Escrow Agreement S-2-iw
ESCROW AGREEMENT
THIS AGREEMENT is made this 14th day of July, 1999, by and between Doulas and Helen Edgett,
(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 4 BLOCK 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 Four thousand
seven hundred thirty five and 71 /100 Dollars ($4735.71), 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, 2008, 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 insure to the benefit of the
heirs, executors, administrators, devisees, legatees, successors and assigns of the parties.
EXECUTED this 14th day of July, 1999. 1
icfritZ,1 o. `lam//. . `-- .
Douglas Edgett
"Property Owner"
nL 1;6-Pli
Helen Edgett
"Property Owner"
CITY OF SALINA, KANSAS k....
By I / ,
/
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: /
The above and foregoing instrument acknowledged before methis i `1 E day of July, 1999, by
Doulas and Helen Edgett, the Property Owner.
PENNY MEASE
AsNOTARY PUBLIC
STATE O�P,�KANSA2 ����
MY AP►t.•xP•1sv-A+-a.� V_
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss: ��
The above and foregoing instrument acknowledged before me this�`tCday of July, 1999, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY MEASE
NOTARY PUBLIC
f TATE OP KANSAS ��\/�/�
SicMY APPt.As P• OM 02 _ \ I�Y�cui:c2
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SA5050DF Special Assessments - Work With Tract Assessments 7/12/99
13 :13 :44
Job: 1995-938 S & U GICO, Co.Club #3,Val.View,Woodland His. ,Minn
Ave. ,
Tract# Lot Block Subdivision
28248 4 002 732 GICO ADDITION
Lgl: W/2 LT 4
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1997 534 .5370 280.6319 .00 815 .17
- 1998 534.53_70 252 .5687 .00 787 .11
_ 1999 534.5370 Z18.O9T1 .0'0"'-" T52"53'
_ 2000 534.5370 168.3792 .00 702 .92
_ 2001 534.5370 147.5322 .00 682 .07
_ 2002 534.5370 125.6162 .00 660.15
_ 2003 534 .5370 102 .6311 .00 637.17
_ 2004 534 .5370 78.5769 .00 613 .11
_ 2005 534.5370 52 .9192 .00 587.46
2006 534.5370 26.7269 .00 561.26
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�
. City of Salina
(`� 7/14/1999 P.O. Box 736
CPT Y . OF Salina, Kansas 67402-0736 RECEIPT NO. 960057911
sauna 130
DESCRIPTION AMOUNT
PREPAID SP PAY OFF SPRECIALS 95-938 TRACT #28248 LT 4 BLK 2 4,735.71
553-000 557.000
LHZLK. 101)4 4., /,d . /1
RECEIVED
FROM. DOUGLAS EDGETT TOTAL PAID 4,735.71
ORIGINAL RECEIPT
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