10/26/2004 Resolutions 2004-275
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RES 0 L UTI 0 N 2004-275
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated October 4,2002 and recorded on October 7,2002 as Instrument No. 0200210700, in the
amount of$12,053.00, secured by property located at 1122 East 9th Street and owned by Eleanor F.
Bennett, a single person, said property being described as follows:
Lot Seven (7), Lincoln View Estates Subdivision in the City of Grand Island, Hall
County, Nebraska.
WHEREAS, the City of Grand Island, is also the lender and secured party of a Deed
of Trust dated October 4,2002 and recorded on October 7,2002 as Instrument No. 0200210701, in
the amount of $9,000.00, secured by the same property; and
WHEREAS, Eleanor F. Bennett, a single person, wishes to execute a Deed of Trust
and Note in the amount of$60,00 1 with Full Spectrum Lending to be secured by the above-described
real estate; and
WHEREAS, the new lender, Full Spectrum Lending, Beneficiary, wishes to extend
the new loan secured by a Deed of Trust conditioned upon the City subordinating its Deeds of Trust
to their lien priority; and
WHEREAS, the value of the above-described real estate is sufficient to adequately
secure all three 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 agreements subordinating the lien priority of the above described Deeds of Trust from
Eleanor F. Bennett, a single person, to the City of Grand Island, as beneficiary to that of the new loan
and Deed of Trust of Full Spectrum Lending, Beneficiary, as more particularly set out in the
subordination agreements.
Adopted by the City Council of the City of Grand Island, Nebraska, October 26, 2004.
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RaNae Edwards, City Clerk
Approved as to Form l:t ..f)t? ~/
October 21, 2004 l:t City At 0 ey