03/27/2000 Resolutions 2000-100
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RES 0 L UTI 0 N 2000-100
WHEREAS, the City of Grand Island, is the lender and secured party of a Note and
Real Estate Lien dated June 19, 1996 and recorded on July 18, 1996 as Document No. 96-105608
secured by property owned by Ira L. Simons and Lorraine Simons, said property being described as
follows:
Lots 10, 11, and 12, Block 15, in Meth's Addition to the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Ira and Lorraine Simons wish to execute a Deed of Trust and Note in
the amount of $26,000 with First Federal Lincoln Bank to be secured by the above-described real
estate; and
WHEREAS, the new lender, First Federal Lincoln Bank, Beneficiary, wishes to
extend the new loan secured by a Deed of Trust conditioned upon the City subordinating its Note
and Real Estate Lien to their lien priority; and
WHEREAS, the value of the above-described real estate is sufficient to adequately
secure both loans.
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 ofthe above described Note and Real Estate
Lien from Ira L. Simons and Lorraine Simons, to the City of Grand Island, as beneficiary to that of
the new loan and Deed of Trust of First Federal Lincoln Bank, Beneficiary, as more particularly set
out in the agreement.
Adopted by the City Council of the City of Grand Island, Nebraska on March 27,2000.
Approved as to Form .., '-i5ii.v
March 24, 2000 ... I Y torney