03/23/2004 Resolutions 2004-66
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RES 0 L UTI 0 N 2004-66
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated October 28, 1999 and recorded on October 29, 1999 as Instrument No. 0099110511
secured by property owned by J oneIl Ann V ogt, a single person (now known as J oneIl Ann Wilsey),
said property being described as follows:
Lot Two (2), Block Twelve (12), Voitle's Addition to the City of Grand Island, Hall
County, Nebraska. .
WHEREAS, Jonell Ann Wilsey and Lloyd Wilsey, wife and husband, wish to execute
a Deed of Trust and Note in the amount of$51 ,400 with Commercial Federal Bank to be secured by
the above-described real estate; and
WHEREAS, the new lender, Commercial Federal 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
Jonell Ann Vogt (now known as Jonell Ann Wilsey) and Lloyd Wilsey, wife and husband, to the
City of Grand Island, as beneficiary to that ofthe new loan and Deed of Trust of Commercial Federal
Bank, Beneficiary, as more particularly set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, March 23,2004.
Q~OJL Wwo.N;1
RaNae Edwards, City Clerk
Approved as to Form
March 18, 2004