Credit against Chapel Ridge Development CostsW
AGREEMENT
This Agreement is entered into this / � day of1998, by and between the CITY
OF SALINA, KANSAS, a Kansas municipal corporation (the "City") and WARMACK-
SALINA LIMITED PARTNERSHIP, an Arkansas Limited Partnership with principal offices
located in Fort Smith, Arkansas (the "Developer").
Recitals
A. The Developer is obligated to the City for the cost of improvements required in
conjunction with the development of Chapel Ridge Addition in the principal amount of
$186,482.29, plus interest at the rate of 4.28% from December 1, 1997 (the "Obligation").
B. The Developer pledged as security toward satisfaction of the Obligation a
certificate of deposit issued by City National Bank of Fort Smith (No. 54227 dated August 20,
1996) in the face amount of $108,240 (the "CD"), which the City has held in its possession.
C. The City wishes to acquire certain temporary construction easement from the
Partnership in conjunction with the South Ninth Street Improvement Project in the form of the
Temporary Construction Easement attached as Exhibit 1(the "Easement"). The Developer
wishes to be grant the Easement to the City in exchange for a credit against the Obligation in the
amount of the appraised value of the Easement, which is $20,637.50.
D. The Developer wishes to pay to the City the balance of the Obligation by a direct
cash payment.
THE PARTIES therefore agree:
1. Certificate of Deposit. The Developer has transmitted a letter to City National
Bank of Fort Smith authorizing and directing the bank to cash the CD upon its receipt from the
City and to forward the principal and interest proceeds via wire transfer to the City. The City
agrees to credit the CD proceeds against the obligation, first to accrued interest and then to
principal.
2. Easement. The City agrees that upon receipt of the signed Easement the sum of
$20,637.50 shall be credited against the Obligation, first to accrued interest and then to principal.
3. Balance. The Developer agrees to pay the full balance of the Obligation by direct
payment no later than August 10, 1998. If the Developer fails to do so, the Developer shall be in
default and the Obligation will instead accrue interest at the rate of twelve per cent (12%) per
annum until paid in full.
4. Nonassi nable. The Developer's rights under this Agreement shall not be
assigned without the prior written consent of the City.
5. Governing Law. The laws of the state of Kansas shall govern the terms of this
Agreement.
6. Time of the Essence. Time is of the essence in the performance of the obligations
outlined in this Agreement.
2. Binding effect. The terms of this Agreement shall be binding upon and inure to
the benefit of the successors and authorized assigns of the parties hereto.
EXECUTED by the duly authorized officials of the respective parties hereto the day and
year written above.
ATTEST:
udy . o )City Clerk
CITY OF SALINA, KANSAS
Dennis M. Kissinger ty anager
WARMACK-SALINA LMTED PARTNERSHIP
by lrv,-L _X1
Name: ? VJ44AACK
Title: Pil?-r,-1 &i-
2
SOUTH NINTH STREET - PHASE H
Warmack-Salina Partnership
Tract 4
Temporary Easement
A tract of land in Meadowlark Acres Addition No. 3 to the City of Salina, Saline County,
Kansas, and described as follows:
Beginning at the Southwest comer of said Addition, said point also being the Northwest
corner of Block 1 of Meadowlark Acres Addition No. 2, to the City of Salina, Saline County,
Kansas; thence Easterly, a distance of 10.00 feet along the South line of said Meadowlark Acres
Addition No. 3; thence Northerly and parallel with the West line of said Meadowlark Acres
Addition No. 3, a distance of 800.00 feet; thence Easterly and perpendicular to said West line, a
distance of 8.00 feet; thence Northerly and parallel with said West line, a distance of 100.00
feet; thence Northwesterly a distance of 126.29 feet to a point on said West line, 1025.00 feet
North of the point of beginning; thence Southerly along said West line to the point of beginning,
containing 10,925 square feet, more or less.
A tract of land in Meadowlark Acres Addition No. 3 to the City of Salina, Saline County,
Kansas, and described as follows:
Beginning at a point on the West line, a distance of 1340.00 feet North of the Southwest comer
Of said Meadowlark Acres Addition No. 3; thence Easterly and perpendicular to said West line,
a distance of 50.00 feet; thence Northerly and parallel with said West line, a distance of 80.00
feet; thence Northwesterly a distance of 55.90 feet to a point on said West line, 105.00 feet
North of the point of beginning; thence South along said West line to the point of beginning,
containing 4625 square feet, more or less.
