10/10/2006 Resolutions 2006-306
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RES 0 L UTI 0 N 2006-306
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July L 2005 and recorded on July 11, 2005 as Instrument No. 0200506249, in the
amount of $17,400.00, secured by property located at 622 West ih Street and owned by Brenda
Hack, a single person, said property being described as follows:
Lot Six (6), Block Sixteen (16), RG. Clarks Addition to the City of Grand Island,
Hall County, Nebraska.
WHEREAS. Brenda Hack wishes to execute a Deed of Trust and Note in the amount
of $37,473.58 with Wells Fargo Financial 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
Brenda Hack, a single person, to the City of Grand Island, as beneficiary to that of the new loan and
Deed of Trust of Wells Fargo Financial, Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, October 10, 2006.
Attest:
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RaNae Edwards, City Clerk
Approved as to Form n ~
July 25, 2006 n City Attorney
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