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Home My WebLink About95-00539 '\"' '>'-" '_..\. ,,_~~<("_., f,.,.t~\~'fj?1:_f(-t:-1":-';'~}'fr^_v- PETITION FOR PROBATE nnd GRANT OF LETTERS c:?//-9_Q- ~L E."IIf" 01 Violena M. shearer u/.m kI/tHI'I/ us No, To: ReglMer of w~r Ihe 459=:l4=-'j4 )Jt>(".o....(/, Counly of C rland In the Sodu/ Sr"lIril)' No, -, 3 Commonwealth of Pennsylvania The pelltion of Ihe under,lgned re'peelfully repre,el1l' Ihut: Your pelltlouer(,). who b/ure IH l'ellrs of llge or older un the exeeul or In Ihe lasl will of the ubove decedel1l. doted Decanber 19, 1994 and eo<lIell(,) dUled -DI.1\ named .19_ ('laiC ,r1~\-11l1l t,.'lrt,.'llImlllll~'~'\. l'.~. '~'nlJlldallntl. drlllh uf c\l'clllnr, C'1l'.) Deeendel1l wus domiciled ut dellth in Cumberland CQuI1lY. Pienn~Ylvanla, with h~--'-1B~sfamilY or principul residence al lU!I~.I!lrNOOd Avenue, Meenan csbUrg, (Ihl 'If<<l. Illlmlu." find lIumdpalil)') D~~ud!:fll. Iheu 79 .yeurs o(uge. died June...29, ,19 q5 al 1u!I E.I!lrNOOd Avenue, Meenam.csburg, PA 17OS-S- . Except '" folloll's, deeedem did nOI murry, Wll' nol <)Ivoreed und did not huve a child born or adopted afler e.,eeutlon of the will offered for probllle: wus not Ihe vicllm of a killing and was aever adjudlcaled IUeompelem: DeeeadeuI 1II death owued property with estlmaled vlllues liS follows: (If domiciled In I'u.) All persoulll property (If nOI domiciled In I'll.) Persollal propertl' In Pennsylvllnla (If Ulll dumlciled iu Pa,) Persoulll property lu Coumy Vulue of reul cst ute lu Peunsylvanla sltumed us follows: s s s s o tI/A WHEREFORE, pelltioner(s) respeelfully request(s) the probate of Ihe last will and codlell(s) presel1lell herell'lth und Ihe grum of letlers_.testamentary. , tIC\lllnlClllary; mtmini\lrllllnn c.l.n.; ndmlnblrallon d.h.n.t.t.a.) therou, ~ BlINK, N.A. t7~ ~ ~ ' ~,- ~.g .:7.f '- ~~ ~ .. Ji OATH 01" PERSONAL REPRESENTATIVE COMMONWEALTH OFI'ENNSYLVANIA }::IS CO U NT\' 0 F ClJMBElliAND The pelitiouerls) llbove.numed swellll') or uffilln(s) thutlhe sllllemel1lS IUlhe foregoiug pelltlou are true llud correel to the beM uf Ihe ~noll'ledge lIud belid of pelltioner(,) und thut u, personal represen- IlIlive." or Ihe lIhllVe decedelll (lelilillner(s) will ~l~I)Yn~J{I!"lsler Ihe estale according 10 law. SWllrn 111. l>r 1IITinne1l14,u\\1 'llhscrihedM ~~. - ,.' .""" ~ ~hefO'" 1l1C)JL~-/ LLl ~~~i~ ~~ l . l~ .a_p~Jl;2ZL{1..~l<j . . a :J. R'l . LEWI S U,'~i.fl"'.. .!C. v No. 21 - 95 - 539 Estate of Violena M. Shearer . Deceased DECREE 0..' PROBATE AND GRANT OF LETTERS AND NOW JUL V 18. 19-2L-, In consideration of the pelltlon on the reyerse side hereof, satlsfaelory proof haying been presenlcd hefore me, IT IS DECREED Ihat the Instrument(s) daled December 19, 1994 described therein be admitted to probate and filed of record as the last will of Violena M. Shearer and Lellers Testamentary are hereby granted 10 PNC BI\NK, N.A. FEES Probale, Lellers, Etc. ".,..,., S 18.00 Shnrl Certlneates( 5) ...... .... S 15.00 Renunciation ......'....,.... S x-~ages !/.uo- JCP S S.OEl TOTAL _ S d7 00 Flied .... ,JU\.,V.. 18...1995.......... , .... t'~(:y'.dt~),-,,'4 Ifb-U)/J,dt- t.... pa;d Robert C. Spitzer, Esquire #06264 701 NoNfio~~~~rS€~M>t~oro. Box 120B7 Harrisburg, PA 1710B-20B7 ADDRESS 717/231-7600 "HONE ~-,;(~ -9~ ,.g 97.~c> co '- ~t '9:.." {, .t~ -'0:: I'l , . c. '"" ~ ~ \.1 ,. ....f (~ ..1 "'0- ~ '- f:: 0: . ~8 Mailed letters and order to Bank on 7-18-95. . LAST WILL AND TESTAMENT OF VIOLENA M. SHEARER I, VIOLENA M. SHEARER, make Ihls my Lnsl Will ond T..tamenl, and I reyoke any preyious Will, FIRST: I direcl my Execulor In pay all my lusl illness and funeral expenses us soon us conyenlenl. SECOND: All of my Inagible personal property (except for such property used in a lrade or business), I giye 10 my children, per sllrpes. glylng due regard to Ihe wish.. of my children, In us equul shares as is pnIclicuble. If no issue ore survlying 01 the lime of Ihe proposed distrihution undcr Ihis paragraph, then such property us is selected in the discretion of my Execulor shall be dislrihuted us part of the residue. I hereby authori7.c my Execulor 10 dislribute any such property directly 10 any minor beneficiary. or 10 any person 10 hold for \he minor, in the discretion of my Executor. THIRD: Alllhe rest, residue and remainder of my eslnte, of whalsocyer nalure and wberesocyer situate, including thaI OYer which I haye 0 Power of Appointment, (and I expressly exereise the Powers of Appointment giyen to me in Ihe Trusl Agreement crented by my hushand, I'nul T, Shcun,r, dated June 6, 1991. with PNC us 'Trustee, us to I'nrts "A" and "B"), I giye, deylse and bequcuth In Trust to the PNC BANK, N,A. Trustee, under the Trust Agrecmenl crented hI' me us Seltlor doted June 6, 1991. FOURTH: I direct my Execulor to pay all inherilnnee, eslnle, succession and legacy Inxes. logelhcr with any and all inlcresl and/or penalties or other charges thereon, of whalsOCYc:r nature and kind. to which my eslnte or the trunsfc:r of any property pnsslng hereund<',", nr otherwise passing by reason of my dcnth, may be subject, from the principnl of the residue of my eslnle. FlFI'H: My Executor Is h<TCby authnri7.cd and empowered, In addition 10 such powers grunted executors by Jaw, all excn:isuble without court order: (a) to sell securilles or other property, renl or personal or both; (b) 'M__....._._...____........H_''''.~-,.."J.,,___,,_,''"''~.''''''' ~".~,_, 10 IXlrrow money frolll such person. a. il may dCloire, inclUding Ihe IXlwer 10 IXlmlw from itself as an indlyldual or as 0 liduclory under any Tmsl Agreement for any purpo.e ne,:e..,ary or de.imhle in conneclion with Ihe paymenl of lues or olher matteno incidental 10 the ,",ulemenl or admlni'lmlion of my filolale, or for Inyeslrnenl purpo.... on cilher a IiCCUred or unsecured oosis. ut such mle of inlerosl as iliaI' he necessury and 10 sign notcs and to pledge Ihe asscts of my filotale as liCCurily Iherefor; (c) 10 make non-promta dislrihutioas in kind or pnrtly in kind or partly In cash; (d) to retain 011 or any part of my property, real or persol1l1l, eonstiluting my filotale for such lime Mmy Executor deems hesl or to InY<'51 or reinYClot the sume withoul heing rcolrieled 10 "Iegol" inYCIolrncnts: (e) 10 comprornillC claims againsl nr in fayor of Ihe Estate, wilh or wilhout Court apPlOyal on such lenus and conditions M Exc:culor dc:cms appropriate, in my Exc:culor's sole discretion; (I) If the filotale includes any ialeresl which I ood in 0 huslness allhe lime of my dealh, whelher Ihe sume is a sole plOprietonohlp, a partnenohlp, or a corpomtion in which I owned all or a suhstanllol portion of the stock, 10 contiaue the husiness, until such lime as my Excculor dc:cms odyillllhle 10 scll, Iiquhlale or distrihute lhe sume in kind, Exc:cutor shull huye 011 rights ond POWClll in eonnc:clloa with the business as I hud when JlYing, including hy way of example ond not IImltallon, the poweno 10 opt.....tc or join in the opemllon thereof as a going concern, 10 form or re-form a geneml or IImlled pnrtnenohlp, to ineorpomte or re-ineorpomle and 10 Ilquitlale or selllhe sume or any pnrtthereof, all Mil dccm. adyisnble for the hesl interests of the Estale and of the henelielaries thereof; Wilhoulany lIahilily for loss resulting fromlhe opemllon of lIllid business excepl where such Inss Is lhe rcsull nf negligence or fmud on the part nf the Executor; (g) 10 rc:ceiye, for Itll services in connc:ction wilh ony such busin..... such odditional enmpensntion as may be cornmcnsumte therewith; (h) 10 cloim, in my Exc:cnlor's discretion. expense.. of odmlnlslmtion of my E..late .. deductions for fedemllncome \as purposes, when Ihis will result in on oyemll reduction of income und death taxes for my Estate (no adjustmcntll between income und principal or in the amounl of the distributions 10 Ihe trusls erealed by sepamte instrument shull he required us u rcsull of such action); (i) in my Executor's sole discretion 10 compromise taxes on future inlercstll on such lerms und conditions ... Exc:culor deems uppropriale; (j) to maintain rcasol1l1hle reserves for depn:ciation, depletion, amorti7.alion und ohsolescence, SIXTH: I nominale, constitute und appoinl PNC BANK, N.A. as Exc:cutor under lhls my L.asl Will ond Testamenl. No bond shull he required in lhis or any olher jurisdielion of my Exc:culor, 2 ~ \ SIlVIlNTH: I herehy numinate, eunslitllte and appuinl PNC DANK, N ,A, ns Ouardian uf the eslate uf any minor or other henefieinry physlcnlly ur mentnlly una hie tu manage his ur her affnll'll and tu serve withuUl bond in this or any ulher juriotllctlon, If any henefieiary of my estnte is under the age of eightecn (18) YCllI'll nt the time at which dlslribuUon of any property deyiflCd ond hcquCllthed hy lhis Will wuuld olherwise he made lu such heneficiary, or Is unahle 10 manage his or her own offali'll, my Execulnr shull dlstrihute all such property 10 Ihe guardian of Ihe CIltnle of such heneficiary, The guardion shull hold, manage, inYCIlt and reinYCIllany property n:ceiyed hI' lhe guardian (whether under this Will or otherwise), shull collectlhe income thereof, nnd shall apply su much of the nel ineume and, if the nel income Is insufficienl, so much of lhe principol of the property held for such h"nefieinry ns Ihe guanlian sholl deem lICCCIlsary ur adyi..hle for such heneficiary's hClllth, maintenance, support nnd cumplele education. The guardion shull accumlllnle ony surplus net Ineume nnnually nnd ndd the ..me 10 lhe prineipol of the property held for such heneficiary, When such heneficinry allalns the age uf elghleen (18) YCllI'll. or hec:omes ahle 10 manage his or her afrail'll, the guarJian shall distrihute 10 such heneliciary all property held hy the guardian for such heneficiary, If such beneficiary dies hefore oltninlng Ihe nge of eighteen (18) YCllI'll. or hec:oming ohle 10 manage his or her offoil'll, Ihe guardlon sholl dislribute 10 the pel'llonal rcpresentnUye of such heneficiary's estnte 011 ProflL'rty helo hI' the guardian for such henefielory, mOHTH: The eompen..tlon poyahle 10 my Ilxeeulur shull he the compen..tion due, in occurunnee wilh lhe fee schedule of my Ilxccutor at the time such scrvleCll are rendered. ur if my Ilxeeutor Is nn indiyidual, such compen..Uon shull he reasonahle eumpell5lltion, NINTH: The words "child. children. or issue", ns uflcd in lhls Will, shull Include odopled pel'llons 000 persons born or adopted after Ihe dole of this Will, rcspecUyely unlClls expressly stnted 10 the cunlmry, TIlNTH: I herehy authori.'c my Ilxeeutor In nddlliun 10 all powers granled hI' law, 10 make such eleeUon In eonneeUon with settlemenls under employee ht:nelil plans In which I haye an inlereslns my Ilxeculor dC<.'DlS mU51 ndynntngeuus under all the clrcurnstnnces. 3 ,. _,1994. IN WITNESS WHEREOP, I, VIOLENA M. SHEARER, lhc Testalrlx, 10 Ibl. my Laol Will and Testamenl, Iypcwrlllen on .Ix (6) .beeto or JlIlper have ocl my hand and seal ibis / rn day or M:"~ ,. ...c '1 L~t:.~ !JJl $;/~t!'~ (SEAL) VIOLENA M, SHEARER Signed, scaled, pubU.bed and dcc:lal'\ld by Testatrix as and for her Lasl Will and Testamcnl, In our prcacncc, al her rcq\ICI1 and In lhc pracncc of each olber have hereunlo ocl our hands and seals u altesting wl'-. residing al residing al , 4 21 - 95 - 539 REGISTER QI<' WILLS OF COUNTY OATH OF SUBSCRIBING WITNESS I. codicil .. (each) a subscribing witness 10 the will presenled herewith, (each) belni dufy quallned occordlng to law, depose(s) and say(s) lhat presenl and saw the teslat , sign lhe some and lhat signed as a witness at the request of teste! In "--- presence and (In the presence of each other) (In the presence of the other subscribing wltness(es)). Sworn 10 or arnrmed and subscribed before me this day of 19_ (Name) (Address) Regisler <XI ,.... "- \~;' "10~ ') .~1 r'l '. " c. "<t ~ (Name) (Address) " . . ,> '.. (j .. l ~lj; ;~ REGI~'I'~R OF WILLS OF CUMBERLAND COUNTY 1:.\ &)TH OF NON-SUBSCRIBING WITNESS ROBERT C, SPITZER and R.C. KRAMER (each) a subscriber hereto, (each) being duly quallned oceordlng to law, depose(s) and say(s) that THEY ARE fnmillor with lhe signature of VIOLENA M SHEARER x'lOOl fi k testet RIX of ~X~Xnl\Jl~Xd\-lllllljX~~~~XllJlXthe will presented herewith and XWlI\lll< lhat THEY belleyes lhe signature on lhe will Is In the handwriting of VIOLENA M SHEARER 10 the best of THE I R knowledge and belief. _~U._ 'Address) ,.1 (Name) .... .~ PJ'l~ J:l.uI,M , (Address) IN RE: ESTATH OF VIOLllNA M. SIIEARHR IN TIlE COURT OF COMMON PI.HAS OF CUMIlElU.AND COUNTY, PENNSYLVANIA ORPIIANS' COllin DIVISION NO. c;;ll -"15 - 539 Plrrn'ION '/'0 AlrrllORIZ/( /(XIWtr/,OR '/'0 DlSCI.AIM IN1'ER/(S'/' IN TRUS'/' I'/(R III I'A. C.S.A. S/(CTJON 61111 AND NOW come. pNC lIallk, N ,A" by It. allomey' ROIlERT C, SPITZER, I' ,C. and submit. Ibe following In .upport uf Ibl. I'ellllou: I, I'elltloner Is a uallollaJ balik, alllborl7.cd 10 exerdse In..lpowe.. under Ihe laws uf Ihe United Sllte. nf America Iud Ibe ComlllonweaJlh of I'enusylyaula, 2, Pelltlonerw... aJ'polnted Hxeculor of Ihe Estate of Vloleua M. Sbearer, who died June 29, 1995, leaYlng 11....1 Will and Teslamenl dated December 19, 1994. l.clle.. Teslamentary were Issued hI' Ibe Reglsler of Wills of Ibe Orpbaus' "'mil Dlylslon of Ihe C.lUrl of COlllmon Pie... of Cumberland C.ounly ou or IboUI July 14, 199510 Pelltlnner, 3, Decedenl w"'lhe widow of Paul '1', Shearer who died Oclober 23, 1994. Tbey lef! surviylng Ihemlwo eblldren, who are .ul juri.; DongJ... P. Shearer re.ides In!llmttl, Flurlda, and Diane Ross reside. at 52 Sherwuod Drlye, Carlisle, Cumberland Couuty, PA. 'SaC!r$OflIl: /If! tJe~c~ 4, 'Ille henelil. hum Ihe eSlale alld TmSls of Vlolena M. Shearer 1''''', except for specilie heqlleslS 10 grondeblldren, to her children, lIer children arc al,"the resldnory helleliciarle. of Ihe Tmsts created by Panl '1', Shearer, 5, Deeedelll died oWlllng 110 property In the Slale of Pennsylyallla except for her IlIlereslln a reyoeahle funded lIylng InlSl which she erealed, with herself ... Tmslee daled Jnne 5, 1')91, (Pelltloner Is Ihe SncccssurTmslee). '11111 Tmsl has ,uhstallllal .."els, (" Ilceau,e Decedent owned a parcel of real cst lite in Ihe Slale of Florida, It Is eonlelllplated thai ancillary admlulstrallon will lake place In Flurlda 10 adllllnlsler Ihal real e.tate, 7, Deeedellt'. Willis a "ponr oyer" will proYidlng Ihatlanglblepe",onal properly (hutlhcre I. nOlie, owned by neeedelll) I'....e. to children, 'Ille re.ldue of her Estate I""'''' oYer Into '111I anolher T",.llhe Decedenl erealed with I'elllloner... Tru.lee daled JUlie Ii, 1991. N, Under Ibe FIFnl paragraph of neeedent'. Will, her". , . Exeentor I. herehy authorl7.cd and empowered. In nddillulllo such powers granted Excclllurs hy law, all exercisable wilhonl Court Order: ,.." to exercise varlnu. power., One of Ihe power. grallled Exeenlor. by law I. Ihe power 10 dlsdolm property or IUlerest.ln properly, See Chapler 1i2 Prllbate 11.lale. alld Flduclarle. Code. Seellon 1i201. 9, Pelltloller belieye. and Iherefore ayers Ihe followillg: (a) For Federal (C,lale Tux Plannillg I"lrposes It is adylsahle alld henelidallo Ihe E..tate of De.'Cdent, and In her ultlmale benenclarle. and Ihe nllhn,te remainder henellclaries oC her hushlJld's Tru.ll~stale, (Ihelr children) Cor I'ethlnner tn disclaim all or a I,nrtlon oC the benem, to be recelyed from thai Trusll~'late nC Pan I '1', Sbearer, (b) lbe proposed disclaimer docs lUll materially (m In any way) prejndlce Ihe ri~lIl. oC eredllors, heirs or beuenclarico of the I>eeedenl, (c) There arc surncleut ."els that all eredll,,,. haye heen nr will be 1"ld In fnll (from Ihe 'I'msl created by l>ecedeul), aud (c) The remainder beuenclarles will heuenl homlbe I>I.clalmer, aud other benenclaries arc nol arre.1ed. 10, The C.onsenl. oC such ultimate benenclaries nf Ibe eslale, Ibe chlldreu of Ibe Decedent, Douglas Sbearer (by Cacslmlle Iransmlsslnu recclyed Jnly I~, 1995) aud llIane Rnss, to tbe granllug oC the Order aud relief reque.ted are auaebed bereto aud marked Exblhlt "I", II. Time Is of Ihe ","ence hecause tbe Disclaimer must be made aud apprnpriately med wllhln nine (9) mnnlbs oC Ibe deatb oC I'aul T. Sbearer or beCore July 23, 1995. For IIllbese reasous, retllloller re'luesl' till. Bouorahle Court to granl the relief requesled. WlmREFORE, Petitioner reqnesls tbls lIullnrable CoUrllO enler au Order autboriring Pelllloner, as r'-Xe.1110r oC tbe E.slate uC Vlolena M. Sbearer, 10 dlsclolm all or a pari of her IUlerestln and to Ibe "Il" or Marilll Tmst erealed under tbe Tmst Agreement uC her husbaud. 1>anl '1', Shearer daled Jnly I" 1991, .. amended, wllb 1>etllloner.. Truslee. Respeclfnlly submlUed, ROBIlRT C. SPITZER, I',C. &~ II>NllI,2M 7111 NUrlh Second Streel I', 0, IkIX 120M7 lIarrlshurg, I'A 1711lH.20H7 717/231.71~'O JlY . .- VElUFICATION I, RONAl.D KRAMER, V,. Co P...Io.d....Nt" nf I'Ne Bank, N.A" hereby L'erdfy thallhe faels In tbe foregolog I'eddolllo Alllhorl1.e IlxeL1Uor 10 Disclaim Intere.I III Tna.II,er 2111'a, C,:;,A, Seetloll 62112 are tme and correcl In Ihe hest nf my kllowledge, lllfonuatlnll alld hellef, alld fllrtber .tale Ibal fllse .Illemellll herellllre made allbjeel 10 Ibe penaldea of IN Pa. C.:;, Scedoll 4904 relatlllgln IInaWom fllalficltlnu 10 IlIlborllles. ~. v___ _~J -.... Daled: j- J.r ' tj ,1995 'J ---. --~"-"_... "... .- -,. '.... .~~....*...~..................................tt.....~............. t P. 0 1 . t TRAI1SACT 1011 REPORT · * JUL-18-95 TUE 7:55. . . . DATE START SEllnER RX T JtolE PAGE S UOTE · + * . JUL-18 7:54 904 247 5511 52" 1 Ok · t, · *.....*.~*...~t.........*....*...................*................ r'urther, I hl!)reby ~oin in any L'eqU\lGI;. tor court authorLeation to efre(~t suchcliacllu.mer, if PNC Danksoeks such authQrhnt!on. lntendln11 to be 1030l,lY thin Lf2:.' day of _ lA 17 bound hereby, r ouv"" ~at my hand and Ileal , 19'J5. l2(v/1.-; 7-S~~.~ .f . ,"._ .....v,...______~._.....'__.._ '_ ..---~ , v-'-" ~-. .,.. ......'. . II ~.; .......~_.___.,.. .._+.--"- ._'..L_ '1..,r-"--"'-'~"-''''' 'j-~'-"--"-~,.T~ -- ..- _AI CORRECTION, Previous Image . Refilmed to Correct. Possible Error , -"-----""-"-P'" ----... . , .. . .. j1~f~~~~~;~li~~~~~,~,*i~!~Vit:'~1";1t#!~3f.-~\i4:.,_t""-"';::::":,;o.,ot"'""'~,~?"'-~'~f~o:fJ~1~"... ~lI<~"'~i~~~~n'~'''''''' "~?i~..:;';1 . *:..,,(~ '" "'1" "'... '" ~,.....,...,..... "'* ~....*...... *~l~....... '....~'......... "'... *~'... ............... '" "'... ",~~"i... ........... ......... ............... ............ i P,81 ... '" TRAIlSACT I Ot-! REPORT ... ... JUL-18-95 TUE 7:55'" '" ... 'I, DATE START SEIlDER RX T HIE PAGES NOTE ... '" ... ... JUL-18 7:54 904 247 5511 52" 1 OK ... ... ... "'**"'....**~"'....*...*"'.*.*"'....*...*...****"''''......*...*............*.........*****...*....................................... , -~---~". 't. > " '-.t~... i,", /',' ',.. ~ ... ..' ~' ..,". . . ~ .(. "..' ., ". , , , '1 .'~! '.1 :", ."' ~,. ': ~ , ..... :. ~_ v.' ~ ~ i '" .. .'. r" I '1 "I" ",' i,,'''''; ..-\ :.' '!-. -. . - . '., ,...... .'. I r . H'" ..~, I I, ., .,' ., , .j I f' , " , \. fl. ~. i, t ~ .f ..---. r~ -- . to. - .. ) ~. h__._____, -'.- "'~' .-.. .-...-...... -~-, ._-,-~.~. --.--- --'. r-' CI)HS,o.~L-r-nfn~ 10':-' 9001 2017 '3~I'1 P.OI ,J i,ll -.. t .:1 _4 ~ t-'" .. U 1:: 'f. ;.-4'" I~ . ,,:,. J CONSE/l'.1' 'j'O IHSCI....UIER .,v 'l'he uncler5iqned hereby authorizes }>Nt: flt\l1k, /HI Executor or. the t:!ltate of v10lel1a H. Shearer I to disclaim I,;h" r;~tQte' s interest. J.n whole or in (:>.:l);'t, ill nnd to tile "U" or 11tlr.i till Trul;lt, cl"<'lft1:nd under :Johodule "1:1" OJ: tll.. 'l'ru~t Agreement of Paul 'r. Shellt'el- (wlth PNC Hank aD '1'~'uat",~ ~Qtt".l Junt< 6, 1991, a:s amended), or utherwJlSet darivinq from the li:stattf of, or liny trust esl:at$ created by, Paul T. Shearer, and consents to any aotion neoessary to offect such disclaimer. r'urther, I hereby ~oin in any L"equOQI;. tOL. OOl.u:t author'itl1tion to at fetlt such diBellu.mer, 11: PNC Dank seeks such authorization. Intend lng, to be le~al;lY . this J..f:!1..' day of II. ') bound hl;lreby, I lHlV<;l tHI~ my hand and tll:ltll , 199(;. fl.l71<J ?S~~^~ (l I f ,. -, ' .( ".__ ..., ....#._~4.... -~ c... - 7'. 'II: - -- .~"-~_.- ..,.. ..---.;__._,.._0.____.__._ I - '- r ;. ~..---..AJI \. t -. . . ...':....- I I . .' ,41 _~..,~_.",-.~_~... ,-'- . I . "', , .~~' . '''~\!!''''''1'''1'1#1i!J;;''''ft~il..,*",~.~"",,,,,,,,,,,,-.;...;,~.._.c1 . " . t .' " .', , \ " I , t .. f ....., -. .' I r '. ',r ~ ':,' .~ - ,.' ".J. ~ ',...l.. > .-' -' ",,'- , _~ .. tI -'''_"1:__-r~'r.~ \ ,~. ,;, ,'. " , \ ' "-~~ ~-!.,-..#~ ", ..:",:. " I J ! . " J '-,- ~-- '" '/ ~' . . t. , " _H' , -/ ..-,.~_.~ ~.----. r"""""'-"- ~ _ J ~. "....--~-~- ........ "'*' .,-*'--_......-- .-.--.~_........-..---r~"""=.4' ,-"._~\:J..~ -'-' I -. ... _....., _. ..- .. . - , < .,'- ------------------------------------------------ _{lI~t~t=$~~~~r~::~:ftTAX ACN ~ ASSESSMENT r:'I RECEIVED FROM: Y CONTROL ... NUMBER ". AMOUNT fl'<-- Ilfrto- I ~-'1 ~::"_::;-:--._--7,-..-:.."':"------- -,- ~~~ -:-'--- -- -- - -.-- - - - - --- ~----:"-~~--::- ~::r:-:;;:.' - - I SEAL CHECK" 3115996 RECEIVED BY REGISTER OF WILLS ( MARV C. LEWIS REGISTER OF WILLS , " ., . . , . . .' , .._-" -~ ~- >, 1':.-- . , .. , ,..'.-..'-. -;:.~-;:~--"" I I!l ;I! II ! ~ ~ '1'1. 17."4' ('JJ i Cl':','.(, f.l l ,~, \ ,'. \ ~ '\ (5. 1{<;-:3 .' "..,... UAtES or OfATlI ArtER 17131/'01 CHECK HERE- lI' (l.irOllSAI. l'ovfUf't' CREUI1 IS ClAIMeo mrllllMIIIJ\ E ~ INHERITANCE TAX RE'l'URN RESIDENT DECEDENT ('fa DE FJI,ED IN IJUp[,ICA'l'F. WI'r11 REOIS'['ER OF WII,l,S) o ~1-95-539 comtOMttlhLT" or PIHNDYLy,..lll^ D'lp".Tn'lHT n. .~Y'l"Ur. onTo aD0601 "".al..vaa, .~ 171J8-0.01 GOllNIV COUE VEAII NUMB[I\ Tm-rnomF. ItHlI^11 ~rr,TTinll r. f l)M1'IFIE "UOHI"!; SIlEMER VIOLENA M III? r. EI.MWOOO AVE ---rmrormmr],",TriTillnn "I GUMII csmmo, M 17108 4 -311-7343 -L6/2?/9" 12n 111', '''''''f CUMBERLANO lrr ""'-lU&fJ uwrnNll.-oN'.S.. "I'''. InT. """I'"' nllllN' ~111 I ~rrnTn't7 mi11fiTr . ^TTrllmrmCIIVI U \S'I INS1RUCIIOUSl H A 000-00-0000 I&J 1. Orlglna' nelurn 0 '1 SIIPJlIf'Ulf'nl:.1 n..I"''' 03. Remainder Relurn (for dale. 01 dulh prior 10 12.13-82) o 4. UmUed Ella'e o 4". fulure Inl~r"t Compromit" (for dates of dPRlh nlll'r 11.11 n,) 119 5. rederal E,'"le Ta. Re'urn Required t_ 8. Tolll Numb.' 0' Safe Deposit 80Mel r. ~ 7. Decedenl M..lnIAln~d a I.!Vh1CJ hu,,1 (Atlach copy of Trust) .'COHFID HTlAL TAX INFORMATION SHOULD BE DIRECTU"TO I rU"l'!i''''''' 1.11111'1 I, 11"11',11 Hll. Ml!)~'J~. OOX 306 GAnt' 11I~~rA ;001 _______ (or" o. ;a ~,. >" 'i:~( . .,,; '" .uro roo O' 0 ,...... ,., t:. ;-::-.1, " c. 1. Real Ella'e (Schedule Al 2. Slockl and Bonds (Schedule D) 3. Closely Held Stock/Partnership Interest (Schedule C) .. Mortgages and Notes Receivable (Schedule D) 5, Ce.h, B.nk D.poslt. & MI.Cllllmeou, ('pr.onl Prop..rly (Schedule E) (1)_-., l') ---.-.- P) -.--. (~) .--- (5) __' __._ _ _ ~_JiJ.,'11!'~.J!!L_ "lJ J>o, o J>o, ....-------- r;; .~ , b 1 , r,,' c" ,n Q ~fi (n, 1.181.161.89 -..--.-.--- I - ~ ;i :- :~ ::.'ctl Wo - (n) .._n_..'..._. . (1) __h' .J ,)2l,l?J~ B. Jolnttv own.d Property (Schedule n 7. Tran.fers (Schedule G) (Schedule L) 8. Tolel Grall AII.tl (101.1 Unes 1.n 8. Funeral Expenll., Admlnlstrallye Costs, Miscellaneous El<pen.e. (Schedule II) 10. D.bt.. Mortg.ge U.bllllles, Uen. (schedult! I) (10)__,.___.---_.. 11, Tolll Oeducllon. (10'"1 Un.. 9 & 10) 12. Nel Value of Eslele (Une 8 minus Line 11) 13. Charll.ble and Governmental Bequests (Schedul.. .1) 14. N.t Valu. Subl.ct 10 TaK (Line 12 mlmls line 13) (D) __..._........ ...l2.,!ln 7 , 13 1I?1? 79.969.25 1,101,192.64 (II) (12) (13) (14) 1,10I,192.6/i ! 5 I ~ 16. Spousal Transfers (for dates of death after O.J-".D4) S.eln.trucllon, for Applicable Percentage on R.vetsp. (15)_~ Sid.. (InclUde value. tram Sell.dule K or Schertul~ M,) 18. Amount or Une 14 taMable .t B". rale (10L (InclUde value. from Schedule K or Scheduh, M) 17. Amount of Un. 1. laKable aI15~~ rale (InclUde yalues from Schedule K or SchedUle M,) 18. Principal laM dUe (Add taK from UI1f'115. 18 anti 17.) 18, CredUs Spousal Poverty Credit Prior PIlYll1pnt" '17,500,f)O (10) ('D) _ ......__u_K _ .~ I. In 1.11.1;' ,r.I, ....___K .00 66,071.56 (11) ~_K .15 ,.... (1") 66.071.56 rlll",p~1 01,,,:nIl111 i'. ~,1I0 . till ...--- - 50,000.00 20. If Une 19 I. gr.aler Ihan Une 10, enter Ihe difference on LIne 20 1111, I" tI,.. OVERPAYMENT riJD 1I1~"",,____"'._'II'-".141'1~..IU,-._..,........-n.-J_''''II-.''J".U!.).'j,,"l.'-" 21. U Un. 18 I. gre.ter thai Una 10, enter Ihe difference on L111~ 71 ",'" l~ th.. TAX DUE. A. Enler Ihe Interest on the batance due on Une 21 ^. B. Enter Ih. 101.1 of Un. 21 .nd 21A on L1n. 210. l111s 1,lh.. BALANCE DUE. 1" 071 'ili. (21) (21^) (210) 1~ 071 .;,;, >Y'j:;:r: Wn1')':';:NF~~JI. )1..t'URltTO~: It'ALLQUlI:snONS ON REVERSE SID! AND TO'RECtlICK;MATlh Under pln.llIlI of perlury, I decl.re that I havt' IlM.1mlned lhls lelmn, Illcludlnl) I1ccomp:'tnyltl\l ',dl"'llIl''', ,111<1 ',!;,'''mrt\1'I. ;Uli! 10 Ihl! bl!\t nf my "nowllKlg. and blll.r. Ills tru.. correct and complele, I did'''. Ihnt "II,p..,1 e\lalp h.,.. t,,,"n ,,.pOIt..d :11 t'll" m.11'1" ,._lllI-' Ikd.11.,I",,, ,,' 1""'''''1'f olhlO' thrill Ih" penon'" fflJHeunt.Uv.. I. bued on .Ulnform.llon of which prepa'.' 11M nn.,. .nowllldOIl (l~I'J oil t Ui\TE ( ^onnf~~ President Box 30B Hill, PA....!J.D_Ol__ , Vice ,..., ~ Aot 148 of 199'1 provltln" for' thn rnlhUIl-'nn III" thn 1.n' '"Inn Impn""ll nil tlm II0t. vnlUo or trln.fera to or for the use of tho RpUlUIU. '"0 rn1-ItR APi fHO'''H:!'lhnll fly 1111' ..llllllln will tin I . 31 (.03) will bn IIp,tlltHlhl,, rOl' "fttnt"R nr flnr:nrtnll'r. llvlllllllll lit "fl.",. 11'/9'1 nnd hnrnrn 1/1/96 .2% (.02) will be eppllonhln fur "f1t.nt.nR or ctOl~,..,I"'IIr. ll.vlllll fill III nft.ot' 1/1/96 nnd hororo 1/1/97 . 1" (,01) will bo 8ppllnnhlo roo' onl.nLnn "I' 110"1"1~,,1.,, flyl"'I"" l/I nHr<' 1/1/91 01'" bnroro 1/1/98 . Spouse' transfers oocllrt I ng on or "rlnl' 1/1/1)8 wf II IIn O......,hllt, f'lnm Illllnr Itnnnn I.n><, PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING ^ CHECK MARK ( V) IN THE APPROPRIATE BLOCKS, YES NO 1, Old decedent olke a tranlCer and. a, retlln the ule or Ineooe 01 the property tranllerred, x X ,....,.,.",.............."...,."",.........,.,. b, retain the rl9ht to del19nlte vho shall ule the property tr.n.ferred or It I Incnle, ......",.,.. ..,..", c. reteln I revltaloDlfY interest or .. ......... ...,....,.",.,..,.,'..,..., "..",.,....., ............ ...., X X d, receive the proolle for Ille oC either payoentl, beneClt. or e.re? ,."",.,'..""."""...,.....,...,. 2, IC delth oceurred OD or belore Decelber 12. 1982, did decedent _Ithln lyo ye.r. preceding de.th tranlCer property vlthout recelYln9 adeglllte eonsldmtlon? If death neeumll.rt.. Oemher 12, 1982, did decedeat tunlfer property _Ithln one ye.. nl death vlthout receivIng .lI''I".te ,onlld...tlnn? ..,........... 3. Old decedent on In "In trust 101." hank account at his or her death?,..,.. ..... ..,............,...,......,.. IF THE ANSWER TO ANY OF TIlE AnOVE QlJl~STIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PAin OF THE RETURN. --....;...;..;..:.;..;.,-~,:--.:'..;".~_:-"- . .----....-.---- .XY. 1110 &X. C2~B7. A SCHEDULE G TRANSFERS r PAOE Pl.... print Dr Type __R~"al\L1'. Dr .DnC8VLY^HI^ IMBXal1'l\MCX 1'l\X acrua" aX81DCMT DCCEDXNT HI E IlUleER ESTAn: OF SHEARER VIOLENA II 31321(,3 21-95-539 THI8 SCHEDULE MUST DE COMPLEtED AND FilED IF tHE ANsweR 10 Atl'!' or TIlE QU(STlmm ou tII[ Flf.\lERSE SIDE In:" DESCRIPTION OF PROPERTY ExeLUSTOIl TOTAL VALUE ....ER >>-,,_ _ eC' tN ""-f_, tNit' ,.1.tlwMl".. .....t. tII'..' ".....,,,. or ASSET or tHE cOVER SHEET 18 VE8. 1. OF DECEDENT'S INT. INTEREST rOR INrORHATION PURPOSES ntll.V VIOLENA M. SIIEARER CREAl[\) A mu, I UNDER AGREEMENT III TII r I RS I MNK TRUST COMPANY (NKA PNC RANK, N,A.) DATED JUNE 6, 1991, AS AMENDED. I IIER DEATII TIllS TRUST liAS UNrUNI)EI (COPV or AOREEMENT ATTACItr.ll) VIOLENA M. SItEARER CREATED A IIIU. I UNDER AOREEMENT DATED 6/5/91, AS AMENDED, III TIt ItERSELr AS TRUSTr.E, AT itER DEATII TItE TRUST TERM I NATEt IIIT11 TItE ASSETS REINO DISIIIIRUHI TO PNC DANK, N,A.. TRUSIEE UNDER AGREEMENT or VIOLENA M. SItEARrR DATED 6/6/91, AS AMENDED. TIlE ASSETS or TIllS TRUST ItAVE REEN VALUED AS or IIER DAlE or nEATII A ) REPORTED DELOII: R[AI rSTAT[ I 1/2 UNDIVIDED INTEREST IN 3A k 3 ItEMLOOK DR I VE UPPER ALI.[IlIIIP CUMDERLANU CTV MECItANICSIlItRn, PA 1/2 SALES PR ICE (SETlLEMENT SItEEl AlTACIt[\)) 57,500.00 2 1/2 UNDtVIDED INTEREsr IN "A k '11 HEMLOCK DRIVE UPPER ALLEN IIlP CUMDERLAND COUNTY MECItArt I CSlIllRn, 'A 1/2 SALES PRICE (SETTI.EMENT SItEEl A TT ACItEll) 57,500,00 3 1/2 UNDIVIDED INTEREST III l1A kiln IIEMLOCK DR IVE UPPEn ALLEN IIlP CUMDERLAND COUNTY MECIIArtlCSnllRn, A APPRAISED DV KAREN DARNEV k OEORGE C, CLAUSER 61.375,00 TOTAL!^ISD I!nlel on IIno 1. Recapitulation) (limo,. "P;1CIl l~ nI!M~.', In~llut nddiUnn.,l ~h""'~ nl ~,'m" ",I:on ) ESTAT! OF I r ,1 .KY, '1.0 ... CI-8Y' CCltUtONNIALTK or tlNHIIYLVII.Nl1I. INXUITAMck TAl U'TtlliIH alalOINT DICIUENT ~ I rl.... SCHEDULE G TRANSFERS J""'., BIlEARER VIOlENA H fii f'UIlER 111?/(,1 21-95-539 THIS SCHEDULE MUST BE COMPLETED ^NO riLED IF HIE ~!~.!!L~!!!~J~_I~I,.~t.,!..:.'.!!~.!!...!I" Illr litvrm;r SIDE ITEM DESCRIPTION OF PROPERlY rXCI'",rOlI TOTAL YALUE .......e:A INI_ -.,... "'_''''H, U",r "'"U_ntoh' I. ......., .<it., It..o""". or AS5ET 4 5 6 7 8 9 10 11 .-----. OF TIlE COVER SHEET IS YES, ._~_._--..__.. .- 109 I. rLHWOOIl AVr. MrCIlM I CSBURO, Ph SALES PR I cr (COpy or Sf1l1.rMrNI slIrr I AI rhl:ill I) 150,000.00 D.D.NDS 35,000 PAR ADMIRAL PEARY PA AREA VlICAI 10NAI TECIINICAL SCIl 5,1'5% Ilur ?11I1/?lIl1r II 90,9325 INrrREST rROM r./29/9~j In (,/?9/' j 34,626.38 784. T9 20,000 PAR CARLISLE BORO PA MUN AIIIII \lln <;11 5" DUE 12/15/20nr. o 95.3395 INnRESl fnOM 6n9/95 In (,1:>'/1' j 19,067.90 40,000 PAR CUMornLANO CNTY PA 00 OUS srn "'1 '1,05" OUE 5/1/20n6 II 9/1. 6985 IN1ERrST rnOH 6/29/95 10 6/29/ I 37,879.40 312.56 30,000 PAR DAlLMTOWN yor Ph WlR All III \llR IIr 5,/15" DUE 5/1/2001, II 99.1625 INTEntSI rROM 6/29/95 III (,n"/' i 29,7//8.75 265,83 25,OOD PAR DANVILI.E P^ AREA SCII IlISI 6,05" OIlE 5/1/99 (I 101.31135 INIEnESI rnOM 61?9/95 10 (,12'11" 25,335,88 243,68 25,UOO PAR DAUPIIIN CN/Y REV 5.5" DUE (I 99.2175 INIEnESI roor'l PA nEN AIIIII r:0I1 rm "/1/21/111 21',804.38 {j/~9/9'j In 6,;Hl/', 336.1T 25.000 PAR DAUPIIIN ClHY PA nrN AIIIII r:m 11m 5, I" DUE "/1/2003 (I 90,1'670 INlr.nEST rROM 6/29/95 In (,/?9/' i 24,616,75 31 I. 67 --.-.- ~--_._- TOTAll^hfll!olflt l'll llI1l! 7, RIK"l'lllulaUon) (If Innt" ,pi'lett Is 11",.,tll,l. III~"'I .",.lllllfll!.,t ~hll"I'> rlr ":1111.. 0,'"'' I ~"'''''~~''QI>L''''.~''''_''_~-''T'_'''' 1;--<.".,.,,'.'...f,,',I"t.....'~.<,., ' 2 38,89 JIY. 1110 1:1' CJ-8f1 ~ .~, ___..IALT. 01' .1....nLY^HII\ I~I:.ITI\NCI: TI\I JITU~H ...IDINT DECIDIHT SCHEDULE G TRANSFERS PAOE Pl.... print Dr T I, ESTATE Of BIIEARER V IDUNA M r II t 'UIlFR llJ~f(ll ? 1-95-'39 THIS SCHEDULE MUST BE CO-.APLETEO AND riLED IF UtE ANSWrf! 10 All" or tile QI"';>1I0"" 011 IIII' III VIRSt: SIDE or TIlE COVER SIlEET IS YES - -,-- _.-,- _.. rxcll"'I"" TUTAL VALUE or ASSET ITEH tUIlER DESCRIPTION OF PRoPERTY niT. Of DEe DENT'S INTEREST INh.... _ tf.,.. tr...,..... '.....r '.1_1......' It ......... 01..1. 'I I....,'..., 20 10,000 PAR upprn DARIIY PA follll IlISI sm II 6.30~ DUE 5/1/99 10,159,05 a 101.5905 INHRESl rROM 61"9/95 In "/?9/f ; 101,50 21 15 ,000 PAR \/ESl CIIESTr.R PA AREA SCII IlISI 5,50~ DUE 11 15/?-0 In 14,618.'5 a 97,I157n I NHRES I rROM 61"9/95 III "/~(J/! , 375.83 j)DMIlOlLSlDCKS 22 22 SIIS CENTm SQUARE \/AlEn CnHPMIY Cl2,?65.??13 49,835,00 23 1100 SIIS OAROEN RESTAIIRANTS IIIC \/ I C;OIl1tlll o 11. 1675 4,475,00 24 1'00 SIIS OENERAL MILL8 ItlC COMMON a 51."375 20,575.00 25 1100 SIIS MCOONAlOS CORP COMMON o 36.f0675 15,415.00 26 300 SIIS NIlVEEN lM( EXEMP 1 11I/11 '" IIISII l' IIN I I 8rn 179 o 96 ,9/lOn 29,082.00 27 1,520 SIIS PNC IlANK cnRP cor~MOI/ (j ?'(j,~ono 40,280,00 28 120 511S PEIII/EY ,\ C CO I tiC cnMMOII o "1, 375n 5,685.00 MSIl 29 30,219 PAR PNC DANK crn! or IIEP Hlaar.l') ~,,51 ~ OUE 3/6/96 a 100.0000 I NCOME FROM n/nn/lHl III r.1?'1/9~. 30,219,00 519.10 TOTALI^l..o ..nlf'1 nil 11M 7, RtcaPllulaUonl III mnr.. 'fl.1r" I' """"jOt'(, 11""11 ."j,fI!i"n.ll ~h....''"; ....r ~,1rn" ,I:" I .. .--.----,-,--- - -~- al:V. 1110 Ell. 11.111) A '""'" SCHEDULE G TRANSFERS PAGE Pl.... print or T~ ................4"L,.. or ,EMHDYLYMU 1\ IM_talT"HCC T"a aETUJM ...'DeNT DECCDEI" "-fiTf tAnlER ESTATE Of SHEARER V I OLENA H 31l?/r.3 21-95-'39 THIS SCHEDULE MUST BE COMPLETED AND riLED IF WE AUSWE'I 10 MIl' or lilt OW:'>lIn".. Illllllr ntV[IISr SIDE OF HtE COVER SUEET IS YES. --~--~- --------- OF OECE.rttlT"!'S INTEREST rXCl.lmnu mTAL VALUE or ASSET O:l:: ITE" OESCRIPTIOIl Of PROPERTY NltISER IN"'_ ~., W w_f_, tHlr NI-'I.....I... ,.~, ...t.., ,....',"'. .-- --.. - -- 3D 30.219 PAR PNC DANK crnl or U[P 1199(,211 !;,~flf. OUt 3/6/96 o 100.0000 I NCOHt /ROH %n/on 10 6/29/'J', '19,10 30.219,00 31 30.219 PAR PNC DANK CEnl or IJEP 1199621 ~.5r OUE 3/8/96 o 100,OOUO INCOME rROM o/nn/ou In 6/?9/9', '19.10 30.219,00 32 30,219 PAR PNC DANK CERI or ur.p H199636 ~.',rllo DUE 3/8/96 o 100,0000 INCOME rROM 0/00/00 10 6/29/9~ '19,10 30,219,00 33 PNC DANK, N,A. CHtCK I NO AlC 1 507Dn8113 DATE or OEMH DALANCE INTEREST TO 6/29/95 22.631,91 22,619,76 1~. Pi 34 PNC DANK. N,A, CHECK I NO AlC 1 5070115201 DA Tf. or OEA TlI BALANCE 2n . 6n5 . 89 INTEREST TO 6/29/95 1~,76 28.139,32 3' PNC DANK, N,A MONEV MARKET AlC II 5081J~il?619 DATE or UEA1I1 DALANm: 19,1190, '>I I NTEREST Tn 6/29/9~' 23, r, I 19.'22,08 36 MELLON 8ANK, II. A, CHECKINO AlC 1 1l12-812-n~29 DATE or DEATH IlALANCE ',,1159. !j', I NTEREST TO 6/29195 (" liT 5,065,58 TOTALI^lso ,,"1'" 011 11M 1. RKapltulallon) $1,123.726,09 HI ,"0'" 'p:'lto'l II fl_N1N1, Int",' ,1.I,lilinll;'t' ..h""lo; "I 't.1I11" ",It.. I , "-. -.' ~ ~ ESTATE OF VlOLENA M. SHEARER FILE NUMBER: 21-95-539 DATE OF DEA1H: JUNE 26, 1995 SCHEDULE G - ATI'ACHMENT Decedent's spouse, Paul T, Shearer, died October 23, 1994. As of his date of death, his grantor trust owned a majority ( approximately 62%) of the shares of Center Square Water Co ( Item #22 of this schedule), A detailed valuation was prepared at that time for Pennsylvania Inheritance Tax purposes, The valuation included a 30% control premium factor since the Paul Shearer trust owned a majority interest. Since Violena Shearer died only eight months aller Paul Shearer, the executor believes that the valuation as of Paul Shearer's death would be appropriate as ofViolena Shearer's death with one exception, That exception is the elimination of the control premium factor since the Violena Shearer trust OMled only 22 shares (approximately 24% of the total ' shares issued), The value of Center Square Wate Co, reported on this schedule, therefore, is the per share value as of Paul Shearer's date of death (i,e, 101.23/94) as adjusted by the elimination of the control premium adjustment contained in the valuation memorandum, A copy of this valuation is attached. i .b. 7"" ~'~'!fi~tti>~.~..,~ '.j..;r';;':" ,'0- " () ("'I '. PAGE 2 ",.' SCllrnlll.l: "II" rtRsnNM, RrrRrSrfll^tlVI ",,"115Ill1l!! ll/', 1~ . -'kc 313n(,3 111.1" 11I11.111111 :-'1..9!}..!)39- >'" ESTATE OF 811EARER VIGLEH^ M ~~[" , ,.. ~ "':; , '. _ ' ." - " 6/29/95 QO,ooo.oo rHG MHK.H;^;' . EXECUTOR'S cmlM'ISSIOII . . TorN, rrR!!OII^1. IIt:1'II'r!!rtll^'IVr. COMMISSIONS 40,000,00 ,':. J; " <0 , , " " o RGllrlIlJU "II" PME 3 M l11Rllrv ItrR ESTATE or SHEARER VIOLENA II 31l?7('3 I lI.r till/mIll ? 1'9~-~39 1 3/22/96 ROBEnT C, splllr.n COIJNSEL rr.[ 26,000.00 \ c_ - - _' IOIAI. ATTORNEY FEES 26,000.00 , , " ~ n . , fiCllrlllll.r "II" PAGE 5 HISCnI.MlrOIlr. !'xl'rlm!'S EBTATE OF BHEARER VIOLENA H 313?'I63 '11.1 rlllHnrll ;'1-9~-~39 14 3/1B/96 PA OEPARTHENT nr REVI:NIII: BALANCE DUE 1995 I. 1/ E prn I 011 "A STATE INCnHE 'AX 106,00 . . 15 3/22/96 1/2 or EXPENSES liE SAU: or ]h-3n HEHLOCK DR I VE, tlECHMlI csnUIHl, I'^. 662.25 16 3/22/96 1/2 EXPENSES nE SAI.E or "A-'III IIEHLOCK DR IVE. t!ECIIMlI csnURO, I'A 575.00 17 3/22/96 EXPENSES RE SAt,[ or 109 r, rl.t.I1iOOIl AVE" HEell^N I osnuno, PA 1,500.00 IOI^1. 111 SGI:I.I.ANEOUS EXPENSES 5,737.03 " .ay..... a.. .7.ee, ........_NKI\LT. or PlI:NNIYLYI\Nl1\ 1If1..a,,1\NCX TI\I anUIl" aKI.bcNT DCCCDCNT A SCIlEDULE I h , DEIlTS OF DECEDENT, ., r foIlRTGAGE L1AIlILITIES ANO _ L1EN~ Pl.... Print Dr ,:AOE ..... ... ......,..I~.IlE "UMBER 313?/(~~___._ _ 21-95-539 ,- " 1 ESTATE OF 8ltEARER V I OUttA " ITEM NUMBER ( .' OEseR I r TI 011 AMOUNT 7/28/95 WILLIA" II Rr.YNOI,Il~ ,III I.AWN "AINIEN^Nr.r 75,00 " . , , . , I . . , , (, ..; " j1. 2 7/28/95 SOUlllrRN OEl.I. Ulll.lTY smvll:r 7,12 TOTAL fAl,," till"" nil 1I1I1t Ill, PN'npUlll,1I1fm) 82 12 III flint. srnt:ft Is nIttOINlln,,,,t .'rt,litl~nnl ~hM'l~ flt .,111"> "'I;") .;;;t-~~1l"""ilt1t>'~*"Jt'-~lti,..~'.':1'b--itc:.;._.';:t_~~rli,.;.".Jf:m.iJ.\i.\')W.~>~"')tAifi",';.i.~"'?~*'" ..v.lllJ ... fJ-8'. A ~ L FILE NUMBER ~1-95-539 ,. SCHEDULE J BENEFICIARIES ____nJtLT. or '.MHIlYLY"N'^ IMWCaIT^MCS Y,,_ .CTuaN ..'IOC", pEC.DENT PAGE ESTATE OF SltEARER VIOLEM H ,11J?7/iJ ITEM NUMBER AMOUNT OR SHARE OF ESTATE NAME AND ADDRESS OF BENEFICIARY RELATIOtlSHIP ", T......l. hcp.NI. to I SEE ATTACltEO IHHIUTION $1,101,192,64 , , ITEM NUMBER AMOUNT OR SHARE OF ESTATE NAME MID ADDRESS OF BEtlEFlCIARY II. choorU.bl. fInd Oover........tol O"""e.1o TOTAL CHARITABLE AND GOVERNMENTAL BEQUESTS I^"o.,,'" '''' II,. 11. "0<"1'11""110"1 $.GO lU 1I10,e 'pM" 1'1 1l,,~tiMt. II""" n,ltilllflll,,1 '''...'h '1' ~,'llIn ~I~"I ,--... r'\ .. LAST WILL AND TESTAMENT OF VlOLENA M. SHEARER I. VlOLENA M, SHEARER. make lhis my UlsI Will and Tcs\al1lenl, and I revoke any previoUl Will. F1RST: I direcl my E1,ecutor In pay all my \1151 illness and funeral expenses as soon lIS eonyenienl. SECOND: All of my tangible pe..onal property (excepl for sucb property used in a \rade or bUlinessl, I giye 10 my children, per stirpes, giying due regard 10 Ibe wishes of my children, in as equal shareS as is pl1lclic:able. If no issue are surviying al Ihe time of the proposed distribution under Ibis paragraph, lbeo sucb propertY 115 is selecled in the discretion of my E1,ecutor sball be distribuled 115 part of Ibe residue. I hereby aulborize my E1,ecutor 10 distribule any such property din:clly 10 llDY minor beneficiary, or 10 any penon 10 hold for Ibe minor. in the discretion of my Execulor, TJ{lRD: A1llbe ""I. residue and remainder of my estale, of whal.Socyer nalure and wheresOCyer silUale, including Ihal0YCf which I have a power of App"inlnlCUI, (and I expressly exercise Ibe powe.. of App"intmenl giyen 10 me in the TnlSl Agreemenl """,led by my hUlband. Paul T. Shearer, daled June 6, 1991, wilb pNC lIS 'TnlSleC, 11510 P:uU "A" and "B"), I giye, deyise and bequcalb In Trusllo the PNC BANK, N,A, TnlSleC, under the Trusl Agreemenl created by me as Selllor daled June 6, 1991, FOURTH: I direcl my E1,eculor 10 pay all inherila1lce, estale, succession and legacy laXes, logelber wilb any and a1lln\Cn:S1 andJot penalties or other charges Ibereon. of wha\SOCver nalure and kind. 10 whieb my estalc or Ibe \Ja(ISfer of llDY propertY passing bereunder. or o\hcrViisc pussing by reason of my dealb, may be subject. from Ibe principal of \he residue of my estale. F1FTH: My E1,eculor is hereby authorlzcd and empowered. in addition 10 sucb powc:n granled execulon by law, all exercisable wilboul court order: (a) 10 sell securities or other propertY, real or penonal or boIh: (b) I . " t""'"\ hl hunnw muney frum \Udl Jl'.'ntln!li ,U II may JC!liIrC. II1dudlOlllh~ pt)","cr In hUfTOW hom Ibclf 3\ In mdi\'ldual or as a Iiducaary under any Trust Agrcementlnr any purt"'''' n.",."ary llr de'lnI~le In ellnne<:lIon w,!h the poymenl Ill' la~cs or other malten Incidental tn the !tCulcllu:nt ur admln1~lratinn of my ~laIC. ur for invc!lillncnl purpose,. ,m either a .""unxl or unsccuml hasi.. at such nlte of inle"",1 as may be necessary and 10 sign nnles and 10 pledge Ihe "",cis of my E>late as klCurity Ihen:for: leI 10 make non.prorota di.lnbutions in kind or partly in kind or partly in cash: (dllo relain all or any pan of my properly. .....1 or personal, cllnstiluting my E>late for such time as my Executor deems besl or to invesl or n:inyesl Ihe same wilhout being reslneLed 10 "legal" inyesunenls: (e) 10 compromise claims againsl or in fayor of the E>late, wi!h or withoul Court approyolon such lenus and conditions as Executor deenu appropnalc, in my Executor', sole discretion: to if the Estate includes any inlen:sl which J had in a business althe lime of my death, whether the same is 0 sole propnetoDhip, a parIIlcnhip, or a eorporotion in which J owned all or a substantial portion of the 51ock, to continoe the busioess. until such time as my Execulor deems adyl..ble 10 sell, liquidate llr dislnbote the same in kind. Executor slWl haye all righls and powen in eonoection wilh the busine.. as I had when lIylng, including by way of elUllDple and nOllimilation, Ihe powen 10 operate or join In the operation thereof as 0 going concern, 10 form or re.fonn a general or limited parIIlcnhip, 10 Ineorporale or n:.ioeorporole and 10 liquidate or scUIhe same: or any pan Ihereof. all as it deems advisable for the besl inlen:sls of the Eslate and of the beneficiaries thereof: without any Iiabilily for I... resulting from Ihe opention of said business except where such I..s is the result of oegligenee or fraud on Ihe pori of the Execulor; (g) to n:ceiye. for ils services in eonoection with any such busln..., such additional compensation as may be conunensunllc therewith: Ih) 10 claim, in my Execulor's discretion, expenses of adminislr1ltion of my Eslale as deductions for federal income IaJl purp<>oeo, when this will resullln an oyera11 reduction of income and death laJles for my Ellale (no adjusunentJ belWCCD Income and priocipolor In the amOUDI of the dislnbutions 10 !he lrU51s cn:aLed by sepanle insln1llleOI shall be required as a resull of such actinn); (i) io my Execulor's 50le discretion to compromise laJles on fulure interala 00 such lcrmS and eoodltinns as Executor deems appropriate; (j) 10 maintaio reasonable reserves for depn:aatinn, depletion, amortization and obsolescence, SIXTH: I Dominate, COllJtitute and appoint PNC BANK, N,A, as Execulor under this my wi Will and TeslalDcnl, No bond shall be required in thi5 or any olher jurisdiction of my Executor. J f. , i , 2 ,,"",,, ,-... SEVENTH: I he,eoy nonun.le, con'lIlUle and appoll1l PSC DANK, S A. a, o "",d"lI1 ollhe e'lale .,1 any minur or nlher tlcncliciary phYSically or mentally unahlc to manage hi!