Escrow Agreement ' •
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0)280-
ESCROW AGREEMENT
THIS AGREEMENT is made this 2nd day of February, 1999, by and between McMaster's
Construction, (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 6 BLK 2 GICO ADDITION
(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 Nine thousand
three hundred eighteen and 67 /100 Dollars ($9318.67), the receipt of which is hereby acknowledged by the
Escrow Agent.
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, 2006, coinciding
with the payment from the escrow account of the final annual installment of bond principal and interest
attributable to the Real Estate.
•
I '
5. Binding effect. This Escrow Agreement shall be binding upon and insure to the benefit of
the heirs, executors,administrators,devisees, legatees,successors and assigns of the parties.
EXECUTED this 2nd day of February, 1999.
_ 0 Fed... z. � r .
' Rodn/ Brummett,Sr.,McMasters,Inc.
"Property Owner"
"Property Owner"
CITY OF SALINA,KANSAS
SAS
BYR '%n z K/ SA/
"Escrow Agen
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me thin.' day of February, 1999,by
McMaster's Construction ,the Property Owner.
NINNY MIABB
NOTARY PUBLIC
@TATIOPNANIAB
MyABP!."„1,1A 7 02
`Notary Public'
STATE OF KANSAS,SALINE COUNTY,ss:
The above and foregoing instrument acknowledged before me this_day of February, 1999, by
Rodney Franz, Finance Director of the City of Salina,Kansas,on behalf of the City of Salina, Kansas.
PENNY MEASE
NOTARY
STATE OP F KANSAS
II M7 Appt.•x p. 10/7/0.2 • _••1_. -agilk�•_,
Notary Public ,
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12/10/98 09:02 $913 826 7244 CITY / SALINA KS 21001
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TX/R% NO. 4468
CONNECTION TEL 9p8251500
CONNECTION ID
START TIME 12/10 09:01
USAGE TIME 00'40
PAGES 1
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SA505ODF Special Assessments - Work With Tract Assessments 9/23/98
11:02 :48
Job: 1995-938 S & U GICO, Co.Club #3,Val.View,Woodland Hls. ,Minn
Ave. ,
Tract# Lot Block Subdivision
28049 6 002 732 GICO ADDITION
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1997 1, 069.0740 561.2639 .00 1, 630.34
1223 1,069 0740 505.137 . 1 _ 574 .2,
_ 1999 1, 069.0740 436.1822 .00 1,505.26
_ 2000 1, 069.0740 336.7583 .00 1,405.83
_ 2001 1, 069.0740 295.0644 .00 1,364. 14
_ 2002 1, 069.0740 251.2324 .00 1,320.31
_ 2003 1, 069.0740 205.2622 .00 1,274.34
• _ 2004 1, 069.0740 157.1539 .00 1,226.23
_ 2005 1,069.0740 105.8383 .00 1,174 .91
_ 2006 1,069.0740 53 .4537 .00 1, 122 .53
Help F3=Exit F5=Refresh F6=Create F12=Cancel
PAYMENT DATE: 2/03/1999 City of Salina RECEIPT NO.: 9600490147
P.O. Box 736
REVENUE STATION: CC Salina, Kansas 67402-0736 CASHIER: 1 1 1
ITEM TYPE I RECEIPT DESCRIPTION TRANSACTION AMOUNT
PREPAID SP TRACT #28580 MCMASTERS CONST. L 6 82 GICO ADDITION 9,318.67
553-000 557.000
RECEIVED TOTAL
FROM: THE MORTGAGE COMPANY AMOUNT: 9,318 67
CHECK 2962 9.318.67
ORIGINAL RECEIPT