Escrow Agreement cc/)7w C06.10-2..e r7 ✓ /12
ESCROW AGREEMENT
THIS AGREEMENT is made this 30TH day of May, 1997,by and between Wesley L. Jaeger and
Chasinee Jaeger,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 5, Block 6 Meyer 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 Two thousand
seven hundred fifty and 72/100 Dollars ($2,750.72), 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 20,2006,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 b
induing upon and inure to the benefit of the heirs, executors, administrators, devisees, legatees, successors and
assigns of the parties.
EXECUTED this 30th day of May, 1997. / \ ,
- e T L. ae'
"Property Owner"
L1 y z
.
Chasinee Jaeger
"Property Owner"
CITY F LINA,KANSAS
R Rodney• rani
"Escrow Agent" �
STATE OF KANSAS,SALINE COUNTY,ss:
The alkykvateldto 'ing instrument acknowledged before me this D G day of.Jttrie., 1997,
by Wesley L.Jaeger 4t' Chasi,ne0a¢A6,,the Property Owners.
''YY
_-n i 03 • _..1 --1 _ Notary Public / 30 00
STATE OF KANSA QINE'QOQW'8,ss:
�...9,9',........... t, `.`. .
The"dbgye and f Jng instrument acknowledged before me this/l' day of ��Q.,
1997,by Rodney Franz,Finatntirector of the City of Salina,K6:1121—nsas,on behalf of the
�nCity of/Sallii 6,,�Kansas.
NOTARY PUBLIC•State of Kansas r�
PENNY L.ALLEN Notary Public
Wkot Exp•
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SA5050DF Special Assessments - Work With Tract Assessments 5/28/97
16 :45 :23
Job: 89-790 Street and utility improvements CCE 2, 3 , 4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
18085 5 006 197 MEYER
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 627 . 1560 446 . 6103 . 00 1, 073 . 77
_ 1992 627 . 1560 336 . 0622 . 00 963 . 22
_ 1993 627 . 1560 289 . 3698 . 00 916 . 53
_ 1994 627 . 1560 254 . 9370 . 00 882 . 09
1995 627 . 1560 221 . 0725 . 00 848 . 23
1996 627 . 1560 186 ._2653 . 00 813 .42
_ l "0 Y50 . 5174 . 00 777 . 67
_ 1998 627 . 1560 113 . 8288 . 00 740 . 98
_ 1999 627 . 1560 76 . 1995 . 00 703 . 36
2000 627 . 1560 38 . 2565 . 00 665 . 41
Help F3=Exit F5=Refresh F6=Create F12=Cancel
PAYMENT DATE: 6/10/1997 City of Salina RECEIPT NO.: 960016384
P.O. Box 736
REVENUE STATION: CC Salina, Kansas 67402-0736 CASHIER: 222
ITEM TYPE RECEIPT DESCRIPTION TRANSACTION AMOUNT
PREPAID SF LOT 5 BLOCK 6 MEYER ADDITION 2,750.72
553-000 557.000
/
RECEIVED TOTAL
FROM: WESLEY & CHASINEE JAEGER AMOUNT: 2,750.772
CHECK 55415 2,750.72
ORIGINAL RECEIPT /
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