Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 1st day of August, 1995, by and between
Georgetown, Inc. , 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:
Tract No. 3, Lot 7, Block 2, Wilbur PDD 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 One thousand twenty-four and 92/100 Dollars ($1,024.92) , 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 day of , 1995.
Georgetown, Inc.
By
"Property Owner"
CITY OF SALINA, KANSAS
By
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1995, by Elly Ritter for Georgetown, Inc. , the
Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1995, by Judy D. Long, City Clerk of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
Notary Public
•
ESCROW AGREEMENT
THIS AGREEMENT is made this 1st day of August, 1995, by and between
Georgetown, Inc. , 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:
Tract No. 3, Lot 7, Block 2, Wilbur PDD 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 One thousand twenty-four and 92/100 Dollars ($1,024.92) , 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, +t ;. 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 day of , 1995.
Georgetown, Inc.
By
"Property Owner"
CITY OF SALINA, KANSAS
By
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1995, by Elly Ritter for Georgetown, Inc. , the
Property Owner.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1995, by Judy D. Long, City Clerk of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
Notary Public
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