05/08/2007 Resolutions 2007-106RESOLUTION 2007-106
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated May 19, 2005, in the amount of $20,000.00, secured by property located at 510 East 4t''
Street and owned by Danny and Sarah Anson, husband and wife, said property being described as
follows:
Lot Six (6), Block Twenty-Six (26), Original Town, City of Grand Island, Hall
County, Nebraska.
WHEREAS, Danny and Sarah Anson wish to execute a Deed of Trust and Note in the
amount of $35,200.00 with Wells Fargo Home 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
Danny and Sarah Anson, husband and wife, to the City of Grand Island, as beneficiary to that of the
new loan and Deed of Trust of Wells Fargo Home Mortgage, Beneficiary, as more particularly set
out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, May 8, 2007.
Margar Hornady, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form a ~:.~ )~ ~ :i
July 25, 2006 a City Attorney
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