Lot 13, Block 3 Replat of Faith Addition 4 r 3
ESCROW AGREEMENT
THIS AGREEMENT is made this 3rd day of April, 1992, by and
between (WAYNE'.-MAY., 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 Thirteen (13) , Block Three (3) , Replat of Faith 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 One thousand eight hundred fifty-nine and 13/100 Dollars
($1,859.13) , 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 $1,939.49
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%) ($80.36)
TOTAL $1,859.13
. '/
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, 1997, 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 3rd day of April, 1992.
64/07 ate friesel
"Property Owner
CITY OF SALINA, KANSAS
By —A ,.5,:,.a �\A.;LA e� G�t,.� Cl0,I,
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The ,above and foregoing instrument acknowledged before me this
3.t) day of ( ! .. -J , 1992, by u..) „, Me.,� , the Property
Owner. t
I y Public..HEATH
Set.......,- N/_R s(
Notary PuCGC-State o*Kansas 10 416
My Appt.Exple3 11-zc_ql Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
ao day of 1993-, by .4s, ,„, St.,:- ,,,, r",., L1s.i.L of the City
Y � 1
of Salina, Kans s, on behalf of the Cit3' of (S'�alina, Kansas.
L Notary Public-State or Ke isaa �lY� ��C66
My Appt.Exam _fr„ Notary Public
—
. . '4, City of Salina 102533
P.O. Box 736
``-; r Salina, Kansas 67402-0736 h /0 a �9 . RECEIPT NO. I .:5-33'
sauna «\
AMOUNT \
DESCRIPTION
I , %+55 . 13
PI'I P? T' 'WECIAL ASSCSSMENTS
EP,"R -''•' :.CR L13 B3 FAITH ' 92-97 ____•_
TOTAL 1 , 659 . 13
CHE. i ;ICHiEF. 000000'�b47 TF*TtF.RF.I] 1 , P5Ci . 1 '
RECEIVED FROM: MAY CORTSTRUCTIOT'i RECEIVED BY: CC
TRIPLICATE RECEIPT
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