09/12/2006 Resolutions 2006-260
I
I
RES 0 L UTI 0 N 2006-260
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated February 23,2006 in the amount of $5,810.00, secured by property located at 1805
Freedom Drive and owned by Dean A. Bierhaus and Patricia D. Bierhaus, husband and wife, said
property being described as follows:
Lot 14, Freedom Acres Subdivision, Hall County, Nebraska, ID #400155478
WHEREAS, Dean A. and Patricia D. Bierhaus wish to execute a Deed of Trust and
Note in the amount of $102,000.00 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 ofthe above described Deeds of Trust from
Dean A. Bierhaus and Patricia D. Bierhaus, 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:
Qn.\\OL K)Ll'h~
RaNae Edwards, City Clerk
Approved as to Form tl .~
July 25, 2006 tl City Attorney
~~.<~-~~.