09/14/2021 Resolutions 2021-232RESOLUTION 2021-232
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated March 6, 2014 and recorded on March 7, 2014, as Instrument No.201401295
respectively, in the total amount of $20,000.00 secured by property located at 1023 Nebraska Ave in
Grand Island, Nebraska and owned by Scott Peters, said property being described as follows:
Lot Twenty Six (26), Fonner View Subdivision, in the City of Grand
Island, Hall County, NE
WHEREAS Scott Peters wishes to execute a Deed of Trust in the amount of
$100,000.00 with Equitable Bank, 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 of Scott
Peters, to the City of Grand Island, as beneficiary to that of the new loan and Deed of Trust Equitable
Bank, Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, September 14, 2021.
Roge . Steele, Mayor
Attest:
a� C�L
RaNae Edwards, City Clerk
Approved as to Form tt
September 13, 2021 tt Ci ttorney