05/08/2012 Resolutions 2012-121RESOLUTION 2012-121
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated May 16, 2001 and recorded on May 18, 2001, as Instrument No.0200104667, in the
amount of $9,000.00, secured by property located at 917 Lambert Street and owned by Cuong Xuan
Nguyen and Hang Ngoc Ho, now divorced, said properiy being described as foilows:
Lot Three (3), Lincoln View Estates Subdivision, in the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Cuong Xuan Nguyen wishes to execute a Deed of Trust and Note in the
amount of $50,000.00 with Home Federal Savings and Loan Assn., 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.
WHEREAS, the City Attorney's office has reviewed and approved the proposed
agreement.
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
Cuong Xuan Nguyen and Hang Ngoc Ho, now divorced, to the City of Grand Island, as beneficiary
to that of the new loan and Deed of Trust of Home Federal Savings and Loan, Beneficiary, as more
particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, May 8, 2012.
Attest:
(1�.. ��
RaNae Edwards, City Clerk
Approved as to Form p
May 8, 2012 a Cit orney