Escrow Agreement °a-7501
Vivck
ESCROW AGREEMENT
THIS AGREEMENT is made this 30th day of December, 1996, by and
between Stephen T. and Constance J. Inglish, 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 14, Block 1 Tasker Addition to the City of Salina
(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 Seven thousand Nine Hundred Eighty-two Dollars and 86/100
Dollars ($7,982.86) , 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.
EXECUTED this 30th day of December, 1996. '
of /h "I
. •ephen T. Inglish /
"Property Owner" Q
Constance nglish
"Property Owner"
CITY OF SALINA, KANSAS
By /70__.
Rod eanz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
apy`'A' day of A ,,,,,,,,Q,,,_ , 1996, by Stephen T. Inglish and Constance J.
Inglish, the Property Owners. e^
RatWI Kansas IQ . 0
SALLY R. CROWLEY Notary PtZblic
:.±n My Appt.Exp. c-A-9 3''
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
30 day of A,„„.),,,,_ , 1996, by Rod Franz, Director of Finance of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
IaOT ARYPUBLIC•snleaAansas � R.
BALLYItCRCNILEY Notary Public
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t • ,FiE*CEIPTI(461; 960006892
RAYMENI DATE: I c 199 Lt
CityoSalina ,
P.O.:•Box 736
_
EVENUE STATION: CC Salna, Kansas 67402-0736 CASHIER: 22i2
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ITEM TYPE RECEIPT DESCRIPTION TRANSACTION AMOUNT
'FFFAID SF LOT t4 BLOCK I TASKEF: ADD . 7.982•So
557-1—000 557. 000 if
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tt Czt4Ett-gbt're`it ' A
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Ityt:
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ECEIVED TOTAL
FROM: STEVEN T . fNGLIS AMOUNT: 7,982.8.si
RECK 22SE 7, 082.So
DUPLICATE RECEIPT
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