>> or her alT.un and In !tCrvc without hoou in this <>r any olher junsdiclIon. If any heneliciary of my eslale is under Ihe age of eighteen 118) years at the lime al which distribulion of any property deyised and hequealhed by this Will would otherwise be made to such beneliciary. or is unable 10 manage hi. or her own affai.... my Executor .haI1 distribule all sucb property to the guardian of the "'tale of .ucb heneficiary , The guardian .haIl hold, manage, inycst and reinyest any property =eiyed by the guardian (whether under lhis Will or otherwise), shall collect the income thereof, and shall apply so much of the net income and, if the net income is insufficienl. so much of the principllof the property beld for ,uch beneficiary as the guardian ,hall deem necessary or adyisable for ,uch beneliciary's health, rnainlClllll1ce, support and eomplele education, The guardian ,hall accwnulale any surplus oel income annually and add the same 10 the principll of the property held for ,uch beneficiary, When ,uch beneficiary attains the age of eighlccn (18) years, or becomes able to manage hi, or her affairs, the guardian ,hall di,tribule to such beneficiary all property held by the guardian for such beneficiary, If ,ucb beoeficiary dies before attainiog the age of eighteen (18) years, or becoming able 10 manage hi. or her affairs, the guardian shall distribule 10 the personal representatiye of ,uch beneficiary's estale all propertY beld by the guardian for ,ueh beneficiary, ElOllnt: The compensation poyable to my Exeo:utor ,hall be the compensation due, in accordance with the fcc schedule of my Execulor al the time ,uch services arc rendered, or if my Executor is an indiyidual, ,uch compensation ,hall be reasonable compensation, NINTH: The words 'child, children, or issuc., as used io this Will, shall Include adopted persons and persons born or adopted after the dale of this WIU, respcctiyely unless expressly ,taled to the contn.ry, TENTH: I bereby authorize my Exeo:utor io addition to all powen granled by law, 10 make '\lCb electioo in cOllllCCtion with settlemenLs \1I1der employcc benefit plans in whicb I baye an ioterest as my Executor deems moot Bdyantageous under all the cirelllDStances, 3 ~ /""\ COMMONWEALTIl OF PENSSYLVANIA: COUNTY OF DAUPHIN: SS: I, VIOLENA M. SHEARER, TL'Stalrix, who.e n:une is signed 10lhe altaehed or foregoing instrument, haying been July qualified aceurding 10 law, do herehy acknowledge Ihal I signed anJ exc:culed Ihe instrumenl as my Lasl Will: that I .igned il willingly: and \hall signed it as my free and yoluntary acl for the purposes Iherein expressed, Sworn or aflinned 10 and acknowledged before me, by V10LENA M, SHEARER. the \c5talriJt. this _ day of ,1994, V10LENA M, SHEARER Notary Public My Commission Expires: COMMONWEALTH OF PENNSYLVANIA: COUNTY OF DAUPlDN: ss: We, and the witnesses whose names are signed 10 the altached or foregoing ins\rUmenl, being duly qualified accordiog 10 law, do depose and say thaI we were prescnl and saw Testatrix sign and exc:cutc the ins\rUlllenl as ber Lasl Will and TCSlalDenl: \hat Testatrix signed williogly and thai Testatrix executed il as ber free and yolunwy act for the purpoocs therein expressed; that eacb of us in the bearing and sight of the Testatrix signed the Will as witnesses; and that to the best of our knowledge the Testatrix was at thaI time eigblten or more yean of age. of sound mind and under no cooslJainl or undue influence. Sworn or aflinned to and subscribed 10 before me'by wilnesses, this day 01 and ,1994. Notary Public or Attorney My Commissloo Expires: Stale of Admission of Attorney: s . 1""'\ ,-., COMMONWEALTH OF PENNSYLVANIA: SS: COUNTY OF DAUPHIN: w~. I ' and VlOLENA M, SHEARER, Ihe witnesses and Testatrix, respectiyely, whose names are signed to !he foregoing instrument, heing lil'1t duly sworn, do hereby dc:clare to !he undel'1lgned au!horily thai !he T...tatrix signed and .xc:cuted !he instrUment as her Wi Will and thai she signed willingly, and thai she executed It as her free and yoluntary act for !he purposes !herein expressed, and !hat each of !he witnesses. In !he presence and hearing of !he Testatrix, signed !he Will as witness and thai 10 !he hesl of !he witnesses' knowledge, !he Testatrix was al thai time eighteen 118) years of age or older, of sound mind and under no constrainl or undue influence, VlOLENA M, SHEARER Witness Witness On lhis. !he day of ' 1994. before me. a Notary Public, !he undersigned officer. personally appean:d ROBERT C. SPITZER, known 10 me or satlsfaclorily prayen 10 be a member of !he Bar of !he Supreme Court of pennsylvania. and certified thai he was personally presenl wbell !he foregoing acknowledgmenl and affidayit were signed by the Testatrix and witnesses, Notary Public My Commission Expi=: 6 :,'-~~"'~""",Hl---~~~"'''i.,,,,y-t~,....,,'!'=.'',,~~,"''t: _.,.4~1It'1~~~m"1""''''~''''''-'''':':'~'f''l- . ........ \ r-. TRUST AGItEE:.lEtlT ;' THIS AGREEMENT i" made thia d ,/ day of ~ . 1991, by and between VIOLEI/A M, SHEARER, (hereinafter called "Settlor"), and VIOLENA M, SHEARER, (hereinafter called "Trustee"). BACKGROUND: Settlor hereby causes this Trust to be funded by the transfer and assignment of certain property to Trustee. The Settlor may also cause other property to be deposited for the uses and purposes of this Trust at a later date. The property is listed in detail in Schedule "A" attached to this Trust, and made a part hareof. AGREEMENT: Settlor creates this Trust on the following terms and conditions: ARTICLE I. ADDITION OF PROPERTY TO TRUST Settlor reservas the right to add to this Trust property and/or securities by gift, devise, bequest or otherwise howsoever, whether such addition be made by the Settlor or any other person. Such additional property and/or securities so acquired shall be held on the same terms of trust end with like force and effect as if said property and/or securities had originally constituted a part of the Truet, ARTICLE II. ADMINISTRATION DURING SETTLOR'S LIFETIME During Settlor's lifetime, Trustee sholl administer the trust estate as follows: (a) Payments to Sattlor. Trustee shall pay any of the income from the trust estate to Ssttlor, or to other persons designated by Settlor, that Settlor may from time to time request. In addition, Trustae shall pay to Settlor any part or all of the principal of the trust estate that Settlor requests in a writing deliverad to Trustse prior to Settlor's death. (b) Incapacity c)r Incompetency of Settlor. If Settlor is determined to be inca~acitated as provided in Article IV, Trustee shall, for the duration of euch incapacity, pay to or apply for the benefit of Settlo~. and of Settlor's spouse and other I . ......., ..--.. dependents, any sums f~om the income or principal of the trust estate that Trustee, in its absolute discretion, deems necessary or advisable for the care, support, and maintenance and for any other purposes that Trustee considers necessary to provide for the needs and requirements of Settlor, and Settlor's spouse and other dependents, taking into consideration the standard of living to which they are accustomed at that time. These payments may include direct payments to any landlord, hotel keeper or hospital; for services rendered in connection with any medical, nursing, or dental care; for services rendered in furnishing food, clothing, transportation, legal or accounting services, or any other required services, provided that Trustee receives proper substantiation by those performing the services; and for the preparation of returns and payment of any and all taxes which Settlor or Settlor's spouse may be obligated to pay under any applicable state or federal laws. Payment or use of any portion of the income or principal of the trust estate for any of the purposes expressed above is not to be questioned by any person or court. ARTICLE III. PRINCIPAL AND INCOME DISBURSEMENT Upon Settlor's death, the Trustee shall disburse the income and principal of the Trust Estate in the manner set forth in detail in Schedule "B" attached hereto. ARTICLE IV. DISABILITY OF SETTLOR If Settlor becomes disabled, and/or unable to act effectively on his own behalf in matters concerning this Trust, then and in such even~ any duly appointed attorney in fact for Settlor is hereby empowered, on behalf of Settlor to exercise all rights of Settlor in and under this Trust, except for the right to amend or revoke this Trust. ARTICLE V. AMENDMENT AND REVOCATION It is agreed that the Settlor may by a writing, delivered to the Trustee, (a) amend, modify or alter this Agreement, in whole or in part, provided that the duties, powers and liability of the Trustee, shall not be changed without its written consent; (b) revoke this Agreement in whole or in part. 2 . .- ARTICLE VI. LITIGATION TO COLLECT CLAIMS The Trustee may institute any procaedings at law or in equity in order to enforce the collection of debts owed to the Trust, and may do and perform any nnd all other nets and things which may be necessary for the purpose of collecting such property. Trustee sh~ll not, except at its option, enter into or maintain any litigation to collect ouch property unti1 it shall have been indemnified to ita eatisfaction against all expenses and liabilities to which it may, in ita judgment, be subjected by any such action on its pnrt, The Trustee io nuthorized to compromise and adjust claims arising out of the Trust property, upon such terms and conditions as it msy deem just, and the dociaion of the Trustee shall be binding and concluaive upon nll porsona and corporations interested therein, all without nocessity for court approval. MTICLE VII, POWERS OF TRUSTEE Except as otherwise opecifically provided herein, and in addition to the powerB granted Trustee by law, all of which shall be exercised by Trustee without posting bond or furnishing sureties in this or any othar jurisdiction, the Trustee shall hold and msnags the fund, whan so collected, together with such other property as may bo acquired, during the existence of this Trust, all of which said property will hereinafter be referred to as the "Trust Estato", or "Trust" said term meaning the principal and income of any trust or trusts created herein or in Schedule "B" hereof, upon the fOllowing terms and conditions and with the following powers and authorities: A. To toke, hold or retain all or any part of the trust hereby created in the form of which it may be acquired as long as it deems advisable and to receive all the income, increments, rents and profits therefrom: B. Subject to Settlor's reserved rights herein to sell, exchange, partition, lease, option, or otherwise dispose of any property or part thereof, real or personal, which may at any time form part of this Trust Estate at pUblic or private sale for such purposes and upon such terms, including sales on credit with or without security, in such manner and at such prices as it may determine, including the right to lease real estate for periods in excess of five years and for a term expiring after the termination of any trust, and including the right to deal in reel estate ventures as a general or limited partner. In the event 3 of a sale, exchange, partition, lease or option of any of the proper~y of this Trust Estate, there shall be no liability on the part of the purchaser or purchasers to see to the application of the purchase money, but the same shall be held and disposed of by such purchaser or purchasers free and clear of any of the provisions of any trust created hereby: C. subject to Settlor's reserved rights herein to invest or reinvest the Trust Estate in any property, real or personal, of any kind or nature, including stocks, bonds, mortgages, other securities and common trust funds of the Corporate Trustee without being limited or restricted to investments as now or may hereafter be prescribed for trustees by the laws of the Commonwealth of pennsylvania or any other state, including the right to acquire, sell or retain stock in the Corporate Trustee. Trustee may invest, reinvest, buy, sell or trade options, puts, calls, or any other type of financial instrument, the nature of which need not be contemplated or in existence at the time this trust is created. D. To cause securities which may from time to time comprise any part of this Trust Estate to be registered in its name as Trustee or in the name of any nominee or to take and keep the same unregistered and retain them or any part thereof in such condition that they will pass by delivery without disclosing the fact that the property is held in a fiduciary capacity; E. To make any loans, either secured or unsecured in such amounts, upon such terms, at such rates of interest and to such persons, firms, corporations or the executor or administrator of Settlor's Estate without interest and without reimbursement for the purpose of the payment of taxes, debts and administration expenses. F. To retain the principal or corpus, or any part thereof of this Trust Estate in the form of cash; G. To vote, in respect to any securities which may at any time form a part of this Trust Estate, upon any proposition or election at any meeting and to grant proxies, discretionary or otherwise; to vote at any such meeting; to join in or become a part of any reorganization, readjustment, merger, voting trust, consolidation or exchange and to deposit any such securities with any committee, depository, trustee or otherwise and to payout of this Trust Estate any fees, expenses, and assessments, incurred in connection therewith and to charge the same to principal or income as Trustee may see fit; to exercise conversion, subscription or other rights, or to sell or abandon such rights and to receive and hold any new securities issued as a result of such reorganization, readjustment, merger voting trust, consolidation, exchange or exercise of subscription, conversion or other rights; and generally take all action in respect to any 4 . ....... , r- such securities as Trustee might or could do as absolute owner thereof: to vote any stock in the corporate trustee,if any, except that in the election of directors of said corporate trustee said stock shall be voted as directed by Settlor, or if not, Settlor's oldest child. H. In Trustee's discretion to allocate to either principal or income or between them any and all taxes (especially capital gains taxes) or receipts or expenses which Trustee may be required to pay on behalf of this Trust Estate. I. To divide or distribute, whenever it is required or permitted, this Trust Estate and to make such division or distribution in kind or in money or partly in kind and partly in money, and that for such purposes the judgment of the Trustee as to the value of the different items shall be conclusive and final upon the beneficiaries: Trustee may make non pro-rata distributions. J. To hold and administer the trusts created hereby in one or more consolidated funds in whole or in part in which the separate trusts or funds shall have an undivided interest; K. To compromise claims, on such terms and conditions as Trustee, in Trustee's sole and exclusive discretion, deems appropriate without obtaining court approval therefor. L. To engage attorneys, investment counsel, accountants, agents and such othsr persons as it may deem advisable in the administration of this Trust Estate and to make such payment therefor as it may deem reasonable and to charge the expenses thereof to income or principal as it may determine and to delegate to such persons any discretion which it may deem proper. The Trustee shall not be liable for any negligence, omission or wrongdoing of such counselor agents, providing reasonable care was exercised in their selection; M. If the principal of any trust is payable to a person or persons under the age of twenty-one (21) years, the Trustee shall continus the tsrm of said trust as to said person or persons under the age of twenty-one (21) years, until he, she or they attain twenty-one (21) years of age, paying over to said person under the age of twanty-one (21) years, or for their uss and benefit, the proportionate share of the net income of said trust; N. No title in any Trust Estate, or in the income accruing therefrom, or in its accumulation shall vest in any beneficiary, and no beneficiary shall have the right or power to transfer, assign, anticipate, or encumber his or her interest in said Trust Estate, or in the income therefrom, prior to ths actual distribution thereof by the Trustee to ssid beneficiary. Further 5 .- neither the income nor the principal of any Trust Estate shall be liable in any manner, in the possession of the Trustee for the debts, contracts or engagements of any beneficiary. O. Should the principal or income or both of this or any Trust be payable to any person as to whom the Trustee has actual knowledge of a court adjudication of incompetency, or who the Trustee determines, in the discretion of Trustee, is unable to act effectively on his or her own behalf in financial matters, then Trustee shall have the right to use such principal or income to pay to such beneficisry, or for the benefit of such beneficiary. P. No trust created herein, or by exercise of a power of appointment hereunder, shall continue for more than twenty-one (21) years after the death of the last to die of Settlor and the beneficiaries in being at the date of Settlor's death. Any property still held in trust at the expiration of that period shall immediately vest in and be distributed to the person or persons then entitled to receive or have the benefit of the income therefrom in the proportions in which they are entitled thereto, or if their ~nterests are indefinite, then in equal shares, per stirpes. Q. If at any time during the term of this Trust, Trustee determines, in its sole discretion, that the corpus of the Trust has become too small to be practicable, or uneconomical to continue, then Trustee may distribute the corpus of the Trust estate to the then income beneficiary or beneficiaries in accordance with the portions of income to which each beneficiary is entitled, or if such portions are not specifically set forth herein, then in such amounts as it deems appropriate. R. The words "child, children or issue or descendants" as used in this Trust, shall include adopted children and adopted grandchildren, and children or grandchildren born or adopted after the date of this Trust, unless expressly stated to the contrary. S. All powers and authorities granted to Trustee hereunder shall be fully exercisable by Trustee through and including final distribution of assets hereunder, evan though the Trust may have terminated theretofore. T. To maintain reasonable reserves for depreciation, depletion, amortization and obsolescence. u. In Trustee's sole discretion to allocate such exemptions as are available as to the generation skipping transfer tax to any property, to include any property from that allocation and to make all related allocations thereto. No beneficiary shall have any claim against Trustee for exercising 6 .~~~..","".tlV))i.f~.I-.'''~',,,;,,,,,,,,, }tll '~,; , ",. ""'~'. ".' ......"-. "'C ....;,;,;.."...;" ...--......- .,-- :.,,....--.... '-", """' such allocation powers as granted herein. ARTICLE VIII. APPLICABLE LAW This Trust has been accepted in the State of Pennsylvania and shall in all respects be governed by the laws of that State. ARTICLE IX. TRUSTEE'S COMPENSATION Compensation payable to Trustee shall be the compensation due, in accordance with the fee schedule of Trustee, at the time Trustee renders services hereunder, but if Trustee has no such fee schedule, then such compensation shall be reasonable. ARTICLE X. SUCCESSOR TRUSTEE Upon the death, resignation or inability to act of the Trustee, then Settlor hereby names PAUL T. SHEARER, as Successor Trustee, (or the designee of the Successor), to serve, also without bond, in this or any other jurisdiction and without further order of court. If Paul T. Shearer is unable or unwilling to serve then Settlor names THE FIRST BANK AND TRUST COMPANY to serve as Successor Trustee. IN WITNESS WHEREOF, the Settlor, and Trustee, have signed this Trust the day and year first above written. Signed, sealed and delivered in the presence of: ()',I;.f.~ 7/' ,/L',..at~EAL) VIOLENA M. SHEARER "Settlor" // -,~ . VI i I / l.00I..~'U' ~i ,~V (SEAL) - VIOLENA M. SHEARER "Trustee" 7 . ~ ,,", COMMONWEALTH OF PENNSVLVANIA: SS: COUNT V OF DAUPHIN: /) ~ ! ,,....... On the I:' .:- day of '- ~ , ,,-,- , 1991, before me, the subscriber, a Notary P~liC in and for said commonwealth and County, came the above-nam d VIOLENA M. SHEARER, satisfactorily proven to me to be the pers.. n whose name is subscribed to the within instrument, and acknowledged the above Agreement to be his/her act and deed, and desired the same might be recorded as such. WITNESS my hand and Notarial Seal. ...", I Lt c(t.' / My ,CommisSion Expires: ,/ NnT~pl!1 ~rA~_ ' JUl." ' ' ,(,:y oul;jl6 Ha:":" .. ..... ",\1\ ','1..f'i\ I... Comm.,. ' . . . ..;., ..",' "', -- .. .~ i:..:. ........ . COMMONWEALTH OF PENNSYLVANIA: SS: .. COUNTY OF DAUPHIN: ./I J., r On the ,1/ :.--- day of -- k.;"-^. , 1991, before me, the subscriber, a Notary PU~l c in and for said Commonwealth and County, came the above-name VIOLENA M. SHEARER, satisfactorily proven to me to be the perso whose name is subscribed to the within instrument, and acknowledged the above Agreement to be his/her act and deed, and desired the same might be recorded as such. WITNESS my hand and Notarial Seal. (~ rk, .f2. '- \<LY otary Public My Commission Expires: , .' , NIlIAnlilL;L^l.. I \ JUDY A, IMES, Notaty i'u~'.,; , I t'arrtsbUro, DauphIn Ccunty \ l:':0~ssl~n ExDlm SeDt. 3, 1993 8 ",.. <, '~''''-''':'-'.'''::'')'~;'''~'''''''~''-''"'''''--'~~'~' , f'"'\) '''- (\ SCHEDULE "A" LIST OF PROPERTY DEPOSITED WITH VIOLENA M. SHEARER UNDER REVOCABLE TRUST AGREEMENT WITH VIOLENA M. SHEARER \. , ./""'" ,-.., .. \ ~._' .,...:t,...-,~~,,';'_'_ ~CL.L,~..'~.:':.j~.L.!~Y,-.~i'f~t:~:/~ /..,......,.......-v' ,""-!",;'_""",,,~,",,-'~"'" _~ ._.....__ ~" -_ SCHEDULE .. B" PLAN OF DISTRIBUTION OF TRUST ESTATE OF VIOLENA M. SHEARER UNDER AGREEMENT DATED , 1991 Upon Settlor's death, Trustee sha11 distribute all tangible personal property being a part of the Trust Estate to Settlor's spouse, PAUL T. SHEARER, but if he is not then living to Settlor's issue, per stirpes. Upon Settlor's death, Trustee sha11 distribute the rest, residue and remaindar of the Trust Estate to that Trust Agreement created by Settlor with Paul T. Shearer as Trustee dated .......~, ,.~' "'/:~ , 1991, to be held and distributed on the terms and conditions set forth therein. , /~ A%" ..., t.' ~..' .I-Y I/..,.,.I::~.v/' 714 %l';':-<'Uf""- VIOLENA M. SHEARER 10 I ,'." 1"""'1 1"'"\ FOR INFORMATION ONLY TABLE OF CONTENlS/:tO TRUST AGREEMENT DATED /, / f' , 1991 BETWEEN VIOLENA M. SHEARER, AS SETTLOR AND PAUL T.SHEARER, AS TRUSTEE BACKGROUND ADMINISTRATIVE PART ARTICLE TITLE I ADDITION OF PROPERTY TO TRUST II RESERVATIIlN OF RIGHTS PRINCIPAL AND INCOME DISBURSEMENT 1 1 2 2 2 III IV V VI PREMIUMS ON POLICIES AMENDMENT AND REVOCATION LITIGATlotl TO ENFORCE POLICIES, COLLECT CLAIMS VII POWERS OF TRUSTEE 3 3 3 3 4 4 4 4 4 4 5 5 5 5 5 5 6 6 6 6 7 7 7 A. Retai~ Assets B. Dispo~e of Property C. Authorize Investments D. Register Securities E. Loan Money F. Reten:ion in Cash G. Borro~ Money H. Vote ;ecurities I. Allocate Receipts, Expenses J. Distribute Cash or Kind, Non-Prorata K. Consolidated Fund L. Compromise Claims M. Engage Experts N. Principal to Minor O. Prohibition Against Sale P. Facility of Payment Q. Vesting R. Termination S. Adoptad Children Included T. Business Authority U. Discretionary Power , ,> ""'" , <','XJ:.. _,.~,. '''It,,IJ.-''''J:<' 19""" ;':'1;. l~.' ,-:. . ("" . v . ".~ ;.\: 'to=- ,: .;.1, -.='. ).~ .' { . ..... _ ..J ,;..:C-..._...~,._....'. ._-;.~ -..._-"';;~.-'!",.~...~,.'_. -:':.,.....~"'-*~-:;.~..,.. ... ,t-\ .'" V. Powers Through Final Distribution 7 W. Allocation of Assets 7 X. Protection of Marital Deduction 7 Y. Employee Benefit Election 8 Z. Education Definad 8 M; Occupancy of Residence 8 BB. Limitation on Trustee Power 8 CC. Consul tat ion with Spouse 8 DD. Generation Skipping 8 EE. Reserves 10 FF. Trustne' s Power to Amend 10 VIII IX X XI XII APPLICABLE r.AW RECEIPT OF POLICIES TRUSTEE'S COMPENSATION RESIGNATION OF TRUSTEE 10 10 10 10 11 REMOVAL OF TRUSTEE SIGNATURE PAGE 11 SCHEDULE "A" 12 LIST OF THE LIFE INSURANCE POLICIES AND/OR PROPERTY DEPOSITED WITH TRUSTEE DISPOSITIVE PART SCHEDULE "B" PLAN OF DISTRIBUTION OF TRUST ESTATE 13,. ' '1 r-,"'" . I. . W"!<-') 1 . . -- . .-.-' ~ r-. . TRUST AGREEMENT , '7Jv t"\ THIS AGREEMENT is made this tv - day of (-1.1..1 - , 1991, by and between VIOLENA M. SHEARER, (hereinaftep called "Settlor") and PAUL T. SHEARER, (hereinafter ca11ed/'/Trustee"). , I. BACKGROUND: Settlor has caused or may cause this Trust to be funded by the transfer and assignment of certain property to Trustee, and/or by naming Trustee as beneficiary of certain life insurance policies. The Settlor may also cause other property to be deposited for the uses and purposes of this Trust. The property and/or insurance policies are listed in detail in Schedule "A" attached to this Trust, and made a part hereof. J .' ;'. The Trust is composed of two parts, an Administrative part and a Dispositive part. The Trust may be amended. ADMINISTRATIVE PART II. AGREEMENT: Settlor creates this Trust on the following terms and conditions: Article I Addit~on of property to Trust Settlor reserves the right to add to this Trust any policies of insursnce issued on Settlor's life: and further, the Trust may be enlarged by property and/or securities acquired by the Trustee by gift, devise, bequ9st or otherwise howsoever, whether such addition be made by the Settlor or any other person. The proceeds of any such policies of insurance or any additional property and/or securities so acquired shall be held on the same terms of trust and with like force and effect as if originally a part of the Trust. Article II Reservation of Rights (InsUrsnce) Settlor reserves to Settlor, during settlor's life, all payments, dividends, surrender value privileges and benefits of any kind which may accrue on account of any of the aforesaid policies of insurance, and the right at any time to assign, pledge or use said policies, or any of them, or to change the beneficiary thereof, or to borrow money thereon, without the consent, approval or joinder of the Trustee, or any beneficiary hereunder. The Trust shall be operative only ss to the proceeds ~- '~. of such of the policies as in terms may be due and payable to the Trustee at the time of the death of the Settlor or thereafter, after deduction of alj charges against the policies by way of advances, loans, premiums or otherwise. Such proceeds shall be principal. The receipt of the Trustee for such proceeds shall release the insurance companies from liability on the policies. (other property) As to assets added to the Trust during the lifetime of the Settlor, and by the Settlor, the Settlor reserves to Settlor, during Settlor's life, the right to withdraw principal or income, and to direct Trustee to make such investments as Settlor desires, as well as the right to approve, in advance, any investments Trustee selects. Subject to these powers of Settlor, 'Trustee may pay principal or income for the support or welfare of Settlor. As to assets added to the Trust by a person or entity other than Settlor, Trustee shall, during the lifetime of Settlor, in Trustee's sole discre"don, pay so much of the income and/or principal as Trustee deems necessary, for the benefit of Settlor and/or the issue of Settlor and for the support, maintenance, health, and safety of Settlor, or the issue of Settlor. All accumulated or undistributed income shall be added to principal hereunder. Article III principal and Income Disbursement upon Settlor's death, the Trustee shall disburse the income and principal of the Trust Estate in the manner set forth in detail in Schedule "B" attached hereto. Article IV Premiums on pOlicies Trustee is not obligated to pay any premiums or assessments on said policies of insurance and shall be under no obligation in respect to the policies other than for the safe-keeping thereof, except to the extent otherwise expressly agreed to herein, if the policies are deposited herewith. Article V Amendment and Revocation Settlor may by instrument in writing, delivered to the Trustee, (a) amend, modify or alter this Agreement, in whole or in part, provided that the duties, powers and liability of the Trustee shall not be changed without its written consent: (b) revoke this Agreement in whole or in part: provided, however, that the rights of Settlor under (a) and (b) shall not apply to any assets added to the Trust by a person other than Settlor. 2 ..-... r"\ Article VI Litigation to Enforce policies, Collect Claims The Trustee may institute any proceedings at law or in equity in order to enforce the payment of such policies or the collection of such property, and may do and perform any and all other acts and things which may be necessary for the purpose of collecting such property or any sums which may be due and payable under the terms of said pOlicies. Trustee shall not, except at its option, enter into or maintain any litigation to enforce the payment of said pOlicies, or collect such property until it shall have been indemnified to its satisfaction against all expenses and liabilities to which it may, in its judgment, be subjected by any such action on itA part. The Trustee is authorized to compromise and adjust claims arising out of the insurance policies or any of them or other property, upon such terms and conditions as it may deem just, and the decision of the Trustee shall be binding and conclusive upon all persons and corporations interested therein, all without necessity for court a~proval. Article VII Powers of Trustee Except as otherwise specifically provided herein, and in addition to the powers granted Trustee by law, all of which shall be exercised by Trustee without posting bond or furnishing sureties in this or any other jurisdiction, the Trustee shall hold and manage the fund, when so collected, together with such other property as may be acquired, during the existence of this Trust, all of which property will hereinafter be referred to as the "Trust Estate", or "Trust" term meaning the principal and income of any trust 0:: trusts created herein or in Schedule "B" hereof, upon the follllwing terms and conditions and with the following powers and authorities: A. Retain Assets: To retain all or any part of the trust in the form in which it was acquired as long as it deems advisable: B, Dispose of Property: To sell, exchange, partition, lease, option, or otherwise dispose of any property or part thereof, real or personal, which may at any time form part of this Trust Estate at public or private sale for such purposes and upon such terms, including sales on credit with or without security, in such man~er and at such prices as it may determine, including the right to lease real estate for periods in excess of five years and for a term expiring after the termination of any trust, and including the right to deal in real estate ventures as a general or limited partner. In the event of a sale, exchange, psrtition, lease or o~tion of any of the property of this Trust Estate, there shall b~ no liability on the part of the purchaser or purchasers to see to the application of the purchase money, 3 " .-., , of by such purchaser or provisions of any trust but the same shall be held and disposed purchasers free and clear of any of the created hereby; C. Authorized Ir.vestments: To invest or reinvest the Trust Estate in any property, real or personal, of any kind or nature, including stocks. bones, mortgages, other securities and common trust funds of the Corporate Trustee without being limited or restricted to investments as now or may hereafter be prescribed for trustees by law including the right to acquire, sell or retain stock in the Corporate Trustee. Trustee may invest, reinvest, buy, sell or trade options, puts, calls, or any other type of financial instrument, the nature of which need not be contemplated or in existence at the time this trust is created. D. Register Securities: To register securities in its name as Trustee or in the name of any nominee or to take and keep the same unregistered and retain them or any part thereof in such condition that they will pass by delivery without disclosing the fact that the property is held in a fiduciary capacity; E. Loan Money: To make any loans, either secured or unsecured in such amounts, upon such terms, at such rates of interest and to such persons, firms, corporations or the executor or administrator of Sattlor's Estate or the Estate of Settlor's spouse without intereGt and without reimbursement for the purpose of the payment of taxes, debts and administration expenses; provided, however, that any benefits from a qualified employee benefit plan received by the Trustee shall not be used for the payment of such taxes. debts or expenses, if not includible in Settlor's gross estate for federal estate tax purposes; F. Retention in Cash: To retain for reasonable periods the principal or corpus, or any part thereof of this Trust Estate in the form of cash; G. Borrow Money: To borrow money for any purpose on any terms in connection with the administration of or investment in assets of this Trust Estate; execute promissory notes or other obligations for the amounts so borrowed and secure the payment of any amounts so borrowed by mortgage or pledge of any real or personal property whil;h may at any time form a part of this Trust Estate; K. Vote Securities: To vote any securities upon any proposition or election at any meeting and to grant proxies, discretionary or otherwise; to join in or become a part of any reorganization, readjustment, merger, voting trust, consolidation or exchange and to deposit any such securities with any committee, depository, trustee or otherwise and to payout of this Trust Estate any fees, expenses and assessments, incurred in connection therewith and to charge the same to principal or 4 ,-.. '"""' income as Trustee may see fit: to exercise conversion, subscription or other rights, or to sell or abandon such rights and to receive and hold any new securities issued as a result of such reorganization, readjustment, merger, voting trust, consolidation, exchange or exercise of subscription, conversion or other rights: and generally take all action in respect to any such securities as Trustse might or could do as absolute owner thereof: to vote any stock in the corporate trustee: I. Allocate Receipts, Expenses: In Trustee's discretion, to allocate to either principal or income or between them any and all taxes (especially capital gains taxes) or receipts or expenses which Trustee may be required to pay on behalf of this Trust Estate, but in no event shall the income of any marital deduction trust created herein be reduced by the exercise of this power. J. Distribute Cash or Kind, Non-Prorata: To divide or distribute, whenever it is required or permitted, this Trust Estate and to make such division or distribution in kind or in money or partly in kind and psrtly in money, and the judgment of the Trustee as to the value of the different items shall be conclusive and final upon the beneficiaries: to make non-prorata distributions of assets in kind: K. Consolidated Fund: To hold and administer the trusts created hereby in one or more consolidated funds in whole or in part in which the separate trusts or funds shall have an undivided interest: L. Compromise Claims: To compromise claims, on such terms and conditions as Trustee, in Trustee's sole and exclusive discretion, deems appropriate without obtaining court approval thereof. M. Engage Exper'~s: To engage attorneys, investment counsel, accountants, agents and such other persons as it may deem advisable in the administration of this Trust Estate and to make such payment therefor as it may deem reasonable and to charge the expenses thereof to income or principal as it may determine and to delegate to such persons any discretion which it may deem proper. The Trustee shall not be liable for any negligence, omission or wrongdoing of such counselor agents, providing reasonable care was exercised in their selection: N. principal to Minor: If the principal of any trust is payable to a person or persons under the age of twenty-one (21) years, the Trustee shall continue the term of said trust as to said person or persons under the age of twenty-one (21) years, until he, she or they attain twenty-one (21) years of age, paying over to said person under the age of twenty-one (21) years, or for their use and benafit, the proportionate share of the net 5 ~ '"' income of said trust: o. Prohibition Against Sale: No title in any Trust Estate, or in the income accruing therefrom, or in its accumulation shall vest in any beneficiary, and no beneficiary shall have the right or power to transfer, assign, anticipate, or encumber his or her interest in said Trust Estate, or in the income therefrom, prior to the actual distribution thereof by the Trustee to said beneficiary. Further neither the income nor the principal of any Trust Estate shall be liable in any manner, in the possession of the Trustee for the debts, contracts, or engagements of any beneficiary. P. Facility of Payment: Should the principal or income or both of this or any Trust be payable to any person as to whom the Trustee has actual knowledge of a court adjudication of incompetency, or who the Trustee determines, in the discretion of Trustee, is unable to act effectively on his or her own behalf in financial matters, then Trustee shall have the right to use such principal or income to pay to such beneficiary, or for the benefit of such beneficiary, but nothing herein shall be deemed to impair the duty of Trustee to pay income to Settlor's spouse under any trust herein qualifying for the marital deduction (if created herein), unless Settlor's spouse is declared legally incompetent. O. Vesting: No trust created herein, or by exercise of a power of appointment hereunder, shall continue for more than twenty-one (21) years after the death of the last to die of Settlor and the beneficiaries in being at the date of Settlor's death. Any property still held in trust at the expiration of that period shall immediately vest in and be distributed to the person or persons then entitled to receive or have the benefit of the income therefrom in the proportions in which they are entitled thereto, or if their interests are indefinite, then in equal shares, per sti~pes. R. Termination: If at any time during the term of this Trust, Trustee determines, in its sole discretion, that the corpus of the Trust has become too small to be practicable, or uneconomical to continue, then Trustee may distribute the corpus of the Trust estate to the then income beneficiary or beneficiaries in accordance with the portions of income to which each beneficiary is entitled, or if such portions are not specifically set forth herein, then in such amounts as it deems appropriate. S. Adopted Chiluren Included: The words "child, children or issue or descendants" as used in this Trust, shall include adopted children and adopted grandchildren, and children or grandchildren born or adopted after the date of this Trust, unless expressly stated to the contrary. 