Lot 4, Block 2 Country Club Estates Addition Q
ESCROW AGREEMENT
THIS AGREEMENT is made this day of November, 1992, by
and between HARVEY S. LOY AND ESTHER W. LOY, 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 Four (4), Block Two (2) , Country Club Estates Addition
Number 4 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 seven thousand nine hundred seventy-two and 47/100
Dollars ($7,972.47) , 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 $8,623.92
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 ( .04%) ($651 .45)
TOTAL $7,972.47
'iv,
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, 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 day of November, 1992.
' Property Ow r"
442. c4dr
"Property Owner"
CITY OF SALINA, KANSAS
•BY S . • 1
• "Escrow .' gent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of November, 1992, by ,
the Property Owners.
f n M. E. ABBOT T
I
Notary Public-Slate ot Kansas
My AvN.Expires Mn z revs . Ale Not.
r Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of November, 1992, by Jacqueline Shiever, City Clerk of the City of
Salina, Kansas, on behalf of the City of Salina, Kansas.
M. F. ABBOTT �`/
Naary Yrin�.w-state m Kansas Notary Public
My ApyL.Expkes AprY z,1909
City of Salina 301127
P.O. Box 736
:4; A .4tiw
Salina, Kansas 67402-0736 : 2 i4/ '1 ' (RECEIPT NO
sauna
• DESCRIPTION. - AMOUNT
"DcL -2AL
Lh B2 :0E114 1992 69- -) 99
CHECK NUMBER 0000000294 TOTAL 7 . 972 . 47
TENDERED 7 . 072 . 47
CHANGE . 06
• , •
• :-.3?g,>1;f:: • " " -
•
lIARVE & ESTHER LOY 7 CC
RECEIVED FROM: . .RECEIVED BY:
City of Salina Ar9-623 301127
40C Ir4 : :OA P.O. Box 736
.4144%
Salina, Kansas 67402-0736 I % • RECEIPT NO.
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DESCRIPTION - AMOUNT•F " 1 J 'n)
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RECEIVED FROM: RECEIVED BY:
TRIPLICATE RECEIPT
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ccit •,-((] ( � �: � fin- 1 ' 308 . 62+
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$67.SZ ,vse-A- 5 1 ' 245 . 18+
99 1 ' 198 . 40+
131,2-0 R-ew■ `h ' - 1< 1 ' 152 • 40+
4r 1 ' 105 . 11 +
. 96SS. L2. 1-I. - 97 1 ' 056 . 54+
1a�G2 .6s." \_ OAJ2 64 1 ' 005 . 70+
59 955 . 57+
z0ezS 904 . 02+
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9 ' 932 . 54*
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'j 1 ' 1 98 . 40+ 4-
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9t. 1 > 105 . 11 + -
47 1 ' 056 . 54+-
9k 1 ' 006 . 70+-
77 955 • 57+ -
,0-41) 904 . 02+--
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I - 'Country Club Estates #4 Addition
� �
V... -Ldt•4, Block 2
p�`� �l 1� is in the Benefit District for the Sanitary Sewer, Water Main and
Service, Storm Drainage Improvements, Curbing, guttering, paving,
grading Argonne Avenue and Skyline Drive
Engineering Projects 89-789/89-790
The principal amount due by May 28, 1991 is - $8,520.49
f After 30 days, the assessment will be certified to the County to be
collected on the real estate tax rolls over a 10 year period. If the
k
. .:)./.2. assessment is collected on the tax roll, you will pay 1/10 of the
principal amount plus interest at the rate of approximately 6.5% figured
p on the unpaid principal balance each year.
¢¢ The First Year of Assessment - 1991
\t The Last Year of Assessment - 2000 26391
I Job 89-789/790 RETURN YELLOW COPY WITH REMITTANCE
Book 17
s44‘
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