Escrow Agreement ESCROW AGREEMENT
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THIS AGREEMENT is made this 22nd day of March, 2000, by and between Lawrence Sander,
(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:
E 53.35 of Lot 17 & W 16.65 of Lot 16 Blk 2 Country Oak 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:
1. Payment. The Property Owner deposits with the Escrow Agent the sum of Eight hundred
forty five and 71 /100 Dollars ($845.71), 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, 2000, 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.
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EXECUTED this 22nd day of March, 2000. ^ ''
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IiIrLA0trR M 1
Lawrence Sander
"Property Owner"
CITY OF SALINA, KANSAS
B bga-f
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Rodney Franz 7 V
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this cap day of March, 2000,
by Lawrence Sander, the Property Owner.
CAA PENNY DAY l r ^
1
Notary Public-Slate of Kansas 1 '' \\)
My Appt. Expires tOl]�Q� d Q.LA.---
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this ' day of March, 2000, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
a Notary Public-State oJKaanssas
My Appt. Expires joI-,icc 1 , A . c - At
Notary Public , 1
SA5OSODF Special Assessments - Work With Tract Assessments 3/17/00
16:39:19
Job: 1989-790 Street and utility improvements CCE 2,3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
27394 17 002 655 COUNTRY OAK ESTATES
Lgl: E 53 .35 OF LT 17 & W 16.65 OF LT 16
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 . 0000 .0000 .00 . 00
_ 1992 . 0000 .0000 .00 . 00
_ 1993 700. 8600 323 .3768 .00 1, 024 .24
_ 1994 700. 8600 284.8975 .00 985 .76
_ 1995 797. 0900 280.9742 .00 1, 078 .06
_ 1996 797. 0900 236.7357 .00 1, 033 .83
_ 1997 797. 0900 191.3016 .00 988 .39
_ 1998 797. 0900 144.6718 .00 941.76
_ 1999 797. 0900 96. 8464 .00 893 .94
_ 2000 797. 0900 48.6225 .00 845 .71
Help F3=Exit F5=Refresh F6=Create F12=Cancel
City of Salina
liaig ( g4u* 3/23/2000 P.O. Box 736
1► Salina, Kansas 67402-0736 3507
5AL1flf RECEIPT NO.
130
DESCRIPTION AMOUNT
PREPAID SP Tract# 27394 E 53.35 of Lot 17 & W 16.65 of Lot 16 B1k 845.71
553-000 557.000
CHECK 270 845.71
RECEIVED //��
FROM. Lawrence S. Sander TOTAL PAID It 845.71
ORIGINAL RECEIPT l
9z 3`g
City of Salina
Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 27394
Job Number 89-790 Total Future Assessments Due: $845.71
Other Description: E 53.35 of Lot,17&,W- Amount of Prepayment Required: - r
16.65 of Lot 16 Blk 2 Savings on Prepayment: __($17 12)
Country Oak Estates .�/O/�II/
Date of Payment z 10/20/00
Discount Rate Used 3:5n
, .
Year of First Prepaid Assessment 2000
First prepaid Present Total Total Due
assesment Value of Remaining Scheduled Scheduled Principal and Escrow From
due Total Due Balance Principal Interest Interest Adm. Fee Escrow Interest Earned
12/20/2000 $882.82 $882.83 4;$797.09 $48.62 $845.71. $42.29 $888.00 $5.16
12/20/2001 $0.00 $0.00 =_ $0.00 $0.00 $0.00 $0.00
12/20/2002 $0.00 $0.00 '1, $0.00 $0.00 $0.00 $0.00
12/20/2003 $0.00 $0.00 4 $0.00 $0.00 $0.00 $0.00•
12/20/2004 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2005 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2006 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2007 $0.00 $0.00 " $0.00 $0.00 $0.00 $0.00
12/20/2008 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2009 $0.00 $0.00 $0.00 ,:' $0.00 $0.00 $0.00
12/20/2010 $0.00 $0.00 I $0.00 $0.00 $0.00 $0.00
12/20/2011 $0.00 $0.00 F �" $0.00 ( "1 $0.00 $0.00 $0.00
12/20/2012 $0.00 $0.00 '• $0.00 $0.00 $0.00 $0.00
12/20/2013 $0.00 $0.00 $0.00 : $0.00 $0.00 $0.00
12/20/2014 $0.00 $0.00 . $0.00 , $0.00 $0.00 $0.00
Totals $882.83 $797.09 $48.62 $845.71 $42.29 $888.00 $5.16
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