Escrow Agreement • .ffScNw 1/ 497aw 93-313
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ESCROW AGREEMENT
CeA Ion,
THIS AGREEMENT is made this /Sr-day of Spternhrr, 1997, by and between Ralph E.
and Agatha V. Pihl, 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 1 Laurie 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 Seven
Thousand Seventy-Five and 14/100 Dollars ($7,075.14), 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.
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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 /6 day of Sep2em>3er, 1997.
��ed/�
Ralph E. rhl
"Prop�e �� caner" _ !ID
099/A
Agatha V.Pihl
"Property Owner"
CITY OF SA INA,KANSAS
BY ,LI�
Rod ey Franz _
"Escrow Agent"
STATE OF KANSAS,SALINE COUNTY,ss: //
Y't c,iber
The above and foregoing instrument acknowledged before me this /5 day of September, 1997,
by Ralph E. a erty Owners.
NOTARY PUBLIC•State of Kaos"
SALLY R.CROWLEY_ Jag, R. aoZCr(y
lur. my Apra Exp. -9x
Notary Public
STATE OF KANSAS,SALINE COUNTY,ss:
cth6cr
The above and foregoing instrument acknowledged before me this /4 day of September, 1997,
by Rodney Franz,Finance Director of the City of Salina,Kansas,on behalf of the City of�Salina,Kansas.
NOTARY PUBLIC-SWe Won Notary ub U
SALLY R.CRCIWLE9Y Publi¢
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SA5050DF Special Assessments - Work With Tract Assessments 9/23/97
12 :07 :21
Job:' 93-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27244 1 001 690 LAURIE
Lgl:
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2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 920 . 0760 643 . 9980 . 00 1, 564 . 07
1995 920 . 0760 422 . 9194 . 00 1, 343 . 00
1996 920 . 0760 376. 0019 . 00 1, 296. 08
1997 920 . 0760 332 . 8725 . 00 1,252. 95
1998 920 . 0760 288 . 3555 . 00 1, 208 . 43
1999 920 . 0760 242 . 4400 . 00 1, 162 . 52
2000 920 . 0760 195. 5162 . 00 1, 115 . 59
2001 920 . 0760 147 . 6722 . 00 1, 067 . 75
2002 920 . 0760 98 . 9082 . 00 1, 018 . 98
2003 920 . 0760 49. 6841 . 00 969. 76
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/-- r - -
City of Salina
P.O. Box 736
" p1T 0/26/1997 / �7';
sauna Salina, Kansas 67402-0736 (RECEIPT NO.
G I T O F
C -c
DESCRIPTION AMOUNT
PREPAID SP TRACT #27244 L1 B1 LAURIE ' RALPH AND AGATHA PIHL 7,075. 14
553-000 557.001
t'
f.
I
RECEIVED FROM THE MORTGAGE CO. RECEIVED BY: 7,075. 14
CHECK 5060 7,075. 14
ORIGINAL RECEIPT