03/24/2009 Resolutions 2009-69RESOLUTION 2009-69
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated May 15, 2000, in the amount of $15,435.94, secured by property located at 1232 Warren
Lane and owned by Kristie Lee Pederson, a single person, said property being described as follows:
Lot Six (6), Houghkirk's Subdivison to the City of Grand Island, NE.,
Hall County, aka 1232 Warren Lane
WHEREAS, Kristie Lee Peterson, aka Kristie Lee Pederson, wishes to execute a Deed
of Trust and Note in the amount of $64,102.00 with U.S. Bank Home Mortgage (Mortgage
Electronic Registration Systems) 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.
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
Kristie Lee Pederson, a single person, to the City of Grand Island, as beneficiary, as more particularly
set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, March 24, 2009.
Margaret ornady, Mayor
Attest:
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RaNae Edwards, City Clerk
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Approved as to Form ~
March 23, 2009 n City Attorney