Escrow Agreement a 651 Le
E(Gnn,/ 4uc.i n..4r- v P 25V
ESCROW AGREEMENT ,n
VA
THIS AGREEMENT is made this 2C day of July, 1997, by and between Peter & Rita
Peterson, (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 Block 2 Country Oaks 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. Job Numbers for these Specials are as follows: #94-898,#94-892,#92-KDOTY-790.
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 Thousand
Five Hundred Sixty-Four dollars and 52/100 Dollars($6,564.52),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 20,2004,coinciding
with the payment from the escrow account of the final annual installment of bond principal and interest
attributable to the Real Estate.
j
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 .23- day of July, 1997.
eter Peterson
"Property Owner"
r!.S/L✓/
. Ra - 'eterson
"Property Owner"
CITY OF S s INA,KANSAS
By
Rodney Fran
"Escrow Age. "
STATE OF KANSAS, SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this a day of July, 1997, by
Peter&Rita Peterson,the Property Owner.
t> f
' PATRICIA J.PILLARD
State of Kansas -L-4 Q h t-Q
C . LlyAppt.Exp.Jan.31,1998 Notary Public
STATE OF KANSAS, SALINE COUNTY,ss: p
-
The above and foregoing instrument acknowledged before me this c72 0 day of July, 1997, by
Rodney Franz, Director of Finance,of the City of Salina,Kansas,on behalf of the City of Salina,Kansas.
NOTARY PUBLIC•State of Kansas I �`—L </ 1 • / a�-a--�-�`-'
PENNY L.ALLEN I Notary Public
yn o_ My APpt.Exp. 45-0) "9R
SA5050DF Special Assessments - Work With Tract Assessments 7/28/97
11 :28 : 32
Job: 92-KDOT Curbing, guttering, paving and grading Kimberly
Lane
Tract# Lot Block Subdivision
26516 6 2 700 COUNTRY OAKS RP PT BLK 1, 3, 4
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Opt Year Principal Interest Payments Assessment
1993 157 . 1490 66. 1126 . 00 223 . 26
_ 1994 211 . 1970 78 . 3879 . 00 289. 58
_ 1995 211 . 1970 67 . 5492 . 00 278 . 75
_ 1996 211 . 1970 60 . 0813 . 00 271 . 28
1997 211 . 1970 52 . 6894 . 00 263 . 89
_ 1998 211 . 1970 44 . 7738 . 00 255 . 97
1999 211 . 1970 36. 5371 . 00 247 . 73
2000 211 . 1970 27 . 8780 . 00 239 . 08
2001 211 . 1970 18 . 9021 . 00 230 . 10
2002 211 . 1970 9 . 6095 . 00 220 . 81
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SA5050DF Special Assessments - Work With Tract Assessments 7/28/97
11 :28 : 17
Job: 89-790 Street and utility improvements CCE 2, 3, 4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26516 6 2 700 COUNTRY OAKS RP PT BLK 1, 3, 4
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Opt Year Principal Interest Payments Assessment
1991 29 . 1440 20 . 7540 . 00 49 . 90
1992 29 . 1440 15. 6168 . 00 44 . 76
_ 1993 29 . 1440 13 . 4470 . 00 42 . 59
1994 339 . 8510 138 . 1484 . 00 478 . 00
_ 1995 339 . 8510 119. 7975 . 00 459 . 65
1996 339 . 8510 100 . 9357 . 00 440 . 79
_ 1997 339. 8510 81 . 5642 . 00 421 . 42
_ 1998 339. 8510 61 . 6830 . 00 401 . 53
1999 339. 8510 41 . 2919 . 00 381 . 14
2000 339. 8510 20 . 7309 . 00 360 . 58
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City of Salina - -
�w,..wy /28/1997 P.O. Box 736
. o_a Salina, Kansas 67402-0736 (RECEIPT NO. )
sauna222
DESCRIPTION AMOUNT
PREPAID SF L6 82 COUNTRY OAKS ADD. PETER & RITA PETERSON 6,564.52
553-000 557.001
,,
7 �-
r
CCCURITY GAVINCIJ 5,564.52
ick D id;464131 0 6,564.52 RECEIVED BY:
ORIGINAL RECEIPT
SA5050DF Special Assessments - Work With Tract Assessments 7/28/97
11 :28 : 43
Job: 94-892 Street and utility improvements
Tract# Lot Block Subdivision
26516 6 2 700 COUNTRY OAKS RP PT BLK 1, 3, 4
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Opt Year Principal Interest Payments Assessment
1995 245 . 3570 157 . 1757 . 00 402 . 53
- 1996 245 . 3570 112 . 6189 . 00 357 . 98
- 1997 245 . 3570 99 . 4972 . 00 344 . 85
- 1998 245 . 3570 86. 2700 . 00 331 . 63
1999 245 . 3570 73 . 2243 . 00 318 . 58
2000 245. 3570 61 . 5723 . 00 306. 93
_ 2001 245 . 3570 49 . 6799 . 00 295 . 04
_ 2002 245 . 3570 37 . 5396 . 00 282 . 90
_ 2003 245 . 3570 25 . 1491 . 00 270 . 51
2004 245 . 3570 12 . 6359 . 00 257 . 99
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SA5050DF Special Assessments - Work With Tract Assessments 7/28/97
11 :28 :54
Job: 94-898 S & U/Austin, Country Oak Est, Tulane, Tasker
Tract# Lot Block Subdivision
26516 6 2 700 COUNTRY OAKS RP PT BLK 1, 3, 4
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
1995 184 . 9400 118 . 4726 . 00 303 . 41
1996 184 . 9400 84 . 8875 . 00 269 . 83
_ 1997 184 . 9400 74 . 9969 . 00 259 . 94
_ 1998 184 . 9400 65 . 0268 . 00 249 . 97
1999 184 . 9400 55 . 1935 . 00 240 . 13
2000 184 . 9400 46. 4107 . 00 231 . 35
2001 184 . 9400 37 . 4467 . 00 222 . 39
2002 184 . 9400 28 . 2958 . 00 213 . 24
2003 184 . 9400 18 . 9564 . 00 203 . 90
2004 184 . 9400 9. 5244 . 00 194 . 46
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