12/03/2002 Resolutions 2002-375
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RES 0 L UTI 0 N 2002-375
WHEREAS, the City of Grand Island, is the lender and secured party of a Note and
Real Estate Lien dated December 15, 2000 and recorded on December 15,2000 as Instrument No.
0200010899 secured by property owned by Kimberly S. Anderson, said property being described as
follows:
Lots 1, Lincoln View Estates Subdivision, in the City of Grand Island, Hall County,
Nebraska.
WHEREAS, Kimberly S. Anderson wishes to execute a Deed of Trust and Note in the
amount of$56,300 with United Nebraska Bank to be secured by the above-described real estate; and
WHEREAS, the new lender, United Nebraska 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 Kimberly S. Anderson, to the City of Grand Island, as beneficiary to that ofthe new loan
and Deed of Trust of United Nebraska Bank, Beneficiary, as more particularly set out in the
agreement.
Adopted by the City Council of the City of Grand Island, Nebraska on December 3,2002.
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RaNae Edwards, City Clerk
Approved as to Form 0 ~
November 27, 2002 0 City Attorney