Escrow Agreement t-lk ` - /gva3
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ESCROW AGREEMENT
THIS AGREEMENT is made this 2nd day of September, 1998, by and between Paul E. and
Sheila L. Forrester, (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 6 BLK 4 MAYFAIR
(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 Six hundred
seventy seven and 43/100 Dollars($677.43),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, 2002, 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 2nd day of September,. 98.
C
Pau . Forester
"Property,Iwner" .
I`1 . , %.. . 1A ! ))tII
Sheil. . Forester
"Property Owner"
CITY O SAA,KANSAS
ByR F e..,
dney rani o
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY,ss:
ld
The above and foregoing instrument acknowledged before me thisp day of Septe ber, 1998,
by Paul E. and Sheila L. Forrester,the Property Owner. /
/
WILLIAM M.GRAMMER )
Notary Public- al Kansas Notary Pub is
`ory.PVt.Earylres "ft 5 2147
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this Sday of September, 1998,
by Rodney Franz, Finance Director of the City of Salina,Kansas,on behalf of the City of Salina,,Kansas.
NOTARY PUBUC•Slate of Kansas • Ci l`_' `
I LJLLEtg Notary Public
SA5050DF Special Assessments - Work With Tract Assessments 8/28/98
10:37:19
Job: 1991-836 Street and Utility Improvements, Meyer, King,
Mayfair, and connecting links
Tract# Lot Block Subdivision
19023 6 004 190 MAYFAIR
Lgl:
Type options, press ENTER.
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Opt Year Principal Interest Payments Assessment
_ 1993 151.9910 63 .9426 .00 215.93
_ 1994 • 151.9910 56.4130 .00 208.40
_ 1995 151. 9910 48.6128 . 00 200.60
_ 1996 151.9910 43 .2384 .00 195 .23
_ 1997 151.9910 37.9187 .00 189. 91
_ 1998 151. 9910 32 .2221 .00 184 .21
_ 1999 151. 9910 26.2944 .00 178 .29
_ 2000 151. 9910 20.0628 .00 172 .05
_ 2001 151. 9910 13 .6032 .00 165.59
2002 151.9910 6.9156 .00 158 .91
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City of Salina RECEIPTNO.:
PAYMENT DATE: 9/02/1998 Y 960i)4�X968
• P.O. Box 736
REVENUE STATION: CC Salina, Kansas 67402-0736 CASHIER: 1 1 1
ITEM TYPE RECEIPT DESCRIPTION TRANSACTION AMOUNT
•
PREPAID S LT 4 BLK. 4 MAYFAIR PAUL AND SHEILA FORRES 677.43
553-000 557.000
•
RECEIVED TOTAL
FROM: SECURITY SAVINGS BANK AMOUNT. 677.43
CHECK 51 033 677.43
•
ORIGINAL RECEIPT
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