Escrow Agreement ize 44- 1500 TS - 1,03
Fcu1Jw ✓ I — 235-
ESCROW AGREEMENT
THIS AGREEMENT is made this c:2C0 day of a_4 1997,by and between Darron J.And
Beth A. Leiker,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 12,Block 4 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 Three
hundred Ninety-seven and 07/100 Dollars($397.07),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, 1998,
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 aiCai'E day of IT p..._04- , 1997.
• D.joik.
Darron J. Leiker
"Property Owner"
�i�,lt±!) lt - oXPl.Q A
Beth A. Leiker
"Property Owner"
CITY OF SALINA,KANSAS
By fict,(2L_d, 7/
Rodney Franz
"Escrow Agent"
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this dkday of 1.94, , 1997,
by Darr 1 2nd Beth-A t eiker,_the.Property Owners.
1. NOTARY PUBLIC.State of Kansas
PENNY L ALLEN I a I
Notary Public
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me thiday o , 1997,
by Rodney Franz,Finance Director of the City of Salina,Kansas,on behalf of the City of Salina,Kansas.
NOTARY PUBLIC•State of Kansas _ is• 41‘
PENNY L.ALLFN Notary Public 4
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SA5050DF Special Assessments - Work With Tract Assessments 8/18/97
•
15:26 :24
Job: 88-763 Street and utilities Pacific, Mayfair, Meyer,
East Bank, Frisbie, Eastridge Acres, CC Hgts 5
Tract# Lot Block Subdivision
18007 12 004 197 MEYER
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1989 180 . 1240 126. 0868 . 00 306. 21
1990 180 . 1240 127 . 6629 . 00 307 . 79
_ 1991 180 . 1240 83. 5775 . 00 263 . 70
1992 180 . 1240 74 . 3912 . 00 254 . 52
1993 180 . 1240 64 . 8446 . 00 244 . 97
_ 1994 180 . 1240 54 . 0372 . 00 234 . 16
1995 180 . 1240 43 . 5900 . 00 223 . 71
X996 180 . 1290 32 . 9627 . 00 213 . 09
1997 1$a . 0 22 . 1553 . 00 202 . 28
1998 180 . 1240 11 . 1677 . 00 191 . 29
Help F3=Exit F5=Refresh F6=Create F12=Cancel
-
" � City of Salina
ben(�° P.O. Box 736
- I 9/20/1997 c vboodub'r )
4 o F Salina, Kansas 67402-0736 RECEIPT NO.
soLint
222
DESCRIPTION AMOUNT
/So
PREPAID SP L12 84 MEYER ADD. TRACT # DARRON & BETH LEIK:ER 397.07
553-000 557.000
i I
RECEIVED FROM: SUNFLOWER BANK. RECEIVED BY: 397.07
CHECK 58360 397.07
ORIGINAL RECEIPT