6 ........, .--- T. Business Authority: If the Trust Estate includes any interest which the Settlor had in a business at the time of Settlor's death, whether the same is a sole proprietorship, a partnership or a corporation in which Settlor owned all or a substantial portion of the stock, the Trustee is authorized to continue said business, without order of court, until such time as it deems it advisable to sell, liquidate or distribute the same in kind. Trustee shall have all rights and powers in connection with said business as the Settlor had when living, including by way of example and not limitation, the powers to operate or join in the operation thereof as a going concern, to form or re-form a general or limited partnership, to incorporate or re-incorporate and to liquidate or sell the same or any part thereof, all as it deems advisable for the best interests of the Trust Estate and of the beneficiaries thereof, without any liability for loss resulting from the operation of said business except where such loss is the result of gross negligence or fraud on the part of the Tr~stee. The Trustee shall be entitled to receive for its services in connection with said business, such additional compensation as may be commensurate therewith. U. Discretionary Power: In exercising discretionary powers granted to Trustee under this Trust, Trustee may give due regard to the assets and income of the beneficiary, other than assets and benefits under any trust created hereunder. v. Powers Through Final Distribution: All powers and authorities granted to Trustee hereunder shall be fully exercisable by Trustee through and including final distribution of assets hereunder, even though the Trust may have terminated earlier. W. among the regard to Allocation of Assets: Trustee may allocate assets beneficiaries (including any trust hereunder) without the income tax bssis of any such assets. X. Protection 0': Marital Deduction: Notwithstanding anything to the contrlry herein or in Schedule "B" hereof, no power, authority or discretion given to Trustee hereunder or in Schedule "B" hereof shall be construed in any manner which shell result in a disallowance of the marital deduction for any trust created for the benefit of my spouse, otherwise eligible for the marital deduction, if created hereunder, and any such power or authority which is cO.lstrued to have such effect is void, hereby revoked, and to no effect, as if not set forth herein, in Trustee's discretion. Y. Employee Benefit Election: Trustee, in addition to all powers granted by law, is hereby authorized to make such election in connection with settlements under employee benefit plans in which Settlor has an interest as Trustee deems most advantageous under all the circumstances. 7 .--.. -","" Z. Education Defined: The word "education" as use in this Trust shall mean and include, but not be limited to primary, secondary, collegiate and/or post-graduate education in private or parochial school, college, trade school or graduate school. It is Settlor's intention in granting Trustee the power to expend funds for "education" that the word "education" be interpreted broadly by Trustee. AA. Occupancy of Residence: To permit any beneficiary or beneficiaries to occupy rent free any residence constituting a part of the assets of a trust for such beneficiary or beneficiaries and to pay the real estate taxes thereon, expenses of maintaining said rosidence in suitable repair and condition and hazard insurance premiums on the residence; provided, however, the Trustee shall not exercise this power in any way which would deprive Settlor's spouse of the beneficial enjoyment of Part "B" and such spouse shall have the right to limit, restrict or terminate the Trustee's exercise of this power if it interferes with such beneficial enjoyment. BB. Limitation on Trustee Power: No person at any time acting as a Trustee hereunder shall have any power or obligation to participate in any discretionary authority Settlor has given to Trustee to pay the income or principal to such person or for his or her benefit or in relief of his or her legal obligations. Further, no Trustee who is a beneficiary of one of the trusts, or who is legally obligated to support a beneficiary, shall ever participato in (i) the exercise of, or decision not to exercise, any discret".on to pay income or principal to, or to apply income or princ,.pal for the benefit of, any beneficiary (including discretion to allocate funds among a group of beneficiaries and discretion to accumulate income), (ii) the determination whether a beneficiary is disabled, (iii) the decision to end any trust, (iv) the exercise of discretion to allocate receipts or expenses between principal and income, (v) decisions to exercise taK options, (vi) a decision to make paymsnts to aid in the settlement of my estate, (vii) the selection of a custodian for a minor's property, (viii) the selection of the property to be allocated to the marital deduction trust, (ix) the decision to combine or divide trusts, or (x) the amendment of the trust by a Trustee hereunder. CC. Consultation with Spouse: Trustee is directed to consult with Settlor's spouse in connection with any investment of the Trust. DD. Generation dkipping: In my Trustee's sole discretion to allocate such exem~tions as are available as to the generation skipping transfer tax to any property, to exclude any property from that allocation and to make all related allocations thereto. No beneficiary shall have any claim against my Trustee for 8 "'"" ....., exercising such allocation powers as granted herein. Further, Trustee is authorized to divide any trust created hereunder into two separate trusts so that the inclusion rstio for generation skippil~ transfer tax purposes shall be either zero or one for each uuch separate trust. Any such separate trust shall have the identical provisions as the original trust. If trusts are created, the Trustee may, at any time prior to a combination of such trusts: (1) make different tax elections (including the allocation of Settlor's available generation- skipping tax exemption from the federal generation-skipping transfer tax) with respect to each separate trust: (2) expend principal and exercise any other discretionary powers with respect to such separate trusts differently; (3) invest such separate trusts differently: and (4) take all other actions consistent with such trusts being separate entities. Further, the donee of any powe~ of appointment with respect to any trust so divided may exercise such power differently with respect to the separate trusts created by the division. Settlor exonerates Trustee from any liability arising from any exercise or failure to exercise these powors, provided the actions (or inactions) of Trustee are taken in Hood faith. If Trustee exerc,~ses the special election provided by Section 2652(a)(3) of the Internal Revenue Code, as amended, as to this Trust, Settlor authorizes Trustee in its sole discretion at any time prior to the funding of the trust by an instrument filed with the trust records to divide the trust property into two fractional share trusts, one based upon Settlor's generation skipping transfer exeMption allocated to the trust and the second being the balance of ~he trust property. If a trust hereunder would be partially exempt from generation-skipping tax by reason of an allocation of generation- skipping tax exemption to it, before the allocation the Trustee, in its discretion, may divide the trust into two separate trusts of equal or unequal value, to permit allocation of the exemption solely to one trust which will be entirely exempt from generation-skipping tax. In addition, if a trust hereunder is entirely exempt or en':irely non-exempt from generation-skipping tax and adding proper~y to the trust would partially subject it to generation-skippin'l tax, the Trustee, in its discretion, may hold that property as a separate trust in lieu of making the addition. Except as otherwise provided in this instrument, the trusts created herein shall have the same terms and conditions, but the Trustee shall not make discretionary distributions from the income or principal of the exempt trust to beneficiaries who are non-skip persons so long as any readily marketable assets remain in trust other than the exempt trust. Upon division or distribution of an exempt trust and a non- exempt or partially exempt trust held hereunder, the Trustee, in 9 .-"', /"' its discretion, may allocate property from the exempt trust first to a share from which a generation-skipping transfer is more likely to occur. EE. Reserves: To maintain reasonable reserves for depreciation, depletion, amortization and obsolescence. FF. Trustee's Power to Amend: Trustee shall have the power in its sole discretion, by an instrument filed with the trust records to amend the dispositive or administrative provisions of this indenture (including the provisions relating to the trustee); provided that only descendants of the grantor (or their estates) or charitable organizations described in Sections 2055(a) and 2522(a) or the Internal Revenue Code, as amended, shall be beneficiarieo and the grantor shall not be given any right or power with rospect to the trust property. Further, Trustee shall not exercise this power in such a way that a trust otherwise eligible for the marital deduction, or otherwise eligible as a qualified domestic trust does not qualify as such. Article VIII Applicable Law This Trust has been accepted in the State of Pennsylvania and shall in all respects be governed by the laws of that State. Article IX Receipt of POlicies Settlor, by joinLng in the execution of this instrument acknowledges (unless otherwise specified in writing) that Settlor has retained custody and possession of the insurance policies, if any, described on Schedule "A" attached hereto and made a part hereof. Article X. Trustne's Compensation The compensation payable to Trustee shall be the compensation due, in accordance with the fee schedule of Trustee, at the time Trustee renders services hereunder, but if Trustee has no such fee schedule, then such compensation shall be reasonable. Article XI Resignation of Trustee Trustee may resign by giving written notice thereof to the Settlor, if living, or if Settlor is not living then to Settlor's spouse, or if Settlor's spouse is not living, by notice to Settlor's children, e.en if those children be minors, specifying a date, not less than thirty (30) days from the date of the notice, on which Trustee shall be deemed to have resigned. Upon such date, Trustee shall be deemed to have resigned, and upon delivery of the asset:l of the Trust to the Successor Corporate Trustee, THE FIRST BANK AND TRUST COMPANY, appointed as described 10 '" r--. below, shall be free beneficiaries or the except for past acts of any further duty to Settlor or the Successor corporate Trustee hereunder, or conduct of Trustee. Article XII Removal of Trustee Settlor's spouse shall have the right, by written notice to Trustee, to remove thn Trustee. If Settlor's spouse so removes the Trustee, then Settlor's oldest issue shall have the authority to name a successor trustee to serve on the same terms and conditions as set forth herein. Any such successor trustee shall be a corporation or national bank authorized to exercise trust powers in the Commonwealth of Pennsylvania. IN WITNESS WHEREOF, the Settlor, VIOLENA M. SHEARER, and Trustee, PAUL T. SHEARER, have signed this Trust the day and year first above written. /<-l ;;!;;/ '/;/ ~~~;'<'e-':c..--(SEAL ) VIOLENA M. SHEARER Signed, sealed and delivered in the presence of: .~;,' ("'/ '--:L:. " ,'L........ __:__1'1..C..t LL.-'-(-sEAL) PAUL T. SHEARER 11 ,...., DISPOSITIVE PART SCHEDULE "B" PLAN OF DISTRIBUTION OF TRUST ESTATE OF VIOLENA M. SHEARER UNDER AGREEMENT DATED , 1991 Trustee shall divide the Trust Estate (inCluding but not limited to any and all property received by Trustee prior to Settlor's death, under Settlor's Last Will and Testament, proceeds of life insurance, and all other property forming a corpus hereof, before the payment of inheritance, estate or succession taxes, whether such taxes are paid from this trust or any other source), into two (2) parts, hereinafter called Family or Credit Shelter Part "A" and Marital Part "B", in the fallowing manner, and to be held on the following terms and conditions: FAMILY, CREDIT SHELTER OR "A" TRUST A. Amount; Composition: Part "A" shall be such amount, if any, as when added to other property passing outside of this Trust Agreement (which is included in Settlor's gross estate for federal estate tax purposes and does not qualify for the marital or charitable deduction) will produce a federal estate tax in Settlor's estate, prior to the use of such credits, equal to the total of the available unified credit and the credit for state death taxes (other than those imposed solely to obtain the credit under Section 2011 of the Internal Revenue Code). This amount shall be computed before payment of death taxes and may be satisfied with cash or with assets in kind at their market value at the date of distribution. Property ineligible for the marital deduction or excludable from Settlor's gross estate shall be allocated to this part, even if such allocation results in an overfunding. TERMS OF DISTRIBUTION Part "A" shall be used for payment of death taxes, and the balance shall be held by Settlor's Trustee, on the terms and conditions as follows: During Spouses's Lifetime: 1. Trustee shall payor advance to Settlor's executor 15 ...... , ,.-, administration expenses and estate and inheritance taxes (including the supplemental estate tax on certain qualified plan benefits, but not including any generation skipping transfer tax imposed on a direct sl:ip), with respect to property or interests subject to taxation by reason of Settlor's death, and whether passing under Settlor's will, or otherwise, without apportionment, from the principal hereof. 2. Trustee shall pay the entire net income in quarterly or more frequent installments to Settlor's spouse for his life; Trustee may payor distribute all or such portion as Trustee determines of the principal of the Trust Estate to or for the benefit of Settlor's spouse, for his support and to maintain his standard of living. These distributions may be paid to him, by Trustee, or else applied directly for his benefit by Trustee. 3. If Settlor's spouse is living on the last day of a calendar year, Settlor's spouse shall have the right, at any time, on that day, to withdraw the greater of Five Thousand Dollars ($5,000.001 or five per cent (5%) of the then aggregate value of principal of the trust by written notice to the Trustee, and the Trust shall terminate as to such amount withdrawn. This right shall be exercisable annually, and is not cumulative. UPON AND AFTER SPOUSE'S DEATH 4. Upon the death of Settlor's spouse, this Trust shall terminate, then the remainder principal and accumulated income of the Trust Estate shall be paid in accordance with a limited power of appointment exercisable by Settlor's spouse's Last Will and Testament to and among Settlor's issue on such terms and conditions as Settlor's spouse directs by his Last Will and Testament by express reference hereto. If Settlor's spouse fails to exercise this limited power of appointment, or if Settlor's spouse does not survive Settlor, then the principal and accumulated income of the Trust Estate shall be paid to the children of Settlor, per stirpes, absolutely and free of Trust. If none of Settlor's children survive Settlor, then the principal and accumulated income of the Trust Estate shall be divided into a number of shares equal to the number of grandchildren of Settlor then living, and each such share shall be held and distributed on the terms and conditions as follows: 16 '--.. AFTER SPOUSE'S DEATH (OR IF SPOUSE DOES NOT SURVIVE). AND ALL CHILDREN ARE DECEASED Trustee shall pay the income and principal absolutely to Settlor's grandchildren, (then living or with then living issue), per stirpes, and this Trust shall terminate, but the interest of any issue of a deceased grandchild of Settlor shall be held in further trust by Trustee to pay the income and/or principal of such trust to or for the benefit of said issue of such issue of a deceased grandchild for the support, maintenance, comfort, travel and education of such issue of such deceased grandchild, until the earlier of when the youngest child of such deceased grandchild attains the age of twenty-one (21) years or until all children of the deceased grandchild are deceased at which time this Trust for such deceased grandchild shall terminate and the principal and accumulated income be paid over to the issue of such deceased grandchild, or if none, to the other issue of Settlor, per stirpes: DISTRIBUTION IF NO ISSUE SURVIVE 5. If none of Settlor's issue survive Settlor or Settlor's spouse, or if all Settlor's grandchildren die before attaining twenty-one (21) years of age, without issue, or descendants, then and in such even':, this trust, or any trust hereof, shall terminate and any accumulated or undistributed income and principal shall be pa~d as follows: One-third for the AMERICAN CANCER SOCIETY, DAUPHIN COUNTY UNIT. One-third to the GRACE UNITED METHODIST CHURCH, of Mechanicsburg, Pennsylvania. MARITAL TRUST OR PART "B" One-third to the TRI-COUNTY EASTER SEAL SOCIETY FOR THE HANDICAPPED, INC. B. Estate. Trustee Part "B" shall consist of the remainder of the Trust Part "B" shall be paid and held in further trust by on the fo110wlng terms and conditions: 17 I') DISTRIBUTION OF INCOME AND PRINCIPAL: WITHDRAWALS 1. Settlor's spouse shall be entitled to all of the income from Part "B", paysble in quarterly or more frequent installments as Settlor's spouse determines. 2. No person shall have power to appoint any part of the property making up Part "B" to any person, other than to Settlor's spouse, during the life of Settlor's spouse. 3. The income interest created for the benefit of Settlor's spouse hereunder is intended to qualify as a qualified income interest, and the property making up Part "B" is intended to constitute qualified terminable interest property under Internal Revenue Code Section 2056 (b)(7) and (8), or such like section as is enacted from time to time. 4. During the life of Settlor's spouse, Trustee shall have tha right to invade the principal of this Trust, and use such principal, but for the exclusive benefit of Settlor's spouse, for maintaining the standard of living to which Settlor's spouse has become accustomed, and for the maintenance, medical needs, or hospital or nursing and support of Settlor's spouse. 5. Settlor's spouse shall be entitled to withdraw up to five per cent (5%) or Five Thousand Dollars ($5,000.00) of the then principal of the Trust Estate by written notice delivered to Trustee in each calendar year during which the Trust is in existence, non-cumulative. DISTRIBUTION AFTER SPOUSE'S DEATH 6. terminate Estate of Upon the death of Settlor's and the undistributed income Settlor's spouse. spouse, this Trust shall shall be paid to the 7. One-half of the remaining principal of the Trust Estate shall be paid in such shares and on such terms and conditions as Settlor's spouse determines, as set forth in his Last Will and Testament, expressly referring to this power, for the benefit of Settlor's issue, or a~y charitable institution. AS to any undistributed portion, and as to the balance of this Part "B", Trustee shall first P3Y any increase in death taxes or administration expenses in the Estate of Settlor's spouse caused by the inclusion of this Trust in her estate for tax purposes, and a written statement by her Executor of the amounts payable may be eccepted by Trustee as being correct. The balance thereof shall be paid to Settlor's issue, in equal shares, per stirpes. If no issue are then surViving at the time of distribution 18 - ~ o a Dated: "i' , 1994 PNC BANK, N,A.. TRUSTEE 4242 Carlisle Pike Camp Hill. PA 17011 Re: Trust Agreemenl dated June 6, 1991 hetween vtOLENA M, SHEARER as SenIor and PAUL '1', SHEARER as Trustee Gentlemen: Pursuant 10 the rights reserved 10 the undersigned under Article VIa) of Ihe aboye Trusl, the undersigned wishes 10 and docs hereby amend Ihe aboye Trusl as set fonh herein. In all respects, other than Ihose specitieally set forth below, the lenns and conditions of Ihe aboye Trusl are ratitied and eontinned, in their entirety. BccaUJC of the recent death of my heloyed husband and fonner Trustee, Paul T. Shearer. 1 hereby contino lhal PNC BANK, N ,A. as Successor Trustee under lhe Trust Agreement dated June 6, 1991 between Violena M, Shearer as Settlor and Paul T. Shcarer as Trustee, Schedule .B., .Plan of Distribution of Trust Estate of vtOLENA M. SHEARER Under Agreement dated June 6, 1991. is deleted in its entirety and Ibe attached Schedule .B. is aubstituted in its place, Very truly yours, , , . / ," . . , . ...... ,.1, -: .~_. , . VIOLENA M. SHEARER ACCEPTED this ~ ., d day of --.?'1 ~ '- - ...r- .1- ... ,1994, PNC BANK. N.A. ~""'1l TRUST OFFlC .-- . ,,~ --~tI--'V.... ..-.-....--....."......--..........-..,-..--.....,....-----. '"-"'." _.~._'.'.. ,-~.. ..- '--:....... ..........- . - f1 ~, COMMONWEALTH OF PENNSYLVANIA: 55: COUNTY OF DAUPHIN: On the I f.j if- day of IlLL ti.'~L- , 1994, before me, the subscriber, a Notary Public in and for 5ll1d Commonwealth and County, came the aboye-named VIOLENA M. SHEARER. satisfactorily proyen 10 me 10 be the penon whose name Is subscribed to the within inslrUment and acknowledged the aboye Instrument to be her/his act and deed, and desired the same might be recorded U lucb, WITNESS my hand and Notarial Seal. /\ ..#. ,~~ Notary Public '. NorAR!~L SEAL JUDY A IM~C;. Notary Public HarnsDurg, OaupOln County My CommiSSIon exPires Sept. 8, 1997 I !. . .~ "'" ''"'''1 SCHEDULE "n" PLAN OF DISTRIBUTION OF TRUST ESTATE OF VIOLENA M. SHEARER UNDER AOREEMENT DATED JUNE 6, 1991 On Senior's death, Trust"" .hall dlslrihute Ihe principal and aeeumulatal ineume of the Trusl Eala\c as follows: (0) Twenty.liye Thousand Dollors ($25,000) to each grandchild of Senior suhjCCl tn Article vn N, hereof, and (h) The balance to the children of Senior. DOUOLAS SHEARER and DIANE ROSS, per stirpes, absolutely and free of Trust. If none of Senior's issue surviye, or if all Seltlor's grandchildren die before at1llining twenly.one (21) years of age. wilhoutlssue. or dcsccndanl5, then and in such cyent. any aecumulatal or undislributed Income and principal .hall he paid a. follows: (a) One'lhird to the AMERICAN CANCER SOCIETY, DAUPHIN COUNTY UNlT, (b) One.third to the ORACE UNlTED METHODIST CHURCH, of Mcchanieshurg, PA, (e) One.lhird to Ihe TRI-COUNTY EASTER SEAL SOCIETY FOR THE HANDICAPPED, INC, ;" ,. ;... -/........... ., "'OII!;." . . .' ,Z'(' . ..4': ,;~'_~_-:' VlOLENA M. 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UOI. ,o,AL 111"""''' CIlMCl. Un,tr on lot"" 'OS, ...".., J "" m. t.."", ,. I."'.M 1.JU,1O ., 11,n1,.. PfI' 1 .1 WI . ....,. tilt l'IM101'1" ,*"",1"" ""I,. .t I ",ll'ld .." .t pIfIl It ..II l .... ......... .. ,. t. " u.., All'" rOM'll"h' I r;t,- CJ/lIt1tt/tN4.t) C.,,,,,'" .. ltoI . true eapp qv,",I7~- . I I. ,..... 0'''''' '.-It" ........, AIM TOTAl. P. 03 , !-., MJllII.IIl /I. HcCAI.EU frtlIlY.anborqor I)JI~~ 219 &lst ruin tit ; P,O. IJoK 210 t1ech'lJlla:burq, IUI=yl'I>nlo 17055 'I;f ,0 .,I.' ,',,- ~" , .' . . t '" llE1"r1.EHEIl'r flTA'l'(;tlJillT '1'011 farM 'I Ivr"....'d II' ,........"1 0' luu.l ".tt.....nl tou'. """""" Il.ld to arod tit 1"" ..."1 .r. .hOW'. It... ...,hd ('.o.t.>> ..,. p.ld OUUIO' I'"~ ctoIU'" ,h.., In ItIC"'" for lnlorllllllo"" purpoI'" Ind In not Included In toU", Premises I SettlClT<lllt MontI SettlClT<lllt Dote. PI t S ttlcmentl JoIm II. Iloltt nrd C1rol E. Iloitt mc (J.mk, t1.A., Tr\lBtoo mc l-lortqogo Corp, of Amadea 1JJllIl 110, 09-18-62190 4-A Brd 4-8 IIcmlock, Dt'lve, l1ec:honlcsburg, PA 17055 Marlln Il, l'lcCaleb, EnqUire February 22, 1996 219 &lst IUin street lIechanlcsburo FA 17055 l)Jyerl seller. Le/"der. aOll 0 c . .. JJ.I'ffll IlEUm 100 ams IIfoDJIlr WE FlnI IlJYER 400 GUlS N>OJlrr WE TO SEIllR 101 Sales nrlcc S 115.000.00 401 sales nricc S 115 000.00 102 l'\mlaMl e 402 ~rtlonal --;, 103 scttlClT<lllt -d1Maes e 6 002.28 403 other e 104 othnr S ItrmI .'Bld "" 6ol1cr Items I'i1id bv Saller 105 Co/MUll, TOXe9 S 405 Co""'.n, Toxe9 S 106 llchool Toxcs 2/22-6/30 S 430.23 406 School T;1Xes 2/22-6130 S 430.21 107 s.....rlRcfune --; 407 Sewer/RofunD --;: 120 GImS FlnI IJJYm S 121 432.51 420 GUlS TO IlEUm '.. 115 430.23 200 rnrnrrsTOJJ.I'ffll 500 llEDJCl'IalS TO IlEUm 201 De~slt $ 5.750.00 SOl De"""lt ~ 5 750.00 202 lIaw lDi1ns S 75.000.00 502 Settlement charncs S 1 150.00 203 lDi1ns t:.'lken sub;. to $ 503 I.DanS taken sub;, to s 204 other S 504 Pavoff 1st 1JJllIl S 205 Ront IReltf' 2/22-2/29 S 110.13 505 Rent 'Reiftl s 110.13 206 Ront 'stane' 2/22-2/29 S 98.67 506 Rent 'stanel S 98.67 Itaus tlnn.,ld "" S<1ller Items 11nn.,ld "" S<1ller 210 CalMl'n, Toxcs 111-2/22 S ,\1.11 510 ColMlm. TOJ<e9 1/1-2/22 S 41.11 211 School T,1XCS S 5ll School Toxcs S 212 SflWer'Refune S 512 Sower/Ilofuse 9 220 'TOl'AL MID =11'5 S 80,999.91 520 scum IlEWcrIOlIS S 7 149.91 300 CJ\SII fa sm'l'IJ:}IDlr rnrRf'ro D.JYm 600 C/lSJI Nr sEI'I'WlFlfr W/f10I SEUm 301 Am:lUnt duo frem "tvor S 121.432.51 601 AIroUnt duo to SOller-g 115 430,23 302 crodlt:!J to I)Jvor S 80.999.91 Ii02 Reduction to seller -.. 7 149.91 303 CASU FP.CX-I JJ.I'ffll S 40 432.60 603 CJ\S1l TO SELliJl SlOB 280.32 CERI'IFICATral I hen canfu''''' rtvltwtd thl. Hl..Q" ,.ltltfMn' SUltfM"1 end 10 th. bnt of lIlY knowl.dq. end bill", It II. true ,rd .,cunlt tUltfIltnt of III nulpll ,rd dl.b.ln~nU IIIId. on "'Y' .CCDt.n1 or by N In thll Hanuetton. I furth.r cert.lfy thl' I h'YI nuhotd I copy of thll 1100.' S.tU....."t Sutennt, P/1lC- 8,.",,,, .NA. 'T"J:." I-L <<- ~V! 1? OBuy'!/ift tJ;)f'l.l ,- -' 'sfUer (j.." If' ;2'-"14 ~ Seller "'1, IlUO" 'ttu.fIIt"t ItlltfI'lt"t Ntllch I h..... prtPIr~ It . trut end .ccur.U ICCOU'\t of thll 'tlnttetton, Clund or wi" (lUll thl IlI1d. 10 b. dilbu,ud In tcura.ne. wllh ,nil I't,.-"I. A<<~d~(/d.w Harlin R, 1.\cCalob, Eaqu1ro Settlement Agont I ".\1 ~ ;:1- :2;:- 9'~ Date SETTLEMEll'r CHARGES . - p, , nv nuvor I Paid Dv Sollor 700 REALTOR'S COHIIISSIOIlI \IS I 701 $ to $ I $ 702 $ to $ $ 800 ITEHS PAYADLE/COllNECTIOIl W/UlAll 801 Loan orio. roe ~~fW^~~~~~:lIu \...up. $ 750.00 S 802 Loan Discount rnc..!:!~~~9aqo ~orp. S 1 59 J. 75 S 803 A""l1cation foe &~c^~gn2!9Ts~85~ool $ P.O.C. $ 804 crodit Rocort $ S 805 Lender's Insn. foe $ S 806 Tax Service FeeT~te.!~~6tgg Raal Cats . $ 70.00 $ p~nngcl. $ 26.00 $ 807 Flood cortification Fea 0. a ervlca 808 HaHin" coets S $ 900 ITEMS REQUIRED DY LENDER TO DE PAID IN ADVAIlCE 901 Intsrest trom, /,2~~2 to 2/29 $ 110.42 $ ~ $ 13 8021 da 902 Hortgage Ins. premium tor $ $ mos. to 903 ~~zord Ins, premium for one $ $ rs. to Alhtate ts280.001 P.O.C. 904 Other Flood Inl.lyr to ^11atateIS460.0 I $ p.o.e. $ 1000 RESERVES DEpOSITED W/LENDER fOR 1001 Hazard Ins. 2 mos.(J S 23.33 $ 46.66 $ 1002 flood Ins. 2 mos.~ $ 3B,33 $ 76.66 S 1003 co/Hun.taxos 1 mos.~ S 23.79 $ 23.79 S 1004 School Tax B mos.~ 5 100.71 $ B05.6B $ - . S- 1005 Anu 1. Assemnt mos.(I $ 5 1008 Aoorooato Adiustment $ 1-488.911 S 1100 TITLE CHARGES 1101 Clos1n" foe to $ S 1102 Title search to $ 5 1103 Title Exam. to $ S 1104 Titlo Ins. o inder to $ $ 1105 Document Pron. to PH! ~rtl Corp S 295.00 S o er Coli 1106 Ilotarv foes $ 5 1107 Attv. Foes Marlin R. McCalob 5 765.00 $ 110B Titlo Ins. to The Sontinel An.nev $ 458.75 S 1109 Lendor's Cavernae $ 75 000.00 1110 Owner's Coveraao $ 115 000.00 1111 othor $ $ 1200 GOVERNMENT RECORDING AND TRANSfER CIIARGES 1201 Recordin~ foss: $ 34.00 $ Desd $ 1 .00 Mortgage $ 22.00 Release S 1202 Local tax/stamns $ 1 150.00 S 1203 stato tax/stamos S S 1 150.00 1204 Other $ $ 1300 ADDITIONAL SETTLEMENT CIIARGES 1301 Marlin Yohn, Traas. 1996 Co/TWp $ 285.48 $ Taxes 1302 Past insp. $ $ 1303 Other $ s 1400 TOTAL SETTLEMENT CIIARGES $ 6,002.28 $ 1,150.00 ,-... IL' '"'~~\~ '~-~- ~"~. '-'.-' ., .~~~.~ .,., APPRAISAl. OF REAl. PROPERTY I.OCATED AT: 1lA , :13 ~-CCl< DRIVE t:PPER ;....'=": :O..'NSH:? =-.::~ERI.;:O CC'...~rrY ~CP;'~:CS3"ilG, ?rt 17055 ROO FOR: ?NC a;:;K r:;":~1 ::.~S':' :::PAA'n~ <:J1 ~((j~~ AS OF: 12-9-94 BY: I<ARDl :;"'UlEY. 3RDKER. GRI. CRS :.aseer G, Cor.ner, XAI ..~,t,L.''''I_.-'''h.>t-''' l.tQOtm.... r"\ !"""'I .';, No 4...~415 :anUll:"1 " : ~95 L. G. =c~_~or Real Esta~e Appraisers 2159 ~~Ke: S:~ee: C4~ Hi::t ?A l7~11 i'NC ll4."lK Amh ?.on KrA.'T,er, ~':It:. Oep4i-:.~.en': 4242 Carlisle ?ike P,O, Box aaH camp Hill, rA 17011 Dear :-::, K:amer r Purauant to l'Our ~equese, >:e ha"e p~epllred a SUW\RY l,PPRAISAI. REPORT of the property captionea in ehe "SUIlll'UY of SaUene F..tu~.." which follOWll, The ecec:;>!llyinq ~epon: is ::.ased en a site inspection of J.r.provernents, 1.nveleilfAticn of the lubjece ::eic;1"mr::ood caa of influence, ar.c1 review of 8alel. ::st., a...,d !.::car.e dau fc:' s:..~:a: p:-:per:ies. :-:Ue appraisal :.15.8 been r.-.ade wio;h pa:-:i:-.:la: 4ttono:ion paid ";0 applicable value.lr.~~~er.c~::q economic corAi,;i:r.s ana ~as been processed in aeccraance with r..:~or.ai:y ~eecqni.ed eppraisal g~idelines, ~e val~e ccr.cl~sions SC5ted herein e:e as 0: :~e e:fective date as stated in the bar! cf :~e appraisal, 4r~ co:::~r.;ent:. ~pon ";~e cerci!ication and ltmitinq eondi,:i:::s AttaC::ed. Please co not hesitate to eonta~ :::e or MY of "" steff if we can be of edditie::el serviee eo you, Respec"'" .,~ .........1' '~ K/':t/ Kare~~ ker, GRI, CRS -raTA&,.....................,....IIIllII..... ~-- , ,. "'01'......"'.-...................., .1100I..... .~OP"TV DE &CRime" SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT . AHALYSI! ,..-.~ ,.,-.... ""'... 4-146 ~e. ~~5 REMLCCi: :R:-JE __ uJ-lEOWlICS1l:.'RG '""" '::'11!l~;:~.. :;, ,. _ : ~055 'u. -=-;:EED BCXJK J5~, f;.,(iE e93: :;..x I:' 4;;..;5_:.~O-79 r-. _ PAUL:'. ~ 'mUST .IIJ"I~:J94 .u..u' .,683.37 _=~ ~~ --...___ :~ \t'M....~~40.1.6~......_:~_- :< ::-:-. ~,. _._.'9 ..<;~ NA __ l'll,:!! ~.'EP~FT - :~ ,..............---1 :U\ l'NC 1WlK, iUl KlWllJ\. AAREN {};lU1EY. BPOKElI :1'.UST tt:PAAll-:E:lIT --- ...- . ~......- . :-.- --, ,.., -... ~............--- .......- . - ~ ,..'''' -- ..... -.. -- - - - X_ - ..... -- _ UIMI" ~ -'--'_ ...... 0."" X ,..n,l_ ........, -- ]]._-- \-.-.. X \.... ~ '.... L.-...... ~ WI.....= 0......, , X ~....." j X' . ~.- ,.,........... .~~ .......... \.Iaf..... _.. 2 ...,.. 2 Qrlt..... 90 X.......... ,.7~+ -;-- ~;..~ I~"" s. = UIIlr ~.. .~..' 500 """""'" __10'1"-" U ~ .!1...,_..... ~ ...2.- ., ... _......, 4 ,; ..... ., XI-"::::' .......... ..........-- d'~, ~Q' ,~...., ..i.- _ ~i.liI._._ = ll2- .. ~c---........ - ......... c--. __ _ 125 25-35 i_.__,_ ........... ............. - d': f:: :............- - 6 ,... lu '................ m- ....,.. 100 I ~...____;:: ......... ..... --.....- - 95-100 60-10Io.r..........__1.......I ._ X. _ - X' ~.... XI Xi rxi Xi Xi Xi Xi ~ XI :Ri ,!J ~= ,- , r- l- ................. -----.. ,.......... -........ - --....... _.__ SUBJECI' IS LCC1<= III " RESIOENI'I1lL NEICllIlClIU<<XlllI<lQ/N AS "WEIlEIlClOM"" JUST !l::llml OF = .!'.EOIANICsaUllG .J!:)11O x:;H L::j,~ L~]..s:r..9F_ ,WESIE{ :;lU1/E , laml Of RT, 15 , AND EAST OF TH!i: H:mqE TCl-/NSliIP LINE_,_______ . ,- ---- - 0-.-. II __ _ 11_" ----- ....-. "'---- -......--..... ",,",.,,-- - -- ............. SlfJPPING SOltoLS. RECREATICIl AND QltlRCHES WlnlIN 5-10 Mlllt1IE ORIVIlll ':';:.!E. PRIDE OF CW/ERSllIP EVID!:m' nmaJGlWI' ':1lE ElmRE NEIGHBORIlOOll. BUSINESS AND P1lOF"ESSIal1\L RESIDEm'S. UNITS LOCA= WInlIN RESIOrnI'IAL SIN:iLE fAMILY llEIGIlllCIUllXlD WInl axIl Ml\IU<E'l' APPEAL, EASY Aa:LSS 'TO AlL:~ flQAttolAYS. ~ S'l'1JlILI'l'\' IS = OOE 'TO STlIn: CAPI'!tJL AT HMRISBURG = NAVY SUPPLY OEPO'l' =n:D IN .HE:cl1INICSlltlRG. AND 'll!E ARMY ( SEE 1IJX.I!liroMl ,.,............. .....----......-.-,............ --..--....---......."................. ,..................-- .-.,.........._ _ -.................." rot...............,.....................-.............--............... .......,....... .............. --........ ""'.... ----.. -.......-.... ""'... --. -.... rnM SUBJECT COMP'AAAILI LISTING NO. 1 COIol,ARA8I..E LISTING NO. I CQIoIflAI\Aa.I LISTING NO. 3 _lA , Ill! H!lIl.CCK OR. 358 nDIIEY lU), 322 WllU.'l1I' snu::E:I' 127 Ml\IU<ET snu::E:I' M!Cl1\NICSlllJRG ' NE:W Cl.I-IBERlJ\ND IDOYNE M!Cl1\N1CSBtlRG _._ I 8 _ 9 KILES 5 - 6 MIU:S 1 MIIE __ lNJ\ Xf~";- 98 500 X .... I 120.0001.X:,.. .... I 129.900 __ 1 870 15B4 1461 NA __ INSPEX:'T!CIl MLS = =T HSE :1!.S = a:xJRT HSE MLS tcEJ:fr CIXlRT HSE __ 2 8 4 2 2 8 4 2 3 10 4 3 2 7 2 2 _ _... , 1961 M L 1978 UNl<lO'IN 0l.IlER UNIQOtl OIlER ,--_~_, NA 60 40 240 ~.._.__ Ll<:'l'nllS Of CIl-IP~.Wl'rs ARE L==. LISTIlll II. SIMILAR l'LCOR Pl/\NI lD ~ IOl G1IIWZ. PRIVA~ N<1lJ!., AND, S~J ~ PAYS FCR EIECnUCITY CIlLY. LISTIm .2. 3 L'N,T m arnro:;H nu;,;Q;Lrp.ml,:Cl!, =m PAY fOR HEAT (SEE ~l ~ o.e--...................................................,.." rot................ ~.....,................"..- _....... ......_ 11 ....-.................,-.........."..__......_......._--....................--...~......."a.e-. .....___~"'_.......,..................I CX11RT REaJRDS AND HJL'l'I-LIST SD\TISTICS SUI'I'ORl' A STJ\BlE Ml\Rl<E'l' III TH!i: QW\'l!:R HAARISauro MEA. Gl!:HI!RI\L Ml\IU<ETIm TIM! IS 90-1BO lll\YS WInl ??oo l-lI>JU<E:rAB ILI'l'Y . ACmRDIUJ 'I1l TH!i: 12-21-94 CDI!'lU\L PENlI MULTI-LIST. m::, YEAA-'TO-Mn: STl\TISTICS , ':llE AVF:PNiE. MULTf-fNiILy PPDPER'l'Y SOlD FCR 592,517 III TH!i: HARRISBURG AREA l\ND 'l'lXl< 122 MYS 'I1l SELL, .s~ IV\f; 1m )t.";j\gRE;ll 'TO OFFER SALES OR fINl\NCIlll a:N::ESSICIlS, ,;:,L 'l'YPES.Cf fnUINC1l1G ARE INAIu.BlE WInl a:tNENI'Ial1\L LOANS BEIm 8.5\ TO 9,5\ nm:REST 75\ HJR=. L7 TO 3 romrs FOR 30 Yf.ARS. ~ ME m FURESEEI\IlIl!: 'SEE AllDE1fu.ll .>,..'.... .......... .,." "'..' .. TYPICAL f'I':R AREA -- ~ ~ -AIEJUATE . _ TYPICAL RES. S'IllEE.'I' '- TYPICAL FCR MEA ... ~ ... ....--:::-~~.u '''' ~ """'1- HI\CADI\loflmLITY ...... 0 - .... ~'I r-1 ,....-- ::. ~ = ~ ' , ._____ X!,,~ ,_.. __ ~ .__ - ,__... ZQlE A I 2-15-BO 1_ X' talE - ,-, 420372 0005 C c......1___............--~.~-.~~ .......... ........ _ ,........._. ~ IN FI.CX:D ZCllE A _ FI.lXXl WstlR1\NCE IS REllJIRED' llORMl\L IJ'l'ILI'l"l ~ FOR ElECI1UC. 'lElEl'IOlE =. _ IOO'X .... 0.34 ACRE COrNf" X .. ..........~.....~ SR-SUBUREWl RESICE:rrIAL ,........... ~ X I u,. _ ;..-. t~""" "'., ~ ..,........._......- ,X' ""-'_ I or.....-" '- ..- ..............n 1he ..._ *TOTAL. .ppn"'. .on-IN ., . iii moMo WIO. '1100) azw,aaa Le8ter G. CoMer, Ml\I 'AGlIO" ,.......,....- ...... .. 'k""(mv DUCAilIIlOll SMALL RESIDENTIAL INCOME PROP"RTY APPRAISAL REPORT & ANALYSIS, CCI'IU""-" r-' ..........___.-.. __ - __fl'" --" ~ ......-....-.- --.. ----......-...---....... -...-.. .....-........__ m-__.__..._____......- ...___...._._..........,.---~"......---_I n. ....-~........ ... -..... "" ~ -..--.-." --............... --................. """..... --.................--- ........--.....-......~_....-...-'I rrEM SUBJECT _ llA , liB 1lEl"....ocK 0 lIEOIANICSBtmlJ CO'-lPAAABLE FlENT"-L '40 1 COMPARABLE RENTAl NO :I 815-817 N. \-VJJr."I'S :405 0Xf1Jl\Il DR, l1EOIANICSoUro ~'lICSBtmlJ r'~ 2 -'lIIWr-'- ---r:r MIlES -.- ~_d"""l ...- .- -- -- -- - -- == - ... - ..- -- - -.- -_. - - --- ... l>>'M~ '011 v_O ...... 2.....,M 0.. ..~ge6.... ~ 4... '11_ 0.... M.~993!... 1_ 4... '11_ Ovo .., 1990 .... y. 1961 00PlEX. MNClI' OOPlEX, ?.h!lOI QJl\llRUPtEX. = i:XJl\mIlPIEX BRIO< VINYL BRIO< J\ND VINYL BRIO< A\!G.cnIDITIClI' A\!G, a:.NDITIUI A\!G, CXNlITICll ' "\!G. CXNlITIClI "\!G. nPPEl\L A\!G. APPEAL AVG, nPPEl\L ' AVG. APPEJ\L ..c:...... .. ....~ s.. .1..... ...0N'Il ".. .,w ...c.... .. '... '" II It ,"''' '..." II II k"- ......-.- ..... I., ......,........"........ II... ....." ........- '4 1935422641525421768'"475142254+"595 14 2 I 935.4 2 2 664 525.4 2 I ,76B 1 47514 2 2 ;504 595 4 2 I ,76B' 47514 2 2 '504 595 4 2 1 76B 1 47514 2 2 '504 595 L'NfUR.'lISlIED 'Esr. UNroRIlISlIED ::lWl'I' PAYS AIL ~- mll\m'S PAY FOR AIL P!2lSES EXCEPT FOR A EXPENSES EXCEPT $6B/MJ. ASSOC, FEE 'I'J\XES AIlD IllSUIU\NCE FCR WSUR., :..;,wN & SIO'I REMM\L , Tl\X AVG, UTILITY 00 BASnlI!ID' NA S'I'ClAAGE X4 E:I.EC, BBD OFF S'Il1!P:I' PJ\IU(oo I :0IllI 'Itl fOl. 12-9-94 tNSPECI'IQI ~'/R. = I'P,'Itl :.p, 1994 RDW\L I'JIWIGER ~ YR, n!!2l m.'Itl m 1994 MIB I t-mrr !OlE COM,oU\Akl RENTAL NO. ~ 4714B-4716A CHARLES ME:CIWlICSllURG 2 - 3 MIlES I YR. nIDI m.'Itl m 1994 RmD\L Ml\ll1iIZR talE IAVG,l1I'ILITY , 00 BAmII!NI' , NA HEA'l' PI.IIP WI'I'lI CIA GAIIHZ X2 ~._---------",.......-------."---_..---..--_--_I RnlTAL caa:sSICllS III 'I'lIE NEIGIlDU<<lXl ARE L::-a= WI'I'lI FEW oc:ctJRRIN:;. c:DlP~ It MJST SIHII1IR 'Itl 'I'lIE StlllJECT IN LCCAl'IClI AIlD OESI~, == S25 FOR J\lDITIaw. BAl1l. 'I'l\E Esrn= c:DlP~ R.ENI' I>WLO BE 5500 . T. , c:tlPAAABU: 12 = A GAIIHZ WllICl BRIN:;S 520 'Itl S40 ADllITIaw. PER rnmI IN Ml\RI<EI' =. - :;-:E!ltidRE. :!IE l\D.ltlS'l'EI:l R.ENI' I>WLO BE 5500 PER IO!IlI FOR'I'lIE stlIlJEc:r. c:DlP!\RAllI.E 13 IS 1lEWER_;:: A!Z, P.lIS All J\lDITIaw. BA'I'lI J\ND c:mrnAL AIR, ADJU= FOR'I'lIE DIFtC:RENCES 'I'lIE ESTIl-!A= = I>WLO BE 5525 PER UNIT, AIL OF 'I'lIE c:DlP!\RAllI.E RmrALS ARE I.CX:J\'ml III SIMILAR NEIGliroRHOOll6 WI'I'lI MJ5T WEIGIn' BEoo PIJ\CED ClI c:DlP!\RAllI.E 11, = stlIlJEc:r'S BASEMEN!' IXI WAS fINISHED MINIMALLY AND lIAIl A FIREPIJ\CE. IN YtxlR APPRAISER'S OPIllICll. 'I1IISjllXM \CJLD ~RIN:l A XINIMi!kRENT rn01EASE IF AllYl AND. 'I1IEREFORE ~or cnlS IOERED IN 'I'lIE R.ENI'. ( YtxlR ""PRAISER LCXll<ED AT 3 SIHII1IR UllI'I'S WI'I'lI BASEM!2lT FIREPLACES AND IDlE WERE BEING l1:'!l.:zb oY, ~ mll\m'S I , a:mm Tl\X OFFICE OOES lOl' HAVE IllDMWl\L L1lIT FO:7fM;E = fuR E,;Ol ~ill'rl Ca1P!\RAllI.E SCUl\llE FOOrl\GE PER UNIT WAS EsrIMA'ml. talE I tQlt ............... ."..... __ ___... ........ ...... ____ "'..- _ . ... ___ ........... .......-.............,............. n. .......-- .......----- --------- - ........................... ,.--........- .............- ......-..~. _... .-",,-,-,,1OJIIoft. .....__... ...........- .. "'.---...... ............---....................... .....,,~ 1'I'lI......._________________...............OML TN.................,. --- L1mrnlllSllED = PAYS fOR AIL E:':PEN E:XCEI'T stGI , t>>Il, TAXES , AND n:SURANc:E I A\!G.I1I'ILITY 100\ BASnlI!ID'l FAMILY RM , FP IX1) OIL FllA lIEAT GARl\GE lC2 '_'llFUl1IlI SllED mlAllT PAYS AIL ~- P!2lSES E:u...... , !1:R TAXES AND lNSL-AANCE ACTUAl. A~,!!S- EITJoIATED RfNTI ... _00. ... , ....... .... ...... , '... -- , - .... .