Escrow AgreementESCROW AGREEMENT
THIS AGREEMENT is made this 21st day of July, 2000, by and between Ronald E. Zwelling,
(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:
N 35 Lot 5 S 50 Lot 6 Blk 3 Austin 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:
L Payment. The Property Owner deposits with the Escrow Agent the sum of Three thousand
six hundred eight and 26 /100 Dollars ($3608.26), 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, 2004, 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 21st day of July, 2000.
G
Ronald E. Zwellin
"Property Owner"
CITY OF SALINA, KANSAS
By
Rodney Franz
"Escrow Agen
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this_ day of July, 2000, by
Ronald E. Zwelling, the Property Owner.
PENNY DAY
Notary Public- at of Kansas
My Appt. Expires
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me th&C day of July, 2000, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
Ah Notary Public- tate of Kansas
My Appt. Expires
Notary Public
ESCROW AGREEMENT
THIS AGREEMENT is made this 21st day of July, 2000, by and between Ronald E. Zwelling,
(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:
N 35 Lot 5 S 50 Lot 6 Blk 3 Austin 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
three hundred thirty four and 00 /100 Dollars ($1334.00), 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. Bindine 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 21st day of July, 2000.
Ronald E. Zwelli
"Property Owner'
CITY OF SALINA, KANSAS
By
Rodney Franz V
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this_ day of July, 2000, by
Ronald E. Zwelling, the Property Owner.
PENNY DAY I
Notary Public - State of Kansas
My ApPt. Expires
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this (31 day of July, 2000, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
Q,,.� =0/0-:1-
Notary
IO Notaof
FMY APDL Ex
Public
Legal Description
City of Salina `� L
Special Assessment Prepayment Form
Summary of Findings:
Tract #
26813,
Job Number94-898,
Total Future Assessments Due:
$3,760.26
Other Description:
LOT 6 BLK 3 AUSTIN
Amount of Prepayment Required:
$3,608.26
ADDITION
Savings on Prepayment:
$152.00
Date of Payment
07/21/00
Discount Rate Used:
4.00%
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
$843.26
$3,608.26
$2.78 •
65
$163.81
$816.59 1
$40.83
$857.42
$60.10
12/20/01
$778.80
$2,810.94
$652.78.
$132.17
$784.95.
$39.25
$824.20
$112.44
12/20/02
$717.48
$2,099.18
$652.78
$99.87
$752.65'1
$37.63
$790.28
$83.97
12/20/03
$659.15
$1,392.87
$652.78
$66.90
$719.68
$35.98
$755.66
$55.71
12/20/04
$603.94
$692.92
$652.78
$33.61
$686.39
$34.32
$720.71
$27.79
12/20/05
$0.00
($0.00)',
$0.00 '
$0.00
$0.00
($0.00)
12/20/06
$0.00
($0.00)1
$0.00
$0.00
$0.00
($0.00)
12/20/07
$0.00
($0.00)1
$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 $3,608.26
$3,263.90 $496.36 $3,760.26
LkgL40, -DU
$188.01 $3,948.27 $340.02
1,L4 -7
Ja3r 7
City of Salina 6c` '
Special Assessment Prepayment Form
Legal Description
Tract #
26813
Job Number
93-872,
Other Description: .LOT 6 BLK 3 AUSTIN
ADDITION
$16.26
Date of Payment
07/21/00,
Discount Rate Used:
4.00%
Year of First Prepaid Assessment
2000
First prepaid
assesmenl
due
12/20/00!
12/20/01
12/20/02
12/20/03
12/20/04
12/20/05
12/20/06
12/20/07
12/20/08
12/20/09
12/20/10
12/20111
12/20/12
12/20/13
12/20/14
Present
Value of
Total Due
$377.04
$346.72
$317.91
$290.69
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Summary of Findings:
Future Assessments Due: $1,365.47
int of Prepayment Required: $1,334.00
igs on Prepayment: $31_47
Total
Remaining Scheduled Scheduled Principal and Escrow Adm. Total Due
Balance Principal Interest Interest Fee From Escrow Interest Earned
$1,334.00 $301.13
$972.84 $301.13
$644.82 $301.13
$320.44 $301.13
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)'
($0.00):
($0.00)1--
$63.99
5365.121
$48.33
$349.461
$32.37
$333.50
$16.26
$317.39
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00 i ..
__ .__.. _......
Totals $1,334.00 $1,204.52 $160.95 $1,365.47
$18.26
$383.38
$17.47
$366.93
$16.68
$350.18
$15.87
$333.26
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$68.27 $1,433.74
$22.22
$38.91
$25.79
$12.82
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
($0.00)
$99.75
SA5050DF Special Assessments - Work With Tract Assessments 7/21/00
08:17:48
Job: 1993-872 Streets & Utilities - Austin & Mayfair
Tract# Lot Block Subdivision
26813 6 003 678 AUSTIN
Lgl: S 50
Type options,
press ENTER.
2 -Change 4 -Delete
5 -Display
Opt Year
Principal Interest
Payments
Assessment
_ 1994
265.7120
185.9825
.00
451.69
_ 1995
177.1130
81.4112
.00
258.52
_ 1996
301.1310
123.0614
.00
424.19
_ 1997
301.1310
108.9456
.00
410.08
_ 1998
301.1310
94.3757
.00
395.51
_ 1999
301.1310
79.3480
.00
380.48
_ 000
301.1310
63.9903
.00
365.12
_ 2001
301.1310
48.3315
.00
349.46
_ 2002
301.1310
32.3716
.00
333.50
2003
301.1310
16.2611
.00
317.39
Help F3=Exit FS=Refresh F6=Create F12=Cancel
SA505ODF Special Assessments - Work With Tract Assessments 7/21/00
08:16:54
Job: 1994-898 S & U/Austin,Country Oak Est,Tulane,Tasker
Tract# Lot Block Subdivision
26813 6 003 678 AUSTIN
Lgl: S 50
Type options,
press ENTER.
2 -Change 4 -Delete 5
-Display
Opt Year
Principal
Interest
Payments
Assessment
_ 1995
394.1290
252.4790
.00
646.61
_ 1996
652.7750
299.6237
.00
952.40
_ 1997
652.7750
264.7133
.00
917.49
_ 1998
652.7750
229.5222
.00
882.30
_ 1999
194
8142
.00
847.59
_ 2000
652.7750
163.8139
.00
816.59
_ 2001
652.7750
132.1739
.00
784.95
_ 2002
652.7750
99.8746
.00
752.65
_ 2003
652.7750
66.9094
.00
719.68
2004
652.7750
33.6179
.00
686.39
Help F3=Exit
F5=Refresh
F6=Create
F12=Cancel
Fez
City of Salina
ji,: 7/21/2000 P.O. Box 736
Salina, Kansas 67402-0736 RECEIPT NO. 10021
1 1
130
DESCRIPTION AMOUNT
PREPAID SP Tract# 26813 Lot 6 Blk 3 Austin Addi 4,942.26
553-000 557.000
RECEIVED
FROM: Ronald E. Zwelling
ORIGINAL RECEIPT
TOTAL PAID V\ 4,942.26