07/10/2018 Resolutions 2018-206�
RESOLUTION 2018-206
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated May 25, 2016 and recorded on September 29, 2016, as Instrument No.201606457, in the
amount of One-Hundred and Fifty-Nine Thousand and Two-Hundred Dollars and zero
Cents.($159,200), secured by property located at 116/118 West Third Street and owned by FAMOS
CONSTRUCTIONS INC., a Nebraska Corporation and THE CHOCOLATE BAR INC, aNebraska
coporation, said property being described as follows:
THE WESTERLY TWO THIRDS (W 2/3) OF LOT SIX (6), IN BLOCK FIFTY
FIVE (55), OF THE ORIGINAL TOWN, NOW CITY OF GRAND ISLAND, HALL
COLJNTY, NEBRASKA.
WHEREAS, FAMOS CONSTRUCTION INC, a Nebraska corporation, and THE
CHOCOLATE BAR, a Nebraska corporation wishes to execute a Deed of Trust and Note in the
amount of $125,000 with Pinnacle Bank, 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.
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 from
FAMOS CONSTRUCTION INC., a Nebraska corporation and THE CHOCOLATE BAR INC., a
Nebraska corporation to the City of Grand Island, as beneficiary to that of the new loan and Deed of
Trust of Pinnacle 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, 2018.
Attest:
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RaNae Edwards, City Clerk
Jere . Je en ayor
,
Approved as to Form tt
July 9, 2018 tt ity ttorney