Escrow Agreement a603SO
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ESCROW AGREEMENT
THIS AGREEMENT is made this 4th day of December, 1998,by and between Gary McClellan,
(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 BLK 5 COUNTRY OAK ESTATES ADDITION
(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 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 One thousand
nine hundred forty seven and 44 /100 Dollars ($1947.44), 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.
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5. Binding effect. This Escrow Agreement shall be binding upon and insure to the benefit of
the heirs,executors,administrators,devisees, legatees;successdrs and assigns of the parties.
EXECUTED this 4th day of December, 1998.
ry Vi ellan
Property Owner"
CITY OF SALL�J NA,KANSAS
By. cb'yy/Franz
"Escrow 7
"Escrow Agen
STATE OF KANSAS, SALINE COUNTY,ss: I
The above and foregoing instrument acknowledged before me this 'I l I day of December, 1998,
by Gary McClellan ,the Property Owner.
PENNY MEASE
NOTARY PUBLIC
STATE OP K}NDAB
mil MY APPt.•zp. IUIIT//!)7 I ' �_ �i`S , _ A.
_ Notary Public
STATE OF KANSAS,SALINE COUNTY,ss: , 7
The above and foregoing instrument acknowledged before me this/U day of December, 1998,by
Rodney Franz, Finance Director of the City of Salina, Kansas,on behalf of the City of Salina, Kansas.
PENNY MEASE
NOTARY PUBLIC
T KANSAS,
MY APPtS.TA ex P•E O lP L rO7 �.
it _• • ' V ties
Notary Public
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SA505ODF Special Assessments - Work With Tract Assessments 12/02/98
13 :45 :50
Job: 1989-790 Street and utility improvements CCE 2, 3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26380 1 005 655 COUNTRY OAK ESTATES
Lgl: plus tract beg SE corner Lot 2; th NLY 5' ; WLY 114.85' to SW cor Lot 2
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 869.3380 619.0730 .00 1,488.41
_ 1992 869.3380 465.8356 .00 1, 335.17
_ 1993 903.5270 416.8874 .00 1,320.41
_ 1994 903 .5270 367.2810 .00 1,270.81
_ 1995 903 .5270 318.4933 .00 1,222 .02
_ 1996 903 .5270 268.3475 .00 1, 171.87
1997 903 .5270 216.8465 .00 1, 120.37
_ 1998 903 .5270 163 .9902 .00 1, 067.52
_ 1995 903 .5270 109.7785 .00 1, 013 .31 -
_ 2000 903 .5270 55.1151 .00 958.64
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