05/25/2004 Resolutions 2004-124
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RES 0 L UTI 0 N 2004-124
WHEREAS, the City of Grand Island, is the lender and secured party of a Real Estate
Lien dated April 3, 1990 and recorded on September 13, 1990 as Instrument No. 90-105295 secured
by property located at 512 East 11 th Street and owned by Paul D. Allen and Jeanne E. Allen, husband
and wife, said property being described as follows:
Lot Eight (8), Block Thirty Six (36), Wheeler's Addition to the City of Grand Island,
Hall County, Nebraska.
WHEREAS, Paul D. Allen and Jeanne E. Allen, husband and wife, wish to execute a
Deed of Trust and Note in the amount of$36,250 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 Real Estate
Liens to their lien priority; and
WHEREAS, the value ofthe 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; and
WHEREAS, Paul D. Allen and Jeanne E. Allen, husband and wife, agreed to a
Subordination Agreement with the City on February 15, 2002 pertaining to their present financing
against such property; and
WHEREAS, such Subordination Agreement may be released with the approval and
recording with the Hall County Register of Deeds of a subsequent Subordination Agreement.
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
Paul D. Allen and Jeanne E. Allen, husband and wife, to the City of Grand Island, as beneficiary to
that of the new loan and Deed of Trust of United Nebraska Bank, Beneficiary, as more particularly
set out in the subordination agreement.
BE IT FURTHER RESOLVED, that the Subordination Agreement dated February 15,
2002 and recorded on March 4, 2002 as Instrument No. 0200202425, between the City of Grand
Island and Paul D. Allen and Jeanne E. Allen, husband and wife, is hereby released.
Adopted by the City Council of the City of Grand Island, Nebraska, May 25,2004.
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RaNae Edwards .