04/25/2017 Resolutions 2017-129RESOLUTION 2017-129
WHEREAS, the City of Grand Island as landlord and Wells Fargo Bank, N.A.
("Wells Fargo") as tenant are parties to a lease agreement whereby City leases to Wells Fargo ten
(10) parking stalls located immediately north of the Wells Fargo branch located at 304 West
Third Street; and
WHEREAS, the lease agreement was effective April 1, 2013 for a period of five
(5) years; and
WHEREAS, Wells Fargo is required by federal law and regulating agencies to
file a resolution plan with federal regulators to ensure the orderly resolution of the bank's assets
in case of material financial distress; and
WHEREAS, Wells Fargo's resolution plan requires that its leases be modified to
preclude automatic termination of the leases in case of insolvency, appointment of a receiver or
other resolution event involving Wells Fargo.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, that the modification of lease agreement
by and between the City of Grand Island and Wells Fargo providing for continuation of the lease
agreement notwithstanding the occurrence of a resolution event on the part of Wells Fargo,
should be and hereby is approved.
Adopted by the City Council of the City of Grand Island, Nebraska, Apri125, 2017.
Attest:
��O.Q. �.�C.
RaNae Edwards, City Clerk
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Approved as to Form �
April 24, 2017 � Attorney