Untitled -
ESCROW AGREEMENT
THIS AGREEMENT is made this 6th day of April, 2000, by and between Stephen L. Trowbridge
and Donna J. Verhoeff, (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 1 Blk 3 Holiday Resort 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
nine hundred eighty two and 89 /100 Dollars ($6982.89), 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, 2005, 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 6th day of April, 2000.
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xA •
Stephen . Trowbridge
"Property Owner"
Donna J. Verhoj , •
"Property Owner"
CITY OF SALINA, KANSAS
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By /
Rodney Franz (7)
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 0th day of April, 2000, by
Stephen L. Trowbridge and Donna J. Verhoeff, the Property Owner.
LARRY S. CURRAN
app, t
No • lic
STATE OF KANSAS, SALINE COUNTY, ss:
e
The above and foregoing instrument acknowledged before me this 5d of April, 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 of Kansas - ^�p -_ YALt r.
MY AGpt'Expires D
Notary Public
SA5050DF Special Assessments - Work With Tract Assessments 4/04/00
13 :05:09
Job: 1994-907 S & U Hol . Res, Nord, Wallerius, Twin Oaks
Tract# Lot Block Subdivision
27545 1 003 721 HOLIDAY RESORT
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
__ 1996 689. 8480 344. 9240 .00 1, 034 .77
1997 1, 052 . 9180 473 . 8131 .00 1, 526.73
_ 1998 1, 052 . 9180 421.1672 .00 1, 474 .09
_ 1999 1, 052 . 9180 368.5213 .00 1, 421.44 _
_ 2000 1, 052 .9180 315.8754 .00 1, 368.79
_ 2001 1, 052 .9180 244 .8034 .00 1, 297.72
_ 2002 1, 052 .9180 197.9486 .00 1, 250. 87
2003 1, 052 .9180 151.6202 .00 1, 204 .54
_ 2004 1, 052 . 9180 103 . 1860 .00 1, 156.10
2005 1, 052 .9180 52 . 6459 . 00 1, 105.56
Help F3=Exit F5=Refresh F6=Create F12=Cancel
City of Salina
k t i 44 , o5/2COi, P.O. Box 736
Salina, Kansas 67402-0736 43`0
sauna RECEIPT NO.
DESCRIPTION AMOUNT
PREPAID SP TRACT #27545 117 N. EASTMOOR TROWBRIDGE/VERHOEFF 6,982.89
553-000 557.000
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,i
CHECK 17713 6,982.89 J O
RECEIVED \Jd
FROM: THE MORTGAGE COMPANY TOTAL PAID 6,982.89
ORIGINAL RECEIPT
City of Salina j°1"! ( A
Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 27545
Job Number 94-907, Total Future Assessments Due: $7,383.58
Other Description: LOT 1 BLK 3 HOLIDAY Amount of Prepayment Required: $6,982.89
RESORT ADDITION Savings on Prepayment: $400.69
Date of Payment 04/06/00
Discount Rate Used: 3.50%
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 $1,402.11 $6,982.89 $1,052.92 $315.87 $1,368.79 . $68.44 $1,437.23 $172.75
12/20/01 $1,283.59 $5,718.41 $1,052.92 $244.80 $1,297.72 $64.89 $1,362.61 $200.14
12/20/02 $1,194.70 $4,555.95 $1,052.92 $197.95 $1,250.87 $62.54 $1,313.41 $159.46
12/20/03 $1,110.88 $3,402.00 $1,052.92 $151.62 $1,204.54 $60.23 $1,264.77 $119.07
12/20/04 $1,029.44 $2,256.30 $1,052.92 $103.18 $1,156.10 $57.81 $1,213.91 $79.19
12/20/05 $950.58 $1,121.58 , $1,052.92 $52.64 $1,105.56 $55.28 $1,160.84 $39.26
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 $0.00 $0.00 ($0.00)
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Totals $6,982.89 $6,317.52 $1,066.06 $7,383.58 $369.18 $7,752.76 $769.87
4.THE:MORTGAGE COMPANY„City of Salina 04/05/2000 17 713 2'c = Esc om
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1200 • Accounts Receivable-Loans 27545 6,982.89
117 North Eastmoor Drive
Salina, Kansas
Special Assessments
-Tiso 1a7LIS
First Bank Loan Settlem Stephen Trowbridge-Donna Verhoeff 6,982.89
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