Escrow Agreement -Wicacaft 039
ESCROW AGREEMENT
THIS AGREEMENT is made this 1st day of October, 1998, by and between Merlin and Sherri
Shippy, (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 3 &N 5'LOT 4 BLK 5 MAYFAIR ADDITION
(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 Four thousand
four and 01 /100 Dollars($4004.01),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, 2003, 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 insure to the benefit of
the heirs,executors,administrators,devisees, legatees,successors and assigns of the parties.
EXECUTED this 1st day of October, 1998. `
Merlin Shippy ` l o
"Property Owner"
•
Sherri Shippy
"Property Owner"
CITY OF SAUNA,KANSAS
By
Rodney Franz •`
"Escrow Age Y
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this _day of October, 1998,by
Merlin and Sherri Shippy,the Property Owner.
S p
dir ary Public
STATE OF KANSAS, SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this day of October, 1998, by
Rodney Franz, Finance Director of the City of Salina,Kansas,on behalf of the City of Salina,Kansas.
as SMARM WWI
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SA5050DF Special Assessments - Work With Tract Assessments 9/11/98
9:51:51
Job: 1993-872 Streets & Utilities - Austin & Mayfair
Tract# Lot Block Subdivision
19039 3 005 190 MAYFAIR
Lgl: & N 5 ' Lot 4
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 762 .2340 533.5181 .00 1,295.75
_ 1995 762 .2340 350.3662 .00 1, 112 .60
_ 1996 762 .2340 311.4976 .00 1, 073 .73
_ 1997 762 .2340 275.7671 .00 1, 038.00
_ 1998 762 .2340 718.8872 .00 1 001.12
_ 9 7 0 200.8487 .0 963.08
_ 2000 762 .2340 161.9747 .00 924 .21
_ 2001 762 .2340 122.3386 .00 884 .57
_ 2002 762 .2340 81.9402 .00 844 .17
_ 2003 762 .2340 41.1606 .00 803 .39
Help F3=Exit F5=Refresh F6=Create F12=Cancel
•
PAYMENT DATE10/02/1998 City of Salina RECEIPT NO.:960042493
P.O. Box 736
REVENUE STATIOPCC
Salina, Kansas 67402-0736 CASHIER: 1 1 1
ITEM TYPE I RECEIPT nESCRIPTION TRANSACTION AMOUNT
PREPAID SP `IERLIN & SHERRI SHIPPY #19039 LT 3 8, N 5 ' LT 4 BLK 5 4,004.01
553-000 557.000
RECEIVED TOTAL
FROM: SECURITY SAVING BANK AMOUNT: 4,004.01
CHECK 51214 4,004.01
ORIGINAL RECEIPT
SA505ODF Special Assessments - Work With Tract Assessments 9/30/98
8:47:09
Job: 1993-872 Streets & Utilities - Austin & Mayfair
Tract# Lot Block Subdivision
19039 3 005 190 MAYFAIR
Lgl: & N 5' Lot 4
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 762 .2340 533 .5181 .00 1,295.75
_ 1995 762 .2340 350.3662 .00 1, 112.60
_ 1996 762 .2340 311.4976 .00 1,073.73
_ 1997 762 .2340 275.7671 .00 1,038.00
_ 1998 762 .2340 238.8872 .00 1,001.12
_ 1999 762 .2340 200.8487 .00 963.08
_ 2000 762 .2340 161.9747 .00 924.21
_ 2001 762 .2340 122.3386 .00 884 .57
_ 2002 762 .2340 81.9402 . 00 844 .17
_ 2003 762 .2340 41.1606 .00 803 .39
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Post-it®Fax Note 7671 Date aisp/> Ipages■
T n J From
Co/Dept. Co.
Phone# I\ Phone# / Q.2 ai i )
Fax# 73 b.� Fax# /t1a�S,l(J !C7-�'1-�
61
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eel * V E N D O R P A Y M E N T *
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NO. 051214
SALINA CITY CLERK Check Date : 09/30/98
Check Amount : 4 , 004 . 01
Reference Number : V0000000508
Check Distribution
Invoice Date Invoice Number Amount
09/30/98 40040265 4 , 004 . 01
SECURITY SAVINGS BANK
11599 NORTH RIDGEVIEW RD
OLATHE, KS 66061
PHONE : 913-894-5400
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