12/04/2012 Resolutions 2012-352 RESOLUTION 2012-352
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated February 19,2009 and recorded on April 2,2009, as Instrument No.0200902434, in the
amount of$25,000.00, secured by property located at 515 E. 1st Street and owned by Hector R.
Vasquez &Beatrice R. Vasquez, Borrowers, said property being described as follows:
Lot Two (2), in Block Ninety-Five (95), in the Original Town, now City of Grand
Island, Hall County, Nebraska.
WHEREAS, Hector R. Vasquez & Beatrice R. Vasquez wish to execute a Deed of
Trust and Note in the amount of$28,702.00 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;
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
Hector R. Vasquez&Beatrice R.Vasquez,Borrowers,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, December 4, 2012.
,l;
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`' `f y V:vricek, Mayor
Attest:
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PCXC ae_ EAO Oarlig-a.,
RaNae Edwards, City Clerk
Approved as to Form a t
December 3,2012 0 City Wtorney