06/28/2005 Resolutions 2005-190
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RES 0 L UTI 0 N 2005-190
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated January 2, 1997 and recorded on January 3, 1997 as Instrument No. 97-100085, in the
amount of $24,500.00, secured by property located at 915 E. 6th Street and owned by Alfredo V.
Portillo and Panchita Portillo, husband and wife, said property being described as follows:
Lot Three (3), Block Five (5), Evan's Addition to the City of Grand Island, Hall
County, Nebraska.
WHEREAS, Alfredo and Panchita Portillo wish to execute a Deed of Trust and Note
in the amount of $80,000 with The Mortgage Authority, Inc. to be secured by the above-described
real estate; and
WHEREAS, the new lender, The Mortgage Authority, Inc., 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 these 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
Alfredo V. Portillo and Panchita Portillo, husband and wife, to the City of Grand Island, as
beneficiary to that ofthe new loan and Deed of Trust of The Mortgage Authority, Inc., Beneficiary,
as more particularly set out in the subordination agreement.
Adopted by the City Council ofthe City of Grand Island, Nebraska, June 28,2005.
Qo.-\\ n-Q IDw~
RaNae Edwards, City Clerk
Approved as to Form
June 23, 2005 J:( City Attorney