Escrow Agreement ac x339
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ESCROW AGREEMENT (j
THIS AGREEMENT is made this 1st day of June, 2000, by and between Larry P. Justus, (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 2 Blk 2 Country.Club Estates #4
(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 Nine hundred
fifty seven and 20 /100 Dollars ($957.20), 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.
EXECUTED this 1st day of June, 2000.
c%� �1!
Larry '. ustus
"Prop ty Owner"
CITY OF SALINA, KANSAS
By )i
Rodney Franz /
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: .
above and foregoing instrument acknowledged before me this I
Si—
The day of June, 2000, by
Larry P. Justus, the Property Owner.
PENNY DAY
Notary Public-State of Kansas
My Appt.Expires IOj7/4)er. .. a .s e_ -
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of June, 2000, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Sal ina, Kansas.
PENNY DAY /
'ir._" 3 Notary Public-St to of Kansas
I My APPt.Expires JQJ _ l O'
Notary Public ` \
City of Salina
Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 26389
Job Number 89-790 Total Future Assessments Due: $957.20
Other Description: LOT 2 BLK 2 COUTNRY Amount of Prepayment Required: .96
CLUB ESTATES#4 Savings on Prepayment: ($28.76)
Date of Payment 06/01/00
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 $985.78 $985.96 $902.17 $55.03 $957.20 $47.86 $1,005.06 $19.10
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 i. $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 $985.96 $902.17 $55.03 $957.20 $47.86 $1,005.06 $19.10
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SA5050DF Special Assessments - Work With Tract Assessments 5/31/00
14 :10:20
Job: 1989-790 Street and utility improvements CCE 2, 3,4, Country
Oak, Mariposa, Meyer.
Tract# Lot Block Subdivision
26389 2 002 670 COUNTRY CLUB ESTATES #4
Lgl :
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1991 902 . 1690 642 .4526 .00 1, 544 .62
_ 1992 902. 1690 483 .4282 .00 1,385.60
_ 1993 902.1690 416.2608 .00 1,318.43
_ 1994 902.1690 366.7290 .00 1,268.90
_ 1995 902. 1690 318 .0146 .00 1,220.18
_ 1996 902 . 1690 267 .9442 .00 1, 170.11
_ 1997 902 . 1690 216.5206 .00 1, 118.69
_ 1998 902. 1690 163 .7437 .00 1, 065. 91
_ 1999 902. 1690 109.6135 .00 1, 011.78
2000 902.1690 55.0323 .00 957.20
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City of Salina.
s. b/O 1 /20c ii z P.O. Box 736
c Salina, Kansas 67402-0736 RECEIPT NO. 3 "''
SALVIA
DESCRIPTION AMOUNT
12,0
SPECIAL AS TRACT #26389 LARRY P. JUSTUS 957.20
342-000 555.000
THE MORTGAGE COMPANY 05/31/2000 18 9 2 5
City of Salina 957.20
1200• Accounts Receivable-Loans Payoff Specials
26389
Jon Cranmer
112 North Skyline
Salina,Kansas
First Bank Loan Settlem 957.20
CHECK 18925 957.20 -
RECEN'Eb `
FROM:
THE MORTGAGE COMPANY TOTAL PAID 957. 2:
ORIGINAL RECEIPT