Lot 16, Block 4, Meyer Addition Ai T
ESCROW AGREEMENT
THLS AGREEMENT is made this 28th day of June, 1990, by and
between 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 Sixteen (16) , Block Four (4) , 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.
NOW, THEREFORE, the parties agree as follows:
1 . Payment. The property Owner deposits with the Escrow Agent
the sum of Four Thousand Two Hundred Seventeen and 31 /100 Dollars
($4,217.31 ) , 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 $4,985.27
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 (0.06%) $ 767.96
TOTAL $4,217.31
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, 1998, 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 284" day of June, 1990.
'Property Owner"
CITY OF SALINA, KANSAS
BY P lama.
"Escrow Agent" 1
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
•zg day of June, 1990, by t 0U Ta.LA , the property
owner.
M. E. ABBOTT
NOTARY PUBLIC � � p
STATE OF KANSAS
MY APPT. EXPIRES APRIL 2, 1992 Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this
24" day of June, 1990, by Jacqueline Shiever, City Clerk of the City of
ana, Kansas, on behalf of the City of Salina, Kansas.
P
at M. E. ABBOTT Notary u lic
NOTARY PUBLIC
STATE
MY APPT. EXP R S APRIL 2, 1992
•
r,... - . •- r .n-.. .,..,..,. ,,. ... .-- of,,+ •i F`!✓+c-73...4e:+."7•trg w .tetleOtr r...
ety,,
e
CO •
S Z -I -i et 9 b O a -I 2 - 2 I d U 7 2 N O• M S M m r m O. a _ 0 R O K r 11 9 g -i t ,' _, -e + O m O .
K ee a -1:1 m m '"' D . m a O D. C " O y 7 `Zi ro
. o o. C O < s a w p,
- < a O a '0 7 bm m et y CO N7 00 ram.m G n S-., r x
ace r �. O1 1 l al. C N .Cmay} N ry�-i• ci ? 0 0 (p ^1 co — 1 r I�1 ~
as N Oh O K S 9 'Z , a .Oi co . '1 7
as p m m " o -a ? CCc m et eC P-1 C C. tO X •
Z en n w O b a N .O. - N ; O
g a o d , n
-< ; O D O N N a ' y m a fn M x'
o b S' R - • O C m 'J
1- .e K n eon O 2 C e_ n ,� Dd , ,.y co O, m •
O 0., N - p t 1 m r et R E N O G < 3
f O et o- o .e 0 't W C . W 7 "5'
eo to o- et m n ,
13- ✓I --1 o o b rt o _• as 0 `�; tr' w n CD < i
i (N L O • -, M -, S 10 C < O N a. `<< •• t7
F J IP In -, 0 O O 1 r— ° C O S.0 CD ?
• 6- � W — O < O -. K ry et N 1 CO Z Ert
O • O 1 0 •tO e
I-4
Pt .+. O O .Y
m rt. 1 CO M , c,ry Ft 3 v O1 . - < y ..o a c
D .D -p 'D o e o a et O n o N N O0 00 N -<cn
Z .A -0'4D 'a :e. a•I et F b- I ••-.1 O < N •
n � � u -� a � � o co g O no m
CO 0
GO N y j Im o • 9 a. 1 N Ont o :
v
-t j • •
r O rt '- O .
_ • O
s '41 O $ c TI 2 .0 00
co I•
co 1
L
�� .O.
' City of Salina 020972
P Box 736
�
< C N Y p F
Salina, Kansas 67402-0736 RECEIPT NO.
sai.�na 6,28,9(( 2097
DESCRIPTION AMOUNT 1
PREPAID SPECIAL ASSESSMENTS 4 , 217 . 31
88-763 1990-1998 L1.6 , B4 MEYER
CHECK NUMBER 0000001096 TOTAL 4 , 217 . 31
TENDERED 4 , 217 . 31
CHANGE . 00
•
•
RECEIVED FROM: DONALD TASKER RECEIVED BY: CC
TRIPLICATE RECEIPT
*06 . -ec9 ' 1
600
+6L • 9L7
+7L • 077
+9Z • 797
4.57 • LB
+Bl • 0L5
+9L • ££5
+£5 • +;55
iB5 • +/L5
+ L9 • 0L9
*06 • Z59 ' 7
600
+6L • 9 It/
+7L • 0717
+9Z • 797
+57 • LB7
+9L • 0l5
+9L • ££5
i'£S • +:S5
+BS • 7L5
+ 1. 9 • 0L9
* • 0
_ 1
a
a
?NT PREPAYMENT FORM
0.06
6
PRESENT PRESENT BEGINNING PRINCIPAL ADM INTEREST
7ALUE RATIO VALUE BALANCE & INTEREST FEE EARNED
' 0.970874 $1,022. 46 $4,217.31 $1,002.98 $50.15 $126.52 •"
0.915919 $552.58 $3 ,290.70 $574.58 $28.73 $197.44
0.864074 $503. 11 $2,884.84 $554.53 $27.73 $173 .09
0.815164 $456.86 $2,475.67 $533 .76 $26.69 $148.54
0.769023 $411.96 $2,063. 76 $510.18 $25.51 $123.83
0. 725493 $371.32 $1,651.90 $487.45 $24.37 $99. 11
0.684428 $333.64 $1,239. 19 $464.26 $23 .21 $74.35
0.645687 $298.81 $826.07 $440. 74 $22.04 $49.56
0.609138 $266.58 $412.86 $416.79 $20.84 $24.77
0.574659 $0.00 ($0.00) $0.00 $0.00 ($0.00)
$4,217.31 $4,985.27 $249.26 $1,017.22
CURRENT P&I $4,985.27
PREPAYMENT $4, 217.31
nd August 25. SAVINGS $767.96
•
122 1
1
r
c
LEGAL DESCRIPTION: " CITY OF SALINA
"I . SPECIAL ASSESSMI
Lot 16, Block 4 Meyer "
„
R
15
It DISCOUNT RATE:
n, u,uu"u,nu,"na",nni n u"u"""mn,n e It n u 11,1"""It n"n n"nu"""n" MONTHS TO JAN. :
it
DUE CURRENT DEBT PAYMENT STRUCTURE
DECEMBER 20 P&I PRINCIPAL INTEREST ADM. FEE TOTAL 1
(111 1990 $1,002.98 $700.78 $302.20 $50. 15 $1,053. 13,
1991 $574.58 $392.46 $182. 12 $28.73 $603 .31
1992 $554.53 $392.46 $162.07 $27.73 $582.26 ,
Cl" 1993 $533 .76 $392.46 $141.30 $26.69 $560.45
1994 $510.18 $392.46 $117.72 $25.51 $535.69
1995 '$487. 45 $392.46 $94.99 $24.37 $511.82
fr? 1996 $464.26 $392.46 $71.80 $23.21 $487.47
1997 $440.74 $392.46 $48.28 $22.04 $462.78
1998 $416. 79 $392.46 $24.33 $20.84 $437.63 '
(lie 1999 $0.00 $0.00 $0.00 $0.00 $0.00
TOTALS $4,985. 27 $3 ,840.46 $1,144.81 $249. 26 $5,234.53
(Ir
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.
P The discount rate may be changed with the approval of the Director o:
Finance. Prepayments for the current year may not be accepted after
it has been certified to the County Clerk. This normally occurs aroi
f129
'I32
135
V3
'14+
144
. I47
I50
153
- 456