01/10/2000 Resolutions 2000-10
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RES 0 L UTI 0 N 2000-10
WHEREAS, the City of Grand Island, is the beneficiary of a Deed of Trust dated May
12, 1994 and recorded on May 13, 1994 as Document No. 94-104009 on property owned by Clifford
H. Nelson, said property being described as follows:
Lots Twenty Two (22) and Twenty Three (23), in Hawthorne Place, in the City of
Grand Island, Hall County, Nebraska.
WHEREAS, said Deed of Trust is security for a $20,000 loan which Mr. Nelson is
not obligated to repay if he continues to reside in such dwelling for a period of 15 years; and
WHEREAS, Mr. Nelson wishes to obtain a loan in the amount of $36,000 on the
house from Equitable Building and Loan Association; and
WHEREAS, the new lender, Equitable Building and Loan Association,
Beneficiary/Mortgagee wishes to extend the new loan secured by a Deed of Trust conditioned upon
the City subordinating its Deed of Trust; and
WHEREAS, an appraisal of the property resulted in a determined value of $56,000
on the property.
WHEREAS, the requested subordination 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 above described Deed of Trust from Clifford H. Nelson,
to the City of Grand Island, as beneficiary, as more particularly set out in the agreement.
Adopted by the City Council of the City of Grand Island, Nebraska on January 10,2000.
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Approved as to Form 0 ~
January 7, 2000 0 City Attorney