Escrow Agreement a6gLa7 g o)- 7v
ESCROW AGREEMENT
THIS AGREEMENT is made this 7th day of August, 1998, by and between Jeffrey J. and
Cynthia A. Oehlert., (Referred 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 1 BLOCK 2 LESS N 7.5'COUNTRY OAK ESTATES
(referred to in this Agreement as "the Real Estate") •
B. 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 the 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 Two thousand
nine hundred sixty nine and 78/100 Dollars ($2,969.78), 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 5%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 December 20, 2000, coinciding
with the payment from the escrow account of the final annual installment of bond principal and interest
attributable to the Real Estate.
i •
5. Binding effect. This Escrow Agreement shall be binding upon and inure to the benefit of
the heirs,executors,administrators,devisees,legatees,successors and assigns of the parties.
EXECUTED this 7th day of August, 1998.
By:
d
effrey J.Oehlert
"Property Owner"
By: // ',/,/ /' e' 49 _Setif
f ynthia A. Oeh ert
"Property Owner"
CITY{O/(F SALINA, KANSAS
AIL X 4�✓✓✓✓JJJJ
Rodney F nz
"Escrow Agent"
STATE OF KANSAS,SALINE COUNTY,ss: —7 ��
The above and foregoing instrument acknowledged before me this ( — day of August, 1998,
by
Jeffrey J. and Cynthia A.Oehlert,the Property Owner.
3 NOTARY PUBLIC•SWe of MOW \ ti .,Q <� I .,
PENNY tall Notary Public 3
STATE OF KANSAS, SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this I -day of August, 1998,by
Rodney Franz,Finance Director of the City of Salina,Kansas,on behalf of the City of Salina,Kansas.
a NOTARY PUBLIC•SW of la i_z_,
OA • ! _
Notary Public t, t_; WA}L
•
SA505ODF Special Assessments - Work With Tract Assessments 8/06/98
8:27:10
Job: 1989-790 Street and utility improvements CCE 2,3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26487 1 002 655 COUNTRY OAK ESTATES
Lgl: Lot 1 Less North 7.5 '
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 895.2490 637.5247 .00 1, 532 .77
_ 1992 895.2490 479.7201 .00 1, 374 .97
_ 1993 895.2490 413.0679 .00 1,308.32
_ 1994 895.2490 • 363 .9160 .00 1,259.17
_ 1995 895.2490 315.5753 .00 1,210 . 82
_ 1996 895.2490 265.8890 .00 1, 161. 14
_ 1997 895.2490 214.8598 .00 1, 110.11
1998 895.2490 162.4877 .00 1,057.74
_ 1999 895.2490 108.7728 .00 1,004.02
_ 2000 895.2490 54.6102 .00 949.86
Help F3=Exit . F5=Refresh F6=Create F12=Cancel •
1
• PAYMENTDATE: 8/07/1998 City of Salina RECEIPTNO.: 960039686
l' P.O. Box 736
REVENUE STATION: cc Salina, Kansas 67402-0736 CASHIER: 1 1 1
ITEM TYPE RECEIPT DESCRIPTION I TRANSACTION AMOUNT
PREPAID S- PAYOFF ON 26487 JEFFREY AND CYNTHIA OEHLERT 2,969.78
553-000 557.000
•
RECEIVED TOTAL
FROM: THE MORTGAGE COMPANY AMOUNT: 2,969.78
CHECK 9544 2,969.78
ORIGINAL RECEIPT
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