05/25/2021 Resolutions 2021-124RESOLUTION 2021-124
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated July 8, 2014 and recorded on July 9, 2014, as Instrument No.201404164 respectively, in
the total amount of $20,000.00 secured by property located at 209 S. Cherokee Ave in Grand Island,
Nebraska and owned by Betti Dugger, said property being described as follows:
Lot Sixteen (16), in Copper Creek 3''d Subdivision, in the City of Grand Island, Hall
County, NE
WHEREAS Betti Dugger wishes to execute a Deed of Trust in the amount of
$107,600.00 with Wells Fargo Bank, N.A., 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 Betti
Dugger, to the City of Grand Island, as beneficiary to that of the new loan and Deed of Trust of
Wells Fargo Bank, N.A., Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, May 25, 2021
Roger Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form tt
May 24, 2021 tt Ci y Attomey