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HomeMy WebLinkAbout95-00549 . 'DEFINITION OF MARKET VALUE: .he -'........ """ ""en ......." '-1lm9 ~. ...........nd..... """" ..... .. CIOftd/IOnI ,..,.,.. to . '" ..... ". Duy.- and ....,. ..en IC1lnQI ptVdttll1. kno~ Ind UN'ftll'lQ IN pnce .. "'" ,fIIdId by uncM....... ""'*" In "" 0If\r'IlII0n .. N OOftIUIM\Ieon of . .... I' of . IC*lf\ed ." and N P&M'"9 of ~ trom MIll . .."., ....., ~ wNtIby. (I) ."., ,nd ...., Irt r"..cIlfy moM.; III bo" ,...... ." well ~~ 01 .... MvlMd. and MClh tcIl'lIlf\ -"I' '" ~ ... ""..... Iftttt'Itt 1:11 . '..1ONbII ~. II allOWtd tor IIlDOIUI1I tI'l N OC*' m&IQt .f' PI"'*" II medt n *"" 01 CUh In u... doIIrI or 1ft terTftI 01 ftftIftCIIl ,,,."Otn'ItMI compatab.. ".-..0: and III I'll pnce ,.,.... "" noI'TMt OOl......DOn tor 'lit ~ IOId lNfftOM by IPfCI&I or creltrtt Minong Of HIM conceMOftI" OranMld by anyone 1110OI1'" "'" ...- o ~ to ." compItIbItI ".. be ..... tot JPIClII Of' trMl'te Mlnong Of ...~. No.."......,.............,., lOt ""' ._ -.en .... 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TM tppdIMr hU naIld ~ '" ........ f'IIClOft ."., IlfYttM ClOl'lOIOtII (1Udt II, nMdIcI ,.... ~~Il.A.. 1M pteMftClt 01 huaIdDuI ....... 10_ ......... _~ fltlNtWIlII CU'"O '" ~ of '" IUbttCt Pf'OPII'!r Of NI '" eM' 1M bIoIme ...,. ot o.mg 1M nDmlII reeIIICft IfNOfWd In partomWlg N IIClOf'IiUI. UniIII O"tfWIH I"ttd In fit .,..UI I'IOOtI. IN .,....., hU ItO IU'lOwtldgl of any hIdcMft Ot""""*",, ~olNOf'OC*I'tOt"""'" """",""*,\11 candltlO"'l~ 1nt ~ of hUll'OOUI ....... "Do .....,.., .... Nt WOUld ".. N """' rtlOfI or 11II YI-.,Iblf. and I\alIMUIMCI NIItM 11'I1'10 Mlf'I oonQlIIOnI and "... no ...,.".... 01 ...".."..." ..... eM' ~ ,.,.. N oondlllOn of I'll ptOOtfIy. The IQCItIlW W111'lOt be ~ tot lIlY IUClh 00I"IdIMN flIl dO IIIIt Of lot lIlY t11fl"'lQ or...... Nt Il'lIQtIt be f'IQUIttd ID diIOOvtt.... tuClh 00l"IdII0nI.1lIt. ..... '" ..... II not an ..., II'l '" laid of 1l1~~.....Ilto'ltll hUardI. '" IR)t'IiIII ,.n nun not be ClONIlWId u ." .'9~"""''' lIl1lof"'propIft;'. 1. TN appraaw ClOtP'lId 1M morm.1IOft. _""'_ and 0I)ItlI0I'lI "'" ..,. .qnuad Itl '" apcltMII f'II)OtI tnmIlOUtttIl\It hi Of' Ihe 00N60n tD M ,..... IIld bIIitwM ...... tD be WVt and COtf'tCt, The aoptIlMt doN not ueumt ~ tor I'lIICOnC'( 01 uti -.................. by"!,,- .. TM IClP"IiMt .. not CIIIdON N Cllll'IIIMI of '" IClCltM&I fII)OtI IICtOt u pIVVIded lot II'l 1M Un/tomI h/'IdIIUI of "ul~....Ja,* --- .. TM eppIIiMt h&I bINd f\iI 01 her ~ ,.port and vawtlO" COrQII~ lot I1'IIWMAI "II . ~ 10 ~ ~ ,.... or .-nor. 01'11'1I aaa.mpIIOtl 1It., camplltlol'l of IN Itft9fOvemen1I .. be patfotmId IrI . .0",",,*, tnIMIf, 10. TM.,."..., r'IMI prowIdI hliI or hit pnot ..,... oonHnI before I'IIltndIftctiltlt aptCllIIId IrII'II IAIf8IIII rapon CIl'I cIiIW"lbutI .... .,...... rapotI (\I'leIUdlng COf'lCUionI ItlOUI I'll Pf'OC*'IY 'fIUt. tn. awa.."" WHnIty and pro....,,,.. dIIlgr'lIlIOnI. and ~ to It'IY' ~ ...... orgll'lUlOt'III Of '" """ wr1h wf'lICl1 tn, ......, It '&IOClIled) 10 .nyone ONt N" fl. botl'OWlfi '" mottgIOII eM' . IilIClCIMOl"I and .....: N mon;aoe 1I\IUttt: CO"IUflII'llI: p",feIIlof\II apcwa... org'~; I"'Y ItItI or ItdttIJf't IIlP"MlI .......... 1l'\nUOft: eM' In't dlOl"""'" IOtrCY. or ItlII'UmtnWItJ of '" Ur\rtId 1.._ or II'ly ItIItI or I'll 0II1'lC1 of ColUnOli .... flit I'lIIIftdIt1Clllnl Ny diItrOlM N ~ d~ HC:IOPl ot '" ftPOl'I oNy' 10 df,. CIOIICIOfl or ~ MMCIC.. ...-.c hlwVIO " 00U'l N ......... P"Of "'"'*' oortMnI. 'fhI1pPtI"", wmIll'1 ClOMIt'IIII'Id ~ t'l'lUM .1eG M 0IKP'lICI DIIotI N ...... can M COIM'ttd tIy In,onIIO .... I)UbIC I\f'aUOI'I Mv~ p.lb'C telI1IOI'II. ntWI. ...... Of 01* IMdlL "'- MIl,.... .. '-....,...,... .. RONALD KRAMER TRUST OFFICER OF PNC BANK ," -'V~ -'. . APPRAISAL REPORT FOR ... I " " THREE RANCH DUPLEX DWELLINGS LOCATED 3A-3B, 4A-4B AND 11A-11B HEMLOCK DRIVE UPPER ALLEN TOWNSHIP MECHANICSBURG, PA ....oJ 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 Hedook Driva,llaohaniolburg 4-1118C-1 llA-l1B He~look Drive, Meohanicsburg ONE HUNDRED THIRTY THOUSAND..... ($130,OOO)....DOLLARS Total Estimated Value of all three duplex dwellings: THREE HUNDRED EIGHTY-SEVEN THOUSAND.....($3S7,OOO).....DOLLARS Details of my methods of valuation, as well as a deeoription of tha improvements are contained in the ensuing report. This report is consistent with the recommanded guidelines of the Apprsisal 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 oertify that I have no financial interest in the property appraised, present or conte.plated, and that the appraisal aaaign.ent was not based on a requested miniaum valuation, a speoified valuation, or the approval of a loan. The appraiser has peraonally inspected the property. The Appraisal Institute conducts a voluntary prograa of continuing education for its designated membera. SRAs who meet the minimum standards of this program are awarded ~eriodic educational certification. I aa ourrently cartified under the SRA progra.. Very truly yours, Ak~~c.~~ George C. Clauser, SRA GEORGE C. CLAUSER REAL ESTATE APPRAISALS PA State Certified General Appraiser Certificate NGA-000233-L GCC/eh - i11 , COMMERCIAL' INDUSTRIAL' APAKl'MENT COMPLEXES' SUBDWlSION ANALYSIS' RESIDENTIAL Hemlook Drive, Meohanicaburg 4-1116C-1 fiR F~C S~ATB CBRTIFIED aBNERAL ,(J'PRA./5ER a..", c. a.u.u, RIM IWM, ,y,,.u,,u JP 10 MIlIbI 51,.,., C_,IIU1. PA /701/ T,II,""",,7/7.7J7.7Joo FAX: 7/7.7Jo.0911 January 12, 1998 PNC Bank 4242 Carlisla Pikl Ca.p Hill, PA 17011 Attention: Ranlld Krlalr Truat Offiolr RE: Eatatl of Paul T. Shaarlr Thrll Ranoh Dupllx OWlllings 3A.3B, 4A.4B, 11A.llB Haalook Driva Uppar AllIn Twp, Ulohaniosburg, PA Our IIr. Kra..r: In ooaplianoa with your raqulat I havI ooaplltld ay inapaotion and aubaaqulnt .arkat studils on tha abovl ~Ifarlnold propartila for thl purpoll of Istt.lting its .Irklt vlluI. Thl proplrtial b.ing Ipprliald ar. looatld on Ha.look DrivI jUlt W.lt of its int.rs.otion with South IIlrklt Strllt in suburbln IIl0hlniosburg, Upplr All.n Township, Cuab.rland County, PA. I.prov.aantl oonsilt of thrll onl story dupl.x dw.llings, loolt.d in thl Wlblroroft Dlv.lop..nt. Thl sit.s arl looltld in Zonl A ot HUD id.ntifi.d flood hazard ar.a and r.quir. flood insuranol. Thl appraisad valuI assu.la thl proplrty is olear of hazardous .It.rials with olrtifioltiona rloo..ended Ind thl apprlised value is based on olaar oartifioltionl for any tlsting oonduotld. Basld on .y studila Ind aubjlot to tha limiting oonditionl found in and attaohld to thia rlport, thl proparty in my opinion h.1 '.a i.' .arklt values as of Ootobar 23, 1994 .. follow.: 3A-3B Ha.look~rivl, II10haniolburg ONE HUNDRED TWENTY-FIVE THOUSAND.....($128,000).....DOLLARS 4A.4B HI.look DrivI, lIaohanio.burg ONE HUNDRED THIRTY.TWO THOUSAND" ,..($132,OOO).....DOLLARS 11 COMMERCIAL' INDllSTIUAL . APARTMENT COMPLEXES' SUBDW1SION ANALYSTS' RESIDENTIAL HI.look Driva, lIaohanioaburg 4-lll6C-l , I , : I i i I . '. .,-,,,,:,,-~-,,,,'-"----._,.....~- TABLE OF CONTENTS Title Page................................................... Letter 01 Trana.ittal........................................ Table of Contenta............................................ Photographs of Subjeot Property.............................. Summary 01 Important Faots and Conolusions................... Purpose of Appraisal......................................... Market Value Defined......................................... Idantification............................................... Legal Descriptions........................................... Rental Inco.e................................................ Area Analysis................................................ Regional Map............................................... Neighborhood Analyaia..........................._............ Location Map............................................... Site Analysis................................................ Improvements Analysis........................................ Highest and Best Ua.......................................... Valuaticn Procaaa and Scop. of Appraisal..................... Sk.tch of Buildings........................................ Cost Approaoh..:-............................................. InccI. Capitaliution: Approach....... ........................ tv Hemlock Driv., Mechanicsburg i 11 & i11 iv & v vi . xiv xv 1 1 2 2 2 . 6 6 7 8 9 . 10 11 12 13 14 16 17 IS . 19 20 .20a 21 . 24 26 4.1116C.l i , I I ~ .. .--~- -......-.--- .-,..~~_._-"...--_. ,,;.-~,..~,,--~.,. --:......-. ~ SUMMARV OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY ADDRESS: 3A.3B, 4A-4B, 11A.11B Hemlook Drive Meohaniosburg, PA OWNERS OF RECORD: Paul T. Shearer LAND AREA: .34 aores at 3A-3B He.look Drive .47 aorea at 4A.4B He.look Drive .3444 aores at 11A.11B H..look Drive IMPROVEMENTS: Three One Story Ranoh Style Duplex Dwellinga HIGHEST AND BEST USE: Three separate saleable duplex dwellinge VALUE ESTIMATES: Coat Approaoh 3A-3B He.look Drive $125,300 4A-4B He.look Drive $133,000 11A.11B He.look Dr. $131,300 Inoome Approaoh Sales Co.parieon Approaoh 3A.3B He.look Drive $125,000 4A.4B He.look Drive $132,000 11A.11B He.look Dr. $130,000 Total $837,000 FINAL VALUE ESTIMATE: $837,000 '7 ')n DATE OF VALUATIQ1t: Ootobar 23. 1994 xv 4-1116C.1 He.look Drive, Meohanicaburg ~ APPRAISAL OF ESTATE OF PAUL T. SHEARER 3 OUPLEX RANCH DWELLINGS LOCATED 3A.3B, 4A.4B, l1A.llB HEMLOCK DRIVE UPPER ALLEN TOWNSHIP MECHANICSBURG, PA PURPOSE OF APPRAISAL: The purpose of this appraisal is to esti_ete the market value of the fee simple estate of the subjeot property, 'as is', as of Ootober 23, 1994. Oate of inspeotion, Nove.ber 28, 1994. The property is asau.ad to be free end olear of any existing aortgeges. PROPERTY RIGHTS APPRAISED: For the purpoae of thia appraisal, the property rights appraiaed assu.e fee aimple title whioh is a title that aignifies ownership of ell the right a in a peroel of real property aubjeot to liaitation of the four powers of govern_ent whioh are taxation, eaoheet, polioe power and e.inent do.ain. The property is valuad as unenouabered by the exiating lea lea aa the leaaaa are ahort tera. MARKET VALUE DEFINED: Market value is defined aa followa: 'The most probable prioe whioh a property ahould bring in a ooapetitive end open market under all oonditioni requiaite to a fair aale, the buyer and leller eaoh aoting prudently and knowledgeably, and allu.ing the prioe is not affeoted by undue atiaulua. I.plioit in thia definition ia the oonau..ation of a eale aa of e speoified date and the pasaing of title froa aeller to buyer under oonditiona whereby: (1) Buyer and seller are typioally motivated; (2) Bot" partiea are well informed or well advised and aoting in what they oon~1der their own belt interesta; (3) A reaaonable tiae is allowed for expoaura in the opan .arketj (4) Payment ia aade in terml of oalh in U.S. dollars or in teraa of finanoial arrange.ents oomparable there tOj and He.look Drive, Meohaniosburg 1 4.1116C.l -< LEGAL DESCRIPTIONS: (CONT'DI on said Plan, South 12 degrees 37 minutes 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 direction by the aro of a circle curving to the right, said circle having a radius of 160.0 feet, the arc distance of 19.46 feet to a point; thence ccntinuing along the Northern line cf Hemlcck Drive, Ncrth 77 degrees 23 minutea West, 100.52 feet to a point in the divisicn line between Lots Nos. 30 and 31 cn the hereinafter menticned Plan of Lots, aforesaid, at the point and place of BEGINNING. BEING Lot No. 31, Block 'D', on the Plan of WEBERCROFT, which said Plen is recorded in the Cumberland County Recorder's Office in Plan Sook No. 15, page 13. HAVING thereon erected a brick duplex dwelling known and numbered as No. 3 Hemlock Drive, Mechanicsburg, PA, BEING the same premises which Paul T. Shearer and Violena M. Shearer, hia wife, by their deed dated March 21, 1978 and recorded in the Offioe of the Recorder of Deeds of Cumberland County on April 19, 1978 in Deed Book T, Volume 27, Page 73, granted and conveyed unto Violena M. Shearer, as tenant ~n common, constituting an undivided one.half interest in the premises. 4A and 48. Hemlock Drive TRACT NO.2: ALL that certain lot of ground, together with the improvements thereon erected, situate in the Township of Upper Allen, Ccunty of Cumberland, and State cf Pennsylvania, bounded and described as fallow.: BEGINNING at a point in the Southern line of Hemlock Drive (40 feet Wide), which said point i. in the divisicn line between Lot. Nos. 42 and 43 on the hereinafter mentioned Plan of Lots; thence extending along tha southern line of He.look Drive, South 77 degrees 23 .inutes East, 37.46 feet to a pcint; thence oontinuing along the Southern line of He.lcck Drive, in an Eastwardly direotion, by the arc of a circle curving to the left, said circle having a radiua-of 200.0 faet, the arc distance of 102.28 feet to a point in the division line betwaen Lot. Nos. 41 and 42 on the hereinafter mentioned Plan of Lots; thence,extending along the division line between Lots No.. 41 Hemlock Drive, Mechaniosburg 3 4.1116C.l ., '-". _.. -, "._....~ _.u ,_ ''"~''__ _ ." ... "'. ,.~, ~_ ~ LEGAL DESCRIPTIONS: /CONT'DI and 42 on said Plan, South 16 degrees 41 minutes East, 98.63 feet to a point; thence extending along the course, South 79 degrees 03 minutes West, 200.32 feet to a point in the division line between Lots Nos. 42 and 43 on the hereinafter mentioned Plan of Lots, aforesaid, thence extending along the 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 Southern line of Hemlock Drive, aforesaid, at the point and place of 8EGINNING. BEING Lot No. 42, 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 frame duplex dwelling known and numbered as No. 4 Hemlock Drive, Mechanicsburg, PA, BEING the same pre~ises which Paul T. Shearer and Violena M.Shearer, his wife, by their deed dated March 21, 1978 and recorded in the Office of the Recorder of Deeds of Cuaberland County on April 19, 1978 in Deed Bo~k T, Volume 27, Page 76, granted and conveyed unto Vio1ena M. Shearer, as tenant in co..on, constituting an undivided one.half interest in the preaises. 11A and 11B. Hemlock Drive TRACT NO.3: ALL thet certain lot of ground, together with the iaproveaents thereon erected, situate in the Township of Upper Allen, County of Cuaber1end, and State of Pennsylvania, bounded and desoribed as follows: BEGINNING at a point in the Northern line of Healook Drive (40 feet wide), whioh said point is in the division line between Lots Nos. 27 and 28 on the hereinafter mentioned Plan of Lots; thenoe extending along the Northern line of He.look Drive, North 40 degrees 30 .inutes 30 seconds West, 100.0 feet to a point; thence extending along the course North 49 degrees 29 minutes 30 .eoonds East, 150.0 feet to a point; thenoe extending along the course, South 40 degrees 30 minutes 30 seconds East, 100.0 feet to a point in the division liRe between Lots Nos. 27 and 28 on the hereinafter .entioned Plan of Lot., aforesaid; thence extending along the division line between Lots Nos. 27 and 28 ~n said Plan, South 49 degrees 29 .inutes 30 seoonds West, 150.0 feet to a point in the Northern line of He.1ook Drive, aforesaid, at the point and p1aoe of BEGINNING. Hemlock Drive, Meohanicsburg 4 4.1116C.1 "', 1993 Rental Inoome 1994 Rental Inoome 3A and B Hemlook Drive, Maohaniosburg, Upper Allen 42.25.0030.0S3 4A and B Hemlook Drive, Meohaniosburg, Upper Allen 42.25.0030.121 llA and B Hemlock Drive, Mechaniosburg, Upper Allen 42.25.0030.079 1/93 5 2,314.18 2/93 2,314.9B 3/93 2,314.98 4/93 2,314.98 5/93 2,334.9S 6/93 2,31S.33 7/93 2,350.41 8/93 2,444.60 9/93 2,444.80 10/93 2,444.60 11/93 2,450.41 12/93 2.444.68 $2B,491. 74 1/94 2/94 3/94 4/94 5/94 6/94 7/94 8/94 9/94 10/94 11/94 $ 2,444.68 2,444.68 2,444.6S 2,444.6S 2,467.56 2,444.68 2,444.68 2,444.76 2,444.6B 2,487.60 2,444.68 $26,937.36 to date 3.A $ 402.92 ($380 when in Florida). 3.8 412.92 ($390 when in Wilconlin)" 4.A $ 412.92 4.B 372.92 11.A 5 412.92 11.B 452.92 All amounta inolude $22.92 add on for sewer unless indicated by " (rental amounts effeotive 8/93). - - Hemlock Drive, Mechanicsburg 6 4.1118C.l ". AREA ArlAL YSIS: Harrisburg area is 100ated in South Central Pennsylvania and includes Cumberland, Dauphin, Perry and Northern York Ccunties. The area is ana of the most strategically located areas in the East United States and the major center for food distribution in the Middle Atlantic market region which contains over 40 million people, 1/5 of the national population. Freight and rail services to the area are excellent. More than 3B trucking lines maintain teraina1s in Harrisburg. The subject area is located at the hub of the East-West and North.South lines of the Conrail Railway, making the area idee11y situated for storage in transit benefits. The Conrail Railway also operates a large freight classification yard in the area. Bel tillore Philsdlllphia Washington New York City Pittsburgh 80 Milea 90 Milea 120 Milea 175 Milea 195 Milea Emp10Yllent opportunities in tha area are good. The State of Pennsylvania ellp10ys 35,000 area workers. Harrisburg being the State Capitol and the U.S. Governllent ell ploys another 14,000+ IIOSt of whioh serve the two large supply depots, the Aray Supply Depot at New CUllberland and the Ship'S Parts Control Depot in Meohanicsburg. Acccrding to inforaation provided by the Central Penn Business Journal, February, 1993, salle of the largest amp10yers in the Harrisburg Area include AMP, Inc., Hershey Foods, Ino., Pennsylvania Blue Shield, M.S. Hershey Medical Center, Harrisburg Health Foundation, Polyclinic Medical Center, I.B.M., Beth1ehe. Steel Corporation, Harsco Corporation, GPU Nuo1ear 3 Mile Island, Giant Foods, United Telephone Company, Holy Spirit Hospital, Rite Aid Corporation, Herco, Ino. and Sears. The econollio base of the area is diversified and extends frcII strong government, servioe related and transportation facilities to cOllllercia1 and industrial uaea. Unellp10y.ant rates are consistently salle of the lowest reported in the are.. - In sUllllary, the areas location with respeot to Eastarn United States, the presence of conve~ient highway, air and rail transportation and the presence of State and National Employment opportunities have resulted in bright pros peats for continued growth in the Harrisburg Standard Metropolitan Statistical Area. Hell10ck Drive, Mechanicsburg 7 4.1118C.l He.lock Drive, Uechanicsburg 8 4.1116C.1 NEIGHBORHOOD ANALYSIS: The subjeot property is looated along the west side of South Market Street just south of Meohaniosburg Borough in Cumberland County, PA. Neighborhood boundaries oonsist of road networks in the area with the southern boundary being U.S. Route 15, the eastern boundary being Wesley Orive, the northern boundary being Simpson Street in Meohaniosburg end the western boundary being York Street. The erea is suburban in nature with oomseroial usea predosinant along major traffio arteries and residential uses on interior streets. The subjeot is looated in the residential development of Weberoroft. Aooess to surrounding munioipalities and regional areas is very good with U.S. Route 15 available within 2 miles. Comseroial uses within the area inolude a Sheetz Convenienoe Store, Dove's Auto Repair, veterinarian, Book of the Month Club, professional offioes, as well as South Point Condo.iniuas. Prioes vary within the neighborhood and depend on the type of property and its existing Use. Generally, housing prioes range froa $70,000 to in exoess of $250,000 with ages ranging fro. new to in exoesa of 100 years with the typioal age being 15 to 20 years. Residential rentals renge fro. $350 per month to $1,000 per month. Co..eroial and industrial uses range in price fro. $BO,OOO to in exoess of $1,000,000 with ages ranging fro. 5 to 50* years. Com.eroiel, industrial and warehouse rentals range fro. $5.00 to $14.00 per square foot depending on the size of the rental units and the servioes included. There is only a moderate demand for rentals in thia area at the present time due to the unoertain eoonomy. In general, the area is experienoing a vaoanoy rate of 5.10~. A high peroentege of ooaaercial and industrial properties are owner oooupied. Planning, zoning snd restrictions for the area per.it a sixed blend of uses whioh are favorable to the neighborhood. Properties qualify for all types of finanoing with aortgage money available for residential, comaeroial and industrial properties through numerous lending institutions, as well as through the Cu~blrland County Industrial Authority. Utilities with1h the neighborhood inolude: water whioh is supplied by the PA "-erican Water Cospany; sewage disposal is by Upper Allen Township and Meohanicsburg Borough Sewer Authorities; eleotricity ia provided by PA Power and Light Coapany, Ino.; natural gas by UGI. He.lock Orive, Mechaniosburg 9 4.1116C.l NEIGHBORHOOD ANALYSIS: (CONT'D) In conolusion, the neighborhood is stable and oonveniently looated. Area veluea ere atable with moderate aalea aotivity at preaent due to an uncertain eccnomy. This trend is expected to oontinue fcr the im..diate future. }~ - - He.look Drive, Meohanioaburg . 10 4-1116C.l Hazardous Materials Information: . SITE AlJALVSl~: {CONT'Ol Topography axhibita a slight inoline from etreet to improvements. Utilities inolude eleotrioity, telephone, publio water and sewer. Zoning of the pal'cel is also Suburbsn Residential whioh parmits its existing use. The traot is looated in HUD identified flood hazard area with flood ~nsuranoe reauired. The appraiser has no knowledge of underground storage tanks or hezardous laterials on site, in the soil or subsoil, or gases found in the environMent suoh a toxio waste or radon gas, eto., whioh Mayor may not be present in the property. 1 urge the olient to retain on expert on these .atters with this appraisal based on olear certifioations snd aSSUMes the property is olea red of hazardous materials. Based on information obtained frOM the township office and U.S. Depart.ant of Housing and Urban DevelOplent, Federal Insuranoe AdMinistration Flood Maps, the subjeot is looated in Zone A of HUD identified flood hazard area as shown on COMMunity Panel W42037200D5C dated February 15, 1980. Zone A areas are subjeot to flooding and require flood insurancs. - - HeMlook Drive, Meohaniosburg 13 4.1116C.1 IMPROVEMENT ANALYSIS 3A.39 Hemlock Drlve One story duplex dwelling with 2 car attached garage, vertical alu~inu. siding, gable style asphalt roof and aluminum gutters and downspouts. Extericr is in average condition with minor scraping and painting of frame areas needed. GroBS building area !a 1,777 square teet with an attached garage of 624 squere feet. Unit 3A is located at the south end of the dwelling and contains living room, modern kitchen/dining area, two bedrooms end a ceramic tile beth with tUb/shower, lavatory and commode. Condition is good. Unit is tenent occupied with rental baing $402.90 and when in Florida the rental is $360 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 aveilable, hot water is supplied by an 82 gallon electric water heater and heat is oil fired hot air. Electrical service is 125 amp with circuit breakers. Unit 3S is located at the north end of the dwelling and likewise contains living room, kitChen/dining area, two bedrocm. and a full ceramic tile bath. Condition is good. Unit is tensnt 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 fireplace which oontains approximately 300 square feet and inoludes paneled wells, block tile ceiling and vinyl floor covering. Heat is oil fired hot air with sump pump installed. Electrical service is 200 amp with circuit breakers and hot water is supplied by a 52 gallon electric water heater. Foundation wall. are poured ccncrete with concrete flcor. Finish throughout each unit includes hardwood, carpeted and vinyl ccvered floor., drywall walls and ceilings. Each unit contains an electric range/cven, exhau.t fan, dishwasher and refrigerstor. Each unit has use of cne of the two garage spaces. ~ Water seepage condition exists in the basemant of the.e units during haavy rains for excelaive periods of tim.. Hemlock Orive, Mechanic.burg 14 4.1116C.1 II.IPROVEMENT ANALVSIS: ICONT'Dl 4A.4B Hemlock Drive Brick and aluminum one story duplex dwelling with 2 car attached garage, gable style asphalt shingle roof, aluminum gutters and downspouts. Exterior condition is good. Gross building size is 1,777 square feet plus the attached 2 car garage of 572 square feet. Two patios are available, ona 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. Each unit contains living room, modern kitchen/dining area, two bedrocms and a full ceramic tile bath with tUb/shower, commode and lavatory. Ccndition 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 unit 4B. Tenants are responsible for heat, electr~c and sewer. Both units have full basements, each with poured conorete walls and concrete floor. Each has their own oil fired hot air heat unit and individual electric water heater and individual electrical service with circuit breakers. Unit 4A has a recreation roo. in the base.ent with paneled walls and vinyl floor. Finish throughout both units includes painted drywall walls and ceilings and carpeted floors. General condition of both units is gcod. Each unit contains electric range/oven and exhaust fan. Each unit has usa of one garage space. . 11 A.11 B Hemlock Drtve Brick and aluminum ranch style duplex dwelling with gable style asphalt shingle roof, alu.inu. gutters and dcwnspouts and a 2 car attached garage. Gross building are. is 1,870 square feet plus a garage are. of 824 square feet. Condition is good. Building was constructed in 1961. This building contains units 11A.11B with each unit being tenant occupied and cGitaining living rccm, modern kitchen/dining are., two bedrooms and a full cera.ic tile bath. Unit 11A is located at the north end of the structure with 11B located at the south end of the dwelling. Units are in geed condition with 11A rental being $412.92 per month and unit 11B being $452.92 per month. Tenants are responsible for heat, electric and sewer. He.lock Drive, Mechanicsburg 15 4.1116C.1 . , . lMPROVEMENT ANALYSIS: (CONT'DJ Eaoh unit oontaina a full basement whioh provides unfinished storage/utility area with poured ooncrete walls and conorete floor. Each likewise ha. their own .eparate oil fired hot air heat unit and eleotrioal service, Finish throughcut is .imilar to the other units and includas carpeted floors, drywall walls and ceilings. Applianoes inolude eleotrio ranga/oven, exhaust fan, dishwasher and refrigerator. Eaoh unit hae uee of one of the two garage spaoee. -, . I He.lock Drive, Uechaniceburg .16 4.1116C'1 VALUATION: l , , L , i ~ , , ~ Taking all the foregoing factors into consideration, it is my opinion, the subjeot propertiea heve market values es of October 23, 1994 8S follows: 3A.3B Hemlock Drive, Meohanicsburg ONE HUNDRED TWENTY.FIVE THOUSAND.....(S125,OOO).....DOLLARS 4A.4B Hemlook Drive, Mechanicsburg ONE HUNDRED THIRTY.TWO THOUSAND.....(S132,OOO).....DOLLARS l1A.11B Hs.lock Drive, Ueohanicsburg ONE HUNDRED THIRTY THOUSAND.....(S130,OOO).....DOLLARS Total estimated value of all three duplex dwellings THREE HUNDRED EIGHTY. SEVEN THOUSAND.....(S3S7,OOO).....DOLLARS VALUATION PROCESS AND SCOPE OF APPRAISAL: The purpose of this appraisal is to estimate the aarket value of the fee simple title to the subject property. The goal of the valuation prooess is a well doouaented and supported value conolusion that refleots the appraiser's study of all faotors that influence the .arket value of the proparty being appraised. In order to do this, the appraisar usually studies a property fro. three different view point a which are typioally known as the three approaohes to value. They are as follows: 1. The Cost Approaoh whereby the current oost of reproduoing or replaoing the iaprovements less the loss in value froa depreoiation equals a depreoiated cost of i.prove.ents. To this depreoiated oost of improveMents, the valua of the land is edded to arrive at an indication of value. 2. The Salas Co.parison Approach is that approach to value whereby the subjeot property is compared to other recent sale. of oo.pereble properties to arrive at an indioation of va~.. - 3. The Inoo.. ~apitalization Approach looks at tha earning power of the subjeot property, its inoome of antioipated future benafits and oapitalizes this into an indioation of value. He.lock Drive, Uechaniosburg 18 4.1118C.1 VALUATION PROCESS AND SCOPE OF APPRAISAL: (CONT'Dl InfOrMation for the epplication of the three approaches to value is obtained fro. the market through relearch and analysis and it should be noted that the approaches are interrelated. Separate indications of property value are usually derived from each approach. All three approaches to value will be used in this appraisal and are considered in the following sections of this report. . ,,' He.look Drive, Meohanicsburg 19 4,1116C.1 Sketoh of Buildinge ('rI-" ~ ".wI r, S~...",I\, 3.111 1I',..c.oc II OR;"" l'Ieell.tJ'"OI'l' (l/ll /70,"' Sf I. I!lri. w. 11 QtJc h DUM 1 OWflki/J~ ~, lx:. as ~ ,~ ~DLt"L.T"6W. ~ a'...." \. 1),"7' :I3....n.. 50(, ,.,." 11 r A\..u",i"""" ou9LCY ~ 2(11I" l\flrtc.ll O'NI!:Ll.""''' ,*11I(,1 , 41 :lo ~ )~ J~ - - C,t..t. ~ (lcllltSlIf,.,c.f\ 11.11 ~ Ultt'lLOC I( Qlt/1rC. t'\/i.clI",.,,/'c,OIlR4 "13 '"7oli'S" . ' ~l r UL..'I""".......t 03\~lfl'" I~'ll . , :n,v;G . $0" "" .;",. Hu.look Drive, Ueohan!oaburg 20 4.1116C.1 COST APPROACIll. Approach through which an appraiser derives a velue indication of the fee simple interest in a property by estimatinQ the current cost to construct a reproduction of or replacement for the existing struoture, deducting for all eVldence of accrued depreciation from the cost new of the reproduction or replacement structure, and adding the estimated land value plus an entrepl'eneurial profit. (The Oiotionary of Real Estate APpraisel Second Edition, pege 72). " Reproduction cost will be used in this appraisal and may be defined as: The cost of construotion at current prices of an exaot duplicate or replioa using the same materials, construction standards, design, layout and quality of workmanship and embodying all of the defioienoies, superadequaoies and obsolescence of the sub1ect building. (The Dictionary of Real Estate appraisal Sacond Edition, Page 254). The Cost APproaoh is based on the proposition that a knowledgeable buyer would not pay more for a property than the cost of building a new property to the sa.e utility. The Cost Approaoh to value consists of the following steps and inoludes the valuation of the land: 1. Estimate the value of the land as though vacant and available to be developed to its highest and best use. 2. Estimate the reproduotion cost of the building on the effective date of appraisal. 3. Esti.ate the a.ount of depreciation in tha structure including physical deterioration, functional obsolescence and external obsolesoence. 4. Deduct the estiaated depreciation fro. the reproduction cost of the struoture to estiaate the buildings contribution to value. 5. Estiaate the depreoiated cost of other struotures and site iaprove.ents. 6. Add tha depreciated value of buildings, other structures and site iaprov..ents to the site value to arrive at an indication of value by the Cost APproaoh. - Coat APproach ~1gurea were obtained frc. Warahall Valuation Service and/or looal contraotors. The Cost APproach analysis and oaloulations are shown on the following pages inoluding land valuation. 4.1116C.1 Hemlock Orive, Me~hanicsburg 21 ,"-"-- - ~,"""'\<':',.',;;.:::,';~.__~"""'"1 COST APPROACH: (CONT'D) COST APPROACH SUMMARY 3A and 3B Hemlook Drive Dwelling 1,777 Square Feet' $60 per Square Foot Finished Basament $106,620 4,000 Garage . 650 Square Feet , $15 per Square Foot 9.750 Total by Cost Approaoh $120,370 Less Depreoiation Physioal 25~ Due to Age and Condition Funotional O~ Design External ~ Flood Plain Total Depreoiation 3O'e .30.093 Depreoiated Cost of Improvements $ 90,277 Site Improvements Driveway, walks, landscaping, patios, eta. $ 5,000 Land es Lot 30.000 Total by COlt Approaoh $125,277 Rounded to $125,300 - - Hemlock Drive, Meohanicsburg 4.1116C.1 22 COST APPROACH: (CONT'D) COST APPROACH SUMMARY 4A and 48 He.look Drive Dwelling 1,777 Square Feet' S86 per Square Foot Finished Sasement 5116,605 3,000 Garage 572 Square Feet , 515 per Square Foot 9.152 Total by Cost Approaoh 5127,867 Lass Depreoiation Physioal 20~ Dua to Age and Condition Funotional ()\\s Design External ~ Flood Plain Total Dapreoiation 25~ . 31.914 Dapreoiated Cost of I.prove.ents $ 95,743 Site I.prove.ants Driveway, walks, landsoaping, patios, eta. 5 5,000 Land as Lot 32.000 Total by Coat Approaoh 5132,743 Roundad to $133,000 - He.look Drive, Uaohaniosburg 23 4.1118C.1 INCOME CAPITALIZATION APPROACH: Approach through whioh an appraiser derives a value indication for income.producing property by converting antioipated benefits, i.e., cash flows and reversions, into property value. This conversion oan be accomplished in two ways: One year's income expeotanoy or an annual average of several years inoome expectancies may be oapitalized st market-derived capitalization rate or a capitalization rate that refleots a spaoified income pattern, raturn or investment, and change in the value of the investmentj secondly, the annual cash flowa may be disoounted for the holding pariod and the reversions at a speoified yield rate. (The Diotionary of Real Estate Appraiaal Seoond Edition, Page 156). This type of inoome produoing property is normally purohased for owner oooupancy or as an investment. As a rasult, the aarning oapaoity of this property is an important ingredient in estimating its value. Investors who purchase this type of property trada their present dollars for an income flow of future dollars plus the return or thair investment at so.e future date. The Income Approaoh consists of the following steps: 1. Estimate the potential gross inooma of the property. 2. Add additional income from other sources. 3. Subtraot the typioal market darived rent loss that ooours from vaoanoies, oredit losses and oolleotion proble.s. 4. The resulting nu.ber is the effective grosa inoo.e (E.G.I.) 5. From the E.G.I. subtraot normal operating expenses, fixed expenses and reserves for the replaoe.ant of short lived building oo.ponents. 6. This resulta in the net operating inoome (N.D.I.) 7. Develop a direot capitalization rate. In this appraisal, the bind of invest.ent.mortgage-equity teohnique will be used. B. DividLthe N.D.I. of the property being appraised by the appropriate oapitalization rate whioh gives an indioated value by the Inc~.e Approach. The Inoo.e Approach does not typically apply to 2.unit properties similar to the subjeot units and is not used in this report. Hemlock Drive, Meohanicsburg 25 4.1116C.l SALES COMPARISON APPROACH: The approaoh through which an appraisor deriv811 a value indication by comparlng the property being appraised to similar properties that have been sold rocently, applying appropriate units of comparison and making adjustments, based on the elements of comparison, the sale price of the comparnbles. (The Dictionary of Raa! Estate Seoond Edition AIREA, Pagll 265). In applying the Sales Comparison Approaoh, tha appraiser takes the followlng steps: 1. Researohes the market and selects the sales and/or listings of properties most oomparable to the property being appraised. Generally, the most current and similar oo.parable sales prove to be best indioators of the value of the subject. 2. Colleots and verifies data on eaoh seleoted property's selling and listing prices, dates of sale, physioal differences, locational characteristios and any apecial conditions. 3, Analyzes and compares each property with the subject as to tiee of sale, location, physical characteristics, conditions of sale and other differenoes. 