-, - - - - - - 1 MJmi 'to ! IO!IlI 0 . 412.92' 412.92 . 500 '. 500 1 IO!IlI '1"0 ' fOllll 0 452,92' 452.92 500 500 AVG. I1I'ILITY oo~ NA tQlt ELEC I BBD, Yuu.L ;../C G1IRl\GE X2 ___..J. ..~~5.B4 OIW..... _ ......1 ~O-E II..... ..........,.. -2....."~ '"' --9- " .!!!'-<< ~ " · CARE.....,........- '~a..tI L...,;~" ,_ --- ~ 011 '- 01 - 1...-..,.......... I 000 . 0 ,.....____ I 1,000 Xl SIO'I REMM\L J\ND UItl c.-.~.._ __. __ _........ _ "-"..,.,............. ~............. -'-..... ..1 'I!N1\Nl'S PAY FClR a<N lIEAT, ',u,n:R AND SEWER, EI.ECrnICITY AIlD 110I' WAn:R. NO ~. lIRE AIl.GiI!I!, I1I'ILITttS PlOIILEIl ARE TYPICAL. stlIlJEc:r IS llllDER RENml BASED tJl'Cll MARI<E"l' RESEI\ROI, 'RDII'S nO.lJIlE 22.92 FOR SE.W!Jf.----.------- -.-.----. .' ..............,. 1M1 ,..... "10 L. .ppn.... eotrnrw ., . .. ...... No '1100) I2MUI 'I4I.CW' ,............,. ....... 10 ""'1'''' OISC'IP-'~" SMALL RESIDENTIAL ItlCOME PROPERTY APPRAISAL REPORT '.lHAl'W!iISCO..'...~ - - ,. "".....-..-..._....._..................._..............,.....L.__......... ...-..........-......-- ...................-- "'.............". -............ .......-.--.. ..... ....................... "" ..,...,..-.... -,.. ... .--..--.... -.-..... ~............... ....._____.......... ..__.......,.... ""................ .". ............... "".-......._....""........ II .............. ,............... ......... ._.._..... ,...-.__ ,......,.................... ................._.._".._ .111__"..'0-___--, 'D1 -." 1!o.:..~i._.-~~"oui~ii7..';'- ;.----:~"....,."".~~---_.. 1;0W'~11oA4'_1rIC : :,~ , ~ ~J to'"...D:'K OR, :06 , ~12 S"..i:ii:, .1. ------ .---... .-... :l!:OW::Cj?~"!:::~L rl\ _[":~~S.';~~~;.'. :;b ...---.--. ... ............... ........ "'''n'~5 M!':'S -. 'r16'. ...-.--- ....... . :~ ^ \,"" "..':'-1- .....,COO .. "- ,........gu . . 37.62 · ___ I ---r:oOO' I "00 I ~_..."""'1II :0;,27 ,.............. ~9J.O_~Q ............... '. ".. _"'_' .. ;!t.!5~ ~.._.._..~~~si'EC';:~L_;~/.~::-.;.. ;..'.:1. AD.IUITUINTI :UC,U,T'C)N O"C"~ ,.. ... caN~2fi:Oi --- ! aosm: CXlS'l' -2 000' ----,. ~"" ...u....-_ I . . L-.. ___. ' .... .--. '-OIlCtl.~ --:j.iI~-oiiClWTCN-'---:;:' i"'-- .--. ---...---- .--'-' -. ..... - DftI_..... SA ...... _~tlll~ ~___ _'. _ _ 14'&:x~ . 0",. .Pf/rr.."P.-__,.. . o..r-~_=t" _ ,mgt...?"l"~,::?,~__..:l,:OO OMII.___ a~uB~~.1 ~~..,Q;;l1t.~_.. .~,COO. ..._ 1961 t1!L lJl8~. -1.500 _ /Ii ___ 870 2 048 -2 500 ,.-...-........-- ... ... ...' ..- ....';:. ..- '.. ... . . -' '. . .. ~.. 'J" ,. . ., ," ." 1 2 - 0 , 4 2 : ,5 0 -:. :~, ,~ . - ..- ~ 2 0 "::-.:{-"'2 ~,S -0'. -:.500 - ..- ... ..4" " ........ oJIOl ~tt If II ... '" '1'1' '.... """" 1M --- ...- - .....- ... -.... - :_'ll. 1lM&f1' PARI',::IFIN, ntlfN.GE A~ 9:::-n:J,~1E H:!Lqm~ _~. ~lA\'G,.--l, CAA/n\~' _, C'JJ, i'OllOl ~ PATIO )(2 OEO: )(2 -, 500 .-- _... I...~~ L.. -Z.J.Q9.0. __ .._....,_ 6 500 -' ~~~,500 .~,' ",. '.", ~~f".~i,fj;-jt,;"''O.,..,,:-,,-,':c.:-':~'' fl APPRAISAL REPORT I"'"'\OENDUM ~ c:amITIONSt AUDIT }lAY R.."VEAL ':llEIR EltI=:a:, NEta:HlrlRJlJOD Dmc:R.tP'l'ICII' (Dft'ntUED I SUPPLY == IN NEW ct.~IIlElUJ,lr.l t..'r.l 'n!:: EXl'M'OlIlG I<o'F.ST SIlOlIE AAU.. NO Il!2I'l' CJ:NmOl,.S IN EFn:cr, catlEIlCIAL USES AIlE LOCA'IED lII'IllIN 'n!:: Sl.'&JEC1" S SOCIo-Ecc::tOIIC l/EIGllBOIUIlXlll, ':!lIS calCITIC!! IS TYPICAL AND OJtol Fat 'I1lE AREA ;':;;J COE5 1m EFn:cr 'I1lE IWU<E'I'NlILI':'Y OF 'n!:: S"v= PlIOPERTY. CD4PMIstIf ar LIS'r!H:2B D:IIrtHU!%J I l\ND e:u:c::lUC:'lY1 FIIU!1'IXEI OFF S'I1IEET pAJU(nlG. LISTnlG 13t !.OCA'IED IN o::ttlEIIC:;.L t1EIGIlIlOIUlCXl m 1lClI\CX.I:lK, -:::wm PAY FOR HEAT, EIECnUCI'lY, WATER AND StwER. SIX CAA PAAKING :Dr IN REAR OF BtlIL:lnlG, 'lll!IlE t..~ NO lX.'!'U>>:S C.'l\IIEmLY ~ 'n!:: ~, ~ISTnlG 11 IS HJST ttHl'AIU\Bl.E ':'0 M S".."BJEcr ::: REmAL :::c:a-:!, ia, cc:mI':':OO AND FI..OOR PIJ.NI Bur, :s !.OCA'l'C ::1 AN IhTIJUOR !.OCATI~. Cl:Ml'AAABU:S 12 & 13 AIlE c:.cSEST IN LOCATICll. LISTINGS :0ItD OI'JE \'CXl A MN\KE"l'I:lG IWlGE OF 'n!:: ~IJST ca1PAIU\Bl.E UNITS C!! 'I1lE Hl\RIIET . NZtCRBORRXm P~rt.IAi'JCIf CCNrINUED I E:Cl:tOl1C ':nNDS OR FACIORS 'IllAT MAY INFWENCE 'n!:: Hl\RIIET cnmmalS Fat 'IllIS AREA, :F INTEREST RA'lU REJllUN STABU:. ':HEIlE IS NO AIMJlSE ~IL1'lY. ,- . -~ -.. --- -~._. ._-.. -"""'\ SKETCH/AREA TA~E ADDENDUM , . 'jo s U B J E C T 5:"':11' ; ~-' ...... - .....-..--.. --.....- r....\"I... !:.,:..,.4,~... '.':.. ;:a',:cI'rvAoc',,, ::A to :':'3 :~::=.=.'="=:~ -":."":' :;OC:OCI ;!1I1 :~ 00 ....:: : r, '::..roty ~.,:!"U.""::.:':E':::j ..._~!?:.;..::... .....Cl.. :..':....:..-:'? -.. .... .:.....f. I M p R o V E M E N T S S K E T C H ~ :~ ." ,,'.. .:t.atSTCI'fCI..P1.t'( .,. ....., ,,'..'. ,~:,':':Z. ~"', .0...'..>,.....,"~.,~" .,." ,'. ""...... '.' -:.:~,Qlr1fN:E:".'..'..> .~" .."'. .:\:--~.. ...~> > .'-,:--:.' ..,'.~~,~: ."-.: .' . ."," . ','0.': ... . :.: :' ~".:... " .:.'!: ~I ~ .. :z JI' SCAli' ":".151"1 " R E " C " L C U L " T I o N S AREA CALCULATIONS SUMMARY Ar.. 'lama of Ara. Size "otall GL'" ellllfen Du'\.lll 1810,00 1810,00 'Cl :::vr.IID 1II01e" 116.00 116.CO en Z CAl tAual ,n,oa "Z,OO LIVING AREA CALCULATIONS Subtotlll ereakdown ".00 n.De Jt,OO 22,00 '~aa,oo 612,00 TOTAL LIVABLE ;':unoeol 'e70 1670 ....... .-' """" ( Neighborhoop.Map) . '\1 .'\ "~I. .ttl""'!' .. . " '.'....,'... '" . , , .. , ",.AI '. --. , ,''''f.'' ,., ^.. l' ,'.~ ""\'\'~.'\ .....~ I: ~ ,.~~f'!.t -~'\l" ,! ~'\j "\~..o4."1: ... of: . " ,r,\oiHclII I': . ,,1 ? . '''''\:t. . 1. .. .... J . ,.....,. ~.," I:.~,\,:..~ ') ....~. . Of..., 'q,.'IIIM.... .. 't',' "\1" to, ... ," ft "'1' h ...~....... . ..... ll\' ...... ~t J ""V. ~ .f~~ (: .. ""... . ... r:. .. ",.; .;..~7...:I....:;:-/...t(~,.\\~ ;~~, ~ ,.\ . "t'!.!.:J',,' ,.,.....'r,.~L.". '\Y" ',.. ~ ".'!'~'\ ,.. "'., ., (0" :.'\,' . ....., 'oo' . .."" ~..,.,.,f : .... ii' (t.". ,'~.\~,......./.. , "~~ I ~ I ......J r , t;' ~\,;,. .....,....".,.....,..... ;sO'..., .. , . "'-" .f \ .... 1~'.\'...:Jt v.,.,'f .- ~ ~"IIo:r.r~. Olllh'II~"'I"1t :...... ........ ~ 1,1t ....\fI',l:t.. I' "'.: ...;...:,..;~~ ,,\'rt~1Il" '" ,1 ..... ...,..... ,.~.~... ,.. 1\, \ C..........,.., 0: I' .""t- ~ . t> ... .. ., ,."'. . 0' \ .. "",1l! .tI''> . \~, ..-.. 't" ,\" ~~. . f" t. r'\r~... ..... ,,", j..l~,.::...~,.. '''ltl \."\'"':..,..... \1 ",' "-"\";'~ .~.~"'~ II" I' ro. '~'lll""V..-r\\If'!"" -:.... I "," ~ ~.,~... 'Y"",.~IfIt1.. I .I,)t .t.'t't..L-. ,." ,,-." u /V'~\"','t~..,.\; \.:JI"~.~'.II I \...>\.\ "'~",t.H'It"r1f ;.4" , "I,~."I \ <;7::' .. 1;..4~~~~~.\'~\:t.\.O::: ...,~;lf.,~..""...-\~~~\.~ ...;'.7",. of! , :' I :'",," .,..~6.!;:...i\'~"--': :"'"'~' MechanicsDUr~;..-.:..--' ," ._ fA" ..,~",,,.I ,hlltft ~.. '''\\''~''f\\.\ 'l\' ~..l. ~ ~.e .... v.~ "...,;1.:1 ";.'.{l. i.,~"'1?\:\-::... \, ...',r;:.~.~~;~':(< '_~. :'~:'''' ...170B 1 \..... ..- .../"r'" . '."'Il" ,l..' ......I\~.\.ot '_\ I "-;:''1',..'' ..... .,. " .. c. .'. ". ',;. ~ ...! .. .. ~ __.......ot :! .", \ -.. ,~ ~, '. \ ...1 ..... \f.~":Z .. .....If I - -:e. '\ T~I.r;t.'.........,~......."...:.'<--1.1,\'!. , '. .of''' ': \" .,\&\~:.....,..~ ...... .... .~.. . .,' - I ,,,,...It. ..\....- ..... ..r'... ) r. .... "- fl,\.~ , \ '....,.., \' ..' .......1 t ''C'o ~..oOI. _./ 'f :. '\,.0; ~" ~,:'::'!':"'" I \Ii......'flft I' . ~t!. I '"'\.\0... ~"",,\:\ ,. ==\,:'~ ..,.. . "0,.'.,' I' ,'UllIltVlVUII1 @ 1~ , n' . '-.. "" ,..... ....,." .'i<~\ .. ..' .. .,.;..- .,' ~ONRO~ \ TOWNSHIP I , , , , . , , , , . I , ,. , ;; .~l!f, "t:. , ;" ~ '" Ir...',. l -.",,~, '1" r. '''). r.' "'''' ,"'. I Ii "\ \ i , . I ,.;... t. t:.\ \.,. \ ~..","- " .~,.~, ..,'.. ,..~ .~ \.".,,11".. /~...-,~-:; CI '''t......, ..~ 1- --. , ,~.. ~.. "......Oet I . ,,0,-'" ._ '~ -., ..... - . .J' - _ _ ~~ _. ._ . . ~ ~ ( Comparable r,les ) : o ~ :;-- .' r'!7lrt..,/ - .... 9 ~-.. ~ ~ ....-' ==, ~ ,": \ .. . . ,1 > . t .. . .... .... , -. ... I I...... I' .11 .. _ '.-. ... , I I I I I I I , i I I I I ~ iI )1 t. , r r I, I r I' t: I I' I 1': ir" I; iJ ~ ( Flood M:tJ l - . ,-~----~----.. -"'~ @ \ ZONE C \ \ :.-'"- \ ~/ __ "dtt- 1. ~ ZONE C "'""'" @ '.. ~, .., ",. ~ .. ~ .- ,. ""'-'" '." t. . 1"""'1 r-. gnu : THIS DEED is mAde thia 31 sf- dAY Df t)Jr,t,.,_ , 1991. betw..n PAUL T. SHEARER. h.reindter CAlled "GrentDr. And PAUL T. SHEARER, Tru.tee under Tru.t AgreeMent dAted June 5. 1991. with peul T. SheArer A. SettlDr And Tru.tee. h.reinAfter cAll.d .Gr.nt.... (HDth GrantDr and Grantee, wh.ther Dne Dr mDre, r.f.rr.d tD .. thDugh singular in numberl. WITlIESSETH, that the said GrantDr fDr and in cDnlid.r.tiDn of the sum Df One DDllar ($1.001 And Dthsr gDDd And valuable cDnsideratiDn, paid by the said Grantee tD the I.id Grentor, at and befDre the signing and delivery Df thele prelents, the receipt whereDf is hereby acknDwledged, hAI granted, barg.ined, sDld, And cDnveyed, and by these presents dDel grant, barg.in, e.ll, and cDnvey untD the said GrAntee and Grantee's heire, succeSSDrs And aSligne the premiAes described Dn Exhibit .A. attached heretD and incDrpDrated herein by reference. TOGETHER with all buildings, imprDvsments, WDDdl, W.y", rights, libertie., privile'les. hereditamsnts and Appurten.nc.I, tD the same belDnging, Dr n Any wise App.rtaining, And any reversions, remainder., rents, issues and profitl thereot, and af every part and parcel thereDf, including any intere.tl sp.cifically set fDrth Dn Exhibit "A", if any. And also, all the eltate, right, title, interest, prDperty, pDllessiDn, cl.im and d.mand whatsDever, bDth in lAW and eguity, Df the Grantor Df, in and to the same. . TO RAVE AND TO HOLD the same premi.el, and the appurtenances, hereby granted to Grantee and Grante.'1 heir., SUcceS.Drs and as.ign., to and fDr the Dnly prDper us., b.n.fit and behDDf Df the s.id Grantee and Grentee'. heir., AUCC...Dr. and as.igns fDrever, under and subject tD the cDnditiDne e.t fDrth Dn Exhibit "A", if any. UNDER AND SUBJECT to all Acts Df A..embly, cDunty and Townehip Ordinance., rights Df Public Utility And Public S.rvice cDmpanies. existing restrictiDns And easements, vilibl. or Df record, tD the extent that Any persDns Dr entities hAve acquired legal rights theretD, plans, rights Df WAY, llenl Df record. This transfer is exeMpt frDm Pennsylvania trAnsfer taxe. b.caus. tD a Trultee Df an DrdinAry trust where the tranefer wDuld be exempt if directly tD the ben.ficiary. rdOD 35 rACE 893 /'"". t') Violena H. SheArer joins in execution of this Deed for the purpose of releasing any interest of Any kind or nAture whAtsoever in or to the premisel herein conveyed. AND the said Grantor hereby covsnAnts And Agreel that Grantor will warrant specially the property hereby conveyed. . IN WITllESS WHEREOF, the lAid Grantor hu hereunto set Grantor's hAnd and seel the dAY and yeAr firlt Above written. ~,--t -r s:;;(, // -4 J ~ Paul T. Shearer (S\!ALl ~'L);;,' ,~ Violena M. Shearer (S\!ALl COMMONWEALTH OF PENNSYLVANIAI SSI COUNTY OF ill'lt"IIIlIl c:..u.n-.e.f.It,I...A#JO On the 31 ~ day of O.~ ~ , 1991, before Me, the subecriber, a Notary public in and for said Commonwealth and County, came the above-named PAUL T. SHEARER and VIOLENA M. SHEARER, hie wife, satiefactorily proven to Me to be the persons whoee namel are sublcribed to the within inetrument and acknowledged the ebove instrument to be their act and deed, and deeired the eame might be recorded ae such. WITNESS my hand and Notarial seal. """. \.1 If I .... ~.~ '''''',.,1('< :- '..I.~~" '~"I:'. .....~ ..... .." ....... -4.l'" .~\".. I . '. t'- '/.. I \. ..r l' '''1 :!' '...... - ,.......,/{- ....,..c,....".~i~..:...~.J' '" "04".......... ~ ~ "'" '1,1'11,11 .... ...,........~"'h'~'rebY herein 10 109 L? . I r --\-G., ../4 ~ all eA.; Notary pUblic My cO"'"'M:.!C.~SI -11-9.r __~canv 1.tt~__,1,'... . certify that the preciee Addrees of the Grantee Eaet Elmwood Avenue, Mochaniceburg, PA 17055. ~~) ~j~. 106~ 35 rACE 894 . .. " '.;0 N ... ~ ';D ;l .... .... c::> O'l j I i I i i ~ - \ ;"s'l\ . . I . . '_'___' . c:~ . ~ , . "'" r"I TRACT 110, 21 ALL that o.r~.in lot of qround, toqlth.~ with the improy...n~. th.reon .~.ot.d, lituate in the Town.hip of Upp.r Al1.n, County o~ Cweb.riand, .nd St.t. of p.nnlylvanla, bound.d and d..orlb.d al ~011ow.1 "'''t':~'I110 at A potnt In the Southern llnl at HAIIlock Drlve 140 nn .' wide), whlch laid point tl In the dlvilion lina betw..n Loti NOI. 42 ond 1~3 on thl h."elnattlr ,",Intlon.d Plan at Lotll tll.no. extlndins nlong the South.rn llnl ot ~em10ck Drlvl, South 77 d.ere.1 23 lIinutel flIt, 37.46 ta.. to a polntl thence continuing alons the ~outhern line at H..,lock DriY.. in an ECltwlrdly dirlction, by the aro at a clrcll curving to thl l.tt, laid circll lIavlng a radlul at 200.0 t..t, tl~ orc dl.tance at 102.26 f~et to a point in the dlvillon line bltwl.n r."to NOI. 41 and 42 on the herllnaftAr mentioned Plan of LotI I thence extending along the dlvir.i-:.n lLne betwlln Loti 1;0.. 41 and 42 on I..ld Plan, South 16 d.sre.. 41 mlnutel Ealt, q6.63 t..t to . polntl tnonco extendlns along the courle, South 7q dlgrl.. 03 minute. W.lt. 200.32 teet to a point in the dlviolon line bltwlen Loti lIoa. 42 Ind 43 on the hlrelnettlr mentlon.d Plan at LotI, atorel.ldl tile no. .xtlndln6 nlons the dlvl.lon 11n. betweln Lata NOI. 42 And 43 on laid ~lAn, "orth 12 dlsreu 37 mlnutes Eut, 140.54 tilt to a polnt In tlll Jouthern 11nl at H.mlock Drive, Aforellld, at the polnt and plac. at ~::01IlNtIlO. ;::1110 Lot No. 42. Block II!)", on the Plan of 'olEBERCROF'r, whlch laid Plln tl reoorded in thl cumberllnd County Reoordlr'a Ottlo. In Plan "oak No. 1;, P~ee 13. 1 d lli 9 known and nwebered BAVING thereon erected a frame dup ex we n a. No. 4 Hemlock Drive, H.chAniceburg, PA. hi h p 1 T Shllrer and violena H. BBING the lame premile. w c au 'd Harch 21 1978 and Shearer, hi. wife, biY th~i~hde;~c~~~:r of De.d.'of cumb.rland recorded in the Off ce 0 e k Volume 27, pag.76, County on April 19, 1978 in DIed Boa T, a. tenant in o~n, granted and conv.y.ddt utndtod PAU:h;ifS~~~~~~~t in the pr.mi.... coneeitut1nq )ll'r.un v . one ~.s35 rAtE 896 .-., TI. .r NO. 31 ALL that c.rtain lot of ground, toq.th.r with the improv...ntl th.r.on .r.ct.d, lituat. in the Town.hip of Upp.r All.n, county of cumb.rland, and It.t. of P.nnlylvan1., bound.d and d.lorlbed al follow.1 ":;;OIllNINO at a point In the 1I0rthern line of Hemlock Driv. (~O flit wIdell which said ro\nt i. In thl divilion lins bltw..n Lot. lias. 27 lnd 20 on the h.reinaftlr .,entiored Plan of Lotll th.no. extendIng .1"nlJ the North.rn lIne of Xs..lock Drive, l/orth 40 dears.. 30 minutn )0 second. W..t, 100.0 feet to a po\ntl thsnce extlndins along,th. "ourse North 49 d.~ees 29 m\nutel 30 I.cond. E.at, 150,0 fe.t to a ~olntl thence extendins alone thl course, South 1~0 dlgre.. 30..inutn )0 sloond. Ea.t, 100.0 feet to a point in the division line betwlen ~otl 'los, 27 and 26 on the heroinattlr I1lBntion.d Plan of Lot., afore. aid; thsnc. extending along the division line betwe.n Lots ~os. 27 and 26 on .aid Plan, South 49 dearles 29 minutes )0 ..conda W..t, 150.0 rllt to a point \n th.. t;orthern 11n. of Hlmlock Drive, afornaid, .t the point and place of BEGINNINO. BE[NO Lot No. 27, Block "e", on ths Plan of WESERCROFT, wbich said Plan i. reoord.d in the CumberlAnd nounty Recordlr's Offio. in Plan ~ook l~, Pas. 31. ":.WINO th.reon er.cted a Brick And Frame duphx dw.llins known AI 110. 1/ Hs..lock Orin, Mechanic.burs, Pa. HEING the eame premise. which Paul T. Shearer and Violena M. Shearer, hi. wife, by their dsed dat.d March 21, 1978 and recorded in the Office of the Recorder of De.d. of Cumb.rland County on April 19, 197H in Dsed Book T, Volume 27, Page 79, granted and conveyed unto Paul Tt Shearer, a. tenant in common, conetituting an undivided one-half intere.t in the premi.... ~ ~...l~~~.. ," .. ".,....\ ,,' "?o"E.:-~~: "~'. , ,..0 ......,,~~.~..~;.., I' t.v.~;...:, "'!'>).~~~~~tt : .?...i to...:,.....?. .\",,', , , , JI"~. .,;:. . . ". I ,..'.'. , . I~J.". . ,tlj~""n. ; 1:' . r I.." 1t:t-:::' "..:" . .. . f'. ~ ... . ;~':i\"" : :':":"1 - :. .. .. . II J,. . " "....:.:.- .'\., : ". --c;._. 0' .."t... ."1'; ':" ':;:O~':i.. .... ',,:''''D l.;, .....-. ."",...... ':,'1t" ~~ Pe"nsvlvanll } sa . ',"f'" at Cumberllnd .,.oftJ1ln Ihe oHice for the recording 0' DHda :..... ~"d ''l' cum~",cI counflld!A. ..,uuceno~_ vob::::z..- Plge Y:LL:1 . "1"tt51 mv han ..1 of off of C..II,lo, PA thl cloy e:d6ll..s;'35 rACE 897 , , 1~45." f"'\ 1"'"\ ~ II An)' uu Iltsttn; on the .f".:~ht G.~' of ...., =.rm\~':la Df 10letl1 'Jc'o':~:' ,. ~:':. QIS'::"'C U.. 11 10CUld Ihall bl ...... c: n'" clln ;' CO m'lncatntnv chI tharlcc.r an. ..c.nc of op thlc dlt.. Any looltcltton fcr cn,nv, Inlull prcc..url IPlclfled In chl1 chlour (SII 245, 1245-19.1 USII PIMltttld IS C.ndltlonll USIS. A ull lfltld undlr chI vlrl.ul z:nlnv .~Itrlctl " I rt9hc In Iny dhcrlct bllldl which ull Chi lecur '( Co...tlltonlrl. tn Iccordlncl with 1245.121.1, auch.r I"Mllc by chi Zonlnv Offlclr, and lubJlct to thOl1 I 24S.121.1(C) and, to thl I.tlnd noc oVlrrldln by I~ thl U.. Schldulu II WIll .. all cthlr aopllcabh r' tu~lr rllcrlctlonl that thl Townlntp C:=mllllonlrl 1245-20. Honpenolttad Use.. A ull not lluld undar thl vlrloul zoning, dlstrtcts '245-21. UI.. by SPlcial E'cI~lon A, Any UII not sPlclflcllly allcwld 11..wnlrl In Iplchl IIclpclon In thl dlnrlct or olUrlcts 11.llar UII. arl plrmlttld or IlloWld by IPlcl ule .I.tl thl rloulremlntl f.r a IPlclll I.Clp dOll not constlbU I pUblic or prlvau nU,llIn . .,... ,..., ~ TIll I.pllctnc Ou.t .hOll chit thl UII or:cclld or IllOWld by IPlchl uClPtlcn Ind "'Ult furch not can.tltucl I public or prlYICI nulslncl or cha pur. '245-22. Acell.ary U... and Strvctllre.. ACClllary us.. Ind .trvctur.. Ihlll be Plrmlttld In CCI PIMllttld by thl. chlptlr Ind Ihlll be furthlr lubJICC UIU Ind seMlctur.. II lit farch In chll chlPclr. '245-23. Tibia of Usa Regulltlans. TIll UIII Olrmlttld In th'odlstrlct. Iltlblllhld by tt followinv Usa SChldulll. The U'II .hown .. p.rmlet UIII plMllttld In thl dlltrlct, Ind .11 ocn.r UIII II Ol.trlct UII COnllrYIClan DI.trlct Agrlculturll Olltrlct, Rurll Rllldlnclll DI.trlct Suburbln Rllldlnelll Otltrlct Urban Rllldlntlal Ollerlct Plannld Ralldlnclal DIVIlopmlnt Olltrlcc I I I I 10 Editor'. Hatl'l 'said Usa SCh.~dUhS Irl loclud It 24523 I ~,. , DEFIN~N OF MARKET VALUE: -.1 ft\Oll e'CD.el ~e'" Clroelrty '"011''' Ipl"9 '" I c:oll'lOtnvl a/WI oelll "'..." UI'Ilo :O"lO"lOnl 'IOU''''I to I I." tI'l. !fI1 Dv.I' 1"0 ..'.,. ..t" ;:'VOlntly, "nollrlt09"o" lno '"""""9 Inl D/ltl .. ...." .ttlettel oy ulW:ul Itlmu",._ 'mOloe" 11'I m-. G.lotlrllOl"l 'I '''1 celllllmmlllOn 01 . .. I II 01 . tQeClfltG a." I"" tn. OIl.ftlI at H" frO'" I"'" 10 M" unn' CIO'lGtJO"1 """eoy. III Dv.", 1"0 U"" "1 I"otl nllY "'Ct'IIW. 121 Dam un", "' .... Iftlomlld 01' "... l4....fO, '1'llI ..en .a."O '1'1 ..lIal tI. COIlUIe,. n,. 0"" 0..1 011,.,,,1: 131 a ....on.o'. 1,"" 'I . i1"1d to' .IDO'"" '" tn. 00./1 ""a"'t!; 1"1 p.ymtltl , mao. 1ft ,,"'" 01 CII" III U'_ dcl1lrt 0' ," ,.oml O' f "1"1:'" ''''''V.m'lI11 totl'loa'.o'. 1"1"10; lna III tfl. D"" 'W....,. "'. F'IO"",I c:onIld"IMn to' t'l1 P'OPI", led un.tttctlO by IC:K'" 0' C'''hl "".nC'''9 0' .... centll.lOnl- Vrl"'tG by '''yoi'll lMOOIltd.." 'II' Nil. I Ad""",ttnI to 1"1 cemal"C'" mull D. m.al 10' lotoll 0' Cr..".... tonl"""Q 0' II'" CO",nllOnt. ,., .a"""",,* ,f, nac...,., lo, Nit ~'fI "'''<" .r. rlO""I"Y plod Dy Ulllrt " I '"U" 01 trla,IIO" 0' 'a" III . "'1"''' I"': "... 00.. ,f, "..,., od........bIt ..~ IF'I' II"" Uy. "'11 tolll '" ...."l\l."y ,tl II II ".....~i1.,. SCIC'" 0' C"U'" "n'!'IC'ng 'Oi\llunlflll C." 01 mlO' II "'. CO~flb" Oroolny oy CC1l!1C:lntOn. to htlll'\Cl"9 lI,m, o""tO ov . lnord 01"" ,"1l:tJ1lCl""I.nalt entl " not .lttMt ~ 11'I "" propttTt 0' rrlnllCllO" Any .a,u.tmlnt aflOUlCI nolO' "'CUt,11O On . ",lCn."ot.t 0011" to' GOI!" COil or tn. "'.nong 01 COMllllOIl WI ,,, 0011I' 'meNn' 01 I"., la/Uluntfll INNIQ ,ppro_lmlll tn. ",I...ft 'UCtlCl" 10 tn. "'Inong 0' COt'lCelllOnl .... on "" ......... IUCIV"""" STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: '" ."".'.... co_... ..II -'" " ... - -. NtttCt II tn. tollOlIN'Ig condItIO"': I. TN I&lOfI.IHt "'. not be ~_ to, "'In", 01 . 11011 nlM' "I' IrtlCl .otI., "" DfOPItTY btong IRWIIMd 01 '" III 1111. Th. NlPl'a"" ......mn IftI1 fl' WIl. . 000Cl ,"11 ml"'"10I' .Nt. tnl"Io". woll I'IOt 'I"'''' .ny opvIlO", .tlOl.I1 tn. tilt, Th. prootr'fY" apprallld 0" tn. D.... 01 " o.on; Undlf "100",01' 0"''''''''10. 2. Th. lOOf'I'"' n.. 111'0..-.,10 I 1"'1C1'I '" an' Ippra,,,' "0011 <<I '"OW 1001'0..",.11 d,ml"'IO'" 01 th. '"'Ilro~"*", II'lCII M ...1Ctl " .ntU'CI1lI 0"", II '"'11 tnl '"0lf 01 tn. '1KlO" '" \"'uI""n9 m. p~c."., Irw:t Unolrttll'lG'''9 tn. IPP"'''''' G.l.nnln.DOft 0111I '11', ), Thl awall" "II .u","'td tI'l. 1".".tlI. I'IOOd miDI ml1 If' ofO'l"dld by "'I Fldl'll Em,'9'nc:y """I;.mem A9tntr 10' Oll'ltl' O'lI tournIl .N:! ".. 1'10110 on \'III '0011'111 ltOO" "'11"" "'I' .uClilCl ,'l' 'I tOe'lld '" ." tdWfltd SOKolI flOOd HUlrd Ate.. BICIIIU"" 1QPl'1..... " t'IOt . luN,WOO'. "' 0' ,n. "'11" no qulrl"""' .lC"" 0' '"'O"Id. f~alG'f'19 It'" 0'1'""11'I11101\. c. Th. IWI." ",,14 I'IOt 9i'Yt Itnn'IOny 0' IPPtIl '" COUll blel\,lS' n. 0' I'" m.iIt III .ocnllll 01 tn. propttty ft .,.non. un.... tpICII'c '1'T'I"V.m.tl1I II 0010 na"" betn m'GI b.tottnll'lCl. 5. Th. IClIltIlIef 1111 1I1IIIItlteI tn. ....V11 01 th. 'IN:! 111 tn. COil .ocro.c" .1 ItI "'9"'" ."Ii bll' u" Ind m. 1o.",c:..11Mn1l1t "'1If C>>M"tIu'Gry VllU.. TI'I." '-oltll. ''''IUI\IO''' ot tnl1lnd .M l/TI,,"O~.m'''1I mull nolO' ultO III CQ",uF'lC1lCln _11ft .ny 0"" 1RW1411 Ind art lftYtlld If In.., 11110 UlfO. .. Th. 1PJn"" nil notld Il"l !I'I' lW1IUI ttoOI"l '''y IdVttI. conanona llucn II. nlldld '10..... a"",*",IM. N ptWMt'ICI 01 "azatdOl.II ""., 1Ou: ~ncea. .te.) CItlMtWCI duMQ tnl It\~" 01 tn, 'uDIlC1 pfOC)Ifty 0' VIII fl. tit .'" becIIIflI..... 01 'CIu""9 fl' normll 'H..rcn '"vol'ild 11'I """"""'9 In. .00'....1. U"'n, O\1l'I'WlII IlI'teI lit 1"1' 'DCmI'UI rtOOlt ", ,pp",," n.. no Il~' 01 ,,,., ncSd." 0' u"loo.r.nt COIlll'OO"1 01 tI'l. prclllFTy 0' add'"~ 1"""'0""'1""1 tonlUl(lnl IIFl'lUGl"9 tn. p,..ane. 01 nultOOVl ,,"1M. 101iC IUbllanC". 111:.) trill 'IIlOUtd mill. en. IVOPI"V mort 0' II" "1"'101'. .rId n.. 1&&4.I",1d IfIlltrI". .'. no .uen concllllOnl .fIlI ",.... no """'1'11," ot ",.ftlnfl... 'lC'''' 0' IIl\Ohtd. ttg11G1"Q tn. C(ll'll2ttlC1" 01 m. "'OO'''V. r~. 'op""" W>II nol be f'HOOt'IIIClII to' '''y IUCI'l COt'ldl\lOnt "at do '.11' 0' 10' Iny '"9'"HnnO 0' 11111"9 "'" "'OV'" b. t~td to G.'CO,,1t w".tntt tutn conctrllOnl.1IIt. 8K1Utl In' IRWIII., II 1'101 ." .1OII't Il"l tn. ft.1d 01 InYlron"""lal nUal'ClI, I"' 'Olltl...1 tlOO" mUlt nol be co".ctrt'CI II .n tnWCIMllnl1l t.IIttIlMnt 01 'In, prope"V. 7, Th. ICl9tIIlIt Otlll",1d 1711 IIlto"""lOn. .lIImll.., .~ oc,,"oO'" ""1 .," I.Ptlllta III m. 'OPII'laI ,tDOf1 Il'CIm IOU"CIIIlII tI. or '''1 ClClftlldltlto bI "~lbI. Ind tlt....... ",.mll bI tNI lnet COITIC\. T"I, ICIOtt'." 00" nol '1IUm' "lpantOillty to, tn.1ClCUtICY 011t.lCft I1ef-. tn., w.,. fuml.ntd by Olnlt' Olrlln. L ",. IPSnIl" w,lI not aotdot. tnl COl'ltlml 01 lI'I' 'l)pfll.lI tlpo" ,.clOI U PfO'I'IlIId to' In VII UflIIoml SlIndMII 01 ProltMlOt\ll Apcwt"" PractlC.. t, ",. appt111., nil Ollta n'l Ot nit 'ClfItliIIl "oon '/lO v."".tiC" eonClUloCII 10, a" .pgrart.ltrllt IlIU01Kt 10 MtlIltc'Ioty COfl'lOlltlCl". ,tpU'I. 0' '''''''tllInl A" VII a..umptlO" tnll COmpl,llO" 01 tn. lIfIClro".mtnll "oil b. pertc""td '" . -.o,.III.I'\l.' ",lnnII'. 10. ",. IClPtIIlIf """1 pro'tldt hct 0' n., ptlOl "'""tn 00"''''' o.fOrt tn. Itndtt/Clflflt IOICJltd 1ft N IClCW'MIt feI)OtI ca" cIttI1NlIl'lI "'11&I ttOOtIl'"C!U01"9 CC1fQ11lOnt .DOu1 tnl orootlTY ....IU.. VI' lootlrnrt od""'Y ,1'l(I pl'CltfltC)tl.1 a..,ntDOnl. .nd f1ftrtnct1l1 '"1 prol",lOn'l Igorl"" O'V'''''IIIO''' 0' ,"I film "II" ..n"" \'II, '''0'''1'' 11 ..1OCI1lt41 to '''YOn' 0'"" Ill'" 'II' bO~wtI': 171' mono'OM 0' ItI IUCCIMOtl l/ld ''''01\1: tn. mCIrt;lg' '''IUtl': tc"IUIU"tI: 1l~'I"lO/'Ial '0011"" Orv.I\lUOOM: .ny .fI. Of llOltIIY ICIiP'QYId lLn'lIC!t1lt1.ll1I.1tlO11: 0' 'IIY alCl'"",'nt. 'gl~, 0' l"IO\l",.mtlltY 01 enl UMId alllll ot Irty ,lIte 0' tn. 011.... or CoUtO.; .1IOICl'l "" ". "/'IOltlCl'tn' ""Y a,.1l'O.It' tn. proptl1Y a..CI'IClIlO" .KtlO/I 01 "' ttOOt1 0"" 10 GltI 00llICD0n Ot NIlCIfWIlJ 1tMCel., WIIhOuI N1't'l1'1O 10 Obit'" tI'l. 'ClCltll'''' onef """'" 00"""1. Th. 1OOt'lIlr. \IIrtI'Iltn co",,", Ind lOOtOYiI mutt I. tit .... 0I1otI I\e IClPtIIIII "" D. CQtrflyta 0., '''yo", t::I tI'll OUOllC tI'ltOUV" .o_.m.,ng, puOloC tI"IlCIFlI. n...... ....., 0' 0"''' ",ICJIL ""--....,.....~..J.a ,.,.....,.,. 100tI ... "TQ'T.u...............,,~..._... '~I ,,,,'''1 ..~. ADc:', U' U"""I II\d '0'1" '"II t. I "-'1~I'CtIIl:2 In. IUOlta m'r'/III I'" 11\0 IIhl "Kite I ""'II''''U",'- '. 'Kent ..'.. 01 oroOt..... "'011 "",~I' Ind craIlI'M" · ." M, ,lrtlot"'Y to' 00"'''''11101'1 III "'. II'" CO-OI"IOII '~I'VI" ''10 , ""Ot I GOU" '0""'lI'I'I1,., ""'ff'l 'DIH'OO/'II" Ill'fl\tct "" IN"" "'CNlII 10 1nO" Pllm, o' ''9''''<(1''1 V''',I<(I'', ," I'O",I'UIII n.m '" . 00"'01'10'1 OICOI"., .. kGtnCW 10, 0' IftOf'I "~ tfl.1l. "I ~rta O'OOI"Y. I PI'VI 1'1101 1 1I~'lrYI 'O'ull""'" 'C 'tOuet Ii'll 10;ul'" II'" elftu 01 m. COmot"DlI lno, .. I ''9~tlt It,.... wt . ~mol"O" ~ It ""'''0' 10. 0' '''f .hO"D'1 "'.'" I'" 'UOltct Ortlll'lT(. I "hi m.o, I DO""" .d/loll1mtft1 II "'C'.... "I IdfwI1N ..... pne. 01 III 00"'1'''10'' 2. I h." "II"" IIlto oo"""'IDOt'l .". I.ml'l "'" "h' III ''''DIet 0" YlIU' lI'l "''t d''''IOO'''.", Of f"\' """,te 01 "",... "'''' 1ft fl. tpptt... '1001\. I "hi "01 ."OWIf'lIjl+r ",."PI'1lI '"t ''0"''<('''1 ''''O""".toClII "Olft PlI 'PO'I'I" "00" '''IG I D'~. to III 0111 01 ",., k~l. "" I. 111""'tIlre IftClIlf'llO""1lI011 III 'I'll .Del'...., 'toO" "1 trU"1'Id oottK'l J. I I"ltd WI Il, 100,..... 'toO" on", ",., 0"" "'1'101'1'1. u"O'''IO. 11\(1 OI'Cl'...~n.. .n.,.,..., op'noo...., .t'IO ooncwllOftl, IrtUClft "1 tuOrNI 0"'" to ,,, CIOlIllng.tIt lna .mrtl~ QOnl:lltJQ'" N11Cl',f(lln M', to"" .. I "'VI no Pf""" 0' 1l1'Cl1OeC1JY. .,,'./W, 11'I rPl. pre:,,,... fl"tll '. m, IUDltC! Of Inl. ,tOOft. lno I "'''' no PttIMI Of~. I*IOnII IntetwI 0' Dill ..tit rtIOICl 10 the ll.meIDI"_ III 1"1 "1"IIC1JCI". I 04 tlCl 0..., .-m., 11.111....., 0' 00,....",. ",., ~ InclIOt '" tnmIt. 01 11I'''" YlIW ., tnl lDCIt..... '10011 Oil "', 'ICI. CO'O'. "''91011. ".. "''''IC,O. ""'*11 .tau, 01 "'..,..1 0I'IglI'I 01 1"'* '" P~ OWMf'l 01 OCCI.II."" 01 fII' .uortcl ll'OOI"Y 0' Of tfI. 01"1"1 0_"1" 0' Oecwlltll 01 l:IlI P'WJtttItI 1'1 "I WIClMV Il1IItt --, .. I "'VI no P'"'''' 0' COmll'flPll1ld ruMI '""'"1 ." fII. l\lalla 1l/'OOln'f'. .nd ".".., m., CUrf'lll'l 0' """ '~r~ll nor"" ~DOn 'Of PlttonftInV th'. .Qpt..... .. CiO"lI""lnl 0" tII. 1DOf"1ff(l ".v. 01"'1 ~. .. I ".. nol '-OVII1d 10 ~" . "'ldtl'","I"1d Vf"'" 0' O"KIlO" ," v.lu. ~.t l.yoI'I th, C,",,, 01 thl CIItl'lt 0' .n., ""'IN IN"'. It, I,"",,", 01 "1 \'1", "MItt.. tII. .n''''''''''1 01 . 'PIC'tIC '1I\l1. 0' IPlI OCN".rte. 01 , 1UOt1QU"", ...... Irt 0I'0Ir . I'KeIwt my CIOftlOtnt.lIO" IP\t4'O' .mpcrm'''' 101 "I"""""", ". '00""'1, Ie c11'lO' bu. ". '00fI"" '10011 0" , '1QUtt1lO """""""' YlIUlIlOf\, . IPtcIftc '1......11011. 0' "'. "tIJO 10 lPO"O'I'1 . IOtcrflc tnO"9'O' '01". 7. I PfJl10mlIll "'" 'ClQrI." WI CO"lOrm"V "'trl VII \.1""0"," S!lnoltUl 01 "101'''10"'. AQp,....., ""C1lCt Itl' ...,. 'dOPIN.1'4 ~1I1lI 0., "'. ~..." &lInd.lO. eol", 01 T?l. ADora"'1 '1XlI\OIrIO" 'I'ld tn.1 "tit en "11~ II 01 '" '''ICM altt Of lilt ........ "'" "I '.C~II 01 "'I a'PI""'1 OroY"IO" 01 I'IC" $,."".ItI.. ""0CI'l 00" not .0Qt;. l.~ Nt III ''''''111 01 . ~ ''''1 to' '1IlDOIUtI1I'I !fll 00'" "'.,." .. . CO"'lltflO" 1ft ",. d.f\ftItlO" 01",.,.., '1'''1 .no th, "Mllte I a........ .. 00,....,.. ... N "'ltll"", ""'I nollrcl ., lP'It "''9l1OOmood '1nO" 01 !flit "00n. UIII", I PI,,,, OlltfWIN .1.11. 11'I N I'IOOl'W:lIIIIOft ItOIIOn. L I haw ~Ify InlPlCltd I'll W"'I'IOI Ind '1ttnO, .".. .' rII. .uo,Kt PI'OOIft'r Ind flI I~ 01 .. 01'OPflltl .... II OOr/lCl"'" Irt IW ~'" "pO,., 11\1",* ClttfY tfIl1 I ",yt notH '1Iy IOOftltlt 01 Ill"",,, .1tIIfI1 OOncllllO'" ." III tuCIftCf ~.._,_.~. 011 lie IUDftCt I"'. 01 Oil 'IIy .'" wrrIWt tnl """'1OtI1I VOCIll"V Of rtI. 'UOIKt OfOP'"., 01 ..1IlCft I 1m I..It. .no "'VI llltOt ........ to, ,,,.. ~ OOncllflOrtI ." '"" .na'\"llt OllP'l. Pf'OOI"'Y "'IU' 10 fI"t. I.,."t mill h.d """.t I""'~I 10 11oIDPOI1 ttltnt. I hM '110 OOtMIMltd IbouI '" 1"1lCt 01 tn. IltvtI11 CIOl'ldrtlO", Oil tn. "'.....ttO.1r1Y 01 !"II 'uO,1Ct PIClOliTt, t. I peraonaift' P'IP.rtIcI II CO~101t1 It'ICI OPlttlO"l Ibol.R ml "" ....II tfl'l Wilt "' 10"" 1ft tnl lPOnIUI IICIOt\ "I IIIiId 0" .lptl'1cam Pro''''IO"'' .....1I1'1C1 It'Om I"., tnCIl\"dual 01 ,noMdv'1I ." m. D.tfCnn.ne. 01 the ."",....1 Of Inl Pi'tPllllIOrt 01 ... I~'" llOOt1, I h," "''''1lI ,ucn 1nCI1VIlfu11/" ,"eI U~lOlta tl'll 'DfCl"~ I.u, p.rtcrmld Ov tn.", III thl '1C01leIfIIllOI1 'KIOI'I 01 trill lPeI""1 '''*'' I ~1fWf't tnlt ,,,., 1I'Il21WN.11O "'MIlI II CN'kflt<l '0 D.",,", PI. '11111. I h..... nol IU1nOIIJICI an",,", 10 ",a" . cnl"O" II III., It.", ." nt r.pon; lr't"'IIOII, " .11 u"IUV'IOnUd CII'"'Cl' II ""ClI '0 tI'I. ''''''1'111 1100'" I .,.,11 t.kl no "1OO1tI0tIIly 10, It SUPERVISORY APPRAISER'S CERTIFICATION: '" ''''''''10''1 .,."." '9'10 fl.........,......"' Of .,.. 0IfI1I.. .nd 10''" ",t: I dl'lCl'V 'UPIIW. "1 ""',."" wlIO O'tol'ld &II. IOPfIrt" '100", "Iyt ,..,..,..., .., IClOIIrt.. '1001\. ... WIth thl '1.I1ImtmI .Illl OOPlCfU'CIlI 01 m. .OCI.....". 10'" to O' OOUIld ttv tn. 'walt'" ctflftc.DOnI ~ . mrougt'l1 &boYt, .1'4 1m IIlung ~. '1IP01tI~1Ity 10, ml tQOra'lI. II'ld II. '00"'''1 '1POn. ADD..... 0' '''O''''TY A""AIIIOI 1LA , US I!EMt.OCK DRIVE , P.EOlANICSBURG. PA 17055 r ::::,'.d!&IJ2;Y-&jt~ ^' . 'U~::'O:.J?t;'~:~-::~ H...., -WDI ~,-_!lIlOI!ER, G~~n\rQ)~: ~ffli:~.__~...J21t . 0... S'9'IO' ~'ltlAAY 7 ,-.99~... .! t- ,. i .. ',I.. 0""9'10' .;~Y..l<.-l?9~ . Ill.. C.t1l'lIc.tllO".: GA-0012150_L ... / 51'" C.rtrfIC.tIOlI': GA-000229.L OflhlteUc"",.' ---~.,- ..,.._~,..,. - -O'llIltLicI"..': - III..: PA --'---'---SII'" PA !.r:plraoon 0111 OfC.t1IfiCtllOlI 0;L;;.1'I~~: 6-30--95 -.:.: l!..~~oi;;;C;_.IIO" Of UC....76:30-95 X Cd = CdNo,_P_ ,......,.."... Hit "T'O'TAIo................_,.. '~t ,..,.,... ,.,. ... ,.... ,- ... . ' I I I I I I I I I I I I I I I I I I I t""U5.13 , 245.., ZO:-'~00 C, SIDE YARD _ A yare 0. the ume 101 WIUl the buddinl, IINlted belwee. the required .elbacK line eno the lid. Un. ot the 101 end ute.ll1Ill mtll tile mnt yard to the nar yard. Ally yard not I nar yard or I iront yardlhlll be d....ea I "11cl& y&nl." ZO:-''!:'lO OffiCER _ The duly Ippoi.ted tIluol,lpll oMoIll dullnlled by thl Townlllip Commullo.en u the Ittrn'Nllen'l IIld erJo""'1 offlm ot tlUl ,hlpler, ZONlNO PERMIT _ A buildlnl P'nNt or o''''plll')' pemll~ or both, wlIi,he..r II reqwred In Ipecl6c cin:UlIISWlCe" ARTICLE m Zoalol DlJtricu ,245.14. DlJtricu onab\lJbtd. Upper Allen Town.llip It he",by divided Inlo c11llriCU ot cIIIr....nl rype., e.... belnl of N,h number, .hlpe, kind IIld &rei end of Iuch colNDon uollY of pwpoll end acl&publlllY of _Ie u doomed mOil .ulubll to carry oul the obJecUy.. of lhI. 'hlpter, Dlltrirt. Ihlll be clu.I6ed u followlI C - Con.....,.do. Dlltricl A - Api",ltunI DlJtrie\ RR _ Run! R..ldendll Dlslrie\ SR _ Suburben R..ldendll District UR - Urblll Retldenall Dlslri,' PRO _ PllMed Retldcodll Deyelopmenl Dlltrie\ OP - 016.. Prof...lonal Dlslrie\ INS - lnlaNdonll Dlatrie\ Cc _ Conyeolence COlMlen:ill DIs",ct IC _ lnlODSivo coDllllCfCiIl Dlatriel IN - lndlUtrioI Dlslricl IP - lnd_mll Pule Dlalric, '245.15. Zoo1ol Mlp, The boundariu of Ille loninl cIIstrieu 111 dellnllted on I Ilpar1l1 map enailed "Upper Allen Townln.p ZeniAl Mlp" wllieh IccompwU end, wtlll III upllllllOay mallU thenco. Is henby made I put of tlU. chlpter,' , UIUr". "..... I'" IMIaI Me,.... 11. &a 1M" If UN T....w' 1tcnW'r. 24521 . . .Z4l." ~ ~ r- e. A, ,II IIlttlng on thl IHHthl OIU of t 'chlDur whIch 11 clalllfhd II ;ar..HCIC D1111thl IICIOCIC' In tnl o'lcr,.. In whlrh th. hnd occuolld by ChI ull \I locnu Ihlll bl 011""0 C: nAYI olin frantIC I Ulchl IIcloClon lubjlcc CO ..I InClInIng Chi chlrlcc.r Ind I.Clnc of o;lrlclon, Ino Icruccur.1 1.llclng on ChH diU. An1 loollcltlon for ching. tn,uII or nructurl lull bl lubJICt to chi prOCIOUr. "Iclftld In thll cnlour (511 211"91)' 121S.".1 UIII PI",ttt.d .. Condltlen.' UIII. A UII lllud undlr tnl yartoul zentng dlHrlctl " I pe""IUld UII. I' p.retUld b1 rlghc In Iny dlnrlct blltd. whlCh.ult enl lattar 'C' UI dlnoUd, proyld.d thl Townlhlp CO.III ton.r,. In Iccordlnc. ..leh 21S-1 21. 1, auchorlu Chi I nuancl of a bulldln, ,.",It by the Zonln, Offlcar, and lubJ.ct co thOIl ,p.clflc r.Qulr....nu conulnld In 2C1.Ul.llC) and, \0 the nund nee oyarrld.n by luch Subllcclon C. tho II conutnld In tha UII SChldul1l II w.ll .. all otnlr .oollclbla rloulr.lIl.nu of thll Ch.pelr Ind luch furtlllr rllcrlctlonl chit tn. TownlnlP Cemlll lonlr' mlY uubllah. IZ4S.Z0. "onp.Mlltced UI... , . A VII not llsud und.r the y.rlOUI zoning. districts il not p.l'llltUd in that dtstrict. 1245-Z1. UI.. by spachl E.c.ption A. Any UII noc IPlcificllly .llcwld Illlwh.r. in thll chlpur Ihlll b. allowad by "achl IIc.pclon In th' districc or district' wh.rl Ind to chi utent chn;. lillihr Ullllr. p'l'IIitUd or l11ow.d by IP.chl uc.ption. proyidtld chiC IIld UII ..IIU the nquirllC.nU for a IP.clll uClOtion in chi .ppIIClb1a diltrtct and dOli noc connlt:JU a public or priYIU nU,illncl. . .... ,..'. 'e. Th. 1C0licant CUlt Ihow that tn. uU oro:cud I. lillllar co och.r UUI pI",ltUd or l11ow.d by IP.chl uc.pclcn Ind ",Ult furchlr IhOW chit tn. propoud Ull will not constituU I publiC or prlvlU nulllnc. or ytolau Iny preyllionl of chi I chi pur. , ' IZ4I_ZZ. Acc.nory Ula Ind Strllctllrtl. ACClllory UIII Ind nructurll Ihlll b. PI""iCtld in conjunction with the principII UIII p'l'IIttUd by chll chlpUr Ind Ihlll b. furthlr lubJICC to tho nquin..nu for Icclllory UIII Ind Itructurll II lit forth in Chi. ChlPur. '245-Z3. Tlbl. of UII R.gulations. Th. UIII o.....ltt.d tn th'odlltricU IIUbltlh.d by this chloUr Irl II Ihown in the foUowtn, UII Sch.dulll. The UIII Ihown II o.....lttld In IIch dlltrtct are chi only UIII p.l'llicnd In the dlstrtct, Ind 111 othlr UIII Irl lubJ'cC to 21S.Z1. Oilt.rict. UII Schedula Conllrynlon Olitrict. A A,riculturll Olltrlct I Rurll Rllld..tlll District C Suburbln Rllldentlll Olltrict 0,' Urbln Rnld.ntltl Olltricc E Pllnn.d Rllidenclll OIYllOP"lnt Olltrlct F ~ I I I I 'll Edltor'l "Ot~1 'SlId UII SCh~dUIIl Irl 10Clud It chi end of this Chl~t.lr. 24523 I I r I I I ~. n , i , '...- _. .~ . ......., DEFINI- , OF MARKET VALUE: .., tnCn g~C1'OI' g,.1' en, OiWIfty '"Ould C11'!"9'" co~.r1d ooen "".,... vnd, ~0""1't1O"1 rlOUlI'"1O . tall U'I, tfll tN.II lna U"". tlcn . pl\lClttlllY. "no~..ory II'ld lMum.,. lnl ~ II "lOt IftlC'ltd by U"'dl.!1 Um"IU'. 'I'\O~ 11'1 t"\,. CUI'MlCll'l 'I Ill' CO"'loImmITlOn 01 I '1'1 ., Of . IOtQfled d,lt t"" tn. alMlft9 01 Wt frOm ....., 1D b.Iy., ul\Cltr Cl)nclr1lOnt .""": 01 buy.' t"'CJ ""I' .rl f't'Il'<<"y mollV,IIQ; 121 ~tn ".mll "I "... IIIlorrnlll ot WIll ach'IMCI. ,,, ..;n ';1l1"1Q "" 11"" n. CO,..ctl" ".. 011'" Oltl".II'"': 131 . ""0"'0" "m. " "0(I1t" lOr .lOOlurt Il'I tII. 0C*t m,,.tt ,t, O.'"*'" .. 1ftIde.... 11""1 01 ell".... V, 8. dol'l" 0' '1'1 '1""1 01 ''''''t''l IIt'~lml"ra comglrlClI tnl'I"'; tno ell"t ~ feOI'eMnII""l IIOrmll ~tlOn tor tfll ppoperty told U"ltllC'lld by ICKI" a' trlllt_1 t,n'~I"9 0' II'" conUlllOn.' Ortntld Oy Inyon. lNOOIlld '"'" fll ..... . Adjun'rltml to tn. eo"'O"IOI" mull De mlat tor .gfCIIl Ot ttfln. M.rcano ot III.. eol'lClUlOnl. No .a~ If. n~ lot htlf co.1t *"CIt .r. norm.IIY 0'1d Ov .."." II I "lUll 01 IraClrTlOn 01 I,,, Il'I . mar...' "..: "n. eo.1t I,. ff. IClfft'lllll)lf .lIICI enl 11"1' 0')'1 "..t Cla.1t '" ...."U.1ty .~ 11'11 "."UetiO"l SOICl.' 0' C'"IIv. f1n."tl"9 'OjUltmtml Un De m.d' 10 "" comparaoc. OrvClny by COtnCl.ntll"l 10 f1n.I\CI"'O ""'" olt,'1eI by , lI'Ilrc1 o'''Y ltIltllItlOnll Mlnd,r ",., .. no, Ilt'MY IftYOI'tIG .... In. pt'OpIfty 0' rrlnlll:llOl'I, Any Id"".tm.nt .NN" 1'10' 01 eI!Q,lI.11eI on . mttn.nClI doll., to, oon., CCl~ 01 tnl An.1'lCInQ Of COnceMOl'l buI ... cso..., lmoun' 01 .rty .0JUltment .nould &OCIPOI""'II In. marurl ".cuon to lnl ftn.neano or eoratllOtll DINI 0I'l '" ~'p.Idg",,",, STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: T"............-._...._.....__. ~ 1D N tollClllfll'lO eondlllOM: t, "......, "'*' ftCtt be f'IiICll)N~ tor m.nn CI' I 1'911 "'..,,. tnl' ItlKI etlfW \'I, property Mong ",,"1MlI or N WIt to rL The I&lCIf'I"<< .-.n.. ...., "'I n. II VOOd Ind m"lIItaOl. 1M. ""110". "Ill lICIt flndll' Iny OC)IftlOnI .tlOI.II "'I "".. Th. PfOC*!'r . NlOf'IINCI on ,,. Oil. ot " b..,t; Undlf' r.eoon... o"".,,,nCl. J, Th. 1DPfI." nil ~Id I .1I.1Ct1 VI 11'\, IClC'ralll' rlOll" ro IF\Ow 'ClClPOllm.ft Olmlf'lllOl'll 01 11'\1 1tl'lO~ ,nO N ..~ .. oncIuHcI oNy to ...., CI'l. "tell' 01.". rlOlll1 I" Vl'~l"lno tn. orog."., lnO undMtll'I01P'lQ tnl 1ClC'",ur. C1.IMmlMDOr'l 01. w.. 3. Th. "'.11' "'" ,1I1moned '" l'II~lbI. toocI "'lOt tn'l It. oroVldtcl by lnl 'ed.,.1 EmtfVlI'lC:'( M'"'Q"'*'" ~1l"ICY lot Otnll' d.1I IOllrhiII .nO "'" nalld '" 1"' .cora,,'1 'IQGIt _'''1' tn. .uDjta ."t I' 1O,1I1eI 11'I III IlSWfllel 10Klll Flood Haul'll AIM. ItetuM'\I ""'IMI II not . luMyO', nt or '"' m,ll. no O\II"n,,". IIDI'''I 0' ImOIlIel. r'O'1G1l'IO U'l1' dlltmllftlDOn. t. Th. urptW.., WI. I\Ot OIVt lHtmO"1 0' IDOIII' .n CIOUl't btcIua. n. Ot .,.. m..,. .n 1ClCM'I'" 01 fl. Cln:lC*fY 11'I QUIIIOI'I. u"'- IClICIl\c Im"Otmtl'la a dO 10 1'1," DMn mlOl Dlkn~nO. , I \ $. Th. 'OPI'III" 1111 ""m'lId enl ~..,. 01 till 'InO 1ft Ill. COil .gore.en II ItI n~"1tt .1'tCI bll' UII .net ,,. _.~..._.40,"llln.., OClt'II'Ibutory YlIU', Th... .1IC)art1l ~'IUI~", 011"1 lines 'nd1tnpPO'Itm,,," ""'" not D. ullcI III co"/UI\CllOn ~ any 0'* IClCM'III&I atilt 1ft lnYIld " "'" I" 10 uald. '~ e. Th. 'llCM"I"" nu nol'lCl In ell t.pP"I..1 Ifl)On '''1 .dVIfI, candlllO'" llUCh ... nNlMd rtpa.... OIl"CllIOl\ 1M Dt'IIIt'IOI 01 I'lUMtoul .11'''. InllC 1II.IOItI~ .=.) 00MNId cluntlQl el. InlOfalOn ClI tn. Iubtfa p~ 0' In.1 n. or '1'1I btoIme....,. ot dUM9 fl. I'IOrmll t"..~ II'IVOI'Vtd 1ft ptItormlf'l9 ;'1 100II",1, V"'II' OlP'l'''''' 'lIltdll'l Ill' '001I".1 '1001'\. U'l' IpptI"" "'I 1'10 "1'IOWlIcIG' of '''Y hidd." or u".pp"ent conGJllOPlI 01 ml 01'00'"'1 0' '0'1'''' '"'1'1'0""""'" CGnG't.oll' MCW"O tn, OIlIIl'lCe olllual'OOl.lt """,. t)1iG IUDItlI'lC... IIC.I tnat WOUld m._. ",. oroO'''Y me" 0' .... _''UIDI'. 1M "" luumfd thll",r. Irt 110 IUCIl COtlllMlOnl .nd "'Ill" no vuatanl... 0' ..rrarmn. ,qltItI 0' I",gllld, ttgat'd1no Inl OClrtCfltlOn 01 Inl DI'OPI"Y. Th. '""'11., WIlt not De f'IIPOI'IIM to' Irty .. ClOndlllO,.. ",., de 'lII' or for .ny '"91"Hf'WWOJ 0' IIIDI"IQ In.l m~'" be tlCNftd to dllClO'ttI' "nt1f\lf' IUCI1 candrtlonl.1llI\. II~ In. 1PPf'I"" .. 110' .n 'llI*1 11'I Inl fi.1d 01 'PI\'IfOnmttltal IIU'~', !fll IP9"IIIII flOOn mutt not be con'dlf*S II .n tr'lW1)nmem&1 .U~A,.".ot".P"OC*Tr. .' I " " Tha ewalMf ClDtalMd In. "'form'llOn, tlllm".., .no 00'"11)''' ""., ".r. 'lorn.1eI III .". .ppI'....1 rlOOl1 from IOl,RIIINt h. or ",. c:onIId'" to be Iell.blt Ind be....,.. "'1'" to Dt ~. lno CC11'f1C\. Thl 'DO"'''' 00" not .IIUIII. '.1POM0IUfy tor II. acancy ot auc:n ittdIl1a' ... IUnllIntd by otn., 0'''''' L The .pen..., *11I not dlldoM fl. COmtml 01 ttl. IDPrtlltl r-oort 'Ie.". II pP'OVIdtd tor In tn. UnIfOrm IlIndInII CIf P."ftttoMl ......,PltIIc.. ., Th. ewall" hll tlllleI nil Ot II" .oor'llll "oon .no '1'110I001'1 conc;l\,ll.on Iar .n aClDfl1l1l VI" .. .UCltfd to ...t.Nry OOIftClltOOl'l. ,..... or .1I...rcPll on ",. I~I'I mil COIl'lll.'1101'1 ot tn. ~rov."'.nm WllI b. o-rlOrrnlcl .... I wott:m.l'lIlk. "'IMII. to, Th. agprall., mut1 pt'OVIde hit or h., pno' """"" Claflllt'll ".tort ",. It,..ca.nt IPfCd\Id In tn. ~ reoon can dIntlUtI '" ...... fIPOf1 Ilnc:tud1nQ COnQIIIIOI'll lbovt tn. ~rTy Y'IUI. "1 'DDflII"" dlfttrty .nd Ol'OlnI.o"" Oll9\lDOnt, Ind ...1wtftc:iM to I", prol",lOnl' .gOffl'" o'Val'lll'lIOl'lI Ot ""I firm Wlm *"<" Ill. 