08/14/2007 Resolutions 2007-195
RESOLUTION 2007-195
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated June 29, 1994 and recorded on June 30, 1994, as Instrument No. 94-105664, in the
amount of $20,000.00, secured by property located at 310 East 6th Street and owned by Deborrah
Jeanne Scroggin n/k/a Deborrah Jeanne Krugman, said property being described as follows:
Lot Six (6), Block Four (4), Original Town, Grand Island, Hall County, Nebraska.
WHEREAS, Deborrah Jeanne Scroggin n/k/a Deborrah Jeanne Krugman wishes to
execute a Deed of Trust and Note in the amount of $28,000.00 with Advance Financial Services 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
Deborrah Jeanne Scroggin n/k/a Deborrah Jeanne Krugman, to the City of Grand Island, as
beneficiary to that of the new loan and Deed of Trust of Advance Financial Services, 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.
Margar Hornady, Mayor
Attest:
Paul Briseno, Deputy rty Clerk
Approved as to Form ~ P
August 13, 2007 c City Attorney