4. Adjusts the sale or listing price of eaoh co.parable for differences between it and the subj ect. Adj ustmenta are based on lIIarket extractions and/or jUdge.ent. 5. Reconciles the adjUsted prices of the comparable properties into an indication of value of the property being appraised. In an effort to arrive at value indications by the Sales Comparison Approach, sales Of reasonably silllilar properties in surrounding areas were studied. Our research inoluded both East & West Shore municipalities. Numeroua sales were stUdied, as well as, current listings and properties under contraot. Only the most comparable sales have been seleoted for inclusion in this report. Verification of sales infoneation with realtor, grantor, grante,and oourt house records was conduoted where Possible. - Each comparable property was compared to the subjeot property and adjustments were made for significant differences. The adjusted price of each comparable indicated a value range for the subjeot which was then reconoiled into a single value indicatlon via the Sales Comparison Approach. Hemlook Drive, Meohaniosburg 26 4.1116C.1 SALES COMPARISON APPROACH: (CONT'D) COMPARABLE SALES This approaoh yields an indioation of value by comparing recent sales of similar properties, and making adjuatments for time, location, physical and other differences. Among the area aales reviewed were the following: Sale 1 170.172 Erford Road, Camp Hill, East Pennsboro Township was a 4 unit duplex style ranch dwelling whioh sold December, 1993 for 5147,000. Thia one story building ccntained 2 units on the upper level and 2 units cn the lower level. Heat was electric baseboard. Two units ware 4 rocms, 2 badrooms, 1 bath, with 2 units having 3 rooms, 1 badrcom end 1 bath. Indicated price per unit was 536,750. Indicated price per sq. ft. of building above grade was 1,416 sq. ft. Tax Map N 09.1S.1304-135. Sale 2 609 Erford Road, Camp Hill, East Pennsboro Township sold Deoember, 1993 for 5125,000. This was two 2.story townhouse units, eaoh tenant occupied and heated with electric baseboard heat. Each unit contained 6 rooms, 3 bedrooms and 2 baths with basement storage. Gross building area above grade was 2,414 sq. ft. or 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 N 09-17.1042.01GJ. Sale 3 6/6A St. Johns Drive in Shiremanstown Borough sold August, 1993 for 5125,000. This property oontained 2 ranch houses with the front building containing 4 rcoms, 2 bedrooms, 1 bath and 816 sq. ft. with 1 car built.in garage. Rear building contained 4 rooms, 2 bedrooms, 1 bath and 800 sq. ft. Total gross building area was 1,816 sq. ft. Heat was both electric baseboard and oil hot air. Indicated price per unit was 562,500. Indicated prioe per sq. ft. of building above grade was 77.35. Tax Map N 37.23.0555.287. - - Hemlook Drive, Mechaniosburg 27 4.1116C.1 SALES COMPARISON APPROACH: ICONT'DI Sales Comoarison Adiustment Grid 3A.3B Hemlook Drive Subject Sale 1 Sale 2 170.172 Erford Rd 609 Erford Road Sale 3 6/6A St. Johns Dr Sales Price NIA 5147,000 5125,000 5125,000 Room Count 6 4 2.5+.5 6 4 2 + 2,000 12 6 2 + 2,000 842 +2,000 Building Size 1,777 1,416 + 9,000 2,414 .18,000 1,616 +4,000 Basement Prtly Fin. Bs.t. 6.2.2 .20,000 Storage + 2,000 Storage +2,000 2 oar garage Yes None + 4,000 None + 4,000 1 oar BII +3,000 Condition Average Superior - 5,000 Superior . 5,000 Superior -5,000 Nst Adj. Adj. Price .10,000 $137,000 .13,000 $112,000 +6,000 $131,000 The value range indioated for the subjeot property extends from $112,000 to a high of 5137,000. Due to the water seepage condition in the base.lnt and slower market conditions, the estimated market value for this duplex unit as of Ootober 23, 1994 ls estimated to bl leu than the upper end of the value range and at ONE HUNDRED TlVENTY.FIVE THOUSAND.....($125,000).....DOLLARS 4A.4B HemlooK Drive Sale Price NA 5147,000 $125,000 $125,000 Room Count 6.4.2.5+ .5 64 2 + 2,000 12 6 2 + 2,000 842 +2,000 Building Size 1,777 1,416 + 9,000 2,414 .16,000 1,616 +4,000 Basement Prtly Fin. Bs.t. 6.2.2 .20,000 Storage + 2,000 Storage +2,000 2 car garage Yea None + 4,000 None + 4,000 1 oar B/I +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 fro. a low of $116,000 - to a high of 5141,00 with the final value indioation estillated to be leu than thl upper end of the value rangl dUI.to slow marklt conditiona II of Ootoblr 23, 1994 and at ONE HUNDRED THIRTY.TWO THOUSAND.....($132,000).....DDLLARS He.look Drive, Iollohanicaburg 28 4.1118C.1 SALES COMPARISON APPROACH: ICONT'Ol 11A.11B Hemlook Orive Sale Price N/A $147,000 $125,000 $125,000 Room Count 8 4 2.5+ .5 842 + 2,000 128 2 + 2,000 842 +2,000 Building Size 1,860 1,418 +11,000 2,414 '14,000 1,616 +6,000 Basement Storage 6.2.2 .22,000 Storage Storage 2 car garage Yea None + 4,000 None + 4,000 1 oar B/I +3,000 Condition Good Superior . 1,000 Superior . 1,000 Superior .1,000 Net Adj. .6,000 .9,000 +10,000 Adj. Prioe $141,000 $118,000 $135,000 The value range for this property indioates an adjusted prioe whioh extenda fro. a low of $118,000 to a high of $141,000. Due to the alow real estate market, the eatimeted aelling prioe aa of Ootober 23, 1994 ia ONE HUNDRED THIRTY THOUSAND..... (S130,000).....DOLLARS - - Hemlock Drive, Meohanioaburg 29 4.1118C.1 CUtTI~"nOH "HD .''''!MINT 0' LIMrTlNQCONDrYf0H8 CUIU,tCAflc"-l fh. A&l."U"" u"'lt1n '"0 .gl"" lhltt I, '''' AIlII,.ll"" ".. 1'10 11,....1'11 0" conl..ollUCI 'wlul" ,nU,...1 in '''I D"OI''''' IDO"IU"I Ill' I'IUU"" .". "01o~',"' '0 .... .". UDl'u..l, ",,. '''I ac.""IIUon '0" 11. U conU"II,"1 woen UI, IlIDl'l"" .11". 0' .". 'I'OO'M,. 2. ,,,. "'."iIl1..,. ".. "0 "",0IIt! l"UI'.n In 0" un .11" ....o.et 10 '''I Idl'C' ".U." '0" '''' nD,..ual I'.oo,.t 0" .". 0I"UC1#11'111 to I'" ull. '''I '''t18'U 0' "'1"" val...' 1" '", 1D0ru..1 "lIort .. 1I0t D.... 1" ""011 Dr 1" lII,.t ..oon ,". r.c., color. or ,..110Ilal 0"1'1" ot .". '1"OIIlU11v. OII".r. or OCC...."" 0' III. ."op.rl, ."r.u.d. or ..,on .11. "U', eolo" 0" "'Uonl1 O"llIln 0' tll' o"..."t 01'"'''' 0" oec"'''l'ItI 0' III. P"OO''''III 11'1 ,". 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"" ,,,. ldllltLflcahon 0' h...,...... .......... ""iM1I's..t1l "'...ll"OMlfltd conClIUCIIl.. 'M ............. royWe .lII.,..Uon g, .". ~1IC1"lr1" lOout the IMJ", p~ ~ n" "';"~1II"f lII'DN.Uon III.t 1IIC11I1t.. My. ....lI'tftt uonltl"n' ,,".l"do..l. ''''Dlu"e.. 0" CI.I"ult'ul 'n...l~tll 'CI'I41'itwI.1ItII.1cIt ...liI' .ft." t'" oroo'M, 1I.0.U....1)'. It-lt ,...lItt. tnlt ,.".""M4lIJl.,..uon. ud. b't . all.Uft.i h.II""'" .wlt"",.. ani IIlW11"OlWIIIUl 'III'I'! otOt.tld 1'",,1 tn. ..11t1ft" of tlu.l"'dou. "u"l.h '1'1' '""lron.."'d oOlldltlorl. ., Of" .t"OUII4I t". 'f"DlJlrt,. t".. ..ould "';11"'1)' .,feet ". ,due, AODIUOfW. CIJtTIPlCATlC'h '''I ~,.I1..r t"rth." "MIU.. '"", t. '''11 ..,,-.11.1 .Oft'onI. tD t". IMtltON 'tI"d.,.d. 0" lII..af.....onll Ao,,..1..1 'r"U" ('lJIlI'"".) 'dopt.o 1I't '''' "."11111 "."..,.d' eo.rd of UI. Afttrl1..1 'ou"cIttlOft. 1I0"t ,,,,, '1'1. D'OIM",.. '1'0'11101'1 of I'"~ "AI' dOl. "ot '0P1,. 2. ''''1'' ........Uon 1. not oont1tlO"" "oon .tI. "'oo"U"O 0' , Pl'III"''''1n'O valu. ot' .1,...UOII 111 vd". t"" tawor. '''' uu.. ot ttot ellM'. I". .."., of ttl. ....1v. ..U'-U'l ,,,, .1tU"_'"' 0' . .tLPu!.ttd "nult. 0" th. ODCllN'''''' of . .ull"QIj,"t "."t. - 3. '''11 ''1,,,'lId ...lgrwent ... ".t 1111.0 01'1 . "'OU"U' .111"11_ vl1u.UOI'I. . .p..1Uo val".uon. 0" ,,,, '0,,.0...1 of . 10'". He.lock Drive, Mechaniceburg 32 4.1116C.l PROFESSIONAL MEMBERSHIP/AFFILIATIONS Member of the Appraisal Institute, Central Pennsylvania Chapter. SRA MAl candidate. National Association of Realtors . Greater Harrisburg Board . Realtor Ellucaticn Statement . 'The Appraisal Institute conducts a voluntary progra~ cf ccntinuing education for its designated members. MAIs, SRPAs & SRAs who meet the minimum standards of this progra~ are awarded periodic educational certificates.' I, George C. Clauser, a. currently certified under the SRA program. PARTIAL CLIENT LIST: Harris Savings Bank York Federal Savings & Loan Assn. Dauphin Deposit Bank & Trust Co. C.C.N.B. Bank, N.A. Fulton Bank Ccmmonwealth National Bank PA State Bank Commerce~ank Lender's Sarvice, Inc. Veterans Ad.inistration Federal Housing Administcation Members . Penna. Bar Association PrUdential Relocation Management Transamerica .,.. Hcmequity Equitable Relooation Nationwide Insurano. co.pany Assooiates Relocation Management Relocation Resources Coldwell Banker Relocation Executrans Dauphin National Bank - Navy Federal Credit Union E.I. Dupont De Nemours The Ho.estead Group, Inc. Chemical Exeoutive Reloc. Ho.estead Savings Assoc. Allstate Mortgsge Corp. loIGU Mortgsge Co. Record Data, Ino., PA State E.ployees Credit Coreatates.Ha.ilton Bank Ha.ilton Bank Brokera Mortgage Servioe Co..onwealth Mortgage Corp. Howard Relocation Group . Spring Grove National Bank QUAC Mortgage,Co.pany City Federal Mortgage Co. Employee Transfer Corp. Defense Act. Fed. Credit Un. Banc Plus Mortgage Corp. United Federal Bank Parent Federal Hemlock Drive, Meohanicsburg 4.1116C.1 34 " , . 3A.3B HEMLOCK DRIVE MECHANICSBURG, PA FRONT VIew 1~ --------- '. - - vi He.lock Drive, Mechanioaburg 4.1116C.l 4A.4B HEMLOCK DRIVE MECHANICSBURG, PA FRONT VIEW - ix Hemlook Drive, Mechanioaburg 4.1116C.1 I , i I , 3A.3B HEMLOCK DRIVE MECHANICSBURO, PA STREET VIEW - - " xi Hemlock Drive, Meohanicaburg 4.1116C.l llA.llB HEMLOCK DRIVE MECHANICSBURG, PA FRONT VIEW - - xii H..look Drive, Mechaniclburg 4.1116C.l '~11"----'" - . -.-....... --_.- --..--.... , -.- 1-- ..~-~. -- ,l' ~.~, , '; REAR VIEW llA.llB HEMLOCK DRIVE MECHANICSBURG, PA - xiii 4.1116C.l Hemlock Drive, Mechanicaburg t 'cl!!-.--- JlI" u"aUl 11111 IIIIIIICI 1111111 . FIRM nOOD 'NSURANC[ un IIAP TOWHSHlr or UPPER ALLEN. PENNSYLVANIA I:IIMRERI.AHO r.OUflTl PANll 5 Of \0 ",. ".., ..."'.. ,.'" ..".~."U, ,"IUI"" COMMUHIIHUlL HUMIII mm oon c UfICTlYl DAlE: ftIIUAlY 15, '"I u... olrAA,"'NY or .tOOIING ^NU unl"" DIVlLorMINf . fll'" '1 ..",,",.,..;1 AUIIMIIII"AlNtH ~- ,,,,'1S ~~11\P.1E @) ":" ZONE C -~ \ ~ C. A , l~ _.......:,. -t. .~l' , ZONE C " \' \\ ZONE C ~ ~r:~ ..~.. -- . . ~ -:-.::::'~~ ":;: '\ .." .4'~ . " ... ... A, '. _ =:::::"t-,._. - - - 1\3 . ~ THIS DEED is made this 31 .sf- day of ()J.c~, ~ , 1991, between PAUL T. " SHEARER, hereinafter called "Grantor" and PAUL T. SHEARER, Trustee under Trust Agreement dated June 5, 1991, with Paul T. Shearer a. Settlor and Trustee, hereinafter called "Grantee". (Both Grantor and Grantee, whether one or more, referred to a. though sinqular in number). WITNESSETH, that the said Grantor for and in consideration of the sum of One Dollar ($1.00) and other qood and valuable consideration, paid by the said Grantee to the said Grantor, at and before the signing and delivery of these pre.ent., the receipt whereof is hereby acknowledqed, has granted, bargained, sold, and conveyed, and by these present. does qrant, bargain, sell, and convey unto the said Grantee and Grantee's heirs, successors and a.signs the premises described on Exhibit "A" attached hereto and incorporated herein by reference. TOGBTHBR with all buildinqs, improvements, woods, ways, rights, liberties, privileges, hereditament. and appurtenances, to the same belonging, or in any wise appertaining, and any reversion., remainder., rents, issues and profit. thereof, and of every part and parcel thereof, including any interests specifically .et forth on Bxhibit "A", if any. And al.o, all the estate, riqht, title, interest, property, po..es.ion, claim and demand whatsoever, both in law and equity, of the Grantor of, in and to the same. TO DAVE AND TO BOLO the sarne premise., and the appurtenance., hereby granted to Grantee and Grantee's heirs, succe..ors and a..ign., to and for the only proper use, benefit and behoof of the ..id Grantee and Grantee's heirs, succe.sors and as.igns forever, under and subject to the conditions set forth on Bxhibit "A", if any. UHDBR ARO SUBJBCT to all Acts of As.embly, County and Townehip Ordinance., rights of Public Utility and Public Service Companie., exi.ting re.trictions and easement., vi.ible or of record, to tba extent that Any persons or entities have acquired legal right. thereto, plan., rights of way, lien. of record. Thi. tran.fer i. exempt from Pennsylvania tran.fer taxes becau.e to a Tru.tee of an ordinary tru.t where the tran.fer would be exempt if directly to the beneficiary. A4 rOOKS 35 PACE 893 Violena M. Shearer joins in exscution of this Deed for the purpose of releasinq any interest of any kind or nature whatsoever in or to the premises herein conveyed. AND the said Grantor hereby cov~nants and aqrees 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. ..e..,-I / s:::/r "J..... j ~ Paul T. Shearer (SEAL) . /' '-" ~~ /.lh ~~~ Violena M. Shearer (SEAL) COMMONWEALTB OF PENNSYLVANIA I SSI COUNTY or ~'BIHI e.u..n&~A N 0 On the 31 s-r- day of (')~ b...... , 1991, before me, the sub.criber, a Notary Public in and for said Commonwealth and County, came the above-named PAUL T. SBBARBR and VIOLBNA H. SBBARBR, hi. wife, .ati.factorily proven to me to be the person. who.e name. are sub.cribed to the within in.trument and acknowledged the above in.trument to be their act and deed, and de.ired the .ame miqht be recorded a. such. WITNBSS my hand and Notarial seal. - .~ N c.... = :z: t-' l.D (, ,= 'J < ,', 'D 1'1 c' ",: r- . :> r , , ~ ' I __ J.. _ ~ u.1, ph..; otary Public "'i'"'''':''' ". . ,,"" .'1/ I,.. .~' ':....... ..J~ .. .....r.....f".... I( ~ .. ...~..........', "~'1. ...... ..... \.. . ....~ .....,.t.l.., "! ".~\......t i ',:." I)'" II' i ;-. ... r It ~ . ....,. .~J '! \ .'.' ",', .~.' . fiJI, . ""'_'..I,;.SY\:~""'- ~ 0, ......... "ftt,.VT.I "" r"''l...\"....,v " 'I" I)'.....~. ._' _ '" .. .' - .....,..f...h~reby certify that the precise addre.. of the herein i. 109 Ba.t Ilmwood Avenue, Mechanic.burq, PA ::n :'3 t-' .... o en '" co c: . z' ... -< , -::r ~ My COIlllllM:~a~.' ~~~_1l.C;:W -11-'f..J Grantee 17055. . 4~./ ~ al~~4' IOOIis 35 PACE 894 COMMONWEALTH OF PENNSYLVANIA I SSI COUNTY or CUMBERLANDI ReGorded on the day of , 199 , in the Office of the Recorder of Deed. of Cumberland County, PA in Deed Book , Volume , paqe . Recorder of Deede , , ''i " - - :1 " IlXBIBIT "A" TRACT 110. 1. ALL that oertain lot of qround, together with the improv...nte thereon erected, .ituate in the Town.hip of Upper Allen, County of Cwabarland, and State of Pann.ylvanie, bounded and deecribea ae followe. J),,,onrNINO at a point in tile r:orthez'n Une or :loPlloek Drive r40 teet widel, which .aid point is in the dlvi.ion I1ne between Lots Nos. 30 Bnd 31, on the herelnertel' lI1erlt10ned Pl.n or Lots; thllnee extending ~long the div11ion line between Lots NOI. 30 and 31 on sald Plnn, I!ol'th 12 degre.. 37 mlnute s /-:all t, 138.94 teet to a p01nt 1n the r.Itv1l10n 11ne between Lots lias. 31 IU1d 34 on the hereinart.llr Illentioned flan ot r,oh; tllence extendlng along the divbion l1ne between Lots Jios. 31 and 34 and Loti No.. 31 and 33 on .aid Plan, South 60 detrllPs 31 mlnute. Ba.t. 12S.34 teet to a po1nt In the divi.ion line betwoen Lata No.. 31 and 32 on the herelnafter menticned Plan at LotI; thenee pxtending alonS the dlviMlon line between LotI NOI. 31 and 32 on sald rlan, South 12 deeree. 37 mlnutes Weat, 101.39 teet to a polnt in thfl Northern I1ne ot Hemlock Drive, atoruaid; the nee extelldln(; done the Northern line at ifemloek Drive In a Westwardly direct. Lon ~~. Lila arc or a cirole curving to the right, said cirele having a rDdl~s of 160.0 rset, the azoo d1atance of 19.46 reet to a point; thence cClrl,;lnuinl: Alons the Nozothern 11ne at' Hemlock Drive, t'orth 77 deEreas 23 1I11"utes 'l'Iut 100.,2 rflat to a point In the diviB 10n Une hetween Lotll bs. 30 nnd 31 on the hereinartezo mentioned Plan of tets, atoresaid. at the point 9nd plaoe at BBOINNING. 'Ir:ING Lot No. 31, Block "0", Oil the Plan of WEBE:RCP.OFr, which sa1d 1'lsn ill recozoded in the CUlIlberland County l1ecorder'. Office 1n Plan P.ook No. IS, Pase 13. 1 dwelling known and numbered HAVING thereon erected a briek dup ex PA aa No. 3 B.-lock Drive, Meohaniceburq, . i h 1 T Shearer and Violena M. BBING the .... pr..!... wh 0 Pau. b 21 1978 and Shearer, hi. wife~fbyi thfi~h:.::C~~~:~ ~r~eed.'of Cumberland r.corded in the o~ ce 0 d ok T Volume 27, paqe 73, County on Ap#il 19, 1978 in D..T B~h.ar~r a. tanant in common, granted and conveYedi uindtedo pau~h if int.r.~t in the pr.mi.... con.titutinq an und v on. a ~.,S35 PACE 895 TRACT 110. 21 ALL that a.~tain lat of ground, ta9.th.~ with the 1m ~ov...nt. th.~.on .~.ot.d, .ituat. in the Town.hip of Upper Alr.n, County of Cuaberland, and Stat. of penn.ylvania, bounded and de.aribed a. follov.. IH:(lp;~lrNG at Il potnt l.n th~ Southe,'n lIne ot Hellllock Drive <40 t'nl:' ,,{de), which said point 1s in the division line between Lots Nos. 42 and 43 on the hereinatter menttoned Plan of Lotsl thence extending nlong the South.rn line of ~emlock Drive, Scuth 77 degrees 23 minutes ~:ast, 37.46 teet to a point; thence continuing dons the Southern line at' Hemlcck DriY., ln an Eastwardly dlrectlon, by the arc at a circle curv1ng to the lett, said circle having a rad1us ot 200.0 feet, tl~ nrc d11tance at 102.28 t~et to a paint 1n the d1v1s1on line between r.ots No.. 41 and 4.2 on the hereinatter mentioned Plan of Lots: thence extending along the d1vir. j on ltne be tween Lot. /los. 41 and 42 on 8 uld Plan, South 16 d'Breea 41 minutes Ea.t, 98.63 teet to a polnt: thenco extending along the course, South 79 degreee 03 minutee Weet, 200.32 reet to a polnt in the division line between Lot. Iloa. 42 and 43 on the hereinatter mentioned Plan of Lote, atore.aid: thence extending Dlonsth. dlvlelon line between Lots Noe. 42 and 43 on said ~lan, "orth 12 48gre.. 37 m1nutes East, 140.54 teet to . point in the ~outhern 11ne at H.mlock Drive, atoresaid, at the point and place at 95:0INNING. BErNG Lot No. 42, Block U!)", on the Plan at WEBER CROFT , whlch said Plan is recorded in the Cumberland County Recorder's Ottlce 1n Plan Rook Nc. 1$, PAee 13. 1 d llinn known and numbered HAVING thereon erected a frame,dup ex we ~ a. No. 4 Hemlock Drive, Hechan~ceburg, PA. i h 1 T Shearer and Violena H. BEING the .am. premi.e. vh c Pau 'd H h 21 1978 and Shearer, hi. whif.~.~y th:i~h~e:~c~:~:r o;r~e.d.'of C~erland recorded in t · 044 ce 0 d oak T Volume 27, Page 76, County on April 19~197~ i~ ~~eT BShear~r, a. tenant in common, granted and conveYdi uindd 0 a -haif int.re.t in the pr.mi.... con.tituting an un v . one - BooK.s 35 PACE 896 TRACT NO.3. ALL that carta in lot of ground, together with the improve..nt. thereon erected, .ituate in the Townehip of Upper Allen, County of Cuabarland, and Itate of Penn.ylvania, bounded and de.cribad a. follow.. "EOINNINO at a point tn the 1I0rthern llne of Hllmlock Drive (4.0 feet wf~e)t which aaid potnt is tn the division 11ne between Lots 1I0s. 27 ~nd 2c on the hereinatter mentioned Plan of Lotsl thence extending 31on~ the Northern line of He~lock Drive, North 40 deGreee )0 minutes 30 seoond. W.st, 100.0 teet to a point; thence extending along.the nourse north 49 deRreea 29 minutea )0 seconds Esst, 150.0 feet to a ;:lol nt; thenoe extending along the course, South 1~0 degrees )0 1'I1nutes 30 second. Ea.t, 100.0 teet to a point in the divislon 11ne between Lots 'ros. 27 and 28 on the heroinafter mentioned Plan of Lots, aforesaid; thenoe extending along the division line between Lots ~os. 21 and 28 on ..id Plan, South 4.9 degreea 29 minutea )0 seconds Waat, 150.0 teet to a point tn thll /;orthern line of Hllrnlook Drive, atorlllaid, ~t the paint and place of BEGINNINO. BEeNO Lot No. 27, Blook "C", on the Plan of WEBERCROFT, whioh said Plan is reccrded in the Cumberland ~ount1 Heocrder1s Oftioe in Plan ~ook 14, Pas. 31. :rAVING th.l'eon ereoted a Brick and Frllllle duplex dwelling known aa 110. II Hemlook Drive, Keohaniasburg, Pa. BBING the eame premi.ee which Paul T. Shearer and Violena K. Shearer, hi. wife, by their deed dated Harch 21, 1978 and recorded in the Offic. of the Recorder of Oe.d. of Cumb.rland County on April 19, 1978 in Deed Book '1', Volume 27, Page 79, granted and convey.d unto Paul T. Shearer, ae tenant in common, ,conetituting an undivided on.-half interest in the pr.mi.... .. "~...~ ... ;~."" '\ .0 ....?-t>E,~I~t..\. .- e,O ....,,~~~l~', .. G._.d.;-" ;"j~~"'1 . 1(....... :.,.I;'.J!~)o..::. ~..,~. '. .. . -'4,.... ." ,~., ,'. .... L . . .,.,. ....... ".. .'....'., , .. JI..... . '\ , ~; ''......If.,;\''''J't..-1;:.,.:~...,r . : . ,., I .:,.1". 1'. " '" ... .. r. ' . r'. , ' .,,"" -, ,~"..' . , t. '. ..' r 'I~" '\. ,I. '.-.i:;'....... ;' . , -,,"._.\ .': .., ~-:::,,-. ...."':i.~ ... ". :.1 ........ . . 'I'. ;.. "':.C~ ";'- " '.,1/.10 'C ~_-, ."",.."..- ~I!' ~ IJ~ F'''!.,n'Wlvania } . ;~l' ul r:c;mterland 55 ,," ~'11 'n Ihe offIce tor the rllCOrdlng of Deeda . ;,C ~..'rt "I' Cum~lf'1d Coun~ "l~,'\,,~_ Vob::L.Plgeb:L:7 . "1I"I~S mv "an n S"8' of alf of l."II~lu, PIA. "" dllV ~..s35 PACE 897 12m2 THIS DEED is made this~ I sf- day of IJclrJt..e-U , 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 Trustae, 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 theee presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, and conveyed, and by these presents does grant, bargain, eell, and convey unto the eaid Grantee and Grantee'e heirs, successors and aseign. the premises described on Exhibit "A" attached hereto and incorporated herein by reference. TOGETHER with all buildings, improvements, woods, ways, rights, libertie., privileges, hereditament. and appurtenances, to the same belonging, or in any wise appertaining, and any reversions, remainder., rents, issues and profits thereof, and of every part and parcel thereof, including any intere.ts epecifically set forth on Exhibit "A", if any. And al.o, all the estate, right, title, interest, property, posse.sion, 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 appurtenance., hereby granted. to Grantee and Grantee's heirs, successors and a..ign., to and for the only proper use, benefit and behoof of the .aid Grantee and Grantee'. heirs, successors and assiqu. forever, under and subject to the conditione set forth on Bxhibit RA", if any. UHDBR ARD SOBJBCT to all Acts of Assembly, County and Town.hip Ordinanc.., right. of Public Utility and Public S.rvice Companie., eii.tinq re.trictions and easement., vi.ible or of record, to the extent that any persons or entities have acquired legal rights thereto, plans, rights of way, lien. of record. Thi. transfer i. exempt from Pennsylvania tran.fer taxes because to a Trustee of an ordinary trust where the transfer would b. exempt if directly to the beneficiary. .. ..., c:- c: :z .... II. ., -, ., ~ A5 ~OOK 535 fACE 88'7 Paul T. Shearer joins in execution of thie Deed for the purpose of releasing any intereet of any kind or nature whateoever in or to the premiees herein conveyed. AND ths said Grantor hereby covenante and agreee that Grantor will warrant specially the property hereby conveyed. IN WITNESS WHEREOF, the eaid Grantor hae hereunto eet Grantor'e hand and eeal the day and year first above written. ~t.cP 11'/~<.../ (SEAL) Violena H. S earer ~-p;;.....{ T ~~~SEAL) Paul T. Shearer COMMONWEALTH OP PENNSYLVANIA I SSI COUNTY OP BAUI'HIIII "'''' c...u.m~....., On the 31 $ f- day of O~ , 1991, before me, the subscriber, a Notary Public in and for eaid Commonwealth and County, came the above-named VIOLENA H. SBBARBR and PAUL T. SHBARBR, her husband, satisfactorily proven to me to be the pereons whose name. are subscribed to the within in.trument and acknowledged the above in.trument to be their act and deed, and de.ired the same might be recorded as euch. 11I11IUtv... "':'...\"..jr,:~ss my hand and Notarial seal. \" ,......... (~,.~.# . ~ ,,' '....r ",<II " LtJ'. / 3'~:':~~'!~'~';i~.;'~;\ r ~~ 0(: WClllJt.. . ~" ~'lt, ' of : ~ '1 =.:fotary Public '... ->:{,!,I$\~"-.;:"l My Co.....{__..~I.-SI ~II-?r '" "1. ........ ~~~:.t ... ..:,-~~~ '. 4n,y.9 .:1or - ...:: ." c__"CialJ!I\'I_ """,\' ......,"""'..,_',...".._~ ,-- . '0;) ". ,'\,'I I'~ c- ." ro' = c> Z '" ~. ;tJ ...... r- ~I .. "" l.D .., , ~ .. ., :::3 <"> c: "" ...... z: ", ...... -4 ", -< "" 0 , '" .., C"l ? I hereby certify that the precise addre.s of the Grantee herein i. 109 Ea.t Blmwood Avenue, Hechanic.burq, PA 17055. ~~;L.IoY ~~. .. . IOOIi S:, 35 PACE 888 EXHIBIT WA" TRACT 110. I. ALL that certain lot of ground, together with the improv...nt. thereon erect.d, .ituate in the Town.hip of Upper Allen, County of Cwaberland, and State of Penn.ylvani., bounded and d..cribad a. follow.. IJ.'mnlNINa at a p01nt 1n the r:orthern 11ne or :!emlock Drive C40 feet. w1de), wh1ch laid p01nt ~s in the d1vis10n 11ne between Lot. No.. )0 and 31, on thl here1nafter merltioned Plan at Lots. thflnce extending '110ns the d1v1l10n 11ne between Lots 110.. 30 and 31 on said PlAn, f!orth 12 dlgr... 37 minutes I-:allt, 138.94 reet to a point in the tl1v1aion line between Lots 1I0s. 31 I\nd 34 on the here1naft.flr mentioned Plan at f,ota. thence extending along the dlvialon Une between r.ots lias. 31 end 34 Ind Loti NOI. 31 and 33 on Illd Plan, South 60 de~rfl~s 31 minutee Bait, 125.34 teet to a point in the dlvllion 11ne between Lata NOI. 31 and 32 on the here1nalter mentioned Plan at Lat.. thence ~xtendinl alonl the divi.ion Itne between Lot. No.. 31 and 32 on said rlan, South 12 deeree. 37 mlnutes We.t, 101.39 teet to a p01nt in thlll Horthern 11ne at Hemlock Drive, etore.ald: thence extelod1nt: Ill"r.,. the Northern line at iiemloclr Drive 1n a Westwardly direct.Lcn .,~. LI.e arc cr a clrcle curving to the right, sald clrcle having a r~di~s of JbC.C reat, the aro dilltance of 19.48 feat to a polnt: thence cClrI'::lnuir.(; alons the Northern line of Hemlock Drive, ~rorth 77 decrees 23 ln1r,lItes ',oJes t lCO.52 rut to a polnt in the d1v1s ion line between L:ltll I:ls. 30 Qnd 31 on the hereinatter mentioned Plan or f,ats, atoresaid, llt the !,oint Qnd plac. at BEGINNING. '-~:"nlo Lot No. 31, Block "0", I)f! the Plan at WE!JERCROF'1', Wh1:lh lIaid Flan ill recorded 1n the CU"lberland County Ilecorder's Ottice in Plan nook No. IS, Pas I 13. BAVING thlreon erected a brick duplex dw.lling known and numbered a. No. 3 Hemlock Drive, Mechan~c.burg, PA. hi h P ul T Sh.ar.r and Viol.na H. BBING thehi"'i~r~e~h:ircdee~ dat;d March 21, 1978 and d ~:~~;d~ inAp.~i ~~fi~;7~fi~h;e:dc~~~krT~fv~i::: ~~,c;:::ri~;~ County on .. , t Vi 1 na H Shearer, a. tenant n grant.d and conveyed un 0 di~ided o~e-half interelt in the common, con.titut~ng an un pr.mi.... (QQ\( ~ 35 PACE 889 TRACT 110. 2. ALL that certein lot of ground, together with the im rove..nte thereon erectad, aituata in the Townahip of Uppar Alren, County of Cumberland, and State of Pannaylvania, bounded and daaaribed aa followa, ".:Op:,..rNO at a point t.n thf' Southe,'" lIne or Hellllock Drive <40 fRl:" H1I:Ie), whioh add point ia in the division line between Lots ;.'os. lf2 ond J~3 on the here>inarter mentioned Plan at Lots; thence oT-tendins nlong the Southern line ot ;'IlOlloclc Drive, ::louth 11 degrees 23 Ininutes ~'Illlt, 37.46 teet to a point; thence continuing alon~ thll ::louthern line of Hemlock Drive, in an ~Q~tw8r~ly direction, by the arc ot a circle curvina to the lett, said circle having a radius at 200.0 teet, tl~ nrc diatance or 102.28 f~~t to a point in thft diviaion line between r,ots Noa. 41 and 42 on thll hereinafter mentioned Plan aI' Lots; thoncl.' extending along the d1vir.I'Jn line between Lata /:oa. 41 lUld 42 nn E.1I1cl Plan, South 16 daarneft 41 mir.~tell East, 96.63 teet to a point; thenco oxtendin~ 410ng the course, ~outh 19 degreea 03 minutea West, 200.32 filet to a point in the rlivhlon 11nft between Lata lias. 42 and 43 on the hereina1'ter menti oned Plan of Lots, arorellaid; thnnoe extfl11dinS 1I1one; the division line be tween Lots Nos. 42 and 43 on acid ~'lan, "orth 12 degrees 37 minute a Eaat. 1l~0.S4 feet to a {Joint In tile :Jouthern 11ne at Hemlock Drive, aroresaid, at the point and place ot flr::OINNINO. IjEINO Lot No. 42, Block II!)", on the Plan of WEB~'RCROFT, which said 1'18n h 1"eo01"de4 in the Cumberland County Rec01"de1"'S Otfice in Plan nook No. IS, PA~e 13. d 1 d llinl) known and numbered RAVING thereon erected a frame up ex we a. No. 4 Hemlock Drive, M.chanicsburg, PA. BRING the .... prami.e. which Paul T. Shearer andl~~~l:~~ M. S~~~~:d ~.t:~f~ff~.t~;i~h~e:~c~~~:~ ~~:~~'Of Cumb.r*:nd ~ounty on April 19, 1978 in Deed Book T, Volume 2t7, pa~ein ' ed and v.red unto Violena H. Shearer, a. enan ~~~n, con.~~~ut nl) an undivided one-half inter..t in the pr8llli.... - - lOOK S;35 PACE 890 'l:RACT NO.3. ALL that oert.in lot of ground, together with the improv...ntl therlon ereoted, eituate in the Townehip of Upper Allen, County of Cu.barland, and State of Penneylvania, bounded and deeoribed .1 follov.. DEGINNINO at a point tn the lIorthern Hne or Hemlock Drive l40 reet wl~e)A whlch lald roint ls in the division line between Loti Nos. 21 and 20 on the hereinatter lllentio11!ld Plan or Lots I thence extendl ng alon~ the Northern ltne or He~lock Drive, North 40 dearees )0 minutes )0 seccnd. West, 100.0 teet to a point; thence extending along,the nourse North 49 deRrees 29 minutes )0 seconds Esst, 1$0.0 teet to a ;lolntl thence extending along the course, South 1~0 degrees )Ollll,nutlll )0 secondl E..t, 100.0 teet to a point in the divillon line between Lots '/0.. 27 and 28 on the heroinarter I118ntioned Plan ot Lots, atoresaldl thenoe extendln~ along the divislon line between Lots ~os. 27 and 28 on ..1d Plan, South 49 degreel 29 minutes )0 seconds West, 150.0 teet to . polnt tn thll liorthern l1ne ot Iiellllock Drive, .roruaid, Rt the polnt and place or BEGINNING. BE[ND Lot No. 27, Bloak "C", on the Plan or WEBERCROFT. which sald Plan i. reoorded in the Cumberland ~ounty Hecord.r'. Orrla. ln Plan ~ook 14, Page )1. :rAVING thereon ereoted . Brick and Frame duplex dwelllng known as No. II Hemlook Drlve, Hechanlcsburg, Pa. BEING the eame premiles which Paul T. Shearer and Violena H. Shearer, his wife, by their deed dated March 21, 1978 and recorded in the Office of the Recorder of Deade of Cumberland County on April 19, 1978 in Deed Book T, Volume 27, Paqe 79, qranted and converad unto Violena H. Shearer, a. tenant in common, con.titut nq an undivided one-half intere.t in the premiaes. :' , . \ (,I ?'lnnsylvsnll } , ",,,,,, of Cumberland 5S . :".,.p(j In the office far the recording of Deeds , '1I ',\ ~nd faf.Cumber1fpd Countr),l'JI. ',luu.cCOO~VOI.~Plga~ "';tn'lss my hsnd ..al of off of () t.Jrl13lb, PA th'"' IY I'"'T~ i'dOK95 PACE 891 \ ...--, \ \ \--\ - -l I '--\ \ \ \ \ \ OF" \ \ \ -. B 0 u G H MECHAN C 5 \---- , . , SR ~'''.J ,,,,, .. . . .e- . . -- . ~ I ~, . " -- A OCI.l"" ",,,,,. ..,",," 01 I ",'W:,,";,.," \III. R ,.,,,.. .., ,,.,S'.,fljl' CI RR A a..o AUI. ,,,,..,. -"IN&' A2 I I ,~ \ ., ...Ji.,. . '. . , VALUATION OF CENTER SQUARE WATER COMPANY AS OF OCTOBER 23, 1994 '.,} ',>', Prepared by: PNC Bank Investment Manaqement 'Research Special Investments Group Philadelphia, PA ':1' January 20, 1995 .. . Table of Contents ~ 1.0 Purpose of Report . . . . . . . 1 2.0 Research . . . . . . . . 1 3.0 Findings . . . . . . . . . . . . . . . . 1 4.0 Valuation Methodology . . . . . . . . . . 1 5.0 History and Nature ot the Company . . . . . . 2 6.0 Economic and Industry Outlook . . . . . . J 6.1 General Economy . . . . . . . . J 6.2 Industry - Water utility Industry . . . . . . . 4 7.0 Financial Information, Adjustments and Comparisons. . . 5 7.1 Financial Intormation . . . . . . . . . . 5 7.2 Financial Adjustments . . . . . . . . 6 7.3 Financial Comparisons . . . . . . . . . . 8 s.o Valuation Analysis . . . . . . 8 8.1 Overview . . . . . . . . . . 8 S.2 Asset Approach . . . . . . . . . . . 9 8.3 Income Approach . . . . . . . . 9 S.4 Marltet Approach . . . . . . . . . 11 9.0 Past stock Transactions . . . . . . 14 10.0 Summary . . . . . . . . . . . . . 15 11.0 Discount for Lack ot Marketability . . 16 12.0 Premium. tor Control . . . 16 13.0 Future Development . . . . . . 17 14.0 Conclusion . . . . . . . . . . 1S Certification statement Exhibits A, B, C, 0, E, and F . . 1.0 PURPOSE OF THE REPORT This valuation report was prepared by the Special Investments Group ("Group") of PNC Bank's Investment Management' Research Division, Philadelphia, Pennsylvania at the request of PNC Bank, camp Hill, serving as co-trustee of certain Paul T. Shearer (deceased) Trusts ("Trusts"). This valuation is as of October 23, 1994, the date of Mr. Shearer's death. It is valid for that date only and for the sole purpose of determining the Fair Market Value (FHV) of the Center Square Water Company ("CSWC" or "Company"). This report ill not to be used by anyone other than the Trusts. 2.0 RESEARCH In arriving at the FHV, the Group relied upon the financial statements and tax returns of the Company for the years ended December 31, 1989 through December 31, 1993. A representative from the Group met with Ms. Diane Ross, daughter of the decedent and officer of the Company, and Mr. Robert C. Spitzer, P.c., attorney for the Company. ' 3 . 0 FINDINGS We have assumed that all information supplied by CSWC and their independent accountant is accurate. All factors of particular relevance in this case are presented and discussed in the text and exhibits that follow. As a result of our analysis, including the consideration of future growth resulting from residential community developments, it is our opinion that the FHV of the Center Square Water Company, as of October 23, 1994, was $300,948, or $3,236. per share. This valuation includes a reasonable analysis of future development discussed at 13.0. 4.0 VALUATION METHODOLOGY At the valuation date, CSWC was a closely held business and there was no established market for its stock. For the purposes of this report and our opinion, FHV is defined by Revenue Ruling 59-60 as follows: The price at which the property would Change hands between a willing buyer and willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, both parties having reasonable knowledge of relevant facts. 1 " , While the valuation ot closely held businesses continues to be a complicated process, which otten leads to dittering interpretations, procedures have been developed which are widely recognized and accepted. For this valuation we considered the tOllowing, in accordance with Revenue RUling 59-60: A. The nature ot the business and the history ot the enterprise trom its inception. B. The economic outlook in general and the condition and outlook ot the specitic industry in particular. C. The book value ot the stock and the tinancial condition ot the business. D. The earning capacity ot the company.' E. The dividend-paying capacity. F. Whether or not the enterprise has goodwill or other intangible value. G. Sales ot 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 tree and open market, either on an exchange or over-the-counter. 5.0 HISTORY AND NATURE OF THE COMPANY The business was incorporated in Pennsylvania on Hay 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. Atter completing the developments, Hr. 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 H. 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 residential developments are known as Center Square, Canterbury Estates, and Rose Garden. 2 , The customera are serviced via two separate storage tanks. There aro 22 fire hydrants throughout the communities, and water is transported through 6" and sIt piping. Operating expenses are relatively minimal, with CSWC having completed a repainting of the storage tanks in 1991-92 at a cost of $45,000. Repairs are of the minor variety at present. CSWC employs no full-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 making investment decisions. An analysis of these relevant factors has been included in this report. 6.1 General Economv At the date of death, the U.S. economy was in bettor shape than it had been in years. The Labor Department reported that the unemployment rate had dropped below 6\ during September, 1994 for the first time since 1990 and that more than 4.5 million jObs had been created in the past two years. However, many economists, along with the Federal Reserve Chairman Alan Greenspan, feel that an unemployment rate below 6\ is too low and at that level inflation can be expected. In fact, the inflation rate was rising during 1994: 2.1\ during the first quarter, 2.8\ during the second . quarter, and 3.6\ during the third quarter. The 1994 annual rate of inflation is expected to be 2.6\; lower than 1993' s 2.7\ increase. In order to combat inflation, as well as the fear of inflation by investors, the Fed began raising interest rates. The Fed, and its supporters, contend that the economy is expanding too rapidly at this stage of the recovery and must be slowed or there is a great risk that the economy will overheat and force even sharper rate hikes in the future. The following illustrates the increasing interest rate environment during the first three quarters of 1994: 3 . Measure 1st Quarter 2nd Quarter 3rd Quarter Fed Funds Rate 3.2\ 3.9' 4.5' Prime Rate 6.0 6.9 7.5 Libor Rate 3.6 4.5 5.0 T-Bill, 3 Month 3.2 4.0 4.5 Treasury, 10 Year 6.1 7.1 7.3 Mortgage Rate, 30 Year 7.3 8.2 8.6 Real economic activity posted a 3.4' gain during the third quarter of 1994 with most analysts predicting a growth of 3.6' for the year. Host 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 anxiety 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 owned 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 stepped-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 December 31, 1993, water revenues increased 9.37% to $91,949 from $S4,073 the prior year. The increase was attributable to drier weather experienced; the company has not received a rate increase since 1991. There are no other noted sources of revenue. 