09/12/2006 Resolutions 2006-258
I
I
RES 0 L UTI 0 N 2006-258
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated January 14,2005 and recorded on January 14,2005 as Instrument No. 020050390, in the
amount of $13,500.00, secured by property located at 1208 E. 5th Street and owned by Galen
Williams and Rebecca Williams, husband and wife, said property being described as follows:
Fractional Lot Six (6), Block Fifteen (15), Lambert's Addition to the City of Grand
Island, Hall County, Nebraska and Fractional Lot Seven (7), except the westerly
Thirteen and Two Tenths (13.2) feet thereof, and all of Fractional Lot Eight (8),
Block Eight (8), Evans Addition to the City of Grand Island, Hall County, Nebraska.
WHEREAS, Galen and Rebecca Williams wish to execute a Deed of Trust and Note
in the amount of$63,000.00 with New Century Mortgage 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
Galen Williams and Rebecca Williams, husband and wife, to the City of Grand Island, as beneficiary
to that of the new loan and Deed of Trust of New Century Mortgage, Beneficiary, as more
particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, September 12,2006.
Attest:
DD~ ~Q(A~
RaNae Edwards, City Clerk
Approved as to Form c-rns
July 25, 2006 C City Attorney