Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 14th day of April, 2000, by and between Larry Perea Jr. and
Tamara Perea, (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
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A. Property owner is the owner of real estate legally described as:
Lot 4 Block I Laurie 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 Three thousand
six hundred six and 77 /100 Dollars ($3606.77), 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, 2003, 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 14th day of April, 2000.
AJ�' /t
terea Jr. /
.petty Owner
ii
Ta ara Perea
"Property Owner"
CITY 0 S,ALINA, KANSAS
By La ; .a-
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: LJI
The above and foregoing instrument acknowledged before me this �`1 day of April, 2000, by
Larry Perea Jr. and Tamara Perea, the Property Owner.
�cn�� PENNY DAY tI
r � Notary Public-StaDt Kansas) �j f----------:{My Appt. Expires JQ���a 1 �'�^��
Notary Public \(V\\
STATE OF KANSAS, SALINE COUNTY, ss: I
The above and foregoing instrument acknowledged before me this I�ti day of April, 2000, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY ^
Notary Publie-State of Kansas If� \)^
My Appt.Expires LO ]/f7a et
Notary Public
•
City of Salina
Special Assessment Prepayment Form
Legal Description: _ Summary of Findings:
Tract# i 27247
Job Number 93-873. Total Future Assessments Due: $3,693.49
Other Description: LOT 4 BLK 1 LAURIE Amount of Prepayment Required: $3,606.77
•ADDITION Savings on Prepayment: $86.72
Date of Payment 04/14/00
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 $1,012.44 $3,606.77 $814.53 $173.09 $987.62 $49.38 $1,037.00 $86.46
12/20/01 $935.69 $2,656.23 $814.53 $130.73 $945.26 $47.26 $992.52 $92.97
12/20/02 $862.24 $1,756.67 • $814.53 $87.56 . $902.09 $45.10 $947.19 $61.48
12/20/03 $792.37 $870.96 $814.53 $43.99 $858.52 $42.93 $901.45 $30.48
12/20/04 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/05 $0.00 ($0.00) $0.00 $0.00 S0.00 ($0.00)
12/20/06 $0.00 ($0.00) $0.00 $0.00 50.00 ($0.00)
12/20/07 $0.00 ($0.00) $0.00 $0.00 S0.00 ($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 I $0.00 $0.00 ($0.00)
12/20/14 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
Totals $3,606.77 $3,258.12 $435.37 $3,693.49 $184.67 $3,878.16 $271.40
L a U 1 Q YvLa-1,9
(s (lts S . Ira o; S. (3th Q.
THE MORTGAGE COMPANY
City of Salina 04/14/2000 17887
1200 • Accounts Receivable-Loans Payoff Specials 3,606.77
John Martell
1500 Courtney �YIJ
Salina. Kansas
First Bank Loup.Settlem 3,606.77
@,
SA5050DF Special Assessments - Work With Tract Assessments 4/11/00
10:19:10
Job: 1993-873 Streets & Utilities-Laurie/Tasker
Tract# Lot Block Subdivision
27247 4 001 690 LAURIE
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1994 814 .5310 570.1228 . 00 1, 384 . 65
_ 1995 814 .5310 374 .4049 . 00 1, 188 . 94
_ 1996 814 . 5310 332 .8695 . 00 1, 147 .40
_ 1997 814 .5310 294 .6875 . 00 1, 109.22
_ 1998 814 .5310 255.2773 . 00 1, 069. 81
_ 1999 814 .5310 214 .6289 . 00 1, 029. 16
_ 2000 814 .5310 173 .0878 -TOO -- - 987 .62
_ 2001 814 .5310 130.7322 .00 945 .26
_ 2002 814 .5310 87.5621 . 00 902 .09
2003 814 .5310 43 . 9847 .00 858.52
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City of Salina
a '8 P.O. Box 736
4/18/2000
T . o Salina, Kansas 67402-0736 RECEIPT NO. `o
sauna
DESCRIPTION AMOUNT
PREPAID SP TRACT #27247 LARRY a, TAMARA P�REA 3,606.27
553-000 557.000
RERECK 17887 3,606.77
J
FROM:
THE MORTGAGE COMPANY TOTAL PAID 3,606.77
ORIGINAL RECEIPT