01/25/2005 Resolutions 2005-31
I
I
I
RES 0 L UTI 0 N 2005-31
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated October 15, 1999 and recorded on October 19, 1999 as Instrument No. 0099110163, in
the amount of$15,240.00, secured by property located at 1216 Warren Lane and owned by Troy L.
Lehn and Cathy J. Lehn, husband and wife, said property being described as follows:
Lot Ten (10), Houghkirk Subdivision in the City of Grand Island, Hall County,
Nebraska.
WHEREAS, Troy and Cathy Lehn wish to execute a Deed of Trust and Note in the
amount of $66,000 with Major Mortgage to be secured by the above-described real estate; and
WHEREAS, the new lender, Major Mortgage, 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 ofthe 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 ofthe above described Deeds of Trust from Troy
L. Lehn and Cathy J. Lehn, husband and wife, to the City of Grand Island, as beneficiary to that of
the new loan and Deed of Trust of Major Mortgage, Beneficiary, as more particularly set out in the
subordination agreement.
Adopted by the City Council ofthe City of Grand Island, Nebraska, January 25,2005.
Q~~
RaNae Edwards, City Clerk
Approved as to Form J:l
January 20, 2005 J:l