08/14/2007 Resolutions 2007-194
RESOLUTION 2007-194
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated March 10, 1986 and recorded on March 12, 1986, as Instrument No. 86-101197, in the
amount of $13,500.00, secured by property located at 107 East 7`~ Street and owned by Dennis A.
Gebers and Diane L. Gebers, husband and wife, said property being described as follows:
All of Lots Two (2) and Three (3), except the Southerly 33 feet of the westerly 25
feet of Lot Three (3), Block Six (6), Original Town, now City of Grand Island,
Nebraska, according to the record plat thereof.
WHEREAS, Dennis A. and Diane L. Gebers wish to execute a Deed of Trust and
Note in the amount of $44,800.00 with Charter West National Bank to be secured by the above-
described real estate conditioned upon the City subordinating its Deed of Trust to their lien priority;
and
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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
Dennis A. Gebers and Diane L. Gebers, husband and wife, to the City of Grand Island, as
beneficiary to that of the new loan and Deed of Trust of Charter West National Bank, Beneficiary, as
more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, August 14, 2007.
Margare Hornady, Mayor
Attest:
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Paul Briseno, Deputy City Clerk
Approved as to Form c 1
August 13, 2007 a CityAttorney