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Escrow Agreement r C.Fica cf I-1 ESCROW AGREEMENT THIS AGREEMENT is made this 22nd day of May, 1997, by and between Dick & Michele Quintana, (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 9 Block 33 Key Acres 2nd 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 Four hundred sixty five dollars and 24/100 Dollars ($465.24), the receipt of which is hereby acknowledged by the Escrow Agent. 2. Investment. The sum deposited by the Property Owner with the Escrow Agent shall be deposited by the Escrow Agent in an escrow account under the City's Special Assessment Escrow Fund and invested as permitted by law. 3. Annual withdrawal. In January of each year, the Escrow Agent shall transfer from the escrow account an amount necessary to pay the annual bond principal and interest payments attributable to the Real Estate and the 5%annual administration fee. The amount necessary to pay bond principal and interest will be transferred to the City's Bond and Interest Fund and the administrative fee shall be transferred to the City's General Fund. 4. Termination. This Escrow agreement shall terminate on December 20, 1997, coinciding with the payment from the escrow account of the final annual installment of bond principal and interest attributable to the Real Estate. • 5. Binding effect. This Escrow Agreement shall be binding upon and inure to the benefit of the heirs,executors,administrators,devisees,legatees,successors and assigns of the parties. EXECUTED this 22nd day of May, 1997. ! / agar Dick Quintana "Property Owner" // . .: /AA I IS ..'.d Mic ele Quintana "Property Owner" CITY OF SALINA,KANSAS By • Rodney Fr.. " "Escrow • 7 of "r STATE OF KANSAS, SALINE COUNTY, ss: The above and foregoing instrument acknowle d before me this 22nd day of May, 1997, by Dick&Michele Quintana,the Property Owner. i NOTARY PUBLIC• of boas u N „' / a. ` 0-9-°� PENNY L ALLEN _(jJr MYA pt.Esp. 'S•i-9$ Notary Public STATE OF KANSAS,SALINE COUNTY, ss: The above and foregoing instrument acknowledged before me this 22nd day of May, 1997, by Rodney Franz, Director of Finance,of the City of Salina, Kannsaw^s,o\1n behalf of the City of Salina,Kansas.( NOTARY PUBLIC•Slate of Kansas v fi PENNY y Notary Public "�� My Appl Exp. .� -9 2' i DEPARTMENT OF FINANCE AND ADMINISTRATION = Judy D.Long,CMC,City Clerk --- - y . F: 300 West Ash Street,Ste.206 • P.O.Box 736 s A L I II A Salina,Kansas 67402-0736 Telephone(913)826-7240 • Fax(913)826-7244 • TDD(913)825-7333 May 22, 1997 Dear Mr. & Mrs. Quintana Here are two copies of the escrow agreement that you both need to sign. After you have signed them, you need to send them both back to our office, with a check for$9.23. After we notorize them we will return one of the copies to you for your records. If you have any questions please contact us. Sincerely, U i Penny Allen i - • . 1 SUPERIOR n o ay//(•ia/ . spoc5a AddEi_ea..0_,,Le-s- . i4 . is-/F0.1 . , , , [ eta,i_x_ 4k2.,,,y,e,,,,-,7z-,4 /2 Gun, ct t7lt-0 44,/ d J//la / • Compliments of' SUPERIOR SCHOOL& OFFICE A Division of Superior School Supplies,Inc. . *Salina .•Lawrence 214 S.Santa Fe/Salina,Kansas 67401 2540 Iowa,Suite M/Lawrence,Kansas 66046 913-825-1641/FAX 913-825-8151 913-865-5071/FAX 913-865-5099 • • r z H O r r 0 0 m 3 m = m 2 `0 0 wv a'= ,m Mc o nc_= cam $c' m m2 - 82m 000000omm(A W 0' CNN WNAWNOO(O O-j0 CO 0 U »0g omoJO o JJ 0 0 y M Z T =3 aosmwwwwwww«.ww °m W R G 0 0 0 0 o 0 0 0 O o N 6 o» .p�° bb000000goo „O d J N 0 0 0 0 0 0 O O N C3 S Z3 o A O -MU r ro S 2.0g,5- "...........m 0 0 0 0 0 0 N m » p 0 0 0 0 0 0 0 0 0 0 D m o 0+= 0 0 0 0 0 O O O O O 0 II--Z 0 R'< 5, 5 N O O O O O O O O O o ~ H d m^5 m mJ.< °°° c m Rnw( y 3 ° Pin w m< NMR RIA a4NNm -J000000000- , Z 0 o O° cab o o O O O O o O W-IM 00352 8, N O O O O O O O 0 C N Z s8 *AuN �0 o o m www 4444 wwenu NN m� M0000000001).) 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N N O 0 (Amon, SA5050DF Special Assessments - Work With Tract Assessments 5/20/97 14 : 13 :40 Job: 87-753 Street improvements, Faith, Twin Oaks II, KA2 Georgetown, Wheatridge, Wallerius Tract# Lot Block Subdivision 15182 9 033 169 KEY ACRES 2ND Lgl : Type options, press ENTER. 2-Change 4-Delete 5-Display Opt Year Principal Interest Payments Assessment 1988 428 . 6900 300 . 0830 . 00 728 . 77 1989 428 . 6900 314 . 4441 . 00 743 . 13 1990 428 . 6900 214 . 3450 . 00 643 . 04 1991 428 . 6900 184 . 5510 . 00 613 . 24 1992 428 . 6900 160 . 7588 . 00 589. 45 1993 428 . 6900 135 . 0374 . 00 563 . 73 1994 428 . 6900 108 . 8873 . 00 537 . 58 _ 1995 428 . 6900 81 . 9870 . 00 510 . 68 1.9.96 _..____ 428 . 6900 5.4--63.8-0- . 00 483 . 35 1997 478 . 6900 27 . 3290 . 00 456 . 02 Help F3=Exit F5=Refresh F6=Create F12=Cancel PAYMENT DATE: 5/28/1997 . City of Salina RECEIPT NO.: 960015416 P.O. Box 736 REVENOE STATION: CC . Salina, Kansas 67402-0736 CASHIER: 222 ITEM TYPE RECEIPT DESCRIPTION . .• I TRANSACTION AMOUNT PREPAID SP LOT 9 BLOCK 33 KEY ACRES2ND 465.25 553-000 557.000 RECEIVED TOTAL FROM: DICk: OR MICHELE QUINTANA AMOUNT: 465.25 CHECK 3427 465.25 ORIGINAL RECEIPT