5 In 1993, operating expenses increased to $91,586 from $83,778 in 1992, remaining consistent as a percentage of sales, 99.6t from the year earlier. Operating expenses consist primarily of $44,116 (48.2t 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 significant increase over the previous four-year average compensation of $5,250), Diane Ross 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 27.8t of operating expenses. For the year, CSWC recorded net income of $3,154 or 3.4t of revenues compared to $220 or .3t of revenues in 1992. At December 31, 1993 assets totalled $254,103 with net property, plant and equipment equalling $212,623. Net property, plant and. equipment primarily consists of distribution lines, storage tanks, 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 Adiustments In order to form a more accurate opinion as to the FMV 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 baaed 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 Mr. 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 vehicles have been purchased either in full or partially by the Company for Mr. Shearer, with related depreciation taken on the Company owned personal vehicles. The Company also owns a truck for use by the operations manager. We have adjusted each year by eliminating the depreciation expense on the cars for Mr. 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 Mr. 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 accurat:ely 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 cos~, beginning in 1991, over the expected life of 12 years for the repainting. E. rncome taxes were computed on the adjusted earnings amounts at the following rates: Federal PA Tota 1 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 ware 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 . 7.3 Financial ComDarisons We attempted to compare the financial profile of CSWC in relation to the financial profile of companies located in the aHA Annual statement Studies Guide (1993). However, the Guide does not address utilities in general 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 misleading. Consequently, we did not compare CSWC to the RMA statistics. 8.0 VALUATION ANALYSIS 8.1 Overview The practice of valuing closely held businesses involves the use of at least one if not several approaches to determine the FHV and then the application o~ reasoning and judgment 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; rather, the elements of common sense, sound judgment and reasonableness are more critical than the choice of a mathematical model. There are primarily three basic approaches utilized in determining a value: the Asset Approach, the Income Approach and the Market Approach. Following 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 significant 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 generated by the business. C. Market Approach - Under this method, public corporations in simi.lar industries are identifi.ed, analyzed and compared to the subject company to determine the strengths and weaknesses of the company being valued. The idea is to determine what price the subject company would trade for if 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 flawed. 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 obligations of the company. Book value can easily be overstated or understated and distort the FHV of a business. However, book value is an easy number to determine and often 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 of companies are uncomfortable with the prospect of paying prices that reflect multiples of book value. As of December 31, 1993, CSWC had a book value of $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 of the assets (if known). We reviewed the company's assets at December 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 offsetting of 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 difference ($1,383) is immaterial. 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 Accroach In the valuation of a going concern, earnings are generally the most important valuation factor. An investor looks at the future profitabi11ty of the company to determine the price he is willing to pay. After analyzing its potential, an investor will assess the risk involved in the transaction. The higher the perceived risk, the higher the required rate of return. In employing the capitalization of earnings approach, we have utilized the Constant Growth Valuation model which involves three steps: 9 _ ~.. _ __ _. _.... ~J'_ A. Determine the earnings capability ot the company. B. project a long-term growth rate tor the earnings. C. Select the rate ot return a potential investor would require. This model assumes that the company will experience a steady long-term rate of growth in earnings and that the investor purchasing the stock has a required rate of return on his investment. The tormula is as follows: Value .. (l+al E R-g where.. . E- Base level of Earnings (weighted average in this case) goo Growth Rate Roo Rate of Return A. The earnings capability ot cswc is evidenced by its tive year weighted average adjusted atter-tax earnings. We have weighted the earnings to emphasize CSWC's recent performance. We believe an investor would be more concerned with recent trends than past performance. The calculation is outlined below: Adjusted after-tax Weighting Weighted adjusted Earninas Factor. After-tax Earninas Year 1993 1992 1991 1990 1989 $22,830 21,405 17,482 2S,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-term growth rate for earnings. Past performance generally provides an indication of the future. We have, therefore, considered past trends, reviewed the economic and industry projections concerning growth, accounted tor 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. 10 c. The last step involves determining the required rate of return by an investor. The total return consists of two parts, a risk-free portion and a risk premium. The risk-free portion can be found by identifying the interest rate on T-bills, which in the Jrd Quarter, 1994 were yielding 4.5\. The risk premium is generally found 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 of return approximately 7.4\ to 8.6 \ above the risk-free rate and that investors in "small" publicly-traded companies required an additional 5.1\ return on top of this figure. Therefore, an investor in a company that is comparable to a small publicly-traded company on an exchange would have required an average return of 17.0% (4.5 + 7.4 + 5.1\) at the valuation date. CSWC is a much smaller company than the companies listed in the Ibbotson study. Despite CSWC's size, we believe an investor would agree with a 17\ rate of return due to the company's exclusive right to supply water to their customers, the earnings growth rate for the water supply industry, the potential for 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 formula, provides the following value: Value- (1+.06\ ($22.158\ (.17 - .06) a $213,525 rounded Therefore, the capitalized earnings approach results in a FMV of $213,525 or a rounded per share amount of $2,300 for 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 of a closely held company, the appraiser should compare the subject company with pUblicly-traded companies in the same or similar industry. The idea is to determine what price the company would trade for if it were public. The problem with this approach is that no two companies are identical. In addition, the validity of this approach is questionable for CSWC because there are no publicly- traded companies as small as CSWc. 11 However, the market approach is not without merit. In theory, a stock investment in the guideline companies could represent an alternative investment to an investor. The method involves examininq the relationship between prices that buyers have been willinq to pay for stock in comparable companies and various other noted factors. The relationships are adjusted to reflect the differences between the comparative qroup and the company beinq valued. Derived ratios are then applied to the company in order to establish a FHV. 'Our first step in employinq the market approach involved reviewinq a list of water suppliers (SIC Code 4941). The followinq criteria were used to select the companies for the comparative analysis: Financial information is available. - The company was profitable in its last fiscal year end. Revenues were less than $100 million. The company's stock is publicly-traded. The company's business operations 'are very similar to CSWC's operations. . We were able to locate three publicly-traded companies that fit our parameters. A brief description of each company follows: A. Connecticut Water Service, Inc. ("CTWS") - The company supplies water for residential, commercial, industrial and municipal customers throuqh three non-contiguous operatinq reqions in Connecticut. Additionally, CTWS provides fire protection. The company serves about 60,000 customers in 31 towns, with some 945 miles of water main in the systems. Total storaqe capacity of the reservoirs is about 6.S billion qallons. CTWS also owns nine water filtration treatment plants with total treatment capacity of 21.7 million gallons per day. For the year ended December 31, 1993, revenue increased 2.4% to $38.1 million. For the year, the company reported net income of $5.6 million compared to $5.1 million a year earlier. Earninqs are attributable to seasonal weather fluctuations. No rate increase was applied for or received by CTWS in 1993, and CTWS does not anticipate seekinq rate relief in 1994. The company has increased its dividend every year since 1983 with current dividends of $2.00 per share. Assets increased 8.95% 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 for 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 growth 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 subsidiaries, 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 reported net income of $S. 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 domestic, commercial, industrial and fire protection purposes to more than 200,000 customers, mostly in Middlesex County. operations expanded in 1992 with the acquisition ot Tidewater utilities, Inc. in the state of Delaware with some 3,600 retail customers. The Company secures water from both surface and subsurface supplies, with a small percentage purchased under a long-term contract. Revenue in 1993 increased to $35.5 million, or 14.88', from 1992 revenues of $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 5' with the December 1993 payment. Assets totalled $125.7 million compared to $113.Smillion 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 of the financial profiles for the three comparable companies and CSWC is contained in Exhibit E. It is quite evident that CSWC is a much smaller company than the three comparable companies. In fact, CSWC's assets and revenues were .20' and .26', respectively, of the smallest comparable company's assets and revenues. In terms of adjusted profitability and performance, CSWC ranked, for the most part, on a par with the comparable companies' performances. CSWC's return on revenues was 24.8', above the average and median results of 13.87' and 14.7%, respectively. However, return on equity was 9.0' compared to an average and median of 11.99' and 12.02', respectively. The current ratio, which measures liquidity, and the ~everage ratio, representing total liabilities to net worth, is not 13 , , , , . ' _.. -. ..- _.' -. .....0, . " - - comparable due to CSWC's $0 liabilities. After comparing CSWC with the publicly-traded companies, we selected certain key market information 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 presented in Exhibit D. PIE ratios are one of the most commonly referred to financial 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 souie multiple of the earnings capacity of the business. To the extent that current earnings are indicative of future earnings, this theory provides an indication of value. The average PIE ratio of the comparable companies was 15.0. To apply this ratio to CSWC, we allowed a 20t discount from the average ratio to arrive at a PIE mUltiple of 12.0. We believe the discount is appropriate to reflect the relative sizes of the guideline companies in relation to the size of CSWC. In addition, during 1993, the average PIE multiple for the S&P 500 was 18. It appears reasonable that CSWC's PIE multiple would be approximately 67t of the average PIE multiple of the S&P 500. To determine the FKV of CSWC, using a PIE multiple of 12.0, we used the following calculation: 5 Year Weighted Adjusted After-tax Earnings PIE Multiple Fair Market Value of CSWC Fair Market Value per share (rounded) $22,158 12.0 $265,896 $2,860 The market equity to book value ratio is 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 of the comparable companies was an average of 1. 80 and a median of 1. 81. We chose to use the average and once again, applied a 20t discount. To determine the FKV of cswc, using a ratio of 1. 44, we relied on the following calculation: Book Value of CSWC at 12/31/93 Market Equity to Book Value Ratio Fair Market Value of 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 10;0 SUMMARY To summarize, we determine the FHV ot CSWC. on the method employed: Method Book Value Capitalized Earnings Price/Earnings Market Equity used several ditterent methods to The prices are listed as tollows. baaed Price oer share $2,730 2,300 2,860 3,935 Each ot these approaches to establish the FHV represent reasonable investor considerations. Revenue RUling 59-60 stresses the importance ot judqment in determining FHV. We have relied upon the tOllowing tacts in reaching our decision: A. cswc is a going-concern, albeit an operation pertormed by essentially part-time employees. Generally, earnings are the most important tactor in the valuation ot a going-concern. B. CSWC operates strictly in a detined geographic market area, with revenues linked closely to weather patterns and rate increase tilings. c. The Company is a much smaller company than the pUblicly-traded companies we compared it to, totalling less than 1\ ot assets and revenues ot the smallest comparable utilized. o. Development ot residential communities to be serviced by CSWC are at various approval stages with the Upper Allen Township authorities. The impact ot these tuture customers is specitically addressed below. Based on the above, we have weighted our methods to tavor the earnings approach and arrived at a preliminary FMV, betore considering discounting tor lack ot marketability, premium tor control ownership and the impact ot tuture developments, ot $2,761 per share. ' 15 11.0 DISCOUNT FOR LACK OF MARKETABILITY A discount for lack of marketability is applied to reflect the lack of a recognized market for the stock. CSWC's stock is not pUblicly-traded and is therefore theoretically worth less to an investor than a publicly-traded stock. This is due to several factors, including the cost to register and underwrit~ a public issue and the lack of 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 of the CSWC, we believe a 30\ discount for lack of marketability is appropriate based on the exclusive water distribution rights owned by CSWC leading to attractiveness from an investor standpoint if the Company were to be marketed. 12.0 PREMIUM FOR CONTROL A premium for control is an often considered adjustment to value based. on the fact that a prospective buyer will generally pay more for a controlling interest in a company than for a non- controlling interest, all other things being equal. According to a recognized expert in the field of valuation, this addition to the price of a closely held business, when being valued with reference to day-to-day trading prices of public stocks, which are minority interests, is appropriate. This phenomenon of the "control premium" has been the subject of certain reports based upon studies of premiums paid for control of public companies. The average premiums paid can range from lows of approximately 35\ to highs of 50%. In valuing controlling interests in closely held companies by reference to prices of publicly-traded stocks, it frequently works out that the discount for lack of marketability (30% in this case) and the premium for control (also determined to be 30% in this case) will offset each other. This seema reasonable, since public companies acquiring private companies tend to be reluctant to incur dilution by paying a higher PIE ratio thnn that for which their own stock is selling. In effect, when a controlling stockholder sells to a pUblic company, he is giving up contJ:ol, but gaining liquidity. 16 .. 13.0 FUTURE DEVELOPMENT An additional consideration in the overall valuation of CSWC is the impact of future development of 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 officials concerning the development status for the areas in and around CSWC. We also discussed the development scope and expectations for 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 of CSWC to provide service for the expected future development we have considered. Exhibit F provides the detail supporting an additional $44,OSO of value, or $475 per share rounded amount, we have determined for the CSWC. Several components were included and assumptions made in arriving at this determination as follows: . Geographical boundaries of 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 for additional surrounding areas, we still did not attach value to this ability because there do not appear to be plans for development of these areas in the foreseeable future. . CSWC has the capacity to service the anticipated 2BB 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. in Exhibit F of anticipated . The build up of residential units represents the respective developers' best estimate conditions. . Earnings per unit was determined using the weighted average adjusted after-tax earnings divided by the 473 customers currently being serviced. The resultant total was increased by approximately 10% to account for an assumed rate increase filing owing to the timing of the last filing and the additional service capacity of the Company. . A 17% discount rate was used to calculate the present value of the estimated future cash flow. This rate coincides with the rate of return used under B.3 Income Accroach. 17 14.0 CONCLUSION In our opinion, the FMV ot the Center Square Water Company, as ot October 23, 1994, was $3,236. per share. The calculation is as tollows: Method Book Value Capitalized Earnings Price/Earnings Market Equity Price Per Share weiahting Weiahted Value $2,730 2,300 2,860 3,935 10' $273 25 575 60 1,716 5 197 Subtotal 2,761 Plus: Present Value ot Estimated Future Development 475 $3,236 Value Per Share ,1 18 EXHIBIT A CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Reported Net Income 1989 1990 1991 1992 1993 Water revenue $74,369 $79,340 $81,647 $84,073 $91,949 Expenses Officer fees 7,200 3,600 3,600 6,600 31,406 Electricity 6,187 6,90S 6,965 6,771 7,276 Plant operation 3,070 4,210 5,080 5,9S0 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 professional fe 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 Other 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 =========== =========== =========== =========== =========== 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. CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Balance Sheet 1989 ASSETS: Cash Prepaid taxes $6,484 5,874 Curro Assets 12,35S PP & E Distrib. lines storage tanks Wells and rel. Water meters Vehicles Equipment Land 125,919 97,132 63,300 21,343 11,000 7,532 8,410 Less - Acc Depr 334,636 88,209 Other assets 246,427 5,726 TOTAL ASSETS $264,511 =========== =a===a===== =aa======== a=aa======= =========== $254,103 LIABILITIES: Due to officer $25,000 EQUITY: Common stock Paid-in capital Ret'd earnings 10,000 14,9S6 214,525 Total Equity TOTAL LIAB & EQ 239,511 $264,511 =a==a====== ==a======== aaaa======= ===aa====== aaaaa=a=c== $254,103 EXHIBIT B 1990 $11,192 3,929 15,121 125,918 97,132 63,300 21,343 11,000 7,533 8,410 334,636 104,370 230,266 5,726 $251,113 $0 10,000 14,986 226,127 251,113 $251,113 1991 $3,275 5,570 8,845 141,127 97,132 63,300 21,343 16,240 7,533 8,410 355,085 115,433 239,652 5,726 $254,223 $3,494 10,000 14,986 225,743 250,729 $254,223 1992 $17,052 5,842 22,894 141,127 97,132 63,300 21,343 16,240 7,533 8,410 355,085 132,756 222,329 5,726 $250,949 $0 10,000 14,986 225,963 250,949 $250,949 1993 $32,094 3,660 35,754 151,209 97,132 63,300 21,343 14,540 7,533 8,410 363,467 150,844 212,623 5,726 $0 10,000 14,986 229,117 --------- 254,103 --------- .' . EXHIBIT C CENTER SQUARE WATER COMPANY FINANCIAL HISTORY Reported Net Income ** ADJUSTED ** 19S9 1990 1991 1992 1993 Water revenue $74,369 $79,340 $81,647 $84,073 $91,949 Expenses Officer fees 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 22,26S 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 Prof. 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 S,OlS S,551 ----------- ----------- ----------- ----------- ----------- Net revenue 24,083 28,043 17,482 21,405 22,830 =========== =========== =========== =========== =========== Distributions $0 $0 $0 $0 $0 , . ~ ~ ~ n ~ 'Si J;l ~ .. ~ ;.1 ... .. l~ ~ . i ... H ~ ... .gel .. 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Sublrect llna 2 from IIna 1c. 4 Ordinary Income poss) lrom Dther patlnarshlps and IIduclartes (attach schedule) 5 Netlarm proln PDSS) (lIItJ/ch Schedul4J F (Form 1040)} II Net gain POSS) lrom Form 4797, Part II, line 20. . 2 3 4 II II 7 Other Income poss) (sea InstNctlons) (attach schedule) . 8 Totallncome 0", Combine lines 3 !hro h 7 7 II -0- ( De lib - De Salartes and wages (other than to pa!1nllfll). j b Less employment ctadns. . . . ~ 10 Guatantaed payments to patlners . .i 11 Repairs and maintenance. ! 12 Bad debts . j 13 Rent. . 14 Taxes and IIcanses . 15 Interest. ,. , 1ea Depreciation (sea Inswellons) ! b l.ess depreciation reported on Schedule A and elsew!lenl on return S 17 Depletion (Do not deduct 011 .nd gu depletlon.) := 18 Retirement plans. etc,. . g 19 Employea banefit programs. . II c lie 10 11 12 13 14 111 . 11la 1 lib 1 lie 17 18 1\1 . . , 20 Other deduellons (attach Schedule) .IF't;A;L... ~~ . 20 I 7 ( t./ 21 Total deduction.. Add \he emounts shown In \he lar r1 ht column lor lines 9c \hro h 20 . 21 22 Ordinary Income po.. from trade or buIIlnlllIa aellvtlJes. Sublraclllne 21 from line 8 .. 22 I -, ,,{ LJnaer ~ of DIf1\I'Y.I.....tnIIl,....,.....,.,. rwun.1nduCII'lQ.:l geriwal'tna~.., II t ..4&, IndIO 1M E*loI'"1 ~ _ '**..lIlN1. __ __oI~lO_lNn ~.._on" _oI_~I\U.., _. Please Sign Here ~llole ~ StQnature of gerwaI DII'U* --'..... Plld __....,. Pllplllr'l " I Un Only ,;:;.' d"'::_":."..,o4J .... ana _ ,. flrrlpetW"a 100II MCUnfy no. 1"1,.:~~i~I"'O I 0... CI** . ..._.~,~ .. ....No.~ ZP__~ CII. No. ,,3IllZ ,."." 106511_ 1065,1 ,'" Plpel"ortc _on Act Natloe, _ _, of ~_ 12/13/93 Publllhed by To Monogemant lno., a Bublldllty of l1le 0..... of NatIonIl AlIm. lno. 95 'onn 1005 C11t3'1 Il!!lm!I!II!I1 Coat 01 aooda Sold PA9-1 2 1 Invantory at beginning 01 yaar. , . . . . . . , . 1 2 Purchases less cost 01 nems withdrawn for personal use. 2 3 Coat of labor. , . . . . . . . . , , . . . . . 3 .. Additional section 263A costs (e.. Inatructlons) (ettech schedule) . .. 5 Other COSlS (attach schedule) . II 6 Total. Add lines 1 through 5 . . . . . . , . . . . . , II 7 Inventory at end 01 year. . . . . . . . . . . . . . . 7 8 Coat 01 goode aold. Subtract line 7 lrom line 6, Enter here and on page 1. line 2 8 9a Chack all methods used lor valuing closing Inventory. PI 0 Cost (II) 0 Lower 01 cost or market as described In Regulations section 1.471'" . . PIQ 0 Wrttedown ol.subnormal' goods as described In Regulallons aactlon 1,471.2(c) pv) 0 Other (speclly method used and attach explanation) ~ .......................................m............................. b Check this box K the UFO Inventory method was adopted this tax year 101' any goods Of checked, attach Form 970). ,~ 0 c Do the rules 01 aectlon 2ll3A (lor property produced or acquired lor resala) apply to the par1narshlp? . oV.a DNa d Was there any change In determining quanmles, cost, or valuaUons betw..n opening and closing Inventory? oV.. DNa II 'Ves,. attach explanallon, ( ~ Other Infonnatlon 1 What type 01 entity Is filing this return? Check the applicable box ~ 18I General partnerahlp 0 Umned partntrehlp 0 Uml1ed liability company 2 Are any partners In this partnership also partnerships? . . . . . . . . . . . . . . . . . . . 3 Is this partnership a partner In an01her partnership? . . . . . . . . . . . . . . . . . . . . .. Is this partnership aubject to the consolldaled audn procedures 01 aactJons 6221 through 6233? II .V.... a.. OnlgnllUon of Tax Matte,. Partner below . . . . . . . . . . . . . . . . . . . . . . II Does this partnership meet ALL THREE 01 the lollowlng requirements? a The partnership's total receipts lor the tax year were less than $250,000: b The partnership's total assets at the end of tha tax year were lass than S6OO,OOO: AND c Schedules K.1 are filed wnh the return and lurnlshed to the partners on or belore the due date (Including extensions) lor the partnership return, If .V.... the partnership Is not required to complete Schedules L. M.1, and M-2; Item F on pag.1 01 Form 1065: or Item J on Schedule K..1. . . , . . . . . . . . . . . . . . 8 Does this partnership have any lorelgn partners? , . . . . . . , . . . . . . . . . . . . 7 Is this partnership a publicly traded partnership as defined In section 469(1<)(2)? . . . . . . , . . . 8 Has this partnership filed, or la It required to file, Fonn 1l2lI4, Application lor ReglatraUon 01 a Tax Sheltlf'? . 9 At any time during calendar'year 1993, did the partnership have an Intereatln or a algnature or other authority over a financial account In a foreign country (such as a bank account, securities account, or other flnanclal account)? (See the Inatructlons for exceptions and filing requirements lor form TO F 90-22,1,) If .Ves" enter the name 01 the lore.gn country, ~ ................mm.......:...................mouou.............ou.................. 10 Was the partnership tha grantor 01, or transleror to, a loreIgn truat that existed during the cumtnt tax year. whether or not the partnership or any partner has any beneflclallntereat In n? If .Ves," you may hava to fila Forms 3520. 3520-'" or 928 . . . . . . . . . . . . . . . . . . . . . . . . . . .' . c v y 11 Wu the.. a distribution 01 property or a translar (a,g.. by saIa or daath) 01 . partnership Intarest during the tax yaar? II .Ves," you may alect to adjust the basls 01 the par1narahlp'B UMts under section 754 by attaching the ./ statement described on e 5 01 the Instructions under E1ltCllona M8de the Partnanhl . , . Designation 01 Tax Mattanl Partner (See Instructions.) Enter below the general partntr daslgnated as the tax mattllf'll partner (TMP) lor the tax year 01 thll retum: Nama of ... d.slgnated TMP ,.. Address 01 ... daslgnated TMP ,.. Idantlfylng ... numberofTMP,.. A 3- IQ3QQ'i''l t " Ie, 1065,2 Publllhed by Tax MIlllgeman1Inc.. a Subtldlary 01 T1Ie Buruu 01 NltlonIl /\Wain. Inc. 96 12/13/93 " , , I ~.3 P.rtn_' Sh, ,of Income, Cl'lIdltll. Deductlone. etc. (, I.) DllIrlbutlvl .1\lIrI1t.... bl Total Imoull' 1 Ordinery 'ncame (Ioullrom 1I1d. a< bUlll'l'" .clMlI. (p.g. I, line 22) . . . . 1 (/I7t"I 2 NIt Inco"", (Iou) ITom rlnl.1 ro.1 11111. .cllVltlll (I/lech FoffTt 882f) , f , . . , 'I' 2 JD;lD 3a Orca Income from ather rental actMtl.. . . . . . . .. ~ b Expenl.. from olher ronlll .cllvIIleI (Ittec:h schldull). , , , r 3b-\ I ! c NIt Income POll) from olher ..nIII .clIviU.., Sublrac\ line 3b frem line 3. , , 30 4 Portfolio IncameIIOll)ls" Ins\JUcUonl): I Inlerl" Incame , , , , , , . . , , 41 b Divldlnd incame , , , , , , , , , , , , . , 4b I o Roy.lty Income . , , , , , , , , . , . , . . , . , , , , , , 4c ~ d NIl lhort.tonn cspitsl glln poss) (./lech SchedullJ 0 (Fonn I/XlS)) , , . , , , . . 4d I NIt long.tonn cspllll glln POOl) (INICh SchodullJ 0 (Fonn 1065)) , , , , , , 41 1 Olhlr portfolio Incoml POll) (lfIIch sc/NJdu/l) , , , . , , , , , , . . . , . 4f 5 Guorentoed p.ymenlllO portnlrs . , , , . . . , ..-*,- , " .. .... . . ....... . 5 e NIl galn (Io~)ll~nder socllon 123110lher Ihen duo to cuullty a< Ihlltl (.fIIch Fonn 4797) e 7 OIher Incame lOSS) (8tt1Ch schedule) . . , . . . , . . . ' . , , . , . 7 , 8 Charillbll conlrlbuUons (I" IllIlIUcllono) (I/lech schedu/l) , , , . e CJ , . ~I g Section 179 Ixpenol deductJon (IttICh Form 4562), , , . , , , . , , II 10 DeducUons ..I.ted 10 portfolio Incoma II" InollUcllolll) ~Iomlzl) , . , , , . 10 11 OIher deductlono (attlCh scheduIl). . . . . . . . . . 11 - 118 Intern' expense on Investment debts. . . . . . . . . . 121 ~ I . , . . , , . li- b l~ Inveltmlnt Income Included on IIn.. 4., 4b. 4c, IIld 4f.bovI , 2b(1 .s~.s . , . , . . . Inve."".nt e.DII'I_ Included on line 10 oboVI. . . . . . . 211I2 1311 Credltla< Income lOX wilhheld , . . , , . . , , , . . . 1311 b Low.lncome housing credit (HI 1ns\rUcIlonI): ibCl (1) From partnershiPS to which sec:tion 42U)(5) applln lor praperty plactd In ..Mce boIoro 1990 ~ (2) OIher \hall on IInl 13b(1) fa< properly placed In oorvIce before 19110 , . . , . . , 311I2 5 (3) From portnerShlpslO which lectlon 42ID(5) applill fa< property pl.ced In oerv\CI.lter 1989 311I3 (4) OIher then on line 13b(3) for properly placed In oeMce after 1989 , . . . . . . 3b(4 c Ouol1f1ed rohabllllallon expenditures rotaled 10 rontal .... _I' IICIIvttIes (ltmch Fonn 3468) 130 d emits (olJllr IIWl ctedI\I shown on lintS 13b and 130) IIIa11d to IInlJ1 rullS\111ldMtiu (HI IN\nlctiCnl) 13d I Credlll relaled 10 other rental.~ctiviU" (III InsuuctlonI) . . . , , , , . , . . , 1311 14 Olher credits 111I insInIcIlonI , . . . . . . . . . 14 . r: lS. Nel earnings (Iou) from slll-employmonl . . . , . . . , . lS. (II .,,, II , -11 b Gross 'armlng a< fishing Incoml , lab 'n'. , . , , . . . . , . . . .,.... & c Gross nonfarm Income . 150 1; 1 S. Depreciation adjustment on property placed In servlCI alter 1958 , . . . . . . lS. b Adjusted gain or loss " lab Ull . , , , , , . , , , , , . . . . . . c DeplltlOn (olher Ihan 011 and gas) , , , , , , , , , , , , . 1llc l;e~ d (1) GrOSllncome from Oil, gll. and gOolhonnll properties , , . , . . . , idi1 . = (2) Deductions s1ioC1bll 10 oil, gas. and geo\herTll8l properties , , . , . . . . wi ~... I Other adluslmenll and tax Dr.feroncI Ilems (a/lech schedull) , , , Ill. WI 17. Type of Incoml ~ .........u...... b Foreign counuy a< U,S, poIIIIIlon ~ ................ .. ~ o Total gross Income frem sourc.. ouISid. \he Unlled Stales (attach schedule~ . . . . 170 d Tol.1 appllcabll deduclionlllld Iou.. (I/lech schedule) , 17d c , . . . . g . Tolsllorolgn lOX" (check one): ~ 0 Paid 0 Accruod , . , 17. , . II I ReductJon in lOX" a..lllble for credll (l/lech.~ChldullJ) 17f ~ , , , , , . . , n OIher 'orelan lOX In'ormollon (artach schedUlI . , . 17D lS. Total expendlturlll 10 whiclI a aac\1on 59(e) election IMY apply , . 111I . , . , , . . I b Type 01 expendltur.. ~............m....u....m.."ou"ouou""""""ou"''''''''''''ou' 111 111 Tax...omPllnler..llncoml . . . . . . , , . . . . , 0 20 Othetw...xernptlnCOf11l..,.................. . 20 21 Nondeductlblel'~~'I"""""""'" ....i~ 22 O\her nlmSlnd amounts 10 be reoortlll.-ri101v '" Oortnon f_ .llIdt sc/WduII 1 23e Income (Iou), Combine IineI 1 Itvough 7 In column (b). Frem th. mutt, IUlllrlCllhe IUITl of "0. ., IJ I) lines 8 IhrOugh 12., 17e, and 18. , . . , . . . . , . . , , . . . . . . 2311 b Anolylla by type (0) Corpora\I (b)IndMdUll (cl P"""" (eI) Ellmpl I')~ 01 portner. 1,- H.P_' ~ 11' - porlnn (S".7.,/' ts:-:(70) (21 U.....1d DItlIWI \2/13/93 Publllhld by Tax MonagernenIlnc.. . SubeldIllY o. TIle _ 01 NIlIonIl Anllll, Inc, 97 1065,3 '. 'own 'OU (1Da3) Nale: /I OUallon 5 of ScMdule S /I atl1 fId "Yes, " t"" ~Ip Is not requlrfld to AM, _ M.2, I!l!m!l!I!Il!II Balance Sheeta AaHIe 1 Cash. . . . . . . . . . . . :z. Trada not. and accounts ..celvable , b Less allowance tor bad debts 3 Invlntories. . . . . . . . . . 4 U,S, govemment obligation., , . , II Tax-exampt .acurttles. . . . . . , , . 8 Other current as.et. (attach 'ch<JdUla)ftl~',.Ex/, 7 Mortgage and ..al estate loans. . . 8 Other InveSlmenta (attach schedule) . ga Building. and othar depraclabla asset. b Less accumulated deprecletlon . 10. Depletable asaet. . . . . b Less accumulated depletion. . 11 Land (net at any emortizatlon) . 1:z. Intangible assets (amortizable only). b Less accumulated amortization . 13 Other......ts (attach sch<ldule) . . 14 Tallll assat. . . . . . . . . Uabllltl.. and Capital 111 Account. payabla , . . . . . 18 Mongages. notes, bonds payable In less than 1 year. 17 Other current lIabUltles (attach schedule). . . 1 B All nonrecourse loans . . . . . . . . . 18 Mongages. notes, bonds Payable In 1 year or more . 20 Other lIab1lltle. (attach schedule) 21 Partners' capital accounts . . . . . . , 22 Total liabilities and . . . . . . , Schedule M-1 'plele Schaclulas L. ...~ , 3 31. 31. ;z " ~ :r Reconciliation of Income (Loss) per Books WIth Income (Loas) per Return (see InstructJons) (1 , 8 Income recorded on books this yeat not Included on Schedule K, lines 1 tlucugh 7 (itemize): a Tax-exempt Interest $ ........................ 1 Net Income ~osa) per books. . . . . 2 Income Included on Schedule K, lines 1 through 4. 6, and 7, not recorded on books this year (llemize): .......................... 3 Guaranteed payments (other than heaJlh Insurance)"........ . 4 Expenses recorded on books this year not included on Schedule K, lines 1 through , 21, 17e, and Ilia (llemize): a Depreciation $ ......................... .... b Travel and entertainment $ ................ ................................................ 5 Addllnes1lhrou h4, . , , . , , Schedule M-2 .................................................. 7 Deduction. Included on Schedule K. lines 1 through 128, 178, and 1Sa, not charged agalnSl book Income thl. year (llemize): a Depractatlon $ ................................ .................................................. /0, , S Add line. S and 7 . . . .. ... 8 Income ~oss) (Schedule K, line 23a), SUb- traclllne S from line 5 , , , . . . , Anetv-I. of Partnerw' CIIpltal Accountll 1 Balance at beginning of year. . Co 3 e 2 Capital contr1butfld during yur. . , . S-o 3 Net Income ~osa) per books. . . .. a 'I , 7 4 Other Incra_ ~temize): ........m.m... Distributions: 8 Cash. . . . . . . b Property. . . . , . Other dacra_ (llamize): .m............... .................................................. .................................................. ................m....m..uuu.............J e Add lines 0 and 7 , . . . . . . . II Add line. 1 throu h 4 . 3:l " .'> II Salance Illnd 01 , Subtrlclllne a trom line II e -..-- 1065,4 Publllhad by Tax Managamant lno" e Subeldlaly or The Bureau of Netlonal AIIelrs, lno, 98 . 12/13/93 . '. ( f!'r ~;~ {, '- :; \ -, :.- . ' .. ( Fo<m 8825 ( Ren. . Real Estate Income and Exa."nses of a Partnership or an S Corporation D~ .f'M T,..,.., ~ S..lnlluctlona on blck. ,,,.""'............... ~ Altoch to Form lDel1 or Form 11209. Nam. ^ _ OSF?G fl..'bEN ~SO~ IA-TE SO 1 Show lhe kind III1d locetlon 0' each 0 e ,See e e 2 tor eddltlonal ro erUas, OMS No, 'US.11M i!