Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this IC day of , 1996, by and
between The Housing Authority, referred to in this Agr me s "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: Lots 4, 5 & 6, Block 1, Country Oaks Replat
(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 Eighteen Thousand Six hundred ninety-eight and 73/100 Dollars
($18,698.73) , 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 /S�day of A 0 , 1996.
"Property Owner"
CITY OF SALINA, K SAS
By — , a' n t9-
i ._ . . ' Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing hwtrument acknowledged before me this
day of , 1996, by c...-Q 714 e r sc , the Property
Owner. ____ c _ �__
UTANN B. HEATH�� (� Q
rigrl Notary Public-State of Ka sas Z i44 .o £-
My Appt.Expires LI -2G 9 Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The a ove and foregoing instrument acknowledged before me this
,-)44-
S day of 1996, by ,(� D. c„„ , a., C1e�(C of the City
of Salina, Ka , on behalf of the'City of Salina; Kansas.
DIANN B. HEA �'+ ,^2_. Wea
> Notary Public-State of Kansas
Notary Public
My Appt Expires I t-ZL. —g p
.,_.
_______ .„_TTrn_, , . •: ..; .•-..: .n?-;;X-,z.Ynr,2-'•?`?•.'
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13o1736 int
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Sit•Wicifir .we-2,6,. Salina, Kansas 67402-0736 (RECEIPT NO ,
.- ) 1 ,
- eLonn •
7/15/96 44R7'RR A •
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:1.DES 02.1.3 1aPTIOr-,N,wi,5''.-;;;•:-.;-'•-.:'-,.-,7 • ' • v.:1414,1,77*t8.fr:...`.Z. I,. '''-- . -•..AM..O.,.UN Ti
REPAID SPECIAL ASSESSMENTS 7,032. 89
::::: 000 557 000 TRACT427670 L4 B1 COUNTRY OAK - ; .
:REPAID SPECIAL ASSESSMENTS- 5,977. 98 l''H
42 000 557 000 TRACT#27670. 1 L5 Bi
REPAID SPECIAL ASSESSMENTS . 5,687. 86
-1,-2 000 au. 000 TRACT#27670. 2 L6 B1
4 %;;-'-'1.-
.; .,' 'n,za-::-1::::::,:::;;;;;;;;'),:;::::::; TOTAL
,'..., - ''. • ,,,s Atli.A.::!::%:,,::::,:%:::::::::::::,:t- 18,698. 73 . •
.i•-!E:OK NUMBER 0105910 • .::':',:::•.>;;A-,--61,4ECK::::&:::;,:::*:::;.*::;:. TENDERED
--•.,:,i:; it.:;!:::.:::!:•:.: 1',,A - - :;„.;- 1.• 18,698. 73
C HA NO E . 00
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:CEIVED FROM: qr.:: HO US. INC-) PUTH01-•.:ITY RECEIVED BY: lit •'
DUPLICATE RECEIPT •
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SA5050DF Special Assessments - Work With Tract Assessments 7/03/96
8:11:27
Job: 94-898 S & U/Austin,Country Oak Est,Tulane,Tasker
Tract# Lot Block Subdivision
27670 4 001 700 COUNTRY OAKS RP PT BLK 1,3,4
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
1995 721.8590 462 .4229 .00 11,18
_ 1996 721.8590 331.3333 .00 1, 053.19
_ 1997 721.8590 292.7283 .00 1, 014.59
_ 1998 721.8590 253 .8128 .00 975.67
_ 1999 721.8590 215.4316 .00 937.29
_ 2000 721.8590 181.1505 .00 903.01
_ 2001 721.8590 146.1620 .00 868.02
_ 2002 721.8590 110.4444 .00 832.30
_ 2003 721.8590 73 .9905 .00 795.85
2004 721.8590 37.1757 .00 759.03
Help F3=Exit F5=Refresh F6=Create F12=Cancel
01e1`.. s
dThiteniti*Cingi
SA5050DY Special Assessments - Work With Tract Assessments 7/03/96
8:11:47
Job: 94-898 S & U/Austin,Country Oak Est,Tulane,Tasker
Tract# Lot Block Subdivision
27670.1 5 1 700 COUNTRY OAKS RP PT ELK 1,3,4
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1995 613 .5820 393 .0606 .00 1, 006.64
_ 1996 613 .5820 281.6341 .00 895.22
_ 1997 613.5820 248.8198 .00 862.40
_ 1998 613.5820 215.7416 .00 829.32
_ 1999 613.5820 183.1174 .00 796.70
_ 2000 613.5820 153.9784 .00 767.56
_ 2001 613.5820 124.2381 .00 737.82
_ 2002 613 .5820 93.8780 .00 707.46
_ 2003 613 .5820 62.8922 .00 676.47
2004 613 .5820 31.5995 .00 645.18
Help F3=Exit F5=Refresh F6=Create F12=Cancel
SA5050D! Special Assessments - Work With Tract Assessments 7/03/96
8:11:53
Job: 94-898 S & U/Austin,Country Oak Est,Tulane,Tasker
Tract# Lot Block Subdivision
27670.2 6 1 700 COUNTRY OAKS RP PT BLK 1,3,4
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1995 583.8040 373 .9848 .00 g
_ 1996 583 .8040 267.9660 .00 851.77
_ 1997 583 .8040 236.7442 .00 820.55
_ 1998 583 .8040 205.2713 .00 789.08
_ 1999 583 .8040 174 .2305 .00 758.03
_ 2000 583 .8040 146.5056 .00 730.31
_ 2001 583 .8040 118.2086 .00 702.01
_ 2002 583 .8040 89.3220 .00 673 .13
_ 2003 583 .8040 59.8399 .00 643 .64
2004 583.8040 30.0659 .00 613.87
Help F3=Exit F5=Refresh F6=Create F12=Cancel
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