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RESOLUTION 2003 -121 200305644 <br />WHEREAS, the City of Grand Island, is the lender and secured party of a Deed of <br />Trust dated April 28,1994 and recorded on April 28, 1994 as Instrument No. 94- 103476 secured by <br />properly Owned by David E. Zavala, said property being described as follows: <br />The Westerly Seventy (70.0) feet of Lot Two Hundred Forty (240), Wrest Lawn <br />Addition to the City of Grand Island, Hall County, Nebraska. <br />WHEREAS, David E. Zavala, a single person, wishes to execute a Deed of Trust and <br />Note in the amount of $51,000 with Five Points Bank to be secured by the above - described real <br />estate; and <br />WHEREAS, the new lender, Five Points Bank, Beneficiary, wishes to extend the new <br />loan secured by a Deed of Trust conditioned upon the City subordinating its Deed of Trust to their <br />lien priority, and <br />WHEREAS, the value of the above - described real estate is sufficient to adequately <br />secure both loans. <br />WHEREAS, the requested subordination of the City's lien priority is in the best <br />interests of all parties. <br />NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF <br />THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized and directed to <br />execute an agreement subordinating the lien priority of the above described Deed of Trust from <br />David E. Zavala, to the City of Grand Island, as beneficiary to that of the new loan and Deed ofTrust <br />of Five Points Bank, Beneficiary, as more particularly set out in the subordination agreement. <br />Adopted by the City Council of the City of Grand Island, Nebraska, April 22, 2003. <br />RaNOdwards, City Cl —W <br />AppmvedastorO" c <br />Apn117,2003 <br />