Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 8th day of November, 1994, by and
between CHUNG P. AND DUNG T. PHAM, 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 One (1), less the North Seven Feet (7') of the West
Sixty-Five Feet (65') , Block One (1) , Indian Rock Park
Replat to the City of Salina, Saline County, Kansas. (aka
1103 Indian Rock Lane) .
(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 Two hundred sixteen and 82/100 Dollars ($216.82) , 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 $216.82
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.
The amount necessary to pay bond principal and interest will be transferred to
the City's Bond and Interest Fund.
4. Termination. This Escrow agreement shall terminate on
December 20, 1996, 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 8th day of November, 1994.
i
i'
2.,:_1 �� r�
"Property Owner"
CITY OF SALINA, KANSAS
i
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument a nowledged before me this
day of q py-. , 1994, by j . �. P A i u , the Property
Owner. •4
DIANN B. HEATH 9 /C f Notary . SMofW 1
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
[ The above and foregoing instrument acknowledged before me this
n -' day of Q.41/r. , 1994, by Stephanie Krug, Deputy City Clerk of the
City of Salina, Kansas, on behalf of the City of Salina, Kansas.
DIANN B. HEATH 11 B.
[ Notary Public-State of Kansas) otary Public
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