04/13/2021 Resolutions 2021-85RESOLUTION 2021-85
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.0201309408
respectively, in the total amount of $14,000.00 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
$82,000.00 with First National Bank of Omaha, 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 of Omaha, Beneficiary, as more particularly set out in the subordination agreement.
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Adopted by the City Council of the City of Grand Island, Nebraska, April 13, 2021
Rog G. Steele, ayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form tt
April 12, 2021 tt City Attorney