'ClC)ral'" .. lllOCIltlell to an'tOn. 0,"11' In,,, '"~ ~II: In. 1nOl"VIO" 0' ItI ICICCtMOfI lnet ''''0''': "'1 rnanQ'O' 1II.urlf: eonlUltlnm: OrolMllOl'lll .gpt.illi Org.tl&&UOI'lIi .ny .,.te 01 lldaralfy ~ An.no,1 ,"In,tlOn: 0' Iny dfC)ll1l'l'ltnt. .gtne." or 1"'Wm~1fl'y ot tn. VMIeI StatH 0' Irty 'lilt 0I1h' o.ttrlCt Clf Co~: .1OIDt "at .... Itndlf'tclltnl ml, Oof1l'ClU1. __, 0f00ef1Y dttCt'CIflOn 'IC:DO" vi '" fIC)Otl' Clmy IJ d.. mlltClOn 0' fIDOtIIn9 .tt'WICIt'l WII'IOUt I'lIW'V 10 ODIUlth. lClC)"rt..... Dno, *"MI'l OO.....l'll. Th. IDOII""I wntttn co""'" .nd .oonmllftUll ,110 Dt 0DlaIntd beleN .,. appra..a. un b. oo~ by '''YOM ., ml CUOhC "'r'OUOn Id.,."..I1'I9. P\.l0lC fIInol'll. n..... III'" 0' Olnll" mtOl. . ,..,......,...&11 ..., ..................... 'TOTA/.................,..._.... ,lOt'..,........ ,,,,'el' -- -.. ..- '""" .~ -, AI'PRAISER'S CER11FICATION: .... ADo"'" U"','.. '1'0 .g"" mil t, i I. I NW , ~M ~. IUQIIa "'.,.., "11 .nc1 n..... IIIICtIKl I tTPl'!ftUm olr !tctnt 111M 01 DftlI*I" man '1"'~1' IncI OfGaNltt ~ '" UI\ Cottfy to' CIO,,*~lfltlOl'l 1ft Ill. II'" OOITlOlnWlI'l II'\I'VI" IrwJ t. ~IO' I oort., 1011II"',", ~ff' I~tt ~ I~ fl' "",." ,.letO" 10 mo.. a."" 01 1'9l'1lf'C'"1 .."IWl". II I ''9M'U"t "'", '" . CIOI'ftO,'11I11 OftlPI"" ... Il.GtftOI 10, 0' mof'I'.\IOI'UN ",n. II. tuOl'" O'OPlrTy, I tI..... ",.0. I ""9'trv9 10IVtl""1'I1 fa 'ICIIJCI I"' '01\11110 II'" PIICI 01 Ill. oomo".lIt. 11'llI. II . 1'9l\1f'1ctnt IIIfIIl In . 0011'IO'''0'' ~ II 11'I1.,.." 10, 0' t'" 1'\10110" "'.... I"' '1I01K1Ilf1lP'I1y, I Pl'''' ",'0' . PO.".... 'OM'"*" 10 onet.... ". IdIWI\Id ..... pre. 01 ,,. 0011'0.,.111,. 1. I hl'tt Iall'" 11'I10 Q),..iCI....aon fl. Ilall" .".t n..... .n ''''Cllet 01'1 ,.IU' II'l my .,.....IOOm.'" 01 'CPl' ",mIl. 01 "'..... V'1Ue In ". ...... 11OOn. I "I~ 1'101 "l'lO'fI'VIQ'Y .,.,,"11.11:I I"Y ''9",I<.n, ,.,~","ltIOl'l lrom tn, IOCI'I'II' "00" .-,0 I t1t1ll___. III II' Oflt 01 rtrt ~~., "'I U ""I",tIl1I '1'10 lI'l'Onn.lIO" If'I m. 1"""'"' 'lOCI" ." If\l' ."" OO"K\ S. 1",_ In II. IClOI'W~ ftOOt1 0""1 my 0,," PI"""'" w"II"Ud, .ncI1lIOIIMIO",1 .I'I...,.... 00'1'110"', II'lCI OOnClUllOnl, wIWOft a,. IIUDtICI 0"" to N oo~,m ano wn""l OOnclltlO"l "'lOfIeCI '" 1fI" torm. .. " t hew ncI """"" 01 pt'OIC)ICIVt ""....11l'l tn. pl'O,.ny tnlt .. tI'Il IwblKt 01 tll' '100'\ .,., I h.ve no ptIHI'tI 01 ~ """* InWIel Of bill ..1ft f'ItOICl 10 tnl 0.""'..... 1ft tIl. IfI""~'" I Clod ftOl C1"', ,'Il'llf o''''lly 0' Clll,",",,,,,,. my 1M"'. IndIOI N ......" ot "'."" y..... III fl' 1OOl'I'1I1 ,"*' 0" '" rtcl, 0010'. ""010", ..., ".lIdeao, I...' .11.... 0' natol'lll 0I'fII' lit IflMf N ~ 0'WMl'I or oc:o.CllntI 01 ", llICItKl O",,"ITY 0' 01 "" 0'"....' O'ltfl'" 01 oc:o.olntl ot '" """"" In f'I' VICIMY of N ---, ., I tit.. no IHn-"" Of COIltlfl'lOlIlfl'l MUll 1n1l,"' '" tnl 'UOIICt p~. .1Id "IfNI my Q.ltT'IIIl 0' ~ ..,,"""'11M rot ",., ClOfI'IPI"NIOn 101 ~"''''" "'II 1OOl'I.... II 001\Vl9'''' 0" "'1 1DCl'...14 VI"" 01 tI, proptrI1. .. I.... not ItQ\II'1od to ~ . D'Id'IIft'ft,"1d VI"'I 0' dltK1lCl" ,I'I VI"" trI.1 I.YOrt fl. """. 01 tI. CIlIf11 0' 'ny "'1" OIftf, N IlftDUI'lI of fI' V,,,, ""'"11. 1'1' 11tI'"I'l'IW 01 I .~ IIIU'I. 0' In, OCNtl.IlC' 01 , IutltIOJlll1 IY.nt 1ft 0,", II ~ my OOfI'lOtl"lI.oon .nQtOr .mpoytftlflt fro' O.ttO"""'O 11'I1 .00......1, I C CI ftC1UU 1fI. 'DO""" '100" 0" . tIOUtIted II\IlWflUl'II YlIUlIOfto I IPIJOIIlO ........tlOIt. 0' tn. nMd to IPI)I'O'II . I9fCllla IMnq.V' 10'''. 7, I pertDml14 tn'l 'WI- In co"tamllly wrtI'l .". Un'form SlIl'lCI.ra. 01 Pro""IO".t Nlo,....1 PrlekI '"I ".,. adOPted end ~1eCI Ity Il'l. AQotI.... lill,.,.m IoI1d 01 Th. M1111'"' 'ou"'"f1On II'lCI 11.1 we" 1ft CII,CiI II ot .... tIllCM 01" of lilt 1ClIn.... "'" II. 'ICIOftOI'l 01 ", C1"""''' oro.....101'1 01 Nil 8111'1011'CI', "ndl dO" not UP't, I.~ I'll In ..MI.1I 01 · ~ 1m. to, .JPOIUfI 1ft tn. 00'" ""''" .. . col'lOmol'l III m. d'''"ItlO'' 01 ",."" VI"'" II"lCI tn. .."","I d..... . 00""""" ... N m.""", 11m' no'" 1ft '" "'~ .tcIlO" ollf!!I 11001\. unl", I ".___ otn.,.... .lIled In N f'ICIOIlIOMlOn 110IOI\. .. I hi.. perwonalfy ~ I'l' lnllflOl' Ind .rttnO' II'" 01 m. 'YOIICI "rooeny .,., ", 'JTIf'lOf' 01 .- JlIOl*MI.... II OO~ '" '" 1ClO'I'" 1I00ft. I ""* clftfY ",.t I nl'" nolM ."y 'PO'''''' 0' II""" .lIYtl'l' oortClmonl .., fl. .....1........._1.. on I'll ...... .It.. 0' ~" 1"1 111I WIlhIft II. ImmlCNlt Y'CII'llft 01 e'l1 'uOIIC'l oraD."" 01 "Ilen I .rn 'WI" .nC1 "... ",.61 6d~ frO' 1\1III ..,... CIOlldrtlOM ." my '''''W'fII 01 fl. """'" v."'1 to 1ft. 1,,"l'1t 1"11 . ".ea """'1 'VIdI"C' tel Il4ICtOtt tn."" I tin. 1110 comlftllTtld UClUI '" .lIed 01 tn. .OYIIH CIOt'ldIllO"I on II. ",...mlldltY 01 t'I. lullllC1 orco'l1y. I, 1 ptIIOtIIlIy P'lPIt'ICI .1 ~"' .nd OCllrIlOIl, IDtM m. ".1 .ll'" trill ""I ... 10"" 11'I tI. ...... tIOOf\ "I""'" 0" I....'" oro'..IO"I' .MtItInOI from '''' IftdlY'dua' or 'I'!dMOw'" '" "'. o,110rm.IlC' 01". 'peI""lt or lfI' ,,~1lOtI 01 "I loora'" '"*" I "IVI "''''" IUCtllnd~'II'1 .1'lCI d'lClOllO VI. 'PICII'C '.... ol~orl'lltct ll'f tIl,,,, tn th, ~DOI'l I~ 01 '''I 'PO""II NQOft. I urwty tnl1 .'" Il'lCIIv'lduII to "'1'1I" .. O\I.~fltd to 01110,m I"" ,..... IPI,we nol 1\ItN)"IICIII'I)'O"1 10 "'... , en.,... 10 .ny ".m lI'l lit NOOft ".,.to", II I" w".~1d '''Inol II "'Idl to tIl. .PCl'....' 11001\. I ",lIllkl no "'DO"'Cl*IY to, II. J i , SUPERVISORY APPRAISER'S CERTIFICATION: "I ,."M"'" ,oo.....,~.... ""......... ,...... 0100 IhI 0IRfItI and '0'"' flit I dltlaf'( llolI*'Y'Il I'll loora..." .,.1\0 0'101'''' tn. ,""I"" ,100I\ PI.VI I1"tIIWId II. 1ClPII"" ,epon. 19M wr'IW III ItlttfMMI Ind COIlOlUlIOnl ot tn. ."",...." IV'" 10 c' oout\CI Dy tll 'DDII".,.I c,ttf\ct1Ol'll r'IUnW:IItM · tnf'OI.4I\ 7 ..... and 1m 1111"'0 tv. rtIClOftICIlIf' tol Il'll ""","II IrtCI III 10011 lit 'lOOt\. ADORn. 0' 'RaPlm nPftAI..D1 1lA , ::9 ~ DRIVE, ~ICSBURll, PA 17055 ::::~fti:d&tJ~/t. . . IUPlft:'Oft:J3:'~~~:;II. N....: ~ ~....l~, q,ti. R)\p~"9 [,!~,..~,...MM. 01111'90": ..,a.';1JAAY 7.....mL. JFfd \, ' ~:;:r~,..: ,';~Ll......29~. ... ~1lO"': GA-0012tiO-L , _'" Sllll ~tIc.IIO"'~ ~_000229-L orltlllLle...' --_.,~- ..,.,---,-,.. 0' ltatlLIC,,,,I': --- 8111r. PA .." -.-.-.' Stitt: ..11-__.___. EcntlOtl e.I' 01 Clf!;ItatlOlI 01 LtC."..: 6-f(f-9S ."lIOn el" 01 CetIflCIaon 0' Lie""': 6-30-95 X Od = OIdHoI_'_ . ' ,........,......... ...... ... ,.,. at HI ~M.........__."..~,'" 1ICIt\l,.'-- ,....11. ~ ~ . - . t , . , I I ./ APPRAISAL REPORT FOR RONALD KRAMER TRUST OFFICER OF PNC BANK THREE RANCH DUPLEX DWELLINGS LOCATED 3A.3B, 4A.4B AND 11A-11B HEMLOCK DRIVE UPPER ALLEN TOWNSHIP MECHANICSBURG, PA - GEORGE C. CLAUSER, SRA PA STATE CERTIFIED GENERAL REAL ESTATE APPRAISER 3920 MARKET STREET CAMP HILL, PA 17011 717-737.7300 FAX 717.730.0922 i Hemlock Drivo, Meoheniosburg 4.1116C.1 i""'\ GEORGE C. CLAUJER. SRA ,...., P,4 S~:.TE CERTIFIED GENERAL APPR..uSER G.O'll' C. C/awi., R.al Esllll, Appraisals J920 MaruI 51,,,, Comp HiU. P.. 17011 T.lIpIwM,717.7J7.7JOO FAX: 717.7JO.0922 January 12, 1995 PNC Bank 4242 Carlisle Pike Camp Hill, PA 17011 Attention: Ronald Kramer Trust Officar RE: Estate of Paul T. Shearer Threa Ranch Duplex Dwellings 3A.3B, 4A-4B, l1A.llB Hemlock Drive Upper Allen Twp, Meohanicsburg, PA Dear Mr. Kramer: In oomplianoe with your request I have completed my inspeotion and subsequent market studies on the above referenoed properties for the purpose of estimating its market value. The properties being appraised are looated on Hemlook Drive just west of its intersection with South Market Street in suburban Meohanicsburg, Upper Allen Township, Cumberland County, PA. Improvements consist of three one story duplex dwellings, looated in the Weberoroft Development. The sites are looated in Zone A of HUD identified flood hazard area and raquire flood insuranoe. The appraised value assumes the property is olear of hazardous materials with oertifioations recommended and the appraised value is based on olear oertifioations for any testing conduotad. Based on my studies and subject to the limiting conditions found in and attached to this report, the property in my opinion has 'as is' market values as of Ootober 23, 1994 as follows: 3A-3B Hemlook Drive, Meohaniosburg ONE HUNDRED TWENTY-FIVE THOUSAND.....(S125,OOO).....DOLLARS 4A-4B Hemlook Drive, Meohanicsburg ONE HUNDRED THIRTY-TWO THDUSAND.....(S132,OOO).....DOLLARS 11 COMMERCIAL' INDUSTRIAL' APARTMENT COMPLEXES' SUBDWlS10N ANALYSIS' RESIDENTlAL He.look Drive, Meohaniosburg r"'"'I I . GEQRGE C. CLtJUSt-'R. SRA. ~ IIA.IIB Hemlock Drive, Mechanlcsburg ONE HUNDRED THIRTY THOUSAND... ..(S130,OOO)....DDLLARS Total Estimated Value of all three duplex dwellings: THREE HUNDRED EIGHTY.SEVEN THOUSAND... ..(S387,ODD).....DOLLARS Details of my methods of valuation, as well as a description of the improve.ents are contained in the ensuing report. This report is consistent with the reoommended guidelines of the Appraisal Standards Board of the Appraisal Foundation and is a Summary Report with complete data retained in appraiser's files. Employment in and compensation for making this appraisal are in no manner contingent upon the value reported, and I certlfy that I have no financial interest in the property appraised, present or contemplated. and that the appraisal assignment was not based on a requested minimum valuation, a specified valuation, or the approval of a loan. The appraiser has personally inspected the property. The Appraisal Institute conducts a voluntary program of continuing eduoation for its designated members. SRAs who meet the minimUM standerds of this program are awarded ,erlodlC educational certification. I am currontly certified under the BRA program. Very truly yours, );L~,~ t. C..JZu~'1. George C. Clauser, BRA GEORGE C. CLAUSER REAL ESTATE APPRAISALS PA State Certified General Appraiser Certificate HGA-000233-L GCC/eh , 11i COMMERCIAL' INDUSTRIAL' APARTMENT COMPLEXES' SUBDWlSION ANALYSIS' RESIDENTIAL I. Hemlock Drive, Meohanicsburg 4.1118C-1 r"'I r:. TABLE OF CONTENTS Title Page................................................... Letter 01 Transmittal........................................ Table uf Contents............................................ Photographs of Subject Property.............................. Summary 01 Important Facts and Conolusions................... Purpose of Appraisal......................................... Market Value Defined......................................... IdentJ.f ioation....... . . ..................... ................. Legal Descriptions........................................... Rental Income................................................ Area Analysis. . . . . . .. . . . . . . . . .. ........ .. . . . .. ... .... ....... . Regional Map............................................... Neighborhood Analysis........................................ Loca t ion Map............................................... Site Analysis................................................ Improvements Analysis........................................ Highest and Best Use......................................... Valuat~on Process and Soope 01 Appraisal..................... Sketoh 01 Buildings........................................ Coat Approach..--............................................. Inoome Capitalization Approaoh............................... iv Hemlook Drive, Meohanicsburg i H & Hi iv & v vi . dv xv 1 2 2 2 . 5 6 7 8 9 . 10 11 12 13 14 18 17 18 19 20 .20a 21 . 24 25 4.1118C.1 ("'\ -~ TABLE OF CONTENTS (CONT'D) Sales Comparison Approaoh.................................... R.ooncl1iation........................................................ Limiting Conditions.......................................... Appraiser's Qualifications................................... Addenda............................................................ Zoning Map................................................. Flood Map.................................................... Deed N1.................................................... Deed #2......................................................~...... Comparable Photos......................... ,.................. 26 . 29 30 . 31 32 33 . 35 A1 A2 A3 A4 A5 A6 v Hemlook Drive, Mechanicsburg 4.1116C.1 ,......, '""'" SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY ADDRESS: 3A.3B, 4A.4B, l1A.llB Hemlock Drive Mechanicsburg, PA OWNERS OF RECORD: Paul T. Shearer LAND AREA: .34 aores at 3A.3B Hemlook Drive .47 aores at 4A-4B Hemlook Drive .3444 aores at 11A-llB Hemlock Drive IMPROVEMENTS: Three One Story Ranch Style Duplex Dwellings HIGHEST AND BEST USE: Three seperate saleable duplex dwellings VALUE ESTIMATES: Cost Approach 3A.3B Hemlock Drive $125,300 4A-4B Hemlock Drive $133,000 l1A.11B Hemlock Dr. $131,300 Income Approach Sales Comparison Approach 3A.3B Hemlook Drive $125,000 4A.4B Hemlock Drive $132,000 l1A.llB Hemlock Or. $130,000 Total 5837,000 FINAL VALUE ESTIMATE: $837,000 DATE OF VALUATIOjH Ootober 23, 1994 xv Hemlock Drive, Mechanicaburg 4-1116C-l ~ ~ APPRAISAL OF ESTATE OF PAUL T. SHEARER 3 DUPLEX RANCH DWELLINGS LOCATED 3A.3B, ~A.4B, llA.llB HEMLOCK DRIVE UPPER ALLEN TOWNSHIP MECHANICSBURG, PA PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value nf the fee s~mple estate of the subject property, 'as is', as of October 23, 1994. Date of inspecticn, Ncvember 2B, 1994. The property is assumed to be free and clear of any existing mortgages. PROPERTY RIGHTS APPRAISED: For the purpose of this appraisal, the property rights appraised assume fee simple title which is a title that signifiea ownership of all the rights in a parcel of real property subjeot to limitation of the four powers of government which are taxation, escheat, police power and eminent dcmain. The property is valued as unencumbered by the existing leases as the leases are short term. MARKET VALUE DEFINED: Market value is defined as follows: "The most probable prioe which a property should bring in a competitive and open market under all conditions requisite to e fair sale, the buyer and seller eaoh aoting prudently and knowledgeably, and assuming the prioe is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a speoified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of finanoial arrangements comparable there to; and Hemlock Drive, Mechanicsburg 1 4.1116C.1 . ~ r, MARKET VALUE DEFINED: (CONT'D) .5) The pr1ce represents the normal consideration for the property sold unaffected by spaclal or creativa financing or Sales conceSS10ns granted by anyone assoc1ated with the sale. IDENTIFICATION: Three one.story duplex ranch dwellings located on Hemlock Drive in Upper Allen Township. Buildings are known and numbered 3A and 3B, 4A and 4B, llA and lIB Hemlock Drive, Upper Allen Township, Mechaniosburg, Cumberland County, PA. OWNERSHIP: Based on Cumberland County Records. ownership of the property is under Paul T. Shearer. LEGAL DESCRIPTIONS: 3A and 3B Hemlock Drive TRACT NO.1: ALL that certain lot of ground, together with the improvemants thereon arected, situate in the Township of Upper Allen, County of Cumberland, and State of Pennsylvania, bounded and descr1bed as follows: BEGINNING at a point in the Northern line of Hemlook Drive (40 feet wide) I whioh said point is in the division line between Lots Nos. 30 and 31, on the hereinafter mentioned Plan of Lots; thence extending along the divis10n line between Lots Nos. 30 and 31 on said Plan, North 12 degrees 37 minutes East, 13B.94 feet to a point in the division line between Lots Nos. 31 and 34 on the hereinafter mentioned Plan of Lots; thence extending along the division line between Lots Nos. 31 and 34 and Lots NOB. 31 and 33 on said Plan, South 60 ~grees 31 minutes East, 125.34 feet to a point in the division line batween Lots Nos. 31 and 32 on the hereinafter mentioned Plan of Lots; thenoe extending along the division line between Lots Nos. 31 and 32 Hemlock Drive, Meohaniosburg 2 4-1116C.l 1'""1 ,-, LEGAL CESCRIPTIONS: (CONT'D) on aald Plan, South 12 degrees 37 mlnutes West, 101.39 feet to a point in the Northern line of Hemlock Drive, aforesaid; thence extending along the Northern line of Hemlock Drive in a Westwardly direotion by the arc of a circle curving to the rlght, said circle having a radius of 160.0 feet, the arc distance of 19.46 feet to a point; thenoe continuing along the Northern line of Hemlock Dr1ve, North 77 degrees 23 m1nutes West, 100.52 feat to a point 1n the divis10n line between Lots Nos. 30 and 31 on tho hereinafter mentioned Plan of Lots, aforesaid, at the point and place of BEGINNING. BEING Lot No. 31, Block '0", on the Plan of WEBERCROFT, which said Plan is recorded in the Cumberland County Recorder's Office in Plan Book No. 15, page 13. HAVING thereon erected a brick duplex dwelling known and numbered as No.3 Hemlock Drive. Mechan1csburg, PA, BEING the same premises which Paul T. Shearer and Violena M. Shearer, his wife, by their deed dated March 21, 1976 and recorded in the Office of the Recorder of Deeds of Cumberland County on April 19, 1976 in Deed Book T, Volume 27, Page 73, granted and conveyed unto Violena M. Shearer, as tenant in common, constituting an undivided one.half interest in the premises. 4A and 4B. Hemlock Drive TRACT NO.2: ALL that certain lot of ground, together with the improvements thereon erected, situate 1n the Township of Upper Allen, County of Cumberland. and State of Pennsylvania, bounded and desoribed as follows: BEGINNING at a point in the Southern line of Hemlock Drive (40 feet wide), which said point is in the division line between Lots Nos. 42 and 43 on the hereinafter mentioned Plan of Lots; thenoe extending along the southern line of Hemlock Drive, South 77 degrees 23 minutes East, 37.46 feet to a point; thence continuing along the Southern line of Hemlock Drive, in an Eastwardly direotion, by the aro of a circle curving to the left, said cirole having a radius-of 200.0 feet, the arc distance of 102.26 feet to a point in the division line between Lots Nos. 41 and 42 on the hereinafter mentioned Plan of Lots; thence extending along the division line between Lots Nos. 41 Hemlock Drive, Mechanicsburg 3 4-1116C.1 ".., (", LEGAL DESCRIPTIONS: ICONT'D) and 42 on said Plan, South 16 dagraas 41 mlnutes East, 98.63 feet to a pointj thenca extending along the course, South 79 degrees 03 minutes West, 200,32 feet to a point in the divislon line between Lots Nos. 42 and 43 on the hereinafter mantloned Plan of Lots, aforesaid, thence extending aiong tha division line between Lots Nos. 42 and 43 on said Plan, North 12 degrees 37 minutes East, 140.54 feet to a point in the Southarn line of Hemlock Drive, aforesaid, at the point and place of BEGINNING. BEING Lot No. 42, Block 'D', on the Plan of WEBERCROFT, which said Plan is recorded in the Cumberland County Recorder's Office in Plan Book No. 15, Page 13. HAVING thereon erected a frame duplex dwelling known and numbered as No.4 Itemlock Drive, Mechanlcsburg, PA. BEING the same premlses which Paul T. Shearer and Violena M. Shearer, his wife, by their deed dated March 21, 1978 and reoorded in the Office of the Recorder of Deeds of Cumberland County on April 19, 1978 in Deed Book T, Volume 27, Page 76, granted and conveyed unto Violena M. Shearer, as tenant in common, constituting an undivided one-half interest in the premisea. llA and lIB. Hemlock Drivo TRACT NO, 3: ALL that cortain lot of ground, together with the improvements thereon erectea, situate in tho Township of Upper Allen, County of Cumberland, and State of Ponnsylvania, boundod and dosorlbod as follows: BEGINNING at a point in tho Northern line of Hemlook Drive (40 feet wide), which said point is in the division line betwoen Lots Nos. 27 and 28 on the hereinafter mentioned Plan of Lots; thenoe extending along the Northern line of Hemlock Drive, North 40 degrees 30 minutes 30 seoonds West, 100.0 feet to a point; thence extending along the course North 49 degrees 29 minutes 30 seconds East, 150.0 feet to a pointj thenoe extending along the course, South 40 degrees 30 minutes 30 seconds East, 100.0 feet to a point in the division liR4 between Lots Nos. 27 and 28 on the hereinafter mentioned Plan of Lots, aforesaid; thence extending along the division line between Lots Nos. 27 and 28 on seid Plan, South 49 degrees 29 minutes 30 seoonds West, 150.0 feet to a point in the Northern line of He.look Drive, aforesaid, at the point and plaoe of BEGINNING. Hemlook Drive, Meohanicsburg 4 4.1116C.l - '! t""\ n 1993 Rental Inccme 1994 Rental Income 3A and B Hemlcck Drive, Mechanicsburg, Upper Allen 42-25.0030.083 4A and B Hemlcck Drive, Mechanicsburg, Upper Allen 42.25.0030.121 llA and B Hemlcck Drive, Mechanicsburg, Upper Allen 42.25-0030-079 1/93 2/93 3/93 4/93 5/93 6/93 7/93 8/93 9/93 10/93 11/93 12/93 S 2,314.18 2,314,98 2,314.98 2,314,98 2,334.98 2,318,33 2,350.41 2,444.60 2,444.60 2,444.60 2,450.41 2.444.68 $28,491.74 1/94 $ 2,444.88 2/94 2,444.68 3/94 2,444.68 4/94 2,444.68 6/94 2,467.56 6/94 2,444,68 7/94 2,444,68 8/94 2,444.76 9/94 2,444.66 10/94 2,487.60 11/94 2,444,66 $28,937.36 tc date 3.A $ 402.92 ($380 when in Flcrida)" 3.8 412.92 ($390 when in Wisconsin)" 4.A $ 412.92 4.8 372.92 II.A S 412.92 11.8 452.92 All amcunts include $22.92 add on for sewer unless indicated by " (rental amounts effective 8/93).. Hemlock Drive, Meohanicsburg 8 4-11160.1 ~ ,,-.., AREA AIIALYSIS: Harrisburg area is located in Scuth Central Pennsylvania and includes Cumberland, Dauphin, Perry and Northern York Counties. The araa is one of the most stratagically locatad araas in the East Unitad States and the major center for fcod distribution in the Middle Atlantic market ragion which contains over 40 m~llion people, 1/5 of the national population. Freight and ra~l servioes to the area are exoellent. More than 38 trucklng lines mainta~n terminals in Harr~sburg. The subject ares is looated at the hub of the East-West and North-South lines of the Conrail Railway, making the area ideally situated for storage in transit benefits. The Conra~l Railway also operates a large freight classification yard in the area. Baltimore Philadelphia Waeh~ngton New York City Pittsburgh 80 Miles 90 Miles 120 Milas 175 Miles 195 Miles Employment opportunities in the area are good. The State of Pennsylvania employs 35,000 area workers. Harrisburg being the State Cap~tol and the U.S. Government employs another 14,000+ most of which serve the two large supply depots, the Army Supply Depot at Naw Cumberland and the Ship's Parts Control Depot in Mechanicsburg. Aocording to information providad by the Central Penn Busineas Journal, February, 1993, some of the largest employers in tha Harrisburg Area include AMP, Inc., Hershey Foods, Inc., P~nnsylvania Blue Shield, M.S. Hershey Medical Canter, Harrisburg Health Foundation, Polyclinic Medical Canter, I.B.M., Bethlehem Steel Corporation, Haraco Corporation, GPU Nuclear 3 Mile Island, Giant Foods, United Telephone Company, Holy Spirit Hospital, Rite Aid Corporation, Herco, Inc. and Sears. The economic base of the area is diversified and extends from strong government, service related and transportation facilities to commercial and industrial uses. Unemployment rates are consistently some of the loweat reported in the area. In summary, the areas location wlth respact to Eastern Unit ad States, the presenca of convenient highway, alr and rail transportation and the presence of State and National Employment opportunities have resulted in bright prospeota for continued growth in the Harrisburg Standard Metropolitan Statistical Area. Hemlock Drive, Mechanicsburg 7 4.1116C.1 '....... .-- NEIGHBORHOOD ANALYSIS: The subject property lS located along the west side of South Market Street just south of Mechanlcsburg Borough in Cumberland County, PA. Neighborhood boundar1es consist of road networks 1n the area with the southern boundary being U.S. Route 15, the eastern boundary being Wesley Orive, the northern boundary being Simpson Street in Meohanicsburg and the western boundary being York Street. The area is suburban in natura with commercial uses predominant along major traffic arteries and residential uses on interior streets. The subjeot is located in the residential development of Webercroft. Access to surrounding municipalities and regionel areas is very good with U.S. Route 15 ava1lable within 2 miles. Commercial uses within the ares include a Sheetz Conven1ence Store, Dove's Auto Repair, veterinarlan, Book of the Month Club, profess1onal offices, as well as South Point Condom1niums. Prices vary within the neighborhood and depend on the type of property and its existing use. Generally, housing prices range from $70,000 to in excess of $250,000 with ages ranging from new to in excess of 100 yeers with the typical age being 15 to 20 years. Residential rentals range from $350 per month to $1,000 per month. Commercial and industrial uses range in price from SBO,OOO to in excess of $1,000,000 with ages ranging from 5 to 50* years. Commercial, industriel and warehouse rentals range frcm $5.00 to $14.00 per square foot depending cn the size cf the rental units and the services included. There is only a mcderate demand for rentels in this area at the presen_ time due to the uncertain economy. In general, the area is experiencing a vacancy rate cf 5.10~. A high percentage of commercial and industrial properties are cwner occupied. Planning, zoning and restrictions for the area permit a mixed blend of uses which are favorable to the neighborhood. Properties qualify for all types of finencing with mortgage money available for residential, commercial and industrisl properties through numerous lending institutions, as well as thrcugh the Cumberland County Industrial Authority. Utilities withih the neighborhood include: water which is supplied by the PA American Water CompanYi sewsge disposal is by Upper Allen Township and Mechanicsburg Borcugh Sewer Authorities; &lectricity is provided by PA Power and Light Company, Inc,; natural gas by UGI. Hemlock Drive, Mechanicsburg 9 4.1116C.l ~ ~ . Location Map. , ,\~ ~ . -~ ~ r" )~I (ll~,/ .... . ~ In""..... lo_ . .., f"""I (\ SITE Al<ALVSIS: (CONT'Dl Topography axhibits a slight inoline from,street to improvements, Utilit~es inolude electricity, telephone, public water and sewer. Zoning of the pal"cel is also Suburban Residential whiCh permits its existing use. The tract is located in HUD identified flood hazard area with flood insurance reouired. Hazardous Materials Information: The appraiser has no knowledge of underground storage tanks or hazardous materials on site, in the soil or subsoil, or gases found in the environment such a toxic waste or radon gas, etc., which mayor may not bo present in the property. I urge the client to retain an expert on these mattors with this appraisal based on clear certifications and assumes the property is cleared of hazardous materials. Based on information obtained from the township office and U.S. Department of Housing and Urban Development, Federal Insurance Administration Flood Maps, the subjeot is looated in Zone A of HUD identified flood hazard area as shown on Community Panel H4203720005C dated February 15, 1980. Zone A areas are subject to flooding and requira flood insurance. <\ Hemlook Drive, Meohanicsburg 13 4.1118C-1 ~.~-, i' '1 ""'" IIAPROVEI.IENT ANALYSIS 3A.38 Hemlock Drive One story duplex dwelling with 2 car attached garage, vertical aluminum siding, gable style asphalt roof and aluminum gutters and downspouts. Exter~or is in average condition with minor scraping and painting of frame areas needed, GroBS building area is 1,777 square feet with an attached garage of 624 square feet. Unit 3A is located at the south end of the dwelling and contains living room, modern kitchenldining area, two bedrooms and a ceramic tile bath with tublshower, lavatory and commode. Condition is good. Unit is tenant occupied with rental being $402.90 and when in Florida the rental is $380 per month. Basement is under the entire unit and is unfinished storage area with poured concrete and concrete block walls and concrete floor. A sump pump is available, hot water is supplied by an 82 gallon eleotric water heater and heat is oil fired hot a~r. Electrical service is 125 amp with circuit breakers. Unit 38 is located at the north end of the dwelling and likewise contains living room, kitchen/dining area, two bedrOOMS and a full ceramio tile bath. Condition is good. Unit is tenant occupied and rental is $412.92 and when in Wisconsin rental is $390 per month. Basement provides storage/utility area and also has a recreation room with f1replace which contains approximately 300 square feet and includes paneled walls, block tile ceiling ~nd vinyl floor covering, Heat is oil fired hot air with sump pump installed. Eleotrical service is 200 amp with cirCUit breakers and hot water is supplied by a 52 gallon eleotric water heater. Foundation walls are poured conorete with concrete floor. Finish throughout eaoh unit inoludes hardwood, carpeted and vinyl covered floors, drywall walls and ceilings. Each unit contains an eleotric range/oven, exhaust fan, dishwasher and refrigerator. Eaoh unit has use of one of the two garage spaces. Water seepage condition exists in the basement of these units during heavy rains for excassive periods 01 time. Hemlock Orive, Meohanicsburg 14 4.1116C.1 " . .-- r\ IUPROVI'I,lENT ANALYSIS: I CONT' 01 4A.48 Hemlock Drive Brick and alum1num one story duplex dwelling with 2 car attached garage, gable style asphalt shingle roof. alum1num gutters and downspouts. Exter10r condition 1S good. Gross building size is 1,777 square feet plus the attached 2 car garage of 572 square feet. Two patios are available. one for each unit and measure 10 x 16 each. Unit was built in 1961. Both units are similar as to room count with unit 4A located at the north end of the dwelling and 4B at the south end of the dwelling. Eaoh unit contains living room. modarn kitchen/dining area, two bedrooms and a full ceram1C tile bath with tub/shower. commode and lavatory. Condition is good. Units 4A and 4B are tenant occupied with rental being $412.92 per month for unit 4A and $372.92 per month for un1t 4B. Tenants are responsible for heat. electr1c and sewer. Both units have full basements. each with poured conoreta walls and concrete floor. Each has their own oil fired hot air heat unit and indiv1dual electric water heater and individual eleotrical service with circuit breakers. Unit 4A has a recreation room in the basement with paneled walls and vinyl floor. Finish throughout both units includes painted ceilings and carpeted floors. General condition of unit contains electric range/oven and exhaust fan. garage spaoe. drywall walls both units is Each unit has and good. use of Eaoh one 11 A.l1 8 Hemlock Drive Brick and aluminum ranch style duplex dwelling with gable style asphalt shingle roof, aluminum gutters and downspouts and a 2 oar attached garage. Gross building area is 1.870 square feet plus a garage area of 624 square feet. Condition is good. Building was constructad in 1961. This building contains units l1A.llB with each unit being tenant occupied and containing living room. modern kitchenldining area. two bedrooms and a full ceramic tile bath. Unit llA is located at the north end of the structure with lIB located at the south end of the dwelling. Units are in good condition with llA rental being $412.92 per month and unit llB being $452.92 per month. Tenants are responsible for heat, eleotrio and sewer. Hemlock Drive, Mechanicsburg 4.11160.1 15 t') t') HIGIlEST AND BEST USE: The higheat and beat uae of a property 1a thet uae to which the land can bo put which w111 creata tho droatoat utlllty for the land, be it in profit or in amenltlea, and that which i8 permitted or would be permitted by the local munioipal Dr townah1p Ruthoritiea end thet which would not be unduly obJeotionable to the charaoter of the aurrounding property, and keeping within the aoope ot the ganeral neighborhood development. In eatimating h1gheat and beat uae, thero are eaaentially three statea of onalysOlo A, Poaalble ual' uaea to which it is phyaically poaaible to put thl aite in queation. a, Permlsalble use. legal uaes permitted by zoning and deld restrlctiona on the sito in question. C. Felllblu ual' pOlalblo and permiaaible usea that will produoe the higheat net return, or highest prOlent worth, The higheat and belt ue. of the land (site), if vaoant and available for use, may be different from the higheat and best use of the improved property, Thia is normally true when the improvements is not an appropriate uae and yet makes a oontrlbution to the total property value in excesa of the value of the site, The follOWing test muat be paaaed in determining the higheat and best use: A. The uae must be legal. a, The uae must be probable, not speoulative. C, There must be a profitable demand for suoh use and it mUlt return to the land the higheat net return for the longest period of time. aeaed on tha foregoing footors, the higheat and best use of the subjeot property, in my opinion, is eatimated to be its present use as three separate aaleable duplex dwallings, Uellllook Driva, Meohaniosburg 17 4.1116C.1 ~ ~ VALUATION: Taking all the foregoing factors into consideration, it is my opinion, the suhlect properties have market values as of October 23, 1994 as follows: 3A.3B Hemlock Drive, Mechanicsburg ONE HUNDRED nVENTY.FIVE THOUSAND.....(S125,OOO).....DOLLARS 4A.4B Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY.TWO THOUSAND.....($132,OOO).....DDLLARS l1A.l1B Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY THOUSAND.....($130,OOO).....DOLLARS Total estimated value of all three duplex dwellings THREE HUNDRED EIGHTY.SEVEN THOUSAND.....($3B7,OOO).....DOLLARS VALUATION PROCESS AND SCOPE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the fee s~ple title to the subject property. The goal of the valuation process is a well documented and supported value conclusion that reflects the appraiser's study of all factors that influence the market value of the property being appraised. In order to do this, the appraiser usually studies a property from three different view points which are typically known as the three approaches to value. They are as follows: 1. The Cost Approach whereby the current cost of reproducing or replacing the improvements less the loss in velue from depreciation equals a depreciated cost of improvements. To this depreoiated cost of improvements, the value of the land is added to arrive at an indication of value. 2. The Sales Comparison Approach is that approach to value whereby the subject property is compered to other recent sales of comparable properties to arrive at an indication of value. 3. The Income Capitalization Approach looks at the earning power of the subject property, its income of anticipated future benefits and capitalizes this into an indication of value. Hemlock Drive, Mechanicsburg lB 4-1118C-1 1""\ t"\ VALUATION PROCESS ANO SCOPE OF APPRAISAL: (CONT'Ol Information for the opplioatlon of the three appro ache a to value is obtained from the market thrcugh research and analysis and it shculd be noted that tha approaches are interrelated. Separate indications of property valua are usually darived from each approaoh, All three approaches to value will ba uleo ln thia appralaal and are conlidered in the following secticna of th1a report, Hemlock Drive, Mechanicsburg 4.11160.1 19 () ('. '-. Sketch of Buildings . " ~f'h,..~L"~ .. u,." QU,a.!. ""u' . fllft'." p....'tl'J l~ .. ,~ OwItLL.i...(. C/':llcu1At10N5 : .31~~": . 1~1.'f :no'l'),,) J,SO Co I,'po ('faIr 1 ru.J i ~h~...,.,. 1I1l'/o/l B 1j.",Io. I; ,)Q;'", /IIE(' 1J1l""~ flU~C. PI'l 1""10'.... ,I Hllldouk Drive, Meohll!1fosburg 20a 4.1116C.l \10'. . '", , , ;c 1; It 1""\ ~ COST APPRDACl!.i. Approach through which an appraiaer derivas a value indication at tha tea simple interest in a proparty by estimating the current cost to construot a reproduction of or replacement for the existlng structure, deducting tor all eVidence of accrued depreclation from the cost new of the reproducticn or replacement structure, and adding the estimated land value plus an entrepl'eneurial profit. (The Dicticnary of Real Estate Appraisal Sacond Edi tiOll, Page 72). Reproduction ccst will be used in this appraisal and may be definad as: The cost of ccnstructicn at current prlces of an exact duplicate cr replica using the sama materials, ccnstruction standards, design, layout and quality cf workmanship and embodying all of the deficiencias, superedequacias and obsolescence of the subject building. (The Dictionary of Raal Estate appraisal Second Edition, Page 254). The Cost Apprcech is based on the propositicn that a knowledgeable buyer would not pay more for a property than the cost of building a new property to the same utility. The Ccst Approach to value consists of the following steps and includes the valuation of the land: 1. Estimate the value of ths land as thcugh vacant and available to be developed to its highest and best use. 2. Estimate the reprcduction cost of the building on the effeotive date of appralsal. 3. Estimate tha amount of depreclation in the structure inoluding physical deterlcration, functlonal cbsolescence and external obsolescence. 4, Daduct the aatimated depreciation frcm the reproduction cost of the structure to estimate the buildings contribution to value, 5. Est1mate the daprsciated coot of other structures and site i.provementa . 6. Add the depreciated value of buildings, other structures and site t.provements to the site value to arrive at an indication of valUe by tha Cost Approach. Cost Approach figures were obtalned from Marshall Valuation Servioe andlor lcoal contractors. The Cost Approach analysis and calculations are shown cn the following page_ including land valuation. Hemlock Drive, Mechanicsburg 21 4.1116C.l r ~ f"""'I COST APPROACH: (CONT'D) COST APPROACH SUMMARY 3A and 3B Hemlock Drive Dwelling 1,777 Square Feet @ $60 per Square Foot Finished Basement $106,620 4,000 Garage 650 Square Feet @ $15 per Square Foot 9.750 Total by Cost Approach 5120,370 Less Depreciation Physical 25.. Due to Age and Condition Funotional 0.. Design External 5.. Flood Plain Total Depreciation 30.. . 30.093 Depreciated Cost of Improvements $ 90,277 Site Improvements Driveway, walks, landscaping, patios, etc. $ 5,000 Land as Lot 30.000 Total by Cost Approaoh $126,277 Rounded to $125,300 Hemlock Drive, Mechanicsburg 22 4.1116C.1 r-, (\ COST ~PPROACH: (CONT'D) COST APPROACH SUMMARY 4A and 4B Hemlock Drive Dwelling 1,777 Square Feet ~ $65 per Square Foot Finished Basement $115,505 3,000 Gerege 572 Square Feet ~ $15 per Square Foot 9.182 Total by Coet Approach $127,657 Less Depreciation Physical 20\ Due to Age and Condition Funotional 0\ Design External 5\ Flood Plain Total Depreciation 25\ .: :31.914 Depreoiated Cost of Improvements $ 95,743 Site Improvements Driveway, walks, landsoaping, patios, eta. $ 5,000 Land ae Lot 32.000 Total by Coat Approaoh $132,743 Rounded to $133,000 Hemlook Drive, Meohaniosburg 23 4.1118C.1 t""\ '" COST APPROACH: (CONT'D) COST APPROACH SUMMARY 11A and 118 Hemlock Drive Dwelling 1,860 Square Feet @ $64.00 per Square Foot $119,040 Garage 624 Square Feet @ $15 per Square Foot 9.380 Total by Cost Approach $128,400 Less Depreciation Physical 20~ Due to Age and Condition Functional O~ Design External ~ Flood Plain Total Depreoiation 25~ . 32,100 Depreciated Cost of Improvements $ 96,300 Site Improvements Driveway, walks, landsoaping, patios, eto. $ 5,000 Land as Lot 30.000 Total by Cost.Approaoh $131,300 Hemlook Drive, Meohaniosburg 24 4.11160.1 . . '" .-.. INCOI.IE CAPITALIZATION APPROACH: Approach through which an appraiser derives a value indication for lncome-producing property by converting anticipated benefits, i.e., cash flows and reversions, into property value. This conversion can be accomplished in two ways: One year's lncome expectancy or an annual average of several years income expectancies may be capitalized at market.derived capitalization rate or a capitalization rate that reflects a specified income pattern, return or investment, and change in the value of the investment; seoondly, the annual cash flows may be discounted for the holding period and the reversions at a speclfied yield rate. (The Diotionary of Real Estate Appraisal Seoond Edition, Page 156). This type of income produoing property is normally purchased for owner occupancy or as an investment. As a result, the earning capacity of this property is an important ingredient in estimating its value. Investors who purchase this type of property trade their present dollars for an income flow of future dollars plus the return or their investment at some future date. The Income Approach consists of the following steps: 1. Estimate the potential gross income of the property. 