Escrow AgreementESCROW AGREEMENT
THIS AGREEMENT is made this 13th day of December, 1996, by and
between Cary D. and Barbara A. Zimmerman, 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 3, Block 2 Laurie
(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 Eight Hundred Fourteen and 69/100 Dollars
($7,814.69), 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, 2003, 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 l3r`- day of-Decern1996.
Car)(,Z. Zin)erman
"Pro erty Owner"
Barbara A. Zimmernr
"Property Owner'
CITYOF SALINA, KANSAS
By
Rod Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and for
13T"- day 1996,
the Property Owner.
TIMERP,A OLFASTED
Notary Public - Slate of Kansas
My Appt. Erplros
instrument acknowledged before me this
�In1�2xs� dgt. ej
NotarycPublic
STATE OF KANSAS, SALINE COUNTY, ss:
LK The above and foregoininstren
u t acknowledged before me this
day of , 1996, by �= , of the City
of Salina, Kansas, on behalf of the City of Salina, 1,14nsas.
N011YYPI�M-MdAM
u m
Q 4 C - L . t-
Notary Publi
SA505ODF Special Assessments - Work With Tract Assessments 2/12/97
14:22:26
Job:j4-892 Street and utility improvements
Tract# Lot Block Subdivision
27277 1 003 690 LAURIE
Lgl:
Type options,
press ENTER.
2 -Change 4 -Delete
5 -Display
Opt Year
Principal
Interest
Payments
Assessment
1995
428.2590
274.3427
.00
702.60
_
1996
428.2590
196.5709
.00
624.83
_
428.2590
1 93:6G7
00
60 .9-3
_
1998
428.2590
150.5801
.00
578.84
_
1999
428.2590
127.8096
.00
556.07
_
2000
428.2590
107.4716
.00
535.73
_
2001
428.2590
86.7139
.00
514.97
2002
428.2590
65.5236
.00
493.78
_
2003
428.2590
43.8965
.00
472.16
_
2004
428.2590
22.0553
.00
450.31
Help F3=Exit F5=Refresh
PAYMENT DATE: 12/16/1996
REVENUE STATION: LC
F6=Create F12=Cancel
City of Salina RECEIPT NO.: 96Vlli)64`_%!
P.O. Box 736
Salina, Kansas 67402-0736 CASHIER: 2S.'.
OT 3 BLOCf': 2 LAURIE
553-000 557 . C)0('t
RECEIVED
FROM: CARY" & BARBARA ZIMMERMAN
CHECK 1388 7,811.69
ORIGINAL RECEIPT
7,814.69
TOTAL
AMOUNT: ?9 81
SA505ODF Special Assessments - Work With Tract Assessments 2/12/97
14:24:15
Job:'93-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27277 1 003 690 LAURIE
Lgl:
Type options,
press ENTER.
2 -Change 4 -Delete
5 -Display
Opt Year
Principal
Interest
Payments
Assessment
1994
580.1990
406.1045
.00
986.30
_
1995
580.1990
266.6925
.00
846.89
_
1996
580.1990
237.1064
.00
817.31
_
97
580.1990
209.9090
.00
0.11
_
1998
580.1990
181.8367
.00
762.04
_
1999
580.1990
152.8824
.00
733.08
_
2000
580.1990
123.2923
.00
703.49
_
2001
580.1990
93.1219
.00
673.32
_
2002
580.1990
62.3714
.00
642.57
_
2003
580.1990
31.3307
.00
611.53
Help F3=Exit F5=Refresh F6=Create F12=Cancel
THE MORTGAGE COMPANY
Salina City Clerk
IS W - Loans Held for Sale
Payoff Special Assess
Tract #27253
C. Zimmerman
12/16/96
1388
7,814.69
First Bank Loan Settle Tract 427253 -Payoff Special Assessments 7,814.69
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