Escrow Agreement (%C5:1 �
ESCROW AGREEMENT
THIS AGREEMENT is made this 17th day of October, 1994, by and
between JERRY H. AND SANDRA ROBINSON , 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 Seven (7) , Block Seven (7) , Meyer Addition to the City of
Salina, Saline County, 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 Eight Hundred Nine and 22/100 Dollars
($4,809.22) , the receipt of which is hereby acknowledged by the Escrow Agent.
The amount deposited by the Property Owner has been determined as follows:
a. All unpaid special assessment installments
which have been levied against the
Real Estate $5,068.38
b. All unlevied principal and interest
installments plus an annual administrative
fee of 5% of the annual principal and
interest due, reduced to a present value
based upon the discount rate of ( .06%) ($259.16)
TOTAL $4,809.22
2. Investment. The sum deposited by the Property Owner
with the Escrow Agent shall be deposited by the Escrow Agent in an escrow
account under the City's Special Assessment Escrow Fund and invested as
permitted by law.
3. Annual withdrawal. In January of each year, the Escrow
Agent shall transfer from the escrow account an amount necessary to pay the
annual bond principal and interest payments attributable to the Real Estate
and the 5$ 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, 2002, 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 /7134 day of DNllJi 1994.
---‘42-1,-e, f51-4-u-3/461-4^-
"Property Owner"
CITY OF SALINA, KANSAS
By_ f/1/�6 J7 -
"Escro //Agnt
,ity, , n,
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing i trument knowledged before me this
/'JY' day of CC1' , 1994, by L HRO AthkaCaOn , the Property
O ner
ROTARY MC•SW dlists
Notary Pu lic
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
//71-6 day of ('J , 1994, byjackwite ,��, , kJ( of the City
of Salina, Kansas, on behalf of the City ofc-e./1-2.4-,Saal a, Kansas. l ,
pO1AdIPIgIUC•il1YdIIgIM 44 � �u_.. .
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