2. Add additional inoome from other sources. 3. Subtract the typical market derived rent loss that occurs from vacancies, credit losses and colleotion problems. 4. The resulting number is the effeotive gross income (E.G.I.) 5. From the E.G.I. subtract normal operating expenses, fixed expenses and reserves for the replacement of short lived building components. 6. This results in the net operating income (N.D.I.) I I I 7. Develop a direct capitalization rate. In this appraisal, the band of investment-mortgage.equity teohnique will be used. 8. DividLthe N.D.I. of the property being appraised by the appropriate capitalization rate which gives an indicated value by the Income Approach. The Income Approach does not typically apply to 2.unit properties similar' to the subject units and is not used in this report. ... Hemlock Drive, Meohanicsburg 25 4.1116C.l ,") -~, SALES COMPARISON APPROACH: The epproech through which an appra~ser derives a value indication by comparlng the property being appraised to similar properties that have been sold rocently, applying appropriate units of comperison and making adlust~ents, based on the elements of comparison, the sale price of the comparllbles. (Tha Oictionary of Real Estate Second Edition AIREA, Page 2651. In applying the Sales Comparison Approaoh I the appraiser takes the followlng steps: 1. Researches the market and selects the sales and/or listings of properties most comparable to the property being appraised. Generally, the most current and similar comparable sales prove to be best indicators of the value of the subject. 2. Collects and ver~fies data on each selected property's selling and listing prices, dates of sale, physical differences, locational character~stics and any spec~al conditions. 3. Analyzes and compares each property with the subj ect as to tillle of sale, looation, physical characteristics, conditions of sale and other differences. 4. Adjusts the sale or listing price of each comparable for differences between it and the SUbject. Adjustments are based on merket extractions andlor judgement, 5. Reconcilee the adjusted prices of the comparable properties into an indication of value of the property being appraised. In an effort to arrive at value 1ndications by the Salea Comparison Approach, sales of reasonably similar properties in surrounding areas were studied. Our research included both East & West Shore munioipalities. Numerous sales were studied, as well as, current listings and properties under contract. Only the most comparable salee have been seleoted for inclusion in this report. Verificat~on of sales information with realtor, grantor, grante~and court house records was conducted where possible, Each comparable property was compared to the subject property and adjustments were made for significant differences. The adjusted prioe of each ccmparable indicated a value range for the subject whioh was then reconc~led into a single value indicat~on via the Sales Comparison Approsoh. Hemlock Drive, Meohanicsburg 26 4.11160.1 ~~\ . ,.,--);.- 1""'\ " SALES COMPARISON APPROACH: (CONT'D) COMPARABLE SALES This approach Ylelds an indication of value by comparing recent sales of simllar properties, and making adjustments for time, location, physical and other differences. Among the area sales reviawad were the following: Sale 1 170.172 Erford Road, Camp Hill, East Pennsboro Township was a 4 unit duplex style ranch dwelling which aold December, 1993 for $147,000. Thia one story building contained 2 units on the upper level and 2 units on the lower level. Heat was electric baseboard. Two units were 4 reams, 2 bedrooms, 1 bath, with 2 units having 3 rooms, 1 bedroom and 1 bath. Indicated price per unit waa $36,750. Indicated prlCe per sq. ft. of building above grade was 1,416 sq. ft, Tax Map II 09-18-1304-135. Sale 2 609 Erford Road, Camp Hill, East Pennsboro Township sold December, 1993 for $125,000. This was two 2-story townhouse units, eaoh tenant occupied and heated with electric baseboard heat. Eaoh unit contained 6 rooms, 3 bedrcoms and 2 baths with basement storage. Gross building area above grade was 2,414 sq. ft. cr 1,207 per unit. Indicated price per unit was $62,500. Indicated price per sq. ft. of building above grade was 51.78. Tax Map # 09-17.1042.015J. Sale 3 6/6A St. Johns Drive in Shiremanstown Borough sold August, 1993 for $125,000. This property contained 2 ranch houses with the front building contalning 4 rocma, 2 bedrooma, 1 bath and 816 sq. ft. with 1 car built.in garage. Rear building contained 4 rooms, 2 bedrocma, 1 bath and BOO sq. ft. Total gross building area was 1,616 sq. ft. Heat waa both electric baseboard and cil hot air. Indicated price par unit was $62,500. Indicated price per sq. ft. cf building above grade waa 77.35. Tax Map # 37-23.0555-287. , I I I ,..- ~ Hemlock Drive, Mechanicsburg 27 4-1116C.1 .~ r-. SALES COMPARISON APPROACH: (CONT'DI Sales ComDarlson Adlustment Grid 3A.3B HemlocK Drive SubJect Sale I Sale 2 Sale 3 170. I 72 Erford Rd 609 Erford Road 6/6A St. Johns Dr Sales Price N/A $147,000 $125,000 $125,000 Room Count 8 4 2.5+.5 8 4 2 + 2,000 12 6 2 + 2,000 8 4 2 +2,000 Building Size 1,777 1,416 + 9,000 2,414 .18,000 1,618 +4,000 Basement Prtly Fin. 8smt. 6.2.2 '20,000 Storage + 2,000 Storage +2,000 2 car garage Yes None + 4,000 None + 4,000 I car BII +3,000 Condition Average Superior . 5,000 Superior . 5,000 Superior .5,000 !let Adj. .10,000 '13,000 +6,000 Ad), Prlce $137,000 $112,000 5131,000 The value range indicated for the subject property extends from $112,000 to a high of 5137,000. Due to the water seepage condition in the basement and slower market condl:ions, the estimated market value for this duplex unit as of October 23, 1994 lS estimated to be less than the upper end of the value range and at ONE HUNDRED TWENTY-FIVE THOUSAND.....($125,000).....DOLLARS 4A.4B Hemlock Drive Sale Price NA $147,000 $125,000 $125,000 Room Count 8.4.2.5+ .5 842 + 2,000 12 6 2 + 2,000 842 +2,000 8uilding Size 1,777 1,416 + 9,000 2,414 .16,000 1,616 +4,000 Basement Prtly Fin. Bsmt. 6.2.2 .20,000 Storage + 2,000 Storage +2,000 2 car garage Yes None + 4,000 None + 4,000 I car BII +3,000 Condition Good Superior . 1,000 Superior . 1,000 Superior .1,000 Net Adj. .6,000 .9,000 +10,000 Adj. Price $141,000 $116,000 $135,000 The adjusted value range for this property extends from a low of $116,000 to a hlgh of S141,OO with the final value indication estimated to be less than the upper end of the value range due to slow market conditions as of OGtober 23, 1994 and at ONE HUNDRED THIRTY.TWO THOUSAND.....($132,000).....DOLLARS Hemlock Drive, l.Ieohanicsburg 28 4.1116C.l """ r- SALES COM PAR ISON APPROACH: !CONT'Ol l1A.l1B Hemlock Orive Salll Price N/A $147,000 $125,000 $125,000 Room Count 8 4 2.5+ .5 8 4 2 . 2,000 12 6 2 . 2,000 8 4 2 +2,000 6uild1ng Size 1,860 1,416 .11,000 2,414 .14,000 1,616 +6,000 Basement Storage 6.2.2 .22,000 Storage Storage 2 car garage Yes None + 4,000 None + 4,000 1 car BII +3,000 Condi tion Gcod Superior . 1,000 Superior 1,000 Superi.or .1,000 Net Adj, .6,000 .9,000 +10,000 Adj. Price $141,000 5116,000 5136,000 The value range for this property indicates an adjusted price which extends from a low of 5116,000 to a high of 5141,000, Due to the slow real estate market, the estimateo selling pr1.ce as of October 23, 1994 is ONE HUNORED THIRTY THOUSAND,....($130,OOO)"...DOLLARS Hemlock Drive, Mechanicaburg 29 4-1116C.1 ... ~ ~ RECONCILIATION The indications of valuo as developed by the three approaches to value are as follows: Cost Approach 3A.38 Hemlock Drive 4A.48 Hemlock Drive 11A.118 Hemlock Drive $125,300 $133,000 $131,300 Income Approach Not applicable Sales Comparison Approach 3A.38 Hemlock Drive, Mechanicsburg ONE HUNDRED nVENTY.FIVE THOUSAND.....($125,OOO).....DOLLARS 4A.48 Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY.TWO THOUSAND.....($132,ODD),..,.DOLLARS 11A.118 Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY THDUSAND.....($13D,ODD).....DOLLARS Total estimated value of all three duplex dwellings THREE HUNDRED EIGHTY-SEVEN THOUSAND.....($387,OOO).....DDLLARS The cost factors used in the Cost Approach have baen developed from local contractors, Marshall Valuation Service, as well ae, but not limited to my experience as an appra1ser and realtor, which reflaots the local present cost of construction. The Cost Approach generally will result in an exoellent estimate of value 1f the building is new or reasonably new, and the improvements reflect the highest and best use of the land. However, when items of physical deterioration and obsolescence must be estimated, an area of judgement is involved which is subject to error. This approach is used in this appraisal as a guide to the final indication of value and is given weight. Hemlock Drive, Mechanicsburg 30 4-1118C.1 1"""\ ,r"\ RECONCILIATION: tCONT'DI G~nerally, duplex dwellings similar to the three subJeot properties are puronaced as residenoes with the seoond unlt rented and used to help pay the uiStlt:g mortgage. They are not typioally purohased for their inoome produolng potentlal and are not oonaidered typioal inveatment reel estate. Aa a result, the Inoome Approaoh to value was conaidered but not usad in this valuatlon, Greatest weight is glven to the Sale a Compariaon Approach which refleots the reactiona of the typical buyera and sellera in the market plaoe. Seles of 3 properties were well documented and analyzed. Sales 1 & 3 were deemed moat slmiler to the subjects and were eocorded greatest emphaais. Adjustmenta were based on market extraction and/or judgment. After careful conslderation of all the factors which influence value, it is my oplnion that as of October 23, 1994 the value indications for the three duplex dwellings are aa followa: 3A.3B Hemlock Drive, Mechanicaburg ONE HUNDRED nVENTY.FIVE THOUSAND.....(S125,OOO).....DOLLARS 4A.4B Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY.TWO THOUSAND.....(S132,OOOI,....DOLLARS IIA.llB Hemlock Drive, Mechanicsburg ONE HUNDRED THIRTY THOUSAND.....(S130,OOOI.....DOLLARS Total estimated value of all three duplex dwellings THREE HUNDRED EIGHTY.SEVEN THOUSAND..",($3B7,OOO)"",DOlLARS Hemlock Drive, Mechanicsburg 31 4.1116C.1 ""'" -----, CEft'f'P1CATION AND IUTOII!NT 0' LIWlTlNOCONDrTlOHI .;;(RTlFtCAU:NJ '''I ADD""''''' urUUU ,n' .qr... 'Plnl I, r,... Aooru.." nn ftG Dr..."t or c~,..ol'UIS 'IIty" ,,,,,,..,, in tll' orOlllr" 'UrUIIIIl ,1\' nUt"'" tf" '.01'",", to .... tn, nor,,"1, flO" 1ft' Co-OI",nu" '01' it, U cont1"CI'''' UDO" '"' .urU'" lI'.h.t' at Ii'll oro,.rty. t. 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IIlDI"UaL rlDort 'nCl val". ;:I..cl,,110n Ir, ~onun,.1'lt "Don 1000DL.uon at t'" lJIlorov..."tI ln . .or...."ll.. ..n".'" !..vIAO.....Nl~L OISCL..'IWIAI '11'1111". ..I...".d 1" tnlt ".oa"t ~. 0...0 01\ tn. 1I.,,_o'lon tPltt .". oro""ty 11 not n'OIu.val, "'.ctlO o~ t,.. uuunCt at "...roo'" ."o.uncn 0" a.."....nul '"'1l.ronun"l conaUlo"" 'Il. 1Il0ru"" 11 no. .n ..p.M 1" till l.a.nutUtt~lIn at Il.uraov. 'lIl1.uncII 0" o..r...nUl .n'll.rOl\lInUl con01Uon.. Tn. IIIOI"lI.r" ,.out1ll' 1II1OICUon af .nll lnll,,1ru' ,1I0"t tn. .wot.n orOOIMy 0111 not unLep .n't l.,to....Uon tll'lt lnOJ.C'UO .ny 'OO.".nt .19nlf1c.nt ",..rdOU' .IIUtl"CII or dU,....."uL ,"v""on..nul CllnaULo", -.nU" JfOUl0 .U.et 'Il' of"tlt).rty n..aunh. It 1. 1I0lUDlI tn.. tll" .nO lJUII'.Uon. .'0' Oy . o".llfl'O tllI'''O~' .w.."nc. ,nO .n"1ron.,,,ul .ID.M would ,.""..1 ttl. ..l.Iunll. 0' nll.MlOUI ..u"...l. Inll ,""'I."OI'I.."Ul eonoUlan. IM'I or "'~n. .n. orOD.My tflat woul0 n.ottl'1aly .U.et it. v.lue, .&DOITIOfrW. CIAUPlCAUOHI 'h. ",,"ru"" '11M"'" U'"'&tl11 tnltl " ,,,1. 1Il1I"'1I11 conto".. to t". un&to". luno.I"OI or ,ro,,,uanll A&tllrlUaL ,ruUU l'USP"'.) .aODUO Dy t". .&I,r11l.1 sunO."d. to.r. ot t'" Aclo""..l 'oundlnOll, llcall' 1:1l.t t'" O.o.rt"r. 'rOV1l1an o. till lM'" dOli ftot .001y, 2, 'hitI' c.....n..uan 11 not eontll'lo.nt uoon '"' I"OO,.U"'O at I or.".U,..1II'0 Valli' or dll".ouon ,n '1.l". tnlt ,..0,., tll. c.u.. ot 'P" dunt. t". 1I000nt af t". villi' .1t~n'l t"1 ttUll'I.'''' ot . ,tUl"laUd ".."U. or 1:'" occ"rr.nca a. . .1I00.....l'It .v.nt, 3. ftllt Inrl1.,l "ll0n,.nt ... not 1111'" on . r.ou"uo 'In...,,. .,al".non. . 11I,,1110 vllu.non, 0" tn. IOlIrow.l a. . 10.n, Hemlock Drive, Meohanicsburg 32 4.1116C.1 "'"' (1 PROFESSIONAL MEMBERSHIP IAFFtLIATlONS Member of the Appraisal Institute, Central Pennsylvania Chapter. SRA MAl candidate. National Aasociation of Realtora . Greater Harrisburg Board . Realtor E,lucatlon Statement . 'The Appraisal Institute conducts a voluntary program of continuing education for its dasignated members. MAIs, SRPAs & SRAs who maat the minimum standards of this program are awarded periodic eduoational oertificates." I, George C. Clauser, am currently certified under the SRA prcgram. PARTIAL CLIENT LIST: Harris Savings Bank York Federal Savings & Loan Aasn. Dauphin Deposit Bank & Trust Co. C.C,N.B, Bank, N.A. Fulton Bank Commonwealth National Bank PA State Bank Commerce Bank Lender's Service, Inc. Veterans Administration F.!deral Housing Administration Members. Penna. Bar Association Prudential Relooation Management Transamerioa Homequi ty Equitable Relocation Naticnwide Insuranoe Company Assooiates Relooation Management Relccation Resouroes Coldwell Banker Relocation Executrans Dauphin National Bank Navy Federal Credit Union E.I, Dupont De Nemours The Homestead Group, Inc. Chemioal Exeoutive Reloo. Homestead Savings Assoo. Allstate Mortgage Corp. MOM Mortgage Co. Reoord Data, Ino. PA State Employees Credit Corestates.Hamiltcn Bank Hamilton Bank Brokers Mcrtgage Servioe Commonwealth Mortgage Corp. Howard Relooation Group Spring Grove National Bank GUAC Mortgage Company City Federal Mortgage Co. Employee Transfer Ccrp. Defense Aot. Fed. Credit Un. Banc Plus Mortgage Corp. United Federal Bank Parent Federal Hemlock Drive, Meohanicsburg 34 4-1118C-1 ,-~-'~':-:-7>"-'--"""'-----'''''' ,.. '\ .... ..... -,- ,- -,..--.-:----..-.." . - -,-,"",'-- '-"~-' () ,'-'. ~~~n~I~~~ CERTIFICATION ~@1 J If'!!.I,!;!! ,:!I:.. 'i. _. ,. 'III:!' ,;' II "" ; It :!. .:1', '! '1 '.... = '.,:r='='=;=I; .. ~.:.:.=:: .~~Q~r~!'J1:.Y~;='"=r, .r~ 1= . .Iii ii, .,ii,ii,i: iit"iili'.i!,ii1i:' ii:~ iiljj,iil~ofSmm'i' iilii,jj"jr' '1 'I ' :,; :, :'=1:1= ,:;;,,::,; :0: =::=' = ':' '~ f~ _..-~::-=;,i.. Ir .. - - - . - - - - ..., .. - .lIIlU&lI:aI'PIICl1'DS1 =mo__._ _. '::1: 1II'!l1I ~ I! J I ~ ~:. , ,: lit II ' !I ! II: I' . . It . I ~, .. , ' It. . :.,= =':='=1='= ~ ';J'.O;IIDr1 .IUlUIIB'll7IID. P IDG'lllI:I; '. ., .: ==::::.:=":--, :t:._.~",,.-.~ _:...., : '1; 111 n 'II: -t.': . - ',- 4:' ..- -;-... ;,.". . - - '~"'!'?' - .. :,~ . ,,\- Cil~Brncmolf ':- ' f' l' ' .. :' '~:I= ;- 'i:,l ~c,m: Nl1HBEII , .r -'It .GA~00D233-L -. '- .. - ~ . ... . II,,, '" . . '1. , '11":. --, ..,-,.. ZtH .......... '.. l;t'~:' ,: I~.~ . :,," . .... - . ., ,~t GENERAf ~PPRAISER , . \ ; . .ISS~ I - " JUH ZS 1993 .-. r , " IJ -:,";' - 1 ~C~ON Dm: , EZPIBD AUG 01 1991 ,JUN 3D 1995 -.. j : .. , . "~I" -' !I~ '. .''..,=- " III,. . . . , , '-- . , '!W... ISIIIEIl TO GEORGE CLAIR CLAUSER 323 PIHEWOOD ORIVE SHIRE"ANSTOWH PA 11011 ::. =1. i=...~~ ;:i=I::'~I:.'I: ~.=l ... !=I~ , . . Ilemlouk Drive, MeohanJ:clburg 35 4.1116C.1 ~ (\ ADDENDA Al -! Hemlaak Drive, Meahenicaburg 4.1118C.1 ...-.,.....- -.-. 1""\ ,-., 3A.3B HEMLOCK DRIVE MECHANICSBURG, PA REAR VIEW vii Hemlock Drive, Meohan1csburg 4.1116C.1 . ,......, ..-'\ 3A.3B HEMLOCK DRIVE MECHANICSBURG, PA STREET VI EW I ~.... .. . ,'.....J , vii Hemlock Drive, Meohanlcsburg 4.1116C.l ........ -, 4A.4B HEMLOCK DRIVE MECHANICSBURG, PA REAR VIEW .~ , " x Hemlock Drive, Mechanicsburg 4.1116C.1 {\ r-. 3A.3B HEMLOCK ORIVE MECHANICSBURG, PA STREET VIEW " xi Hemlock Drive, Mechanicsburg 4.1116C.1 .. ...,,-- .-. -..- - ~ ..... ..-.-.... t"""\ r. l1A.l1B HEMLOCK DRIVE MECHANICSBURO, PA REAR VIEW I $ I t ,I , , .' . ' xiii Hemlock Drive, Meohanicsburg 4.1116C.1 .~ ~ 11A.llB HEMLOCK DRIVE MECHAN1CSBURG, PA STREET VIEW xiv 4.1116C.l Hemlock Drive, Mechanicsburg ." - ~ THIS DEED is made this ~?I .sf- day of tJJoh" ~ , 1991, between PAUL T. SHEARER, hereinafter called "Grantor" and PAUL T. SHEARER, Trustee under Trust Agreement dated June 5, 1991, with Paul T. Shearer as Settlor and Trustee, hereinafter called "Grantee". (Both Grantor and Grantee, whether one or more, referred to as though singular in number). WITNESSETH, that the said Grantor for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, paid by the said Grantee to the said Grantor, at and before the signing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, and conveyed, and by these presents does grant, bargain, sell, and convey unto the said Grantee and Grantee's heirs, successors and assigns the premises described on Exhibit "A" attached hereto and incorporated herein by reference. TOGETHER with all bUildings, improvements, woods, ways, rights, liberties, priVileges, hereditaments and appurtenances, to the same belonging, or in any wise appertaining, and any reversions, remainders, rents, issues and profits thereof, and of every part and parcel thereof, inclUding any interests specif.ically set forth on Exhibit "A", if any. And also, all the estate, right, title, interest, property, possession, claim and demand Whatsoever, both in law and equity, of the Grantor of, in and to the same. ~ TO HAVE AND TO HOLD the same premises, and the appurtenances, hereby granted to Grantee and Grantee's heirs, SUccessors and assigns, to and for the only proper use, benefit and behoof of the said Grantee and Grantee's heirs, successors and assigns forever, under and subject to the conditions set forth on Exhibit "A", if any. UNDER AND SUBJECT to all Acts of Assembly, County and Township ordinances, rights of Public Utility and Public Service Companies, eXisting restrictions and easemsnts, visible or of record, to the extent that any persons or entities have acquired legal rights thereto, plans, rights of way, liens of record. This transfer is exempt from Pennsylvania transfer taxes because to a Trustee of an ordinary trust where the transfer would be exempt if directly to the beneficiary. " I . . - A4 rdo6 35 PACE 893 ," ..-.. - '.:::J n N c..- o<: r = .' :z: ;L ..... ,.. tD , ==" ( :3 ( , ..... ..... 0 en . . Violena M. Shearer joine in execution of this Deed for the purpose of releasing any interest of any kind or nature whatsoever in or to the premises herein conveyed. AND the said Grantor hereby co~~nants and agrees that Grantor will warrant specially the property hereby conveyed. IN WITNESS WHEREOF, the said Grantor has hereunto set Grantor's hand and seal the day and year first above written. '-p;;\.....i -;/' ,.s::;<'r -'l_d-<- Paul T. Shearer (SEAL) '/' ~ , ~~ /},/, ....a;~ Violena M. Shearer (SEAL) COMMONWEALTH OF PENNSYLVANIA I SS, COUNTY OF fJllUPIlIlf I c.......ne.ULAIoJO On the 31 ~ day of ()c...::hl ~ , 1991, before me, the subscriber, a Notary Public in and for said Commonwealth and County, came the above-named PAUL T. SHEARER and VIOLENA H. SHEARER, his wife, satisfactorily proven to me to be the persons whose names are subscribed to the within instrument and acknowledged the above instrument to be their act and deed, and desired the sams might be recorded as such. WITNESS my hand and Notarial seal. ~. I ( ~ ~ a,ldA..; otary Public , ........,.. It .\.. "~II"~"~"~ _\\ "..,. .. "" . ,.,..,..'.. t('.'Io ." .'........,.:.".., ....~ ...... ".,.', ,..".~ ':. ,....,....il '1~ ,- .~\fI't i '. :." ",., i; i .. ., ~ .' t i . ..., ~" \ ~,:. C"" .""lliMi .... .....o",.:/r;'Sy\:~':......~: "., ~.A""91"'":,~- ....... ."",""'l",.Il,v. ",,-10 ,.....h'''f.''h~reby certify that the precise address of the Grantee herein is 109 East Elmwood Avenue, Mechanicsburq, PA 17055. My commM:~.~sl 1,II(f......JQ Ilcnl. cum.tftI Carlr MfCO,.,......e.--",. .1lII -(I-'f..J , ~~J ~ al~~~. roDS 35 PACE 894 t"""I ~ " . COMMONWEALTH OF PENNSYLVANIA I 551 COUNTY OF CUMBERLAND I Recorded on the in the Office of the Recorder of Deeds in Deed Book , Volume day of , 199 , of Cumberland County, PA , paqe Recorder of Deeds , ~- -. -- -.. ...., -.~ . ". . , I!XHISIT - "" TRACT NO. 11 ALL that certain lot of ground, together with the improve~nt. th.reon erected, situate in the Town.hip of Upper Allen, County of Cumberland, and State of penn.ylvant., bounded and de.oribed .. follow., !l~OnrNINO At a point tn tile rorthe1'n Une or :ienl10ck !:rivQ (40 fest wtdel, which said point ~s tn the divtsion line between Lots Nos. 30 Bnd 31, on the herelnartel' 11er,tioned Plan or Lots; thRnce extending '110ng the div1eion Hne be tween Lots 11011. 30 Bnd 31 on said PlAn, Porth 12 degreu 37 minutes r:BlIt, 138.94 feet to a point in the ~lvllIlon line between Lots Uos. 31 Rnd 34 on the herelnaftpr lllentioned illan or T.otll; tbence extending along the diviaion line between r,ots lios. 31 Bnd 34 and Lots Noe. 31 and 33 ':In lIBid Plan, South 60 deL;rllPII ,31 lllinutell E.st, 12$.34 reet to a point in the divillion line between Lotll Nos. ,31 and 32 on the hereinat'ter mentioned Plan or Lots; thence pxtsnding along ths division line between Lots Nos. ,31 and 32 on SAid rlan, South 12 deCrees 37 mlnutss Wellt, 101.,39 feet to a point in thl' Northern line or Hemlock Drive, aforesaid; thsncs extslldint.: Illor.c ~he ~!orthern line of iiem10ck Drive in a Westwardly direr.l.ion .,~. U,e arc of' a circle curving to the right, said circle having a ruuil.:a of l&O.O reet. the arc diatance 01' 19.48 reet to a point; thence cClrI':lnuil1t.: RlonE'j the Morthern line or !~em10ck Drive. :'orth 77 deerses 23 lr,ir'lItss iles lCO.52 fllet to a pOint in the division line ~etween LotD I ~s. JO nnd 31 on the hereinafter mentioned Plan of Lots, aforesaid, ot the point ~nd place of BEGINNING. .,.;.'ING Lot No. ,31, Block "0", Oil the Plan 0[' WEBER CROFT , wnioh said !'lan is recorded in the Cumbcrland Countj' Ilecorder's O['['lce in Plan rook No. 15. Page 13. thereon erected a brick duplex dwelling known and numbered ::v~~~ J Hemlock Drive, MechanLcBburg, PA. 1 T Shearer and Violena H. BBING the Bame.premise8hw~ic~ P~Udat~d March 21, 1978 and Shearer, his w~fe, by t ef rh B~ der of DeedB of Cumberland recorded in the Office 0 t e ecor volume 27, page 73, County on Apill 19, 1978 in Deed Book T~r as tenant in common, granted and conveyed ~ntdo paulhTl. fS~~~~re~t in the premises. constituting an undivJ.de one- a 1., ~~35 PACE 895 """' ,....., TRACT NO. 21 ALL tbat ca~ta1n lot of ground, togatba~ witb tba imp~cva..nta tba~aon a~ected, aituata in tba Townabip of Upper Allan, county of Cumbarland, and Stata of Pennaylvenie, boundad and deecribed e. follow., "~:(lP:~'!NO at a po1.nt tn the Southel'T'1 line of Hell110ck Drive <40 ~ \~\de), wbich said point 1s in the division line between Loes Nos. 42 and 4) on the hereinafter menttoned Plan of Lotsl thence oxtending nlong the Southern 11ne of ~emlock Drive, South 17 degrees 2) minutes ~:B8t. )1.46 teat to a point; thence continuing alons the Southern line ot Hemlock Drive. in an Eostwsrdly direction. by the arc ot a circle curving to the lett, said circle having a radius or 200.0 teet. tl~ nrc distance of 102.26 f~et to a point in the division line between r.c>ts Noe. 41 and 42 on the hereinafter mentioned Plan 01' Lots; thence elttending along the divi::l':l11 lLne between Lots I:oe. 41 and 42 on suld Plan, South 16 denreen 41 minutee Eaet, 96.6) teet to a pointl thenco extendinG along the course, South 19 degreee 0) minutes Weet, 200.)2 reet to a point in the d1.v1s10n 11ne between Lots 1I0s. 42 and 4) on the hereinatter ment1.oned Plan of Late. aforeeaid; thence extending nlons the divieion 11ne between Lots Nos. 4Z and 4) on said Plan, "orth 12 degreee )1 minutes Eost, 140.54 reet to a point in t.he ~outhern 11ne of Hemlock Drive, aforesaid, at the point and place or f1EGINNINO. BEINO Lot No. 42. Block II!)II, on the Plan of WEBERCROF'l', which said Plsn 1.s reoorded in the Cumberland County Reoorder's Otrice in Plan Rook No. 1$. P~ee 1). HAVING thereon erected a frame duplex dwelling known and numbered as No. 4 Hemlock Drive, Mechanicsburg, PA. . i h 1 T Shearer and Violena H. BEING tbe eame pre~ses wb c Pau. 21 1978 and Sbearer, his wife, biY th~i~hde:~c~~~:~ ~fr~:eds'of Cumberland recorded in the Off ce 0 e Volume 27 Page 76, County on April 19, 1978 i~ D~e~ B~~~a~~r aa tena~t in common, ~~~~~i~U~~~gC~~V~~d~vi~;d o~~-haif intere~t in the premisea. aMK S 35 PACE 896 .--- -- --.-. ^ r-. . . TRACT NO.3. ALL that certain lot of ground, together with the improvement. therecn erected, .ituate in the Town.hip of Upper Allen, County cf Cumberland, and State of penn.ylvania, bounded and de.cribed a. follow.. "::GINNINO at a point \n the Uorthern Hne of Hllmlock Drive l40 feet wlrlelJ. which add potnt is tn the division line between Lata lIoa. 27 ~nd 20 on the hereinafter Mentioned Plan of Lots; thence extending :ilrHlfli the Northern Une of nel1'lock Drive, Uorth 40 deBreea 30 minutes 30 seconda Weat. 100.0 feet to a point; thence extending along.the ~ourse ~orth 49 deRrees 29 mtnutes 30 seconds Esst, 150.0 feet to a ,o\nt; thence extending alone the course, South 40 degrees 30 minutee 30 seconde Eaat. 100.0 feet to a point in the d1vision 11ne between Lots 'Ioa. 27 and 26 on the heroinafter mentioned Plan of Lota, aroresaid; thence extending along the division 11ne between Lata Nos. 27 and 26 on said Plan, South 49 degrees 29 minutes 30 seconds Weat, 150.0 feet to a point \n thA ~orthern l1ne of Hftmlock Drive, aforeaaid, lit the point and place of BEGINNING. BErNO Lot No. 27, Block "C", on the Plan of WEBERCROFT, whioh aaid Plan ia recorded in the Cumberland Gounty Kecorder's Office in Plan ~ook 14. Page 31. :rAVING thereon ereoted a Brick and Frame duplex dwelling known &II 110. /I Hemlook Drive. Meohaniosburs, Pa. BEING the same premises which Paul T. Shearer and Violena M. Shearer, his wife, by their deed dated March 21, 1978 and recorded in the Offioe of the Recorder of Deeds of cumberland County an April 19, 1978 in Deed Book T, Volume 27, page 79, granted and conveyed unto Paul T. Shearer, aa tenant in cammon, constituting an undivided one-half interest in the premises. .,. ,....l~~. ." ., '/'.. \\ . .~~,~'.C' '~I,~t .. \ . Or>v-",,,~... .' <:. ....". \,...,..1,.1 ,. '.. : <-.., .,~.;.,., ~.;h:~' "'. :', .. fl.-,' ...",.,.~'~...., ~.,.,.l. .. . "..,.-.. . ,]i,. , .... L . ,-,". .;.... .. .....' .~ , . '..IJ........ t'" .\ '~'/III .:i''''''''f':~..,..,.t. : .' \ ,'.' ,/~. .,.,'.~" , . ..... r.~'.. ,'" . ".. ., ,-.'.' . , "" ..' r 'If'."\ " '...,.1 ....... , \. . .' J..' .. ~ ....~.._ ,\ " r ..!:..._.... .-..4',': ", --, . ,." - " '" :.' '.,'t.. , . ,j": ,,:,',' ~~':c,O~ ;:.;.- .'. . " , 1J' ......, , ,\\,....... ~'!' \ l;"~ F'~nn'ylv8nia } "~f\' of r.umterland S5 ,,' "~.1 on the oHlce for the recording of Deeds ~~= .:j"" "1' Cum~l\l'ld Coun~ '.t~'81'\"~_ VoO:::L- Plge~ . "t"'I~S mv hen n slIsl of off of t;~rIlMlu. FA 'hi day ~liIiK.s;;'35 PACE 891 """ r QUI2 THIS DEED is made this .:s I Sf- day of ~cA,.w-LI , 1991, between VIOLENA H. SHEARER, hereinafter called "Grantor" and VIOLENA H. SHEARER, Trustee under Trust Agreement dated June 5, 1991, with Violena H. Shearer as Settlor and Trustee, hereinafter called "Grantee". (Both Grantor and Grantee, whether one or more, referred to as though singular in number). WITNESSETH, that the said Grantor for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, paid by the said Grantee to the said Grantor, at and before the signing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, and conveyed, and by these presents does grant, bargain, sell, and convey unto the said Grantee and Grantee's heirs, successors and assigne the premises described on Exhibit "A" attached hereto and incorporated herein by reference. TOGETHER with all buildings, improvements, woods, ways, rights, liberties, privileges, hereditaments and appurtenances, to the same belonging, or in any wise appertaining, and any reversions, remainders, rents, issues and profits thereof, and of every part and parcel thereof, including any interests specifically set forth on Exhibit "A", if any. And also, all the estate, right, title, interest, property, possession, claim and demand whatsoever, both in law and equity, of the Grantor of, in and to the same. TO HAVE AND TO HOLD the same premises, and the appurtenances, hereby granted to Grantee and Grantee's heirs, successors and assigns, to and for the only proper use, benefit and behoof of the eaid Grantee and Grantee's heirs, successors and assigns forever, under and subject to the conditions set forth on Exhibit "A", if any. UNDER AND SUBJECT to all Acts of Assembly, County and Township Ordinances, rights of Public Utility and Public Service Companies, existing restrictions and easemsnts, visible or of record, to the extent that any persons or entities havs acquired legal rights thereto, plans, rights of way, liens of record. This transfsr is exempt from Pennsylvania transfer tax.s becauss to a Trustee of an ordinary trust where the transfer would be exempt if directly to the beneficiary. .. N c- c: :z to- " ., 0' AS &OOK 535 fACE 887 .\ . t) r" COMMONWEALTBOF PENNSYLVANIA I 55, COUNTY OF CUMBERLAND I Recorded on the in the Ottice of the Recorder of Deeds in Deed Book , Volume day of , 199 , of Cumberland County, PA , paqe . Recorder of Deeds ....... ........ Paul T. shearer joins in execution of this Deed for the purpose of releasing any interest of any kind or nature whatsoever in or to the premises herein conveyed. AND the said Grantor hereby covenants and agrees that Grantor will warrant specially the property hereby conveyed. IN WITNESS WHEREOF, the said Grantor has hereunto set Grantor's hand and seal the day and year firet above written. <<::k ?1'/~~~~ (SEALI Violena M. shearer ~1?:...J: T ;s;z:.~~SEALI paul T. Shearer COMMONWEALTH OF PENNSYLVANIA I SSI COUNTY OF BAUFHI1l1 ..n c.."""" _,u.t'I ..-- On the 3\ 5 t- day of O~b.A.A. , 1991, before me, the subscriber, a Notary public in and for said commonwealth and County, came the above-named VIOLENA M. SHEARER and PAUL T. SHEARER, her husband, satisfactorily proven to me to be the persons whose namee are subscribed to the within instrument and acknowledged the above instrllment to be their act and deed, and desired the same might be recorded as such. - ,':) ," 0 E ~ :z: ~;;. 'u; ~ , ,11111111,'1 .".0", ; ~SS ,. we"~ , ,.\'..\,......... ('" 'Y I' ,. ,..'.!" '-I ~" ., ....,..,.._.',a.".;~,.'- ..;,..:., "';;~~I\"~"\ ,-',.... I . , .I: \ ~ l\.~' ,of' ,", I i ',"\..0 ;t: U1Z " o):.~!(fl$~~!.'~;/ ""1:......I.I...~V,~:" , o.lny. /I ;\1" . \", ,'...- my hand and Notarial seal. LJ . . ;' r -1.~~tuifP~... otary public -11- 'lor <:,. c: z - ... o ~ ::3 I-' I-' o C'1 CO~.~SI ......_ ...l&iV BtrO. 0..1..... dCcU'lf "",c...... .EJprllSaIIL n,'. . ~,... "Ill the precise address of the Grantse Avenue, Mechanicsbur9, PA 17055. My ? I hereby certify that herein is 109 Eaet Elmwood c ~~~ Or.'a>>..~. roM~35 PACE 888 ,...., ,.-.. . . EXBIBIT "A" TRACT NO.1. ALL that certain lot of ground, together with the improvament. thereon erected, situate in the Town.hip of Upper Allen, County of Cumberland, and State of penn.ylvania, bounded and de.cribed ae follow.. lJ!':onININO at a point in tile l:orthern line or :loPllock Drive C40 teet. wide), which said point ~s in the division line between Lots Nos. 30 Bnd 31. on the hereinarter' mer.tioned P1Bn or Lots; thAnce extending 'llong the division llne between Lots [lOll. 30 Bnd 31 on said PlAn, Porth 12 degrees 37 minutes i-;allt, 136.94 feet to a point in the division line between Lots Uos. 31 And 34 on ths herelnaftAr mentioned rlan of r,ots; thence extending along the division Une between T.ots lioll. 31 Bnd 34 and Lots NOli. 31 and 33 on lIaid Plan. South 60 decrAPII 31 minutell Ea.t, 125.34 reet to a point in the division 11ne betwoen Lotll Nos. 31 and 32 on the hereinarter mentlonAd Plan ot Lots; thence ~xtending along the divillion line between Lots Nos. 31 IInd 32 on said rlan, South 12 deerees 37 minutes West, 101.39 teet to a poir.t In th" Northern 11ne of Hemlock Drive, atoresald; thence extelldinc Ill"nt: ~he Northern line 01' :{emlock Drive in a Westwardly direcI.ion "\' Llle arc or a circle curving to the right, said circle having a r~ui~s ~f ]60.0 rAet, the arc distance or 19.46 feet to a point; thence c(\~tlnuin~ Alon~ the Northern line of Hemlock Drive. :rorth 77 deGree!> 23 I~ir,utes "e: lCO.52 fftet to a pOint In the division Hne ~etween L:ltll lose 30 Ilnd 31 on the hereinafter mentioned Plan of roots, atoresaid. at the !,oint ~nd place 01' BEGINNING. -':"ING Lot No. 31. Block "0", on the Plan of WE!lE:RCROF'T, wnich said !'lan is reoorded in the Cumberland Countj' Ilecorderl s Office In Plan nook No. 15. Pase 13. d lli g known and numbered HAVING thereon erected a brick,duplex we n a. No. 3 Bamlock Drive, Hechan~cBburg, PA. i h 1 T Shearer and Violena H. BEING the same premises wh c Pau 'd H h 21 1978 and Shearer, hi. wife, by th~iihde~d d~~:r o~r~eeds'of Cumberland recorded in the Office 08 i ; ~c~ook T Volume 27, Page 73, County on April 19, 197 n ee , a. tenant in grantsd and conveyed unto Vdiioliedn~ ~~e:~:!~ei~terest in the common, constituting an un v e premises. . . (~5. 35 PAtE 889 ~ .-- . . TRACT NC. 21 ALL that ce~t.in lot of ground, together with the imp~ov.m.nta tha~eon e~.cted, situate in the Townahip of Upper Allen, county of Cumbe~land, and State of Pennsylvania, bounded and deearibed aa follow.1 """I[':~I!NO at a pclnt 'n thl' Scuthe,'" lIne of' HePllock Drive (40 fll1J1:' "'irie), which said :,oint is in the division l1ne between Lots ;,~os. lf2 onri '+3 on the her~!.nart....r ",ent'oned Plan of' Lots; thence oT-tElndin!; nlonR the Southern line or ~e~lock Drive, ~outh 77 de~rees 23 minutes "'ll,t, 37.46 reet to a point; thence continuing alonf; thE! ~outhern line or Hemlock Drive, in an CaDtwAr~ly direction. by the arc or a circle curvin!> to the lert. said circle having a radius of 200.0 reet. tile ore distance of 102.26 r~l't to a point in thft division line betwaen Lots Nos. 41 and 42 on thn hereinafter Mentioned Flan 01' Lots; thoncl' extending along tile divir.i',," lLne between Lots I:os. ~l /lnd 42 nn r.111rl Plan. South 16 dearflp.ft 41 Min~tes East, 98.6] reet to a point; tnonco oxtendlnc Qlong the course, ~outh 79 degrees 03 minutes West. 200.32 rAet to a point 1n the eHvision linft between Lots Has. 42 snd 43 on the hereinafter mentioned Plan or Lots, af'oresaid; thElnce extendinE; nlunU the dlvilllon line between Lots Noe. 42 and 43 on odd ~'lfjn, "orth 12 dep;reee 37 minutes East, 1l~0.54 feet to a [Joint in tile ;jouthern line of Hemlock Drive, aforesaid, at the point a~d place of "I!::ClINNINO. ~C:INO Lot No. 42. Block II!)", on the Plan of WEBt.'RCROF'l', which saId !'lan 1s reoorded in the Cumberland County Recorder's OffIce in Plan Rook No. 15. PA~e 13. HAVING thereon erected a frame duplex dwel1ing known and numbered aa No. 4 Hemlock Drive, Hechanicsburg, PA. BBING the same premises which Paul T. Shear~r2~ndl~~~1:~d H. Shearer, his wife, by their deed datded HafreD ds'af Cumberland recorded in the Office of the Recor er 0 ee 6 County on April 19, 1978 in Deed Book T, Volume 27, pagei7 , granted and conveyed unto Violena H. Shearer, aa tenintthn CODllllon, conatitutinq an undivided one-half interellt n e premisea. ~dolt .$35 PAGE 890 ......... r'\ . . TRACT NO.3, ALL that oertain lot of ground, together with the improvement. ther.on erected, situate in the Town.hip of Upper Allen, County cf Cumberland, and State of Pennsylvania, bounded and descr1b.d a. follows, "EOINNINQ at a point tn the 1I0rthern llne or Hllmlock Drive <40 !'eet wirielA which said point is tn the division 11ne between Lots Nos. 27 and 20 on the hereina!'ter ~entioned Plan o!' Lots; thence extendjng 31o"~ the Northern line o!' He~lock Drive. North 40 de6rees ]0 minutes 30 seconds West. 100.0 feet to a point; thence extending along,the nourse North 49 deRrees 29 minutes )0 seconds Esst, 1$0.0 !'eet to a ;Joint; thence extending allJng the course, South I~O degrees ]0 minutes 30 seconds Eaat. 100.0 !'eet to a point in the diVision 11ne between Lots 'loa. 27 and 26 on the heroina!'ter mentioned Plan o!' Lots, aforesaid; thenoe extending along the division l1ne between Lots ~os. 27 and 26 on eald Plan, South 49 deerees 29 minutes ]0 seconds West. 1$0.0 feet to a p01nt In thB r;orthern line o!' Hllmlock Drive, aroresald. (.t the point and place of BEGIl/NING. BE:t NO Lot No. 27, Block "C", on the Plan of WEBERCROFT, which said Plan is reoorded in the Cumberland ~ounty aeoorderls O!'!'iae 1n Plan ~ook 14, Page 31. :!AVING thereon erected a Brick and Frame duplex dwell1ng known as 110. /I Hemloak Drive. Mechanicsburg, Pa. BEING the same premises which Paul T. Shearer and Violena M. Shearer, hie wife, by their deed dated March 21, 1978 and recorded in the Office of the Recorder of Deede of Cumberland County on April 19, 1978 in Deed Book T, Volume 27, Page 79, granted and ccnVered unto Violena M. Shearer, ae tenant in common, conetitut ng an undivided one-half intereat in the premieea. ." , . , Cot Ptlnnsvlvsnla } , "I"'" at Cumberlsnd SS . ":',-"!f In lhe office for 'he recordIng of Deeds .' '1.1 '" .;ond fOf-Cumberlflld Coun~JI, ,,'~Oao~ Vol.~Page~ ",;lnIl55 my hsnd ".1 of off of () '_JrI/3/t>. PA 'hi sy 'E rOOK 95 PACE 891 ~ 1'7:- \ .,.....-. . B 0 R 0 U G H 0 F \ \ M E C H A N G 5 \ \ . \~ , 'lIl,pl..."...,.... _: .. \-. '....~..l : ..- .. \ , Ill'" 0 , - \ . , \ ... r '. r ; . \\.. \ \ . " SR SR !",}ld' . . .... r"'....,., II. ~ -- . .U A vier -- ;:1 ~I ." . RR\ = OP A .11I"'" 0' "U-' ..",...,." Q' , ....,.., ,. ,,..,..,,, "'~\. ,,0 ",'IIDIII<\.-_ ~-.-- ." ..1L-" ,..", ,..., Ifill' ". RR A A2 LQ .UI. I."'" -""'1 ~ , 411yll "'~."l.t"'Il~!IrR 158491 Iiii.ill ,,,,& CA"NO F118 110, B189-3 C N01E~ Thi, IOlln II Mf\I&I\tG 10 CliVI ';0'011 'I'l,m,nl 01 .c:lu.1 ulll..nGf11 enil' ^~0I.I"1. ".\11110 oM h; 11lf11011lom~ Igenl."1I'lOWft Ilctnl""ltltG 'ID 0 c I' Wit, paid wlIlC,Ih. '1eIIlO: U\ly "'II'IOYwf'l ""n Itu ""OIl'",I.on.1 pllfllfl,n' anctil" fIOl ~cl!.id.a '" U'ltlot... D HAMI:ANDADOAflSn. IOMOWlIlll' I. HAl,lIANDo\oonr.lln, 111.\,1" , NAW' ",M)~fIlC'LlhOI" Brien J. GaU;hAn Pile Bank, II.A, MERIDIAII BANK LeUI'A Ellen Gau;han \1,. /G.../< L r::~.J- .v' Bth , Cumberland Sta. Lebanon, PA 17042 ... V l\ U[I,,,.u,..(~f OF ~CVS.Na "....I.AU..,., DlFvnCP'''I'''' _ SETlLEMENT STATEMEtlT ~ ~SSURED LAND TRANSFERS, INC. Third & Markot Slrools P.O. Box 109 Lomoyne, pennsylvpnla 17043.0109 (717) 761.4720 o ,AOtf"TYLOCA'IQN H IImlt,lIHt AQrNI r. 1,111.-0 I....... R lYPC O~ LOAN i ) IltOw UNIt" ", i"',i,i,,;- - 1II''''..u. "I ,tO~ IN' I ' LOAH HUUUJI I IInL'\I(ffTCA'ft I I 12/06/95 109 E. Elmwood Avenue Mechan1csburg BOROUGH CU~berland County Aaourad Land Tran~rs, Inc. P\.ACl OF IlnLr...rNT 301 Market street Lamoyna PA 17043 , ! ~,SUMMARY 0' IO.."DWI"" TUHUOTIONI IDO GRU" AMOUHT DUI 'ADM laRROWIR II' CorUlct ..... Dtle. I IN. PomonII DroIt"ly lIS I IN cnaro,.'O 00110*" 1I1t'l. '''001 . ,.. 10' , nl,IO' tllms Olld ay tolllt In Adyane. ...CIlyIJ....... II IIlCOYuyll. , 100AIWIIlftIl'III 10 If' letool ~i5lIal), "' eu..~ 0 1 OI' '" U64.WOil .7J IJ. I ! 'n OIlU" AMOUHT Due ,AOII 'ORAOWIJII 158D58.28 100 AMaUN" UIO IV Oil IN II"A'" 0' 10'UIJOWIJII "' .roO'" Of .amt~ monlY IV. , clo amounIoln.wlO.N.) ,., i',dtlitlglOant'l I..." IUDI.c:tIO N' :;:00 ;1 , I II , I '" '" N' NO OM Adl\l"m~lIlot 111Im1 uno lid by 101" II,ellt.T,MlI... " III CO"',.., "' IG '11 A..WWMIlII 10 IlIIUN' 10 I K. .U....ARy C, 'ULU" TRANSACTIONI tlIO G"all AYOUNT QUI TO 'IL1.U 4111 onU.c:I'Ilt'D,.ell I "I,"n,.~IO'O,,"'ly ... . I I , ~ I . i . ~.H I tIl. -- I --- I - - _. ,~ .. ,. ^ll~'!l~~11 In' """'I p'Id by .011"'" .CWarlC. ..., 10"yll"... I'. hi ..,,,,,,,;"'w, -r270T/VS:1 'OIIA....l/lIIIItI.~ w ,'It I"~.o' 006/: 411 e sel ;-50/" '" ", Ml 011011 AYOUNT OUI Ta .ILLU toM ".OUCTION,IN AMOUNT OUI TO .ILLU 1001 L.ell'III(1Ultl t'.. ."l1tUCllOt\lI '11IftU ""."1 eMtg.1 'n 1111., Iii". 