Escrow Agreement ESCROW AGREEMENT
THIS AGREEMENT is made this 12th day of July, 2019, by and between Roberto
Felix Martinez, Jr. & Teela M. Martinez. (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 14, Block 4 of Quail Meadow Estates Addition in the City of Salina,
Saline County, Kansas
(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
Five Thousand Three Hundred Sixty-nine and 82 /100 Dollars ($5,369.82), 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 $10.00 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 12th day of July, 2019.
Roberto Felix Martinez, r.
"Pro erty Owner"
a . Martinez
"Property Owner"
CITY OF SALINA, KANSAS
4,41,Lt Qs-rA '
Debbie Pack
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this day of July,
2019, by Roberto Felix Martinez, Jr., the Property Owner.
SANDRA M. WETS
L Notary Putlic- State of Kansas I
t,+.y Appt.Expires ?-2(a-20
'Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this / day of July, 2019,
by Teela M. Martinez, the Property Owner.
SANDRA M. WETS AViart)7.(byfY)
Naaryic-Stateof
l MyAppt.Expires6-Z�2(" Notary Public
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this/A day of July, 2019, by
Debbie Pack, Finance Director of the City of Salina, Kansas. on behalf of the City of Salina, Kansas.
SHANDI L. WICKS Notary Public
Notary Public•Sit of Kansas
My APPt.Expires H -' ,1. •
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# . .30366
Job Number 2006-1590 Total Future Assessments Due: $5,339.82
Other Description: 'Lot 14, Block 4 Quail • Amount of Prepayment Required: E'$5;369t82;
:Meadow Estates Addition
aa�"
Savings on Prepayment: ($30.00)
Date of Payment or Sale 07/12119, W/E: -. 6/5/2019
Discount Rate Used: - , 0.00002% From: hrrp'//www Federalrecerve gov/releases/h1
Date First Prepaid
Assessment is Due •. 12/20/2019.
Total Due
First prepaid assesment Scheduled Principal and Escrow From
due Scheduled Principal Interest Interest Adm. Fee Escrow
7/12/2019 (This is the Date Paid) 0
12/20/2019 • $1,561.11 • $218.83 -11,779.94 $10.00 $1,789.94
12/20/2020. - $1,630.89 $149.05 $1,779.94 $10.00 $1,789.94
12/20/2021 $1,703.78 $76.16 $1,779.94 $10.00 $1,789.94
12/20/2022 $0.00 $0.00 • $0.00 $0.00 $0.00
• 12/20/2023 • $0.00 $0.00 • •$0.00 $0.00 $0.00
12/20/2024 . . $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2025 $0.00 $0.00 ' $0.00• $0.00 $0.00
12/20/2026- - -$0.00 $0.00 • $0.00 $0.00 $0.00
12/20/2027 $0:00 $0.00 $0.00 $0.00 $0.00
12/20/2028 $0.00 $0.00 $0:00 $0.00 $0.00
12/20/2029 $0.00 $0.00 $0:00 $0.00 $0.00
12/20/2030 • . $0:00 $0.00 $0.00 $0.00 $0.00
12/20/2031 - $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2032. _ $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2033 . • $0.00 $0.00 $0.00 $0.00 $0.00
Totals $4,895.78 $444.04 $5,339.82 $30.00 $5,369.82
CUSTOMER COPY 'Miscellaneous Receipt
- City of City of Salina
Receipt 24910
PO Box 736 Number
.1.. .
,:. Salina, KS 67402-0736
(785) 309-5735 Fax: (785) 309-5738
`,-Receipt Date
Sarna: . 07/12/19
Received from:
MID-KANSAS TITLE CO.
TIME: 15:05
CLERK:StraitA
-Charge Code Org - Object - Proj Comment , , . - Description - •- : , - _-_ - Amount
TRACT#30366 $5,369.82
70001 4778 Prepaid Sp.Assessments $5,369.82
000 1000 Cash $5,369.82
PAID BY: MID-KANSAS TITLE CO.
PAYMENT METH: CHECK
9877
AMT TENDERED: $5,369.82
AMT APPLIED: $5,369.82
CHANGE: $0.00