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Escrow Agreement ESCROW AGREEMENT THIS AGREEMENT is made this 19th day of March, 2001, by and between Donna J. Dickerman, (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 1 Gico Addition Replat Lots 1-13, Blk 5 (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 Six hundred twenty eight and 74 /100 Dollars ($628.74), 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 e 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, 2006, 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 19th day of March, 2001. /1 /0610/44— xthJ€ c - Donna J. Dicket tian "Property Owner" CITY OF SALINA, KANSAS • By /2UZ / Rodney Fran SA "Escrow Age " STATE OF KANSAS, SALINE COUNTY,ss: • The above and foregoing instrument acknowledged before me this IQ day of March, 2001, by Donna J. Dickerman, the Property Owner. CAL PENNY DAY 1 Notary Public-State of Kansas _ Q� My Appt. Expires I p 17 in J Notary Public 11 STATE OF KANSAS, SALINE COUNTY, ss: I C 1 d The above and foregoing instrument acknowledged before me this I`7U day of March, 2001, by Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas. PENNY DAY fit Notary Public-State of Kansas My Appt.Expires ID /7/Q� Notary Public • City of Salina Special Assessment Prepayment Form Summary of Findings: Tract# 28558 Job Number 95-938 Total Future Assessments Due: $685.56 Other Description: Lot 2, BIk1,Gico Addition Amount of Prepayment Required: $628.74 Replat Lots 1-13, Blk 5 Savings on Prepayment: $56.82 Date of Payment or Sale 03/19/01 Discount Rate Used: 4.49%! From: http://www.bog.frb.fed.us/releases/h15/less 1 % Date First Prepaid Assessment is Due 12/20/01 Total Due First prepaid assesment Scheduled Principal Escrow Adm. From due Scheduled Principal Interest and Interest Fee Escrow 3/19/01 (This is the Date Paid) 0 12/20/01 -. $97.95 $27.03 $1-24.981 $6.25 $131.23 12/20/02. $97.95 ! $23.02 $120.97 $6.05 $127.02 12/20/03' $97.951 $18.81 $116.76 i $5.84 $122.60 12/20/04 $97.95 $14.40 $112.35 $5.62 $117.97' 12/20/05' $97.95 ; $9.70 ' $107.65 $5.38 $113.03 12/20/06 $97.95 $4.90 ! $102.85 I $5.14 $107.99 ' 12/20/07 $0.00 ! $0.00 $0.00 $0.00 $0.00 12/20/08 $0.00 $0.00 $0.00 , $0.00 $0.00 12/20/09 • $0.00 ' $0.00 I $0.00 i 1 $0.00 $0.00 12/20/10; $0.00 $0.00 $0.00 i ! $0.00 $0.00 12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00 12/20/12 $0.00 $0.00 . $0.00 $0.00 $0.00 12/20/131 $0.00 $0.00 ! $0.00 ; ' $0.00 $0.00 12/20/14, $0.00 $0.00 $0.00 $0.00 $0.00 12/20/15 $0.00 $0.00 $0.00 i $0.00 $0.00 Totals $587.70 $97.86 $685.56 $34.28 $719.84 '(Y1 lj 10(.0 °kO a„, 3(G// c/1ct. c i / ac : eucbc i coO.S SA5050DF Special Assessments - Work With Tract Assessments 3/19/01 10:24 : 56 Job: 1995-938 S & U GICO, Co.Club #3,Val.View,Woodland Hls. ,Minn Ave. , Tract# Lot Block Subdivision 28558 2 001 752 GICO ADD-RPLT LTS 1-13 BLK 5 Lgl: Type options, press ENTER. 2-Change 4-Delete 5-Display Opt Year Principal Interest Payments Assessment _ 1997 97 . 9490 51.4232 .00 149.37 _ 1998 97 . 9490 46.2809 .00 144 .23 1999 97 . 9490 39. 9632 .00 137. 91 - 2000 97 ,9490 30.8539 .00 19R Rn 2001 97. 9490 27.0339 .00 124 . 98 - 2002 97. 9490 23.0180 .00 120. 97 - 2003 97 . 9490 18.8062 .00 116.76 - 2004 97. 9490 14 .3985 .00 112.35 - 2005 97 . 9490 9. 6970 .00 107. 65 - 2006 97 . 9490 4 .8975 .00 102. 85 Help F3=Exit F5=Refresh F6=Create F12=Cancel City of Salina r r 3/19/2001 P.O. Box 736 Salina, Kansas 67402-0736 20530 sauna RECEIPT NO. 120 DESCRIPTION AMOUNT PREPAID SP TRACT #28558 628.74 553-000 557.000 CHECK 4697 628.74 \f/913 J RECEIVED C FROM: DONNA J. DICKERMAN - TOTAL PAID 628.74 ORIGINAL RECEIPT `_Y_