Escrow Agreement •
w ,i J 3
ESCROW AGREEMENT
THIS AGREEMENT is made this 3rd day of April, 1997, by and
between Richard and Janine Hill, referred to in this Agreement as "the
Property Owners") 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 1, Block 2, Laurie Subdivision
(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 Seven thousand one hundred sixty-five and 87/100 Dollars
($7,165.87), the receipt of which is hereby acknowledged by the Escrow
Agent.
2. Investment. The sum deposited by the Property Owner with
the Escrow Agent shall be deposited by the Escrow Agent in an escrow
account under the City's Special Assessment Escrow Fund and invested as
permitted by law.
3. Annual withdrawal. In January of each year, the Escrow
Agent shall transfer from the escrow account an amount necessary to pay the
annual bond principal and interest payments attributable to the Real Estate
and the 5$ 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 inure to the benefit of the heirs, executors, administrators,
devisees, legatees, successors and assigns of the parties.
EXECUTED this 3rd day of April, 1997.
Richard Hill
"Property Owner"
..
an - e
"P 'pert, Owner"
4Z2St % KAN SAS
By Rod Franz inance Director
"Escrow Agen
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
3rd day of April, 1997, by Richard and J: I - Hill, the Property Owners.
_ NOIARIIPUBL�•Slrbdl4o�� i . / j _= a
PENNYL�/9! q Notary Pub"
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STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
3rd day of April, 1997, by Rod Franz, Finance Director of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas. }�
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ISA5050DF Special Assessments - Work With Tract Assessments 4/02/97
12 :15 :01
Job: 93-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27251 1 002 690 LAURIE
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 951 . 0510 665 . 6786 . 00 1, 616 . 73
_ 9 6 1995 951 . 0510 437 . 1572 . 00 1, 388 . 21
19 388 s6-0 3 --00 1-r3 Q 7
_ 1997 951 . 0510 344 . 0788 . 00 1, 295 . 13
_ 1998 951 . 0510 298 . 0632 . 00 1, 249 . 11
_ 1999 951 . 0510 250 . 6019 . 00 1, 201 . 65
_ 2000 951 . 0510 202 . 0983 . 00 1, 153 . 15
_ 2001 951 . 0510 152 . 6437 . 00 1, 103 . 69
_ 2002 951 . 0510 102 . 2380 . 00 1, 053 . 29
2003 951 . 0510 51 . 3568 . 00 1, 002 .41
Help F3=Exit F5=Refresh F6=Create F12=Cancel
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I . PAYMENT DATE 4 2 ci.j',.■I447 , - .•; • ; .. City,of Salina' -. .. t .. - : ... .-. : RECEIPT NO 96(:),)1.21 16 I,
P.O. Box 736•• ' ... ; -..• , „ . -
t; REVR4UE STATIOR::CC ' • 1-..., :1 t. - - - ' - 8alina Kansas 67402-07- 33 .:1' ' •;.: '. - ; CASHIER . 222.i
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ITEM TYPE RECEIPT DESCRIPTION TRANSACTION AMOUN
FIR8RA IT) SF Li R2 LAURIE " - - . *: • ; 7 4 165.87 ' -I
553-000 557.000.
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I -•RECEIVED - - .. TOTAL
.. FROM: RICH 8,, JANINE HILL - • AMOUNT:
CHECK 1478 7. 165.87
I .
I DUPLICATE RECEIPT •
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