03/25/2014 Resolutions 2014-63 RESOLUTION 2014-63
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated December 31,2002 and recorded on December 31,2002,as Instrument No.200214704,
in the amount of$9,000.00 secured by property located at 1115 E. 9th Street and owned by Victor M.
and Gina A. Henriquez,married persons, said property being described as follows:
Lot Nine (9), Lincoln View Estates Subdivision, in the City of Grand Island, Hall
County,Nebraska.
WHEREAS,Victor M.Henriquez wishes to execute a Deed of Trust and Note in the
amount of $75,000.00 with Home Federal Savings and Loan Association, 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; and
WHEREAS, the requested subordination of the City's lien priority is in the best
interests of all parties; and
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
Victor M.and Gina A.Henriquez,married persons,to the City of Grand Island,as beneficiary to that
of Victor M. Henriquez, a single person and the new loan and Deed of Trust of Home Federal
Savings and Loan Association of Grand Island, Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council of the City of Grand Island,Nebraska, March 25, 2014.
J. V. cek, Mayer
Attest:
RaNae Edwards, City Clerk
Approved as to Form a IP..�
March 24,2014 n CI V.rney