1'001 I UJ E.,I"nljllDantlllllr;fI\ lubl.ellO '"' 15D927.9B ,uu ','o./--IJ""/" bOi;P'lyolllll :1"r.O"" MOlIvag. UlVI -- ._-~_.- -' '., >C. "'" ItllC,t,fT,,,,,I,,, "..e,",""I.. \1'^"'lltlllrOtl. ..u IchHI "alul\ln.nll 0' 11."'1 \lnP.ld Dy IIlIt' " ~ ~ ,. I .--. _. 1.0 PURPOSE OF THE REPORT This valuation report was prepared by the Special Inveetments Group ("Croup") ot PNC Bank's Investment Managuent Ii Research Division, Philadelphia, Pennsylvania at the request ot PNC Bank, camp Hill, serving as Co-trustee ot certain Paul T. Shearer (deceased) Trusts ("Trusts"). This valuation is as ot october 23, 1994, the data ot Mr. Shearer's death. It is valid tor that date only and tor the sole purpose ot determining the Fair Market Value (FHV) ot the Center Square Water company ("CSWC" or "Company"). This report i&not to be used by anyone other than the Trusts. 2.0 RES'E:ARCH In arriving at the FHV, the Group relied upon the tinancial statements and tax returns ot the company tor the years ended Deceml:ler 31, 1989 throuqh December 31, 1993. A representative trom the Group met with Ms. Diane Ross, daughter ot the decedent and otticer ot the company, and Mr. Robert c. spitzer, P.C" attorn~y tor the company. . 3 .0 FINDINGS We have assumed that all intormation supplied by CSWC and their independent accountant is accurate. All tactors ot particular relevance in this case are presented and discussed in the text and exhibits that tollow. As a result ot our analysis, including the consideration ot tuture qrowth resulting trom residential community developments, it is our opinion that the FlrV ot the Center square Water company, as ot october 23, 1994, was $300,948, or $3,236. per share. This valuation includes a reasonable analysis ot future development discussed at 13.0. 4 .0 VALUATION METHODOLOG'i At the valuation date, cswc was a closely held business and there was no established market for its stock. For the purposes ot this report and our opinion, FMV is detined by Revenue Ruling 59-60 as follows: The price at which the property would chanqe hands between a willinq buyer and willing seller when the tormer is not under any compUlsion to buy and the latter is not Imder any compulsion to sell, bath parties havinq reasonable knowledge ot relevant tacts. 1 ~ ~. While the valuation of closely held businesses continues to be a complicated process, which often leads to differing interpretations, procedures have been developed which are widely recognized and accepted. For this valuation we considered the fOllowing, in accordance with Revenue RUling 59-60: A. The nature of the business and the history of the enterprise from its inception. B. The economic outlook in general and the condition and outlook of the specific industry in particular. C. The book value of the stock and the financial condition of the business. D. The earning capacity of the company.. E. The dividend-paying capacity. F. Whether or not the enterprise has goodwill or other intangible value. G. Sales of the stock and the size of the block of stock to be valued. H. The market price of stocks of corporations engaged in the same or a similar line of business having their stock actively traded in a free and open market, either on an exchange or over-the-counter. 5.0 HrSTORY AND NATURE OF THE COMPANY The business was incorporated in pennsylvania on May 27, 1966 and was purchased by the decedent in the 1970'S. The business was started by C. Lantzy who provided water service to the homes his company was building at the time. After completing the developments, Mr. Lantzy sold the water utility business to Paul T. Shearer. As of October 23, 1994, CSWC had 93 shares of capital stock issued and outstanding. The shares of the Company were owned as follows: Paul T. Shearer, Trustee for the Paul T. Shearer Trust Violena H. Shearer, Trustee for the Violena M. Shearer Trust Diane ROSS William Reynolds 58 shares 22 12 -L 93 shares CSWC owns the wells and piping associated with providing the water service to its customers. Today, CSWC provides water service to approximately 475 customers, all residential homes with the exception of one small restaurant. CUstomers are billed for water usage following the end of each calendar quarter. Sales occasionally are made to various farming concerns during periods of extreme dry weather. The re.idential developments are known as Center Square, canterbury Estates, and Rose Garden. 2 ~ r- The customers are serviced via two separate storaqe tanks. There are 22 tire hydrants throuqhout the cOllllllunities, and water is transported throuqh 6" and 8" pipinq. Operatinq expen... are relatively minimal, with cswc havinq completed a repaintinq ot the storaqe tanks in 1991-92 at a cost ot $45,000. Repairs are ot the minor variety at present. CSwc employs no tull-time employees. Diane Ross is responsible for administrative matters and Bill Reynolds handles operations matters on an "as needed" basis. DUe to the nature of its operations, the company is regulated by the Pennsylvania Public Utility Commission and has not applied for a rate increase since 1991. 6.0 ECONOMIC AND INDUSTRY OUTLOOK The financial success of a business is dependent upon conditions within the national and local economies as well as the industry in which it operates. A prospective investor will use historical information as well as anticipated economic conditions in makinq investment decisions. An analysis ot these relevant ' tactors has been included in this rsport. . 6.1 General ~conomv At the date ot death, the u.S. economy was in better shape than it had been in years. The Labor Department reported that the unemployment rate had dropped below 6' durinq September, 1994 tor the tirst time since 1990 and that more than 4.5 million jobs had been created in the past two years. However, many economists, alonq with the Federal Reserve Chairman Alan Greenspan, feel that an unemployment rate below n is too low and at that level inflation can be expected. In tact, the inflation rate was risinq durinq 1994: 2.n durinq the tirst quarter, 2.8' durinq the second quarter, and 3.6' durinq the third quarter. The 1994 annual rate of inflation is expectsd to be 2.6'; lower than 1993' s 2. 7t increase. In order to combat inflation, as well as the fear ot intlation by investors, the Fed began raisinq interest rates. The Fed, and its supporters, contend that the economy is expandinq too rapidly at this staqe ot the recovery and must be slowsd or there is a qreat risk that the economy will overheat and torce even sharper rate hikes in the tuture. The tollowinq illustrates the increasinq interest rate environment durinq the tirst three quarters of 1994: J , 1-'. .~ Measure 1st ouarter 2nd Quarter 3rd Quarter Fed Funds Rate Prime Rate Libor Rate T-Bill, 3 Month Treasury, 10 Year Mor~gage Rate, JO Year 3.2\ 6.0 3.6 3.2 6.1 7.J J.9' 6,9 4.5 4.0 7.1 8.2 4.5' 7.5 5.0 4.5 7.J 8.6 Real economic activity posted a J.4' gain during the third quarter of 1994 with most analysts predicting a growth of J.6' for the year. Most of the growth is expected to come from stronger production gains, primarily automobiles; solid export growth; and capital spending. The nation'S purchasing agents reported sharp growth in export orders. The world's economies, outside of the U.S., were showing signs of stronger growth. According to the Conference Board, a New York research group that tracks consumer behavior monthly, the consumer confidence level fell in September for the third straight month. The Conference Board attributed the drop largely to rising anxieuy over employment opportunities. Following what is expected to be'a good Christmas retail season, consumers will initiate some balance sheet repair, as household debt has reached undesirable levels. corporate profits growth was stellar during the third quarter; Business Week'S 900 companies reported profit growth of 45'. The Commerce Department reported that business inventories were up ,5" in september, the sixth straight monthly advance, .but business sales fell during the month, declining .2' after a big surge in August. Equipment spending by companies is projected to advance 10' in 1995. The economy has yet to show signs of Slowing. As a consequence, interest rates have moved to higher levels. Investors increasingly believe that inflation is on an upswing. The Department of Commerce's Index of Leading Indicators suggests that the economy should continue to expand over through the first quarter of 1995, further constraining productive capacity and helping increase inflation. 6.2 Industrv - Water Utilitv Industrv According to Value Line Publishina. Inc.'s Investment survey dated November 11, 1994, the trend toward consolidation of the fragmented water service industry continues. The largest U.s. water utilities are busy completing acquisitions, with a contemplated transaction which would represent the largest merger ever in the industry. 4 ~ ~ 55,000 independent water systems operate today, with most oWTIsd by financially constrained local municipalities or private investors. The attraction of small utilities lies in the risk reduction they could provide to their larger counterparts through geographic diversification. Examples of this risk reduction would include protection against revenue losses incurred during wetter- than-normal conditions during the important summer months, and balancing the varying regulatory environments existing by jurisdictions. Keeping plant and equipment in compliance with standards mandated by the Safe Drinking Water Act, the Clean Water Act, and other related legislation has been a great challenge to smaller water companies. The larger, investor-owned utilities have easier access to the financial markets and this factor has largely contributed to the f1tepped-up merger activity of the last few years. complying with the various provisions of the safe drinking water legislation can account for 15' to 50' of capital spending budgets. Liberalization of the rate revenues awarded in rate cases should trend higher in 1995 following the experience of interest rates. Most water companies have been filing rate cases steadily, recognizing the lengthy review process (as much as nine months). Recent awards have allowed returns on equity of 10.25'-11.50', with estimated future returns above the 12' level. Water companies' operations will likely remain erratic in 1995, reflecting both weather and rate relief trends. 7.0 FINANCIAL INFORMATION. ADJUSTMENTS AND COMPARISONS 7.1 Financial Information The company's income statements and balance sheets for the years ending December 31, 1989 through December 31, 1993 are presented in Exhibits A and B. The financial statements were reviewed by Greenawalt , company, P.C., certified PUblic Accountants in Mechanicsburg, pennsylvania. It should be noted that no financial projections for the future operations of the Company were available. For the year ended Oecember 31, 1993, water revenues increased 9.37' to $91,949 frOB 584,073 the prior year. The increase was attributable to drler weather experienced; the company has not received a rate increase since 1991. There are no other noted sources of revenue. " ........, In 1993, operating expenses increased to $91,586 from $83,778 in 1992, remaining consistent as a percentage of sales, 99.6\ from the year earlier. operating expenses consist primarily of $44,116 (48.2' of operating expenses) compensation paid to three individuals who worked on a part-time basis: the decedent who received $31,406 in officer fees (a siqnificant increase over the previous four-year average compensation of $5,250), Diane ROBS who received $6,000 for office help, and Bill Reynolds (non-family member) who received $6,710 for plant operations. The other major expense is depreciation of $25,480, or 27.8' of operatinq expenses. For the year, CSWC recorded net income of $3,154 or 3.4' of revenues compared to $220 or .3' of revenues in 1992. At December 31, 1993 assets totalled $254,103 with net property, plant and equipment equallinq $212,623. Net property, plant and equipment primarily consists of distribution lines, storage tanlts, and wells and related items. These assets have been depreciated 41.5t. Other assets include $32,094 cash, $3,660 prepaid income taxes, and $5,726 other assets (easement and franchise costs). Liabilities at December 31, 1993 totalled $0. CSCW's net worth increased to $254,103 or $2,732.29 per share based on 93 shares outstanding from $250,949 or $2,698.38 per share the prior year. 7.2 Financial Ad1ustm~nts In order to form a more accurate opinion as to the FHV of the company, the income statements require adjustments to properly represent the company's earnings power and financial position. The adjustments restate or normalize earnings to a basis more comparable to pUbliCly-traded companies. In addition, the normalization of the statements eliminates inter-company, inter- affiliate and/or owner dealings, which are not usually at arms- length transactions, and sets those transactions at market rates. EXhibit c provides the financial data after the adjustments. The adjustments considered and made were as follows: A. We reviewed the owner's salary for the five year period. Actual compensation in a privately held entity is often based on what the entity can afford or how the owner desires to be compensated, bearing little or no relationShip to the true economic value of the services actually performed by the owner. In the case of CSWC, Mr. Shearer was not a typical full-time employee. Hours spent varied depending upon such issues as repair activity levels, development planning and meetings with builders, and when rate filings were being pursued. We believe $3,600 per year is reasonable compensation, and is supported by the allowable 6 ."'""', ,,-. compensation attributable to Hr. Shearer 1991 rate filing. We have, therefore, reflect owner's salary of $3,600. B. CSWC has participated in purchasing a car for Paul T. Shearer throughout the five year period. Three different vahicles have been purchased either in full or partially by the company for Hr. Shearer, with related depreciation taken on the company owned personal vehicles. The company also owns a truck for us. by the operations manager. We have adjusted each year by eliminating the depreciation expense on the cars for Hr. Shearer, noting that the automobile expense amounts on the income statements relate solely to insurance, gas, repairs, etc. on the truck only. in connection with the adjusted each year to C. Amounts for interest expense over the five year period related to loans, at nine percent per annum, made by Hr. Shearer. These loans were to support the business operations in periods prior to 1989. Thus, recognizing the company's consistent positive cash flow and financial balance sheet strength, we have eliminated the interest expense from the income statements to accurately reflect normalized earnings results. D. During the five year period used in our analysis, the company repainted their water storage tanks. The total cost of repainting was $45,000, payable $22,500 each in 1991 and 1992. To more accurately reflect normalized earnings, we have adjusted the income statements to reflect $3,750 of repainting expense in 1991, 1992, and. 1993. The $3,750 was determined by allocating the $45,000 cost, beginning in 1991, over the expected life of 12 years for the repainting. E. Income taxes were computed on the adjusted earnings amounts at the following rates: Federal PA Total 1993 15' 12.25' 27.25' 1992 15 12.25 27.25 1991 15 12.25 27,25 1990 15 8.50 23.50 1989 15 8.50 23.50 There were no adjustments made for the capital stock tax nor the corporate loans tax, The adjusted income statement, presented in Exhibit C, will be used in all analyses. 7 roo, .-.. 7.3 Financial comcarisons We attempted to compare the financial profile of CSWC in relation to the financial profile of companies located in the RMA Annual Statement Studies Guide (1993). However, the Guide does not address utilities in qeneral nor water utilities in particular. Without a break-down of the financial information and results for the industry, we believe that an analysis of CSWc in relation to an RMA peer group would be misleadinq. consequently, we did not compare cswc to the RMA statistics. 8.0 VALUATION ANALYSIS 8.1 overview The practice of valuinq closely held businesses involves the use of at least one if not several approaches to determine the FMV and then the application of reasoninq and judqment by the appraiser to reach sound conclusions. As indicated by Revenue RUling 59-60, there is no one formula that is applicable to the valuation of a closely held business 1 rather, the elements of common sense, sound judqment and reasonableness are more critical than the choice of a mathematical model. There are primarily three basic approaches utilized in determininq a value: the Asset Approach, the Income Approach and the Market Approach. FOllowinq is a brief description of each valuation approach. A. Asset Approach - This technique involves examining the composition of the assets which make up the book value, to see if any siqnificant adjustments, either upwards or downwards, are required to be made. B. Income Approach - The income approach establishes the value of the stock based on capitalization of the earnings and net cash flows qenerated by the business. c. Market Approach - Under this method, public corporations in similar industries are identified, analyzed and compared to the subject company to determine the strenqths and weaknesses of the company beinq valued. The idea is to determine what price the subject company would trade for it it were pUblic. 8 '-, 8.2 Asset Accroach Revenue RUling 59-60 states in Sections 4.01 (c) that the valuation process should consider the book value of the subject company. At first, this requirement appears to be tlawed. Accountants will be the first to confirm that book value is an accounting concept only and not a valuation concept. Book value is typically the sum of the assets at historical cost less depreciation and amortization minus the liabilities or obli9ations ot the company. Book value can easily be overstated or understated and distort the FKV ot a business. However, book value is an easy number to determine and otten becomes an important factor. As an example, there appears to be a psychological barrier that owners have in selling their companies below book value. Conversely, buyers ot companies are uncomfortable with the prospect ot paying prices that retlect multiples ot book value. As of Decem!:ler 31, 1993, CSWC had a book value ot $254,103 or $2,732.29 per share. Adjusted book value is similar to the book value method except the balance sheet is restated to reflect the market value Qf the assets (it known). We reviewed the company's assets at Decem!:ler 31, 1993 and feel that adjustments are not required in order to reflect a truer market value despite the Company's annual financial statements being presented on a cash basis. This occurs due to the oftsetting ot assets, accounts receivable ($22,360) and other prepaid assets ($1,133), against liabilities, taxes accrued ($19,376) and deferred investment tax credits ($5,500). The ditterence ($1,383) is illllDaterial. As far as physical equipment is concerned, the water distribution system is not a transportable asset able to be sold independently. Its value lies in the overall value attributable to the entity as a going concern. Thus, we will utilize the December 31, 1993 book value amount of $2,730 per share ($2,732.29 rounded) in our calculation. 8.3 Income ADnroaoh In the valuation of a going concern, earnings are generally the most important valuation factor. An investor looks at the future protitability of the company to determine the price he is willing to pay. Atter analyzing its potential, an investor will assess the risk involved in the transaction. The higher the perceived risk, the higher the required rate ot return. In employing the capitalization ot earnings approach, we have utilized the Constant Growth Valuation model which involves three steps: 9 -'"" ~- A. Deter=ine the earnings capability ot the company. B. project a long-ter= growth rate tor the earning.. c. Select the rate ot return a potential investor would require. This model assumes that the company will experience a steady long-ter= rate ot growth in earnings and that the investor purchasing the stock has a required rate ot return on his investment. The tor=ula is as tollows: Value - 11+al E R-g where.. . E- Base level ot Earnings (weighted average in this case) g- Growth Rate R- Rate ot Return A. The earnings capabill.ty ot cswc is evidenced by its rive year weighted average adjusted atter-tax earnings. We have weighted the earnings to emphasize CSWC's recent pertormance. We believe an investor would be more concerned with recent trends than past pertor=ance. The calculation is outlined below: Year Adjusted atter-tax €arninas Weighting Factor Weighted adjusted Arter-tax ~Arninas 1993 1992 1991 1990 1989 $22,830 21,405 17,482 28,043 24,083 33.33' 26.67 20.00 13.33 6.67 Weighted Average $7,609 5,709 3,496 3,738 1.606 $22,158 B. The next step is to estimate the appropriate long-ter= growth rate tor earnings. Past perfor=ance generally provides an indication of the future. We have, therefore, considered past trends, reviewed the economic and industry projections concerning growth, accounted for the fact that the business is highly regulated and limited to an exclusive service area, and acknowledged the fact that the company does not have a formal long- term plan, in reaChing an earnings growth rate. Based on the above, we believe earnings are projected to grow at an average rate of 6' per year. : ~ ~ --. c. The last step involves determining the required rate ot return by an investor. The total return consists ot two parts, a risk-tree portion and a risk premium. The risk-tree portion can be tound by identitying the interest rate on T-bills, which in the 3rd Quarter, 1994 ware yielding 4.5'. The risk premium is generally tound by relying on the data published by Ibbotson Associates. Their research indicates that over the 1926 to 1991 periOd, investors in common stocks, represented by the S&P 500, required a " rate ot return approximately 7.4' to 8.6 , above the risk-tree rate and that investors in "small" pUblicly-traded companies required an additional 5.1' return on top ot this figure. Theretore, an investor in a company that is comparable to a small publicly-traded company on an exchange would have required an average return ot 17.0' (4.5 + 7.4 + 5.1') at the valuation date. cswc i. a much smaller company than the companies listed in the Ibbotson study. Despite CSWC's size, wa believe an investor would agree with a 17' rate ot return due to the company's exclusive right to supply water to their customers, the earnings growth rate tor the water supply industry, the potential tor additional expansion due to their water supply rights over additional geographic areas, and the rapid rise in the current T-bill rate (3.2' in the 1st Quarter, 1994). substituting the variables into the tormula. provides the tOllowing value: Value- (1+.061 ($22.1581 (.17 - .06) - $213,525 rounded Theretore, the capitalized earnings approach results in a FHV ot $213,525 or a rounded per share amount ot $2,300 tor the company. 8.4 Market Accroach The market comparable approach is in theory a very simple concept. That is, in order to determine the value ot a closely hald company, the appraiser should compare the subject company ....ith pUbliCly-traded companies in the same or similar industry. The idea is to determine what price the company would trade tor it it were public. The problem ....ith this approach is that no two companies are identical. In addition, the validity ot this approach is questionable tor CSWC because there are no publicly- traded companies as small as CSWC. 11 """'. ,,- However, the market approach is not without ::lerit. In theory, a stock investment in the guideline companies could represent an alternative investment to an investor. The method involves examining the relationship between prices that buyers have been willing to pay for stock in comparable companies and various other noted tactors. The relationships are adjusted to retlect the ditterences between the comparative group and the company being valued. Derived ratios are then applied to the company in order to establish a FHV. Our first step in employing the market approach involved reviewing a list ot water suppliers (SIC Code 4941). The tollowing criteria were used to select the companies tor the comparative analysis: Financial intormation is available. _ The company was protitable in its last tiscal year end. Revenues were less than $100 million. The company's stock is publicly-trad~d. The company's business operations are very similar to CSWC's operations. We were able to locate three pUbliCly-traded companies that tit our parameters. A briet description ot each company tollows: A. connecticut Water Service, Inc. ("CTWS") - The company supplies water tor residential, commercial, industrial and municipal customers through three non-contiguous operating regions in Connecticut. Additionally, CTWS provides tire protection. The company serveD about 60,000 customers in 31 towns, with some 945 miles ot water main in the systems. Total storage capacity ot the reservoirs is about 6.B billion gallons. CTWS also owns nine water tiltration treatment plants with total treatment capacity ot 21.7 million gallons per day. For the year ended December 31, 1993, revenue increased 2.4' to $3B.1 million. For the year, the company reported net income ot $5.6 million compared to $5.1 million a year earlier. Earnings are attributable to seasonal weather tluctuations. No rate increase was applied tor or received by CTWS in 1993, and CTWS does not anticipate seeking rate reliet in 1994. The company has increased its dividend every year since 1983 with current dividends ot $2.00 per share. AtIsets increased B. 95' in 1993 to $163.1 million, while net worth improved $2 million, or 4.56', to $45.9 million. 12 " ' -"""\ ,-. B. IWC Resources corporation ("IWCR") - IWCR is the holding company tor Indianapolis Water co. supplying water tor residential, commercial and industrial uses and tor unmetered tire service in Indianapolis and surrounding areas. The territories served cover approximately 185 square miles providing service to about 220,000 customers. There are no signiticant competitors operating within IWCR's utility service area. Aggressive grolo'th in Indianapolis contruction continues with the IWCR distributon system adding 86 miles of new mains and 750 new hydrants in 1992. The company owns several nonutility subeidiaries, and the soaring revenues in 1993 attest to acquisitions and increased water consumption. For the year ended December 31, 1993, revenue increased 29.6\ to $82.3 million. For the year, the company repolted net income ot $8.1 million compared to $9.4 million in 1992. The company's dividend has slowly inched upward recently to $1.40 per share. Assets increased 13.6\ in 1993 to $312.4 million while net worth increased in 1993 to $78.2 million from $67.2 million. C. Middlesex Water Company ("MSEX") - MSEX, located in New Jersey, supplies water for domescic, cOllllllercial, induscrial and tire protection purposes to more than 200,000 customers, mostly in Middlesex county. operations expanded in 1992 with the acquisiticin of Tidewater Utilities, Inc. in the state ot Delaware with some 3,600 retail customers. The company secures water from both surtace and subsurtace supplies, with a small percentage purchased under a long-term contract. Revenue in 1993 increased to $35.5 million, or 14.88t, trom 1992 revenues ot $30.9 million. Net income totalled $5.5 million in 1993 compared to $4.5 million in 1992. A dividend has been paid each year since 1912 and was increased 5t with the December 1993 payment. Assets totalled $125.7 million compared to $113.8 million the prior year. Net worth increased to $46.8 million from $44.1 million in 1992. ~ We believe investors would perceive these companies as being somewhat similar to cswc. An analysis ot the financial profiles for the three comparable companies and CSWC is contained in Exhibit E. ~ I t It is quite evident that cswc is a much smaller company than the three comparable companies. In tact, CSWC'S assets and revenues were .20t and .26\, respectively, ot the smallest comparable company's assets and revenues. In terms ot adjusted protitability and performance, CSWC ranked, for the most part, on a par with the comparable companies' pertormances. CSWC's return on revenues wa.. 14.8\, above the average and median results of 13.87t and 14.7t, re.:pectively. However, return on equity was 9.0\ compared to an av.~age and median of 11.99t and 12.02\, respectively. The current ratio, which measures liquidity, and the leverage ratio, representing total liabilities to net worth, is not : I . -----'-'--- .~'- ---- comparable due to CSWC's $0 liabilities. Atter comparing cswc with the publicly-traded companies, we selected certain key market intormation on the comparable companies. The ratios we reviewed were market equity to income or price to earnings (PIE) multiples and market equity to book value. The ratios are pressnted in Exhibit D. PIE ratios are one ot the most commonly reterred to tinancial ratios and are published daily in most newspapers. The PIE ratio, when used to value a business, is based on the premise that a potential investor will base the purchase price on some multiple ot the earnings capacity ot the business. To the extent that current earnings are indicative ot tuture earnings, this theory provides an indication ot value. The average PIE ratio ot the comparable companies was 15.0. To apply this ratio to CSWC, we allowed a 20' discount tram the average ratio to arrive at a PIE multiple ot 12.0. We believe the discount is appropriate to retlect the relative sizes ot the guideline companies in relation to the size at CSWC. In addition, during 1993, the average PIE multiple tor the S&P 500 was 18. It appears reasonable that CSWC's PIE multiple would be approximately 67' ot the average PIE multiple ot the S&P 500. . To determine the FMV at CSWC, using a PIE multiple ot 12.0, we used the tOllowing calculation: 5 Year Weighted Adjusted Atter-tax Earnings PIE MUltiple Fair Market Value at CSWC Fair Market Value per share (rounded) $22,158 12.0 $265,896 $2,860 The market equity to book value ratio ia another relationShip investors consider in determining a value, although it is usually accorded less weight than an earnings approach. The market equity to book value ratio ot the comparable companies was an average at 1.80 and a median at 1.81. We chose to use the average and once again, applied a 20' discount. To determine the FMV at cswc, using a ratio at 1. 44, we relied on the tollowing calculation: Book Value ot CSWC at 12/31/93 Market Equity to Book Value Ratio Fair Market Value at CSWC Fair Market Value per share (rounded) $254,103 1.44 $365,908 $3,935 9.0 .PAST STOCK TRANSACTIONS There have been no recent stock sales. 14 ~ ~ 11.0 DISCOUNT FOR LACK OF MARKETABILITY A discount tor lack at marketability is applied to retlect the lack ot a recognized market tor the stock. CSWC's stock is not pUblicly-traded and is theretore theoretically worth lees to an investor than a publicly-traded stock. This is dUe to several tactors, including the cost to register and underwrit~ a public issue and the lack at a readily available market place to sell the stock. Numerous studies have concluded that on average a 34' discount is realized on the price spread between a readily marketable security and one that is identical, but subject to certain restrictions on its marketability. In the case ot the CSWC, we believe a JO' discount tor lack ot marketability is appropriate based on the exclusive water distribution rights owned by CSWC leAding to attractivenese trom an investor standpoint it the Company were to be marketed. 12.0 PREMIUM FOR CONTROL A premium tor control is an otten considered adjustment ~o valUe based on the tact that a prospective buyer will generally pay more tor a controlling interest in a company than tor a non- controlling interest, all other things being equal. According to a recognized expert in the tield ot valuation, this addition to the price ot a closely held business, when being valued with reterence to day-to-day trading prices ot pUblic stocks, which are minority interests, is appropriate. This phenomsnon of the. "control premium" has been the subject ot certain reports based upon studies ot premiums paid tor control ot public companies. The average premiums paid can range trom lows ot approximately 35' to highs ot 50'. In valuing controlling interests in closely held companies by reterence to prices ot pUblicly-traded stocks, it trequently works out that the discount tor lack of marketability (30' in this case) and the premium tor control (also determined to be JO' in this case) will offset each other. This seems reasonable, since public companies acquiring private companies tend to be reluctant to incur dilution by paying a higher PIE ratio than that tor which their own stock is selling. In ettect, when a contrOlling stockholder sells to a public company, he is giving up control, but gaining liquidity. 16 ,-..., ,-. 13.0 FUTURE DEVELOPMENT An additional consideration in the overall valuation of CSWC is the impact ot future development ot residential homes, businesses, etc. in the surrounding area governed by cSWC's water service rights. In this matter, we have had telephone conversations with both the Upper Allen Township and Monroe Township ofticials concerning the development status tor the areas in and around CSWC. We also discussed the development scope and expectations tor the Trout Run and two (2) Ashcombe Farms projects with the respective developers, Anderson stern, Inc. and Rothman, Schubert & Reed. Finally, we confirmed with William Reynolds the ability ot CSWC to provide service tor the expected tuture development we have considered. Exhibit F provides the detail supporting an additional $44,080 ot value, or $475 per share rounded amount, we have determined tor the CSWC. Several components were included and assumptions made in arriving at this determination as follows: . Geographical boundaries ot CSWC were assumed to be the existing customer area and the Trout Run/Ashcombe Farms projects. Recognizing that the company has the ability to apply tor additional surrounding areas, we still did not attach value to this ability because there do not appear to be plans tor development ot these areas in the toreseeable tuture. . CSWC has the capacity to service the anticipated 288 homes included in Exhibit F. current capacity indicates that the company is able to service approximately 473 customers with pumps running 4 hours daily. An additional storage tank could be a possibility; however, it is assumed the developer would fund this requirement. . The build up ot residential units represents the respective developers' best estimate conditions. . Earnings per unit was determined using the weighted average adjusted atter-tax earnings divided by the 473 customers currently being serviced. The resultant total was increased by approximately 10' to account tor an assumed rate increase tiling owing to the timing of the last filing and the additional service capacity of the company. in Exhibit F ot anticipated . A 17' discount rate was used to calculate the present value of the estimated tuture cash tlow. This rate coincides with the rate ot return used under 8.3 Income ADDroach. 17 ~ ~ . .. 14.0 CONCLUSION In our opinion, the FHV ot the Center Square Water Company, aa ot October 23, 1994, was $3,236. per share. The calculation i. a. tollowal MfI~hod PricD Per Share W.iah~ina W.i.ahted Vslue Book Value capitalized Earning. price/Earnings Market Equity $2,730 10' 2,300 25 2,860 60 3,935 5 Subtotal $273 575 1,716 197 2,761 Plual pre.ent Value ot Estimated Future Development Value Per Share .7!5 $3,236 .\ 18 1""'\ r- CERTIFICATION STATEMENT I certity that, to the best ot my knowledqe and beliet: 1) The statements ot tact contained in this report are true and correct. 2) The reported analyses, opinion, and conclusions are limited only by the reported assumptions and limitin9 conditions, and are my personal, unbiased protessional analy.e., opinions and conclusions. 3) I have no present or prospective interest in the property that is the subject ot this report, and I have no personal intere.t or bias with respect to the parties involved holding beneficial interests. 4) PNC Bank'S special Investment Group compensation is rTOt contingent on an action or event reeulting trom the analyses, opinions, or conclusions in, or the use of, this report. 5) My analyses, opinions, and conclusions were developed, and this report has been prepared, in contormity with the Uniform standards of protes.ional Appraisal practice. 6) No one provided siqniticant professional as.istance to me in the preparation of this report. Appraiser: ~~- . T en+. Dan e T. Greene, c. . ./ Date: I/~/vr I t I I' . "....., r EXHIBIT A CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Reported Net Income 1989 1990 1991 1992 199J ---- ---- ---- Water revenue $74,369 $79,J40 $81,647 $84,073 $91,949 Expenses Officer tees 7,200 3,600 3,600 6,600 31,406 Electricity 6,187 6,908 6,965 6,771 7,276 Plant operation 3,070 4,210 5,080 5,980 6,710 Depreciation 14,423 16,161 16,734 17,323 25,480 Interest 9,603 17,560 20,000 3,538 0 PU realty tax 2,228 2,180 2,148 3,752 2,923 PUC assessments 705 768 729 792 774 Protessional !e 3,946 1,932 5,289 2,200 1,950 Other 9,279 11.104 38,222 36,822 15,067 ----------- ----------- ----------- ----------- ----------- Operating revenue 17,728 14,917 (17,120) 295 363 Othsr revenue 16,792 3,866 Income taxes 3,940 3,315 56 75 1,075 ----------- ----------- ----------- ----------- ----------- Net revenue 13,788 11,602 (384) 220 3,154 ---------- -----.---... =..-------- a_________ .......11I1:1_-= Distributions $0 $0 $0 $0 $0 The above Income Statements, and the Balance Sheets, are based on Reviewed Financial statements by Greenawalt & Company, P.C., Certified PUblic Accountants, located in Mechanicsburg, Pennsylvania . ---"--- ....-.-.- - ._~... ,---, .- . . I . EXHIBIT B CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Balance Sheet 1989 1990 1991 1992 1993 ---- ASSETS: Cash $6,484 $11,192 $3,275 $17,052 $32,094 prepaid taxes 5,874 3,929 5,570 5,842 3,660 --------- --------- --------- --------- --------- Curro Assets 12,358 15,121 8,845 22,894 35,754 PP & E Distrib. lines 125,919 125,918 141,127 141,127 151,209 storage tanks 97,132 97,132 97,132 97,132 97,132 Wells and rd. 6J,300 63,300 63,300 63,300 .63,300 Water meters 21,343 21,343 21,343 21,343 21,343 Vehicles 11,000 11,000 16,240 16,240 14,540 Equipment 7,532 7,533 7,533 7,533 7,533 Land 8,410 8,410 8,410 8,410 8,410 --------- --------- --------- --------- --------- 334,636 334,636 355,085 355,085 363,467 Less - Acc Depr 88,209 104,370 115,433 132,756 150,844 --------- --------- --------- --------- --------- 246,427 230,266 239,652 222,329 212,623 Other assets 5,726 5,726 5,726 5,726 5,726 --------- --------- --------- --------- --------- TOTAL ASSETS $264,511 $251,113 $254,223 $250,949 $254,103 ------..... =........... ------..--- -----...--- ._______a._ LIABILITIES: Due to ofticer $25,000 $0 $3,494 $0 $0 EQUITY: COllUllon stock 10,000 10,000 10,000 10,000 10,000 Paid-in capital 14,986 14.986 14,986 14,986 14,986 Ret'd earnings 214,525 226,127 225,743 225,963 229,117 --------- --------- --------- --------- --------- Total Equity 239,511 251,113 250,729 250,949 254,103 --------- --------- --------- --------- --------- TOTAL LIAB & EQ $264,511 $251,113 $254,223 $250,949 $254,103 --------- ---...-.... ...--------- ------ ------.-- .. ---.--...-..-.... .-..... Ii (, . . . . EXHIBIT C CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Reported Net Income .. ADJUSTED .. 