04/22/2003 Resolutions 2003-121
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RESOLUTION 2003-121
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated April 28, 1994 and recorded on April 28, 1994 as Instrument No. 94-103476 secured by
property owned by David E. Zavala, said property being described as follows:
The Westerly Seventy (70.0) feet of Lot Two Hundred Forty (240), West Lawn
Addition to the City of Grand Island, Hall County, Nebraska.
WHEREAS, David E. Zavala, a single person, wishes to execute a Deed of Trust and
Note in the amount of $51,000 with Five Points Bank to be secured by the above-described real
estate; and
WHEREAS, the new lender, Five Points Bank, Beneficiary, wishes to extend the new
loan secured by a Deed of Trust conditioned upon the City subordinating its Deed of Trust 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 of the above described Deed of Trust from
David E. Zavala, to the City of Grand Island, as beneficiary to that ofthe new loan and Deed of Trust
of Five Points Bank, Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council ofthe City of Grand Island, Nebraska, April 22, 2003.
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RaNae Edwards, City Clerk
Approved as to Form g
April 17, 2003