@93 I",ployer Idwk.don runIMr 23 '11..f:/ '{" 7 A ... .l,.I!cH.'"tI. .,.....t!!t. ~~.Ii..r: ~'.4,. . ............. ........ ....0........ .....................................0.0..........0............... B ................................................................................................................................................. c ................................................................................................................................................. D ................................................................................................................................................. ( Properties Rental Reel Estate Income A B C 0 2 Gro... rents . . . . 2 J ,00 . . . Rental Reel Estate Expen..s 3 AdVertisIng . . . . . 3 . . 4 Auto III1d travel. . . . 4 . . 5 Claanlng III1d malntanance . 5 8 Commissions . . 8 . . . . 7 Insurlll1ce . . . . . . . 7 '103 8 Leg. and oth... profesalonaJ fHl . 8 do"$"' II Inlarast . . . II . . . . . 10 Repairs . . . . . . . . 10 11 Tax.. . . . . . . . . . 11 I OJ , 12 Utllltl.. . . . . . . . . 12 13 Wagas III1d salaries . . . . 13 14 OapreclaUon (see instructiOns). 14 15 Olhar Olat) ~ ........no......... .................................... 15 .................................... 18 Total axpsnsea for each proparty.' I t.19 Add lines 3 through 15 . . . 18 17 Toto' gross renls, Add gross rants from line 2, column. A through H . . . , . . . . 17 J.7()O . 18 Total expen..., Add tolal expanaas from line 16, column. A lhrough H . . 18 I. (. iq I , . , . . . . 111 Nst gain (loss) from Form 4797. Part II, IIna 20. from the disposition 0' proparty trom renlal real astele actlvltlas . . . . . 111 . . . . . . . . . . . . . . . . . . . . . . 20. Not Income Qoss) from rental rsal estate actlvltle. from partnsrshlps III1d fiduclarlas In which this Partner.hlp or S corporation Is . partner or beneficiary (from Schadule K-1) . 20. . . . . . . b IdenUfy below the pertnerahlPl or fiduclartes from which net Income Ooss) Is shown on line 20L Attech e schedule If mo~ spece Is needed: (1) Name . (2) Employar Idantlncatlon numbar .................................................. .................................................. .................................................. .................................................. .................................................. .................................................. 21 Net Income (loss) from rental raal estate acUvitles, Combine lines 17 lhrough 20s, Enter r..ult I.~ here and on Schedule Kline 2 . . . . . . 21 . ' For Psperwork Reduction Act Nolle.. a.. bsck ollonn. Ca., No, 10134Z F",",8~llm) 10/18/93 Pub/llIled by Tax Mansgement Inc,. a SubsidIary 0' Tho Butllu 01 NlllonalllWalrs, Inc, 55 8815,t c:--. I ,. B .s J. e f 5 e 7 , e Ii 1: 11 ~li U.. 12J1 iijE b ~ Partnt... s Share of Income, Credits, ...dductlons, etc. ~ ... _..Ie InI\rUallonl, , 1"", ...... endI ,. p.rtnerlhl '. IdenU n number ~ '2. Per1nershlp'. nam.. .ddr.... and ZIP code ROSEGAA..bEN A-ss....,.+Ti.:S /0'1 1:. E'Wlfw oob 4 lie: . Mec ~11J\c..sA\Ja..G ~ '10,s-f F Plrtner'. share olll.blllUea (.ee Instructlona): Nonrecourse. . I . . .. $ .................... Qualified nonrecourae Ilnanclng $ ...............m.. Other . . . . . . . .. $ .mJ...I:?~..... Q Tax .heller ragletratlon number. ~ .......................... H Check he.. If thle partnership Ie a publicly traded plrtnerlhlp as dennld In eecUon 4611(k)(2). . . . Check oppIcable box..: (1) DAnai K-l (2) OAmonded K.l -. 10 p.n,...... lhate 01 tin.. 3.4. and T. Form 1065. 3" (.) Dlltr\bUtlve lhare ".... 1 Ordlnaly Income Oou) from trade or bualn.... acUv\U... 2 Nellncome Oou) from renla/ .... lllate llCtIvIIl... . 3 Net Income OOal) from other ranla/llCtIvIIl.. . 4 Portfolio Income (10..): .Int...est ........ b DvIdendI. . . , . . . . c ~attl... . . . . . . . d Nil lhort.tenn capital gain (1011) Netlong.tenn capital gain Oau). Other portfolio Income 0015) (Irtach Ichedule) Guaranteed payments to partner . . . . . . . . . . Net oaln (loss) undlr section 1231 (other tIw1 dUlto casualty or thalt) Other Income 011 .tt.ch .chodult . . . . . . . . Charitable contribuUon. (_ InltnlCtlonl) (.n.ch schedule) . SectIon 17D expen.. decku:tton. . . . . . . . . Deductlon. related to portfolio Income (.Ifach .chedul.) . Other deductions .tt.ch rchIdule. . InteraIt expense on Investment dIbta. . . . . . . . . (1) In_tment tncoma Included on linea 4a, 4b, 4c. and 41 above Invlllmant III Included on Ifne 10 above CredIt for Income leX withheld . . . . . . . . . . . Low-lncome houIlng craclt (1) From lIICIIon 420)(5) pertnenhlpa for property placed In SIfVk::. tMtfore 19QO . . . . . . . . . . . . , , (2) Othar tIw1 on 111I 13b(l) for property plaI:ed In IlIMce befolll000 (3) From aectlon 420)(5) pertnenhlpa for property pIacad n .vice aft.er 111I80 . , , , , . . . . . . . . . . (4) Othar than on line 13b(3) 10( property placed In Slrvk:e alllr 1989 o Ouallllad IllhabIlltaUon expend\uru related to rental .... utata KttvttJ.. (I" Inltn.lctlona) . . . . , . . . . . . . 1311 b (ell Wlthd..wailo ond d_ I" ClpitallCco'-l'lt at end of )'NI (comblno eel.."". (.) SCHEDULE K.1 (Fonn 1065) ~"IMT......., ...... ..... 'ot calender r tIllS or ,.. p.rtne". Id4KlU n numb.r ~ J J - 3 Plrtner'. nllTle, .ddr.... end ZIP code If S' J ER.VlI'.€ CoR,l'ofl.A-T,..,1II J o:r P,WE S.. 14A-,(,,e.lsl.:!.vItG fA 17'0/ A Thle plrtner Is a lilI ganer.1 partner 0 IImltad plrtner o limited liability compeny member C B What type of Mllty I. lhIa partner? ~ u~.{ll~~.~r.!f.~u C Ie \hie plrtner a IXI dom..tlc or. 0 lorelgn partner? Denter ft..._,. percan'~e of' (Q a_. d1ango " End A' ,.,.....ovo ~. orterrNnllion .1-.'" Profit Sharing . . . . . . . ........." .....fI.." Loa. sharing , . . . . . , ........." ...:r-~.." OWnerahlp 01 capital . . . . ........." u.~." E IRS Canter where er1nerahl med return: f IL r'A J Anal Ie of '. os ltal account: lal CapllaI aCOOl.WlI II (bI Capilli OllftU_ bogiWng 0')'001 duMg)'W S-oo 1 2 3 (b) Amolllt ~ .;I., L{ (a) 1040 II.... .nt... the .mount In oolumn Ill) on: } SolI P_"lNlNolloNo 'Ot _" K.l (Form 1015), ... 4b 40 4d ... 4f 5 e 7 8 g 10 11 lldI, B. PIIt I. ... 1 lldI, B. PIlI II. Iino B lldI, E. Port I. IIno 4 lldI, D. 1M B. coI. (I) Of (g) lldI, D. Ilno 13. 001. (~Of (g) &air.. 1fIIcU" .. It ,.. ,....... } s.. pann.'a INtruodona fat _. K.l (Form 1066). ftCIr............. ,...... lldI, A, Ilno 13 Of 14 SolI p_alnalNClIoNo for &OtoodU" K.l (Form 1015), 12J1 b 1 b 1311 Form _. Un" 1 } SolI P_a InalNCllona for _" K.l (Form 1066). 8M P~. INtruo1lcnl for 60-'" K.l (Form 1llll5). Form asee. Iln" B d CrecIII (other than.....,. shown on IInu 13b and 130) rellIIed SolI P_.InattuO_1ot to ranla/.... _ actMtlaI (_Inatnlctlons). . . . 13d -. K.l (Form 1llll5). e Credltll ~ed to oth... rental actMUM (... InIlruCtlOl1l) . 1311 14 Olhar""'" a.. InatrucUon. 14 'at Peporwark RMuatIon Ad N..-, _ ~ far Farm 101l1. CaL Ho.l1:JlMR Sohedu\I K.l ,.ann 1015) ll103 12/13/93 Publllhed by Tax Menaoemenllnc...1lubIkIl&rY olTha _ of N.UOnal "'"en. Inc. 1065.7 101 ". ScheN" K.' (form 1(65) tGG3 POgo II leI DlIlll1_ .h." Item 11>1 Anw~nt (0)1040 n.... ....., the .mo...11n oolumn IIlI on: il 11111 N.t NIlllngl tou) lrom Mlf-employmenl. 11Sl1 ~ '&"1 Soh. BE, _ A or B b GlOII llImlng 01' naNng Incom.. 1ab 8M P.""",1N1NlIdonlI tor C' 0 Grell ncnlll11l Inccm.. 11le _. K.l ''''''''011). . it ,e. DepreclaUon -*"tmenl on ptOPIIly placid In IlIVIe. aftll' ,~ee 11Sl1 b AdjUltad glln or lOll . 1eb 8M PartlW'a InItNcdonl II 0 DIpl.Uon (olh., lhan ell and gu) 180 'otScll~IeK.l 111 Grou Incom. lrOI'n ell. QU. and gacthllll1a1 prcpertIII dl (Form lDe6) end d . In""",llone lot form e.l51. 121 DadueUcnl docabl. 10 oU, QU, and gac\hennal prcpIltI.. d . Other ad l!menta and lIX arane. "ami In.ch Ichldule 11Sl1 17. Type of Incorn. .... ................................................. Form "'1, ~ box. J b Nam. of Icralgn country or U.S, peI....len.. ................. I Form 1111, Pill I 0 Total grcsllnccm. frOI'n IOUI'CI& oullldathl Un"1d Sill.. (Ifflch ,chId<Jo) . 170 c .9) d Total eppllClbl. deductlonl and leu.. (In.ch lchIdoH). 17d l!! . Total lorllgn lIX.. (check ona): .. l:J Plld o AccNad . 17. Form 'Ill, Pill II If f RadueUan In lIX.. evallllll. for crIdIl (lltIch IchId/JI) 17f Form "'1, Pill III Other IcrIl n lex InlormaUon Ifflch ,chedule 17 SoolnotnJCtlonolotfotml',.. ,Oa Total expendIturu to which . lacUon 50(1) a1acUon may apply 181 } 8_ PlltnIf'l NtrucUona tot Sehodul. K.l (Form 1065). b Type 0' expanclturll .. ........................................... ~ ...................................................................... 'II Tex..xlmptlnlll'llllnccml Form '040,'" Ib 20 Other lIX_pt Incoml. } 8M P..",...lnoll\lCllonl fo, 21 NcndaduclIbIe IllpIIIMI . S<:IlIdIAeK.' (F""" 1065). 22 Racaptura of Iew-lncom. hcuIlng craclt . From aacUon 420)(5) paltnll'lhlpl . . } Form 111', """ b Other tIuIn on IIn. 221. . 22b 23 Supplamentallnfonnallon requlnld 10 bll'IlflOl1Id IIjlIlIIIIIy 10 aach pII1nll' (Ifflch IddltlOflll Ichedul.. " mo,. IpI<>> Is nNdId): ...................................................'";...................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... g II ~ :s J i ~ i!. ! .......................................................................................................................................... ........................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... 1065.1 C!!) --~- PubIIIhId by Till M8I\IOIftlIIlI1nc.. a ~ry 01 TIll _ 01 NatlOl\ll ARaIrs, Inc, ,02 12/13/93 ( (. ( '. SCHEDULE K.1 (Form 1068) "-'"*"I" 1M T~ lroIanwII &In4oe '011 _....... r tea Of tu Plrtnar'aldentl n number" Dl.J - , Par1nIl''s naml, addr..~ and ZIP codl V, LLi\~E 0 F l'(oSGG'MtllC'.v IO~ E, ELI'1t...!C<li) ,4ve. 1"1.:- c..ItA-N IC.J" au "l. ", {1 A ,., O!>-S"" A This partnll' II a lilI general partnlr lJ IImltld partner lJ limited liability eompany member B What typa 01 enUty II lhIl partner? .. fftR"J:ti.~r!!!t.of.... C la this partner a IX! domestic or a lJ lorelgn partner? DEnier partner'a ~entage 01' ~ Belo.. ch!"'O" " End ., Q "........ . 01 t_rnlnllaan :t.., Profit sharing. . . . . .. ........." ...~..tl.." H loal sharing . . . . . . . ........." ...~C?." OWnerahlp 01 eapllll . , . . ........." ...~." E IRS Cenl6l' whera ar1nerahl flied return: P IL r'A J Anal a of lI"a CD 111I Iccount 101 CopIlaIaoooun' II 1bI C<lpltol oonlrlluted bogInfW'oQ 01 Y.' duolng)'OOt , :1.5"0 Partn 's Share of Income, Credits, . dductlons, etc. ... 8M ..p.rat, Inawellon.. .....- -'do. , tea:s....... ending . l' Plrtnerahl .. Idlntl n number" b: Partnership's nama, addresa, and ZIP COda ROSEGAitbeN ;tss.....'...n,s 10'1 E, !;'W'fwooi> ,4,/10', Mec ~'\h<:"Sl.h)ItG 6'A l10S-S- F Par1ner'1 shari 01 lIabll"lea (ale lnatruetlanl): Nonrecourse. . . . . .. $ .................... Qualllled nonrecourae finanCing S .................... Other . . . . . . . .. $ ......~l.~~..... Tex ahelter reolstratlon number. .. .......................... Cheek hare II this partnership Is a publlely traded partnership.. deflnad In eacUon 46ll(k)(2) , , , . ChICk applIcabll boxes: (1) DFlnel K.' (2) lJAmendad K.' (01 Plntw'a aha,. 01 ...... 3,4, and 7, Fonn U)65. ! i .s II) D_. IhI.. ".... , Ordinary Incoml ~Oll) lrom tradI or buoln..... acUvlUes 2 Nil Ineome ~Oll) lrom rental raaI _ actMU.. 3 Nil Ineom. ~Oll) lrom other rental ac1Mt1... 4 Porl1oUo Inccm. (loll): a Inllrall . b OIv1d<<ldl. . . . . c RoyatU... . . . . d Nil ahort.11lll1 capltal gain Oou) . Nlllong.11lll1 capilli gain 0081). I Other portlello Income ~OIs) (In.ch schedule) 5 Guaranteed payments to partner . . . . . . . . . . 8 Net gain (loss) under 58Cl/on '23' (olher than due 10 casualty or theft) 7 Other Income 011 Iffach schedule . . . . , . . . 8 Charttabll eonlribuUonl (..... Inatructlons) (Ifflch schIdulf) . o SectIon 179 expense deduction. . . . . . . . . 10 DldueUonl ralllld 10 portfolle Incom. (lltIch schedu/l) . 11 Other daducllona Ifflch schedulll, . , UIl "8 ~~ hi 'to.. ~:s '21 b Int8t'8lt expen.e on Investment debts. . . . . . . . (1) InVlll!menllnccrn./ncludad on linea 48, 4b, 4c, and 4f above Invlllm.." I .. Includad on line '0 above Credit for Income tax withheld . . . . . . . . . . . Low-lncoml housing cradlt (1) From HClIon 42(1)(5) pIflnll'lhlps lor proparty placid In service before 1GQO . . . . . . . . . . . . . . (2) Other lIw1 on 8M '3b(') for property placed In servlca before 1090 (3) From llICtIon 420)(5) pIflnll'lhlps for proparty placid In servlco alter 19s9 . . . . . . . . . . . . . . . 131 b t () (41 Other Ihlll on line '3b(3) lor property placed In service alter '9a9 a auallned rahlbUiIIlIon expencllU... ralIlad 10 renl8I real 11IIII actMtJ.. (... Instruction.) . . . . . . . . . . . . d C<IdltI (other than cradlte shewn on llnae '3b and '30) ralalld 10 !'Inial real __ 1lClIvIll.. (III InatnJcllena). . . . I Credits rallied 10 other ranUilllCllvltlla (I" InstrucUons) . . , 14 Other erldlts "" lnelnlctlanl For Psperwor1< R_ Ao1 Ho_, _ Inaf~ for Form loee. 12{13{93 0 1 2 3 , 4a 4b 4c 4d 4a 41 5 8 7 B 0 10 11 121 b' b 131 (d) WllhdraWllII end d1atrlbutiona (oj Capltll ocoount .t .... aI )'Nr (combine collmM (I) Cb) Amo...1 ~ 0;;0 o (0)1040"'" enl., the amount In oclumn Ill) on: } s.. Pannw'1 InIt:tUOUona 'Ot 50-". K.' (Form 1065). Sell. B. Pill I, IIna , Sell. B, Potlll, IIna 5 Sell. E. PII1 I, IIna 4 Sell. 0, IIno 5, 001. (l) or(g) Sell. 0, IIno '3, 001. (~or (g) Etut................,...tItln. } s.. Partner'. lnaltuetiona rOt Schedule K.1 (Form '(65). ra.... Ill..... .. of 'f'OllI' ntIft Sell. A, IIno 13 or '4 Scha;ute t(.1 (Form 10M) 1VG3 lal Dllllrl_ .h.,.ltem 11>1 An..~n\ p...... 2" (0)1040 IIIon ....., the .mo"'lln oolumn IIllon: 8ch, 8E, _ AcrB s.e p,,.,.... InoINlIdonlI tor __ K.\,otm'06I). .' $I 11Sl1 31 b 0 it ,e. b II 0 d :; . 17. J b c C tIl d '21 . If f 181 b ... 8 10 20 21 22 . b 23 g .~ ~ :s i c .. ~ i!. ! 1063.1 N.I IIll1lng. 00") from MIf-arnploymenl. GlOI. fanning or nehlng Incom., GlOI. nonlllll1 Inccrn.. OlpllClldon adju.tmlllt on ptOPIIly placed In .we. .nll' 1088 Adju.tld glln or Iou . Olpl.don (oth., lhan oil and gu) (1) GrcIIlncom. lrom ell, gu, and gacthllll1a1 prcpertIII 121 Oaducllonl aIIOC1bl. 10 011, QU, and gaotlwmll prcpIltIlI Othll' .!m..... and \IX faranc. Itam. Iltlch .chedull to" 0 ( S.. PI1\nIf'I k\atruadonl lot SoIIIduIe K.l (Form llle5J Ind lnl1rucllone lot FomI e.l51. Type of Inccxn. .. ................................................. Form "", ohaok box.. I Form"'8,PIIlI Form '111, Port II Fotm "", Pill III SMIMtructionItorFormt118. } See p.nn.'. NtnJctlona to, Sehodul. K.' (Fotm 1065J. Naml 01 foralgn eountry or U.S. pol....lon.. ................. Tolll groI.lncorn. from IOUI'CII Clu1IIdItha Un"1d Sill.. (Iffsch .chedull) . Tolll eppllClbl. deduction. and IcuII (altlch 1chIdu/e). Tolll lorllgn laxII (check ona): .. l:J Paid 0 AceNed , Rlductlon In W.. evllillllll 'or cradIl (afflch IchIdUI) Othll' loral n tax InlormaUon Illlch schedule 170 17d 17. 17f 17 Tolll expenditures to which. .acUon 50(e) lIacUon may apply Type 01 .xpenclturll .. ........................................... 181 ...................................................................... Fotm ,~, line 8b } See Plrtn.'. NtNctlona to, _" K.l (Fonn '065). Tex_amptlnlaraal Ineom. Othll' w_ernpt Incom.. NondIducllbll axpen_ . Recaptu,. 01 Iow-Incom. houllng creel\: From aoctIon 420)(5) partnll'lhlpl . Othll' than on IInl 221. 22b } Fotm 51,', line 8 Supplamenlll Informatlon raqulnld 10 be reported IIpIlBlIIy 10 aach pII1ner (Ifflch IddltJOflll schldule. " moN IpI<>> I, naaMd): , . . ( .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... .......................................................................................................................................... c .......................................................................................................................................... C!!) --~- Publllhad by TAlC M8I\IOIftlIIlI1no.,. Sloboldl4o'Y 01 'IllI1lutISU 01 NltIOnII Aftalrs, Inc. '02 12/13/93 . . '.'. '.' . . PllQ. 2 KJ:. Davlcl C. AalIdln Bueel on IIl'f 1D.p.cdon of tba p~oper1:Y ancllll'f analyd. of I:M aw:1c8t:, I ..t:1JIlat:. !:h. C:W:~l8D~ aw:1cet: v.lu. of 1:11. BS. 79 ac~. I:~aat:, .. of SIpt:amba' 9, 1993, t:o bel \I~~~ JOUIl s:ar"ewII 'J;II.WL6X 1.BJUaaIID DfWy..a. . . . $430,000 . . . . . .. . . . Pl.... not:. I:hat: t:M. value i. baleel on an .11:1JIlat:eel I:rect: a1&.. If. lunaY clllcova~a t:b. t:~aat: 1:0 be aw.al:ant:l.11y dUfer.nt: 1D 11:&., an aclju_nt: 111 IIl'f value conalualon uy be nK.laery. If you b.'" aDY qulat:ionl ~l9uclJ.J19 I:bl. aPPJ:allll pl.... t:o not: be.it:at:. 1:0 cIll os: _il:.. 72fU;rJ~' ~~... - PI. caa:t:Uieel-al aaal ..t:.t:a APPJ:daet: cart:ifJ.c.t:lcD ~00022-L I . . . " ,I . I . .,. - .. . . . . . . . . . . . . I I I. I I I - , IS IlDre 'b:aat:, G 1t:.baa l1Dad sept:-.:, 1993 PIq'I 2 of 43 allJOllUlr or IIALUIft rJlCTlI . P~opecty Loaa~lonl Qran~h.. Ro.d HolU'o. 'rown.hlp, CIIIIlberland coun~y, PA Tax HaP pacc.ll 122_12_0352-002 owna~ of ReCo~dl B. a. a.nolc., corpo~a~Lon, Tru'~" 1..'1 Deed Il8f.~.nc.1 Deed BoOk B-26, P.;. SIS LcI~ 81..1 15.79 acr.. (Per COUD~y 1\8...ament Offlc.1 Isp.i;w4 I ..t:8. VlCan~ land p.r.on.l PropactYI non.. VIC&D~ land. 10nin;1 A9ricul~W:. (AI, wlth 3 +/- .cn. a" ~h. nos:thea.~ coma~ soiled ('_rclal (el_ 0~1l1"1'.1 no publlc .....r. PUblLo .a~.r, ;.., .1ec:t~lc, ~.l.phane and cabl. U. a"a11abl.. I'lood1ll91 narrow ."rip .10119 l:be f.llow Br~. cnek Bl;h.'~ and Ba.~ 0..1 Aqrlcul"w:al u... Ileal Bllt:a~. 1\8...-"1 $7,810 Ileal B'''a~. TaxI $1,062.16 Value B."1ma~..1 PUrPO..1 IlU'ka~ Value In"lI1"'~1 ,.. a1Jllpl. Dat. of RepOctl Septamb.~ 20, 1993 Dat. of IDllpect:Lonl s.ptember 9, 1993 Dat. of Valua"lcnl s.ptembe~ 9, 1993 lIe.-onable KaJ:Ut:1A; '1'imel Su ~o "_1'" IIlOn"ha co." A~lChl Mo~ Applicabl. Sal.. comparlaan Approacbl $430,000 Inc~ Approacbl Mot: Applicabl. caaol...i.olu $430,000 JOSBPH HcGRAlf . Al1JlraUer. - CaaaaltaDt:a 302 HaJ:Ut: St:a'Mt:, r yae, PA ~ PlI98 22 of 43 85 lID" TrICl:, Granthaa Road Sept~, 1993 . . . . . .. , , . . . , I . . I I . I AIlD AIID DI~ DUCRIPTIOII (cont.'dl Th. Town. hip ha. bean d.aling wit.h aawag. problema for t.he p..t. 20 y.ar., ainc. ie failed a DKR .....ament.. Th. co.t. of inat.alling public utilit.i.. he. det.rred t.ownahip official.. New conatruct.ion in t.h. t.own.hip baa been hind.red by t.he l.ck of public utiliei... Accordinq t.o a .urvey by t.h. cumberland count.y Planninq COIIIIIi..ion, t.ot.l new chMllinq unit. o....r the pa.t. .iIe yean _n a. follow., and av.raqed 21 per year. :au: !ZIlU.I. 1987 0 1988 36 1989 27 1990 19 1991 18 1992 26 nIORBORHOOD Th. .it.. 18 1laediat..ly ....t of \lO.eqarden, . .inql...faaUy, datached d.-lopment with bOlM. in the $110,000 ranqtl, conatruct.ed fJ:Olll 1975 t.o 1985. It 18 in Opper All.n Town.bip, aDd aerted by public w.tH" aDd a_r. T!l.e .ubjact: .it. i. in HolU"oe Town.hip, aDd cannot connact: t.o the a_r .y.tllD. (~not..d aI)ov., t.h.r. are no public utilitJA. in Hoau:oe Town.hip). TO t.he ....t of the .it., and acro.. Granthaa Road ar. laDd. of AIIhcOlllbe rUlll aDd Gr..Dhou.... Aahcombe had .ougbt in 1991 for town. hip apprnval of a 1,324-unie planned r..id.nt.ial dev.lopment on nearly 480 acr... Th. plan w.. t.o includ. a 150-acr. golf cour.. aDd 41 acn. of c.-..:ci.l land. Ho.t of the ar.., .. ...11 .. moat of the .ubject. .it., 18 zoned Aqricultural. Att.r probl_ in obt.ininq .pprov.l., tb. developer. lOught to cr.at.. t.h.ir own t.own. T!l.e court rec.nt.ly d.nied thb .ffort, aDd the ...t.t.r 11 .t.ill bainq appaaled. The AahcClllb !lur..1:)' i. loc.t.ed .5 IIlil.. ....t of the .ita, at th. juact:ion wit.h "illilllll Grov. Road. Adjacent. t.o t.bi. large c~l'Cial cOlllplu - wh!.cb occupi.. bot.h .ide. of ounthaa \lOad - 11 a nigbt club, known AI country Sid. Inn. JOSEPH McGRAW . 1ll'pru..ra - CGIwultanca . 302 JlaJ:Jrat st:reet:, x.->yne, PA . . . . . . 85 lie.,. Tract, Ora ... Iload Sept~, 1993 paqe 24 of 43 SID &IIIl DIPJIIlJVIDIIDl DIIJICRIPTIC* (COne'd) Th. und.r1yinq qeoloqy i. difficult to d.t.rmine from DIR IIlIP'. It .ppear. to ba charact.ri:l:ed by lIaIIlburq Sequ.nc. roclul with .CllIle Ilbroole rormation. The lIaIIlburq Sequ.nc. conaiat. of trll1lported roclcll of the Hllllburq ov.rtbru.t, includinq ahall, .and.ton. and 11lM.tol1ll. rOllnd&tion Dca.,.tion .hould ba IIlId. to IOW\d IIlIt.ri.l, and in....tiq.tion for .inkhol.. i. rea -~~~. The Ilbroole fo~tion i. charact.rbed by fin.ly laminated .Uicaou. lime.ton., with int.rbed. of dolomut.. It i. mod.rat.ly r..i.tant to we.therinq. &xca.,ation i. difficult, and bedrocle pinnael.. are . Iplaial problem. Thi. formation i. .lao ,u,clptibl. to lime.ton. .1nIchol... On the 3 +/- acr' .ection at the north...t comlr of tb. tract, which i. currently zoned COaaercial (e), th.r. i. no indic.tion that a aucc..aful percolation and probable t..t b.. bean caapl.ted. Th. predominant aoil type i. Hwnt1nqton Silt Loaa, o to 5 perc.nt &lope.. Thia ia . n.arly 1....1 and qently &lopinq, well drained .0U in dr.iDaqe wey. and Kar.t lime.tol1ll "alley.. Durinq haa.". rainfall, lIUJ:fac. run-off frca upland IOU. can cau.. oocuional t~rarr Uoodinq. The IOU baa limitation. for many nonfara ua.. becau.. of tha baaard of fl"""lnq. OJ:OWld w.ter can be contllllinated tbrollqh .olution channela and bedrocle caorera. if the .oil i. u.ed for on-lit. Wilt. cUapo.al. S1nIchol.. are . potlUltia1. buud to bulldinq. and road.. Dr.in.q.. lIo.t of the tract appeara to dr.in to tb. _.t with the r.ar portion ctr.ininq in . aOllth.rly direction to the Y.llow Breech.. Creele. Th.r. i. an indication frOlll the qaoloqic.l .w:vey, tbet tbar. i. additional ctr.in.q. .lonq the front portion of the property from adj.c.nt lancl.. Ace... Q Vi.ibility. The tract be. mora depth than front.q. by a ratio of around 1.6.1. Pri=arily 100.1 traffic trav.r... on Orantluua Road, which bIua an a...r.q. daUy traffic count of about 2,156 v.hicl... InviroEDeDtal Huard.. KOI1ll known. Th.r. ia no oboriOll. .vid.nc. of any. Ito Pha.. I audit ba. bean IIIIde to the baat knowledq. of the .ppr.1aer. oeoloqy (COnt'd). . . 1t 4 . . I . . Wetland.. . . . JOSEPH HcGRAN AppraUez"II - CODIIIle...c. 302 IIIrIcet Se.r..t, ~, PA . Ito obviou. wetland. noted by the .ppr.ia.r, DC.pt .t the IZtrame edq. alonq the Y.llow Breecb.. creele. Th. .ppraiaar, howeor.r, ia not an expert in the.. IIlItt.r.. Oiv.n the aoil cbar.ctarhtic., . .tudy abould ba mad. by a qualified .xpert in _tland.. BII a.=e '1'ract, Ora. JUIII Road 1Iepl:.-beJ:. 1993 PaIJII 211 of 43 . . . . . I I . . . . . . . . I I . . . SID AIID IJIPIlQVDDft' DII8CIlIPTIOIl (Cont'dl 10n1ne;' Th. tract i. primarily zoned Aqricultural Diatrict: (AI. Tbi. d.l.atrict: ~rm.l.t. .1ne;l_family cWtacbed ~ll1ng', churcb.. aDd .~l&r plac.a of war.bip, ..t.rinarY clinic" aDd aqricultural o~r.tion., iDcludine; f~9, nur..ri.., .al. of aqricultural produC1:', fUlll aquipal8nt .al... Tha lIliniJDua lot .1&. i. BO,OOO .quu. fMt 11.B4 acraal. AD approld_t.ly 3 acr. .action at tlw extr_ norl:b...t cornu of tb. tract, witb Ibout 570 f..t of frontac;. on or...tb.... Ro.d, i. "oned c), -....:i.l D.l.atdct: (e). Tb.l.a cl...ification ~rm.l.t. .....t r.tail u..., on a minimum lot .i". of 40,000 aquu. fMt. 'or a fw:tll8r di.......ion of tll8 "onin9, a.. tb. Bigb..t and Ba.t 0.. ADaly.i.. Oti11till. NO public ._r .I.a available to the ait. - thougb tlw adjacent .,.".lopacl HCtion of Ila.a;udan Villaq. (in oppar Alll8D Town.bip) .I.a aaned by publio a_. PIlb11c watu would ba by C8Dtral 5q\lu. Wat.r company (ownad by a partnu of Ro.a;udaD Joint v.ntural. oen: e;.. WOIJld avai.labl., a. _11 .. Kat:I:OpolitaD 1d.\..0D Blactdc, t.lephone aDd cable. B..~t.. 20 foot wida rigbt-of-way .1009 the proparl:y occupied by Or...tballl Road. ..._nt. of record. front of the ADd c1raiDaq. I'loo<line;. _ land alone; tb. ~ .000tharn ad98 adjac.nt to tll8 coDOCloc;lll1nat cr..k .I.a witbin tb. 100 yau floo<l plaiD. Du. to tll8 .t_pne.' of tbll bank, tb.l.a ar.a appaar. to ba contaiDad witbin a n.a.a:row widtb alone; tbll cr..k. BUD I'IA I'load In.uranc. Rat. HIp, eommunity panal '420364-00111-8, .ffacti.. data December 4, 1979. I'IInationaJ, AdaqI1acy. TblI tract .I.a of .uffici.nt .i". and topoc;rapby to acc~ data moat u.... S_ Bigb..t and Ba.t Oa. for a mora d.tailad diacu..ioD. JOSBPH HcGRAW JIfIpr-U1ra - CcDalIlUdea 302 Jlarkat: 8trM1:, t-.%..., PA I I I I I I I I . . . . . I . . I I 85 AD"- Tract. GrIDthaa I\OId sapt:-'-~. 1993 1'aqe 32 of 43 BIllBUT AIID D8T liD Blql1..t and ba.t u.. 18 ~f1n1d ill RI.l s.tat. AppraJ..al T.no1nolO9Y, publl.111d by tl1. American In.titut. of RIal s.tat. Appr.l..r. ancS tba 8oci.ty of RIal B.tat. Apprai...,.. aa follow.. The llIC.t profitable l.lkaly u.. to wl11cl1 the property can ba put. Tb. opinion of .ucb u.. may ba baaed on tb. biqh..t ancS moat profltabl. cont1nuou. u.. for wbicb th. property i. ldapted aneS need'" or l.lkaly to be in eS.uneS in the rea.ona!>ly a.ar futur.. _...r. .lament. afflCt:1oq value which cSepIncS on ....at. or . combinatioa of occurreno.. which _ wbU. within tba realm of poaaJ,l)iUty - ar. not: fairly .hown to be r...ona!>ly probabl., .houleS ba escluded from eon.ieS.ration. Al'o, if tb. int.nded u.. i. eS.pen~nt oa an uncertain act of anoth.r per.on. the int.ntioa cannet b. con.ieS.red. Biqh..t and b..t u.. i. coa.ieS.rld a. that u.. of the lancS which may r.a.onably b. expect:ed to produc. tb. blqb..t ancS be.t r.turn to tba land, ever a qlv.n period of tiIM. Bigh..t aneS ba.t u.. i. that 189&1. u.. whloh will yi.leS to the lancS tba hiqb..t pr...at valu.. It i. ..-time. r.f.rr.cS to a. .optimulll u.... 1. The u.. w.t be laval. 2. The u.. w.t be probable ancS not: .peculatl.... or coajlCt:ural. 3. ThaJ:- an.a.t be . d-."~ far a\lcb u... 4. Tb8 u.. w.t be profitabl.. 5. The u.. w.t be .ucb to raturn to laneS the tu.qheat 118I: return. 6. Tbe u.. w.t be .ucb to ~Uvar the return for tba l0D98at periocl of time. b vacant Tb. hlqb..t aneS be.t u.. of lancS .. thougl1 vacIDt ...ume. t:bat tba .ita 18 . vacant or can b. mad8 vacant by c1aIIlOU.b1oq tb8 esi.tinq J.mp..ow -lIt.. The qu..tion. to be an_r.cS ill ttu.. analy.i. ar.. If the laneS i., or were, "ecant, ..t, lf wbat u.. .bouleS be mad8 of lt7 What type of bul1eSiIlq or other imp~~. any. .houleS be coa.tructed oa tb. land ancs wbOla7 (1) Lea.l1v 1'.rm18.ihl. _ The majority of tb. .it. 18 zoaecl Aq1:i.cultw:al. 'rhLa ola..Uieation perm1t. .1oql_tlllllily eSetacbed clwel1inq' ancs aqricul eur&1. oper.tion.. Tb. latt.r inelu~. crop tlrllliD9. aUk proc...inq ancS IDimal boU.1oq. It: al.o perm1ta "iIleyucSa, orcbareS.. nUZ'..,:i.. ancS ..1. of horticultural or aqricultw:al procSuct.. The II9ricultur.l zone pllra.1.t. v.t..,inarY clinic.. fl%ll equlpMnt war.bou... ancS ..1... .. ...11 .. II9ricultural-r.lated activit i.. tied dirlCt:ly to .tor.q., proc...iIlq. production, IDd cth.r eoaDlrcial farm operation. JOSEPH McGRAW JlppraJAer. - c.......ltaJ2l:. 302 HarDt: l!r.reet:. r.->yDe. 1'10 I 811 Acre Tract, ar...thaa IlDId Sept.-..r, 1993 Paqa 33 of 43 I ; I I I . . I I . . . . . . . . . . maBUT go IIU'f OlD lCOnt'dl u.1n; crop aDd/or 11v..took by-product. ...d/or farm implement.. Th. .;r1cultural zona ~r:mJ.t. cburch.. and .1aJ.lar pl.c.. of wonbJ.p. Th. pri.nc1pl. fandDq operation on ..b1cb tb8 farm marUt 1. !1ropo.-.1 (.. a .pec1al u.al mu.t b. .t l...t 20 acra.. The ~I..I_.~ lot .1z. far .11 other u... 1. 80,000 .quar. fHt: (DO raduct:1ona ara ;1v.n for .val1ab111ty of w.t.r and ....n facLl1t1..I. Th. north.a.t.rn lIIO.t 3"/- ac~. 1. zoned COoaIDarc1.1. TbJ.. cl...1f1cat1on ~r:mJ.t. .tor.. aDd paraenal ..rv1ca .bop., off1c.., and r..taurant.. Th. .,1ni.mual lot .b. 1. 40,000 .quar. f_t. lIhan an lot ._r and w.t.r fac111t1.. are to be ut111aed, tb8 mJ..ni.mual lot .1a. IIIIY be i.ncr...-.1 by thl town.b1p 1n accordanC. ..1th raquJ..r_t. of tho Department of .nvJ..ro.....ntal Jllaourca. (DO) for factor. r.lat1D9 to b8altb ...d ....1tat1on. TbaJ:. do not: .ppear to be any apac1a.l dead r..tr1ct:1on. furtbaJ: ~nt1n; ...y .pecU1c u.... A .ubcUv1l10n plan for l:ba tract .... .~ by townab1p al!l!lc1a.l. 10 1976. Th. pl... called for 160 '1D91_fam11y ra.1dant1al lat. aDd a 3 acr. c0lllllllRCl1l1 tract, The pl... va. .b81vad 10 1984 att.r the Sl:ato told davalaper. that 11I01'. t..t1nq WIUD noodad for an-lot .apl:1c tanka. Tb8 1976 plan. have expired, and the town.h1p aonlo; arcU.nlUlCa w.. J:OV1Iad 1n 1988. tlnd.r tb. 1'..,11-.1 ar.!I....."., tba .1t. w.. aon-.1 AqJ:J.cultural, wbJ.cb praclud.. tb8 plan .. .pprav..s, wb1cb call-.1 for 11S,000 .quare foot lot., Tb.. Aqr1cultural ZOllO raquJ..r.. a m1n1Jllwa of 80,000 .quare foot 101:.. TO compl1cat. IIIItt.r. furt:har, a DIW comprahan.1v. plan far tb8 town.h1p 1. curr.ntly bllo; prepared. Tb8 plan b.. rac.1ved plannin; c:oaa.I...1on .pprov.l, and 11 curr.ntly acbeduled to be pr...nt-.1 to tba c:oaa.I...1on.r.. one 11I01" public haar1nq will pare.1va approval by tb. c:oaa.I...1on.r.. A 11II:101' ob:l1lO1:1v. of tb8 nlll COIIpraban.1v. Pl_ i. tha JOSBPH HcGRAN . Al>9raJAara - Conaultane. 302 1IIrat: 8~, T .I'''' PA . . . I I . I I I I I I I I I I I I I 85 lIere Tr&et, CrllDthaa ReId s.pt:-.:, 1993 P_ 34 of 43 BICBIlST AIID UIlT OU (COnt'd) intent 11 to prellrve prim. flU:lll land, and the aubjact: trlct: 11 idlntifild in the plllD docllllleQtl II prime flU:lll land. l\ccordin; to thl Plan, the commercill arll at tbe nort:blllt cornlr would be chan;ed to Aqriculturll, and the currlnt Aqricultural-&oned arl" would remain the ..-. Pollowin; 11 a aUDD&ry of the braaJcdown of 1S1Itin; and &oned land ulel in the Town.bip. Lam) aD a"T~'PI~ bhtinq Zonin; Hap 1989 Land Oae Perc.nt ~ 1950 135 30 135 14,907 Percent: &aD 4440 55 90 o 12,557 R11lidential COIIIDIIrcill Li;ht Induatrill Inatitutional Agricultural (and Ri;btl-of-Way) Source. CCIIlprlhenliva Plan update for Monroe Townlbip (drift). 25.9' 0.4' O.St o 73.2t 1l.35t 0.8' O.ln o.n 85.n In "WIlIIl&rY, it would appear t:hat thl intent of the pllUlllin; cOlDillion of Monroe Townlhip, il to continue the eqricultural char&etar of the town. hip ag;r,,"ively. It thil ccxaprabanliva plan 11 Idopced by the town. hip ccmaillionarl, it would Ippear thet the ChanCI. of obtaining a &oninq for the aubjact trlct chan;e would be grlltly diminiahed. In addition, it would appear that the commercill aria would be eliminlted, In AUguR of 1991, Plul Shearer approached the townlhip pllUlllin; c....J...ion rll9arding tM prapoaed plan for the lubjact: litl. 11II WI. looking for an ISclption to the ordinance and allcad for advice on how to procaad. l\ccordi.ng to a DaWlIp&par article, a cDlllllillion lDIIIlbar il quoted al laying "you know whet the probl_ il. 1I0u know whet baa to be done. Onll.1 public I_r ccma. in, you won't glt Ipproval for that lot lizl". The lame cDllllliaaionlr noted thlt if the adjlclnt Aahcomba PlU:lII litl il re&oned, thet the ChanCI. of rlzoning the Raaaqardln lit. JOSBPH McGRAW Apprlliaerll - Cmll.ult:.anCII 302 Market: Street:, x-ryu., PA -----.- - -_..,~.~ .. 8S Ilcz'e Tr&Ct, aranthaa II.oId sept-.:, 1993 PIl)e 3S of 43 I I . I . . . . . . . . . . . I I I . BIc:asT AIID U8T UD (ConC'd) would be .nhanced. Th. plannin; cllllllll1..ion ill Jun. of 1991 Ipp.eO..ct AlhcClllb Product Incorpo...ted of York'. ..equ..t to ...xon. 389 acr.. of land .0 chat it could lat.r p..opo.. a 1,324 unit planned ....idantial cIIftlopalllnt. TII. nxonin9 wu tl'Ola Aqricult\lnl to Re.idaDtial/Urban. plana tor tb. da....lopalllnt, howrftr, did not obtain tOWlUlbip app.eaval, and the daY.loper. .ubuequantly attllllp1:ad to cnat. . .apuat. lllUDic1pal1ty. The court. ..ecantly J:'U1acl that IUcll a _ wu contr~ to cw:nnt .Cat. law.. It 11 my WIcl.ntancu'n9 that tll1l nlin9 11 CUJ:r.ncly und.r .ppeal. The coaclu.1on that I draw tJ:Olll thi. ia tllat a pot.ntial buyer ot tll. .ubjact: tract: WOI.\ld be unabl. to a.caz:ta1A wbatll.r a xon1n9 cllan... 11 po..ibl. peDcl1D9 concluaion ot tllll AIIbcamba rlJ:lll debat.. lfitllouC the Aabcambe rUlll cWnlOpalllDt, it WOI.\ld be tinancially int.uihl. to pl'OYida public ._ to tha .it., and h19l1ly unlJJca1y that a &OniDq chaDq. could be obtainacl. In conclu.ion, it WOI.\ld .ppaaz that tha laqally parmi..ibl. u... WOI.\ld be lilll1ted to tho.. parmittad undar Aqricultw:al Oiatdct. (2) phvaicallv Po..ibl. - fb. lot maaaur.. 1,57S +1- taat by .pproximAt.ly 2,SOO teat, and IIu an u.a ot approxiJDat.ly 8S.8 acra.. filii xoniJiq ord1nan". ..equir.. a minimum lot .ix. ot at l...t 40,000 aquare taat, and a minilllwD tJ:Ontaq. ot .100 teat 10 t:IIa Aqricultw:al 01ltdct and 130 tHt in tha,.. -'"<:1&1 01ltdct. Any p.ecpo.ad bullc1in9 i. U.1tacl by tha tollowin9 xon1nq ....trict1on.. Aaricult:ural "'l"lIftfI'l.arcial (e) Lot COYa1'I9.' '(b) open Spac.. (C) pukin;. (d) rront Yuch (.) Ucla Y&J:cl. (f) Rea&' Yud. (9) Building B.i;lIt. 30' KIA S.. Appendix 75 tHt 40 teat 7S tMt 35 tHt so, H/A _ Appendix SO teet 30/40 teat . 30/40 teat . 3S teat . TII. cp:aat.r d1ltanc. 11 nquired whln aDuttill9 r..idanc. bound&J:y, JOSEPH IfI:GRAN . Appr.u..u:a - C=-lC&aCII . 302 Kaa:k8t Straat, T ~.., PA - trir, J 85 acr- TraDt, aranthaa JlaId s.y--'-'<', 1993 PI9'I 36 of 43 I . . . . . . . . . . . . . . . . . maaft IIIID am: Od (cone'dl strict adhU.nc. to tba.. r..eriction. would appear to perait lIO.e u... liated u 189ally perai..ibl.. ae"i...inIJ tl1. IJlO1O\Jical cl1aract.ri.tic. of tl1. .it. u d.acrlbad in tl1. sit. c..cript:ion, it would appear tl1at tl1. .it. III&Y not: be auitabl. for on-lit. _11 and ..pt:ic. TI1. are. "Mcl1 i. zoned. c:ca-rcial appou' to be particularly uneuitabl. for con.truction. Tb. appr.iaar i. not an upert: in IJI010lfY and .nIJineerinIJ, and w.t tbar.for. rely on ,,'ailabl. public.tion.. The .pprailU i. una"ar. of any particular .tudi.' III&d. by tba dIY.loper. r89ardillq tb. 9*'10lfY or capacity of t:ba traDt for d.....lopment. onl... otb.rvi" infoJ:1Md, ltl'f conclu.ion f~ t:ba aba.... information ia that tb8 r..idaDtial and cClDll8rcial u... of tba .it. would be qu.lI1:ionabl. at ba.t. It would appear t:barefore t:bat t:ba r-.'"h'IJ u... would be aqriculeural in natur.. A .tudy by an expert: in tbi. fi.ld i. ,ulJIJ8.ted. if t:bar. are any ..riou' plana for daftlo~nt in t:ba nur future. (31 rinanciallv r...ible - Of tb8 aba.... u..., tbat are 189ally permJ...ibl. and pby.ically pc..ibl., "l1icl1 are expected. to produc' · po.iti". r.eurn7 Tba lit. doe' not appear to be .uitabl' for commerci.l or .inlJl..f~lY re.identi.l d.....lOpDInt IJi".n tl1. probl... "it:b ....aIJ. tr.._t. "'Jain, t:ba appr.iI.r i. not: an upec1: in tl1... III&teer., and it ia anticipaellld thae any pot:aneial buy.r would l1a'" expert: anaJ,y.i. pedoJ:1Md prior to entarinIJ into any aqr_nt.. por purpollll of t:Id. .pprai.al, 1 would conclude that tb8 only f.a.ibl. u... for tba .it. are 'IJricultural in natur.. (41 Hu:'....llv producti.... IBiah..t. ADSl ~ !l.-l - Of tl1. above f.uibl. u..., "l1icl1 i. t:ba .....t profitabl., and would r.pr...nt th. biIJh..t and ba." u.. for tb8 .it. u "acIDt7 Prom th. &boY' analy.i., it would .ppear tha" tba Bigh..t and Ba.t 0.. for tl1. .it. i. for continued u.. .. . farm, until public wat.r and ._r are III&d. .".Uabl. to tl1. .it. on . financially f.uibl. b..i.. . , JOSBPH HcGRAW . AppraJAarl - CQl1lUlta.ctl 302 1I&rUt: St:reet:, ~, PA .. . 85 Acr8 Tract, QraDtuaa P.Dad sept.-ber, 1993 paqe 37 Df 43 I I I I I I I I I I I . . I . . . . I V&I.ID.%I~ bo. __'W~ In r.al ..tat. .pprai.1.I1q, tMr. are tbr_ recaqDizeel .pproacb.. to valu.. 22AI APPROACH - Thi. ill b..eeI on tM prDpo.ition tbat th. 1Df01'lMCl purcba..r would pay DO ....r. than tM coat of produc1Dq . .ub.titut. propart:y wiell tM ._ ut:l.lity .. tb. aubjac1: property. It ill particularly .pplicabl. wben tM property ba1.l1q .pprailleel 1.11'1'01.... ralati...ly DeW improvement. whicb r'pr.a.nt tb. hiqh..t aDd ba.t u.. of th. land, or wMn r.l.ti...ly uDiqu. or .paci.lizeel 1lIlpr......nt. are lceateel on tM .it. and for whicb eIl.r. axi.t. DO comparabl. prDperti.. on tbl 1IIIr1ult:. S1.I1c. t:ha .it. i. cw:r.ntly vacaDt, and DO davalopDlDt pl.... ba... bean approved, t:ha CO.t Approach ill not: lDcludad 1.11 the report. SALBS COHPARISOK APPROACH - Thi. ill t:ha IllOlI1: direct: approach tD propart:y valuation. It 1.11'1'01.... t:ha comparillon of tbl propart:}' with ot:har d.al11ar proparti.. which ba... .old and for whJ.cb tblra ill . dollar C011IIiclarat1.l1n. Th. r.liability of thi. approach i. dependant upon (.) t:ha ava.11ability of comparabl. aal.. data, (bl tM verific.tion of tbat data, (0) t:ha daqraa of comparability or axt:.nt of adju._nt nac...ary for tJ..a differenc.., and (d) th. ab..ne. of non-typical condition. affect:1.I1q tM .al.. pric.. IKCOMB APPROACH _ Thi. techniqu. conv.rt. axpact:eeI I "- from t:ha property ever tbl bolcS1.1lq period of th. 1.I1....t:maDt 1.I1to a value ..tlmlt.. Anticipated future 1DcClllll and/or r....nion (ra.al.) are dilloOUDteel to a pra..n,. wortb throuqh tbl c.pitalization proc.... TbI IDCOIDa Approacb i. ma.t .pplicabl. wh.n v.lu1.l1q 1Dccma-produc1Dq properti... Sine. the .it. i. currently vacaDt, and no d....loplllnt plaD' ba... baen approveel, th. IncOlDa Approach i. not 1.I1cludad 1.11 tbl report. JOSEPH HcGRAJf ApprailJarll - ConaulUJIe. 