Escrow Agreement {ccy37
•
ESCROW AGREEMENT
THIS AGREEMENT is made this 24th day of April, 1995, by and between
Byron W. Tomlins, 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 12, Block 1, Holmquist estattes 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 Five thousand six hundred sixty-four and 20/100 Dollars
($5,664.20) , 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.
4,
I
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 /9*'` day of a.,b„.a- , 1995.
"Property Owner”
CITY OF SAMNA, KHANS
By EL
"Escrow A nt
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
\L\ day of Qx c3,s-k , 1995, by Byron W. Tomlins, the Property Owner.,t
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
/e day of p ,,,d- , 1995 by Judy D. Long, City Clerk of the City of
Salina, Kansas,Oon behalf of the City of Salina, Kansas.
NOTARY PUBUC•Stab of Kansas 4 • • • - �.
I ate[_ r,Y ,: Nola `'
Notary ublic
1"
DEPARTMENT OF FINANCE AND ADMINISTRATION I
CITY CLERK
"ri`'i� 300 West Ash Street•P.O.Box 736
Or Salina,Kansas 67402-0736 Salina
�'n s Robed K.Bites,C.P.A.,Director•Judy D.Long,City Clerk bad
SC
Telephone(913)826-7240•FAX(913)826-7244
August 2, 1995
Byron W. Tomlins
2125 Fairdale Ct
Salina, KS 67401
Dear Mr. Tomlins:
On April 24, 1995 we received a check in the amount of $5,664.20, for
prepayment of special assessments for Lot 12, Block 1 , Holmquist Estates
PDD, also known as 12 Red Fox Lane. A receipt was issued in your name.
In checking our files we do not find an escrow agreement for this
prepayment of special assessments, which is required. Normally this ' is done
at the time of payment.
I would appreciate your coming into our office at your earliest convience to
sign the escrow agreement. If you have any questions please call our office.
Sincerely,
11nn11
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Judy I . Lc/ g
• Clerk
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