Escrow Agreement ESCROW AGREEMENT
• THIS AGREEMENT is made this 16th day of March, 2001, by and between Richard O. and Carol
L. Howard, (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 15, Blk 2, Gico 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 Six thousand eight
hundred fifty nine and 80/100 Dollars($6859.80), 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, 2006, coinciding with
the payment from the escrow account of the final annual installment of bond principal and interest attributable to the
Real Estate.
•�
S. 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 16th day of March, 2001.
(te.f.e.14401 D OV-12.0tAratAr
Richard O. Howard
"Property Owner"
01?.,,,,
Carol L. Howard
"Property Owner"
CITY OF SALINA, KANSAS
•
By
Rodney rani
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this /i/w day of March, 2001, by
Richard O. and Carol L. Howard, the Property Owner.
LARRY S. CU RRAN
Eigiii Notary Publi�j 5 of Kansas
/I�Ii Z00v
)1(Alfl
M Appt.Expires Notary Public IL
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this ( 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
CAA Notary Public-State of Kansas
My Appt.Expires 10 17 10'2— `
1
Notary Public
.�
r .
ESCROW AGREEMENT
THIS AGREEMENT is made this 16th day of March, 2001, by and between Richard O. and Carol
L. Howard, (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 15, Blk 2, Gico 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 Six thousand eight
hundred fifty nine and 80/100 Dollars ($6859.80), 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, 2006, coinciding with
the payment from the escrow account of the final annual installment of bond principal and interest attributable to the
Real Estate.
I.
•
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 16th day of March, 2001.
(%?-414tiled. e, 94119id--12244e--
Richard 0. Howard
"Property Owner"
/i • <<:
aro L. Howard
"Property Owner"
CITY OF SALINA, KANSAS
By / A/___
R•d i Franz r
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss: f
The above and foregoing instrument acknowledged before me this /b` _ day of March, 2001, by
Richard 0. and Carol L. Howard, the Property Owner.
Eha LARRY S. CURRAN
Notary bl �Kl K as
My Appt.Expires es // iat/-*1 gs-----
Notary Public
• STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this lu.tio day of March, 2001, by Rodney
Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
s PENNY DAY
t - Notary Public-State of Kansas
My Appt. Expires 101710 . �.,—.. tam.
Notary Public 1 1
A
1
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 28041
Job Number 95-938 Total Future Assessments Due: $7,482.46
Other Description: Lot 15, Blk 2, Gico Amount of Prepayment Required: $6,859.80
Addition Savings on Prepayment: $622.66
( ‘1`t7--A
Date of Payment or Sale 03/16/01
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
3/16/01 (This is the Date Paid) 0
12/20/01 $1,069.08 $295.06 $1,364.14 $68.21 $1,432.35
12/20/02 $1,069.08 $251.23 $1,320.31 $66.02 $1,386.33
12/20/03 $1,069.08 $205.26 $1,274.34 $63.72 $1,338.06
12/20/04 $1,069.08 $157.15 $1,226.23 $61.31 $1,287.54
12/20/05 $1,069.08 $105.83 $1,174.91 $58.75 $1,233.66
12/20/06 $1,069.08 $53.45 $1,122.53 $56.13 $1,178.66
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 $0.00 $0.00 $0.00
12/20/10 $0.00 $0.00 $0.00 $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
12/20/13 $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 $0.00 $0.00
Totals $6,414.48 $1,067.98 $7,482.46 $374.12 $7,856.58
4.
SA5050DF Special Assessments - Work With Tract Assessments 3/16/01
08:48:38
Job: 1995-938 S & U GICO, Co.Club #3,Val.View,Woodland Hls. ,Minn
Ave. ,
Tract# Lot Block Subdivision
28041 15 002 732 GICO ADDITION
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1997 1, 069.0750 561.2644 .00 1,630.34
_ 1998 1, 069.0750 505. 1379 .00 1,574.21
_ 1999 1, 069.0750 436.1826 .00 1,505.26
2000 1, 069.0750 336.7586 .00 1,405.83
_ 2001 1, 069.0750 295.0647 .00 1,364.14
_ 2002 1, 069.0750 251.2326 .00 1,320.31
_ 2003 1, 069.0750 205.2624 .00 1,274.34
_ 2004 1, 069.0750 157.1540 .00 1,226.23
_ 2005 1, 069.0750 105.8384 .00 1, 174.91
_ 2006 1, 069.0750 53 .4538 .00 1,122.53
Help F3=Exit F5=Refresh F6=Create F12=Cancel
(46 3 fq/C 1
5L49
Li 449
I -
City of Salina
,,,;,-, ,c7 3/20/2001 P.O. Box 736
Salina, Kansas 67402-0736 20549 1
SflLIflR RECEIPT NO.
130
DESCRIPTION AMOUNT
SPECIAL AS Tract* 28041 6,859.80
342-000 555. 000
I
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I
CHECK 23484 6,859 .80
RECEIVED `
FRO
nn:
The Mortgage Company TOTAL PAID " \ ✓ 6,859.80
ORIGINAL RECEIPT
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