Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 20th day of October, 2000, by and between Bruce A. and Susan
M. Rice, (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 18, Block 5 Golden Eagle Estates 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 Six thousand two
hundred thirty four and 75 /100 Dollars ($6234.75), 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, 2004, 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 20th day of October, 2000.
Bruce A. Rice ,
"Prop ty Owner"/
lc Susan M. Rice
"Property Owner"
CITY OF SALINA, KANSAS .
By
kit-6
ranz d .
"Escrow Agen
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this )0 A-
day of October, 2000,
by Bruce A. and Susan M. Rice, the Property Owner.
V LARRY S. CURRAN
/�R�t NOTARY PUBLIC •
' .±.ziLI SATE 017 KANSAS
i MY Al'PT. EXPIRES V�((�Di)-
` °.. .� ..... No I Pub '
STATE OF KANSAS, SALINE COUNTY, ss: %%��//��
61-1 The above and foregoing instrument acknowledged before me this QV ay of October, 2000, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
Notary Public^-State 9f Kansas 1 //�� �I �, �_
My ADPt. Expires I1i 17/(.1 a. 1l1�.�/
Notary Public a
10-19-00 08:23pm From-THE MORTGAGE COMPANY 7858251500 T-487 P.01/01 F-377
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FACSIMILE COVER SHEET \CSC
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The Mortgage Company to%
645 East Iron,Suite C,P0.Box 35x7 Telephone # 785-825-8100� 0.)\
Salina,Kansas 67402-3527 Fax# 785-825-1500
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DATE: 740 — / 9 '0 0 Pages including cover sheer
SEND TO: Company /..a, �� 1��* Fax No. 82 4. ' 702 f f
ATTN: /
ATTN:
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City of Salina IC��('
Special Assessment Prepayment Form l
Legal Description: Summary of Findings:
Tract# 27633,
Job Number I 94-892! Total Future Assessments Due: $6,569.05
Other Description: :LOT 18 BLK 5 GOLDEN Amount of Prepayment Required: $6,234.75
EAGLE ESTATES Savings on Prepayment: $334.30
Date of Payment 10/23/00,
Discount Rate Used: 4.00%
Year of First Prepaid Assessment 2000
First prepaid Present Total
assesment Value of Remaining Scheduled Scheduled Principal and Escrow Adm. Total Due
due Total Due Balance Principal Interest Interest Fee From Escrow Interest Earned
12/20/01 $1,755.95 $6,234.75 $1,456.72 $294.96 $1,751.68 $87.58 $1,839.26 $289.02
12/20/02 $1,617.68 $4,684.50 $1,456.72 $222.88 $1,679.60 $83.98 $1,763.58 $187.38
12/20/03 $1,486.18 $3,108.30 $1,456.72 $149.31 $1,606.03 • $80.30 $1,686.33 $124.33
12/20/04 $1,361.71 $1,546.31 $1,456.72 $75.02 $1,531.74 $76.59 $1,608.33 $62.02
12/20/05 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/06 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/07 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/08 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/09 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/10 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/11 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/12 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/13 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/14 $0.00 ($0.00) $0.00 • 1 $0.00 $0.00 ($0.00)
12/20/15 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
Totals $6,234.75 $5,826.88 $742.17 $6,569.05 $328.45 $6,897.50 $662.75
(b4 TO : u,y,ir
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10/17/00 13:34 $785 826 7244 CITY / SALINA KS Q001
******:4.4.4x.**:k*.4****.4.4 :.4***
*** ACTIVITY REPORT ***
***************************
TRANSMISSION OK
TX/RX NO. 0930
CONNECTION TEL 98251500
CONNECTION ID
START TIME 10/17 13:34
USAGE TIME 00'35
PAGES 1
RESULT OK
SA505ODF Special Assessments - Work With Tract Assessments 10/17/00
13 :14 :25
Job: 1994-892 Street and utility improvements
Tract# Lot Block Subdivision
27633 18 005 715 GOLDEN EAGLE ESTATES
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1995 1,456.7190 933 .1742 .00 2, 389.89
1996 1,456.7190 668 . 6340 .00 2, 125 .35
_ 1997 1,456.7190 590.7287 .00 2, 047 .45
1998 1,456.7190 512 .1970 .00 1, 968 .92
1999 1,456.7190 434 .7432 .00 1, 891.46
2000 1,45,6_7190 a65..563.6 .00 1, 822 .28
2001 1,456.7190 294 .9565 .00 1, 751.68
_ 2002 1,456.7190 222 .8780 .00 1, 679. 60
2003 1,456.7190 149.3137 .00 1, 606. 03
2004 1,456.7190 75.0210 .00 1, 531.74
Help F3=Exit F5=Refresh F6=Create F12=Cancel
- City of Salina
`_ p %u 0 0Affi il/23/200i, P.O. Box 736
"' )� o Salina, Kansas 67402-0736 1475
SALIVA RECEIPT NO. 1,
1?
/ \
DESCRIPTION AMOUNT
PREPAID SP TRACT #27633. LOT 18, BLK 5 GOLDEN EAGLE EST. ADD. 6,234.75
553-000 557.000
RERED-K 21280 6,234.75 " cth
FROM:
THE MORTGAGE COMPANY TOTAL PAID 6,234.75
ORIGINAL RECEIPT
sauna
FAX TRANSMISSION
City of Salina
P.O. Box 736
Salina, KS 67402-0736
Phone 785-826-7240
Fax: 785-826-7244
To: Regina Date: October 23, 2000
Fax: 825-1500 Pages: 3
(including cover sheet)
From: Penny Day Dept: City Clerk's Office
Subject: 1410 Sherwood Dr.
Comments:
Here is a copy of the final signed escrow agreement. I still need an address so that I
can mail a copy to Mr. & Mrs. Rice. I would appriciate it if you could either call me or
e-mail me at penny.day@salina.org. Thanks.
Pun
Jev,v, 25 -/set
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