06/10/2003 Resolutions 2003-166
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RES 0 L UTI 0 N 2003-166
WHEREAS, the City of Grand Island, is the lender and secured party of two Real
Estate Liens, one dated May 4, 1992 and recorded on June 4, 1994 as Instrument No. 92-104861, and
the second dated July 6, 1992 and recorded August 14, 1992 as Instrument No. 92-107078 secured
by property owned by Bradley M. Allen, Sr. and Carrie L. Allen, husband and wife, said property
being described as follows:
Lot Six (6), Block Four (4), George Loan's Subdivision in the City of Grand Island,
Hall County, Nebraska.
WHEREAS, Bradley M. Allen Sr. and Carrie L. Allen wish to execute a Deed of
Trust and Note in the amount of$47,500 with Citifinancial to be secured by the above-described real
estate; and
WHEREAS, the new lender, Citifinancial, Beneficiary, wishes to extend the new loan
secured by a Deed of Trust conditioned upon the City subordinating its Real Estate Liens to their lien
priority; and
WHEREAS, the value of the above-described real estate is sufficient to adequately
secure all the 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 Real Estate Liens from
Bradley M. Allen Sf. and Carrie L. Allen, husband and wife, to the City of Grand Island, as
beneficiary to that of the new loan and Deed of Trust of Citifinancial, Beneficiary, as more
particularly set out in the subordination agreement.
Adopted by the City Council ofthe City of Grand Island, Nebraska, June 10,2003.
DDllO 9fltAJ~
RaNae Edwards, City Clerk
Approved as to Form V
June 5. 2003 ~ -City Attorney