08/25/2015 Resolutions 2015-228 RESOLUTION 2015-228
WHEREAS,the City of Grand Island, is the lender and secured party of two Deeds
of Trust dated August 30, 2006 and February 26, 2008 and recorded on December 21, 2006 and
April 4,2008,as Instrument No.0200611282 and No. 0200802843 respectively,in the total amount
of$33,152.06 secured by property located at 254 S. Vine Street and owned by Shari Trompke, said
property being described as follows:
Lot 6, Block 4, Koehler Place, City of Grand Island, Hall County, Nebraska
WHEREAS Shari Trompke wishes to execute a Deed of Trust in the amount of
$58,000 with Cornerstone Bank of Maruqette,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 Shari
Trompke, to the City of Grand Island, as beneficiary to that of the new loan and Deed of Trust of
Cornerstone Bank of Marquette, Beneficiary, as more particularly set out in the subordination
agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, August 25, 2015
Jerem Jen en, yor
Attest:
, 2a,A,4,,,_-P.E---N 0,._
RaNae Edwards, City Clerk
Approved as to Form II /""
August 24,2015 a Cit omey