02/12/2008 Resolutions 2008-41RESOLUTION 2008-41
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated June 10, 1998 and recorded on June 12 1998, as Instrument No. 98-105677, in the
amount of $24,000.00, secured by property located at 610 East 12th Street and owned by Tony and
Kristy Casarez, husband and wife, said property being described as follows:
Lot Six (6), Block One (1), George Loan's Subdivision, in the City of Grand Island,
Hall County, Nebraska.
WHEREAS, Tony and Kristy Casarez wish to execute a Deed of Trust and Note in
the amount of $65,000.00.00 with Equitable Bank, 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
Tony and Kristy Casarez, husband and wife, to the City of Grand Island, as beneficiary to that of the
new loan and Deed of Trust of Equitable Bank, Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, February 12, 2008.
Margar t Hornady, Mayor
Attest:
RaNae Edwards, City Clerk
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Approved as to Form c '~r~
February 11, 2008 c CityAttorney