Escrow Agreement V1-7,507
"7 VESCROW AGREEMENT
THIS AGREEMENT is made this !)t.J day of 1998, by and between
Don Tin-mel and Elizabeth Timmel, 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 8, Block 2 Mariposa 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 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
Three Thousand Five hundred seventeen and 40/100 Dollars ($3517.40), 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.
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 O day of Ikea , 1998.
C(4004
Don Timmel
"Property Owner" nII
Elizabethi immel
"Property Owner"
CITY OF SSA NA, KANSAS
By hi& J/
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 30 day of
, 1998, by Don Timmel, the Property Owner.
Ai
LARRY i OIEOLER _ CL
5 STATE OFPUKO AS , otaryPubli,
MY APPT. EXPIRCH /(.b
STATE OF KANSAS, SALINE COUNTY, ss: 7
The above and foregoing instrument acknowledged before me this ✓U day of
, 1998, by Elizabeth Timmel, the Property Owner.
NOTARY PUBLIC
OW STATE OF KANSAS ,-Notary. Pu 0 is/
MY APPT. EXPURd 1 err
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 30 day of
MO A� , 1998,by Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of
the City of Salina, Kansas.
NOTARY PUBLIC•nth of Was
_ Am PENNY Nota Public
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SA5050DF Special Assessments - Work With Tract Assessments 3/27/98
9:55 :40
Job: 1989-790 Street and utility improvements CCE 2, 3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
25082 8 002 657 MARIPOSA SUBDIVISION
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 1, 077.7130 767.4610 .00 1, 845. 17
_ 1992 1, 077.7130 577.4936 .00 1, 655.21
_ 1993 1, 077.7130 497.2568 .00 1, 574.97
_ 1994 1, 077.7130 438.0871 .00 1, 515.80
_ 1995 1, 077.7130 379.8938 .00 1,457.61
_ 1996 1, 077.7130 320.0808 .00 1,397.79
_ 1997 1, 077.7130 258.6511 .00 1 336.36
_ 1998 1, 077.7130 195.6049 . 00 1,273 .32
_ 1999 1, 077.7130 130.9421 .00 1,208 .66
_ 2000 1,077 .7130 65.7405 .00 1, 143 .45
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,. City of Salina
r i(vi 01 /1998 P.O. Box 736 960031902
I ° r Salina, Kansas 67402-0736 RECEIPT NO.
SALIflA 222
DESCRIPTION AMOUNT
PREPAID TRACT#25082 P OFF DON & ELIZABETH TIMMEL 3, 517.40
—557.000 •
F nv"ae...'iux'-".i > r' VrvCzF
ANTRII1 PIPER wENGER INC 3,517.40
CPE 1U'PD4i628 3,517.40 RECEIVED BY:
ORIGINAL RECEIPT