302 llarlult: su-t:, r %aA, PA '" CA PITA t 4. All equipment. auppllaa .nd racl1ltleo neooosa~7 fo~ conduotinR s.id bualn,"o not laaa.d f~om any thl~d P.~t7 o~ partila, ah.ll ba p~oYldod by the p.~tna~s, ~t an oqual expono. to both. All of aald cont~\b\1t10ns. tOllethe.. with ell suoh"e 'n"..lbutlons &I IllIY bl ....d. f~om time to tlme 1n the ruture by .ny partn.~, ah.ll conatltut. tho c.pital or the pI~tn.~ahip. s. An lndivldu.l oapltll aooount ah.ll b. malntalned ro.. e.cb partn.... whlob caplt.l .ooount ahall ~erl.ct all c.pit.l oont..lbution. M.da ln .ocordanoa witb the p~ovl.ion. ot Pa"'Il~apb 4. he..elnabovo. 6. Exo.pt to.. tbe unanlmoua all~"lII8nt or tb. partn..... or upon dieaolution. the oapltal contrlbutlon. ot the pa~tn...a .ball not bl subjoot to witbd..aw.l. #. rnur.LJ,;) ANIJ I.fO,;)'::'~ 7. All p~otito. lla1n. and 1no~.a... a. .hall ari.. b7 r.aoon ot the lald jolnt bUlln... .hall b. eq~lly and p..opo..tionat.17 divld.d b.tw..n the partn..... aba..a and ah.... allk.. and all 10.... tb.t ah.ll h.pp.n ln aald bUlln.... by re.lon of b.d debt., b.d oommodltle., 0" otb.rwlaa, ahall be 'p.ld and bo~na equ.lly b7 tb. pa..tnl~.. 8. An lndiYldu.l inoolll8 Iccount ahall be Maintaln.d to.. each p...tnar. Profit. and Lo..ea ah.ll b. o...dlt.d 0.. d.bited to the indivldu.l in COM' .ocount. a. .oon .. practlcabll .tt.r the 010.. ot .Iob rlooal 1ear. 9. It thaI" b. no balanc. 1n tb. indlvldual lncome .ooount., n.t 10Ia.. ahall b. debited to the lndivldual oapit.l .ooount.. It the c.plt.l .ooount ot tbe p...tn... .hall bay. b..n d.pllt.d by the dobiting or loaaeo Und... th1. p.r'Il...ph. fUture p~orit. at tbat partne.. oh.ll -2- .,....., .... " not be crad1ted to hls Income aocount unt11 the depletlon Ihall havI been made good, but ahall be eradlted to hls oapltal acoount. Attlr suoh deplst10n ln suoh capltal aooount shall havI bl.n madl good, h1. shara ot the protlt. thlreatter Ihall be ored1tld to hla lncc=a AOCOunt. MAIIAOEJolEN't 10. Both partnere ehall devote the1r tull t1me, aa near a. r.alonabl, poeslble, to ea1d bus1ness and shall have an aqual volel ln the m4nagemant and conduot ot the sl1d partnlrsh1p bua1ne.a 11. Tha partnersh1p shall ma1nta1n a bank aooount or acoounta 1n aueh banks as mal be agreed upon b1 the partnera, Ind all obi ok a shall be 1saued or drawn on sa1d aocounts tor partnarsh1p purpolea on11. 12. Ne1ther partner MAl wlthout thl conaent ot the other partner I --- A. Borrow mon'l ln tha tl~ name tor t1rm purpoaaa or ut111ze oollatlral owned bl the partnlrahlp aa alour1tl tor auoh loana, B. Tranater, ase1gn, pladge, comprom1ee or releaaa anl ot the 01a1ma ot or debts dUI the partnerah1p except upon paJment 1n tull, or arb1tratl or coneent to the arbltrat10n ot an1 ot thl d1aputea or oontrovere1es ot tha.partnersh1p, C. Maka, eXlcut. or de11ver In1 aaa1gnment tor thl b.nlt1t ot cred1tora or an1 bond, contasslon ot Judgment, chattll mortgagl, died, guarantes, 1ndamn1t1 bond, suret1 bond, or contraot to sell or contraot ot sall at all or substant1al11 allot tha proplrtl ot thl partnersh1Pl D. .L.~~ .or, ~ort8a~e an; p~;,tnerehlJ1 propert1 or anl 1nterest there1n or enter lnto In1 contraots tor anl euch purpoeea, E. Pladgl or hypothaoate or 1n anl mannar tranatlr hla lntereet 1n the partnlrahlp, except to the othlr partnar to th1a Agreamentl P. BIOODlI a eurat" guarantor, or aooolDOdat1on part1 to an1 obligat1on. . DISSOL\J'I'ION BY RETtREHEH'l', DEATH OR ADJUDICATION OF MENTAL INCOMPETENCY -300 . ~ ""oJ .... 13. Either partner may retire from the partnerahip upon ni?ety (90) daya prior notioa to tha oth.r partner, If the other partner 'gr... to eueh r.tir.m.nt. 14. R.tir.mlnt, d..th or Ildjul'f..~tt~n -r mlnt.l In.omp.tc.noy of a p.rtner ah.ll work an lmmadl.to dlsaol~~ion of tho partn.rlhlp, .ubj.ot, how.ver, to tha provisiona h.rain.rtar sat forth. lS. In the .v.nt of death or in..nity ot .ithar ot the partn.rs during the tlrm ot thl partn.rahip, thl plrtnlrship ah.ll not ba d..med to b. dlssolvad th.r.by, but the .dmlnlltr.tor., .Xloutora, gu.rdlans and trust..a ot auch partnar sh.ll h.v. the right, privll.g. .nd option to illlm.diataly suceead to tha intlra.t ot e.ld d.oe..ed or in..nl partnerl It the said .dminiatrators, ex.outora, gu.rdlans or truateea ah.ll so .l.ct, thay sh.ll, give wrlttln notlo. to tba a\11'v1ving partnlr, .o~ such intent~.!!.!...!.i.th1n I1xtr \.60) d'YI If_te.!:,..tQp__ date of d..th, 01' .ttlr th.ir ,ppointlllQnt a. gu.rdi.n or tru.t.. ot any suoh inaan. and/or inoolllp.~.nt partn.r by . CO\11't h.ving prop.r j\11'ia- diotton ot tho mattar, and th.reatter they .hall Itand in the pla.e and staid ot the p~rtnlr thlY r.preaent in raapaot to hia Ihara ln and to the protlts ln said busin..a durlng the rellllindlr of the tarm ot the partnership, and tho s.ld administrator., eXloutora, guardiana or trustaes, la the o.s. may b., sh.ll be .ubj.ot to thl aame duti.. and liabilitia. I. tho deoeasad or in. an. partn.r would havs pOI.a...d .nd would h.v. ba.n aubje.t to but tor .u.h d.lth or In..nity, except, howaver, that lmmldi.t.ly upon the da.th ot suoh partnlr 01' hla Idjudl.ation a. an In.oIllP.tant by a Court ot prop.r juriediotlon, tho .' -.. . r.m.ining p.rtner sh.ll frolll s.i4 d.te on,' h.v. tba full, completa and sol. ri!bt and r.apon.ibillty ot managins the partn.rahip bu.lnls., no sueh man~garlal rlghtl .h.ll ve.t in the a~niatratora, .x.cutora, guardi.nl,or trultll' at .uoh d......d or inaan. p.rtn.r. In thl .v.nt the .dmlnistratora, .x..utors, gu.rdlanl and/or trult.e. ot . d......d 01' tnsan. partr..r .loot to dtacontlnu. thl -~- " operatton or the partnershIp and not to succead to the Interest of said deceased or tnsane partner, or In the eVlnt of thl retirement Ind/or wtthdrawal of a partnlr from ths ~artnershlp, ths ramelnlng partner shall hava ths rl"ht to oontlnue the buslnees of the partnlrshlp under Ita pralant naml by hlmaelf or In eonjunetlon with any othar perlon or peraona he ,"ay ula<,t, but h. Inftll pay-Lo tho ','etiring partner, or to the legr.l rapreaentatlve of tha decaleed or mantllly inoompltent partner, aa the caal may be, the vIlue of his Intereat In the partnerahip aa provided hlreunder. All euoh payments ehall be mada within two (2) years ot the ettlcttve date ot suoh rettrell18nt, thl data ot dlath ot tha deoeaud partner, or tha adjudication of mental incompatlncl and the appointll18nt of a ~ardian for the incompetent partnlr, a. tha oaaa may bel provided, however, that any paymsnt or paymants not made within sixty (60) days aftor the etteotiva dati ot suoh retirement, or thl data ot dlath ot thl daoeased partner, or the adjudioation ot mantal incompetanol and the appointmsnt ot a guardian for an incompetent partnlr, aa the Clal may be, .hall ro""~va' intarut theuonat-tna. rat.'ot. ia;,enr-n'r per .0ilntWn...... par annum trom and atter auoh dat.. Thl valul ot the interest or a retiring, dlcaaaad or mentally in- competlnt partnlr, aa of the da~ ot diaaolution, sh.ll b. thl sum ot, A. His aapitel acoountl B. Hia income acoountl a. Any aarnld and unpaid salary due himl and O. Hia proportionate share ot aooru.d net profit.. It a net losa has been inourred to tha dlte ot dil.olution, his ahare of auoh loss shall be dlductad. Invlntory for tha purpoaas herein shall be valuad at oo.t or market value,'whichever is lower. Othar ai.etl Itlall bl valuad at book value. No valul for ~ood will or firm nama ahall be inoludld in the cc"putation of a partner's intareat hlreundar. VOLUllTARY DISSOLUTION '16. Unla.. di..olved by retirlment, death or adjudtcation ot mantal inoompetanoy ot a partner, the partn.r.hip .hall oontinu. until di.solved -.. -5- ~"" ..... ~. . br .greement of all partners. Upon anr luoh voluntarr d11.olut10n br agreemlnt, a full and aceurate 1nventorr Ih.ll be prep.red, and the ,""etl, 11ab1l1t1a. and 1noome, both groll and net, Ihall be alolrta1ned; other a..et. of the partnlrlh1p re~1n1ng shall ba uled f1r.t to the oap1tal .ocount. of tha raspeot1va portner. .. ther ~r than b. oon.t1tuted on the book. of tho p.rtn~rlh1p and anr re.1due thereafter .h.ll be d1v1ded b.tween the partner. in proportion to the dlltr1but1on of the net prof1t. and lo..ee a. h.re1nabove prov1ded. MISCELLANEOUS 17. Proper and oompl.te book. of Iccount Ihall b. kapt at all t1me. and .h.ll b. open to 1n.paot10n br a1thar partner or br h1. aoored1ted repre.lntat1va at anr t1me during re..onable bUl1n.l. hour.. 18. All not10e. prov1ded for under tbi. agreament .ball b. 1n wr1t1ng and .hall b. .utf10ient 1f .ent br oartit1e~_~11 addre.. of the Plrtr to whom .uch noUo. 1. to b. to a 1.. t known _.'0_.- ,.... . given. 19. The part1e. hereto covanant and .gre. th.t thar w111 axeoutl e"r further 1n. trument. and tha t th.}" will plrt01'1ll IIIr .0 ta wb10h are or mar b.come nao....rr to erfaotuat. and to oarrr cn the partn.rlh1p oreated br th11 agre~mant. 20. Th1. .gr..mlnt .h.ll axtand to and bind the h.1r., Ix.outor. .d- min1.tratore and al11gn. of the part1e. her.to. IN WITNESS WHEREOF, the part1a. herlto h.v. ber.unto ..t tbe1r hlllda and ...1. tbe dar and :Tear first Ibov.e. .lIJ'1~t!!l..._ _. _... W1tn....d b71 .~ --/' ;: ~ ().. _...d fL--_KA~ . cJ.J-~-,,~ _J &/ ~ (SEAl B~la7Poo1'" - t1hJ 7 K..~ (SEAl Paul ''1'. Shear.r ' , -6- ~"''''''' ...., . JOINT Vl:t1TUnc Tl(lnCCHCNT ','1115' AGRCtMENT. mada and 1975,:by and between HARRY 5, entarad into this fo-trdaY of ~ I' CLAYPOOL, sn, And P^UL T, SHC^RER, t/a .. 711lage of noaa9arden", a general partnership, hereinafter :ceferrad to aa .Developu", and H S SERVICE CORPORATION, a PeMaylvanh corr-oration, hereinafter refarred to aa, .company., \ , '\ !:! ! !. !i ~ l!. ! ~ ! !!.I , ;~ considaration of the mutUAl covenants s.t forth harein, tl..l ::. rtiea hereto hereby a9ree aa followl I ARTICLE I FORMATION OF JOINT VENTURE Section 1.01, Formation of Joint Venture. (a) Dlveloper and Company hereby enter into Ind form a partner- ship and joint venture (the "Joint Venture"1 for the limitld purpos.s and "cope eet forth herein, Developer and Company lometimea are refe"rod to hereinafter collectively aa .Venturers. and ind~vidually AS "Venturer-. (b) Excapt oa expreasly provided for herein to the contrary, the ri9hta and obligations of the Venturers Ind the administration and tcrmination of tha Joint Vanture ahall be 90verned by the Pennsyl- vania Uniform partnership ^ct, A Venturer'a intereat in the Joint Venture ahall be persanal proparty for all purposes, All real And othor proporty owncd by tha Joint Vcnture shall bo daomad ownod by tha Joint Vonturo as on entity, and no Yanturer. individually, sholl havo ony owno rship of such proporty cxcopt as specifically providod in Saction 1. 02 heroof. .. " , . , i . .3 alation 1,02, PurpoBoB and Scopo of Jolnt Vonture, (I)" Invncdlate1y following the executlon of thh Agraement, Devoloper shall sell to Joint Vanture all that certaln rial estate. with buildings and improvsmantB thareon, litulted in Upper Allen and Honroe Townshipa, Cumbarland County and Carroll Township in York County, all aa mora fully dBscrib~d in that Died dltad June 5. 1973 whereby Ilenry H. Oro88. Sr, conveyed laid parcel to Daveloper al recorded in the Recorder of Oeeds Office of Cumberland County in Daed look E, Volume 25, paga 569 and in the Racorder of Daeds Office of York County in Died Book 66W. Page 393. conaisting of aPI,:oximately one hundred savanty-four and 523/1000 (174,523) acres. (h. :')inafter "Land") together with the subdivision plans for a portion of " Ie Land lapprollimatoly fitty-aight (58) acru) whereby add pI' on ia divlded into ona hundred aeventy-seven (1771 reaiden- t; building lots, The conveyance shall be ....de by sp~cial werranty do II to plrcel "A" (one hundred seventy-two and 487/1000 (172,487) a'. ) and as to parcel "B. (two and 36/1000 (2,036) laru-ooCarro11 T,w ,hip) excepting only eaBamants, raatrictions and condition a of l1cord. The canveyanca shall be subjaat to the lifa estate of seventeen and 12/1000 117,012) acres hald by Henry H, Orosa, Sr, as raserved in the aforemontlaned dead, Venture shall pay any and all realty transfer taxes asaossad on the conveyance, The ,alrs pr! e 41" / "Ou<.LP upal the dalivery of the Bald aur 3d to data by Developer attributable to Land, includlnq but - 2 - ~ not limitcd to oquity invcstmcnt, taxaa, la9al tees, aDsassmonto, interost, enginaoring, zoning, subdiviaion plln. and improvamontD, comp~ny ahall hold racord title to Land a. Truatae tor Vanturo, At Dattlomont, Company shall oxecuta a trust Igraemant, and memo- randum theroot tor recording, wheroby it agrces aa Trustee to daal with Land in absolute conformity with the provisions of this Agreamant, (b) The Joint Ventura shall be limited strictly to the general davelopment of the land and the sale therefrom of building lots for 'me production of.income and profit and shall not b. extanded by illpU,cation or otherwise except by the written agreement of Developer and Company, The term "general development of the land" shall maan and include payment of all ad valorem taxe., a.aeasments, and other impositions relating to the Land, preparation of plans for '~e subdivision of that portiones) of the Land for which approval he. Ie"I: been granted I con.truction of general improvamenta to include st:.U\ ',s, water and sower faciUtieal aale of reeulting building 1,'. ~ all other activitiee ordinarily included within the scope ~ ',:." general development of Land for the production of income 8:1_ :, ,fil:. =) Nothing in this ^graemont shall be deemed to reatrict ~l. ,.., way tha freedom of any party hereto to conduct any businoss or '.0 :1vity whatsoever (including the acquisition, development and axploitation of real property) without any accountability to the Joint Venture or to any party hereto, even if such businoss or activity competes with tho business of the Joint Venture. lection 1,03, Name of Joint \'cnturo, ,he buainaos and affairs of tho Joint Vanture shall ba conductcu solc: undar the noma of "nooogardcn ^ssoc~atas "" and auch noma '0 usod at all time a in connaction with the Joint Vanturo ohol: bUDi, 10 and affaire, - 3 - 5 ,- )....... .. , , S.ction 1,04, IIsBumcd'lIamo Cortificato, , . The Vonturors shall exocute any fictitious name certificntoCs) required by lAW to be tilod in connection with the formation at '. the Joint Venturo and sholl couse euch certificate C.) to be filod in the rocords of the Cumberland and York Countios and the COllVnonwoulth of Pennsylvania, Section 1,05. Scope of Venturers' Authoritv. Except a. otherwise expressly and specifically provided in this Agreement, none of the Venturers shall have any authority to act for, or to assume any obligations or responsibility on bahalf of, any other Venturer or the Joint Venture. Seotion 1.06. Principal Place of Business, The principal place of business of the Joint Venture shall be situated at 109 East Elmwood Avenue, Mechanicsburg, Pennaylvania, ARTICLE II MANAGEIIENT OF JOINT VENTURE Beotion 2,01. Manoqemont of Joint Ventura, (a) The overall management and control of the bu.ines. and affairs of the Joint Venture ahall be va.ted in Developer and Company, Except where hereinafter expressly provided to the contrary~ all deciaions with respect to the management and control of the Joint Venture shall be made and agreed to by Developer and Company only and ahall be binding on the Venture and ~ll Venturers, Whsn the phrose "approved by the Venturers" is used in thi. Agroement, such phrase shall mean approvod in writing by Developer and Company, The Joint Venture shall have a manager C"Mnnogar"l. Devoloper is horeby deoignotod I~nager, The lIanager shall be responsible for the implelnontotion of the dociaions made by Daveloper and Company olld for conducting the ordinal1' Qnd usual business and offilirs - 4 - of the Joint Vonture as more fully set forth in Section 2.02 haraor and as limited by this ^qroement, (bl ,No act ahall be taken or aum ellpondad or ob1iQation in- curred by the Joint Ventura, Manaqer, or any Venturer with reapect to a matter within the scope of anyone of the major decisions ("Major Dachions") affeetinq the Joint Ventura, u defined below, unless such of the Msjor Dseisions have bean approved by the Ven- turers, The Major Oeeiaions shall be the followinql (1) Acquisition of any sdditional land or interest therein, (2) Financinq of the Joint Venture, (3) sale, lease or other transfer, in bulk, or mortqaqinq or the placinq of any other encumbrance on I any of the Land. This specifically shall not include the sale in the ordinary course of busine.. of the buildinq lots resultinq from the Land nor to the subordination of notes taken in payment for said lot. to individual construction mortqaqes, (4) Establiahinq, from tima to time, the sal.. price for individual lots, (5) preparation of subdivision plans and accompa- nyinq doeunents, (6) Selectinq accountinq methods involvinq revenue rec09nition and depreciation and the selection of the method for reportinq federal income taxes, (7) Determinillq uhether or not distribution should be made to the Venturers, as more fully set forth in Section 5,03 hereof, (8) hpprovin9 each budqat pursuant to section 2,03 haronf, - s - ....... (91 H4king any oxpandituro or incurring any ob- ligation by or for the Joint Vantura involving the sum in !',xcoas of l'iva lIundrad collars ($500,00) for any transaction ar group of similar transactions excapt for axpandituras mada under obligations incurrad pur- luant to a bud gat ar project devalopmant plan there- tof~a approved by the Venturers, (10) Determination of the maximum and minimum working capital requiremants for the Joint Venture, or any othar dloision or any action which by any provision of this agreement is required to bl approved by the Venturers or which considerstion prior to the making of auch de- oision or the taking of such action would be roasonably expeoted to hava a material effect on the Joint Vanture or the alsets or operations thlroof. slotion 2.02. cutial of Manaqer. (a) Thl Manager, at the axpense of and on behalf of the Joint VI~~url. shall in good faith use its bllt efforts to implement or cause to be impllmented all Major Ceciaions approved by the Ven~urors and to conduct or cause to be conduoted tha ordinary and usual bUlinose and affairs of tha Joint Venture in accordance with and as limitod by this. Agreement, inclUding the following. (1) Implement or continue to implement any plans for the development of tho Land which have been appraved by the Venturors, (2) Protect and praserva the interest of the Joint Vlnture ',lit!> rospect to tho I.and and assets owned by the Joint Ventura, (3) Render for taxation and pay all ad valorom taxel, aasasamanta, and other impaaitions applicabla - G - -. to tho L~nd and any othor proporty ownod by the Joint Venturor (4) Nagotiato and enter into and aupervise the performance of contracts covering the construction of general improvements on the Land, (5) Nsgotiato And consummate the sales of the building lot. at the price datermined, from time to time, by the Venture, (6) Keep all books of account and othsr records of the Joint Venture which are to be physically main- tained at 203 Pine Strset, Harrisburg, Pennsylvani., (7) Retain or .mploy and coordinate the ..rvio.. of all employees, supervisora, archit.ct., engine.rs, and other parsons necessary or sppropriate to carry out the busine.. of the Joint Venture, Manager may retain an attorney of its selection for conveyancing, oollection and related matters, however, the attorn.y so .eleoted shall not rapresent Venture in any dispute with Company or its parent, Harri. Savings Association, " (81 To the extent that funds of the Joint Venture '.r are available therofor, to pay all debts and other ob-- ligations of the Joint Venture, (9) Maintain all funds of the venture held by Manager in a Joint Venture account to be maintained at First Bank and Trust Company. Mechaniosburg, Penn- sylvania. (101 When approved by the Venturers, make distribu- tions periodically to tho Vonturars in Accordanco with tho provisions of this Agreomontr (11) Porform other normal buainess functions and otherwiso oporato ond mnnaye the business And affairs - 7 - .. . )f tho Joint Venturo in nccordanco with and AS limited oy this Agroemant/ and (12) Perform other obligations providad olsowhere in this Agroomont to be porformod by the ~llnagor, (b) Manlgar sholl be obligated to perform the responaibilitios and .:he obligations of the Manager hereundar only to tho extent thl" funds of the Joint Vanture are available therefor. Notwith- e1:l,: .ng any other provision hereof, Manager ahall be lillble only fc: : ,d faith or breach of an expressed provision of this Agreement, b~' ..,., other reapects shall not be liable for mistakea of judgment, Saotion 2.03. BUdqet. For each phase of development, Manager ahall prepare and submit to tie Venturere for their consideration a budget setting forth the estimated reoeipts and expenditures (capital, operating and other) of the Joint Venturo for that phase covered by the budget, When approved by the Venturers, Manager shall in good faith use its beat effort to implement the budget and shall be authorized, without the nead for further approval by the Venturora, to make expenditures and incur the obligations provided for in the budget, Saction 2.04. Compensation of Venturers, (a) Except as may be expressly provided herein (or hereinafter approved by the Venturers) no paymel\t shall be made by the Joint . Venture to any Vanturer for the services of suoh Venturer or any member or employae of any Vonturer, (b) Eaoh of the Venturers shall be reimbursed by tho Joint Venturo for the roasonable out-of-pocket expenses incurred by such Vanturers on behalf of tho Joint Venture in connection with tho business affairs of the Joint Venture, including all 10ga1, account- ing, travo1 Dnd other similar expenses reosonably incurred by the Vonturors in connection with the formation of tho Joint Venturo, - 0 - J Section 2,05, Contr~ctc IHth nelated r~rtlos, Cllcopt as heroinaftor opocifically sot forth, tho Man~qor ohall not enter into any contract, agreomoot, leaso, or othor arranqomont Cor the furnishinq to or by tho Joint Venture of qoods, sarvices, or spaco with any party or entity relatod to or affiliatod with any Vonturer or with rospect to which any Vonturer or party or entity ralated to or affiliated with any Venturer has any direct or indiract ownor- ship for control unless such contract, eqreoment, lease or other arranqement has been approved by the Venturers, The foreqoinq to the contrary notwithstandinq, Manaqer may without such approval se\l buildinq lot. to Developer, or e psrticipant therein, provided tt~t the sale. price and terma thereof are those beinq offered a' the tims to nonrelated parties at the price theretofore approved t. ~e Vanturers under Section 2,Ol(b) (4) hereof. Section 2,06. Consents and Aooroval, In any instance under t~<. Aqreement in which the consent or approval of a Venturer to Dr.'.., propoeed action is roquired, such coneent or approval shall bl deemed to have been qiven unleas written objection to euch proposed a,':'.ion, statinq with particularity qrounda therafor, ia sent by s~"~ objectinq Venturer to the other Venturer within ten 1101 day a af~Br receipt of a written request for such consent or approval, ARTICLE I II DEVELOPHEHT OF THE LAHD Section 3,01, ll!!l!.' (a) At the time of the formation of the Joint Venture, final approval has been obtainod from all pertinent qovernmental authorities for tho subdivision of a portion of the Land conaistinq of seveoty- ono (71) lots hereioaftor referrod to as Section One, Alao at tha timo of the formation of this Joint Vontura, proliminery eppr"v~l - , - has been obtainod from all pertinent governmental authortitios for the subdivision of on additional portion of the Land consistin9 of an additional ono hundred six (1061 lots, Seotion ),02, Construction and operation of Pro1ect. (a) MAnager shall submit the plAr.S and apecificationa for eAch phase of development for bids to reputable independont con- tractors qualifisd to construct the common improvemonts for the project areAl and then, (1) Aecept the lowest and beat bid mode by such contractor or reeubmit tha plans and specification. for rebidding until an Acceptable bid ia mAdA, and then (2) NegotiAte A construction contract with aucceee- ful contrActor and execute such contract on behalf of I the Joint Venture and enforce the obligations of the cont:actor thereunder, : (bl HAnAgsr shall negotiate the sale of building lote At & p~ice And undar the general torma Approved by the V.nturers from :~~, to time And convey title thereto with the joinder of Company or..t1Ach Dead, llanAger ShAll hAve the Authority, in its diacretion, to sell B building lot, to include to iteelf or to A psrticipant therein, and reeeive as coneideration therefor A note in recordable form, which Manager may then subordinate to a construotion mortgaga so long ae by its tarms aaid note ia to be setisfied in totAl upon the eAle of ths dwelling to the user. seotion ),03, Additional pro1ect Development Plans, From time to time os the noed for developmant of the Joint Venture Area ari~es, Managor shall couse to be prepared and submitted to 011 of the Vanturors for their approval projact developmont plans for additional projects to be mode a part of the development . of the Joint Vonture Area, When each such project development ..f '. - 10 - l ::. . ;~ ~ ,\ ;1- ~'! ."j ~ '-'. p10n hos boon approved by the Vonturers, tho projoct dovo10pment plan sholl be imp10mentod by Managor en behalf of the Joint Vonturo in occordanco with Sectien 3,02 hereof, ARTICLE: IV FINANCING Ssction 4,01. Initial Capital Contributions, (a) Contemporaneously with the execution of thil Agrlement, elch of the Vonturera haa contributed to the Joint Venture the aum of money, in caah aat forth oppo8ite thl name of elch below, to itl Developer . . . . . . $1.00 COmpany. . . . . . . $1.00 J lb) Anyone or mora of the Venturera ahall have the right tc ':d,ntdbute to the Joint Venture auch additional sUllla of money, i:. .. sh, al 8uch Venturer deaires, Any amount ao contributed ahall b: edited to the capital aecount ef the Venturer making auch c'-,..... ibution. Slction 4.02. ~ (a) Land Acquisitien, Immediately following the form&tien ot "!nturo., Company ahlll lean to Venture, on a nonrecourae bada, the amount of Seven Hundrod Thouaand Dollar8 ($700,0001 which shall ba u8ed by Venture to purchase the land from Developer aa more fully aet forth in section l,02(e) hereof, The interaat to bo charged Venture by Company shall be fixed and shall not exceed tho rata paid by Cempany as borrower: however, in no event ahall tho effectiva rata DO chargad Vanture cxceed tan parcent 110\1 par annum . on tho outotanding bnlance, Tho Venture .11011 deliver n mortgage and noto to lender in the pdnaipnl ameunt of Sayan lIundred 'Thousand DoUnrll ($700,0001. 'Tho illotrumont8 ahaU requiro thnt nll accrued inturulIt be "nid by the third, fHth nnd eilJhth nnllual nnnivorsnr!uK - U - I: ...... of uama and in addition thot principal installmants be mada by tho fifth and aighth annivorsariou in the amounts of One Ilundred Thousand Dollars ($100,000,00) and TWo Ilundrad Thouuand Dollars 1$200,000.00), reapectively, with the ontire principal and interast balance bein9 due on tha tenth anniversary, Each shall permit prepayment without penalty or premium, and shall not require the deposit into eacrow of roal estate taxea, insurance and tha like, which shall be paid directly by the Venture, (b) Development Losns. company shall loan to the Venture, from time to time, on a nonrecourse basis, all additional funds necessary or required in connection with the genaral davelopment of tha Land, as and when required, The intereat rate for each future obligatory edvanca shall be fixed and determined at the time of each such draw in the manner cet forth in Section 4,02(al hlreof, but aaid rate shall at no time on any ~aw hereunder exceed the said effective rate of ten percant (10'1 per annum on the outstanding balance. It ia anticipated that the additional land coata (to include closing costa) and improvements for Section 1 will be approx~mately Three Ilundred Thousand Dollars ($300,000,00), Immediately upon the formation of Venturo, Company shall obligate itsalf to make futuro advances during the ensuing two-year period totalling said amount payable on damand(sl, Venture shall deliver its judgment nota for said $300,000,00, which shall contain no fixed amortization schedule for principal, and which lJ:{ its tarms shall be dua, with accruod interest, aight (01 yoars (rom the dato theroof but which shall ruquiro that all accruod intcrost to .dato be paid by tho third and fifth annivoruilrieu of tho note, with the entire principal and intorout boing duo on tho oi",hth annivorllary as aforosaid, ~'ho noto ohnll pormi t prapaymunl', "i thoul ponalty or pramiun., ^ny Cut\lrC nuleo ~Jivcn hereunder 81Mll contnin ulmll~1" proviulons. - 12 - ,~ '-' '- !c) Ropayment of Leans. From time to time, after making provl,'ion far ellponsoS of Vontura, for aufficiont working capitlll, , and l~r limitod distributions to Venturars undor Section 5,03(c) by mutual agrooment as required by Soction 2,Ollbl (7), the remaining portion of the sales proceeds from building lots shall ba applied agalpst the land Acquisition and devalopmont loans in the percentagos A' ~~fected by Manager at the time of payment, It is the expectation cl ~' I parties hereto thAt in the early and intermim stages of t~~ I 'oject(s), substantial application will be made against the sa.!. ..ndebtednesa. MY such pAyment on a mort'ilage or note ahall be ~j;.lied firat to accruad interest and the balence to reduction , of p:Lncipal, (d) Partial Releases And Subordinstions. Since the purpose of Venture is to sell individual building lots, it is nscessary that the lien of the mortgage and notes described in subsections (a) and (bl of thia Section 4,02 be relsased aa to a given building lot at the time of ita sale if the cash consideration is than re- ceived or be eubordinated to a construction mortgage if the venture takes back a note at the time of disposition as described in Section 3.02(b) hereof, MY such subordination shall be given by lender, or its assignee, without payment of cash consideration and a rolease shall be given by lender, or its .ssignee, upon application of thAt portion of,the cash procoeds from such building lot sale against the indebtednesa described in Section 4,02(a) and (bl as 1s detor- mined at the time by Manager con5lstont with the provisiona of Section 4.02(c) hereof, ARl'ICL& V ACCOIlNTIIIG IIIID DISTRIDUTIONS Saction 5,01, ownorship of Joint Venture, The respective intorasts of the l'llrtics of tho Venturo. in and to th,o Vanture, - 13 - -- ... . and in and to tho not profits and 10ssoS of tho vonturo, shall at all timel be aa followa. 'Devalopor Company , Totlll . 50' . 50' - , . 100' ;~ Section 5,02, Tax status, hi locations , and ~eport.. (II AnY provision heroof to the contrary notwithstanding, solely for united Statos federal income tax purpo.el, eaoh of the Vanturers herebY recognizes that the Joint vlnture will b. lubject to all provi.ions of Subchapter K of Chapter 1 of Subtitle A of th.. united State. Internal Ravenuo Cod. of 19541 provided, however, th~Jfiling of U,S. partnership Return. of Income ahlll not b. con- stl~ed to extend the purposes of the Joint venture or expand the obligations or liabilities of the Venturers. At the reque.t of any Venturer, the Joint Venture shall file an election undar Section 754 of thl united State. Internal ~evanue Code of 1954. (b) Manag.r sh.ll prepare or caus. to b. prepared all tax returns and statol1llntl, if any, which muat bl filed on blhalf of the Venture with any taxing authority, and shall submit such returns and statemants to the vonturers for their approval prior to filing, and, upon approval theraof by ~ the Venturers, make timaly filing thereof. Slction 5,03, Distributions to Venturers. i .. I (al A. heretofore providad in Soction 4,02(cl, it is the intontion of the Vanturers that, at lea.t in thl early stage. of project(s), a substantial portion of the net ssl.. proceede of each building lot be appliod against the land acquilition and devalop. mant loan. doscribed in Section 4,02(al snd (bl, after provision for oxpense. and roa.onable working capital requiremants of the Joint Vonturo to includu the creation of rO.lrvo, to finance tha installation of ganoral improvomonts to romaining parcols of tho Ll1nd, Tho amount of cash that reml1in. from tilllO to time l1fter I,ruvi"ion for the forlllJoing "hull be .Diatdbutablo t'undo", . I , - u - III --- '/ ~, (b) Within thi:~~30\ days oftDr thD end of oach calDndor qUArtDr fDr which it hAS boon doterminDd pursuant to Section 5,03(0) horoof thAt DiatrlbutAblD Funds oxist, such DistributAblD Funds ohall be diatributed equAlly to the Venturers under Section 5,01 hereof, (a) .The partiee Agree that tD the extent the Vanture can prudantly dD so, it shall make timely distributions equel to the income tax liability of any Venturer attributable to Venture incDme, (dl In the event that the Venturers agree to aell all or any portiDn or any interest in the property of the Joint Venture in bulk purauant to section 2.01, th.n in such event, the nit pro- ceeds of such sale (after pAymsnt of III expensel and loanl made undor seation 4,02(a) and (b)) shall be deemed to be Dietributabla Funds and shall be distributed in accordance with the provisions 0' Seation 5.03(b), seation 5.04, Accountinq, (a) The fiscIl yeer of the Joint Venture shall and on the 1:: t day of December of each yaar, unlesa otherwill agreld upon b thl Venturer.. In no event ahall the fiacIl year end prior ~ Septemblr 30. (b) The book. of account of the Joint Vanture ahall be kept ani maintAined at all times at the place or places approved by the Venturers And shall be mode available for examination upDn requost by The Foderal IIDme Bonk or any Dther regulatory body having or asserting jurisdictiDn OVDr CDmpany Dr its parent, Harris Savings AssDaiatiDn. Tho bDoks of account shall ba maintainod in accDrdance with genorAlly acceptDd Accounting principles, conailtently appliod, as mDrD fully promulgatDd in the AICPA Industry AccDunting Cuida, entitlod "Accounting for Retail LAnd Sales" os approvod by the Accounting principlas Donrd (1972-73), as modifiod or replocod from timD to time. - 15 - . ...-----....-..