Lot 10, Block 5 Meyer AdditionkA7130dq a 12-
THIS
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ESCROW AGREEMENT
THIS AGREEMENT is made this Pv� day of March, 1992, by and
between ALFRED S. WEST AND ELENORA E. WEST. referred to in this
Agreement as "the Property Owners") and the City of Salina, Kansas
(Referred to in the Agreement as "the Escrow Agent").
R.F.CTTAT.S
A. Property owner is the ownerofreal estate legally described
as:
(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 Three Thousand Three Hundred Twenty-six and 31/100
Dollars ($3,326.31), 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 $3,782.38
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 (.0525%) ($456.07)
TOTAL ; $3,326.31
r
2. Investment. The sum deposited by the Property Owners 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 59, 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, 1998, 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 March, 1992.
'.'Property Owners"
CITY OF SALINA, KANSAS
By 5 ems- q e1j
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
ai The above and foregoing instrument acknowledged before me this
�" day of March, 1992, by Alfred S. West and Eleanor E. West, the
Property Owners.
DIANN 6=H2ATH,
yRt>�c-My Appt. EXpircaNotary
STATE OF KANSAS, SALINE COUNTY, as:
The above and fore oing instrument acknowledged before me this
day of March, 1992, by �X of the City of
Salina, Kansas, on behalf of the ity of Salina, Kansa-K
DIANN 8. HEATHd Y J .
Notary R60e - Stato of Kwwa
My AWL EXpioa p-Zc_gst Notary Public
4
---------------------------------------------
City of Salina
P.O. Box 736
Salina, Kansas 67402-0736
ME ■rlC
DESCRIPTION
PLILPAID SPM'T:AI. ASSESSMENTS
88-765 LIC E5 MEYER 1992-1.993
CHECY i4L?t:SI.R OGGOGQ: 875
101535
3/3--/a-2 RECEIPT NO. 115_
TOTA.1,
TENDERED
-'H^.Nsf.
RECEIVED FROM: ALFRED S WEST RECEIVED BY:
TRIPLICATE RECEIPT
1
AMOUNT
,"%5.31
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