05/10/2016 Resolutions 2016-110RESOLUTION 2016-110
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated November 27, 2013 and recorded on December 2, 2013, as Instrument
No.0201309408and No. 0200802843 respectively, in the total amount of $33,152.06 secured by
property located at 236 S. Plum Street and owned by Lois Stade, said property being described as
follows:
Lot Four (4), Block Two (2), Koehler Place, an Addition to the City Of Grand Island,
Hall County, Nebraska.
WHEREAS Lois Stade wishes to execute a Deed of Trust in the amount of $57,000
with First National Bank, 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.
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 Lois
Stade, to the City of Grand Island, as beneficiary to that of the new loan and Deed of Trust of First
National Bank, Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, May 10, 2016
Attest:
1'� W 1� 1�.ck.�•aJ�1J �ty�i
RaNae Edwards, City Clerk
Jer . Je sen yor
Approved as to Form tt
May 9, 2016 tt ity rney