Escrow Agreement 4
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ESCROW AGREEMENT
THIS AGREEMENT is made this day of krt I , 1992 ,by and between Genuine
Parts Company, 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 Wallerius 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 Thirty dollars and 73/100 Dollars($1,530.73), 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/7 / day of 40;i , 1998.
/ ■ - `_ ,i _
"Property!y, er" 2
a).(:)(-34-i� list A"i-- G -1.r
Print Name and Title here
CITY OF SALINA,KANSAS
By fro/ / .
Rod rani,Director
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above i fo a oing instrument acknowledged O before me thi ay of G__ ,
1998,by Property wner.
Notary �U��
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me thin day of
itgbi
1998,by Rod Franz,Director of Finance of the City of Salina,Kansas,on behalf of the City of Sal' a,Kansas...
ic1/4,,t4441°
Notary Public �'.`•.
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