Escrow Agreement • —
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ESCROW AGREEMENT
THIS AGREEMENT is made this ('&, day of A/ , 1998,by and between Sight
and Sound,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 15, Block 9 Key Acres 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 One
Thousand five Hundred and Twenty dollars and 75/100 Dollars($1,520.75), 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, 2007,
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 tG ay of ' / . , 1998.
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"Property e Owner"
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Print Name and Title here P g. e S ( d e N t
CITY OF ALINA,KANSAS
By c ---L
Rod Franz, Director of Finance
"Escrow Agent"
STATE OFISAS, SALINE COUNTY, ss:
The above na or going instrument acknowledged before me this LL day of C.19 ,
1998,by \p�/v�xxx �F.{�C1) ,the Property Owner. /I
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this r day of_ ,
1998,by Rod Franz,Director of Finance of the City of Salina,Kansas,on behalf of the City of Salina,Kansas.
NOTARY PUBLIC•State of Kum
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My Appt.Exp.PENNY J -ly4 it a- 4 1—it
Notary Public
DEPARTMENT OF FINANCE AND ADMINISTRATION Judy D.Long,CMC,City Clerk
crnl" r" `/`■ OF w 300 West Ash Street,Ste.206 • P.O.Box 736
S R L I ri A Salina,Kansas 67402-0736
Telephone(785)826-7240 • Fax(785)826-7244 • TDD(785)825-7333
February 11, 1998
•
Danette Maxwell
Sight & Sound
721 N. Ann Arbor
Oklahoma City, OK 73127
RE: Midwest TV & Appliance Special Assessment Payoff
Dear Ms. Maxwell:
Per our conversation today, I have enclosed 2 copies of the escrow agreement to pay
off the special assessments on property your company owns here in Salina. An
authorized representative needs to sign both copies of the agreement and have it
notarized. Both copies then need to be returned to us along with a check in the amount
of $1,520.75. Once our Finance Director has signed the agreements, one copy will be
returned to you with your receipt.
If you have any questions, please call me.
Sincerely,
J Sy D. ong, CMC
City Clerk
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SA5050DF Special Assessments - Work With Tract Assessments 2/11/98
9:40:20
Job: 1995-924 Magnolia Interchange
Tract# Lot Block Subdivision
14768 15 009 166 KEY ACRES
Lgl: W 152.9 OF S 174 .3
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1998 145.6250 72 .8125 .00 218.44
_ 1999 145.6250 65.5313 .00 211.16
_ 2000 145.6250 58.2500 .00 203 .88
_ 2001 145.6250 49.4397 .00 195.06
_ 2002 145.6250 35.8238 .00 181.45
_ 2003 145.6250 30.2172 .00 175.84
_ 2004 145.6250 24 .4650 .00 170.09
_ 2005 145.6250 18.5672 .00 164 .19
_ 2006 145.6250 12 .5238 .00 158.15
_ 2007 145.6250 6.4075 .00 152 .03
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