Escrow Agreementa -
ESCROW AGREEMENT
THIS AGREEMENT is made this agtday of August. 1998, by and between Donald Warnow
and Shirlcy Wamow. referred to in this Agreement as ("the Property Owners") 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 4, Block 5 Country Oak Estates Subdivision to the City of Salina
(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 die 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 intcrest-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 time Property Owner and to hold
such funds, subject to the terns and conditions of this agreement.
SO NOW, THEREFORE, the parties agree as follows:
1. PAYMENT. The Property Owner deposits with the Escrow Agent time sum of One Thousand
Five Hundred twengY-four and 00/100 Dollars ($1,524.00), 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 mnder 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 tenninate 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.
5. BINDING EFFECT. This Escrow Agreement shall be binding upon and inure to the benefit
of tine heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this ��d y of August, 1998.
Donald Wamow
"Property Owner"
9 )
Shirley Warrot%
"Property Owner"
CITY 0�� KANSAS
By ry
RodAey Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrrunent aclarowlodged befo this - day of August, 1998 by Donald
Wamow, the Property Owner.
W
TAAY PUBi.IC -State of Kansas
DANIEL 4. MH
My APPt ota444PPuuuu'bIic
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing iustnunent aclarowledged before me thi�0 lay of August, 1998, by Shirley
Wamow, the Property Owner.
IOU9Y MIMIC • SM of Karin
POW � Notary Public
*AWL EW
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged befor -26�-dav of August, 1998, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behals4rilie Citv f Salina—Kansas.
MARY PUAIC - State of Kansas
MYAPDtfE DANA
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this ;;?0day of
August, 1998, by Rodney Franz, Finance Director of the City of Salina, Kansas, on
behalf of the City of Salina, Kansas.
OiABY PNUC • S1aU d (ItOY!1 ��
PENNY L AY/�!
AMI. Exp. Notary Public
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SA5050DF Special Assessments - Work With Tract Assessments 8/28/98
8:09:39
Job: 1989-790 Street and utility improvements CCE 2,3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26457 4 005 655 COUNTRY OAK ESTATES
Lgl:
Type options,
press ENTER.
2 -Change 4 -Delete
5 -Display
Opt Year
Principal
Interest
Payments
Assessment
_ 1991
726.1760
517.1245
.00
1,243.30
_ 1992
726.1760
389.1221
.00
1,115.30
_ 1993
726.1760
335.0576
.00
1,061.23
_ 1994
726.1760
295.1884
.00
1,021.36
_ 1995
726.1760
255.9770
.00
982.15
_ 1996
726.1760
215.6743
.00
941.85
_ 1997
726.1760
174.2822
.00
900.46
_ 1998
7
31.8009
.00
857.98
_ 999
726.1760
88.23
.00
814.41
2000
726.1760
44.2967
.00
770.47
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PAYMENT DATE: 8/28/1998 City of Salina
P.O. Box 736
REVENUE STATION: `.L. Salina, Kansas 67402-0736
RECEIPT DESCRIPTION
PREPAID LOT 4 BLK 5 COUNTRY OAK EST. TRACT 26457
553-000 557.000
RECEIVE
FROM: SHIRLEY J. WARNOW
CHECK 1113 1,524.00
ORIGINAL RECEIPT
RECEIPT NO.: 960040698
CASHIER:
TOTAL
AMOUNT:
111
1,524.00