08/08/2006 Resolutions 2006-212
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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 $3,383.33 as of August 8, 2006, secured by
property located at 715 North White Avenue and owned by Ronald R. 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$61 ,200.00 with Popular Financial Service, LLC 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 of the 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 Popular Financial Service, LLC, Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, Aug t 8, 2006.
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Attest:
Qr\~Q ~ULJ~
RaNae Edwards, City Clerk
Approved as to Form n ~S
July 25, 2006 n City Attorney
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