09/12/2006 Resolutions 2006-259
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RES 0 L UTI 0 N 2006-259
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated December 31, 2002 in the amount of$12,500.00 and $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 M. and Gina A. Henriquez wish to execute a Deed of Trust and
Note in the amount of$69,975.00 with Wells Fargo 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 ofthe above described Deeds of Trust from
Victor M. Henriquez 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, 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:
Yo..llD..L 9Dr ~Jar4-
RaNae Edwards, City Clerk
Approved as to Form C ~ ~
July 25. 2006 C City Attorney
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