Escrow Agreement (Lot 10, Block 1) - 2 ESCROW AGREEMENT
THIS AGREEMENT is made this 17th day of July, 2019, by and between Rhonda G.
& Mark A. Person, (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 10, Block 1 of Riverrun 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:
1. Payment. The Property Owner deposits with the Escrow Agent the sum of
Two thousand two hundred eight dollars and 92 /100 Dollars ($2208.92), 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 17th day of July, 2019.( Y,IZY1j19YL
Rhonda . Person
"Pro erty Owner"
- fit
Mark A. Person
"Property Owner"
CITY OF SAUNA, KANSAS
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Debbie Pack
"Escrow Agent"
STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 17th day of July, 2019, by
Rhonda G. Person,the Property Owner.
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STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this 17'" day of July, 2019, by
Mark A. Person, the Property Owner.
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STATE OF KANSAS, SALINE COUNTY, ss:
The above and foregoing instrument acknowledged before me this I7t day of July, 2019, by
Debbie Pack, Finance Director of the City of Salina, Kansas, on behalf of the City of Salina, Kansas.
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City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract# 31309 - 1
Job Number 2003-1405 Total Future Assessments Due: $2,212.08
Other Description: Lot 10, Block 1 Amount of Prepayment Required: $2,208.92
Riverrun Addition
Savings on Prepayment: $3.16
Date of Payment or Sale 07/17/19 W/E: ( 12/16/2016 1
Discount Rate Used: - 1.40000% From: htto://www.federalreserve.gov/releases/h15
Date First Prepaid
Assessment is Due 12/20/2019
Total Due
First prepaid assesment Scheduled Principal Escrow From
due Scheduled Principal Interest and Interest Adm. Fee Escrow
7/17/2019 (This is the Date Paid) 0
12/20/2019 $2,135.83 $76.25 , $2,212.08 $10.00 $2,222.08 •
12/20/2020 - $0.00 $0.00 $0.00 $0.00 $0.00
12/20/2021 $0.00 $0.00 : -$0.00- $0.00 $0.00
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 . • 50.00 $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 50.00 $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 50.00 $0.00 $0.00 $0.00 $0.00
Totals $2,135.83 $76.25 $2,212.08 $10.00 $2,222.08
SA5052 Special Assessments - Tract Assessments 7/16/19
13 : 50 : 12
Job: 2003-1405 RIVERRUN ADDITION
(Amortized)
Tract# Lot Block Subdivision
31309 10 1 903 RIVERRUN RPLT L1 135 ADD
LGL: Riverrun Add PDD Rplt Lt 1 Blk 5, S30, T14 , R2, BLOCK 1, Lot 10, 11916
Year Principal Interest Payments Assessment
2005 . 00 . 00 . 00 . 00
2006 . 00 . 00 . 00 . 00
2007 . 00 . 00 . 00 . 00
2008 . 00 . 00 . 00 . 00
2009 . 00 . 00 . 00 . 00
2010 . 00 . 00 . 00 . 00
2011 . 00 . 00 . 00 . 00
2012 . 00 . 00 . 00 . 00
2013 . 00 . 00 . 00 . 00
2014 1, 792 . 24 419 . 84 . 00 2, 212 . 08
2015 1, 856 . 23 355 . 85 . 00 2, 212 . 08
2016 1, 922 . 49 289 . 59 . 00 2, 212 . 08
2017 1, 991 . 13 220 . 95 . 00 2, 212 . 08
2018 2, 062 . 21 149 . 87 . 00 2 , 212 . 08
2019 2, 135 . 83 76 . 25 . 00 2 , 212 . 08