Escrow Agreement r !
5-iyszg
•
• ESCROW AGREEMENT
THIS AGREEMENT is made this8th day of March , 1989, by
and between EDMOND AND SHARON FISHER,rreferred 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:
South Two feet (S2') of Lot Fourteen (14) , all of Lot Fifteen (15) ,
and the North Three feet (N3') of Lot Sixteen (16) , Block Two (2) ,
Twin Oaks II Subdivision of 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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment. The property Owner deposits with the Escrow Agent
the sum of Five Thousand Seven Hundred Seventy-seven and 99/100 DOLLARS
($5,777.99) , 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%) $5,777.99
TOTAL $5,777.99
, ,/
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 arid 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 8th day of March , 1989.
Property Owner
eroperty Owner"
CITY OOFF SALINA, KANSAS C
BY _/L..«._..e �s�
" scrow s gent
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
8th day of March , 1989 , by
Fdmnnd M Fisher , and Sharon Fisher
the property owner:. • --°-
C.SHERMAN LAGERGREN
NOTARY PUBLIC
w`-� STATE OF NANSAS
F.' 'ti..MY Appt Exp. d-14 V (14,-- c- r--e
taL 'otary 'u• ic
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
8th day of March , 19 89, by
Robert K. Biles , of the City of Salina, Kansas, on behalf of
the City of Salina, Kansas.
aNOTARY
STATE OF KANSAS Notary Pubc.
MY APPT. EXPIRES APRIL 2, 1992
ESCROW AGREEMENT
THIS AGREEMENT is made thisgth day of March , 1989, by
and between EDMOND AND SHARON FISHERrreferred 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:
South Two feet (S2') of Lot Fourteen (14) , all of Lot Fifteen (15) ,
and the North Three feet (N3') of Lot Sixteen (16) , Block Two (2) ,
Twin Oaks II Subdivision of 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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment.. The property Owner deposits with the Escrow Agent
the sum of Five Thousand Seven Hundred Seventy-seven and 99/100 DOLLARS
($5,777.99) , 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 $.
b. All unlevied principal and interest
installments plus an annual
administrative fee of 5% of the.
annual' principal and interest due,
reduced to a present value based
upon the discount rate of (06$) $5,777.99
TOTAL $5,777.99
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 8th day of March , 1989.
'Property Owner
•
roperty Owner'
CITY OF SALINA, KANSAS
B y _d�
II scrow. ' gent
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
8th day of March , 1989 , by
Fdmnnd M Fichnr , and. Sharon Fisher
the pr
C.SHERMAN LAGERGREN
NOTARY PUBLIC
OF „ `c=' C
STATE OF KANSAS C/f"My Appt Exp. .4-'43`1 uL` �. c
Notary. Public
STATE OF KANSAS, SALINE COUNTY, ss::
The above: and foregoing Instrument acknowledged before me this
8th day of March , 19. 89, by
Robert K. Biles , of the City of Salina, Kansas, on behalf of
the City of Salina, Kansas.
_ r,
_
IA. E ABBOTT
NOTSTATE OF KMOVUBLIC Notary Pu !..
ANSAS
MY APP' EXPIRES.APRIL 2, 1992
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