1989 1990 1991 1992 1993 ---- ---- ---- Water revenue $74,369 $79,340 $81,647 $84,073 $91,949 Expenses Officer tees 3,600 3,600 3,600 3,600 3,600 Electricity 6,187 6,908 6,965 6,771 7,276 Plant operation 3,070 4,210 5,080 5,980 6,710 Depreciation 13,873 11,981 14,334 13,483 22,268 Interest 0 0 0 0 0 PU realty tax 2,228 2,180 2,148 3,752 2,923 PUC assessments 705 768 729 792 774 Proto fees 3,946 1,932 5,289 2,200 1,950 other 9,279 11,104 19,472 18,072 15,067 ----------- ----------- ----------- ----------- ----------- operating revenue 31,481 36,657 24,030 29,423 31,381 Other revenue Income taxes 7,398 8,614 6,548 8,018 8,551 ----------- ----------- ----------- ----------- ----------- Net revenue 24,083 28,043 17,482 21,405 22,830 ---------.- ca_..__..... -.......-.. .....------ ............ Distributions $0 $0 $0 $0 $0 i I I. . . I') r-. ~...l!I ~ =! ~ II;; .. I=~ . . ~ ~ ~ ~~ -,. !K '" .. .. 0.. i~r ..; .,; ..; . . ...... ~ - ~ .... i-: Il!s~! II /:l .. U ~ N .. Ii: ci ci . . 0: "~;: .. ~N C . .. .... -=Ii !~i; ~ /:l !: SJ! ~ ~ .. ..; . , :! .. .... .. c~. ~ ~ .... N -==i .. .. .. ~~. ~ ~ ~ r' -. Ii !i rl ..' i, .. .. ~ ~: 8 0 .. - . .; "l '1 f: .. N N N .. ... ii! .. .. Ii .. .. .. '" N ..' .. ... 0 0 .. .. ~ ~ Sal ~. 8 i ;;; N ii ... '" ~: ..' :l .. .. .. .. .. .. Ii ~. 8 8 . I:l .. '" .. . 'a .: ,,: ... .. .. .. ": !! 8 8 8 .. ... .. .. .. '" 5 .; N ",' .. .. .. .. i. .. 'I '" ill ill ~ ~: ::: ... ::: .. .. & . ~ . .. .. .. S 1I ... a a '" ft r. - .. . ~ :l !a i u I ft . II :l & e ft~ ft ~ " .. ~ ! .. ~ li! PNC/TRUST TEL No.730-2254 r""\ Jul 19.95 14:20 No.022 P.04 F'\ 'DECEDENT NAME: DATE OF DEATH: SOCIAL SECURITY NO.: I ......._ Vlolena M. Sheerer . 06/29/95 459":M-7~43 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Chegklng 5070115201 -. V1loena M. Shearer- Tiust Vllosna M. ShsBf!l.r- Trustee -_. .. DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: -"'--... 01/01/60 . '-$28.606.89 $411'.17 -.. ..... -- TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Money Merket 6080282679 Vlloena M. Shearer- Trust _....,vlloena M: Shearer- Tru~l.sS ~/21fe5 $19.498.67 $23.51 $59.32 DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: -_..... TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: -......... -""'U' DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: .., .... -....". "000 STOCK INFORMATION CAN BE OBTAINED FORM CHEMICAL BANK AT 1-600-982-7652 ----.~......,.~ .~-..__._, ~ PtlClTRUST TEL No.730-2254 1""\ Jul 19,95 14:20 No.022 P.03 I"""- DECEDENT NAME: DATE OF DEATH: SOCIAL SECURITY NO.: Vlolena M. Shearor 06/29/95' . 459-34-1343 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Certlllcata 01 Depo.!llt 0413200199636 -...... - Viloona M. Shearor- Trust .. Vlloena M. Shearer- Trustee DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: 03/08/95. $30,219.00 $619.10 . .- - ,.... Capltsllze Interest-Interest pe!.d B,!nually TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Certificate of Depol,llt 0412150013802 Vlloena M,:~.~e.'!!!!.. DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: 12/14/94 - $9,804.97 $145.06 $224.44 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Checking 6070084783 Vlloena'M. Shearer- Trust VlloenB'M. Shearer- Truste~ DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: .. 09/~5/6~. $22.619.76 .. .'$12.15 -$~Qli.~Q. STOCK INFORMATION CAN BE OBTAINED FORM CHEMICAL BANK AT 1-800-982-7652 F'NC/TRUST TEL tlo. 730-2254 /""\ Jul 19.95 1~:20 No.022 P.02 r' DECEDENT NAME: DATE OF DEATH: SOCIAL SECURITY NO.: Vlolenn M. Shearer 06i29}95 459:- 34 :-7343 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Certificate 01 De"q~.lt 0413200199619 Vlloena M. Shoarar- Trust Vlloena M. Shearer- Trustee ,. , .....- DATE OPENED: DATE OF DEATH BAIJ'\NCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: .'-03/08/95 $30.219.00 $619.10 Capltallzelnterest-Inter~st paid annuallY TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: DATE OPENED: DATE OF DEATH BAIJ'\NCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: -*._,-, TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Certlf!C?~.t!i 01 Deposit 0413200199621 Vlloena M: S'hearer- Trust VlIg.e.(l.a M. Shearer- TrUStee 03/08/95 $30,~~ 9.90 $519.10 DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: Capitalize inierest-Interast. paid annually STOCK INFORMATION CAN BE OBTAINED FORM CHEMICAL BANK AT 1-800-982-7652 ~II~;I J:j...aa~g .. o ~i!; l.:l ! I!l.. 1m; ~~~~ U~"~ el Og .. Ill" l'o ..c Q ;1 il -i Ig r\ ';-.... f . .. ... . ... ... .. 8' ... ... U II B tCD~ .... IJ oW :> B .. .:1...:2 '" " ...... >0 "'GUID A'" w~ ..... 1I.!l :> -'01 U;lI: .:I;lI:~oa >0 II ..... .. uaou -::i~~ :2 ~ i:d >t... .... c:>> II A I i . I I III t . . . XUU . .... . IIIXt:lX ~.~ ~ ~ X......t:l .. III . III '" C . III .. " ... c . '" .. III III . '" III C . III .. =~ ~4 ~~ . ~ ~ ~~ ,.. ~. ~.", '.f'. ~ \.1\ ~ \II t;) . 'JI rl- ...!ll -Sl" % ~ ',s, ... " .. .. II.. ... ..... III ~ III 4J U A U A 0" '....... M "':>'" .... Ill.... . ...11I...:' .. .. II ... .. B U A U II i i i'6 ... 0 .. IllUl'o .. ... A e"cn...., I I I . ... . . . . UIIIU3: . . . . t:tcn....o.. g ... " II .. .. M ~ 8'& tn. 8', ... ::: ... 8'::1 .A U...... U 4J II II =- II ~fl8..:Ifl III... 8..." A III 0 WI ... A 11.8 .. .wOliW A ulIllIMWII II ~ III :a ~ B l'o I l'o lQ I I . I I lQ . . . . "'Ul:!IIIU 3: . . . . Ullollll'olQ Ii: ~~a III .. .. .. .. .. .. III III .. .. ",;:llll ... III . . CXX I ... III III ... A A .. .. .. I .. .. ... 0 0 ......... "PP , .. I ~ ';:u:' >, "'" :; i:"j~,: ~ .,-_:",.-,\", ';'; -i " ",::' .-i,', .' .-" ",~";"'-<".C":,7:f;')-;""-""r;;\;;'~,-'~~'~h~":'c, ~,1-,.~~Jil!..,~_.._;>~,!i,..;~.",,,,.<..."~~~'.u>-;It.,,,,..<<........,,,,_..a...-:....JL..'" ,,' .' ;' rNC Jlankl N.A. 1~lh & (:hC~I"UI Slle'c'I" I'.n. Unx 7tHH 1'ltllillh'lphli\,I'A HUUI ~!lrl rlHrt 'IINH) Td March 28, 1996 Estate of Vlolena M. Shearer /#27-27-004-1124972 File No. 21-95-539 000: June 29, 1995 PNClRANK Register of Wills of Cumberland County Courthouse Carlisle, PA 17013 Dear Sir or Madam: Enclosed for filing with your office is the Pennsylvania Transfer Inheritance Tax Return, in duplicate, for the above estate, together with the following: 1. Our check in the amount of $16,071.56. 2. Copy of decedent's Will. 3. Copy of decedent's Agreement of Trus1 dated June 5, 1991. 4. Copy of decedent's Agreement of Trust dated June 6, 1991. as amended. 5. Copy of the Federal Estate Tax Return. Please receipt the enclosed copy of this letter and return it to us in the envelope provided. Please send us your usual receipt covering this payment of tax. Very truly yo.urs,) ! H.0,f Q, ~<fl--f Robert A. Laughead Vice President RALldr Enclosure F 90 cc: Addressee Robert C. Spitzer, Esquire Ronald T. Kramer, Vice President i~ ~ l~ ~ g. j=? ~ w' ara. _ r III ~. n-,) I I Q,O fivr - ." ....~ ~ b) - , "'" :::110 ~~ ~ cna co 01-0001.(1 ,.. -:'; >;~'-:.';.;rpi:'-,l~:~:#S:.it,~;;.~%,."" - ",,,j, :? - ,:::--. t~'::i,i;~~';-f.,j~\.~~'f:!:..~:;;~;~;o,'~.i~~\.'" .':r,- ~~-<'~ - - (-xi '...",_: .-/.,1;"':' "-,~,\',"J'it'i:-c~i5/-r"",.,.x. . ,'. < - '." _t' Ifil..., ? ;;<:';,,_~~J:~r,:,.;';;;>>"'~~:J"''tl - { ~4_Jl,_-I- \ 'i't~.IJ-'}! \ ','1'';) ;;r. , :}/d;1 i ~ ~ 1 ~\~.-_:,.,.i ~ I ~t - ;4; jl \to 1< ~ rY\ !i U \'0 "'~ .... "" r- .... .. ..; Vi :> .... o ,,0 :1;;;: .-- -1f ~ ~ _d ei 0] g_. ..If ~ Z < ~ U Z ~ '" - - .- III ...."< o .. e>.. .... 6 . U.c.!! - - '" .~ ....:::: .. ::l ... " 0 "' C:>::uu \ II) "'" -!... ~ \. \ \ j , I '- J . _ _ ~"lIIT-~:- . ~" '," '; '-. '~\--'";":'~;,~;,R;):: >~:;" ~-- r l~t:f;r,l,,; .,'!. ': '-1'1" ""~~~~l \:''"' 't:J;~~:" .I. ",,' . ,_ . _ . "'~' , , ... ~1,,,",t....~ "'-"'; ~yi ~~""'''''1"''!-''''''-.. . :;;,~" . oi' ~ /'~;...J" ^~,t."~"~i.~~ !.. :~ >:: ., ., <) ~ , .- I 0, :' I t " . . . ~-- ...~~ r~ -- I\~ '1: \ , ..,.-, ...--.........-. . ,Q",- - .- .--. -- - -- --- - -- -- '--"~-,~ ':""-' .....-- _.- '--.. -- -.-. -._- -~ - -- - ---- - ..-. --- - - -- RECEIVED fROM. & ACN ASSESSMENT PlI CONTROL Ii:. NUMBER AMOUNT PNC BANK NA POBOX 30B 101 .16,0'7'1.:36 CAMP HJLL; PA 17001 IOtDHllf ESTATE INfORMATION, fJ R e 1-1995-0539 m NAME Of DECEDENT llAST) ~ SHEARER VJOLENA M II DATE Of PAYMENT B POSTMARK DATE COUNTY SSN 459-34-7343 (fiRST) MI CUMBERLAND DATE Of DEATH REMARKS e9 9 PNC BANK NA TRUST DEPARTMENT CHECK" ulno m TOTAL AMOUNT PAID SEAL -16,071.56 DO RE.GISTER OF WILLS - --"-~-_:~-~'~'~~:--'"-~~:;::-;;:-;-,:-:;-:~.~,.<-.,~:-:_.-,."........- - - - - -'- ---r--..-;-.-:"'~_;::::-:.,"":":",~,~_-, '. .,.... --.... ... .') , . I .., . . . . , " , "--- . If''~ .-~.d_U to. .4 ,I c.: I .. . -:...---. ....-....,...... ---.-.,..- ,- \, 1/ REV-lS47 EX AFP (12-95* COMMONWEALtH OF prHHSVLYANIA OEPARIHE"I OF REVENUE BUREAU Of INDIVIOUAl 'AkES OEPf. laUOI HARRISBURG, PA I1U'"0601 IS '/."-j NOTICE OF INHERITANCE TAM APPRAISEHENT. ALLOWANCE DR DISALLDWANCE OF DEDUCTIONS AND ASSESSHENT DF TAM ACN 101 DATE 07-22-96 FILE NO. COUNTY 06-29-95 ~t/ CUMBERLAND NOTE I TO INSURE PRDPER CREOIT TD YOUR ACCOUNT. SUBHIT TIlE UPPER PORTIDN OF THIS FORH WITIl YOUR TAM PAVHENT TD TNE REDISTER OF WILLS. HAME CHECM PAVABLE TO "REGISTER OF WILLS. ADENT" REMIT PAYMENT TO: RONALD C KRAMER PNC BANK PO BOX 308 CAMP HILL PA 17001 REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 AMount R."I t t.d CUT ALONG THIS LINE .. RETAIN LOWER PORTION FOR YOUR RECORDS ~ iiEWis4i-Ex-AFii-mi:9sY"NoYicniF--fNHEiiii'iliicE-YA'itiippRAisiifENT-;-'m.-OWANcE-cllim-----nm---- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX ESTATE OF SHEARER VIOLENA M FILE NO. 21 95-0539 ACN 101 DATE 07-22-96 TAM RETURN WAS I I X I ACCEPTED AS FILED I I CHANGED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ONI ORIGINAL RETURN 1. R..I Eat.t. (Schedula A) (1) 2. Stock. and Bond. <<Schadul. 8) (2) 5. Claa.ly Hald stock/Partn.r,hip Inta.....t (Schedula C) (3) 4. Hartg'DI./Not.. Receivable (Schadule OJ (4) S. C..h/B.n~ DapoIUa/Hhc, p.,.lOn.! Prop.,.t)' (Schedule EJ IS) 6. Jointly Owned Prop."ty (Schedul. FJ (6) 7. Trln,f.,.. (Schedul. OJ (7) 8. Total A...ta . .00 .00 .00 .00 57.435.80 . . DO 1.123.726.09 IBJ APPROVED DEDUCTIONS AND EXEHPTIONSI 9. Fun.,..l Expan.../AdM. Co.ta/Hhc. Exp.ns.. (Sch.dul. HI (9) 10. O.bta/Ho..tgag. Liabillti../Lian. CSchadula II Cl0) 11. Total Daductlona 12. N.t Valua of Tax R.tu..n 15. Cha,.ltabl./Gov.,.n...ntal a.qu..t. CSchedul. J) 14. Het Value of Eatat. Subj.ct to rax 79,BB7.13 82.12 IIlI 1I21 1I!1 1I41 If an aBsessment was iSBued previDuBly, linBs reflect figures that include the tDtal Df ahh ASSESSMENT OF TAXI IS. A..ount of Line 14 16. AMount of Line 14 17. A..ount of Line 14 18. p..inclpal rax Du. 1.181.161.89 79.969 ,~ 1.101.192.64 .00 1.101.192.64 NOTEI 14, 15 and/Dr 16, 17 and 18 will returns assBssed to dete. .00 M .00. 1,101,192.64 M .06. .00M.lS. IIBI at Spou.al ...t. taxab1a at LineaI/Cla.. A ..ata taxab1. at Coll.t....l/Cl... a ..at. IIS1 1161 1171 TAX CREDITS I PAVHENT DATE 09-28-95 03-29-96 RECEIPT NUHBER AA082195 AA1l2687 DISC1UNT I-I INTEREST I-I 2,500.00 .00 AHOUNT PAID 47,500.00 16.071.56 TOTAL TAX CREDIT BALANCE OF TAX DUE INTEREST AND PEN. TOTAL DUE . IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION DF ADDITIONAL INTEREST. .00 66.071. 56 .00 66.071.56 66,071.56 .00 .00 .00 IF TOTAL DUE IS LESS THAN n. NO PAVHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" ICRI. YOU HAV BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS. I 'r; 1.1 co r;') L) ~.- 1:-'<( tLl. , , 0, ~ " :::j ; , ilit.: u8 " ...;. ..' mCl: a: '0 p' RESERYATIONI E.tat.. of d.c.dent. dvlng on or b,'ar. D'c,~'r 12, 19.2 .. I' any future Int.r..t In the ..tst. 1. tran,'.rr.d In po.....lon or IOJoy..nt to Cl... I (call.t.rll) blO.'lcl.rl.. a' thl d.cld.nt .,t.r th. Ixplr.tlon a' eny I.tlt. 'or 11" or 'or y..r., th. Co.,onw..lth h.r.by .xpr...lv r...rv.. th. rlDht to .ppr.I.. and ...... tran.f.r Inh.rltlnc. Tlx" at th. l,..ful Clu. . (collat.r.U rat. on any .uch future Int.rnt. PURPOSE OF HOTlCEI To fulflU thl nqulr...nt. of S.ction 21,.0 of th. Inh.r1tanu ,nd E.t.t. T.x Act, Act ZZ 0'1991. 72 P.S. S.cUon 21"0. PAYHENTI D.t.ch th. top portion 0' thl_ Hotlc. end ,ub.lt with your p.y,ant to th. R.gl.t.r 0' Will. prlnt.d on thl r.v.r.. .Idl. -.Htk. ch.ck or laney ord.r peYlbl. tal REGISTER OF HILLS, AGENT All p,y'lnt. r,cllv.d .hell 'lr.t b. IPpll.d to any Int.r..t "hlch ,.v b. du. wIth anv ra.alnd.r appllad to tha tax. REFUND (CR)I A r.'und of . tax cradlt, ..hlch wa' not r.qua.tad on the Ta_ R.turn, .ay b. r.qua.t.d by coaplatlng an "Application 'or R,'und 0' Penn.ylvanla Inh.rltanc. end E,tat. T.x" CREY.ISIS). Application. ar. ev.ll.bl. at th.Offlca 0' the R.ghtsr of Wllh, IOY of the ZS R.v.nu. DlItrlct Offlc.., or by c.lllng th. .p.clal 24.hour .n....rlng ..rvlc. nuab.r. for for,. ordarlngl In P.nnlvlvlnla 1.100.S6Z.2050, outlld' Pann.ylvanla and within local Harrl.burg .r.a (717) 7e7.,094, TOO' (717) 772.ZZ5Z (H..rlng IIP.lr.d Onlyl. OeJECTlONSI Any p.rty In Int.rnt not ..thflad with tha .ppr.I....nt, .Uo..anc. or dlullow.nc. of d.ductlon., or ........nt 0' tax (Including dl.count or Int.r..t) a. ,hown on 'hi. Notlc. ,u.t obJact ..Ithln .Ixty (60) d.y. 0' r.c.lpt of thh NoUc, bYI "wrltt.n protut to th. PA nap,rt,.nt of RlVlnua. loard 0' App..l., nept. 211021, Hlrrlsburg, PA 17121.1021, OR ...I.ctlon to hav. th. ,.ttlr det.r..ln.d .t .udlt of 'h' .ccount of tha par.onal npr...ntaUva, DR "appa.l to th. Orphan,. Court. ADHIN lSTRATlYE CORRECTIONS I factual error. dl.cov.r.d on thl_ ........nt .hould b. .ddr....d In ..rltlng tal PA n.p.rta.nt of R.venuI, Buraau of Individual Tax.., ATTNI Po.t A.......nt R.vl... UnB, n.p\. Zl0601, U.rrhbu"g, PA 17128.0601 Phon. (711) 187.6505. S.. pag. 5 of the bookl.t "In.tructlon. for Inh.rlt.nc. lax R.turn for a Ruldent D.c.d.nt" (REY.1501) for an ..pl.natlon of .datnl.tr.tlvalY corr.ctabl. .rror.. DIICOUHT I If any t.w ctu. 11 p.td withIn 'hr.. (5) celandar aon'h. aft., th. daud.nt'. death, a fly. pare.nt C5:n dhcount of the t.x paid I. .Ilow.d. PENAL TYI Th. 15~ t.x a.n..ty non.p.rtlclp.tlon p.nalty I. coaput.d on the total of the taw and Int.re.t a......d, and not p.ld b.for. Januarv 18, 1996, the flr.t dav .ft.r the .nd of th. tax aan..ty p.rlod. Thl. non.p.rtlclpltton panalty I. appaal.bl. In the aaaa ..nnar .nd In the 'h. .... tl.. period I' you ..ould .pp.al the taw and Int.re.t th.t ha' b..n .......d .. Indlc.t.d on thl. notlc.. INTEREST I Int.r..t h charg.d beginning with first dav of dallnqu.ncy, or nln. (9) aonths .nd on. (1) day fro. the dah 0' d..th, to the d.t. of p.ya.nt. T.x.. ..hleh b.c.a. d.llnqu.nt b.for. Janu.rv 1, 198Z b..r In,.r..t .t the rat. of .Ix (6~) p.rcent p.r .nnua c.lcu1.ted at . dallv r.te of .000164. All t.... which blcaa. d.llnqu.nt on .nd aft.r January I, l"Z will b.ar Intar.at at . r.t. which ..III v.ry fro. c.lend.r y.ar to calend.r v.ar with th.t rat. announced by the PA D.parta.nt of R.venu.. Th. appllc.bl. Int.r..t r.t.. for 1,8Z through 1996 .ral '!!!! Intarllt Rat. DallY Int.rllt Factor 2!r Int.r..t A.ta DailY Int.r.st factor 1912 20lC .000548 1987 ,. .000Z"7 1915 16le .0QDIt38 1'81.1991 ll~ .000501 191" II> .000501 1992 ,. .OODZU 1985 Ule .00US56 1995.1'194 7. .00019Z 191ft IDle .00D27" 1995.1996 OX .OD02,.1 u Int.rllt I. calculat.d a, followll INTEREST . BALANCE OF TAX UNPAID X NUnBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR uAny Nottce '..u.d aft., the t.x b.coall d.llnqu.nt ..Ill r.ll.ct an Int.rllt calcul.tlon to flft..n Cl5) d.u b.yond the d.t. of the ........nt. If pay.ent I. a.d. aft.r the Inter..t coaput.tlon date .hown on th. Notice, addltton.l Int.r..t au.t b. calculated. . / REV-483 EX AFP (12-9*,) lI' COHHQNWEAlTH OF PENNSYLVANIA DEPAATHENT OF REVENUE BUREAU Of IHDIYIDUAL TAXEI DEP'. ZI0601 HARAlsIURa, Pi 1112a-0601 . 15- 45.-:> o.V ACN 201 NOTICE OF DETERMINATION AND ASSESSMENT OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL ESTATE TAX RETURN DATE 07-22-96 o SHEARER VIOLENA M FILE NO.21 95-0539 DATE OF DEATH 06-29-95 COUNTY CUMBERLAND NOTEI TO INSURE PROPER CREDIT TO YOUR ACCOUNT, SUBHIT THE UPPER PORTION OF THIS FORH WITH YOUR TAX PAYHENT TO THE REGISTER OF WILLS. HAXE CHECK PAYABLE TO "REGISTER OF WILLS, AGENT". REMIT PAYMENT TOI RONALD C KRAMER PNC BANK PO BOX 308 CAMP HILL PA 17001 REGISTER OF WILLS CUMBERLAND CO COURT CARLISLE, PA 17013 I HOUSE AMount R..ltt.d CUT ALONG THIS LINE .. RETAIN LOWER PORTION FOR YOUR FILES ..... Ri!V:4S]i-EX--AFP--fiz:-9sj-----ii.-Niifici!-OF--OETifRHIiiATIO-N-Aiio-ASisESS-HENif---------------------------- OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL ESTATE TAX RETURN MM ESTATE OF SHEARER VIOLENA M FILE NO.2l 95-0539 ACN 201 DATE 07-22-96 ESTATE TAX DETERMINATION 1. Credit Far Stete Death Taxas as Verified 62.012.10 2. Pennsylvania Inhsritance Tax Assassed (Excluding Discount and/or Interast) 63.571.56 3. Inheritance Tax Assessed by Other States or Territories of the United Statas (Excluding Discount and/or Interest) .00 4. Total Inheritance Tax Assessed 63.571.56 5. Pennsylvania Estate Tax Due .00 TAX CREDITS 1 PAYMENT DATE DISCOUNT (+) INTEREST (-) RECEIPT NUMBER AMOUNT PAID TOTAL TAX CREDIT .00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 "IF PAID AFTER THIS DATE, SEE REVERSE SIDE (IF TOTAL DUE IS LESS THAN '1, NO PAYHENT IS REQUIREO FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" ICRJ, YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS.J Cl '0 :-t t<( .!:~ I a.; Cl ~ ( ., 0\ ,) '") - .' t: " .-, ::l 11 ~ "f :5 .'. .iJ "' <lla; 'Q <.: P- . ~ a: 08 PlIAPOSE OF NOTICE I To fulfill the nqulr..."ts 0' s.ctlon IUS CbJ of thl Inhlrltllncl! and Est.t. hll Act, Act It 0' 1"1. (71 P,I. Section nUl. PAYttEHTI Detach the top portion of thl. Notlel ~ ,ub,lt with your PlY'''''' to thl RI'I.t.t of Will. prlntld an the r.v.r.. lid.. u ....... check or 110M" order plyllbll tal REGISTER OF MILLS, AGENT. All PIYlent. recllved ,hell bl applied flr.t to any In'.r..t which ..y b. due with 1In" r...lnd.r applied to thl till. REfUND (CAli A r.fund of . till credit ..y ~ r.que.tad by co.,...ln, an "AppllCltlon 'Dr A.fund 0' P~.ylv,"l. Inherltllncl end E.t.t. ,..W (REY.ll.'). Appllcltlanl .t. IVIlllbl_ at the OffiCI of thl A,,'I'.r of Willi, 1In" of the IS Rlvenue District OfficI' Dr 'rol the D.p.r',.nt"' 2~.hour IInIN.rlng ...tvle. nuab.r. 'or for.. order In' I In Penn.vlvanl. 1-100-562-2050, out. Ide P~.vly~l. ~ within loc.l H.rrl.burg .raa (717) 717-1094, TOO. C717) nl-un CH..rlng llIp.lred Dnh). OBJECTIONS. Anv party In Int.r..t not ..tl.fl.d with the .......ant of t.x .. .hown on thl. notlc. "w obJ.ct within .h:tv C6D) d..... of rec.lpt of thh Notlc. b.... --wrIU." protut to thl PA Dep.rt.."t of R.Vlnul, lo.rd of App..h, a.pt. 281011, ",rrS.burg, PA 17ua-Utl, OR "al'Cltlng to h.v. the ..Ua,. dataralnad .t audit of tha par.on.l repra.."tatlvI, OR "appall to thl Orph.".' Court. ADttIN- ISTRAlIVE CORRECTIONS I f.otual .,.,.or. dl.cov.,..d on thl. ........nt .hould b. addr....d In writing to. PA D.part..nt of R'v,nu., lur..u of Individual Ta..., 'TTH. po.t A.......nt R.vl... unit, D.pt. 210601, H.rrl.burg, PA 17121-0601, Phone C717) 717-6505. S'I p.g. ) of the bookl.t "In.tructlon. for Inheritance T.. R.turn fa,. . R..ldent Dec.dent" (REV-1501) for ." ..plan.tlon of .dllnl.tr.tlv.lv corr.ctabla .rro,... PENALTV. ThI 15X tax ~.tv non-p.rtlclpatlon pan.ltv I. coaput.d an the tot.1 of the tax and Int.,.a.\ .......d, and not paid bafor. JanulrV 111, 1996, thl flr.t day .ft.r the and of tha tl. una.tv p....od. Thh non-p.rtlclp.tlon penaltv I. app.alabl. In the .... sann.r and In thl the .... tl.. p.,.lod .. YOU would .ppaal the tax and Int.r..t thlt h.. bl.n .......d a. Indlcat.d on thl. not Ie.. INTEREST I For d.t.. of d.ath on or .ft.r 10-)-91, Pann.vlvanl. E.tlt. Tax b...d on the F.d.ral E.tat. T.. r.turn b.co... d.llnqu.nt at the .xplratlon 0' nln. (a') ~nth' fro. the data 0' d..th. For dat.. of d.ath prior to 10-)-'1, Pann.vlvanl. E.tat. T,x b..ad on tha fad.rll E.t,t. TI. r.turn baco... d.llnquent .t the .xplratlon of .Ight.en CII) lonth. frol thl d.tl of d.ath. Tax.. which bac..a d.llnquent b.for. JInU.rv I, 191! b.ar Int.ra.t .t the rata of .1. (6X) p.rcent p'" annul calcul.tad .t a d.llv rata of .00016~. All t.... which b.ca.. d.llnqu.nt on 0,. a't.r J~.ry I, 1'12 will ba.r Int.r..t at . rata which will vary frol cllandar vaar to calandar y..r with that r.t. announcad bV thl PA O,plrta."t of R.yanu.. Thl .ppllcabl. Intar..t r.t.. for I'I! through 1"6 arll Vllr Intarllt Rat. DaUy Int.rut factor Va.,. Int.rllt Rlt. D.Uy Inhrllt F.ctor 1912 ..X .000541 1917 'X .OOOZU "I) lOX .OOOUI 1911-1991 11" . nun "I~ IIX .000501 1992 'X .000!47 1915 m .000556 199)-1994 7X .nDl92 1'16 lOX . nU74 1995-1996 'X .000247 --Int.r..t 11 c.lculatad .. followlI INTEREST . BALANCE DF TAX UNPAID X NUNBER DF DAYB DELINQUENT X DAILY INTEREST FACTOR ."Any Notlcl h.ued .ftlr the tax baco... delinquent will rafl.ct an Intltl" calculation to f1ft.an (5) d..... b....ond tha d.t. of tM ......lIIRt. If p.yaent h aldl aftar tha Int.rllt CotlPUt.tlon datI .hown on the Hotlcl, addltlon.1 Intlr..t .u.t b. calcul.t.d. Internsl Revenue Service District Director Department of the Treasury ()~r tlNCO/&,.!i< ....r"'........n (1!J" S?,11 v\' VI NOV 2? 1996 Da.a: NOVEMBER 19, 1996 ;-;. r. [llIIle 01: VIOLENA M. SHEAR.~~~ Oec.cilnl'l Social Securtry NumtMir: 459-34-7343 Dltl 01 Delth: JUNE 29, 1995 'erao" 10 Contact: E:ESP:HM ',' [lIe -:~ ::-. :,,9 CI. ell > PNC BANK, N.A. 4242 CARLISLE PIKE CAMP HILL, PA 17001 Contact T,"phonl Numb<<': 215-597-4064 blOla Tn Clollng Lona, (TIlII II not I bill 10' \u dUI) Our computation ot the Federal tax liability tor the above estate is shown below. It does not include any interest or late payment penaltieS that may be charged. Other penalties have been considered in the ccmputation ot net estate tax below. You should keep a copy ot this letter as a permanent record because your attorney may need it to closo the probate proceedings tor the estate. This letter is evidence that the Federal tax return tor the estate has either been accepted as tiled, or has been accepted atter an adjustment that you agreed to. This is not a tormal closing agreement under section 7121 ot the Internal Revenue Code. We .ill not reopen this case, however, unless Reveoue Procedure 85-13, reproduce~ on the back ot this letter, applies. It you have any questions, please contact the person whose name and telephone number are shown above. Thank you tor your cooperation. Sincarely yours, C. R. Baugh Acting District Director Tentative tax ..................................................... S 554 , 808.87 Less: Aggregate glfltaxes payable (for gifts made alter 12-31-76) ,.,......... S Unllled crlldlt ...........................,............ $ 192 . BOO. 00 Crlldlt for Slate death taxes ......................,........ $ 62,012.10 CredIt for Federal gilt taxes (on gills priOltO 1-1-77) . . . . . . . . . . , . . . , . . S Crlldlt for foreign death taxes .............................. S Crlldlt for tax on pnor transfers ............................. S C;C; ?C;4 Tolal subtractions . . . . .. .. . . . . . . . . . . . . . . . . . Net eslate tax Penalties, if any ...... . 00 5310,066.1< .S244,742;7~ . S IOY'" 800 Arch SL. PhllaclelOh'1I, PII, 19106 Le"er 627(001 (Rev. 6-861 -_._'''_..........,~,.".'''''' ~) -9'5. 53"f Inlernll Revenue ServIce D/stnct DlrOClor Department 01 the Treasury "NC BAN;< ,..,..,..- -,..1"'1 ( DI'" NOVEMnEIl'19. 1996 Nav 2 ? 1996 .. , ~ ... Ellat. 0': VIOLENA M. SHEAR~~~~ DeCed.nt'. SoCI., Securtty Humber: 459-34-7343 01" at OIlth: JUNE 29, 1995 P'~n to CanUel: E:ESP:HM fliG ..:' '!: :r:5 . PNC DANK. N.A. 4242 CARLISLE PIKE CAMP HILL, PA 17001 C., .' Cur Contact T.lePhon. Humber: 215-597-4064 EIIIII TII Clollng Leiter (Thll II nOf I bill 10' l&ll dUll Our oomputation of the Federal tax liability for the above estate is shown below. It doe. not inolude any interest or late payment penalties that may be charged. Other plnaltil. have bien oonsidered in the oomputation ot net estate tax below. You should kllp a oOPY ot this letter as a permanent reoord because your attorney may need it to 010.0 thl probatl prooeedings for the estate. this letter is evidenoe that the Federal tax rlturn tor the estate has either been aooepted as tiled. or has been aocepted atter an edJu.tmlnt that you agreed to. fhi. ia not a formal olosing agreement under section 7121 ot the Internal Revenue Cadi. WI will not reopen this oase, however, unless Revenue Prooedure 85-1~. reproducec on thl baok ot this letter, applies. It yoU have anT questions, please oontaot the person whose oame and telephone number arl ahown above. thank yoU tor your oooperation. Sinosrely yours, C. R. Baugh Acting District Director (r. ./I).- -j ...) ... - COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE NOTICE OF DETERHINATION AND ASSESSMENT OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN c-w BUREAU OF INDIVIDUAL nXES INHEAUAHCE TAlC D1VIIIDH DEPT. 11060 1 HARtUSlURD, PA 17Ua-O'Dl In.,.. II "'II'.,U :llINALD C KRAMER PNC BANK PO BOX 30B CAMP HILL PA 17001 12-30-96 SHEARER 06-29-95 21 95-0539 CUMBERLAND 202 A.aunt R..Utad VIOLENA M MAKE CHECK PAYABLE AND REMIT PAYMENT TOI REGISTER OF WILLS CUMBERLAND CO CDURT HOUSE CARLISLE, PA 17013 NOTE, To Jnaur. proper credit to ~our account, .ub.tt the upper portion of thl. for. with your tax p.yaent. CUT ALONG THIS LINE .. RETAIN LOWER PORTION FOR YOUR FILES ~ RE-V:736--EX-iiFP--{i2::9~)-----.-i-NCificE--OF--DETE-RHi~Tio-N-AiiD-As-sEsiiHEN;r---------------------------- OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER .. ESTATE OF SHEARER VIOLENA M FILE NO.21 95-0539 ACN .202 DATE 12-30-96 ESTATE TAX DETERMINATION 1. Cr.dit For Stata D.ath Taxa. a. Verifi.d 62.012.10 .2. P.nn.ylvania Inheritanc. Tax .A....eed CExcluding Di.count and/or Int.ra.t) 63,571.56 3. Inh.ritanc. Tax A......d by Oth.r Stat.s or T.rritorias of the Unit.d Stata. CExcluding Discount and/or Int.rast) .00 4. Total Inh.ritanc. Tax As..s..d 63.571.56 .00 5. Pennsylvania E.tat. Tax Dua 6. Amount of P.nneylvania Estat. Tax Pr.viou.ly Aeea...d Ba..d on F.deral Estat. Tax R.turn .00 7. Additional PenneYlvania Estat. Tax Du. .00 TAX CREDITS: PAYMENT DATE RECEIPT NUMBER DISCOUNT C+) INTEREST C-) AMOUNT PAID TOTAL TAX CREDIT .00 BALANCE OF TAX DUE . DO INTEREST AND PEN. .00 TOTAL DUE .00 -IF PAlO AFTER THIS DATE. SEE REVERSE SIDE IIF TOTAL DUE IS LESS THAN n, NO PAYHENT IS REQUIRED FOR cALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" ICRI. YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FOAH FOR INSTRUCTIONS. I . 2~ ~ ::0 3C-' ~~ <Y (,(, 0 -,... l~) c... "'0 r: ~ rO" o. L ~ L j 0'. p' .. 9, ;t:> :; \1 ;.=:! (u . 1: '0 Vi a :or: U. )>;\ N P\IlI'OIlIlf MOriCI I ,. fulfill ~ r~lr..ent. of section 2145 (b) of the Inherlt~. ~ E.l,to Tlx Act, Act 22 of '''1. (72 P.S. IMUon 1141), 'AYIlIllT, DltMlt the top portion of thla MoUe. .-.d .....It with VDUr P'PMt to the Rqht.,. of 'Ull~ prl"t~ on tM nverM ...... u .... check or MMW oNSer p.Y8bll tal REGISTER OF MILLS, AOEHT. AU Plptfth recllvM IhIIll .. .."l1ed fir.t to "'1 lnt.rod which "1 be dull ..I th "'1 ,....lnder IIfJPUtld to tM t... ftULNI cnll A r.'und nf I tn C,.Hlt ... b4I r~.tlKl bv CHlpl.Ung WI "'AppllclUon '0,. Aofund of PM1nQlv.nlo InherltlnCl ~ E,t.t, T.... (REV-ISIS). Appllcltlonl .r. avollebl. .t the OfficI of the R.a.,to,. 0' Will., "'1 of the ZS Rev..... Dlalrlat Gille.. 0,. 'rOIl the o.p.rtMnt', Z4-hour .......r-tng ..rvlu ,...,.. for f..... o",-rlngl In '-"",vlv."._ 1-100-562-2050, out.l6e PM1nlvlvenl. 8nd within lacel ~rrlsbura .r.. (717) 7'7-1'94, fOOl (717) 77Z-ZZSZ (He.rlng I.,.lr.d Only). OIJlCTlDHII Any party In lnt.r..t nat ..tbfl.d with tM ........"t 0' tax .. .hchIn on thb naUc. .ay obj.ct within .IMb ('D) day. 0' receipt 0' thl. Hotlc. bYI --wrltt... prot..t to tM PA Oep8rbwlt 0' A."..., loard 0' App4.h, D.pt. 211021, Harrhburg, PA 17121-1121, OR ....INUng to hey. tM ..thr dat....lned .t eudlt 0' ttM ""'01\1I1 repraHfttaUvI, OR .......1 to UM Drptw\.' Court AIIIIIN- IITAAJIY! CORMCTlOHlI 'MMI .rror. dbco".r.d on thla .........,t .hoUld tM addr...ed In wraUng tOI PA Dap.r...,t of A."enue, lur.au of Individual Tax.., ATTNI Po.t A.....sent R.vlew unit. Dept. r10601, H.rrl.bUrg, PA 17IZI-0601, Phone (717) 717-6505. See p-oe 5 0' the bookl.t "In.tructlont 'or Inherlt~a Tax Aaturn for a A..ldent DK.adent" (REV-ISOU for M .xplanlltlon of "lnbtraUvah correctabla arrora, POALTYI 1M 15X t.M .."..ty non-partlclp.Uon penalty h ClMPUtact on ttM total 0' the taM Met Int.ra.t ......ad, and not p.ld ba'or. J~ry 1'# 1996, the flr.t d.y aft.,. the and 0' ttM t.M .-natty period. Thlt non-partlolpatlon penalty h appttlabla In tI'M .... tamer end In the the .... tl.. perIod " you MOUld ~.I the tax Md Int.r..t tMt h.. bean .....1Id a. IrMllc.ted on thb notln. IHl[Jt(ST I AddltlOftllI Penn,yI"...la E.t.t. Tax ......act .t . r..ult 0' a ch.nga; on the FecMr.1 Elbt. Tn clo.lr,g l.tt.,. becoMI delinquent at thl ..plr.tlon 0' one U) aonth frOll the dat. the flnel notlca 0' the Incr.... In '''r.1 E.bt. Tax b rltCal"ed. Tn.. whIch bee_ dtIl1nquent tMfor. J.nutry 1, 19az baa,. Intar..t at tI'M rat. 0' ab (6X) perc.,t par .... C11lculattd at . d.Uy rat. 0' .DaG1". All taxt' ..lch bac... d.llnquant on or .nar J.-.u.N 1, 1912 wIll bHr Int.r..t at a rat. which will va,.y froe calendar ya.r to c.l~r ya.r wIth that rata announced bV thl PA Dap.rtaant 0' Revenue. Tha applicable Intare.t rat.. for 191r through 1997 ar.1 ~ Inter..t Aat. Oally tntara.t FlOtor !!!! tntara.t A.t. OaUy tnt.r..t F~tor 1912 ZOX ,0aGSU 1987 OX . aGn47 I9IS l&lt .aGnsa 1911-1"1 IIX . DDaJOl 19" IIX .0aaJOl 1992 OX .aGU47 1915 UX .0aGSS6 1991-1994 n .OOD19Z . 1916 lOX .DDaZ14 1995-1997 OX .OOD247 "Int.r..t I. c.lcul.ted a. follow'l IHTEREBT . BALANCE OF TAX UNPAID X HUftBER OF DAYS OELI"QUEHT X CAlLY I~T FACTOR --Any MoUe. lttutd efta,. the tax bee.... dallnqLlMt wUl rafl.ct an Intera.t c.lculeUon to 11ft.., US) dayt tMwonct the data of the ..H......t. If payant b ..,. .ftar the int.r..t caputaUon data .now. on tha Notlc.. additional Intar..t .u.t be calcul.tad. PNC Dank, N.A. 171h ami Chrltl1ul SUC'C'l1 1'.0. no. 7648 Phll.".I"hl.,I'A 10101 2155855000Td PNC lPJIUVAl'lE BANK September 9,.1997 Estate Violena M. Shearer #27-27.004-112~ File #21-95-539 Date of Death: June 29, 1995 Register of Wills of Cumberland County Courthouse Carlisle, Pennsylvania 17013 Dear Sir: For filing with your office, we enclose a copy of the Estate Tax Closing Letter which we recently received from the Internal Revenue Service for this Estate. Please notice that the Return was accepted as filed. Very truly yours, Robert A. Lnughcnd Vice President on .,,:0 co- \d ::"'t'T) - -I ;': '!,~ RAL:as (.', Enclosure Cfl D44 ~ U1 -0 . --1_ :;:;!~~ W f) _. .. N , '10 blVestments . Trusts . Banking Services J,- c,,;'-';3~ c Internal Revenue Service Distnct Director Department of the Treasury ~NC CANo( ",."..- ""n NOV 2 ? 1996 D.,.: NOVEMBER 19, 1996 EllI" of: VIOLENA M. SHEAR~~~~ Decedent'1 SoCIII Security HumMr. 459-34-7343 Dill 0' Death: JUNE 29, 1995 Ptrson to Conlalc:t: E:ESP:HM , ' C'" " > PNC BANK, N.A. 4242 CARLISLE PIKE CAMP HILL, PA 17001 Canuel T,"phone Humber: 215-597-4064 Ealat. TII Cloalno lener (Thl' I. nol I bill 'or tu dUI) Our computation ot the Federal tax liability tor ~he above estate is shown below. It does not include any interest or late payment penalties that may be charged. Other penalties have be eo considered in the computation ot net estate tax below. You should keep a copy ot this letter as a permanent record because your attorney may need it to closo the probate proceedings tor the estete. This letter is evidence that the Federal tax returo tor the esta~e has either been accepted as tiled, or has been accepted atter a~ adjustment that you agreed to. This is not a tormal clOSing agreement under section 7121 0: the Internal Revenue Code. We will not reopen this case, however, unless nevenue Procedure 85-13, reproducec on the back ot th1s letter, applies. It you have any questions, please contact the person whose neme and telephone number are shown above. Thank you tor your cooperation. S1ncerely yours, C. R. aaugh Acting District Director TentaUve tax .................................. . . . . . . . . . . . . . . . . S 554. BOB. B. Less: Aggregate gitt taxes payable (for gifts made after 12-31-76) ............ $ Unified cred~ ....................... ........ ...... S 192 . BOO. 00 Cred~ lor State death taxes ............... ...... .. . . .. S 62,012.10 Credit lor Federal gift taxes (on gifts prior to 1-1-77) . . . . . . . $ Credit lor IDllMgn death taxes ........... . . . . . . S Cred~ lor tax on pnor transfers ........ . . . $ Total subtractions ......,.,........... . . . . . . . . Net estate tax Penalties. if any 0;0; '0;" 00 $310,066.1 :::::::: $ 244, 142~7 ..........$ 10"'1 19106 Letter 627(00) (Rev. 6-86\ .,. PNClB\ANK . i , ESTATE OF VIOLENA H SHEARER DECEASED (DIED 6/29/9S) LATE DF THE TOWNSHIP OF HECHANICSBURG CUHBERLAND COUNTY PA WILL ND 21-95-0539 INVENTDRY CDHHONWEALTH DF PENNSYLVANIA SS COUNTY OF CUHBERLAND LINDA LUNDBERG TRUST OFFICER OF PNC BANK, NATIONAL ASSDCIATION, EXECUTDR OF THE ESTATE OF VIOLENA SHEARER DECEASED HAVING BEEN DULY AFFIRHED ACCDRDING TO LAW DID DEPOSE AND SAY THAT THE ITEHS APPEARING IN THE FOLLOWING INVENTORY ARE PERSDNAL ASSETS WHEREVER SITUATE AND REAL ESTATE IF ANY IN THE CDHHDNWEALTH DF PENNSYLVANIA OF SAID DECEDENT THAT THE VALUATIDN PLACED OPPOSITE EACH ITEH OF SAID INVENTDRY REPRESENTS ITS FAIR VALUE AS DF THE DATE OF THE DECEDENT'S DEATH AND THAT THE DECEDENT OWNED NO REAL ESTATE DUTSIDE THE COHHDNWEALTH DF PENNSYLVANIA EXCEPT THAT WHICH APPEARS IN A MEMDRANDUH AT THE END DF THIS INVENTORY AFFIRMED AND SUBSCRIBED BEFDRE ME THIS 7t.'J NI DAY OF t:Jc/ 19..l..L I .44,'t'?,....d' 4 /~:,r,,_1 I~~~ ~ 0C) ~: :: ILi .",' Uoln,i.,1 Son' Stovonn", ^ Col.-In;)n. Notary Public HRlnpdi'n lwn. Cw"I'c'rlill1r! CountV MyCOlTl'lll<;<;'on [tpl['_'" J\lllf' 12. ?OOO Melllocr. Pt'nn~,yl\!alH.l (1';',oCI,1I'Oll nl 'Iiltll!t'~ L_ c;.-.. -< N t", . . - 1 - -.l ,...".elflltml ..^ ..-".---. .. PRIVATE BANK PNClRANK ESTATE OF VIOLENA SHEARER REAL ESTATE 660 SE PINE OAK TERRACE STUART FL MISCELLANEOUS SNOWCO TRAILER ~ PROCEEDS ON SALE OF 1987 CADILLAC COUNTY OF CUMBERLAND DEATH BENEFITS FIRST NATIONAL BANK SAVINGS CERTIFICATE 15278727-28 DATE OF DEATH BALANCE 1,050.79 INTEREST TO 6/29/95 5.87 FIRST NATIONAL BANK SAVINGS CERTIFICATE 15278727-28 DATE OF DEATH BALANCE 4,551.98 INTEREST TO 6/29/95 2.60 PNC BANK, NATIONAL ASSOCIATION IRA ACCOUNT 1412150015802 CASH NEWSWEEK SUBSCRIPTION REFUND PNC BANK, NATIONAL ASSOCIATION ACCOUNT 150-52-001-6110085 BALANCE OF PRINCIPAL CASH SOUTHERN BELL REFUND PROCEEDS FROM SALE OF PERSONAL PROPERTY TOTAL INVENTORY 1124972 25,500.00 100.00 6,900.00 100.00 1,054.66 4,554.58 594.22 17.57 68.77 10.45 8,857.00 45,557.25 ............ '"INOII101ltl - 2 - JRD/JuDe 30, 1992/17858 REGISTER OF WILLS Cumberland Count)' Courthouse One Courthouse Square Carlisle, PA 17013 NOTICE PURSUANT TO RULE 6.12 PENNSYLVANIA SVPREME COURT ORPHANS' COURT RULES Personal Representative Counsel: DN~ RANK NA RE: Estate or VIOI.ENA M. SHEARER , Deceased, Late or MECHANICBURG BOROUGH EslateNo.: 21-1995-539 Date or Decedent's Death: JUNE 29, 1995 Pursuant to Rule 6.12, the above named personal representalive or the above nll!Ded attorney, if applicable, within two (2) years of the decedent's death, and annually lhereafter until administration is completed, is required to file with the Register of Wills a Status Report as required by Rule 6.12, in substantially the prescribed form, showing the dale by which the personal representative, or attorney. as applicable, reasonably believes administration will be completed. The purpose of this Notice is to advise you that unless the requisite Status Report Is filed with the Register of Wills or Clerk of the Orphans' Court. as appropriate, within ten (10) calendar days after the date of this Notice that the Register of Wills is required to notify the Orphans' Court Division, Court of Common Pleas of such delinquency and to request that said Court conduct a hearing to detennlne whelher sanctions should be Imposed upon the delinquent persooal representative and the delinquent personal representative's counsel, if any. Accordingly. if lhe requisite Status Report Is Dot filed by AUG 6 , 19) 7. you are hereby advised that a request will be submitted to the Court in accordlllce wilh Rule 6.12. Date: JULY 23, 1997 '--1"^.[J)) 0:.. ,))~L,!,:.{,\ VWVr. w..&fulVvv DepUly eglster of WiI s Distribution to Estate File .t . STATUS REPORT UNDER RULE 6.12 Name of Decedent: ~\C~~ Date of Death: ~\ ~-'\ \ Gt::, , Will No. ~\-\"-<tS -'3~t\ ~ ~~~(-L Admin. No. Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: Yes No "I- 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: \):)\.~,~ ~ ~-:lm-':::. 3. If the answer to No.1 is Yes, state the following: a. Did the personal r~resentative file a final account with the Court? Yes No . b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? Yes ~ No d. Copies of receipts, releases, joinders and approvals of formal or informal ~r.counts may be filed with the Cerk of the Orphans' Court and may be attached to this report. PNC BANK, N.A. s~!~ ~~~ - U Trust Officer \.,.\.~'" ::r \..~\)~U- Name (Please type or print) ~~I.. 'b~>L ~'i"r ' \0 ~Ol- "!.o~ , L~1l v.,\.U- ~l'r \.'\oJ\-~~ Address - Date: \\~I"L . ~ .'; " .. Pi 9 c> 11\.\ ) \~O-~\oC; Te 1. No. Capacity: ~personal Representative Counsel for personal representative O:'lL 1- c'-\ j \'; .::J UU (MAH:rmf/AM3) STATUS REPORT UNDER RULE 6.12 Name of Decedent: \.}\D\-~~ ~ ~~(.P Date of Death: lD\~,~~ will No. ~\-<\S-':>?:.,\ Admin. No. Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: Stat~whether administration of the estate is completel Yes No 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: 1. 3. If the answer to No. 1 is Yes, state the followingl a. Did the personal r)tresentative file a final account with the Court? Yes No . b. The separate orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? Yes~ No d. Copies of receipts, releases, joinders and approvals of formal or informal accounts may be filed with the Cerk of the Orphans' Court and may be attached to this report. \ ^~CO~ANKI N.A. ~~"' \-\~\)f>t -3" \..L\~')S~ Name (Please type or print) q~l,. '!.~'<-= '<0 ~O'/- ~~, L~ \-\\\.L. ....~ \"'cU\'Cl~~ Address (\ \\) "\)., () -~~Io c:.., Tel. No. Capacity: ~personal Representative Counsel for personal representative Date: "\ \ \\ \(".'2 OJg .!} ~.:- ') -: . ,. '.' tU ''''~ ,.)'z,) oT1 ow <l>a: a: (MAH:rmf/AM3) 1"'\ N o Et to:( ;:)Q.; u ,', ~ '0 '.J o N ;"' ::j ~ , ,'~ l:.O -I" .10- -:> OU , JRD/June 3D, 1992/ I 7858 REGISTER OF WILLS Cumberlnnd County Courlhouse One Courthouse SquDre Cnrllsle, PA 17013 NOTICE PURSUANT TO RULE 6.12 PENNSYLVANIA SUPREME COURT ORPHANS' COURT RULES To: PCI10naJ Representative Counsel : PNC BANK, N.A. RE: Estate of VIOLEN!l. M. SHF.JlJlER MrX.1IA.N.Lu,tKJta..2 DJl'G..J\.JUM I Decensed, Late of Estate No.: 21.1995-539 Date of Decedent's Death: 6-29-95 Pursuant to Rule 6.12, the above named personal represenlative or the above named attorney, if applicable, within two (2) years of the decedent's death, and annually lhereafter until administration is completed, is required to file with the Register of Wills a Slatus Report as required by Rule 6.12, in substantially the prescribed form, showing the date by which the personal representative, or attorney, as applicable, reasonably believes administration will be completed. The purpose of this Notice is to advise you that unless the requisite Status Report is filed with the Register of Wills or Clerk of the Orphans' Court, as appropriate, within ten (10) calendar days after the date of this Notice that the Register ofWlIIs is required to notify the Orphans' Coult Division, Coult of Common Pleas of such delinquency and to request that said Court conduct a hearing to detennlne whelher sanctions should be ImpOsed upon the delinquCl1l personal representative and the delinquenl personal representative's counsel, if any. Accordingly, if the requisite Status Report is not filed by 8-3-98 , 19_, you are hereby advised that a request will be submitted to the Coult ill accordance with Rule 6.12. Date: 7-15-98 '7nALI.J.(J.y,1J~"Jvj/f)'Yh//ta#- 'D;"~t;legisrJ'ofWiIIs . I Distribution to Estate File