09/13/2005 Resolutions 2005-258
I
I
I
RES 0 L UTI 0 N 2005-258
WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of
Trust dated November 13, 1998 and recorded on November 24, 1998 as Instrument No. 98-111514,
in the amount of$15 ,25 5.00, secured by property located at 122 E. 8th Street and owned by David M.
Job, a single person, said property being described as follows:
Lot Eight (8), Block One Hundred Thirty Six (136), Union Pacific Railway's Second
Addition to the City of Grand Island, Hall County, Nebraska.
WHEREAS, the Deed of Trust held by the City is junior in priority to a Deed of Trust
to Union Bank and Trust Company in the amount of $34,500 dated November 13, 1998, and
recorded on November 24, 1998 as Instrument No. 98-111512 against such property; and
WHEREAS, David M. Job wishes to execute an additional Deed of Trust and Note in
the amount of $15,000 with GMAC Mortgage Corporation d/b/a ditech.com to be secured by the
above-described real estate; and
WHEREAS, the new lender, The GMAC Mortgage Corporation d/b/a ditech.com,
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, making the City's Deed of Trust third in 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
David M. Job, a single person, to the City of Grand Island, as beneficiary to that of the new loan and
Deed of Trust of GMAC Mortgage Corporation d/b/a ditech.com, Beneficiary, as more particularly
set out in the subordination agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, September 13, 2005.
DJ\OJL FO~
RaNae Edwards, City Clerk
Approved as to Form a l) f( u)
September 7, 2005 a City Attorney