Escrow Agreement ESCROW AGREEMENT
ourley THIS AGREEMENT is made this 28th day of October,2010,by and between Nancy A.
c14+6414):; (deferred to in this Agreement as "the Property Owner") and the City of Salina, Kansas
(Referred to in the Agreement as "the Escrow Agent").
RECITALS
A. Property owner is the owner of real estate legally described as:
Lot 10, Block 1, Stone Creek Addition (26482)
(referred to in this Agreement as "the Real Estate")
13. Special Assessments have been levied against the Real Estate and bonds have
been issued by the City of Salina, Kansas, in payment of the costs of the public improvements for
which the special assessments were levied.
C. Pursuant to Salina Ordinance Number 88-9252, the Property Owner wishes to
deposit with die Escrow Agent funds which, when held in an interest-bearing account, will generate
sufficient interest such that the share of annual payments of bond principal and interest attributable to
the Real Estate can be made.
D. The Escrow Agent is willing to receive such payment from the Property Owner
and to hold such funds, subject to the terms and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows: •
1. Payment. The Property Owner deposits with the Escrow Agent the sum of Four
'thousand, Two Hundred Forty Dollars and no/100 (4,240.00)), the receipt of which is hereby
acknowledged by the Escrow Agent. •
2. Investment. The sum deposited by the Property Owner with the Escrow Agent •
shall be deposited by the Escrow Agent in an escrow account under the City's Special Assessment •
Escrow Fund and invested as permitted by law.
3. Annual withdrawal, In January of each year, the Escrow Agent shall transfer
from the escrow account an amount necessary to pay the annual bond principal and interest payments
attributable to the Real Estate and the $10.00 annual administration fee. The amount necessary to
pay bond principal and interest will be transferred to the City's Bond and Interest Fund and the
administrative fee shall be transferred to the City's General Fund.
4. Termination. This Escrow agreement shall terminate on the date coinciding with
the payment from the escrow account of the final annual installment of bond principal and interest
attributable to the Real Estate.
1
•
5. Binding effect. This Escrow Agreement shall be binding upon and insure to the
benefit of the heirs, executors, administrators, devisees, legatees, successors and assigns of the
parties.
EXECUTED this 28th day of October, 2010.
Nancy A. Gourl Go
"Property Owner"
CITY OF SAUNA, KANSAS
Rodney Franz
"Escrow Agent'
STATE OF KANSAS, SALINE COUNTY, ss:
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_The above and foregoing instrument acknowledged before me this ZV day of-Mity,2010, by
NJOJn64 Qom` auiH; the Property Owner.
LIEU ANN ELSEY , nl� �
COf Notary Public-State of Kansas l.I/J
my np,t. e>,;:ir s - - lD�1�'J
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
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The above and foregoing instrument acknowledged before me this day of PCI*04009; by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
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Notary Public
LIEU ANN ELSEY
Notary Publi -State of Kansas
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