08/11/2020 Resolutions 2020-189RESOLUTION 2020-189
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated September 6, 2013 and recorded on September 9, 2013, as Instrument NoA201307390
respectively, in the total amount of $20,000.00 secured by properry located at 114 Cherokee Ave and
owned by Tom and Cindy Tjaden, said property being described as follows:
Lot Eight (8), in Block `A', in Parkview Subdivision, in the City af Grand Island,
Hall County, NE
WHEREAS Tom and Cindy Tjaden wishes to execute a Deed of Trust in the amount
of $159,200.00 with Equita.ble Bank, to be secured by the above-described real esta.te 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 Ioans; and
WHEREAS, the requested subordination of the City's lien priority is in the best
interests of a11 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 Tom and
Cindy Tj aden, to the City of Grand Island, as beneficiary to that of the new loan and Deed of Trust of
Equitable Bank, Beneficiary, as more particularly set aut in the subordina.tion agreement.
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Adopted by the City Council of the City of Grand Island, Nebraska, August 1 l, 2020
Ro G. Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form �
August 10, 2020 � City Attorney