Escrow Agreement ; M9—
ESCROW AGREEMENT
THIS AGREEMENT is made this 29th day of August, 1991, by and
between Charles R. Druse and Patricia A. Druse, referred to in this
Agreement as "the Property Owners") 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 Six (6), Block Seven (7), Meyer 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 Five Thousand Six Hundred Seventy and 90/100 Dollars
($5,670.90) , 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 $7,157.22
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%) ($1,486.32)
TOTAL $5,670.90
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, 19 , 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 29th day of August, 1991.
Charles R. Druse
"Property Owner"
Patricia A. Druse
"Property Owner"
CITY OF SALINA, KANSAS
By Aks..y..1;as.. k t.
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
day of , 1991, by Charles R. Druse and
Patricia A. Druse, the Property Owners.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
an day of , 1991, by Jacqueline Shiever, City Clerk, on behalf of
the City of Saliin2, Kansas.
DIANN B. HEATH frTh a. "
Notary Public-Stato of Kansas Notary Public
My APPt.Ezgres 2/.
J
ti r1
ESCROW AGREEMENT
THIS AGREEMENT is made this 29th day of August, 1991, by and
between Charles R. Druse and Patricia A. Druse, referred to in this
Agreement as "the Property Owners") 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 Six (6) , Block Seven (7), Meyer 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 Five Thousand Six Hundred Seventy and 90/100 Dollars
($5,670.90) , 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 $7;157.22
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%) ($1,486.32)
TOTAL $5,670.90
•
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, 19 , 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 29th day of August, 1991.
get% ,
Charles R. Druse
"Property Owner"
- "aria
•atricia A. Druse
"Property Owner"
CITY OF SALINA,, `KANSAS
BY cn.q ...a.. L t ,,.. 11t,
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
n , The above r#nd f.. -going instrument acknowledged before me this
`� day of 1991, by Charle R. Druse and
Patricia A. Druse, the Property Owners. , ,
�\ O StN Notary Public �/
E cN ��G j�f%_-61
Eu�V,�NOSPRn 0NS6s l�-114
SSAjE Q.
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
029 day of , 1991, by Jacqueline Shiever, City Clerk, on behalf of
the City of Salnsas.
DIANN B. HEATH / fri;Dc S_756
__ Notary Public-State of Kansas Notary Public
. Q My Appt.Exprss //- —9y
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L 'AL DESCRIPTION:� " CITY OF SAUNA
•• FPF.CIAL ASSESSMENT PREPAYMENT FORM
t 6, Block 7, Payer.
•• DISCOUNT RATE: 0.06
MONTHS TO JAN.
DUE CURRENT DEBT PAYMENT STRUCTURE PRESENT PRESENT BEGINNING PRINCIPAL ADM INTEREST L
DECEMBER 20 PSI PRINCIPAL INTEREST ADM. FEE TOTAL VALUE RATIO VALUE BALANCE & INTEREST FEE EAR
1992 $942.98 $613.97• $329.01 $47.15 $990.13 0.925926 $916.79 $5,670.90 $942.98 $47.15 $453.67
r
1993 $897.27 $613.97 $283.30 $44.86 $942.13 0.873515 $822.97 $5,134.44 $897.27 $44.86 $308.07
1994 $863.56 $613.97 $249.59 $43.18 $906.74 0.824071 $747.22 $4,500.38 $863.56 $43.18 $270.02
