Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this )40-44-3- day of February, 1996, by and
between Jacqueline K. Simpson, (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 18 plus West 7.25' of Lot 17, Block 2, Country Oak Estates
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 Four thousand two hundred ninety five and 12/100 Dollars
($4,295.12) , 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.
i
• 4. Termination. This Escrow agreement shall terminate on
December 20, 2000, 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 /Lo'% day of & �, fit, , 1996.
" ° operty Owner"
CITY OF SALINA, KANSAS
BY „
"Escrow Age "
STATE OF KANSAS, SALINE COUNTY, ss:
The� above and foregoing instrument acknowledged before me this
\ /
day of �1____ I, 1996, by Jacquelin e7K Simpson, the Property Owner.
NO1ARYPUBLIC•iteaboas l7 4 .
sane. tiusIgct Notary Pub '
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
Hot!' day of takes R`s, 1996, by Judy D. Long, City Clerk of the City of
Salina, Kansas, on be if of the City of Salina, Kansas. J ,
NOTARY PUBLIC•State of Kansas ri_z)
PENNY L�L�E�,t Notary Pu
ROM Egg
City of Salina
P.O. Box 736
Ada r SS;o Salina, Kansas 67402-0736 2/16/96(RECEIPT NO. 459083 )
sa�ina
DESCRIPTION AMOUNT
PREPAID SPECIAL ASSESSMENTS 4,295. 12
553 000 557 000 TRACT 26504 J. S I MPSON
TOTAL 4,295. 12
CHECK NUMBER 0026962 CHECK: TENDERED 4,295. 12
CHANGE •00
II
RECEIVED FROM SECURITY SAVINGS RECEIVED BY: CC-222
ORIGINAL RECEIPT
Security Savings Bank F.S.B.
Salina, Kansas 67401 027962
DATE DESCRIPTION AMOUNT
2-16-96 LIP #122182 . 5 Specials in Full - TR#26504 $4, 295 . 12
Jacqueline Simpson
733 Dustin Road
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