Escrow Agreement ink
ESCROW AGREEMENT
THIS AGREEMENT is made this 26th day of July, 2000, by and between Timothy A. and April S.
Mayorga, (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 12, Blk 5 Golden Eagel Estates
(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:
L Payment. The Property Owner deposits with the Escrow Agent the sum of Seven thousand
eight hundred forty four and 28 /100 Dollars ($7844.28), 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.
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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 26th day of July, 2000.
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Tim m
Timothy . Mayorga
"Property Owner"
Aprilorga
"Property Owner"
CITY OF SALINA, KANSAS
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By h
Rodney Fra
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this a?��� day of July, 2000, by
Timothy A. and April S. Mayorga, the Property Owner.
Notary Public LINDA C. ANDREW fa
Notary Public•State of Kansas
My Appt.Expires //-J/o 'lobo
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this Of day of July, 2000, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
aNotary Public-State of Kansas
My Appt.Expires • Ux
• Notary Public
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16) 54•
City of Salina •Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 27628'
Job Number 94-892 Total Future Assessments Due: $8,170.33
Other Description: LOT 121-31_k-5 GOLDEN Amount of Prepayment Required: $7,844.28
EAGLE ESTATES r Savings on Prepayment: $326.05
1
Date of Payment 07/26/00!
Discount Rate Used: 4.0 %
_0
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
12/20/00' $1,833.23 $7,844.28 : $1,418.35 $355.94 $1,774.29 . $88.71 $1,863.00 $12637
12/20/01 $1,693.11 $6,107.64 . $1,418.35 $287.19 , $1,705.54 $85.28 $1,790.82 $244.31
12/20/02 $1,559.79 $4,561.13 i $1,418.35 $217.01 $1,635.361 $81.77 $1,717.13 $182.45
12/20/03 $1,433.00 $3,026.45 $1,418.35 $145.39 $1,563.74 I $78.19 $1,641.93 $121.06
12/20/04 $1,312.98 $1,505.58 $1,418.35 , $73.05 $1,491.40 $74.57 $1,565.97 $60.39
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 I $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 l $0.00 $0.00 ($0.00)
12/20/12 $0.00 ($0.00) $0.00 I $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 $0.00 $0.00 ($0.00)
Totals $7,844.28 $7,091.75 $1,078.58 $8,170.33 $408.52 $8,578.85 $734.57
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SA5050DF Special Assessments - Work With Tract Assessments 7/24/00
15:37:58
Job: 1994-892 Street and utility improvements
Tract# Lot Block Subdivision
27628 12 005 715 GOLDEN EAGLE ESTATES
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
1995 1,418 .3540 908.5976 . 00 2, 326. 95
_ 1996 1,418 .3540 651.0245 . 00 2, 069.38
1997 1,418 .3540 575.1709 . 00 1, 993 .52
_ 1998 1,418 .3540 498.7074 . 00 1, 917.06
_ 1999 1,418 .3540 423 .2936 . 00 1, 841.65
2000 1,418 .3540 355.9359 .00 1, 774 .29
_ 2001 1,418 .3540 287.1883 . 00 1, 705.54
2002 1,418 .3540 217.0082 . 00 1, 635 .36
2003 1,418 . 3540 145.3813 . 00 1, 563 .74
_ 2004 1,418 .3540 73 .0452 . 00 1,491.40
Help F3=Exit F5=Refresh F6=Create F12=Cancel
City of Salina
4 4.4 `d 1 7/27/2000 P.O. Box 736
p Salina, Kansas 67402-0736 10329
�
T RECEIPT NO.
��In 130
DESCRIPTION . - AMOUNT
PREPAID SP Tract# 27628 1414 Lorianna Court 7 ,844 .28
553-000 557.000
/fr-7//
CHECK 21047 7,844 . 28
RECEIVED
FROM Land Title Service, Inc. TOTAL PAID (4)A ,844.28
ORIGINAL RECEIPT
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