Untitled •
ESCROW AGREEMENT
THIS AGREEMENT is made this 1st day of November, 2000, by and between Karen K. Sutton,
(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 11, Blk 3 Holiday Resort 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 Five thousand
one hundred thirty one and 47/100 Dollars ($5131.47), 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, 2005, 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 1st day of November, 2000.
.// ,i1. �/
r K. Sutton
"Property Owner"
CITY OF SALINA, KANSAS
By 4:4)2'7 -7r.-
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
a
sk
The above and foregoing instrument acknowledged before me this day of November, 2000,
by Karen K. Sutton, the Property Owner.
PENNY DAY
Eta Notary Public-State of Kansas
My Appt. Expires IOI1/Qa -D3at
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this I5 day of November, 2000, by
Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
N
Caa Notary Public PEN -State Y of DAY Kansas
My Appt.Expires 1 0/
Notary Public
City of Salina
Special Assessment Prepayment Form
Legal Description: Summary of Findings:
Tract# 27535
Job Number 94-907 Total Future Assessments Due: $5,500.27
Other Description: Lot 11,Blk 3 Holiday Resort Amount of Prepayment Required: �$5,131.47
Addition Savings on Prepayment: $368.80
M 7
Date of Payment 11/01/00
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
12/20/01 $1,190.78 $5,131.47 $962.85 $223.86 $1,186.71 $59.34 $1,246.05 $232.81
12/20/02 $1,102.78 $4,118.23 $962.85 $181.01 $1,143.86 $57.19 $1,201.05 $164.73
12/20/03 $1,020.30 $3,081.91 $962.85 $138.65 $1,101.50 $55.08 $1,156.58 $123.28
12/20/04 $940.78 $2,048.61 $962.85 $94.36 $1,057.21 $52.86 $1,110.07 $82.17
12/20/05 $864.38 $1,020.71 $962.85 $48.14 $1,010.99 $50.55 $1,061.54 $40.83
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
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Totals $5,131.47 $4,814.25 $686.02 $5,500.27 $275.01 $5,775.28 $643.82
O I L--f-/CO - c, ' IA ice,
O : Cia 1 \or it -3 -,--,-* 7-3a4-1
F \ : 5 - uoef
Ercm : -T4,._,,,,,,+ Da
---4-) : SaLe -( 7,'Dt--1 ()V-
10/04/00 13:10 $785 826 7244 CITY / SALINA KS 0001
• ***************************
rt•:• ACTIVITY REPORT ***
***************************
TRANSMISSION OK
TX/RX NO. 0828
CONNECTION TEL 9p8256609
CONNECTION ID
START TIME 10/04 13:10
USAGE TIME 00'36
PAGES 1
RESULT OK
City of Salina
` 1 /01 /2001
P.O. Box 736
� .� ``
T Y Salina, Kansas 67402-0736 RECEIPT NO. 14544
sauna 120
DESCRIPTION AMOUNT
PREPAID SP TRACT #27535 #94-907 LOT 11 , BLK 3 HOLIDAY R 5, 131 .47
553-000 557.000
7
RECEfVEb
CCHHEECK 1373 5, 131 .47 ` 9
FROM:
KAREN K. SUTTON TOTAL PAID 5, 131 .47
ORIGINAL RECEIPT
SA5050DF Special Assessments - Work With Tract Assessments 10/04/00
13 :03 :42
Job: 1994-907 S & U Hol. Res, Nord, Wallerius, Twin Oaks
Tract# Lot Block Subdivision
27535 11 003 721 HOLIDAY RESORT
Lgl:
Type options, press ENTER.
2-Change 4-Delete 5-Display
Opt Year Principal Interest Payments Assessment
_ 1996 599.7770 299.8885 .00 899.67
_ 1997 962.8470 433.2812 .00 1,396.13
_ 1998 962.8470 385.1388 .00 1,347.99
_ 1999 962.8470 336.9965 .00 1,299.84
_ 2000 962.8470 288.8541 .00 1,251.70
_ 2001 962 .8470 223.8619 .00 1, 186.71
_ 2002 962 .8470 181.0152 .00 1,143 .86
_ 2003 962 .8470 138.6500 .00 1,101.50
_ 2004 962 .8470 94.3590 .00 1, 057.21
2005 962.8470 48.1424 .00 1,010.99
Help F3=Exit F5=Refresh F6=Create F12=Cancel
1r Qh vt-r T n
r /,19/ 5. -c)17. -.2.- /G.(!
61:17,..?.. c,"2-7/
\\\\e".5)-
�� cP
..