Escrow Agreement Do^ `
ESCROW AGREEMENT
THIS AGREEMENT is made this 20th day of December, 1996, by and
between Ke e Lynn andCh-^istina Dawn Mar, 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 17, Block 5, Golden Eagle Estates
(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 Twelve Thousand Six Hundred Fifty and 59/100 Dollars
($12,650.59) , 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.
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.
tzb
EXECUTED this Z3 — day of i- , 1996.
jor
Kee ynn' ar
"Property Own(
err""
Cr (-J//�
C istina Dawn gar /
"Property Owner"
CITY OF ALINA, KANSAS
By I
Rod ranz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
Thenabove and foregoing instrument a owledged before me this
7,7 day of stir 1996, by Kee Lynn and - stina Daw 'tar the Property
1TYAOle([f art' Pub is
I
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
, C) /L.- day of ILtssnakla, 1996, by Rod Franz, Finance Director of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
I NOTARY PUBLIC•S ted(ippp P 'L a 1---- IJ A ; ,
PENNY-��-±�p� I Notary Public
..:. MY APIA.Et'.
-1;
ESCROW AGREEMENT
THIS AGREEMENT is made this 20th day of December, 1996, by and
between Kee Lynn and Christina Dawn Mar, 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 17, Block 5, Golden Eagle Estates
(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 Twelve Thousand Six Hundred Fifty and 59/100 Dollars
($12,650.59) , 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.
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.
aD
EXECUTED this 23 day of , 1996.if
-a ,/ a a
Ke.e ynn ar
"Property Own-r"
,i, . •1 I . IAA ' . 1a I to
c -s ma Dawn 'ar -
"Property Owner"
CITY OF S LINA, KANSAS
By ty
Rod Fiknz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
Th above[ and foregoing instrument acknowledged before me this
73�day of �Q�Pit1W c 1996, by Kee Lynn and Christina Dawn Mar, the Property
Owner.
dick LARRY F E,/ t U i'
f 9 my Appt. Exp. J/r/ 'n' •dt. 'u o li
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
p day of 1:).0-ci-MLut, 1996, by Rod Franz, Finance Director of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
WARY flm I Notary Publi
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THE C. W. LYNN ABSTRACT CO.. INC. 4 5 11
C95-293
MAR
1406 Sherwood
Salina KS 67401
Escrow Special Assessmen 12,650.59
CHECK TOTAL 12,650.59
THE C. W. LYNN ABSTRACT CO., INC. CONITM IONAL BANK OF AMERICA 4 51
ESCROW ACCOUNT SAUNA, KANSAS 67402
LICENSED ABSTRACTERS-BONDED ABSTRACTS 83-63-1011
TITLE INSURANCE-EST. 1867
121 N. SEVENTH ST. 913-823-3706
SALINA, KS 67401
DECEMBER 23, 1996 ******12,650.59***
DATE AMOUNT
PAY TWELVE THOUSAND SIX HUNDRED FIFTY AND 59/100 DOLLARS
TO THE City of Salina
ORDER
OF THE C. W. LYNN ABSTRACT CO.. INC.
HMO 45LL6• -4-I: LOL11006341: " 30BL2929350
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