Escrow Agrement r7211
3)
ESCROW AGREEMENT
THIS AGREEMENT is made this 30y4 day of November, 1989, by and
between KEN STOPPEL, (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 Two (2) plus the North Two feet (2') of Lot Three (3) ,
Block Seven (7) , Replat of Faith Addition to the City of
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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment. The property Owner deposits with the Escrow Agent the
sum of Two Hundred Forty-nine and 57/100 Dollars
($249.57) , 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$) $249.57
TOTAL $249.57
2. Investment. The sum deposited by the Property Owner with the
Escrow Agent shall be deposited by the Escrow Agent in an escrow account under
the City's Special Assessment Escrow fund and invested as permitted by law.
3. Annual withdrawal. In January of each year the Escrow Agent
shall transfer from the escrow account an amount necessary to pay the annual
bond principal and interest payments attributable to the Real Estate and the
5$ 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 WA day of November, 1989.
7?-1-22/1"?L4114)96_a_C
roperty Owner"
CITY OF SALINA, KANSAS
BY , 1a4,.. Slwc, lA CW4.
"Escrow \kgent
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foreg ing instrument acknowledged before me this . Cr
day of November, 1989, by i tAA 0., sx,0 �,A ,
the property owner.
Susanne C. Pen.lenAtad*
�
\OT ■ RY PU l tlf
�C✓J ti- LLC ff n(bCa/ne of Ym
Notary Public 1
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this £o
day of November, 1989, by ,I0_41.,\,,.:As. Si,k);t„w ,
of the City of Salina, Kansas, onlbehalf of the City of Salina, Kansas.
Susanne C. Penzenstadler �� �/
N O l' 9 II y P U as , _ Notary Public J
__St nj Km�cs , U
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