08/08/2006 Resolutions 2006-217
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RES 0 L UTI 0 N 2006-217
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated December 31, 2002, and recorded on December 31, 2002, as Instrument No.
0200214703, in the amount of$12,500.00, and a separate Deed of Trust dated December 31,2002,
and recorded on December 31,2002, as Instrument No. 0200214704, in the amount of$9,000.00,
secured by property located at 1115 East 9th Street and owned by Victor M. Henriquez and Gina A.
Henriquez, husband and wife, said property being described as follows:
Lot Nine (9), Lincoln View Estates Subdivision in the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Victor and Gina Henriquez wish to execute a Deed of Trust and Note in
the amount of$66,104.69 with Wells Fargo Bank, N.A. to be secured by the above-described real
estate conditioned upon the City subordinating its two Deeds of Trust to its lien priority; and
WHEREAS, the value of the above-described real estate is sufficient to adequately
secure all the 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
Victor M. Hemiquez and Gina A. Henriquez, husband and wife, 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, August 8, 2006.
Attest:
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RaNae Edwards, City Clerk
Approved as to Form a
July 25, 2006