08/26/2014 Resolutions 2014-248 RESOLUTION 2014-248
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated September 17, 2008 and recorded on November 13, 2008, as Instrument
No.0200809416, in the amount of$24,697.34 secured by property located at 405 E. 3rd Street and
owned by Miguel A.Mendoza and Maria I.Mendoza,a married couple,said property being described
as follows:
Lot Four(4), Block Seventy(70), Original Town, now City Of Grand Island, Hall
County, Nebraska.
WHEREAS Miguel A. Mendoza & Maria I. Mendoza, wish to execute a Deed of
Trust in the amount of$43,000 with First National Bank of Omaha, to be secured by the above-
described real estate upon the subordination of the City's 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 Miguel
A. Mendoza and Maria I. Mendoza, a married couple,to the City of Grand Island, as beneficiary to
that of the new loan and Deed of Trust of First National Bank of Omaha, Beneficiary, as more
particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, August 26, 2014
a av 'cek, Mayor
Attest:
of--)C1s.- (A .,11.0,-- /
RaNae Edwards, City Clerk
Approved as to Form 0 1
August 25,2014 A City' rney