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Exhibit A
WILSON
&COMPANY
.EGAL DESCRIPTION:
SEE PAGE 2 OF 2
EASEMENT ACQUISITION
OWNER: WARMACK SALINA PARTNERSHIP
I SALINA, KS 6740/
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Exhibit B
PAGE I OF
NORTH LINE OF NORTHWEST QUARTER OF SECTION 36. T I4S. R 3W
2
TEMPORARY CONSTRUCTION EASEMENT
THIS INDENTURE, made this _ day of July, 1998, by and between WARMACK-
SALINA PARTNERSHIP, an Arkansas General Partnership, (the "Grantor"), and the CITY OF
SALINA, KANSAS, a municipal corporation (the "City").
WITNESSETH: The Grantor for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, does hereby grant, bargain, sell, and convey unto
the City, a temporary construction easement in, through, over, and across a certain portion of
land owned by the Grantor, as legally described on the attached and incorporated Exhibit A and
as depicted on the Engineering Drawing attached and incorporated as Exhibit B (the "Temporary
Easement") for all rights of ingress and egress of the City, its employees, contractors, and
franchisees, for the purpose of matching grade between project improvements and improvements
such as driveways and sidewalks, for a term of one year commencing with the date of this
indenture.
IN WITNESS WHEREOF, the Grantor has signed this Temporary Construction
Easement this day of July, 1998.
WARMACK-SALINA PARTNERSHIP
_ [Name]
[Title]
STATE OF COUNTY, ss:
BE IT REMEMBERED, that on this _ day of July, 1998, before me, the undersigned,
a notary public in and for the county and state aforesaid, came
of WARMACK-SALINA PARTNERSHIP, who is
personally known to me to be the same person who executed the above and foregoing instrument
of writing and duly acknowledged the execution of the same on behalf of the partnership.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official
seal the day and year last above written.
Notary Public
Exhibit 1
SOUTH NINTH STREET - PHASE H
Warmack-Salina Partnership
Tract 4
Temporary Easement
A tract of land in Meadowlark Acres Addition No. 3 to the City of Salina, Saline County,
Kansas, and described as follows:
Beginning at the Southwest corner of said Addition, said point also being the Northwest
corner of Block 1 of Meadowlark Acres Addition No. 2, to the City of Salina, Saline County,
Kansas; thence Easterly, a distance of 10.00 feet along the South line of said Meadowlark Acres
Addition No. 3; thence Northerly and parallel with the West line of said Meadowlark Acres
Addition No. 3, a distance of 800.00 feet; thence Easterly and perpendicular to said West line, a
distance of 8.00 feet; thence Northerly and parallel with said West line, a distance of 100.00
feet; thence Northwesterly a distance of 126.29 feet to a point on said West line, 1025.00 feet
North of the point of beginning; thence Southerly along said West line to the point of beginning,
containing 10,925 square feet, more or less.
AND ALSO:
A tract of land in Meadowlark Acres Addition No. 3 to the City of Salina, Saline County,
Kansas, and described as follows:
Beginning at a point on the West line, a distance of 1340.00 feet North of the Southwest comer
of said Meadowlark Acres Addition No. 3; thence Easterly and perpendicular to said West line,
a distance of 50.00 feet; thence Northerly and parallel with said West line, a distance of 80.00
feet; thence Northwesterly a distance of 55.90 feet to a point on said West line, 105.00 feet
North of the point of beginning; thence South along said West line to the point of beginning,
containing 4625 square feet, more or less.
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Exhibit A
WILSON
&COMPANY
EASEMENT ACQUISITION
OWNER: WARMACK SALINA PARTNERSHIP
SALINA, KS 67401
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Exhibit B
PAGE I OF 2
NORTH LINE OF NORTHWEST OUARTER OF SECTION 36. T 14S. R 3W
EGAL DESCRIPTION:
SEE PAGE 2 OF 2