Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 14th day of April, 2000, by and between Joan A. Hutchins,
(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:
Less tract beg SE cor Lot 2 NLY 5 WLY 114.85 to SW cor Lot 2 ELY 114.69 to POB plus Lot 3
except North 48 Country Oak 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 One thousand
one hundred sixty four and 52 /100 Dollars ($1164.52), 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.
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.
Joan A. Hutchins
"Property Owner"
CITY OF SALINA, KANSAS
By ic ```'j 3..
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: l
The above and foregoing instrument acknowledged before me this I'-f 4th day of April, 2000, by
Joan A. Hutchins, the Property Owner.
PENNY DAY
Oki Notary Public-State of Kansas e-
My Appt.Expires IC/7/M
11 1 _AI. A.
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 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
S Notary Public-State of Kansas
My Appt. Expires ID)].(0
Y
Notary Public
•
SA5050DF Special Assessments - Work With Tract Assessments 4/12/00
10 :45 :27
Job: 1989-790 Street and utility improvements CCE 2, 3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26455 2 005 655 COUNTRY OAK ESTATES
Lgl : less tract beg SE cor Lot 2; NLY 5 ' ; WLY 114 . 85 ' to SW cor Lot 2; ELY
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 922 .2440 656 .7484 . 00 1, 578 . 99
_ 1992 922 .2440 494 . 1854 .00 1,416.43
_ 1993 1, 097 .5670 506 .4174 .00 1, 603 . 98
1994 1, 097 .5670 446.1577 . 00 1, 543 . 72
_ 1995 1, 097 .5670 386.8924 . 00 1,484 .46
_ 1996 1, 097 .5670 325 . 9774 . 00 1,423 .54
_ 1997 1, 097 .5670 263 .4161 . 00 1, 360 .98
_ 1998 1, 097 .5670 199.2084 .00 1, 296.78
_ 1999 1, 097 .5670 133 .3544 .00 1, 230.92
2000 1, 097 .5670 66. 9516 .00 1, 164 .52 \
Help F3=Exit F5=Refresh F6=Create F12=Cancel J
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SA1030 INQUIRE Special Assessments - Tract Master Maintenance 4/12/00
11:03 :30
Job: 1989-790 Street and utility improvements CCE 2, 3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26455 2 005 655 COUNTRY OAK ESTATES
Legal Desc: less tract beg SE cor Lot 2; NLY 5 ' ; WLY 114 .85 ' to SW cor Lot 2; E
LY 114 .69' to POB plus Lot 3 except North 48 '
Units (FF) . . . : 88 . 9000 Units (SF) . . . : .0000
Manual Adjustment: .00 Dev. Payments. . : . 00
Assess Principal : 9, 222 .44 Owner 30 Day Pymt: . 00
Last Split Year. : 1993 Units: 106.6800 _ (C, E or Blank)
Owner Name 1. . : HUTCHINS DARRELL M & HUTCHINS JOAN A
% Name
Owner Name 2 . .
Address • 3126 MARCELLA DR
City, State, Zip: SALINA KS 67401-8942
Status (D-inactive, Blank-active)
Help F3=Exit Flo=Extract F12=Cancel
City Salina G/
41,14 iA2000 P.O. Box 736
Salina, Kansas 67402-0736 4908
sauna RECEIPT NO.
t20
DESCRIPTION AMOUNT
PREPAID SP TRACT #26455 JOB #89-790 1 , 164.52
553-000 557.000
ChECt 7233 1 , 164.32
RECEIVED
FROM. JOAN HUTCHINS TOTAL PA If) 1 , 164.52
ORIGINAL RECEIPT
City of Salina \l
Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 26455
Job Number 89-790 Total Future Assessments Due: $1,164.52
Other Description: Amount of Prepayment Required: $1,194.12
Savings on Prepayment: ($29.60)
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 $1,193.78 $1,194.12 $1,097.57 $66.95 • $1,164.52 . $58.23 $1,222.75 $28.63
12/20/01 $0.00 ($0.00) $0.00 $0.00 $0.00 ($0.00)
12/20/02 $0.00 ($0.00)} $0.00 $0.00 $0.00 ($0.00)
12/20/03 $0.00 ($0.00)', $0.00 . $0.00 $0.00 ($0.00)
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 $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 $0.00 $0.00 ($0.00)
Totals $1,194.12 $1,097.57 $66.95 $1,164.52 $58.23 $1,222.75 $28.63
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