Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 30th day of September, 2002, by and between Prudential-Brokers
Realty, (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, Block 3 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:
I. Payment. The Property Owner deposits with the Escrow Agent the sum of Four thousand
nine hundred forty one and 14 /100 Dollars ($941.14), 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 the date 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 30th day of September, 2002.Ag Prudential-Brokers R"Pr Owner"
`— 77J;4 S. 20ncg
'rint name V
CITY OF SALINA, KANSAS
By /tGrl ^r, �/
Rodney Franz
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this -30a-I" day of September,
2002, by Cyn-Vh .c. S. Lan et , representing Prudential-Brokers Realty, the Property Owner.
a KAREN L. GEBHARDTI
Notary Public-Slate of Kansas
4 �,-, o C ,,-,f,,Q,, 6 f4-
My Appt. Expires/O-a -05 lF ,Jt tit
Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this O day of September, 2002,
by Rodney Franz, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
PENNY DAY
gigth Notary Public-State of Kansas
My Appt. Expires ID1-7 has 1 ilk _ •
Ili
Notary Public
1
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 28057
Job Number 95-938 Total Future Assessments Due: $4,798.01
• . Other Description: iLot 2, Block 3 Gico Amount of Prepayment Required: $4,941.14
?Addition Savings on Prepayment: ($143.13)
Date of Payment or Sale 09/30/02' W/E: 9/20/02_
Discount Rate Used: 0.73%; From: http://www.federalreserve.gov/releases/h15
Date First Prepaid '
Assessment is Due i 12/20/03'
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
9/30/02 (This is the Date Paid) 0
12/20/03;. $1,069.08 j $205.26 . $1,274.34 $63.72 $1,338.06
12/20/04; $1,069.08 I $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
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00 •
12/20/17 $0.00 $0.00 $0.00 $0.00 $0.00
Totals $4,276.32 $521.69 $4,798.01 $239.90 $5,037.91
C1/2 Le/c - Ba ur a crctu -10 L.t L80 Ci@natuilici
Yr/jell
� �
City of Salina n
Special Assessment Prepayment Form �l�
Summary of Findings:
Tract# 28057
Job Number 95-938 Total Future Assessments Due: $4,798.01
Other Description: Lot 2, Block 3 Gico Amount of Prepayment Required: $4,939.86
Addition Savings on Prepayment: ($141.85)
Date of Payment or Sale 09/17/02 W/E: 9/13/02
Discount Rate Used: 0.73% From: http://www.federalreserve.gov/releases/h15
Date First Prepaid
Assessment is Due 12/20/03!
VA
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
9/17/02 (This is the Date Paid) 0
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
12/20/16. $0.00 $0.00 $0.00 $0.00 $0.00
12/20/17 __ $0.00 $0.00 $0.00 $0.00 $0.00
Totals $4,276.32 $521.69 $4,798.01 $239.90 $5,037.91
(ailed {'mil u-OCtl1taid .P:X-PttCllec/
Lc-a, /live -b � ") Lf CF QuJ ogiti 12rnt •
SA5050 , Special Assessments - Tract Assessments 9/18/02
• • - • 10 :49 : 14
Job: 1995-938 S & U GICO, Co . Club #3 ,Val .View,Woodland Hls . , Minn
Ave . ,
Tract# Lot Block Subdivision
28057 2 003 732 GICO ADDITION
LGL:
Year Principal Interest Payments Assessment
1997 1 , 069 . 08 561 . 26 . 00 1 , 630 . 34
1998 1 , 069 . 08 505 . 14 . 00 1 , 574 . 21
1999 1 , 069 . 08 436 . 18 . 00 1 , 505 . 26
2000 1 , 069 . 08 336 . 76 . 00 1 , 405 . 83
2001 1 , 069 . 08 295 . 06 . 00 1, 364 . 14
2002 1.,_069_..0.8 251...23 . 00 1, 320 . 31 _ _
2003 1 , 069 . 08 205 . 26 —. 00 1, 274 . 34
2004 1 , 069 . 08 157 . 15 . 00 1, 226 . 23
2005 1 , 069 . 08 105 . 84 . 00 1, 174 . 91
2006 1 , 069 . 08 53 . 45 . 00 1, 122 . 53
City of Salina
`� P.O.,Box 7;36
itite
�'. 0/03/2002 Salina, Kansas 67402-0736
SALIr1A RECEIPT NO. 46847
17Q
DESCRIPTION AMOUNT
PREPAID SP #28057 1406 E REPUBLIC 4,941 .14
553-000 557 .000
1
•
1( ,
REcogpK 10699 4,939.86 CASH 1 .28
FROM:
LAND TITLE SERVICES, INC. TOTAL PAID 4 ,941. 14
ORIGINAL RECEIPT
00 .70 a N L
t r G
, Q _F..
I - N 0 in
ej o � D U) -U N c ., 1
1
, g 0