--- . . ~..... - , ;,.t-,' J/" " " .. , (0) The ManagDr shalll prepare ond furnish tD oaDh Df the , , / VenturDre somionnually en unauditod statement, certifiod by Mana9Dr to bo tr~~ Ind corroDt to the bast of hil k~owledgo and'beliof, showing the results Df operation of the Joint Venture for such lix-month periDd, the financial position of each Venturer, and a reconciliation of each Venturer's capital account, and all othor . informAtion reasonably requested by any Venturer, The Manager Ihall cluse to be prepared And furnished, at the expense of the Joint Venture, to each of the Venturers within fifteen (15) days after the close of each fiscal year an audit report of the Joint Venture, with appropriate supplemental information, prepared in accordance with genlrally accepted accounting principals and cartified by the independent certified public accDuntant theretofore approved by the Venturers. ARTICLE VI !!!!!i Thia Venture shall continue until all of the Land w:quired by the Venture ahall have boen sold or otherwise disposed Of, unless sooner tarminated by mutual agreem.nt in writing of both thl partie I to the Venture, but in no event shall Venture continue beyond July 31, 1995. . AlIT ICLE VII ASSICNHENT The respective intorosts in the Venture of the parties hereto shall not be transferred or Dssignod in whole or in part. ARTICLE VIII DUY-SEtL ACnEEHENT Section 8,01. Riqht to El:orcise. Eithor Joint Vonturer (horein - lG - - .c.; ........... call.d 'Duyor") sholl hovc tho right to purchosa tho antira intorcot of tl.o ol:hor Joint Vonturar (haroin called "Sallor"1 in tha Joint Vanturo and tho projoct on en all-celh beaia and in en amount al ., dotorminad in Section 8,02, in tha event thlt en1 of the following hAY. occurred, (al The lovy or ettechmont of any interest of the Saller in ""., Joint Venture or tha Projoct by a creditor or by any person , ol~~:~ng a lien thereon, any asaignmont by the Seller for the benofit of ~t. creditors I the filing voluntarily by the Seller, or the invI...untary filing by another against the Seller, of a petition for ..djudioation of thl Seller AI insolvent or bankrupt, thl use o:! a"y inlolvlncy act by the Seller, the reorllanization or errlnlle- mint of the Sellor under any provision of state or federal bankruptcy le','s a. then in forca and effect, the eppointment of any receiver c:'~ruatee in any insolvency procaedinlls for thl Seller or any a......tantial part of the Seller's property, or the filinll of any pe',.tion for, or consent to, any of thl foregoing by the sllllr. (b) A change in the identity of both personl controlling Dt\'aloplr on tha date hereof which shall qivI rise to Complny's ri ht to purchl.. Developer's interelt al herein providld. (c) Any aeliqnment by the Seller of any of ita right~ or interests in the Joint Ven~uro, the project or thil Aqrlament con- trary to the provisions of Articla VII. (d) The failure on the part of the Seller to comply in full with any deoision rendered by arbitrators on any matter submitted to such arbitretors pursuant to tha provisions of Seotion 11,04, Section 8,02. Detorminatien of Price. In the evant that the Duyor olocta to oxerciso its rights under Saction 8,01, it shall IIive the Seller written notico of such elaction at sny timo aftor the occurronco of such ovont but in no ovent lator than thirty - 17 - II ....... i I , , I j I 1301 dayo aCter tho date on which tho Uuyer receives writton net ice from tho Soller of tho eccurronce of such event, which sholl be promptly given to Duyor by Seller, and the amount of the purchase prico of tho Sollor's intorest in the Joint Vanture and the Project shall be datorminod os follows: (a) aa agreod upon by the Sellor and Buyer, or in the absonco of such an agrsament within thirty (30) days aftor the Buyer's notice to the Seller, by (b) the price determined by three real eetate appraisers, all of whom shall be members of the American Institute of Rael Eatate Appraisers (M.A.I, members), Each Joint Venturer shall aelect one appraiser and the two appraisers so selected shall agree on a third, In the &hsencs of such an agreement, the third appraiser shall be selected by the American Institute of Real Estate Appraisers. All fees and expenses of all appraisers shall be paid equally by Buyer and Seller. The appraisers ahall conduct such appraisal expeditiously so es to determine the fair market value of the interest to be sold, and the dacision of two of the three appraisers shall govern and shall be conclusive and binding upon the Joint Vanturors. Section 8.03. Closinq. The closing of such sale shall take place within sixty (60) days aftsr the date ef determination of the purchaae price, at such time and place as deaignated by the Buyer within the first thirty (301 days of said sixty-day peried, At the closing Buyer shall deliver to Seller a certified or bank cashier's check for the full amount of the purchase price a~d Seller shall executo and deliver to Buyer such deeds, bills of sale, instru- ments of cenveyancos and other instrumonts as the Buyer sholl roason- ably requost to'convey titlo to Seller's entire intorost in Ventura, ARTICLE IX TEIlI'INATION Soction 9,01. Evonts of Terminntinn. Thio Joint Vonturo ohnll torminnto upon the f1rllt to eccur of the rollowinl) evontll' - 10- (0) ht tho option of aithar Joint Venturor, if tho othar Joint VonturOr shall havo committod, or thoro ahall have occurrod, any of tho octs or evants spocifiod in saction 8,01 and tho Buyer (os dafinod in Article VIllI doos not exercise his riqht to purchaso qranted in Section 8,01. (b) BY mutual a9reement of the Joint Venturers, \(0) Upon the expiration of the term of the Joint Vanture. 'seotion 9,02, Distribution on Termination, Upon the di..olu- t~::. ~f the Venture, the assets of the Venture, after payment of al~ :!ebilities, inoludinq the repayment of ell land acquisition an! ~avelopment loans, shall be distribut.d to the partie. aa follows. I(a) Firat, in discharqe and to return ~e respective capital con!ributiona of the parties, and (b) Second, in proportion to the respective riqhts of the partie. to share net profits and losses of tha Venture as set forth in Article V. In the event that real property is owned by Venture at the time of diatribution hureundar, sama ahall be diatributad in kind to vanturers in undividsd interesta in the relevant per- cantaqea, In the event that the as.ets of the Venture are insuf- ficient to return to the parties all or any part of their re.pective capital contribution, neither party shell have any claim or recourso aqainst the other therefor, In the event that upon such dissolution the asa.t. of the Venture are inaufficient to pay and discharqe all obliqationa and liabilites of the Venture, other than those which by their terms are nonrecourse in naturel each of the .parties heroto shall forthwith contributo its capitol contributions to tho Venture ona-half of the a9qroqate amount required by tha Venturo to pay ond diach~rqo in full and in cash all of such rocourao obliqnti and liabilitios of tho Ventura, - 19 - , ARTlCLI: x PROVISIONS M'rJ:CTING I'IIRTNCRSIIIP HEMDER Elch. of the pareons comprisinq the pDrtnership known of Roseqarden" horeby warrant and represent to, and aqua each other and Company as follows. (a) In tile event of tile dissolution of tho VJ.J.lage of Rou- gal: en partnsrsllip becauss of ths death, incapacJ.t:y, bankruptcy, de. ..ult, or other act or omission of any partner, t:he otller partnsr s~._l forthwith. (1) Acquire the interests of the retirJ.ng partnsr in the Villlqe of Roseqarden partnerellip, or, in tha alternativa, in ths event of ths dissolution of the Villaqe of R088qarden partnership because of 1:11e daath or incapacity of such partner, the surviving partner shill continue the Villaqe of Roslqarden part:nerahip with the hairs, executors, administratorl or qulrdians Or such deceased or inclpacitatsd partn.r, upon tha alllllll terma and conditiona as set forth in t:h. Village of Rosegarden partnership agreemsnt, and la) Shell, in the case of either altllrnat:ive alt forth in (1) above continue the Villaqe of Roseqal:den partnarship, itl affairs and busine...., up'on thl .._ te~ and conditione as set forth in the Village of Rosegarden partnership aqreement, and (3) Shell CD.use the qenaral pertnsuhip so con- tinuing the affairs and buniness of the Village of Rose- garden part!lership to continue as a member of this Joint Vlnturs upon tho eame tcrlllS and cond~tions as Sit forth in this Agreomsnt. . es .VillDgo with, - 20 - 2 ....., (bl except as set forth herein, the interests of the members of the Village ef nesegoruen partnership shall net b. as.igned or tranaforred, without the prior written consent of Company excopt for the tranafer by one member of the Village of Rosegarden partner- ship to the othar member of the said partnership, AR'l'ICU: XI GENERAL PROVISIONS Section 11,01. Liability. It is specifically understcod and agreed between the Joint Venturers that this Joint Venture extends only to and ie limited to the right. and obligation. under thie Agreement, and nothing herein shall be construed to conatitute eithsr Joint venturer, the agent, or qaneral partner of the other, nor in any mannar to limit the Joint Vanturers in the carrying on of their respective busineesea or aetivities cther than the activities included within the scope of the Joint Venture. Section 11,02. Indemnifi~ation. Company, on the one hand, and the Devaloper, on the ether, ahall eaeh b. indemnified by the other and held harmlaas against and from all claims, damAnda, actions and rights of action which shall or may arise by virtue of anything done or omitted to be done by tha other ldirectly'or thrcu9h or by agents, empleyees or other repreaentativs.) outaide the scopa of, cr in breach o~ the tarms of this Agreementl prcvided that the other shall be premptly notified of the existence of the claim, demond, or right of action, and shall be given reasonable epportunity to participate in the defense thereof, and further providad that failure to qive,such notice sholl not affect ths othsr's obligations hereundor, except to the oxtent of any actual prejUdice to it re- su\ting therefrom. Section 11.03. Inspection, Each Jeint Venturer or its au- tt lril'cd represenl:ntivc mllY oxamino any of the rocords of the Joint Vc .,turo and tho l'ro:joct ut nny tilllO without notico. z. - 21 - . ' - .- - , . , section 11,04, Arbitration, hnY controversy or dispute arising out of or releting to thia Agreement shall be settled by arbitratien, such arbitration shall be effacted by arbitrators, selected as herainaftar provided and ahall be conducted in accordance with the Rulea existing at the date thereof by the American Arbitration Asaocietion, Th. diepute shall be submitted to thr.. arbitrators, one arbitrator being selected by Company, one arbitration b.ing salected by the Oaveloper, and the third being selected by the other two. In the event that either Company or the Developer, within on. (1) month after any notification of any d.mand for arbi- t:ation hereunder, .hall not have .electad it. arbit:ator and given notice thereof by registered or certifisd mail to the other, such arbitrator shall be selected by the American Arbitration Association. The meeting. of the arbitrators shall be held at the place or place. a. may be agrsed upon. by the arbitrators. Judgment may be entered on any award rendered by tha arbitrators in any F.deral or state . . court having jurisdiction over the situa in which the project is located. Each Joint venturer shall bear the cost. of the fee. and eXpln.e. of the arbitrator selected by or for it, and the fees and expense. of the third arbitrator shall be borne by the.~oint Venturer demanding arbitration. Section 11.05. Notices. Any noticss and demands hereunder shall be in writing, All notices, demande and request. to be sent to a party hereto shall bo dsemed to have bee~ properly given or served by depositing same in tho United Stetea mail, prepaid and registered or certified with raturn raceipt requ.sted at the follewing address. To H S SERVICE CORPORATION' Jack w. Shador Executivo Vico prosidont 11 S Service corporation To VILLAGE OF ROSEGARDEIl. Harry S. Claypool, Sr. 3800 .~kot St:oet Camp ni11, PA 11011 - 22 - .. " "4. _~<." ~ '"-*-'>-..,....-"... /5- '-/5 - /3 t- BUREAU OF INDIVIDUAL TAXES DBPARTMENT 280601 HARRISBURG, PA l7l28-06Dl Auguot 15, 1995 Deor Mr, Kramer I 2f.? \r;l :D ..., -- :Ow ~ L C" H C. n \i .", 51 '" c N w r ~.. ~. ;' -' iii,--, :ui: ;.:. ;,." j')o ;.";. '-" MR R C KRAMER VP PNC BANK NA PO BOX 308 CAMP HILL PA 17001-0308 ReI Eotate of Poul T, Shearer Pile No.1 2195-0549 This is in response to your request for an extension to file the Inheritance Tax Return for the above-refersnced estate. In accordance with Section 2136(d) of the Inheritanee and Estate Tax Act 255 of 1982, the time for filing the return is extended for an additional period of eix (6) months. This extension will avoid the imposition of a ponalty for failure to maks a timely return. However, it does not prevent interest from eccruing on any tax remaining unpaid after the delinquent dete, The return must be filed with the Register of Wills on or before January 23, 1996. Because Section 2136(d) of the 1982 Act allowa for only one extra period of aix (6) months, no additional extension(s) will be granted that would exceed the maximum time permitted. ;~.Sincerely , ~~' ~(4 (! )117J/~(' \ J C. Murphy, Chief ( 1',1 In eritance Tax Division S-ITIINH83 081CRI329 I .,., ..'. - -,.---. ,-".. . - o . -- -- - -- - -- .;...---..-- ~ -- ~-------- -- -------- -- -- - ----- -- .\ ....;..-,'-, - <". J.", t,' "/'. ... ',-' , '.,. _'-c.,','-', .~. _'. D.~~,A. A 048, 037..i\......~O,~MO.~. WEALT.H'OIl.PENNS.Y. LVANIA . . . ..; ., . .'.' i . DIPARTMINT 01' RIVINUI , ; . . , . ,.x. O'I'ICIAL RECEiPT_ 'PENNSYLVANIA INHERITANCI AND IIrATE TAX .,v.utlll'....1 .. _... _ .. _,... " ... .. '. , '-.' ,'. RECEIVED FROM, I ACN ASSESSMENT r:t CONTROL iii NUMBER AMOUNT PNC BANI< NA POBOX :309 lul S7i:=,;)UU.UU CAMP HILL PA 17001 'otDHlIf ESTATE INFORMATION, Ell filE NUMBER ~ el-199t5-0:549 EJ NAME OF DECEDENT IlAST) II DATE OF PAYMENT m POSTMAR E COUNTY BSN 171-ee-b:51b IFIRST) IMII DATE OF DEATH REMARKS m TOTAL AMOUNT PAlO .72.500.00 CW PNC BANI< N A SEAL CHECKlt :31:5::174 RECEIVEO BY I , "I , , , I f..... ',,'. , $IONAfLI., , , /'.l / ( MARV C. LEWIS ~EGl~TE~ ,OF ~~LLS REGISTER OF WILLS --;-----:--- ..,.------------ --- - - -~- ,- - _._._-'~ -- --:--;-~'c:-::- -,- - -~I,-:::,! . -".. .) ,'- / ."..'" , t '. I . I ". . " t .: '" . , .- , --. .-. ..-- ~ r~ r..- ., r ......=.:..- I "7::;_.-"7"_""~....J~1I ..< PNC Bank, N.A. Im'tul1Icnt Managrlllrnt ami Trull ~2~2 C.arll.1< l'lk. .'.0, no. 308 C.,ml' 11111, PA 17001.0308 1.3tJ - ~ .1..00 -l.3tJ- ~,U. If 9.a.5'1 PNC18ANK June 16, 1995 Register of Wills of Cumberland County South Hanover Street Carlisle, PA 17013 RE: Estate of Paul T, Shearer Date of Death: Octoqer 23, File NO: ~,-q5~5~\ , 1994 '( -' Gentlemen: On behalf of the Corporate Executor of the above-referenced Estate, I enclose a check in the amount of $72,500,00 for payment due on account of Pennsylvania Inheritance Tax, Kindly acknowledge receipt returning the accompanying envelope provided, Please send us the usual convenience, of the enclosed, by stamping and copy of this letter 'to me in the customary receipt at your earliest Sincerely, ~ R,C, Kramer Vice President Trust Officer RCK:sc Enclosure 'lid "C' lmr.,"> ,,,,,, ,'qwno ....,1'l10 I sz: t J SZ lflr S6, llll!,'.\ Jo) f. " ,., '\~\J ....."_i'-10 "'JJ',)r,ou , "~.:- ", c -.'....-- .. ._-"--~ .'-'- - '!":i .. ....., .- , , I \ '''; , " tol! \" c,. . ~\ ~~"~ ,~t.. ..~.. \1 . ..I ~', I c;; "1_1 3;I;j :.i,'1 :' .,~- J;1 :".l '\'1. :;0_'_ ,0." ~:;:~ :j J ~~1 ".1' .,.,. Fj' ;,-". ;1:_, ;;:;1 j;1~ , Ea.:) . ~~.'1 0.'1 ;---~', " 'j '. f, h~ :':~' r,_. -t:~j .':J ;: :/1 ~;;. ::~:j ':,c,- ';," .'. " (; it' . ....... ' . :.\ """.to 'J l--'; ~. '\, . .t<.." . t"", ""'~ I', , .j". ,.,. ,'.\ " .~ I , , ,. r. ,rto, ',.it :", ,v. r. . ..... . fit' p .- ~ . - :',,'0..',. ',r.. ) ,c.'.' '1'\1.;' ,; '..\ '-',." ".,., " "t \' :'~....;:~~. . " -""., -.-, \' ':1.,' k ' ~'" "t, ~ . we \ I' " I, "- .f ,....,,"" -!; .___A .-.- r~""'-'-" ~- t. .- . '1W~~ ".- -=--.- '~- I ,.' _~JI --......... ._.e--, r . .I ./ / I i \ , ! r I ~ ) I . ; , ., I III t , .. . ......-. I I , . \ (,' .:' I ., ~ L/ REV.1548 EX AFP 02.95* C~'LlH OF PENNSYLVANIA DtPAATHEHr Of REVENUE: BUREAU OF INDIVIDUAL fAXU D(pr. IIlaDl IIARAUIUAO, PA 17U..nOI NOTICE OF INHERITANCE TAX APPRAI8EHENT, ALLONANeE OR OI8ALLONANeE OF DEDUCTIOH... AND A8SC88HENT OF TAX ON JOINTLY uELD OR TRU8T A88ETI ESTATE OF VENKOWSKI GARV F DATE OF DEATH 07-06-95 COUNTY CUMBERLAND FILE NO, 21 95'0550 TAX RETURN WAS. DATE 04'29-96 ESTATE OF VENKOWSKI GARV F DATE OF DEATH 07-06-95 CUMBERLAND FINANCIAL INSTITUTION. WILKES BARRE NEWSPAPERS FCU Aeeount Balance P.rcent Taxable Amount Subject to Tax Debt. and Deductions Taxable Amount Tax Rate Tax Due x 15.165.78 0.500 7.882,89 4.454.79 3.428.10 .06 205.69 FILE NO. 21 95-0550 S.S/D.C. NO. 164-48'8176 COUNTY ACN 95156558 ANNE VENKOWSKI 321 FOREST DR MOUNTAINTOP PA 18707 REMIT PAVMENT TOI REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE. PA 17013 A.ount R..S tt.d CUT ALONG THIS LINE ~ RETAIN LOWER PORn ON FOR YOUR RECORDS ~ Rifv:i5iii-Ejf.AFP"fi2~951."'...--"'..'...--."""."---.......--..........--............----.-....----..-- NOTICE OF INHERITANCE TAX APPRAISEHENT. ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS. AND ASSESSMENT OF TAX ON JOINTLY HELD OR TRUST ASSETS DATE 04'29-96 S.S/D,C, NO. 164-48-GI76 (X) ACCEPTED AS FILED () CHANGED JOINT OR TRUST ASSET INFORMATION ACN 95156558 ACCOUNT NO. 633 TVPE OF ACCOUNT I (lO SAVINGS ( ) CHECKING ( ) TRUST ( ) TIME CERTIFICATE DATE ESTABLISHED 05-17-61 x NOTE. TO INSURE PROPER CREDIT TO YOUR ACCOUNT, SUBMIT THE UPPER PORTION OF THIS NOTICE WITH YOUR TAX PAVMENT TO THE REGISTER OF WILLS AT THE ABOVE AODRESS. MAKE CHECK OR MONEV ORDER PAVABLE TO. "REGISTER OF WILLS. AGENT." AMOUNT PAID 205.69 TOTAL TAX CREDIT BALANCE OF TAX DUE INTEREST TOTAL DUE . IF rAID AFTER TNIS DATE, SEE REVERSE FOR eALCULATION OF ADDITIONAL INTEREST. . I IF TOTAL DUE IS LESS THAN .1. NO PAYNENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDn" I eRl. YOU MAY SE DUE A REFUND. SEE REVERSE SIDE OF THIS FORN FOR INSTRUCTIOHS. I TAX CREDITS: PAVMENT OATE 04-03-96 RECEIPT NUMBER AA1l2695 DISCOUNT (+l INTEREST (-) .00 205.69 ,DO .00 ,DO go ~ Cl> 3+ rJ' . ~" ~ i- II ~ (, (, ~El ; I.) I. .::> ~'_ {..j ~ -.J :0 1i'8 .~. - It> n ;;;(\1 " L.. f', ,'-, .- ..' ',~ ;~ :';; f" &\''; .... P\MPIlS( OF HOTICE. To fulfill thl r~lr..-nt. of Section 2140 of the InherltlnCl ~ tst.t. ,.. Act, Act II 0' 1"1. (72 P.'. SHUon 2140). PAvtEHTl Detech the top portion of thl. HoUee end ....U with your PIYNn' to the b..lstlr of wnll printed on the r.v.r.. .Id.. ... "_e check or 110M)! order Plv_l. tOI R[GIITE:R OF WILLS, ACENT. All pI"""'. ne.lv'" shIIll fir.' be IIPPlJed to ....v Int.,... which ..V b. ..., with "'1 r...lndlr .,,11" to the tllC. REFUND etA)1 .. refund of . tn er...lt, WItch .... not ,.q"ntltd on the tax return, ..v be '.....t... by cc*pllUng ." -Appllutlan for A.fund of Penn.vlv....l. JnherltlnCl end Elt.t. T..- CAtv. ISIS). applicatIon. .r. IVIAllbl. at the OfficIo' the Regllter of Will., ....v of the ZS Ravenue DI.trlct Dfflc.. Dr bv cll11ng the ,peell. "-hour .....w.rlnt ..rvlc. ~r' fa, 'or., orderlngl In Penn.vlv....l. l.IOI-S6r.ZDiD, out,lde Penn.wlw...... end within loc.1 Hlrrtabur, ar.. (717) 7.7..094, TDDt (7171 772.1151 (He.rlng I.,alred Onl~). OeJECTIONSI Any p.rty In lnt.r..t not ..tl.fled with the IPPr.I..-.nt, allowanca or dl..llowanca 0' deduction. or .......-nt 0' ta. (Including dl.count or lnt.ra.t) .. shown on thl. Hotlc. .ay ObJ.ct withIn .I.ty ('D) day. 0' recal,t of thl. NoUc. bYI ..wrltt~ prot..t to the PA Depa"t-.nt of R.v~, loard 0' Appeal., Dept. Z11Dll. Har"l.burl, PA 17111'1011, OR ...Iectlng to hev. the ..tt.r d.ter.lned .t the wetlt 0' ,he IICCount of the p.r.onel r.,r....t.tlva, OR "IIppUI to the Orph...... CDUrt AOtUN. ISTA'TlVE CORRECTIONS, FlCtual .rror. dl.covarad on thl. .......ent .hould b. addr....d In wrltlnl tOI PA D.,art-.nt 0' R'v,nu., lur..u of IndivIdual T...., ATTNI Po.t A......ent R.vlaw unit, DEPT. Z,D6Dl, H.rrl.burl, PA 17111'0'01 Phone (717) ,17"S05. Sae pa.. S of the booklat "In.tructlon. for Inherltanca Ta. R.turn for a R..ldant Dec.dent" (REV.ISDI) for en INPlan.tlon of adllnl.tr.tlv.ly corr.ctlbla arror., DlSCotICTI If any t.. due 1. p.ld within three eS) c.lend.r aonth. I,t.r the decedent'. da.th, a flv. p.rcent el~) dl.count 0' the ta. paId 1. allowed. IHTEAtSTI Int."a.t 1. charged beginning with flr.t day Q' d.llnquancy, or nine e'l ~th. and one el) day frH tM data of da.th, to the data of papant. T.... .....Ich bac... delinquent bafora Janu.ry I, 1111 be.r Intara.t at thl rata af .1. (6X) parc.nt ,.r ~ calcul.ted at . dally rat. of .DDDI". All ta.a. whl~ bee... delinquent on or aft.r J~ry I, 1'" will ba.r Int."a.t .t . r.ta which will varv froe c.I~" V"" to c.l~ar y..r with that r.ta announced by the PA Departaent af Ravenue. The IPPllcabl. Int.r..t rat.. for 1'" through 1'" aral 'till: Tnhrad Rata ballv Tntara.' Facta" 'till: Intarast Aata Dallv Int.rut F.etor 1911 zax . DlDS.. 1917 'X .DDDlO 1915 In . DlUsa 1911.1"1 IU .DDDlDl ".. IIX . DlDlOl "" n .DDDU' 1905 ISX . DIU.. I"S.I"" 7X .DlO191 191' lOX . DlU74 1"5-1'" n .DDU'" ulntarut I. c.lculated a. foUDlt'1 IHTERE87 . BALANCE OF TAX UNPAID X HUXBES OF DAYS DELINqUENT X DAILY INTEREST FACTOR "Any Kallce luuad aftar the t8M Me... delinquent will r.n.ct an Inhrut calculltlon to flft.en CIS) days beyond the d.ta Df the ......eent. If p.y-.nt II .Id. .ft.r thl Int.r..t coapul.tlon d.t. ahown on the HotJca, eddJtlonsl Int.r..t au.t ba calcul.ted, .; /5-1/5 _/3 REV"1547 EX AFP (12095* C~OHWEAl'H OF PENNSYLVANIA DEPARrHENT OF REVENUE BUREAU OF tHDIVlDUAl TAXES DEPr. Zl0601 HARRISBURG, PA 111,e.0601 NOT leE OF INHERITANCE TAX APPRAISEHENT. ALLOWANCE OR OISALLOWANeE OF DEDUCTIONS AND ASSESSHENT OF TAX ACN 101 DATE 06-24-96 CL-- A OF FILE NO. DATE OF DEATH 10-23-94 COUNTY CUMBERLAND NOTE, TO INSURE PROPER CREDIT TO YOUR ACCOUNT. SU5HIT TNE UPPER PORTION OF TNIS FORH WITH YOUR TAX PAVHENT TO THE REOISTER OF WILLS. HAXE CHECK PAVABLE TO "REOISTER OF WILLS, AGENT" REMIT PAYMENT TO: RONALD C KRAMER PNC BANK NA PO BOX 308 CAMP HILL PA 17011 REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE. PA 17013 Allount H..Hi.d CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ..... ri'ili:is4-j'ix'AFP'iiZ':9ifi'NCifici--o,,"YriHiiiifANcE'TAX"iipiiiiiiisEHEN'r;','iL.'LOWANCE'iflimnnmmn_- DISALLOWANCE OF DEDUCTIONS AND ASSESSHENT OF TAX ESTATE OF SHEARER PAUL T FILE NO. 21 95,0549 ACN 101 DATE 06-24'96 APPROVED DEDUCTIONS AND EXEMPTIONS: 78.564.60 9. Funaral Expens../Ad.. Coata/Hi,c. Expen... (Schedule H) I') 10, D.bh/Hodooo. Ll.bl11Uu/Llono ISch.dul. II 110) 379.66 11, Total Deduction. ell) 12. N.t V.lu. of Tax R.turn (12) 15, Charitable/Covern..nt.l Bequ..t, (Schedule J) (15) 14. N.t V.lu. of estate Subjeot to TaM (14) NOTE: If an assessment was issued praviously, lines 14, 15 and/or 16, 17 and 18 will reflect figures that include the total of ALL returns asseDDed to date. ASSESSMENT OF TAXI 15. A.ounl of L1n. 14 .1 Spou..l ..t. 1151 44. 3B9. B6 16. A.aunt of Line 14 taxabl. .t Lined/CI... A rat. C16) 978,792.76 17. A.ount of Lin. 14 t.xabl. .t Coll.t.,..lICla.. 8 ,.at. 117) 79,428. DO 18. Principal Tax Du. TAX CREDITS: PAVHENT DATE 07'24-95 TAK RETURN WAS' I X I ACCEPTED AS FILED RESERVATION CONCERNING FUTURE INTEREST . SEE REVERSE APPRAISED VALUE OF RETURN BASED ONI ORIGINAL RETURN 1. R..l Eat.t. ISch.dul. A) 11) 2. Stocka and Bonda (Sch.dul. D) (2) 5. Cloa.ly H.ld Stock/p.,.tn.rahip Int.,...t ISch.dul. C) (5) 4. Horta_a.a/Hota. Racalvabl. ISchadul. D) 14) i. C.ah/Bank D.poait./Hiac. P.raonal Prop."ty (Schadula E) IS) 6. Jointly Own.d Prop.rty ISch.dul. F) (6) 7. T"anlf.". ISch.dula Q) (7) 8. Tot.l A...t. I CHANGED .00 .00 .00 .00 12.060.10 .00 1.176.494.8B III 11.03. K .06. K ,15. !lBI RECEIPT NUHBER AA04B037 DISCOUNT INTEREST AHOUNT PAID 1+1 1-) 17,78- 72.500.00 TOTAL TAX CREDIT BALANCE OF TAX DUE INTEREST AND PEN, TOTAL DUE 1.18B.554.B8 7R.Q44 '76 1.109,610.62 7.000.00 1,102.610,62 1.331.70 5B.727,56 11.914.20 71.973.46 72.4B2.22 50B.76CR .00 508,76CR o IF PAID AFTER DATE INDIeATED. SEE REVERSE FDR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS LESS TNAN .1. NO PAYMENT 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:~ ,- ~ O.ra .. ~la. ~ '::' ?~~ ~ , d ",( ., . ~ N .- ,-. ~ ,: .1 () ., , :rl ." fS' .~1)8 ' o' 0:" ., U RESERVATION I ht.... of dlcld'nh dvlng an Dr b.far. D.nllb't 1l, 1912 .. If any future Inti,... In thl ..t.t. II .,."aI.rted In Po.....lon or enJoy..nt to CI... . (colll',r.ll beneflcl.r... of the dlc.dent .ft., thl Ixplretlon 0' anv ..t.t. for II" or for v..r., the Co..onw..lth hereby expr...lY r...tv.. the right to appral.. end ...... trenl'.r Inherltancl Tlxl, It th. .,.,fu1 Ch.. . (coU,t,r.U t.t. on .ny .uch future Inl.r..t. PURPOSE OF HanCEI To fulfill the r.qulr..ent. 0' bCUDM 2....00' tM InherUancI and Estah TalC Act, Act Z2 of 1991. 12 P,S. SectJon 2140. Dttlch thl top portion of this NoUn and .Ub,it .,lth VDur ply,."t to the RIghter of WlIh prlnhd on thl t.v.r.. .Ide. "'"aIIl chIck or .onlY ord... ptUblt tal REGISTER OF MILLS, AGENT All p.v-.nts recelvld .hlll flr.t bl Ippll.d to ~y Int.rl.t which 'I~ b. due with anv r...lndlr Ippllld to thl t.x. REFUND (CAli A nf\Wld of a tax cr.dlt, which w.. not r.quutad on the Tax R.turn, ..~ bl r.quuhd by co.pl.Ung an "'Appllntlon for A.fund of P'MnIY."I. Inh.rltanCl and E.tat. Tax"' (AEY.UU). Application. ar. .v.lhbl. at the Offln of the R.ght.r of WIU., any of the Z3 A'VMUI District Offlcu, or bv c.Ulno the .p.clat Z4-hour an.w.rlna ..rvlc. nuab.r. for for.. ord.rlngl In P.nn.ylvanl. 1.800.562.Z050, out.ld. P'nn.~lvanla and within local H.r~l.burg .r.a (717) 717.809', 100' (717) 77Z.2Z52 (H..rlno lap.lrld Onlv). PAYHENTI OBJECTIONS I Any p.rty In Int.r..t not ..tl.fl.d with the .ppr.I....nt, .Ilowlnc. or dl'.llow.nc. of dlductlon., or ........nt of tax (Including dhcount or Int.rut) .. .hown an this Notlc. Iud abJ.ct within .lxty C60J da~. of rlc.lpt of thh Notlca b~r "wrltt.n prot..t to the PA O.p.rt..nt of R.v.nu., loard of App'lll, D.pt. ZII021, Harrl.burg, PA 17121.10Z1, OR ","ctlon to hlv, the ..tt.r d.tar.ln.d It ludlt of the ICCOunt of the p.r.on.l r.pruantltlvI, OR "IPp..l to the Orphan.' Court. ADHIN ISTRATlVE CORRECTIONS I Flctu.l .rror. dl.cov.r.d on thl. ........nt .hould b. .ddr....d In wrltlna tal PA D'part'.nt of R.v.nu., Bur..u of Individual l'M'., ATTNI Po.t A.......nt R.vl.w Unit, D.pt. 210601, H.rrl.burg, PA 17121-0601 Phona (7171 717-6505. S.. page 3 of the bookl.t "'In.tructlon. for Inh.rltlncl lax Rlturn for I R..ld.nt D.c.d.nt"' (REY.1501) for an 'MPI.n.tlon of Id.lnl.tratlvlly corrlctabll .rror.. DISCOUNT I If .,,~ tlX dul It Plld within three (3) clllndar lonlh. Iftar the dlcfld.nt". daath, . flv. percent C5:n dl.count of the taM plld It allow.d, Th. 15;( tlX ...,..ty non-p.rtlclp.Uon p.nally It co.put.d on the to hi of the taw and Intlrut .......d, and not p.ld b.fo~1 Janu.ry la, 1996, the first da~ aft.r the .nd of tha tax .."uty p.rlod. Thh non-participation p.nalt~ h epp..labl. In the .... .ann.r end In the the .... tla. parlod a. you would apP.II thl tu and Int.rut that h.. b..n .......d .. Indlc.t.d on th1. not Ie., PENALTY I INTEREST I tnt.r..t I. ch.rg.d b.alnnlng with flr.t d.y of dallnqu.ncy, or nln. (9) 'onths and on. (1) dlY frol Ih. d.t. of dllth, to the d.ta of p.yaant. Taxu whIch b.e... d.llnqu.nt befora Janu.ry I. 1982 b..~ Intar..t at the r.t. of six (6;() perc.nt par IMUIl calculated at . d.llY rata of .00016,.. All taMII which b.e... delinquent on Ind aftar Januer~ 1, I9IZ wUI b..r Inter..t .t a rat. which will v.ry fro. c.l.nder yaar to c.l.nder veer with thlt rat. ennounc.d by the PA D.perte..,t of Rn.nu.. Th. .ppllcabl. Intara.t retu for 1912 through 1996 eral !!!! tnt.ralt Rate D.lly tnt.ra.t Factor l!!r Intlr..t R.tI Dally Inhra.t F.otor t'lIl ZOX .000548 1917 .~ .oaozu 1915 I" .000'31 1911-1991 1U .000501 1914 IIX .000501 1992 .~ .ooozu 1915 In .000556 1995.199' 7~ .000192 1916 la~ .000274 1995'1996 .~ .0002"7 nlntarut I. calculat.d .s follow'l INTEREST a BALANCE OF TAX UHPAID X HUHIER OF DAYS DELINQUENT X DAILY INTEREST FACTOR "Any Notlc. luu.d .ftar the t.x b.co... d.lInq.....nt will rafllct an Intarut calcul.tlon to flftlln USI d.ys b.yond tha data of thl ........nt. If p.v..nt I. ..d. eft.r the Int.r..t cOlPutltlon data shown on the Hotlc., additional 1nt.rast lU.t ba calculet.d. vi /5-15-/3 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT C/l/ *' BUREAU OF INDIVIDUAL TA~ES INHlAITAHCE TAX DIVIIION PEPr, Zl06Dl HARRISBURG, Pi 111'1'0601 "'.UIJII i" 1.....1 RONALD C KRAMER PNC BANK NA PO BOX 308 CAMP HILL DATE ESTAT! OF DAT! OF DEATH FIL! NUMBER COUNTY ACN 07.15-96 SHEARER 10-23-94 21 95'0549 CUMBERLAND 101 Allount R..1thd T PAUL PA 17011 ~ MAKE CH!CK PAYABL! AND REMIT PAYMENT TOI REGISTER OF WILLS CUMBERLAND CD COURT HOUSE CARLISLE, PA 17013 HOTEl To inaure proper credit to your .ccount, lube1t the upper portion of thl. for. with your t.x p.y..nt, CUT ALONG THIS LIN! . R!TAIN LOW!R PORTION FOR YOUR R!CORDS ..... iiE'y:il.cij.ix."Fji.(o:i:9l."j"m.......iFlii€Ri"!:A'iic'E.filx.si..iiTEiiEiif.ciF.ilccciiiNT..ii.......mm...muu !STAT! OF SHEARER PAUL T FILE NO,21 95-0549 ACN 101 DAT! 07'15-96 TNIS STATEKENT IS PRDVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN TNE NAKED ESTATE. SNOWN BELOW IS A SUHHARY OF THE PRINeIPAL TAX DUE, APPLICATIDN OF ALL PAYKENTS, THE eURRENT BALANCE, AND, IF APPLICABLE. A PROJECTED INTEREST FIGURE. DATE OF LAST ASSESSMENT DR RECORD ADJUSTMENT, 06'17-96 PRINCIPAL TAX DUE, ____.._____.___________ 71.973.46 PAYMENTS CTAX CREDITS), PAYMENT DATE 07-24-95 06-25'96 RECEIPT NUMBER AA048037 REFUND 72.500,00 508.76- DISCOUNT C+) INTEREST C-) 17.78- ,00 AMOUNT PAID TOTAL TAX CR!DIT BALANCE OF TAX DU! INT!REST AND P!N, TOTAL DU! 71.973,46 ,00 .00 .00 . IF PAID AFTER TNIS DATE. SEE REVERSE SIDE fDR CALCULATION Of ADDITIONAL INTEREST, If TOTAL DUE IS LESS THAN fl. NO PAYKENT IS REQUIRED. If TOTAL DUE IS REflECTED AS A "CREDIT" (CRI. YOU HAY BE DUE A REfUND. SEE REVERSE SIDE Of TNIS fORK fOR INSTRUCTIONS. .(; ~~ o \0 N IS: ,..., ~ ) ,=..1. 1(1. o CD ..: n U 'jJ Wa; a: '0 p, w t: -::> 00 PAYHfHTI D.t~h the top portion of thl. Notlc. ~ .ub_lt with your p.v..nt ..d. p.v.bl. to the n... end eddr... printed on the r.v.r.. .Ide. If RESIDENT DfCE.:DENT .ek. check or .on.v order p.vabl. tOI REGISTER OF WILLS, AGENT. If HON.RESIDEHT DECEDENT aek. check or .on.v ord.r p.Yabl, tOI CDHHONWEAL TH OF PENNSYLVANIA. All p.y'ent. r~elv.d .h.ll b, appll.d flr.t to env Int.r..t which ..v b. due with any r,..lnd.r applied to the ta.. REfUND tCA). A r.fund of a t.. credit, which WI' not r.que.t.d on the Ta. R.turn, ..y b. r.que.t.d by co~latlng an "Appllc.tlon for R.fund of Pam.ylvanl. Inh.r1hnca and E.tat. 'IX" (REY.UU). Appllcatlonl ar. .vIUabl, at the Off lea of the Rlglltar of Will., any of the 25 R.vlnu. DI.trlct Off Ie.. or fro. the Dlp.rtlant'. l..hour an.warlng ..rvlc. ~.rl for for.. ord.rlngl In Pann.ylvanla 1.100'562'2050, out.lda Pann.vlvanl. end within loc.l Harrl.burg .ra. (717) 717.10'4, TOOl (717) 772.2252 (H.arlng lap,ltad onlv), REPLY TOI ou..tlon. ragardlng .rror. cont.ln.d on thl. notlc. .hould b. .ddr....d tOI PA D.part.ant of R.venue, Bur.au of IndividUal T.x.., ATTNI po.t A.......nt Ravl.w Unit, D.pt. 210601, H.rrl.burg, PA 17~21.0601, phon. (717) 717.6505. D 1 SCDUHT ~ If any t.. due I. p.ld within thr.. (5) c.l.ndar lonth. aftar th. daead.nt'. d..th, a flv. pare.nt (5~) dl.count of the t.. paid II allow.d. PENAL TV. Th. 15~ to. aan..ty non.partlclpltlon p.n.lty I. cOlput.d on the 'ot.l of the t.. and Int.r..t .......d, and nat paid b.fora Janu.ry II, 1996, the flr.t day aft.r tha and ot thl t.. .~..ty parlod. INTEREST I Int.r..t I. charg.d beginning with flr.t day of d.llnqu.ncy, or nlna (9) lonth. and on. 11) dav fro. the dlt. of da.th, to the dati of pay.ent. T.... which b.ca.. dallnquent bafora January 1, 1'82 ba.r Int.r..t .t the t.t. of al. (6~) p.rcant p.r annua calculat.d It a d.lly r.t. of .000164. All t.... whiCh baCI" d.llnqu.nt on and .ft.t January 1, 1982 will b.ar Int.re.t at a r.t. which will v.ry frol cIl.nd.r y.er to calend.r ye.r wIth th.t rat. announced by the PA Dep.rt..nt of R.venu.. Th. .ppllcabl. Int.r..t r.t.. for 1982 through 1"6 ar,. Yllr Int.rllt A.t. Oalh In"rllt F.ctor V..r In"r..t Rat. a.lh Intlr..t Factor 1982 20X .000548 1'87 'X .00D2U 1.85 I'X .000U8 1'81.1991 llX .000501 1'" IIX .000501 1992 'X .0002U 1'15 UX .000556 1995.1994 7X .000192 1... I'X .000274 1995-1'" 'X .0DOIU "Inter..t I. c.lcul.tad .. followsl INTEREST . BALANCE OF TAX UNPAID X NUNBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR ..Any Notle. I..uad .ftar th. t.. b.co." dallnquent will r.flect an Intsr..t e.lcul.tlon to flftean 115) dev. b.yond the data of the .......ent. If p.y.ant 1. .ad. .ft.r the Int.re.t coaputatlon dete .hown on the NotIce, addltlone. Int.r..t aust b. c.lcul.t.d. PURPOSE OF HOTICEI To fulfUl thl requlr..-nta of SICtlon 21U (bJ of thli Inher1tMce .-d E,t.t. taM Act, Act 2Z of .991. (72 P.I. Section 2141). PA\'HENTI DetKh tM top portion of thl. Hotlc. and .ut.lt with your pIYlent to thl A.,hter of Willa printed on thtl rever.. .Ide. -- Heka check or ""'V ordtr PI)''''.I tal REGISTER OF MILLS, "aEHT. AU pay,,,,'a nc.lvld ,hill b. appllld flr.t to WlY Int.rut which "V be due .,1th MI)' n..lnd.r ~ll.d to tM taw, REFUND teR) I A refund of . tu credit "V b. requ..tlld by CMP1,Uno an "'ppllcIUon for R.fund of P,nnnlv..,.a Inheritance ~ [,tat. ra.- CREV.llIS). Application. at. Ivellable at thtl o"lcI 0' thtl .Ial.t,r of Will., In)' of thtl 21 .evenue DI.trlct O,'lc.. Dr frol thl DIP.r'lant.s Z~.hour Wllwlrlng ..tvICI nuab.r. for 'or.. ordering I In Penn'Vlvanls 1.IOO.162.205D, out,lda PennlylvM.' and within lOCI. Harrllburg .r.. (717) 7.7.1094, TOO' (717) nz.usI CH..rlng h..lred Only). OIJ(CT!DHSs AnV partv In IlIt.ra.t not .athUad "lth tt. .........,t of ta. a. aha,," on thh noUn "V Object within .bty (60) daU of raulpt of this NoUca by. --wrlUen prot..t to the PA Dep.rt...,t of RavMK.I', Joard of App..h, Dept. ZIIU1, Harrhburg, PA 17121"1121, OR n.hcllne to h.". the ..thr dltar.lned .t audit of tha plrlontll rapr..entatlva, OR napp..1 to the Orphana' Court. ADHIN- ISTRATlYE: CORRECTIONS. Factual arror. dl.covar.d on thl. ........nt should bs .ddr....d In writing tos PA D89.rtaent of R.venue, lura.u of Indlvldu.1 T...., ATTHI pa.t A.......nt R.vlew unit, Dlpt. 210601, t.arrl.bur., PA 17121.0'01, Phone (717) 717-6505. 1..- page 5 of the bookht '"In.trueUon. for Inh.rltenca Tn Raturn for. Ralld.nt DlcldentM (REV-1S01) for In ..planatlon of ~lnl.tr.tlvalY carr.ctabl. Irrors. .... PEHALTYs Th. In t.lC una.'" non.partlclpdlon pan.ltv 11 cDllPuhd on the total of tha t.1C and Int.ra.t .......d, IncI not paid b.far. J~l.ry 18, 1996, the flr.t d.y .ft.r the and of tha t.lC a.oa.ty parlod. This non.p.rtlclpatlon pan.lty II ."..I.bl. In t~ .... aannar and In tha the .... tla. parlod a. you would .ppe.l thl tllC and Int.r..t that h.. b..., .......d II Illdle.tad on thl. notSca. INTEREST. For d.t.. of d6zth on or .ft.r Ir-3"I, P.nnlvlv.nl. E.t.te T.. be..d on thl F.d.ral E.tate T'M return b.cOII.. dtollnqu."t .t t'.. IMplratlon of nln. (0,) .onth. fro. thl d.ta of d..th. Far d.ta. of d..th prior to 10.3-''', Pa,w1Iy1'vanl. Ellat. TllC b...d on tha Fad.,.l E.tata taM raturn b.eo... d.llnqu~\ at tha I.plr.tlon of light..' (18) .ooth. fraa the d.t. of da,th. TalC" which b.e... dlllnqutnt ba(or. Janu.ry 1, 198Z b..r Int.r..t at th. rat. of .IM (6~) p.reant par annul calcul.tad .t . d.llv rat. o( .000164. All taMI' which bae... dlllnquent on or .ft.r Janu.rv 1, 19.2 will baar Intar..t .t I rat. which will v.rv fro. callnd.r y..r to uland., Vllr with th.t rat. W'lnDU"K;ed bv the p, Departaent of R.venue. The applicable Intera.t rata. for 191Z through 1997 ar" V.., Intar..t Rata D.llv Int.r..t F.ctor Vaar Int.,a.t Rata Dalh Intar..t F.ctar ----- 1,IZ 20X .000548 1'17 'X .00DZ47 1915 16X .0004Sa 1911-1991 11' .00D501 1914 IlX .000301 199. OX .000Z47 J,15 I5X .000356 199].1994 7' .000192 1916 lOX .000274 1"5.1"7 'X .0D0247 --Intl,..t I. calcul.ted .. fallow., INTEREST . BALANCE OF TAX UNPAID X NUnBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR ".Any Notice I..u.d .fhr the tllC bleo... d.Unquant will raU_et an Intlr..t calculation to flft.an (151 d_>>. beyond the data of the ......unt. If P'YlMnt Ja .ad. .ftar the Intar..t c~tatlon data ~I "II thl NoUe., addition_I lnt.r..t au.t b_ c.lcul.tad. /.)-'15 -13 IUREAU OF INDIVIDUAL TAXES INHtRITANCE 'AX DIVISION DE:pr. lIUDI MAAR_llURa, PA 1711a.0'01 CDHHDNWEALTH DF PENNSYLVANIA DEPARTHENT DF REVENUE NDTICE OF DETERHINATIDN AND ASSESSHENT DF PENNSYLVANIA ESTATE TAX BASED DN FEDERAL CLDSING LETTER DATE ESTATE DF DATE DF DEATH FILE NUHBER CDUNTY ACN c...... *' In.,,, II'" 111-'" RONALD C KRAHER PNC BANK NA PO BOX 308 CAMP HI LL 03-17-97 SHEARER 10-23-94 21 95-0549 CUMBERLAND 202 A.aunt R..Ut.d PAUL T PA 17011 HAKE CHECK PAYABLE AND REHIT PAYHENT TOI REGISTER OF WILLS CUHBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE I To In.ur. proper credit to your .ccount, .ub.lt the upper portion of thl. for. with your tax p.~t. CUT ALONG THIS LINE ~ RETAIN LOWER PORTIDN FOR YOUR FILES ~ REii:736..EX..AFp..io3:.97j.