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ESCROW AGREEMENT
THIS AGREEMENT is made this 13th day of August, 1999, by and between Randall R. Sterrett,
(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 5 BLK 4 ELMGROVE 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 sumof Two hundred and
10 /100 Dollars ($200.10), 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, 2013, coinciding with
the payment from the escrow account of the fmal 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 13th day of August, 1999.
Randall R. Sterrett
"Property Owner"
"Property Owner"
CITY OF SALINA, KANSAS
By Mt 1
Rodney Era,
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this I d day of August, 1999,
by Randall R. Sterrett, the Property Owner.
PENNY MEASE
mehml NOTARY PUBLIC
STATE OP N//��NAAS kru t_MY APPt.•x P- IO1�1r�
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before methis I- • day of August, 1999, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
I PENNY MEASE
NOTARY PUBLIC
OP KANSAS �/'�� /�/� /�t
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