03/25/2008 Resolutions 2008-100RESOLUTION 2008-100
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. 0200507865, in the
amount of $25,000.00, secured by property located at 3324 N. Homestead Drive and owned by
Douglas A. Boersen and Angela M. Boersen, husband and wife, said property being described as
follows:
Lot One (1), Homestead Second Subdivision in the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Douglas and Angela Boersen wish to execute a Deed of Trust and Note
in the amount of $ $132,500.00 with Pathway 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
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 Pathway, Beneficiary, as more particularly
set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, March 25, 2008.
Margaret ornady, Mayor
Attest:
ttw~ls; City Clerk
Approved as to Form ~ 1. ~}'~ 3
March 25, 2008 ~ City Attorney