Escrow Agreement f' /V5-2-3
/fr
ESCROW AGREEMENT
THIS AGREEMENT is made this 1p i day of October, 1989, by and
between LEE HAWORTH CONSTRUCTION MANY, INC. 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:
The North Seventy-eight (78) feet of Lot Fourteen (14) and the
South Five (5) feet of Lot Thirteen (13) , Block Two (2) , Twin Oaks
II Subdivision
(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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment. The property Owner deposits with the Escrow Agent
the sum of Five Thousand One Hundred Sixty-one and 17/100 Dollars
($5,161 .17) , 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 $
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$) $ 5,161 .17
TOTAL $ 5,161 .17
r
,
•
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 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 yi day of October, x:9.
Lee U)0 7���'v{ S 4 K r
// Property e er r '
CITY OF SALINA, KANSAS
B y J 1 ,i.+. .%\,...;u,CI.-"Escrow gent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
11 day of October, 1989, by Lee Haworth, the property owner.
M. A. ABBOTT
NOTARY PUBLIC
7,/
STATE OF KANSAS Notary Public
MY APPT. EXPIRES APRIL 2, 1992
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoin�{-I instrument acknowledged before me this
ti day of October, 1989, by Jo. k�kr.« s�,,iwe...t, iw C�„G of the City
of Salina, Kansas, on behalf of the Cii y of Salina, Kansas. N
M. ABBOTT
NOTARY PUBLIC
STATE OF KANSAS
�����--
Notary Public
MY APPT. EXPIRES APRIL 2, 1992
1
r"-- r N 1 1- rO
01 rI 1 rle+ o
o
O r i 1.D r+
O .- 1 ■
< In 1 in in
1
O 1
z
a
w
0
u, G
CL a W tt
U
c a
r 0Z ..
E—Z
[O+ E U m
o
0 w
in
0 F,
cc a
w
O U
M lil
CZ O -I
C N Q
_ a
r- r- ¢
Cl) p w y O
o
TaY N
V c H E a
i 0
En ri en
N a e W
W E
c W
y w 0 a
Q � 0 a
o ,o
0
Q E O 0 r 0 a a ` o"
Z M Es a-
LLao _ -
s°c a Ina Z o
s c 2
U A S LL
�' - ... W 4 U w
m 0 W G
W U
til
Cr
6(
go
j3° Ca 1(0
•
ADDITION' Twin Oaks II Subdivision
€i s l a+ 13
C. 'This' Lot 14, Block 2
r Property'
is in the Benefit District for the improvement of:
Drainage system and Drainage channel
82-688-690
a February 11, 1983
The amount due within 30 days from the date of is
$ 1�Og1:95— " IzS. 3 �
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 with
interest at the rate of approximately. 9 %.
First Assessment Year Last Assessment Year
t ; 19 83 19 99
„ lggD n33 •35
No. 19 Pg 80 Bk 16 198q • 15 Z.SS Ip 91 ra L.G$
199,- 11 $.'-G,
G •
SA 21518
--
ADDITION Twin Oaks I I
,_ So..,AL 5' Lt,-k- 13 Job 87-752
This pJl�s Lot 14, Block 2
Property
is in the Benefit District for the improvement of :
Storm drainage, water system, Later Sanitary ewer 6508, curbing,
° guttering, paving anu grading of Post Oak Lane and viantatlon urive
The amount due within 30 days from the date of July 1, 1988 is
aao__,L as,Set 'fl = 5 512,28
After 30 days the assessment will be certified 1 the county to be
s- collected on the real estate tax rolls over a year period with
interest at the rate of approximately 7 %.
First Assessment Year Last Assessment Year
c19 ae 19 97 I`iq° 8s9.o's
Cbb. 19 P 130 16 1-03420-00190
No 19.2 S
g Bk 7 7 E, `/7
7tSS rl
19fre7 - 9'll,oi I , 12 11
vaIi z .25
'6,.4S.)3
'e -- /q=T7 - 6,61. 22-
O i o
O \ O
W 1/4.,.:
vi
R
W S 01 C1 J J 1 •W CJ y' U-I
1 O -^ CO V� CO Ui —a —s N VN ,
-P %D U7 N W V: J kD \D N co co C\ W
N N J N ^ N O O - .P — 0% 'v1 O
W N W `.r1 — -- -- U1 U1 • 10 Dl W U1 -
(E * + + + + + + + + * * + + + if-
t .