01/08/2008 Resolutions 2008-10RESOLUTION 2008-10
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July 1, 2005 and recorded on August 12, 2005, as Instrument No. 200507865, in the
amount of $25,000.00, secured by property located at 3324 North Homestead Drive and owned by
Douglas A. Boersen and Angela M. Boersen, husband and wife, said property being described as
follows:
Lot One (1) in Homestead Second Subdivision, Grand Island, Hall County,
Nebraska.
WHEREAS, Douglas A. Boersen and Angela M. Boersen wish to execute a Deed of
Trust and Note in the amount of $132,000.00 with to be secured by the above-
describedreal 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
Douglas A. Boersen and Angela M. Boersen, husband and wife, to the City of Grand Island, as
beneficiary to that of the new loan and Deed of Trust of ,Beneficiary, as more
particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska,. January 8, 2008.
Margaret Hornady, Mayor
Attest:
RaNae Edwards, City Clerk
Resolution #2008-10 was pulled from the January 8, 2008 City Council meeting
at the request of Joni Ruzma, Community Development Specialist.
Approved as to Form d
January 8, 2008 c City Attorney