04/23/2019 Resolutions 2019-145�
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RESOLUTION 2019-145
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated N1ay 25, 2016 and recorded on September 29, 2016, as Instrument Noo201606457, 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 5treet and owned by FAMOS
CONSTRUCTIONS INC., a Nebraska Corporation and THE CHOCOLATE BAR INC, a Nebraska
coaporation, said property being described as follows:
THE �JVESTERLY TWO THIRi7S (W 2/3) OF LOT �IX (6), IN BLOCK ���'iY
FIVE �55), OF THE ORIGINAL TOWN, NOW CITY OF GRAND ISLAND, HALL
COUNTY, 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 $60,000 with Pinnacle Bank, to be secured by the above-described real estate conditioned
u�on the City subordinating its Deed of Trust to their lien priority; and
�IJHEREAS, 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.
NOVV, THEREFORE, �E Ii RESOL�ED BY THE MAYOR ANI7 C�UNCIL OF
THE CIT�' 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.
�dopted by ihe City Council of the City o� Grand Is1_and, Nebraska, Apri123, 2019.
Attest:
is�l l� - S .d�[ t,�
RaNae Ea�vards, City Clerk
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er G. Steele, Mayor
Approved as to Form tt
April 22, 2019 � ity orney