05/08/2012 Resolutions 2012-122RESOLUTION 2012-122
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated August 1 l, 2005 and recorded on August 12, 2005, as Instrument No.0200507886, in the
amount of $15,308.66 secured by property located at 1216 Warren Lane and owned by Joba Luz
Mencia-Zuniga, a single person, said property being described as follows:
Lot Ten (10), Houghkirk Subdivision, in the City of Grand Island, Hall County,
Nebraska.
WHEREAS, Joba Luz Mencia-Zuniga wishes to execute a Deed of Trust and Note in
the amount of $67,451.00 with Wells Fargo Bank, N.A., 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 Joba
Luz Mencia-Zuniga, a single person, to the City of Grand Island, as beneficiary to that of the new
loan and Deed of Trust of Wells Fargo Bank, N.A., 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:
�
RaNae Edwards, City Clerk
Approved as to Form a
May 8, 2012 a City ttorney