UntitledESCROW AGREEMENT
THIS AGREEMENT is made this 31st day of March, 1989, by and
between ' `, /l/v �� referred
to in this Agreement as "the Property Owner") and the City of Salina, Kansas
(Referred to in the Agreement as "the Escrow Agent").
as:
RECITALS
A. Property owner is the owner of real estate legally described
Lot Seventeen (17), Block Two (2), Replat of Blocks 11 and 12
and part of Blocks 10 and 14, Mayfair 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.
NOW, THEREFORE, the parties agree as follows:
1. Payment. The property Owner deposits with the Escrow Agent the
sum of
($ 2.254. 3- ), the receipt of which is hEtreby [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%) $2,254.32
TOTAL $2,254.32
2. Investment. The sum deposited by the Property Owner with the
Escrow Agent shall be deposited by the Escrow Agent in an escrow account under
the City's Special Assessment Escrow fund and invested as permitted by law.
3. Annual withdrawal. In January of each year the Escrow Agent
shall transfer from the escrow account an amount necessary to pay the annual
bond principal and interest payments attributable to the Real Estate and the
5% annual administration fee. The amount necessary to pay bond principal and
interest will be transferred to the City's Bond and Interest Fund and the
administrative fee shall be transferred to the City's General Fund.
4. Termination. This Escrow Agreement shall terminate on
December 20, 1997, coinciding with payment from the escrow account of the
final annual installment of bond principal and interest attributable to the
Real Estate.
5. Binding effect. This Escrow Agreement shall be binding upon
and inure to the benefit of the heirs, executors, administrators, devisees,
legatees, successors and assigns of the parties.
EXECUTED this Zls4- day of , 1989.
2,z6Z�
Property Owner"
CITY OF SALINA, KANSAS
By ,. ✓1 cid/ "�( fl��/ t�
"escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1989, by
the property owner.
EAPT.
OBERT K. BILES� �NOTARY PUBLIC fI�16� " ��TATE OFKAN$AS teary u IPIRES
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this,/? ---
day of 1 1989, by Robert K. Biles,
of the qty of a Ina, Kansas, on behalf of the City of Salina, Kansas.
M. E. ABBOTT �� P -
NOTARY PUBLIC Notary Public
STATE OF KANSAS
MY APPT. EXPIRES APRIL Z 1992
ESCROW AGREEMENT
THIS AGREEMENT is made this 31st day of March, 1989, by and
between� �/
_6i��cozcJ G , Gl/ ee -1 referred
to in this Agreement as the PropertyOwner") and the City of Salina, Kansas
(Referred to in the Agreement as "the Escrow Agent").
as:
RECITALS
A. Property owner is the owner of real estate legally described
Lot Seventeen (17), Block Two (2), Replat of Blocks 11 and 12
and part of Blocks 10 and 14, Mayfair 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.
NOW, THEREFORE, the parties agree as follows:
n
1. Payment. nThe' fpropert1y O(wne� deposits with the Escrow Agent the
sum Of !I w v ..1 k-�,.,..i n,.-� Jr.._.o ri u,.4`,c.zJ } 1'tti - — cw–,7 3 z 1u
($ 2,2Sy,3 Z ), the receipt of which ie 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%) $2,254.32
TOTAL $2,254.32
2. Investment. The sum deposited by the Property Owner with the
Escrow Agent sharl 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 enhe heirs, executors, administrators, devisees,
legatees, successors and assigns of the parties.
EXECUTED this 31st- day of y�/1'j_ , 1989.
Property w ner
CITY OF SALINA. KANSAS
By
"Escrowgenes
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1989, by
the property owner.
d ROBERT K BILES
NOTARY PUBLIC
STATE OF KANSAS
MY APPT. EXPIRES
STATE OF KANSAS, SALINE COUNTY, ss:
r
ary Fublic
The above and foregoing instrument acknowledged before me this
day of �j1�zui� 1989, by Robert K. Biles,
of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
E ABBOTT
[+T.
NOOTARY PUBLIC
STATE OF KANSAS
EXPIRES APRIL 2, 1992
Notary Public
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LEGAL DESCRIPTION:
t
" CITY OF SAUNA
SPECIAL ASSESSMENT
Lot 17, Blk 2, Mayfair Replat of Blks
11 & 12
-IT"S quote is 90(,;
and part of Elks 10 « 14
LEGAL DESCRIPTION:
" CITY OF SAUNA
SPECIAL ASSESSMENT
Lot 17, Blk 2, Mayfair Replat of Blks
11 & 12
-IT"S quote is 90(,;
and part of Elks 10 « 14
COL�'T R,TE�
D15j
„„1n1.'Its
n m, un.. ., ,, It I,!,
n.. .' MONTHS TO JAN.:
DUE
CURRENT
DEBT PAYMENT
STRUCTURE P
DECEMBER 20 P&I
PRINCIPAL
INTEREST
ADM. FEE TOTAL VAL,
1989 $540.71
$410.68
$130.03
$27.04 $567.75
1990- S1G.33
$410.68
$�5.E,5
�5-8�-$S'4Z 3
1991 $451.18
$382.19
$68.99
$22.36 $473.74
1992 $234.31
$185.95
$48.36
$11.72 $246.03
1993�22G.13
$185.95
$40.18
$11.31 $237.44
1994 $216.64
$185.95
$30.69
$10.83 $227.47
1995 $206.78
$185.95
$20.83
$10.34 $217.12
1S9Ci $196-�5
$185-9:5-$l
O- (
$T-"83 $2i1s3'8-7
1997 $0.00
$0.00
$0.00
$0.00 $0.00
1998 $0.00
$0.00
$0.00
$0.00 $0.00
TOTALS 32,588.0
$2,13F.31
$4 32
12'3.3 $s 18:06-"
t
NOTE: The user of his
1e
document must fi1 is th
months
number of -furl
until January and
the principal and interest payments due by year. i
The discount rate
may be changed with the approval of the Director of
Finance. Prepayments for the
current year
may not Oe accepted ter
it has been certified
to the County Clerk.
This normally occurs arouni
a
a
,
0
r
16
.e J �J.�Y V .\ Pli U�_L�1.� L �
\
Cl �J.✓ � � � _
m
61
55
56
6>
PREPAYMENT
FORM
id thrciugh i4arch 31,
1989)
0
9
RESENT
PRESENT
BEGINNING
PRINCIPAL
ADM
INTEREST
UE RATIO
VALUE
BALANCE
& INTEREST
FEE
EARNED
0.956938
$543.30
$2,254.32
$540.71
$27.04
$101.44
�-962772
$459.43
$1,788.02
$516.33
$25-8
$107 28
0.851671
$403.47
$1,353.15
$451.18
$22.56
$81.19
0.803463
$197.67
$960.60
$234.31
$11.72
$57.64
10.757984
$179.97
$772.27.
$226 13
$11.31
$46.33
'0.715080
$162.66
$581.11
$216.64
$10.83
$34.87
;0.674603
$146.47
$388.50
$206.78
$10.34
$23.31
0-63 �41H
$131.-3"4
$I94-70
$19b -:i5
$9-83
$'T1�`iH
0.600395
$0.00
$0.00
$0.00
$0.00
$0.00
0.566410
80.00
$0.00
$0.00
$0.00
$0.00
$2,254.32
$2,588.63
$129.-43
$'463774
CURRENT P&I
$2,588.63
PREPAYMENT
$2,254.32
August 25.
SAVINGS
------------
$334.31
I
12-
P3 V-
,
W