with a remaining balance owed of$3,480.00 as of July 25,2006, secured by property
located at 715 North White Avenue and owned by RonaldR. Aguilar, said property being described
as follows:
Lot Eleven (11) and the south five (5) feet of Lot Twelve (12), Block Three (3),
Lambert's Second Addition to the City of Grand Island, Hall County, Nebraska.
WHEREAS, Ronald R. Aguilar wishes to execute a Deed of Trust and Note in the
amount of $64,520.00 with Argent Mortgage to be secured by the above-described real estate
conditioned upon the City subordinating its Deed of Trust to his 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 ofthe above described Deeds of Trust from
Ronald R. Aguilar, to the City of Grand Island, as beneficiary to that of the new loan and Deed of
Trust of Argent Mortgage, Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, July 25,2006.
Jay Vavricek, Mayor
Attest:
RaNae Edwards, City Clerk
Resolution 12006-212 was pulled from the July 25, 2006 City Council Agenda
and will be brought back before the City Council at their August 8, 2006
meeting.
Approved as to Form C
July 25, 2006 C City Attorney
~., ,
....,_~'.~'d