--.....-NO.ficE..OF..DETifRHiiiATio.N.AiiD.AS.SESsiiENT-.....----....------....-...- DF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER .. ESTATE OF SHEARER PAUL T FILE NO,21 95-0549 ACN 202 ESTATE TAX DETERMINATION DATE 03'17'97 1. Crldit For Stat. D.ath Tax.. .. V.ri fi.d 2, P.nn.ylvani. Inh.ritanc. T.x A......d 71,973.46 (Excluding Di.eount .nd/or Int.r..t) i 3, Inh.rit.ncI T.x A......d by Oth.r Stat.. .00 or T.rritori.. of thl Unit.d Stat.. (Excluding Di.eount and/or Int.r..t) 4, Total Inh.ritanc. Tax A......d 5. P.nnsylvsnia E.tat. Tax Ou. 38,118,10 71.973,46 6. Amount of P.nn.ylvania E.tat. Tax Pr.viou.ly A......d Ba..d on Fld.ral E.t.t. Tax Raturn 7. Additional P.nn.ylvania E.tat. Tax Du. :1 'I TAX CREDITS I PAYHENT DATE AHOUNT PAID RECEIPT QER DISCOUNT (+) INTEREST/PEN PAID (-) " ~ i " .. .~ l.'fH: . "ra/::> 81: OlV B l IJVI L6, !l:l':\', ';:~H .lot' TDTAL TAX CREDIT .00 BALANCE OF TAX DUE ,00 INTEREST AND PEN, .00 TOTAL DUE .00 IIF TOTAL DUE IS LESS THAN .1, NO PAYNENT IS REQUIRED IF TOTAL DUE IS REFLECTED AS A "CREDIT" leRl, YOU NAY IE DUE A REFUND, SEE REVERSE SIDE OF THIS FORN FOR INSTRUCTIONS,) -IF rAID AFTER THIS DATE, SEE REVERSE SIDE FOR eALcULATION OF ADDITIONAL INTEREST. ,00 .00 .00 P\JAPOSf OF NOTICE. To fulfill the r....reaenh of Section 2.4' Ib) of the Inhlrltttnea and [.tat. hll Act, Aot Zl af .995. 112 P.'. lecUon '141). 'AYMOITI DetKh tM top portion 0' thh Notlc. Md sua-It with your p.pent to the ..,htar of Nllh printed on the rhar.. .Ide. n M__ check Dr ltOnIIy order ,av... tal REGISTER OF MILLS, AaEHT. RfflJNDCCRh A nfund 0' . ta. credit "W tM raCf'Mttltd by cHPlatlna en "'Application 'or A.,t"nd of PMV1lVlv..,la l~rltanc. ~ E.t,t, Tall"' (REV.ISIS). application. .r. avail... at the Offlca of the A".I.ar of Will., ."yof 'M U Rav..,.". Dbtrlet Dffle.. Dr Ira the D.p.rt.."." I'''hour ..,....'11'18 ..rvlce ..-ara 'or for.. orderlnal In Pennavlvanla l'IOD.,62"050, out,lde Penn'Vlvanl, Md withIn local Harrisburg .r.. (711) 7'7.10'4, TOOl (711) 772.2252 (He,rlng [~.Ir.d Only). DIJECTIONSI Any p.rty In Int.r..t not ..tl.fled with the ........"t of taM .1 shown on thl. not Ie. ..V object within 'l.ty (60) dayl of rlcal,t 0' thl, Hotlc. bYI ....,.lttet1 pr-ot..t to the PA u-p.rt.."t of Ravenue, lo.rd of Appa.lI, Dept. 211021, H.,.,...burg, PA 17121.1021, OR ...I.ctlnl to h.v. the .Itt.r d.t.ralned .t BUdlt of the p.rlonll rapr..ent.tlv., OR --...,pa.l to the Drphet1.' cou,.t ADIItH. tSTRAnVE CORRECTIONSI F.ctuel .rror. dl.cov.r.d on thl. .......et1t should b. addr....d In ..rltlng tal PA D.partaant of R.vanu., lur..... of Individual 'ax.., ATTNI po.t A.......nt Ravla.. Unit, O.pt. ZIOUI, "arrlabura, PA 17121.0601, ~ (717) 717.6505. S.. page S of the bookl.t "In.tructlon. for Inh.rltanc. T.x R.turn for I R..ldant O.c~t. (REY.ISOI) for an .wpl.,.tlon of adalnl.tr.tlv.ly carr.ctabl. arror.. PENAL TV I Tha 15X talC una.tv non.p.rtlolpatlon p.nalty .. co.,ut.d on the total of the talC and Int.r..t ......ed, and not p.ld bafor. January 11, 1996, the flr.t dlY Ift.r tha and of thl tllC I~..ty p.rlod. Thl. nan.partlclpatlon p.n.ltv Is app.ahbl. In the .... aanne,. and In the thl .... tI.. p.rlod I' vOU ..ould app.al tha t.1C Itnd Inter..t that h.. baan ......ed .. Indlc.t.d on this noUca. INTEREST I Additional p.nn'Ylvenla Elt.ta T.IC .......d .. . ,...ult of . chWllla on the F.d.r.l E.tat. TalC cluing hU.,. b,cDII" d.lInqu."t at thli 'lIplr.tlon of on. (I) aonth fr" the d.t. the flna) notle. of the Incr.... In f.d.,..1 E.t.t. Ta. h r.c.lv.d. T.x.. which bac... dall~t befnra Janu.ry I, 19.Z b..r Int.r..t at the r.ta of .1. (6~) pa,.eWlt pa,. ~ calculatad .t I d.lly rata of .000164. All tl.a. which bee... d.llnquent on or .ft.r January 1, 19.Z NIII baar Inta,...t at a rata which ..III vary froe c.l~ar va.r to c.lend.r y.ar ..Ith th.t r.t. ~.d by thl P' Depart-.nt of Ravenul. ThI appllCabla Int.raat rat.. for 198Z through 1997 ara. '!!!! Intar..t Rat. Oally Int.r..t Factor ~ Int.r..t Rat. D.lly Int.r..t factor 1912 ZOX .000541 19.7 'X ,OOOU7 1915 I'X .0000. 19.1.1991 IIX .oonol 1914 Ilk .000501 1992 OX .Don'" 1.15 UX .00nS6 1995.1990\ 7X .000192 1.16 lOX .oon'" 1995.1997 'X . DOn", "Intar..t h calcuhtad .. fallo"'.1 INTEREST . BALANCE DF TAX UNPAID X NUnBER OF DAYS DELINQUENT X ~AILY INTEREST FACTOR ..Any Notlca luu.d .ftar thl ta. beeoa.. dlllnquent ",Ill nflact .... Int.rut c.,cul.tlon to flft.." (IS) d.y. bayond the data of thl .......ant. If P'VI...,t Sa ... IUar the Int.rut llollpUt.Uon data .ha"," on th_ Notlca, additional Int_r..t .u.t be calculatad. .~ . ",,, , .,-,'- 20. If lIn. 191, gr.at.r than lint 18. .nl.r thl dlff."nc. on lIn. 20. This 11th, OVERPAYMENT. 110 ...rnra. ilU 1...._yI.I'_'If..I..'."~...lllll-.- ...IYr.IlIr.1.TI.I'.........lUtlU.I.....'" 21. If lln' 18 It gr.ater than line 19, .nt.r the dIM.r'"'1 on lint 21. This II Ihl TAX OUI. A. Enllr thelnl.r..t on the bolonc. dUI on lIn, 21A. B. EnIOt thllato'al lIno 21 ond 21A on lIno 218. Thlll.,hl BALANCE DUE, Male. Chick Payable tOI Regl..., 0' Willi, Aglnt ';;. . alsun TO ANSWIR ALL aUlmONS ON REVERSISIDE AND TO RECHICIC MATH ',r'., Und" p.nolllo. 01 p.rjury, I d,da.. Ihot I hove ..amln,d Ihh ,olurn, Including accompanying .chodul.. and IIollmln", and 10 thl b..t of my knowlodgo and blll.f, It IIIrUI, corrlct and camplol., I d.c1or. thol all rool ..101. hat boon ..porto. allru. markol valul. D,c1a,allon 01 propar.r olhe, Ihon Ih. penanal ,.prlllnloll,. I. bOlld on alllnformollon of which prtpar.r hat O"y knowl.dge. "O~.. 01 ... ON """"" ,"'IIl'NO "'U'N .00.... 0'" il'l~ lla , 1\" Huacee I ',t';;("~ ,.ON.IU' 0"'''''' HIR TN'N ....m T.T1v, .oom' P. 0, Box 308 Did Camp Hill. PA 17011-0308 REV.UOO u. 11.Q"1 l!! ..:5" 1Ila:!j "'E9 ulll'" :illfj .... ..z 32 ~ -: '. "Oa DAns 0' DIA'H Anll '2/31/9\ CHICK Hili If A 5POU5AL POYIRTY CIIDIT IS CLAIMID 0 PILI NUMIII * INHERITANCE TAX RETURN RESIDENT DECEDENT (TO BE FILED IN DUPLICATE WITH REGISTER OF WILLS) 95 YEAR 0549 NUM5ER DAn 0' "UH 21 COUNTY CODE DECEDENT" COM'tl I ACDU , 109 E, E1mwood Mechanieaburg. Ave. PA lfj 51 III co COMMONwrAUH o. 'INNsnVANIA DIP,UTMINT o. UVINUI DlPT. 210601 ~A..IS'U.O. PA 17121-0601 DOH' NAMlllA'. fIl . AND MIDDU INI IAtl Shearer Paul T, SOCIAL 5lCUI.tT HU"'IU COWllt Cumberland AMOUNllfCflvtD ,!on lfdTlUCllOH51 DAll Of DfAI" 171-28-6516 10/23/94 I" ..",1(."11 '''....'V1HG 'PO\lUI ","'M' l,,,,,t, 'IUl ,U~II"IODtlll""IAU 459-34-3343 o 2. Suppl.m.ntol R.turn Shearer. Violena !Xl 1. Orlglnol Rllu,n 03, 005. R.malnd.r A'lur" (10' dalll 01 dlolh p,lor 10 12.13.821 Fed.ral Eliot. TOK R.turn R.qulr.d 00 A. limited Ellall 0 AD. Fulur. Inl.,.S' Compromls. (for dOl.. of d.olh aft., '2.12.82) [Xl 6. D.nd.nl DI.d T.ltol. (Will not!K] 7. D."d.nl Malnloln.d a living Trull (A.ach copy 01 Willi Probated) (Allach copy of Trull) ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TOI NAMI COM'tIU MAILING "ooun Ronald C, Kramer PNC Bank, N, A, nU'HONI HUMUI P.O. Box 30~ II ICamp 717 730-2257 _8. Tolal Number 01 Sof. O.po.il BOil" Hill. Pk.17011-0308 z 5 i I. R.al E,lal. (Sch,dul. A) 11 ) 2 Slack. and Bond. (Schldul, BI ( 2 ) 3, Clo..ly Hold SlockIPartn."hlp Inl..III (Schodull C) ( 3 ) .. Mortgog.. and NOli' R'ell,abl. (Schedull D) ( · ) 5. Ca.h. Banlc O.po.il' & Mllc.lIanoou. p.rsonal Prop.rty ( 5 ) ISch.dul. EI 6, Jolnlly Ownld Praplrty (Schldul, f) 16 ) 7, T,antll" (Schedul. GIISch1du11 II 171 8. Total Grall A...I. (Iotal L1n.. 1.7) 9. Fun.ral EJtp.n..., Admlnl.tratlv. Co.lI, Mllc.lIan.ou. t 9) bp.n... (Sch.dul. HI 10. D.bll, Martgagl lIablllll.., lI.n. (Schedull I) (10) 11. T atol Dlductlan. (lOla' lIn.. 9 & 10) 12. N.t Value 01 E.tat. (lIn. 8 minus L1n. 11) 13. Charllabl. and Gov.rnm.ntal a.qullt. (Sch.dul. J) lA. N.t Valu. Subl'ct 10 Tax ILln. 12 mlnu. L1n. 131 15, Spou.ol Tran".,. (for dalll of d.olh aft.r 0.30.9A) s.. In.lrudlon. far Applicable P.re.ntag. on R.ver.. Sid.. (Includ. volu.. Irom Sch.dul. K or Sch.dul. M.) 16. Amount of lIn. 1 A laxabl. at 6% rol. (Indud. .,alu.. from Sch.dul. K or Sch.dul. M.) 17. Amounl of Un. 1 A laxabl. at ) 5% rot. (Include volu.. from S~.dul. K or Sch.dul. M.l 18, Principal lox dUI (Add 10. I,am lIn.. IS, 16 ond 17.) '9, C"dll. Spou.al Pov.rty Cr.dlt Prior POlm.nll + 72.50U,OO (111 78.944.26 (12) 1.109.610,62 (13) 7.000.00 (141 1.102.610,62 .,Q1.... 1.331. 70 . ,06. 58,727,56 )( .15 . 11.914,20 (181 71.973,46 (191 72,500,00 1201 (526.54) (211 (21") 121BI 12,060.10 1,176,494.88 78.564,60 379,66 (8) 1.188,554,88 z .. r; ~ .. 3 g (15) 44.389.86 (16) 978.792,76 (17) 79.428,00 Discount Int.r..t + .,.~ (, ~ ,. ':OMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAu OF INDIVIDUAL TAXES DEPARTMENT 280601 HARRISBURG, PA 17128-0601 August 15, 1995 MR R C KRAMER VP PNC BANK NA PO BOX 308 CAMP HILL PA 17001-0308 De.r Hr, Kramar: ReI Estate of Paul T, Shearer File No.1 2195-0549 This is in response to your request for an extension to file the Inheritance Tax Return for the above-referanced estate, In accordance with Section 2136(d) of the Inheritance and Estate Tax Act 255 of 1982, the time for filing the return is extended for an additional period of eix (6) months, This extension will avoid the imposition of a penalty for failure to make a timely return. However, it doea not prevent interest from accruing on any tax remaining unpaid after the delinquent date, i \ " The return must be filed with the Register of Wills on or before January 23, 1996, Becausa Section 2136(d) of the 1982 Act allows for only one extra period of six (6) months, no additional extension(s) will be granted th.t would exeeed the maximum time permitted, I~ :j I.t I' ( ~ ',' Sincerely, II ') \/i/7 ,I /" I . .., . J . . '_' ;':~'I'''' L .... ". '\..0 I" I / '._~,''-", .- /3llR'n-'c, Murphy, Chl:.tJ t./ ~tnheritance Tax Division S-ITIINB83 081CRI329 , , I ... I,' L -...-,.,......."'---~-:"';:---_._"'-". -~..,.,-_._=.~.^"'.~..~_..~""'-,.-..._-*.-'<.,....~._" Ant "'A of 19011 I1rovlrlns for tho rnr1uctlon of tho to)( rntoR lmpolod on tho not vnluo of tr8nlfors to or for thn II"" or tho "POUIO. lho rotol IUI proscribed hy tho statuto will be: . 3" (,03) will he eppllcehlo ror nstetos or docedents dying 00 or ener 711/9" end herara 1/1/96 . 2" (,02) wi I I be .ppllcehln rar ost.tos or docodontl dying on or nrtor 1/1/96 end horore 1/'197 . 1" (.0' I will bo epp II c.b Ie ror os tn tns or docndents dyl ng on or ener 111/97 end berore 111/98 . Spouse' trsnsrerl ocourrlng on or ertor 1/1/98 wi II bo o~ompt rram Inhorltsnce ts~. PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING A CHECK MARK ( V) IN THE APPROPRIATE BLOCKS. ES NO I. Did deeed.et lake a Ir.e.ler and. '. retlln thl ale or Ineole of the property tran'f.rred, x ..,...............,..........................,..... b. retlln th5 right to dellgnate vho Ihall ale Ihe propert, tranllerred or It I IDcDle, .,......,..., .,...." x c. retlin I rever.tenlry interelt or .........,...,......................,...".......................'..... x d. reeelve the prDllle lor IIl5 ol either paYleetl, benelltl or clre? .,..........""......."..........,., x %, Il delth occurred on O' before Decelber 1%, 198%, did deeedent vlthln two yearl preceding death traDller property vlthout receiving adequlte cDDllderltlDI? If dealh occurred Ilter Decelber 1%, 198%, did decedent tranller property vlthln one year ol delth vlthoat receiving adequate eonllderatlDn? .,.......",., 3. Did deeedent ovo al "In truat lor" baok accoant It hll or her death?"."""" .""".""."."""....,,. IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. ,&V.l,oe E..'IJ.B" SCHEDULE E CASH, BANK DEPOSITS AND MISCELLANEOUS PERSONAL PROPERTY ~1......4I1l'K"L". or rstnllYLYMttl\ Ittnal1'MICK 'I'M anu," .sa.DCII'f D~DI:," --.-- --------.- PAOE pl.... Print or Type FILE !lUMBER 2' -95.0594 ESTATE OF SHEARER PAUL T. 3132755 (All property IOlnUv-own" wllh "IQhl 01 survlvanhlp "'Ull bt' ditCh".... nn SChtrduh' n -.-----.--..-- ---_._~- VALUE AT DATE OF DEATH ITEM HUMBER DESCRIPTlO!l ..._---- IillintLLAlltlllls ZEMBO lEM~LE RF.FUNO '99'1 OUEll 50,00 2 s.C PERKINS R^C 209 RErUNO or 1995 nUES 17 ,00 3 ~NC DANK, N,A.' IRA ^/r. c/O 1011121000020118 BALANCE AS or 10/23/9'1 INTEREST TO In/2]/9~ 100.00 lI.n1:1,:\1 79.79 ",893,'0 I, SNOIICO rR^",r.R TOTAL '^hn flnl'" nnllnt 5, Rtcllllll\lIIUo"' 5'2 060,10 '^ltl'lch l'Iotottllnnnl R 1"- .. 11' ."...lc II Ill"''" cfl:U:' I. "..,d~ I illY. '1"10 1.._U.II'f1 ..........c.n"l'l'l^L". 01' '1t1fHIIYLY^H'r'I IHWlalTAHClt T^. aETV," ,..IDINT DeCEDeNT SCHEDULE G TRANSFERS PAOE Pl.... print or Type 2 ESTATE Of SIIEARER, PAUL T. riLE IAHlER 313?755 2'-95-059q THIS SCHEDULE MUST BE COMPLETED AND FilED IF THE ANSWER 10 ^".,. or 1I1F. QIJESflON5 (\tl 1I1F. nEV[RSE SIDE OF THE COVER SHEET IS rE9 In" DESCRIPTION Of PROPERTY tl.IeEA ltIcl\lllll _ .f "'" lir...,_, l""lr r.IMI"""'~ h ~. 4". of I'.....'..... EXCLUSION TOTAl YAlUE of ASSET D~fU. l! INT, Of DECE:t.lrlJ!!s INTEREST 1lDIIll5 q 25,000 PAR AOA"S COUNTY PA REOEV ^11l1I r ^r. nr 5.50% DUE 3/1/98 4t 96.8578 INTEREST rROM 10/23/9'1 10 10/?3/~' 2Q,21q.I," '98.6' 5 30,000 PAR ^LLEOIIENY COUNTY P^ INOI. nEV NURS I NO 1I0ME '" ]5:1: Ollr. VI I?nnn I) 95.'1573 I~TEnr.ST rROM In/23/9', 10 In!?.ll' , 28,637. '8 '08,50 6 10,000 PAR OERKS r.OUNTY P^ MUN ^IJTII r.nu.rr.r REV 6.60% DUE I?/ 1/91, I) 100.2123 INTEREST rROM 10/23/9'1 Tn In/?U' , 7 20,000 PAR OAUPIII N COUNTY PA OEN ^UTIl 5.25% DUE "/1/200" I) 118.9525 INTEREST rRO" 10/2]/9'1 TO 10/23/9 I 8 50,000 PAR II^MPDEN TIIP SWR ^UTIl REV 6.15% DUE OQ/Ol/98 I) 100. "288 INTr.REST rROM 10/?J/9'1 In 1O!?,1/' , 9 20,000 PAR lI^nR I SOURO PA SEW ^UTII Oln SIIR nr 6.625% DUE 01/01/08 4t 103.8718 INTEREST rROM 10/23/9" 10 In!?]I, I 10,02',23 260.33 23,790.50 80.2' 50,2 "1.38 187,92 20,77".35 '"2.22 '0 25,000 PAR KENNETT P^ CONS SCII OIST 5,30% OUE 2/15/2006 . 9'" 6950 INTEREST rROM IO/?,1/9'1 10 11I1?1/n, 23,673.75 250.28 5,000 PAR L^NC^STER COUNTY PA 1I0SPIT^L (,.?~:~ DUE 7/1/96 . 102.7688 INTEREST rROM 10/23/91, 10 10/21/, I 5, 13e .I,Q 97.22 TOTALf.AISd enl.r "n line 7. Rec.pllul.t1on) I" maf. '1r:\~' 14 n,-d_-t, Ill,-,t ~rtfhtln'MI .,h."I' nf '~1Il11 'IZ" I IlKY. ,'1'0 U\ 12-8" ....."_MMKAL'. 01' I'E....,VLY^MIII IKWKa',ANCZ fA_ aE'V~H "ElIDeNT DECEDENT SCHEDULE G TRANSFERS PACE Pl.... print or TypII 3 rilE tAHIER ESTATE Dr SIIEARER, PAUL T, '1 l' 1fir, ?1-95.059~ THIS SCHEDULE MUsr BE COUPLE TED AND FILED u: "4E AtlSWER '0 MIV or tllF. QU[SnOll':; otlllU:: R[VERSE SlOE or WE COVER SIiEET IS YES lTE" tuIIER DESCRIPTION Or. PROPERTY lrel_ ~ " ..... Ir_,....., l...,r r.I.".....,.'. ,. ....-'. ..I".f I'...H.... E)(Cl.U51ON TOTAl VALUE OF ASSET D~D. INT. Dr OE"C'E.r:.tr"l's INTEREST -.- --... ...- '2 20,000 PAR lAHCASrrR COUN'V M 1I0~P ^,II11 nn 6,?5% OUE 6/1/9(, o 101.1588 INTr.Rr.~T rnOM ln/?l/9" TO 11l/?""' 20,231. 75 "93,06 13 '0,000 PAR HECIIANICSBURO PA SCII OIST AlIlIl SCII REV 5.625% our 06/15/0? II 96.0038 INTr.Rr.~T rROM 101?.l/9'1 10 11l/?1/~ 1 9,600,3e 200,00 ," 20,000 PAR MT PI.EAMNT PA AREA ~1:1I illS' US" ,0 OEN onl 5.15% OUE 03/01/9(, " 100.1265 INTERESI rROM 10/?3/9" 10 In/?l/" I 20, '~5.30 166.11 '5 20,000 PAR PENNA STATE IIIGIIEn EO rAGS Alllll 7,125% DUE 9/1/2001 o 106,8'188 INTEREST rROM 10/23/9'1 10 IO/nl" 1 21,369.75 71 1. 00 '6 25,000 PAR PllllAOElPIIIA PA 5.8% OUE 07101/95 tl 100.6972 INTEREST rROM 10/23/9'1 '0 In/?1/91 25,17~.3' "51. 11 17 10,000 PAR PIIILA PA 1I0SPITAl AIITI1 6,75% DUE 07/01/9R " 106.01160 INrr.RESI rROM '0/23/9" 10 10/?1/" I 10,6011.60 210.00 18 30,000 PAR PIIllA PA 1I0SP II: 1I01lER [0 rAr.~ liSP 11 OUE 11/15/975.'10 % o 99.7318 INTEnr.ST rRnM ,n/?1/9" 10 10/?]/" 1 29,9'9.53 7'1.00 '9 30,000 PAR PINE-IIARRISVllLE PA AUIII S\I11 Rrv 6.10% DUE 1/1/2002 o 99. 13113 INTEREST rROM '0/?3/9" In lon"~' 29,7'10.28 569,33 TOTAllAlto l!1I1'" 011 IIn* 1. Rtf:IIPllul.Uonl III mo'. lIP:u:. I. n".tI"!'''. In'"'' ~oto1I111l",,1 ..",..1, nl '~II'" ..It" , ,,!tV. ."10"'. tl.lnt ..................."LTII Of 'IMM..LY""'" IHDalTANrea ,.... "nV"N ..:.101:.,. DCCIDlNT SCHEDULE G TRANSFERS 4 PACE Pl.... print or Type nTAre Of SltEARER, MUL T, .. . rILE 'UlIlER 111?1~1'j 2'-95-0594 nus SCHEDULE Musr BE COMPLErED AND FILED Ir THE ANSWER '0 Atl" or 'Ill: QUFSWJfl'; (111 !fIE REVERljE SIDE OF litE COVER SHEer IS VES 2 ITEH DESCRIPTION nf PROPERTY EXCLUSION TOTAL VALUE u~fu. 8fLJ?lt~ttlr~s NlHlER Of ASSET ;( &r.h_ _ "'... Ir_t_. ,..,,. """"_1' I..........,..... .f ..._,.... INT. INTEREST --- --.....--. 1--- 5,000 PAR R IDLEV rAR~ Itosr I IAI. 1\,125% OUr. 7/1/02 5,071.88 0 101."376 INlrnr.SI InOH 10/23/9" 10 1O!?1/! , 95.2e , 25,000 PAR 5111 prENSDUnO DORO rA AUnt 5\0111 nl~ 6.801 DUE 0"/01/97 25,1'30.13 It 10'.7205 INTIREST rnOH 10/23/9" In 10/21/"' 103. 89 "0,000 PAR SNVOER COUNTY rA It I GlIER ro All III 5,601 OIlE 7/112005 37.535,100 II 93.8385 INIEREST rROH 10/23/9" 10 10/2.1/' , 696.89 50,000 PAR UPPER ALLEN TWr rA 6.201 DUE "/1/2003 51.81" .00 0 103.6820 INTEREST rROH 10/23/9" 10 to/?3/' , 189.1'4 5,000 PAR UPPER ALLEN TWr PA swn AUTI/ RIV 5.751 DUE 0"/0'/2013 ",645.83 II 92.9166 INTEREST rROH to!?3/91, TO to/?3/' , 17 .57 .cOHfiOILSIIICKS ,e SitS CENTER SQUARE ItAlEn C:OHMltV 187,688.00 113,236.000n 3'2 SitS DANA CORP COHHON 7,e78.00 0 25.2500 200 SitS rEDERAI. nES CORr 5.50 II .0275 ',450 SitS NUVEEN rREH I UH I NCOHE HUNIClrAL rUND INC 20,209.38 0 13,9375 DIVIDEND PAVABLE 11/01/9" 136.30 TOTALfA'," .111., on Itnllt ,. R.capllul.Uon) 20 22 23 24 25 26 27 28 fir m",. 'r:U'. ., n...."" In..'' ,'''''1'1''''.'' .11..h ,." ,.'"'. 'II"''' I "EV.' 1110 lI:.~ n.e,. ........_..."Ln or .lttnfIYLV"N." unmalTNICa T^a aftVIlN "IIDEWr DlI:CCOafT SCHEDULE G TRANSFERS PAOE Pl.... print or Type 5 UTAn or SHEARER, PAUL T, rILE IU1IlER 3132755 21-95-059~ THIS SCHEDULE MUST BE COMPLETED AND FILED IF TIlE ANSWER TO ANY OF' TUE QUEStiONS Oil THE REVERSE SIDE OF THE COVER SHEET IS '([5 3 ITE" DESCRIPTION 0' PRoPERTY !l<ClUSlllN TOTAL ValUE D~~D. 0, DECE.rt,wFs tuIIIU Dr ASSET ;( wl_ '-.. "'" "'-,__. tNlr "'I..a~..~. .....f ..._,.... INT. INTI!REST 9 392. /I 19 5115 NUVHN TAX EXEMrT UN I T m 37,538.30 0 95,6100 OIVIDENO PAYA8U 11/01/9" "90,77 0 ~,9~0 SHS PNC D^NK CORP COMMON "e,251.25 0 23,9375 OIVIOEND r^YADLE 10/2"/9~ 1,729,00 MISCELLANEOUS 1 1/2 INTEREST I.. VILL^OE or ROsEG^ROEN GENERAL PARTNERslIll' (SOLE ASSET 15 1/2 INTEREST III 8:" ACRES IN UNOEVELOPEO I.ANO 1.0r:^TH ON GR^NTII^M RO., MONROE Twr, CIIMDERI.AND COUNTY, PAl 107.500.00 Total Value of Trust 1,143,490,88 2 Transfers within 1 year of death a) Douglas Shearer Various Cash Transfers 10/24/93 - 12/31/93 20,002,00 3,000,00 17,002,00 Various Cash Transfers 1/1/94 - 10123/94 5,000,00 3,000,00 2,000,00 b) Diane Ross Various 17,002,00 3,000,00 14,002,00 TOTAllAhn ~nl.' on IIn. 7. Rte.pUul.llonl 1 176,494.88 fir mn,. 'PIt:. It n.lOftfOtI '"'fOrt t'tltllllnn,,1 ~tlfO." n' ~"11'1. 41'. ) 2 3 3 -~:;~'~~~4-~~-n,,",", ';.: ~;~~,""u~Jr v' '. .,'''''''''' _.,.....:.,>..~"'. ,~-_~ ."'-"1.....;..,..:..~1!. :~~-#t..,;............;,.~=:,.}lli , ACIlr.nUJ.r "II" PAOE 3 ^' lonHFV r rr.s EBTATE OF BIIEARER, PAU.....T.. .3132755 r II,r. HlllmrR P.1'95.0591.. ,"-".. ',-,,-,, '; '."-?" .71'9{95, ROBERT C, Br I T7.En', r ,r:; ; COUNSEL rEE '-1" _'1. 22,500,00 :.- l.or AL A TTOnN~V fEES 22,500,00 , :~- . ,.,< -,~ ' ',-; -'--'j I_~ ,. d; ,. fir.IIEOlll.r "II" PME q . .' HlfiCELI.Mlrnllfi r~prNfirfi E8TATE or SIIEAIIER. PAUL T, 313?75? Ell,[ !IIIHnEn r 1'9~.n"9'1 '2/'5/9" RURE^U or VIT^L REconnfi OE^TIl CERTlrICME!! 36.00 2 '2/27/9'1 EVP SYSTEHS rEE ron pnlr.lllO or fiEr.lln I r I rfi ~6.50 3 110q/9' nORERT C SPITZEn PRorESSION^L firRVIr.Efi 100.00 '1 1/0Q/95 OEOROE C CLAUSEn ^PPR^'S^L rEE nE 109 EAST ELHWOOO ^Vnlllr HECII^N I CSOURO , P^ 250.00 5 '/'0/95 CL^UOE C WOLrE " ^SSOCI^IEfi ^PPRAIS^L rEE RE PERSON^1. PROprRIY . 315,00 6 1/ 'S/95 OEOROE C CLAUSER ^PPR^IS^L rEE RE 3^-30. 1,^.lln " 11^-118 IIEHLOr.K ORIVE HECII^NICSouno, P^ 1 900,00 7 '/1919' EVP SYSTEHS rEE rOR rRllllIlO nr firr.lln " I r!! 6,00 e '/20/95 L 0 COHHOR RE^L EST^lr ^prn^l!!rn ^PPR^IS^L rEE nE 109 E^ST ELHIlOOO ^VENIIE A: ]A-3D .'l^-QO & , lA-I 10 1Ir1ll.nr.11 IlnlVE HECIlAN I CSOIIRO , P^ 1,250,00 9 2/ '6195 EVP SYSTEHS rEE rOR rRICIHO fiEcllnltlrfi 13,50 '0 2/21/95 PHC DAHK SPECI^L INVEfiTHEHlfi rEE ron VALU^IION REPORT nN CEHTER SQU^RE W^TEn co 3.QOO,00 ; 0" ESTATE or SIIEARER. PAUL T. " 3/08/95 '2 3/13/95 13 3/22/95 '" 7/'9/95 '5 8/08/95 '6 '/'6/96 Rr.llroULE "II" PAOE 5 MIRr.tLLANrOUR rxrrllRrR ,1132155 III r IItlMnr.n ~1-95.n59'1 IIA.ROLD C. DLA TT FEE rOR nEVIEW or ArrnAIRAI. HETflODOLOOY nr r.r.NTrn RIlUAnr IIATF.n COMPANY 65.0D GREENAWALT k CO rr. '99" TAX pnr.rARATION rrr 650.00 GREENAWALT & COMPANY rREPARAT I ON or 199'1 rAn !NrRllII I r RETURNS "15,OD DOUOLAS r SIIEARER RE IMDURSEMENT rOR rERRON^,. rnorrn lY APPRAISAL 250,00 R C KRAMER REIMBunSEMENT ron OEATII CERTIFICATES eo.oo '/2 or TRANsrEn TAX AND HISCELLANEDUS AOMINIRTnA!ION, EXPENSES RE M &30 IIrlll nroll on Ivr HECIIANICSDuno, PA 593. 50 Inr^, MIRron I.AIIEOUS EXPENSES e.370.50 .ev.,.ia E.. c_.ea. , Ii 'it ~i jJ. ~; " _.......n..,.LT. 0' .E)OIIYLVA""1o 1w...IT~ T~ aCTUa" aEalDKWT DECEDeNT SCIlEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES AND LIENS PAGE pl.... Print or Type . " ESTATE OF SHEARER PAUL T, FILE NUHBER 3132755 ~ ~ ~ g " .- t , ~ , f< i ITEM NUMBER DESCRIPTIOn AHDUNT ',/15/9" rNC DANK conp IIEALTII INSURANCE rnr.HIUH5 26e,66 2 3/13/95 WEST SlIonE TAll DUnE^U '994 EAnNED INCOHE T^K 36,00 3 3/13/95 COHHONWE^LTlI or PENNSYLV^NI^ BALANCE DUE 199" LI rr. rr.n 100 r^ STATE INCOHE T^K 75.00 ~ I ! $ TOTAL fAIIO 1I11!l9r on IInw 10 n..eAf\llull\UOn) 3 66 HI mort 'rAUl' nttdltd IM_" "tjtjltlonal ,hHlI, (I' ':tn,- 'loll- , DECEDENT NAME: DATE OF DEATH: SOCIAL SECURITY NO.: Paul T. Shearer 11/23/94 171-28-6516 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Checking 5070115201 Paul T. Shearer Vlolena Shearer DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: 01/01/60 $25,292.62 $8.73 $986.08 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Checking 5070084783 Paul T. Shearer Vlolena Shearer DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: 09/25/63 $14,488,42 $4.64 $244,39 TYPE OF ACCOUNT: ACCOUNT NUMBER: NAME(S) ON ACCOUNT: Certificate of Deposit 0412100002048 Paul T. Shearer DATE OPENED: DATE OF DEATH BALANCE: ACCRUED INTEREST: INTEREST PAID YEAR TO DATE: OTHER INFORMATION: 12/31/83 $11.813,31 $79,79 $215.51 STOCK INFORMATION CAN BE OBTAINED FORM CHEMICAL BANK AT 1-800-982-7652 - -. ..... ,,",' , _ ,.:.0 '''''''''' j, I. . _... -.- ::...~ U4l-NI' ""1..0 r= IJ ~ Of.I'....'\II..' 0' ...oullHQ ,". u...lHorv...C1'IoI'..' SETTLEMENT STATfMENT I ASSURED LAND I....... , TRANSFERS, INC. B ,y~ OF LOAN Third & M.rk.t Str..ts P,D, Box 108 ""1-';'";"'.- - 'llrlol~ J IICOW ...""HI L.moyn., Pennsylvanl. 1704~.0' 09 'II'IA ""COW INI o-;'hi'Nll'wlnr. 1'l.OJrHN.IfroIUlt (7171761.4720 151491 . ...UIII INI CAli ...0 FIl. No, 8119-3 C NOTI. ThllkM'm "'w,nual'lN to CIIV.lOoI....aaMltnlcM IeIU" ..U,-"",", CII'" 1\II'lOlII\l,,,.\ltllO ItlI1'lylllll"U~ aQanI It. IN"Il'f' IlOtnllll"'to 'fa Ie" WIf. Oael willa. III. CiOU\Q: VlIY .,tll'OWf' "'M tol "'ormllO'lIl cntrua.... IN1 .t. t'lOt -,e"dlG" ",,101'" o ~IJfIJADClAIIIDI.O..':W1l1t. I. NAt41HJ AOON!" cw """,'" , H.....UCAQOllllUO'LlfrCIR 8I:hn J, Cau;han PNC Danll. N.A. HERIDlldI BAHlC ~ura Ellan Cau;han .1' - ~ \1 I~l' L. L.,.........LJ '. ~ 8th , Cumb.rland Sta. oO'f -.5/3~7"J ... Lebanon, PA l10U Q 'IIIlOrtm LOCAIION H. 1Im.lt./Il"T ACINI Illm'\lCfrCTOATI 109 E, EI_oocl Avenu. A..ured Land TraM.fer. Inc. UfOS/n H.chanic.bur; BORQUCH """ 0' .lmINIH1' CUmbarland County 301 H.rk.t Str..t LOIDoyne PI. 11043 - .. J. IUMMAR' 0' 10IUIO"I'. TUNlacaflOMI .. IU"."" 0' .IU.... UANIICTIOIilI I. o.m.. AMOUN' au. '.0. lauawlII lClI alOIl AYGUN' au. TO III.\,'" ~gg ," corUICt III. Inct 1 ,gg '" UI~ 11'" Dne. 'N.'~'roD"''' .., "'~l 01110,"" ,.. ct\II'Q....DOtrGWW,W'I. tllOOl . ... ,.. ... ; .. -- I .. . lot ...... olla DY.... ., Mwanct . _....... ~~~II"'"""'IO"'C1Y"""...ovMC8 1.caw.r..... .. ..1."":.... .. I ,,,c.,,,... . , ...,~... t}7a6/v~la/J~/v~ ;U.JJ .....- .. .. ~~e 81'~ ........... .. "' w.., ... ~. '~.~ 16/00/ v"- 06/ ;l0/V6I H...!l '" . I 9. ul . ... , . , '" .n I n, ,.. IN .aOUAMOUNTDUI.ROM la.ao.." lSB058,28 ,,. GROll AMOUIIT OUI TO lULU U0927,9I ,. aMOUN" u.tO It O.IN '&HAV 0' .0....OW.. - i foM ..auaTION.'" "MaUNT aUI TO .."".. ~.. "IO'U~'" Of..,.,.... maney T , .... L.UUtlIDQllt 1'''Il''lIlNCIICll'l'1 I ".II"'C'IllI1&mClU'li1Ol ntWtOanl'l T ;lrCf I '" 11"",,", CNWVal WI...., ,IIn' 1600l ' i Ia faM1W\OIOIItllI'lIlM IIUOlIClIO , . \u illll.nq IOtnllll..., II.ICII.CIIO I Nt I I'" I 13"""'"". ! .. '.r.o l'ityOlll" :1IM'.ona Mottvao' LOM , i I , .. - I ... I N' - - '., I ... I ~. I I .. ." I ... ......10' II.... uno'" DY'IIW ~enll IOf """' w\1I1ICI1Y"'" ". CItft,...... '. IoIICoI'IT._.... ,. '" ....... .. loll ~.....,.,..,... .. I '" a....- ,. \1''''''''--'' .. , ". w., .. .1) Ie,,"' .. I I I I I I I i* ! , ., , TRUST AGREEMENT L-r_.. THIS AGREEMENT is made this ~ day of J UN/!" ,1991, by and between PAUL T. SHEARER, (hereinafter called "Settlor"), and PAUL T. 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 hereof. AGREEMENT: Settlor creates this Trust on the following terms and conditions: ARTICLE I. ADDITION OF PROPERTY TO TRUST Settlor reserves 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 and with like force and effect as if said property and/or securities had originally constituted a part of the Trust. ARTICLE II. ADMINISTRATION DURING SETTLOR'S LIFETIME During Settlor's lifetime, Trustee shall administer the trust estate as follows: (a) Payments to Settlor. Trustee shall pay any of the income from the trust estate to Settlor, or to other persons designated by Settlor, that Settlor may from time to time request. In addition, Trustee shall pay to Settlor any part or all of the principal of the trust estate that Settlor requests in a writing delivered to Trustee prior to Settlor's death. (bl Incapacity ~r Incompetency of Settlor, If Settlor is determined to be incapacitated as provided in Article IV, Trustee shall, for the duration of such incapacity, pay to or apply for the benefit of Settlor, and of Settlor's spouse and other 1 dlpendents, any sums from the income or principal of the trust estate that Trustee, in its absolute discretion, deems necessary or advislble 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 rsquired 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 "pouse 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 becomee disabled, and/or unable to act effectively on his own behalf in matters concerning this Trust, then and in such event 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 Trust.e, (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 Agreemlnt in whole or in part. 2 ARTICLE VI. LITIGATION TO COLLECT CLAIMS The Trustee may institute any proceedings at law or in equity in order to enforce the collection of debts owed to the Trust, and may do and perform any and all other aots and things which may be necessary for the purpose of collecting such property. Trustee shall not, except at its option. entlr into or maintain any litigation to 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 a~tion on its part. The Trustee is authorizld to compromise and adjust claims arising out of the Trust property. upon such terms and conditions as it may deem just, and the dlcision of the Trustee shall be binding and conclusive upon all persons and corporations interested therein, all without necessity for court approval. 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 said proparty will hereinafter be referred to as the "Trust Estate", or "Trust" said term meaning the principal and income of any trust or trusts created herein or in SchedUle "B" heraof, upon the following terms and conditione and with the following powers and authorities: A. To take, hold or retain all or any part of the trust hereby created in the form of which it may be acquired a8 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, :ease, 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 end upon such terms, including sales on credit with or without s~curity, in such manner and at such prices ae 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 3 ~ of a sale, exchange, partition, lease or option of any of the property 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, mortgagas, other securities and common trust funds of the Corporate Trustee without being limited or restricted to investmlnts a8 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 Corporata Trustee. Trustee may invest, roinvest, buy, sell or trade options, puts, calls, or any other t~pe of financial instrument, the nature of which need not be contemplated or in existence at the time this trust is creatld. D. To cause securities which may from time to time comprise any part of this Trust Estate to be registered in its name as Trustle or in the name of any nominee or to take and ke~p 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 intlrest and to such persons, firms, corporations or the executor or administrator of Settlor's Estate with~ut 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 Trustle 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 reorganizati~\, readjustment, merger voting trust, consolidation, exchange or exercise of subscription, conversion or othlr rights; and generally take all action in respect to any 4 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 dirlcted 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 creatsd 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 Trustse, in Trustee's sole and exclusive discretion, deems appropriate without obtaining court approval therefor. L. To engage attornsys, 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 ~rincipal 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 continua the tarm 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 thair use and benefit, the proportionate share of the net income of said trust: K. 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 blneficiary. 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 unabla to act effectively on his or her own behalf in financial matters, then Trustle shall have the right to use such principal or income to pay to such beneficiary, 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 ves~: 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 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, even 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 $uch allocation powers as granted harein. ARTICLE VIII. APPLICABLE LAW This Trust has been accepted in the Stata 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 THE FIRST BANK AND TRUST COMPANY, a. 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. IN WITNESS WHEREOF, the Settlor, and Trustee, have signed this Trust the day and year first above written. Signed, sealed and delivered in the pre.ence of: "Trustee" ~~f ?R;~L) PAUL . SHEARER "Settlor" tj"Q ~VI.~(SEAL) PAUX. . SHEARER 7 .' COMMONWEALTH OF PENNSYLVANIA: SS: COUNTY OF DAUPHIN: ~ On the (0 ..': day of 1991, be~ore me, the subscr~ber, a Notary Publ c in and for said Commonwealth and County, came the above-name PAUL T. SHEARER, satisfactor~ly proven to me to be the perso ~ose name is subscribed to the within instrument, and ac owl edged the above Agreement to be hiS/her act and deed, and dlsired the same might be recorded as such. WITNESS my hand and No Seel ~. o ary Public NOTARIAL SEAl JUDY A. IMES, Notafy Public IIaIlISlUQ, 0aull/lII1 CoIl1Y My CommIssion UlllllS Sept. 3, 1993 COMMONWEALTH OF PENNSYLVANIA: SS: COUNTY OF DAUPHIN: -t~ On the fJ - day of l1ti.- 1991, before me, the Gubscr~ber, a Notary P l~c in and for said Commonwealth and County, came the above-n ~ PAUL T. SHEARER, satisfactorily proven to me to be the per~p whoae 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 aa such. WITNESS my hand and No seal~. ary Public My . NDTMllAl St:Al JUDY A. IMeS, Nl.~y Public Halllwu, Daupnlll Co~ My Commission tlDlnlS $ePI. 3, 1993 8 ...... SCHEDULE "A" LIST OF PROPERTY DEPOSITED WITH PAULT. SHEARER UNDER REVOCABLE TRUST AGREEMENT WITH PAUL T. SHEARER !f ''-1 i_I ., 'I 9 .. . SCHEDULE "B" PLAN OF DISTRIBUTION OF TRUST ESTATE OF PAUL T. SHEARER UNDER AGREEMENT DATED , 1991 Upon Settlor's death, Trustee shall distribute all tangible personal property being a part of the Trust Estate to Settlor's spouse, VIOLENA M. SHEARER, but if she is not then living to Settlor's issue, per stirpes. Upon Settlor's dQath, Trustee shall distribute the rest, residue and remainder of the Trust Estate to that Trust Agreement created by Settlor witQ The First Bank and Trust,Company as Trustee dated . J ;.' /.. c' (", , 1991, to be held and distributed on the terms and conditions thereof. /fdhJ~ ~ PAUL. SHEARER .\ 10 AIaplId WIa /1' day of t'f(..~' . 1994 _ ..... .... .. caMltIcu Nl fara y-- 811 L OF S'" t:: . PAUL T. SHEARER, baclutl.' ,ofcrnd 10 u 'Sell.'., fo, udl. cclllidlrerlOl of 11II .- of 0lII 111111., (51,00) udlavc ud arlccUoe, plid 10 b1.. by PAUL T. SKI'.AIUiR, UAdI' T"." ApccaI'" dllcd JUDI 5. I'NI, (bclw- PAUL T, SKEAIUiR u ScIUO' ud PAUL ", SKEAlUiR u T".,'''), banlllafll' ,c(lrrcd 10 ... "Uuy.,', Iba rcc:cIp' ud.uJfIc:I.IICY or wbh:b arc b.rcby edulowlc.d&c.d by Sell.', b...by 11'81111, bupilll. ",ilK, COIIVlye, "...,... ud UII avc, wllo Iluycr, b11 ...-.0" ud ulipl. III of 511lcr'l ri....' IlUI ud lu'....' Ie ud 'a IbI ~ praplny d...,,;bcd 00 Iiltblbll ' A' ..lIdlc.d blrclD ud ..edI I pan b.nof, I ,IN W~ESS WH~OF:-rm bu C8lIICli Ibis BIll of SII. 10 be duly ..,.....001 III b1s....1 by ilia Ibl.. ,I. day of ~ . . 1994, ~. ~-q.~n~ PAU1. T, SKE,UEP. ..UII'lota- (,I/-;$,w, : ~ bcrclll, ",~~ (p~ -( ~~~ PAU1. T, SHJ!AIUIIl 11LUSTEE .SUYIiIIo . 1 FOR INFORMATION ONLY TABLE OF CONTENTS TO. TRUST AGREEMENT DATED . : I.' 1/" t-- (" , 1991 BETWEEN PAUL T. SHEARER, AS SETTLOR AND THE FIRST BANK AND TRUST COMPANY, AS TRUSTEE BACKGROUND ADMINISTRATIVE PART ARTICLE I TITLE ADDITION OF PROPERTY TO TRUST RESERVATION OF RIGHTS PRINCIPAL AND INCOME DISBURSEMENT 1 II 1 III IV V PREMIUMS ON POLICIES 2 2 2 VI AMENDMENT AND REVOCATION LITIGATION TO ENFORCE POLICIES, COLLECT CLAIMS POWERS OF TRUSTEE A. Retain Assets B. Dispose of Property C. Authorize Investments D. Register Securities E. Loan Money F. Retention in Cash G. Borrow Money . H. Vote Securities I. Allocate Receipts, Expenses J. Distribute Cash or Kind, Non-Prorata K. Consolidated Fund L. Compr~mise Claims M. Engage Experts N~ Principal to Minor o. Prohibition Against Sale P. Facility of Payment Q. Vesting R. Termination S. Adopt~d Children Included T. Business Authority U. Discretionary Power 3 3 3 3 4 4 4 4 4 4 5 5 5 5 5 5 6 6 6 6 7 7 7 VII TRUST AGREEMENT ~. THIS AGREEMENT is made this t; - day of I, 1991, by and between PAUL T. SHEARER, (hereinafter ca ed "Settlor") and THE FIRST BANK AND TRUST COMPANY, (heJ',inafter called "Trustee"). (I 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. 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 Addition of Property to Trust Settlor reserves the right to add to this Trust any pOlicies of insurance issued on Settlor's life: and further, the Trust may be enlarged by property and/or securities acquired by the Trustee by gift, devise, bequest 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 ~st. Article II Reservation of Rights (Insurance) 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 as 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 all 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 discretion, 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) 2 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. 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 its 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 n,ay 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 approval. 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 or trusts created herein or in Schedule "B" hernof, upon the fOllowing terms and conditions and with the fOllowing powers and authorities: A. Retain Assets: in the form in which it advisable: To retain all or any part of the trust was acquired as long as it deems 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 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 3 trust, and including the right to deal in real estate ventures as a general or limited partner. In the event of a sale, exchange, partition, lease or option of any of the property 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. Authorized Investments: 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 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 Settlor's Estate or the Estate of Settlor's spouse without interest 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 eetate 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 sp borrowed by mortgage or pledge of any real or personal property which may at any time form a part of this Trust Estate: H. 