03/22/2011 Resolutions 2011-65RESOLUTION 2011 -65
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated November 22, 2004 and recorded on November 23, 2004, as Instrument
No.0200411385, in the amount of $13,900.00, secured by property located at 322 E. 10th Street and
owned by Rafael Esquivel and Cecilia Esquivel, husband and wife, said property being described as
follows:
Lot One (1), H. A. Subdivision, in the City of Grand Island, Hall County, Nebraska.
WHEREAS, Rafael Esquivel and Cecilia Esquivel wish to execute a Deed ofTrust and
Note in the amount of $45,450.00 with Wells Fargo Bank, N.A., 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
Rafael Esquivel and Cecilia Esquivel, husband and wife, to the City of Grand Island, as beneficiary to
that of the new loan and Deed of Trust of Wells Fargo Bank, N.A., Beneficiary, as more particularly
set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, March 22, 2011.
Attest:
QOD04-- u�o�
RaNee Edwards, City Clerk
i:
Approved as to Form Q -
March 21, 2011 a City Attorney