1995 $830.41 $613.97 $216.44 $41.52 $871.93 0.777425 $677.86 $3,863.66 $830.41 $41.52 $231.82
1996 $796.33 $613.97 $182.36 $39.82 $836.15 0.733420 $613.25 $3,223.55 $796.33 $39.82 $193.41
1997 $761.33 $613.97 $147.36 $38.07 $799.40 0.691906 $553.11 $2,580.82 $761.33 $38.07 $154.85
1998 $725.41 $613.97 $111.44 $36.27 $761.68 0.652741 $497.18 $1,936.27 $725.41 $36.27 $116.18
1999 $688.51 $613.97 $74.54 $34.43 $722.94 0.615794 $445.18 $1,290.76 $688.51 $34.43 $77.45
2000 $651.42 $613.97 $37.45 $32.57 $683.99 0.580937 $397.36 $645.27 $651.42 $32.57 $38.72
2001 $0.00 $0.00 $0.00 $0.00 $0.00 0.548054 $0.00 $0.00 $0.00 $0.00 $0.00
TOTALS $7,157.22 $5,525.73 $1,631.49 $357.86 $7,515.08 $5,670.90 $7,157.22 $357.86 $1,844.18
NOTE: The user of this document must fill in the number of full months
until January and the principal and interest payments due by year. CURRENT PSI $7,157.22
The discount rate may be changed with the approval of the Director of PREPAYMENT $5,670.90
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs around August 25. SAVINGS $1,486.32
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LEGAL DESCRIPTION: " CITY OF SALINA _ ,
. " (.$ECIAL 4ASSESSMEE; PREPAYMENT FORM
Lot 6, Block 7, 'leyor'
"
" DISCOUNT RATE: 0.06
MONTHS TO JAN.: 16
DUE CURRENT DEBT PAYMENT STRUCTURE PRESENT _ PRESENT BEGINNING PRINCIPAL ADM INTEREST
DECEMBER 20 PSI PRINCIPAL INTEREST ADM. FEE TOTAL VALUE RATIO VALUE BALANCE S INTEREST PEE EAR
NED
1992 $942.98 $613.97 $329.01 $47.15 $990.13 0.925926 $916.79 $5,670.90 $942.98 $47.15 $453.67
1993 $897.27 $613.97 $283.30 $44.86 $942.13 0.873515 $822.97 $5,134.44 $897.27 $44.86 $308.07
1994 $863.56 $613.97 $249.59 $43.18 $906.74 0.824071 $747.22 $4,500.38 $863.56 $43.18 $270.02
1995 $830.41 $613.97. $216.44 $41.52 $871.93 0.777425 $677.86 $3,863.66 $830.41 $41.52 $231.82
1996 $796.33 $613.97 $182.36 $39.82 $836.15 0.733420 $613.25 $3,223.55 $796.33 $39.82 $193.41
1997 $761.33 $613.97 $147.36 $38.07 $799.40 0.691906 $553.11 $2,580.82 $761.33 $38.07 $154.85
1998 $725.41 $613.97 $111.44 $36.27 $761.68 0.652741 $497.18 $1,936.27 $725.41 $36.27 $116.18
1999 $688.51 $613.97 $74.54 $34.43 $722.94 0.615794 $445.18 $1,290.76 $688.51 $34.43 $77.45
2000 $651.42 $613.97 $37.45 $32.57 $683.99 0.580937 $397.36 $645.27 $651.42 $32.57 $38.72
2001 $0.00 $0.00 $0.00 $0.00 $0.00 0.548054 $0.00 $0.00 $0.00 $0.00 $0.00
TOTALS $7,157.22 $5,525.73 $1,631.49 $357.86 $7,515.08 $5,670.90 $7,157.22 $357.86 $1,844.18
NOTE: The user of this document must fill in the number of full months
until January and the principal and interest payments due by year. CURRENT PSI $7,157.22
The discount rate may be changed with the approval of the Director of PREPAYMENT $5,670.90
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs around August 25. SAVINGS $1,486.32
1 tC. ., ,:-,
City of•Salina 042164
P.O. Box 736
Salina, Kansas 67402-0736 RECEIPT NO.
sating, 9/06/91 ( 42164
DESCRIPTION AMOUNT
PREPAID SPECIAL ASSESSMENTS 170 . 90
ESCROW L6 B7 MEYER 1992-2000
CHECK NUMBER 0000006394 TOTAL 170 . 90
TENDERED 170 . 90
CHANGE . 00
I
1
RECEIVED FROM FLOYE BERNHARDT RECEIVED BY CC
ORIGINAL RECEIPT
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