Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 17th day of May, 1996, by and between
Stanley J. Sanford, (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 1, Block 5, Less the South 6.67', Austin Addition to the City
of Salina, Kansas (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 Five thousand five hundred twenty-seven and 18/100 Dollars
($5,527.18) , 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.
T/
EXECUTED this /2 day of ff , 199
Stanley J. ,6anford
"Propert Owner"
CITY OF SAnLINA, KANSAS
By
Ro 4lan
Rodney Fran
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
/7"1—day of ,, 1996, by Stanley J. Sanford, the Property Owner.
NOTARY PUBLIC•Side of Kum
T _ sauYR c�ow� Notary i'ublic
I, SYAL E -JZ 9
STATE OF KANSAS, SALINE t NTY, ss:
The above and foregoing instrument acknowledged before me this
/7 day of , 1996, by f JK,y Frnai , Escrow Agent of the City
of Salina, Kansasµ ,uon behalf.of the City of Salina, Kansas.
MARY PUBLIC•Mediums _ �J
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-- SALLY Notary ublic
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317 S Santa FC.Sahna Kansas 671CTI Topeka Kansas 1 11_-
1830 S Ohw Salina Kansas 67401
— � a .? 05-17. 96
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