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 4 -, ,... _rJ....' ... . 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 ell action in respect to any such securities as Trustee 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 partly 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 end 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) 5 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 benefit, the proportionate share of the net 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 daemed 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. Q. Vesting: No trust created herein, or by exercise of a power of appointment "\ereunder, 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 stirpes. 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. 6 S. Adopted Children 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. 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 Trustee. 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 basis of any such assets. X. Protection of Marital Deduction: Notwithstanding anything to the contrary 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 shall result in a dlsallowance 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 construed to have such effect is void, hereby revoked, and to no effect, as if not set forth herein, in Trustee's discretion. 7 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. 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 residenco 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 residence in suitable repair and condition and hazard insurance premiuffis 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 participate in (i) the exercise of, or decision not to exercise, any discretion to pay income or principal to, or to apply income or principal 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 tax options, (vi) a decision to make payments to aid in the settlement of my estate, (vii) the selection of a custodian for a minor's property, (viii) the selection of ~he 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. ce. Consultation with Spouse: Trustee is directed to consult with Settlor's spouse in connection with any investment of the Trust. 8 DD. Generation Skipping: In my Trustee's sole discretion to allocate such exemptions 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 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 ratio for generation skipping transfer tax purposes shall be either zero or one for eBch such 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 power 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 powers, provided the actions (or inactions) of Trustee are taken in good faith. If Trustee exercises 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 the 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 entirely non-exempt from generation-skipping tax and adding property to the trust would partially subject it to generation-skipping 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 instr.ument, the trusts created herein shall have the same terms an~ conditions, but the Trustee shall not make discretionary distrilutions from the income or principal of the exempt t~st to benef~ciaries who 9 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 hereundor, the Trustee, in 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) of the Internal Revenue Code, as amended, shall be beneficiaries and the grantor shall not be given any right or power with respect 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 qualifind 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 joining 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. Trustee'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, even if those children be minors, specifying 10 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 assets of the Trust to the Successor Corporate Trustee appointed as described below, shall be free of any further duty to Settlor or the beneficiaries or the Successor Corporate Trustee hereunder, except for past acts or conduct of Trustee. A Successor Corporate Trustee, a corporation, bank or trust company, qualified under the laws of the Commonwealth of Pennsylvania or the United States of America to act as Trustee shall be appointed as follows: 1. By Settlor, if then alive. 2. If Settlor is not then alive, then Settlor's spouse shall select the Successor Corporate Trustee. 3. If neither Settlor nor Settlor's spouse are alive, then such selection shall be made by majority vote of the income beneficiary or beneficiaries of the trust, who are twenty-one (2l) years of age or older. 4. If Settlor and Settlor's spouse are not living, and there are no income beneficiaries of the age of twenty-one (21) years or older, or if the appropriate person above fails so to select a Successor Corporate Trustee, within ten days after notice of resignation is given, then and ill such events the Orphans' Court Division of the Court of Common Pleas of the County in which this Trust has its situs shall select a Successor Corporate Trustee having the qualifications listed above. Any Successor Corporate Trustee so selected shall serve on the same terms and conditions, and with the same powers and duties as if originally appointed. Article XII Removal of Trustee Settlor's sPOuse shall have the right, by written notice to Trustee, to remove the 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.. 11 COMMONWEALZ OF PE~NS,:lLVANIA: . iA:U1J, SS. COUNTY OF U..J:......Y : 1 On the r:. r;r:, day of c... J-1k..1 1991, before me, the subscriber, a Notary~bliC in and for said Commonwealth and County, came the a ve-nomed PAUL T. SHEARER, satisfactorily proven to me to be t e person whose name is subscribed to the within instrument; and acknowledged the above Agreement to be his act and deed, and desired the same might be recorded as such. WITNESS my hand and Notarial Seal. O,d "_ l{JJ/JU~ ,:.' NotJ.fry Public ,7 y'Commission Expires v NOTARIAL SEAL JUOY A" IMES. NolatY Public HarriSburQ. D~n1n CoUlly My Commission UQlm SlDl. 3. 1993 COMMONWEALTH OF PENNSYLVANIA: ,COUNTY OF CU~ On the _~ day of , 1991, the subscriber, a Notary Public ~mmonweal~h and County, personally appeared , who acknowledged himself to be the ~~~ of THE FIRST BANK AND TRUST COMPANY, an hat e as such officer being authorized to do so, executed the foregoing instrument for the purpose therein contained by signing the name of the corporation by himself as such officer. SS: IN WITNESS WHEREI)F, I have hereunto set my hand and official seal. /'1t1Al"':J.ur, ;I ~ ~---- U Notary Public My Commission Expires: ~llIII ......L Dcm. ~PI.drl 11o...,.d>..1'oIp.,~CGIW MttA.,.,......EGwMlrf1.'. 13 DISPOSITIVE PART SCHEDULE liB" PLAN OF DISTRIBUTION OF TRUST ESTATE OF PAUL T. 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 end 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, hareinafter called Family or Credit Shelter Part "A" and Marital Part "B", in the fOllowing 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 par~, 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 b~nefits, but not including any generation skipping transfer tax imposed on a direct skip), 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 her 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 her support and to maintain her standard of living. These distributions may be paid to her, by Trustee, or else applied directly for her 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 ($S,OOO.OO) or five per cent (st) 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 rnmainder principal and accumulated income of the Trust Estate shal~ 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 her 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 Set~lor's grandchildren die before attaining twenty-one (21) years of age, without issue, or descendants, then and in such event, this trust, or any trust hereof, shall terminate and any accumulated or undistributed income and principal shall be paid as follows: One-third for the AMERICAN CANCER SOCIETY, DAUPHIN COUNTY UNIT. One-third to the GRACE UNITED METHODIST CHURCH, of Mechanicsburg, Pennsylvania. One-third to the TRI-COUNTY EASTER SEAL SOCIETY FOR THE HANDICAPPED, INC. MARITAL TRUST OR PART "B" OJ B. Estate. Trustee Part liB" shall consist of the remainder of the Trust Part liB" shall be paid and held in further trust by on the following terms and conditions: 17 "..,....".~F...'."',~H-'"',..'-.,.__.,..,.-., -.t,:-- DISTRIBUTION OF INCOME AND PRINCIPAL: WITHDRAWALS 1. Settlor's spouse shall be entitled to all of the income from Part "B", payable 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 liB" 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 the 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 calenuar 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 her Last Will and Testament, expressly referring to this power, for the benefit of Settlor's issue, or any charitable institution. AS to any undistributed portion, and as to the balance of this Part "B", Trustee shall_first pay 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 accepted 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 lB PNC/TRUST T . No. 730-2254 Ju' 18,95 16124 No.006 P.04 ,~ v , . . STAT! or FLORIDA. COUNTY Oil' On the / '1 day of _D.p..dA'".Lu f 1991, before ~, tbe .ubecriber, a Notary public in and for .ald State and County, came the abcve-named PAUL T. SBBARBR, .atisfaotorily proven to me to bs the pereon whose name i. .ubecribed to the within instrument and acknowledged the above inetrument to be her/his aat and deed, and deeired the sam. might be reaorded ae such. ss. IfITNJlBS my hand and Notarial Seal. ('2 ~ c~~~ - ~tary Public My CollllllisBion Expire.. ,',,!:~-I' '''''''''........".. .' '. ", ::.,' ...... ~ .' . -e; I '.. ........ ~ A. S;''TTLEHENT STATEMENT U... OI''''tM'', 0' IlQIIIIG '''CI ~IA. ClIVlLCI'M" ~ 10. nOI.o,,, ;'II .. "" 0' LOoUI I,ll 1M l. I J,.... J. II (em. unll.'6. ..... II\.NlI I" UWI ...... .. MOI'IAGI ... talC ...... 4. I J VA S. I J Com. IN. ZIM., C. 10"'1111. farw '1 .urn...... '0 IIW you . .Ut-.nt .r HIUll unl...,. con.. ~u pel. t. .,. ft' .". ..,,,--.. ....c .,. .,...,. 11_ .I1IM -11'OC1- VI,.. C>>lll IlUUldI U'I cl.,''''' Ill" or. 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'01 GUAILlIII. rnLl 11 U.I. eml UCTlC:W 1001 & IICfIDl 1010. .- Inn....' .u,plIlt ..... 1 : nil ,.CM \ 'AID ,.eM IcalMa" ULU.I' 'UIII' At '.1 At umO'lI' SlnL""" . IIIn......' (ltAlGl' )0. ,.ut 11'../1'_"" c_,..t_ ..... If' ,tUI · Olvlllen.f ca.,..t.. Ill", lOG' .1 ,.U..... n. . 'I )I. I tI 1J. c-"llIn '1111 I' 11"1--" ,.. )0. nm ,.""ILI .. tDllICIICJI will LOU n. "... Oft,INU'" ," "'. 11. LNft ot.c...., ,,'I )S. ......., 'M 'I )4. C,." ....' '0 I'. ......... l,.,.c"" f.. 'I )6. ...,...... .... ,.. 'I Jr, ..--'IM ,.. '0 )I. D~ "......'1., )t. ,.. .,,.lcI ,.. 10. towlB ,.. Il. )G. 111M I.OJIIO " LI"'. to II ..10 'I M1'1,U1C1 n. In'.....' "till to - )I. MIP ,0U", ,or L ttlOfL.... f.r ...eft. '0 11. .,11lN ,....__ ".tua ,or I........ u ,.. ". . ......... a'POInlD Will 1.111)" )01. ....... ,,....... )OZ. ...,.,.... I""'" 3ClJ. CCUttY'h. 101M _.I~'t.... m. A......,.. )06. "',. x.. ""...e.... Adl. 100. ItlLl QIAIGII 101. .0"1-'" or CI"'nI ,.. IDI. .....,,..., ... IIUo ....... illS. TlU' .......".. 1D'. ,'U' .,...... I''''''' 101. 0__ ,,....,.,,., 106. ,....., ,... 101. "tt~l. ,... ,t,.,..... ....". It_"""'" 101. TI"I l,......-c. t,,.lu:tte .... ,t...-.-.1 lot. "........ C......... , no. 0WWf"1 COWf'''' , "t. Olatur.-.t 'M IU:. AU""'" ,... ",. ,- .... " lOOt GQWIIbM" IlCOID'" AND ,....".. cMAlGl' nn. ......11'1 ,.... 0'" . 1Z.!O :,..,...... 101. etlY/eor.mY ,..,...... 0.... 1,"0.011 laJ. ,.... ,..,...... 0.... 1,150.011 104. "". )01. AllDIIICMAL UtTUMIf C""'.' 101.......,.., IGI. ,", I,....".. _. ".., ..... ,.., . .ettt ~u. .... .... .... 'DU' IImw.' c..... IIn'" '" ,._ ID'. ."..... oN .... ."..... II I.....SO l,n..SO ., """no _ I .. ."'. ...._. tn. .......".. K..-l_ ,"01" .. . .-........., Of - · .. .1" · - ....-.. CS/llattlZIM.t, C...1I,led ,. Ill. .",. CDP't .. _0' -.. _0' _". -. _0 _0 II II II II II II II ... _" ... _" ... _" ... _" ... _" ...-1 ... _" .. .. .. .. .. ,. c.... ,..._0. 1101' not ,..._0. "01, "D' .oew ".. attiC" 1.1lO 1.1lO 1n.00 .n.1lO )'1.00 h' ,... . KIC 11.H '.IiO.DO 1."0.00 IDeW u.. attic.. '''.000.00 .. .._ O. lotii' "l'I g,tlCd .." C. III'U'" 1&4Iln :..,..... . I.......... · :..on.... . .. .. .0 ...... .u... ICMWRI. , /k"../J~ 7.... D. ...... Offlc,' ,Alua ..,,,-" A IST.SO , , '~~ ~: " t ?, :. J ) ; ,. ~ , I , , '1 :.' 1 'j \ APPRAISAL OF REAL PROPERTY I. , ~ "- , , LOCATED AT: 4A , 48 llEJollJXK DRIVE UPPER l\LtEN 'ItHISllIP, ctJMllElUJ\Nll CXXJIn'"{ ME:QWlICSBtrnG, PA 17055 FOR: PNC BlINK JalI<lWlER, 'IlWST OEPAI\'IMENl' AS OF: 12-9-94 BY: KMEN llAllNEY, BROl(ER, GRI, Cl\S ~(f:J~<>!J, Lest.er Ci. Cor.nor, :~! '0 ". No 4-145 January 7, 1995 ~ ~ ~ ! , 1 ~ ~, ~, \ L. G. COMOr Real Eltate Appra1lln 2159 Marklt Street c..np Hill, PA 17011 I'NC IllInk A'l'IN1 Ron Kramer, '!'rult ~nt 4242 cerUlla pika P.O. IlolC 8874 c..np IIill, PA 17011 Cear Hr. Kramerl l'unuant to your requnt, we haw prepared a 5IH!1IR'{ APPRAISAL REI'ORT of tha property captioned in tha .sumnary of saliant Featurel. which followe. The aCCCllpllllying report 11 baeed on a lite inlpection of ilTprovll1llntl, investigation of the luI:ljact neighborhood area of influence, ancI review of eeln, COlt, and incane data for limilar propertiel. Thil appraisal haI been made with particular attention paid to appUcable value-influencing econanic conditionl and haI been procelled in accordance with nationally recognized appraieal guidelinel. The wlue conclul1ona ltated herein ere al of the .ffactiw date n ltated in the body of the appraieal, and contingent upon the certification ancI Ul11iting conr:Iitionl attached. Pl.... do not helitata to contact l11I or any of my ltatf it we can be of additional eervic. to you. Raepectfully, ~,/rt<.. 1 L:ttt'I.jt,l../ 6)~ Karen Oemey, Broker, GRI, cas ~ r.r::JJ ~ SubJ.ct Add..... Leg.1 D..crlpllon City County SlIIle ZlpCode Cen.u. TrlIcl M.p R.I....nce S.I. Prlc. 0.1. 01 S.I. Borrower I Cllenl Lend.r SUMMARY OF SALIENT FEATURES ~ 4A , 48 IlEMt.OCK ORIVE DEED BOOK 355, PAGE 8931 ~ 101 42-25-30-121 MEOU\NIC5Btmi ClJMllEI\U..'lD PA 17055 3240-116 NA aNA NA I I PlIllL T. Sli!AI\ER 'llWS'l' PNC 1Wo-,<, RCtl KRAMER, 'IlWST DEPAR"IMENI' Sin (Squ.... FMI) 1,777 SQ. FT. Prlc. per Squ.... Fool a SEE: REPORT Loo.llon SUBtJRBA,'i 'Age 33 MIL Condlllon 00:0 Totel Room. 8 (RANC:~ . :I.7U:X) B.droom. 4 B.th. 2 ApPrlllHr KARDI ~, BROIlER, GRI, CRS 0.1. 01 App...IHd V.lu. 12-9-94 I Fln.1 E.llm.t. 01 V.lu. S 108,500 SU:~:"\(\'r' ArPR,\IS.\:. f!J:rCil.':' '.""OOTY DOSCOIPTIDN SMALL RESIDENTIA & ANALYSIS .~COME PROPERTY APPRAISAL REPO. "<00 4-145 ~..........- , .. ..- -- ..-. p.MEtlil>.NIC~1iu!lG __. _.~_c:w.!!E!JLI\Nll ... PA .. _ .1.7.055.. ___OE~I'- BOOK .3~~,.1AqE; 89.3! 5M 10. 42-25-30-121. .m _~ 1I"l PAUl. r. SHEARE:R TRL1ST .. 't."..l994.. ,...,.1,451.65___ . . .--M'" . - _. '-Nil-' -.. _.R40:11~ ...............Nl<.:. ___._. _ .._ "'-10 ..0.... NA -w. W. '-..._ WEBEROIDFT --- .~_ .NA __ PNC 1IANl!1.1Ol.~. lRUST I:EP~ '___u___. _ J<ARDl llAANEY BRCl<Ell. '--- ...... . ~-.,- . -- ---- c:--.o._ __. ____.. ..........- --.--.-- .......~ --- 0-0......_....._ .....,- .... ..... ...... -.. ....J ""-"'--~ ~ ........ -...... ,...,...,. .............. .....,..,........ -. ~1.. ~'L .... 0...", JL ...", _~... --.. ;~ "'CI~..., X ..... :It... ... X 0.. ~ 1,- ~ ~................ 1f ..... ~ ... ~ _ T... ~ ~ 22:!:.... e.--....... X C~.4~ w...... ~ ........___ o.w..... It ......10-"1 ~ l~.__ _ X J~_'-t...alIL-...QftU,... v..........~I-ll~ 25-35 .~.................-_ X r..-........ ,...AlTAQiED .........-. ~__...... .............. .....""'''''"" 1f 2 2 90 v ..I(I"'ct v ...- ..... ....- ..-5-..~....... .J- 1'6'" -.- .~. .75+ -;;-~A~-...I......., ___u.rr ~."" _~........ .__ 'X- !JIPl.....350 ..L2.Q2--.........- __II'l"-" ~ ""Fl ~-......-....._.....__ If ___ --. ~.... _i ~ . c- ~ " ""-,... _.....-. 1( ~"...I!I'fl"'t' 4 '..... 95-100 60-70Io.w.___.......... )f XI ....:...~-:..'tIMr_. "-!t........... _.l.... lC..:....!!L---t.IrL.-/. __ .__~: _=--=--=. '-' --......-........... ........... - - --....... ---...... -.___ _~ IS ux:ATEIl IN A RESIOEm""":':' ~"EI~..I<l9!!!. ~ "~:.. . ,N~_gx1r!!.Qr_"OO; f:!ECHAmqp.Ul<G .!lOmJGH!':w:rs,WF:5"L9F.~1;sgy_o.rqyI::. IO\"IJ!. 9LR'l\ ~5,..~._ EAST OF "00; H:tllll?E 'fC:I!lSllI"-~~c_ __ _ .. _. . .. _ _ . _._____ m._.. _ . ~.......................-.-. ..................~~.....-..-........... -'---.... ~INl. SOIXlLSl-IlEg!EATlqf2,ND OitJROl!:.LI!I'l!!.JN 5-10 MINtlTI!: 0RIVIN:l TIME. ~OF= OF '__ a.'NERSIlIP MOEN!' 'llIRaJI:3X1l' "00; ENrIRE NEIQiBClRHlXX). BUSINESS AND PllOFESSICWIL RESlDEm'S. UNITS ux:iimfWInfiN REsiliENTIAL" snm .FAMILY NEIQlBClUllXlo--wiTfffi:an-iAAm 'APPEAl.. EASe- Ad:!ss-ro-;;u.-Ml'w"al'RCJAr.IoIl\YS. . E1iPI.OYMI!Nl' STAIlILI'IY IS GOOfOOE-TO 'm'tftAPf'iuL AT' ..-- tiAiiiUsilthlG.-"OO;. Nl\Vi ~Y_O~..r,g;:{;~. III ME~I!=SB~J:_l\!!O"~-AAii(lsEE .ADrelIXJM) _ ".. ........................... "'................... "".......................... "'... .........".......,...,..,... n......................... .--. ~ 1I'l............... '" ............" N ..................,....... ... ......... ....... .......... ..... ~ "'-""...,........... ............. - ____........1 TIlt...........- _.......... _..............,... ......,..._. --riiu--wucr--coUpAiWiiUaTwciNO ...-. ..coMP~Liiiiria NO.1 COMPIJUlLI L1STINO NO.:J .......T,-"4ininlI.oo(-OR:-- ---358 '1lOIici RO:' . 322 'Wl\Wtir. s-i'R!rr - - 127 MARKET S"I1IEET . MEClMICSIlURG NEW ctJMIlERLAND UMlYNE _______~ICSBUl<G 0;;;;;'-;;'- -- , il'~ '9.HIIEs' 5 ~ 6 HIU:s 1 MILE ~... l~_._ __..n X UooI ...... 98&00 x UooI "-. 120,000 XlW ~.l::.J2~~o6' - au 1,777 1584 _.._. ...... 14~1 NA ._ "'''-.. _..__INSPI!lqI'~gl...._!lLS,~,~ HSE _ _~.lAGENl"CXXJRT~E;_. .!ll,S,J\GENI',ClXJRT HSE .--- '2 8 4 2 2 8 4 2 3 10 4 3 2 7 2 2 . ~~"'__!966____~i~==--::''':~.''. ".~;:Ci'iiiql' !-~~04l!J.\ .. . ..... ..,,"'......... NA 60 40 240 .;:;;.;;.-;;;;;;;;;;;..- LIs1i:~,s.OF'i:cMpAR1lllLE UNITS ARE r;IM~'i'ED".. LIsTOO-i.\l.SIl-I+UJl ruxlR ~/. t:.o ~ 1q\.~.._~rJ}\JE.\"IP.TER AND.StwE;!.lI_n:NANr P!'\'LS]OR ~ICIT! alLY. LISTIN:l '2, \Rl+'L~ J1Q.l~LIN_q;xD .Q:M1.I'l:IClj, ~. PAY .~_IjE!\..1...l.Sg!LA!)lEIl:IM) ~ ~.....................,.............................,.....,............~.....................................-........... """'" ----.' ................IIll'lII....-.- ............... ...."'.... ....",....,.INII................"..., ....___: """............ ,..... "...... - -.....-....---- ... COURT RECORDS AND l-llLTI-LIST S11\TISTICS SUPPORl' A STABLE MlIRl<!:l' IN "00; GREArot llARRISBUl<G AREA.' ~M1iiOO:fnii'TIME IS 90-180 OA1'LWIfH-~ ~Alif!;Itx. ACO:lROlm TO ::-::: :2-21-94 .~~~~t-i!LrI::f.+sr; '::1:. YEAR-TO-OATE SThT~!IT!~n'lllE.!!~_~,!:I.-FA:-lI:'Y PllQPERrY row fm S92.S!L..tI 'lllE ~.AAAISBlli1Q... AREA AND TCQ( 1~.2....QA.J'!J2. SEg.-,-~",..Il,JLl!!\!UPI:.P,gpli\E1L'lO OfFER SAI.!S C!!..F):NJ;!'IC::J:.; caaSSICIlS. ALL T'lPES OF FINANCOO ARE AVAIUIIlLE WIn! o:JM:NrICNU. LOANS BErN; 8.5\ m 9.5\ INIiiIiSi--75n.~.iJp .inn PC)Ims'FORJO YEARS'-' 'rl!EilE-ARENo-fuREsftAeu: SEE AD~E:-.:1_'M . .. -- ...._.4_. ......_ .._ .... ....4.., ~ ,_ .....,.. ~ACRE ._.. .... c:......~-X-;;.--_.._~;..... mlCALroRAAEA -...._......., SR-SUBURBAN RESIOEN!':AL __ -I~ ~.......... - LItI' _Ji...... --... ....I~...I _ I..... _....... er..,. AbE:ttIA'IE __... _ '"'flttI........_..........., ..[ ........- _ 0.-......_1 __ v_ n'PlCAL RES. S'IREFI' - .------ "'-"' TYPICAL FOR AREA _.. u..e I!l,dIII 0.. ca-.____ '''' ~ ....... 0.0-., .t'~DAFC~"--. - .!. - Ml\CAOAloI ... .!. _"_ UTILI1'\' GII . ..,=.~~_~~_ ~...n__.n _'."___ ... w_ X .u._ _ ..... ~__.... . ,..... .............._ ~. "". _ ".. a.-,... X -.-__ ....... _____ .__ _ .,."....~..Ct. .'!.~..!Ll _2=~S.-eo__ x ..... ~ . . ----__-'!I!!A...... 420372 OOO~ C_... c........1................___..,.~__.___...1I..,1l...,..---.-....~.....1 ..~":"E:) :~l f"'...Q:j:> . ZCIlE A - ru:oo .+:;~R~~.~~R:J?l..!.~~ ~";::';IT.y.s~~_f9l\. E:,ZC';RIC;, 7'"''''';n;,;, =. ""w.,.,." 1041 ......... AL." 'PpnlINllOrt'Ir''''f 1 II MOll.. tnC. 111001 U.....U Leaeer G. CoMOr, Ml\I ~AQ' 1 D' . ,_..".......'OU I....... '''. :':::::'\?'I ,\HAA:S;':' nCPCR7 :"R".mi.DEIlC"'I'TID" SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT..... 4-145 ~.~..._..... . '_U'__. . ~OWlICSBIlRG _.___.~~ I.. PA "'__J7.9~L__ '_~.~._.oEEi:l-:BCOK3SS, ~AGE 8931 TAX 10. 42-~S-30-121 g lliA PAUT.. 1'. SHEARE.R TRtJST 'u,.., .994 11I1 ''''Lt 1,451.65 .. ~--NA- --- '.-NiI .... ...3.~~0.~1}6 _....!I........tfA~ .. . ._- NA NA ",-..~~FT ..---.- ...... ,---- QrM............. , c.....o... -~ -... 0-,.,.........."*_ ,....,,- '.--. - .YIll..b L .-..........ft.Jll!W_..JNA __ __ ._.. . __~~, ~.Iqy\!:lERL..'!R.!1~~AJl1I:lENI"___ KARDI llARIlEY BROI<ER ""'- ~...... ......... ...~..... ................. Golf ~1 'tf..... 0.'" x. ,.,'" _. .,.n, -.. nJ'::1 .t::.......,........... X I ..... X... ... K 0-... ...?9._ ..... ~t.J:!..r-................ _XX- "-'f........ _ ~ It ... _ o..a.-. _ ,_ 25L ~ 75+ c-............ C _-A _...... 1l 11I....._ 0...." .~ V....~"I ~ c-....... -X .....~I......lC.. H~.._.o...__.....y....,..,.."I...~? _._.25-35 ............-..1Wl .Xic" .............. .."",A'ITACJf~tL "'-'... _.. un. _.... I. ~,... "-""--. ---L- ,.....1....-ClIlt..... -2!L..:.i......... J~ t:: ..........~ X .7.!!:-,. ~AVEJW;E_ ......., 2- _ Uoe/f ..!L ..... ~......~ _ X bI!fIl..... . 350 .... 500 ......., _ _ '"___ ~.. 100 ~...______ _ -i L --. ~...~ ~ ,c.--. 2- T.'__ "........, ............~ _ X4, ,..,...--_ 4 . _ __ 95-100 60-70 __.__ X1 . X~ .._~V....., _.............. u"... lC.Jft.-_.~~II- X ... ..........-............ ....-......,... --.. ~ ---.... ____ .SlJIlJECI' IS LOCATED IN A RESIOENrIAL NEI~ I<NGiN AS "WEllERCllOFI" -N?T_mrn C4' T!I! 1jECIlAN~~tmG ~ LIMI~S, WEST.OF: WES~OIUVEI.~_Clf RT. ~S, ~..:> EAST C4' nlE M:mllE ~IP LINE. TYPICAL FOR AREA -IRREXmAR . ADEWATE __ . .. ___ TYPICAL RES. S"IllEET TYPICAL FOR AREA u-.. ~ ;:'---~~."",-;.--"-"~'~=-- .~..._.- -- ......... 1'.... "'... MACADAM ~. ~.....::;;.-trrILiTY~. .._. ::.. ~ _._-=-=~1lII ~--=-._ ~___ ~';;;;-~";"'--=-~X:-..::-:~.-:;- a-,_ -x .-.- .+-... .......... -- -. .__. w "IW4~..Ct. ZCNE.AJ _2:-1~..89. ............_--..~. -..~____. ._.__... _.___-".l'!...."'--.i?0322 009~.C:... c-... r...... -........ . _toIM+4 _.___ ......... ....."......................... w. .... t.CCA'rED :s FtOOO ZOOE A - nooo I:;st.'!l.f\.'i..q;_~s_ REl:lU,REll/..lpllM(\L L";::.m. E;,S~~ .fOl!.F;.E~:c:.\, :g.E?~ _:;!;,_ 0..0...0..__............. .___......... ........,.......,..,................. _ ---.._ _._.......1 ~OO.L.!iaq:JI.St~..~1:lj ~JJi!J!IQl;:~_WI'rn IN S~!.(LMIN11I"E.};ll!IVm:; T!l1J!;. PRIOE OF..._.._. ~IP EVIOE11l' nmaJQlCIU'l' T!I! mrIRE NEIGHBORliCXlD. BUSINESS AND PJV:lFESSIaw. RESIDmrS. UNITS iDC:An:!lWInilN RESIllENTIAL"Srn:;u: "rMiI:'Y NEIGHBaUlCXlli wini oXllnil\iliiE1'-APPEAL:- WY--- ACCESS '!ti'ALI:Ml\Ja\ RClAtWAYS. ~ sr:.aI:'I1Y IS GOOD DUE 10 STATE CAPIroL A; tiJ\!l!t.tsilURG2nlE. NAy! StIPi'.LY:OF;F9l:.!..'!"A~. .IN MEOWlICSBtJ)lGJ-:_ANti)liE"::~f{(~EtADD!WJM) .... ....................................---...-. ......----...-.... ..................".. .............. "" ..................... "" -.,.--... ...............................,,,,.................... --.............. -........................... ~............. .............----..........1 ""........................................,......-...._. -1TiM--' sui,iiCi'o---CCMP,':'v.iLi"i.iiTlNG NO. 1-- - COMPAAAiLI"LiirINQ'No. a CoMPARi.iu LisTING "NO.3 ;"''''ili,"4'ii-iiEMt.oc:K-OR-;--is8..miRiEi RD: . 322.Wl\iwr'51iIEE:T"- -127 M1\IOO:r S"I1IEET' MEOlANICSIItJRG NE:W ctIMBElU.ANIl UM:rINE MEOiANICSBtmG .---..- ' ij':TMi'I:Es" -. 5 ;'ii-'MIU:s--'--I-mu: '-- 'IlIA" . X. ~ .... 1 '98.500 X ~ .... 1 120.000 X ~ -.... -129 -gOO. -- 1 777 1584 1461 NA ...- 'IN5PI!X:l'Ial' MLS,AGml'.OXlRT HSE ~AGml'.CXlURT IlSE MLS.~,cnm'r'ks~__ ,..-.-... '2 8 4 2 2 8 4 2 3 10 4 3 2 7 2 2 ;;;;;;;;;;;'1~66 _._~)978.~--'" :_.:.~;. OUJER' _._-_.~-; 'OWER _~._._ . ...... .,.tf'l"'''''''1 AA 60 40 240 --;;;;;;;;;;......;;- "is!J~$:.9t.-~ARAllLE UNITS ~~~iMi:1ED. .!-JSTm:;...!~.dIi1iLAA-ii!A:>fi.._.. ~~~'~T~:=-j~~-'=~~;:~~~J~Y~~c~~~Y" ~ ~......-,.".................,.,........................I'IN.....~.............,.."........................."........... ..... ................ "'........ ...,..........-.. .................. "'''''''............. _...,..,........ ~.... _..........a_.,""* """" .... .......................................".".., ~.:L~CQl!Q~ p.ND ~TI-~Irr_S'I7(rJ~.ICS . SIJIlPORT A 5"I1\BLE Ml\RI<ET IN TllE GREATER NAAAISBtmG AREA. GENERAL MMKETm:; TIME IS 90-180 DAYS'W1nl-GOOD MARKETABILITY. ACCOlUlIOO 10 TII.E l2-21-94 CENI'RAL PENN MULTI-LIST, :~. .'(E!Iil-=--ro:~:ijniTATi~.~,..n!E !\\1ERAGE MULTI-FMiI:'Y PIlOPERT't' 'soiD ftll. $92;-517 IN T!I! ~.ARR!SauRG AREA RID n:a< 122 DAYS 10 SELL. . SELlERS ARE oor REQUIRED 10 OFFER SAILS OR FINANCIOO caaSSIQ/S. JiLL -i'YPEs'or-riNliNtm:;Al\EAI1AItABU: WInl cx:tNENT1C:wif.-LCiANs BEOO 8.5\ 10 9.5\ iiirEilEsT-7"S\M:lllTGAbE UP 103 FOINl'S FOR 30 'i'".MS. nlERE'ARE-~ I"ClIltsftABu: 51:!' ADD~-::xJM .. - "'AIM o":4i'.1\r:RE: ..._~.. _._". c-.. X '.. _.:...-;;;;:,;;-... _....., SR-st'lltJRllAN RESIOENI:~ z...,___ _ L..- ~ ytIl __..- ..'~_I _..... _ ,....... ~1PlIIl..._.........." It ~"'" _ OIW_....,. ,'....... '" ... "- - ,- "'-...."""'" lM1 ........... I.. ""'1". IOrtw.,. DJ . Ie moo.. 'M. t (1001 1u.fU.I Lo.cor G. COMDr, NAI '..........,....,1011 ..._ It. PflOI'ERTI' D!SClIorTlOH SMALL RESIDENTlA. ICOME PROPERTY APPRAISAL REPOI a Nu..LVSlS ~ .wo.-..... ...-....,.,.., .. . ..........._____..................." N~ "'" ___......___..._____ ......--tfl........... ............. ...........,...... C1"M...................--.......'-'" "'........-......._fIIIII.. ____...."..---...1 "" ....... ---'''' _.. __................................. IN ...... .... ........ ... .. .,.. .......-.......,., ..... ......,.... ... - ---.. .................. ---... ~..-' rmI SUUCT : cou,AAAIlI RENTAl NO. , COMPARAIl.l RENTAL NO :I COMP~ RENTAL NO, 3 _ 4A , 48 IlEMI.CXJ{ [Il. I 815-811 N. ~ 5 5405 oXrnui DR. 41148-4716A CHARLES MEOlI\NICSlllIIlG ' MECHI\Nl~ MEDWnCSllllllG MEOWlICSBlllG I -\1 - 2 MIIZ5 1 :-2-HnJ;:S 2 - 3 HIU:S -.- ~"'l.~ , tOm! '10 1Ol. 1 1 YR. 1llDI HJ. '10 MJ. 1 YR. 1llDI MJ. '10 MJ 1 YR. "!lIEN Kl. '10 MJ -.... - 12-9-94 1994 1994 1994 -- I IN5PEX:I"ICJl RElm\L lWll'QJ\ , MIS; PQNr REIID\L MI\NI\GER , , ! tIN! I tIN! tIN! tIN! -- ; , , ,_ _2 ___0 ~2 0-':: 1986-- 0.. .1993''':~: 4 1990 ;.. ';'-1966 1 1 -" IWDI CXHXl ~I:t"':' I lXlPIEX AAIDII lXlPIEX -- I ~ I VINYL BRICJ( AND VINYL ' BRICJ( ..- I axIl lI:NllIT. EWAL ~ , I AVG. l\PPEAL 1 AVG. APPEAL AVG. l\PPEAL AVG. APPEAL ( M,(;NI I- I -..... , - ".. ........ _. .. - .... , ... 1 .. If.. ., It ......IT.. .. ..' .." ,....-.iIWllIT.. Ir .. .......,.......,...,.. .. .. I ..'" '........,.,. - 14 2 11888.14 2 2 ' 664 , 525'4 2 1 068*" 47514 2 2 ;504+ " 595 .. 14 2 1 1888.14 2 2 664 525'4 2 1 1768 475'4 2 2 1504 , 595 - 1 1 4 2 1 .768 47514 2 2 504 595 , 4 2 1 .768 475,4 2 2 '504 595 UNFURNISHED UNroRNI5IlEIl UNFURNISHED *EST. UNroRNI5IlEll "lEWn' PAYS TE1Wfl' PAYS ALL EX- TE1Wfl' PAYS ALL EX- 'l\!Nl\NIS PAY Fat ALL .- , Fm ALL EXP!N I PE1l5ES EXC!Pl' Fm PE1l5ES EXC!Pl' Fm A EXPI!N5E5 EXC!Pl' -.. - , EXC!Pl' 5IOl " TAXES AND ~ ' 568/Kl. ASSOC. FEE TAXES AND !II5llIU\NC!; -.... U\Itl. TAXE5. I Fm DlSUR.. U\Itl , AND Dls\JlU\NC!! I 5IOl RI!HNAL , 'mX , AVG. \n'ILITY IAVG.l1I'ILI'1T AVG. \n'ILITY IAVG.tJl'ILITY 100' IIASI!!1I!2!!'I 00 !lI\S!11Dl'l' 1 oo~ I 00 8A5DlDll' =.-" Fl\HILY RIl , I NA I NA I NA ~..:-.. - I I'P -, xl' I tIN! ' SIaU\GI! X4 , OIL rnA HEAT TElEC. 880, WALL AlC : ElEC. BIll I HEAT PlI!P WI'lll CIA Gl\RIIGE X2 Gl\RIIGE X2 I OFF snu;rr pJ\IlJtIW I Gl\R1Q:.X2 ~.. ....._.... ..............___..............................~................. - ___..I RElm\L cna:sSICNS Dl 'l1lE NEIGIlDUIXD l\IlE LIMI'IEll WI'IH nw CICC.'\lRIlIl&. aH'AlWlIE 11 KlST SlHIIJ\R '10 'lllE 5llIlJECl" IN UJCl\l'ICJl AND IESIGl. == 525 Fm AlDITICNl\L IlATIl 'l1lE ESl'lHl\:IED lD!Pl\IlAlILE RENl' lUlID BE 5500 CJ:IoIPARAIlIE 12 U\C\S A GARI\GE WllICl IlIUIllS <:20 '10 540 AIlOITlCNl\L PEJl tOm! IN Ml\lUlE:l' llEID5. 'lllEJlEFCIlE 'l1lE l\DJll5nD RENl' = BE 5500 PEJl tOm! FOR 'lllE 5llIlJECl". CJ:IoIPl\IlAlILE 13 IS _ Dl liGE Hl\S l\N AIlOITICNl\L IlATIl AND CEN11U\L AIR. AOJUS'lEll Fm 'lllE ofi'mU;N:ES 'lllE ESl'IMA'rol RENIS \OlUl BE 5525 PER UNIT. ALL OF 'l1lE CJ:IoIPARAIlIE RmrAlS ARE IDCA'rol IN SlMIUlR NEIGHOClUIXX6 wrm MJS'l' WEIGIn' BErn:; PIMEl CJl CJ:IoIPJ\RAIlIE 11. 'lllE SUBJEC'1" 5 JlIl.5FloIENl"S WERE FINI51lED HINIM1\LLY AND Hl\D A FIREPIJ\CE Xl. Dl 'ItXJR APPRAISER'S Cl'DlICJl. '11I15 I1lDl \oOJUl SRnG A MINIMl\L RENl' INOIEA5E IF l\NY' AND 'lllEJlEFCIlE NJl' a:RlIlERED Dl 'l1lE REm'. 1'ItXJR APPRAISER LCXl{El) AT 'lllREE sIMllJ\R UNITS WI'III BA5EMENI' FIRI!:I'U\CES AND tnlI! WERE BErn:; tmLIZED 8Y 'l1lE mwn'5. \ CXXJmY Tl\X OFFICE OCES NJl' HAVE DlDM!lll\L UNIT FIDI1Q: IUlED Fm EPOl UNIT' CJ:IoIPARJ\llIE ro::ma: PEJl UNIT WAS ESI'IMl'IlID. -...- n..... ___ ___.............. ---. --' _. .......... ... --. ............ --- - .............., no. ...-....-.........--..........-.-- ......---..................--..... ,..--..-----........-..-- ............................,........, fQf'IA .......... _......... ...... . -"It.... _ -"...-wI........-- _... -,. GNl'.__ ............. n..........-......................._--..................-............GMl nw......--......... -..- ACTUAL RENTS ESTNATED REHI'S , -- I.. I ...... ,. ...... , .. ... I"'':. I .. - -- - - - - 1 KNIll '10 I KNllI I 0 " tti2.92* " " 412.92 , 500 " , 500 1 tOm! '10 I KNllI I 0 I 372.92. I 372.92 500 500 , , 1 : I . : I I , : I -, i -I, 785.84 , , 1 000 DhI'.-........._1 tnlI! , 0 ."....... ,........ .JL....,............-!L.. "" ~ ....i-. ... · - - T.......-..... . 1.000 u........"...... _ n ... L..: w.---i ___ ,a.. ~ 01 _ ,""'---" 1n 5!Dl REHJ\Il\L AND U\Itl CAAE - - c:......................... ....................................-...... IN........ -. --.. _:. 'InWlI'S PAY Fm CWlIlEAT. WA'lER AND SE1<IER ElEC'ffiICITY AND lUl' WA'lER. 00 PE:I'5 l\IlE ALt.CWEIl. l1l'ILITIES PlUIIIEll ARE TYPICAL. SUBJECl' IS UNlER RENl"ED BASED lIPCtl Ml\RKE:l' RESEARO\. EsrIMATEIl Ml\RKE:l' RENIS tmLIZEIl Dl nx:nlE APPROACH. *RENIS INCWDES22.92 Fm SEWm. "fOfAL. .11 .... 1 ... ,........,....n ,~ ...... --.., - ,- "- ...,.... ,_ ...... l~ "14110'. PROI'!IlTY 0I8Cl11PT1OH SMALL RESIDENTlA ICOME PROPERTY APPRAISAL REPO' I ANALYSt.. CCI'lM.lId .... '. n..~............~........--_... ....._............... _,..................,.."........ ................._ .......- ,.. ........ ___ ....... ............ __ ___........ ........ _.. ........" "".__ __.. IN "'-... ".........._ ".........___. -.-.. ."..........."""'.................. . """'H.............. ""'--.............. _....... ,........... ....fI.......... ......... .........~ ................. .....,.....-...., hot........................ II IN... 1l11.......'~.......,......1 If1W ....., c;cwAAAiu IoIU ~ -...- cour.\iUau IAU NO ~AJU&I aN..I '- 4A , 48 IlEHUXl( CR. ~_0_6_~ ~_~ 1lR. - It!OIANICSIlUIlG PA PA I --- 15 KIlLS , -- 'I Nil = ~ =- ......., -- I I 57.62 , I .1 --- I jji\lI I T 00 I .1 . Do.-_ .....11) 107.27 , ..........- " I S9 0 0 I I I ........ - II I 14 750 I I I ...- . INSPECTI NJ1!Nr C.H. ADJUITUIHT8 OUCIIIPTlON I ....- '1.1'~ I ..- "'IIAlII D"C~ 01011"" T CDN. 22 lXJ1 . - -.- - CLOSING CIlST -2.000: ....- I NA '~T - I SIllltlRBA/I ' SUIlllRlWl - 0.4 ACRE I . o At: SUP. I -...- . CUPU:X RAlCH lXlI'lJ!X TCHl +1 000' ......- i AW. AIJ..IKIN.I AVG. . I ,-.. I 19~6 T 19BB -1.500 - lIEIUlGl!: --'--1OI"lllll --.- 1 777 ...1 2.04B .... -3.BOO ... 1':1"'- '''1':11'''- .. "" ...- I:: ,.., ... .... .. .. . 1\aIl1""'" .. ;t- UIII'" ., .. .,. ,"""'11I .. .. ''''1''' .. .. .,. ... III 4 2 1 o I 114 2 1.50 -1/5001 I - ,1'4 2 1 0 114 2 1.5 0 -1,500: I I " , T . , , ---..-- I I " I I , I . -- . rou. FP PAR!'. IN. . 500 -- . AlIEIUlGl!: , AVl:NGE . '-OIL lIP C!m'AL -2 0 --- . 2"7' AVG. 2 AVG. --... I erN. FalCII FalCII I ! ...- PATIO X2 IECC X2 - I -..- T fY'; ~~OO I . ,'-... T. _. -..-..... " 108 200 I I - , . . I i , f' PHOTOGRAPH ADDENDUM ... .." I .. 4A , 48 IIDlLllCK ORlVt MEOlAIlI!;.s~-:=':':-'=~_~:~~ ~ ___"".....!'e. __~J9_~~_ _ ~70SC::.'. PNC BANK JQI I<RAHER TRUST OEPAR1l-!Em" p mar. Of S~il.....Ecr REAR OF ...a.l<:cr 5T!lEE':" V:::w SKETCH/AREA TABLE ADDENDUM 1='.1,"00 8 ao"OvIot'/C",nl U PAUL ":". B Ploo,rry Ado'... J & '9 E C,,, C , ,- r unG" SHEARER TRUST !VE COl,lnry $1." ':oCoo. 17 I :,0' 24' M p R 0 V E O'.J[ STCft'r' Cl.PLt:-c. :ar M E N .,. r B :u .:~ .!~~I B ,g' I or K I E - - r or C H 3'. SCALE llfOetl . 15"'1 A R E A C A L C U L A r I o N 8 AREA CALCULATIONS SUMMARV Aroo Nama of Are. 81z. TOIIII CLA' CIiII StOllf DU'UX .m,OO 1177.=0 "" COVUIO JOlIC" 114.00 '7':'.:0 GA, leAl GAIAGa 624.00 624.00 Sublat.l, IIM.DO 589.CO LIVING AREA CALCULATIONS Br.akdown ',",00 . 22.00 ]1,00 II 19.00 TOTAL LIVABLE (rounded) 1777 1777 ~. . .. u" _ .. -' , ,. . .- ( Neighborhood Map ) 1 !\ ,\ .....~,'tI , . . '. .. ",-,.,;... "',.'J ~..If'" '", 1..1f \ "...... " '.-:','1 r' l\ " ,'to'.... ,'. .' .' ~,. ~'. . I....... I . \G.""tl'" \ ~~ \.; ~ ~ \ \ @WtHSY\:/A11 ~ONlRO'\ !\~~, 1-. , I ". , TOWNSHIP, I ,. . , .' ,. ...:~. ic';!~ .~ 'it l' ~:':l. '" ~., ;, .1\ \ 1./,. t ... :. . '.. ., .., t: ~ood Map J , , c,."...-_-----.--'""I -"~@> \ ~ \ ,_,."N" \ .\-=--=-' ,/ , \ '. // .., ... ~ ; .."":"'~"'>"""'" ",/I;::f.. . ......;,.\ l.~' . .. ~.,"",. . . .~. .\"~~~f".. '".J/A.' ~. _.L~ ZONE C , . o \~ '. @ ~. ~;\ ~\ -' -.' ~ ) 'i\~ (Lalld Use Map ) ee '" . ....... ,.. ". ." , ~ \... SR .. .a...""', i ..'..~l.,.... ~'.. . .,...,: .. I.., .. \ SR 0'-- '11III'.",\ ....\ -' .t' \ .' \ \ .. \\ ...... t. ';.!',,. '''', ..... "..t . .-:t~':" ~ , '(\ .~~. 1l.J!....': '''' ':....i ., ... t.... .~'.: "'", o ~;' ~': .~. SR ". ....~ .. ^~6Eq:..._ _..0-:, ., \ Ie ......:..::..!, " . .,:....-. .. - .- .'. ., \ \ RR A ,.' ,,1' CI'~" ".":, , . "' ----s ,'I'.'.III'I'.~:,.:;;.-- ~,-,;;...., "l~.":' . ..,...... .,~...- '''':v ::;;...- - " , " - .p ..,.. .' . ""'1" ;.'I'lftl' ... RR . U ~~' '\i Q't' ;c=:..tS r -:"", . . .< .. ~"l.. -.,..100, v, '" . ~ ~,*:, ~., . A f--,ria. ..- ",.,. .7.1, ... ..~ .. . .... ,. -- - ! , i. ~ 7' PHOTOGRAPH ADDENDUM fg~.n1 P . :r.. .. __ 'rR S1 ... ~4A'J!I~..P.f\IVE_.- -- .....- "'" MECIWlICSBUJUl _ .__.... Cquo~ ClJH!lERUINIl ,.... PNC BANK. RaI l<IU\MER muST DEPAA'!MEm' _ _ 6t11' . PA-' l;.p Cod. 1705r-- ". .'" - 6/6A ~. :oHNS DR. SHIRDWlS~, PA - 408 ROSS AVE. NEW cw.BElUJ,t.'O, PA ?,7. ,. .'. :i ... .. ^':~. , . '. 19 & 2, s. 207,'; 57. CAMP H::":', ?,; .-...,. ...'.. ......,It". ".--. "tOTAL'____'" I 4_ .... '11OO1UI..." PHOTOGRAPH ADDENDUM _..~.. -~. -....-...-.- m;.~A.'!B .~. ~ ..PNc-~U!VJIlCtI" I<RAMER~::- Itet, PA z~ CoG. 17055 ~...,. -~. .... .. 206&12 51::: DR. 1lUIflEISl'ClWN. PA r I I I I I I I I I I I I I I I I I I I t :145.13 ZONINO t. .15 C. SIDE YARD- A yud on Ill. 10m. 101 wlllllll. blllJdln., .Inwod betw..n Ill. nqw.d IeIb..k Un. .od Ill. lid. Un. 01 Ill. 101 and Olllndln. from the frool yenllO Ill. nou yenl. Any yud nol . nou yud or . front yud Ihell be deelllld . ".Ide yud." ZONINO OmCER - Th. duly .ppelnlld munie/pel olll.leI d..I.naled by Ill. Townlhlp COllllNlllon.n u Ill. admInilllnn. and .nfO"ID, olft... or Illh .hIPt.... ZONINO PERMIT - A buUdln. permit or ocOllpancy ptrml~ or both, whl.h.y.r II nqulnod IlIlpeclac cln:umallllCOl. '. ..' ARnCLl! m Zo...... Dlstrlcu t 245-14. DIstrictI eotabUsbod. Upper All.n ToWlllhlp II h....by divided Imo dlloicu 01 dlft'.mlllypOl. oacb belli. o/luch number, .hlpt. kind and .... and o/.uch common unil)' or purpol. lUld adaptabllll)' or u.. u deemed DIOIIIWl&bl. 10 cony oUlth. obJeedYII o/lhll chIPl&r. DI.oicu sbaIl be clullaod U 10Uowa: C - COIlllrVIlIOII DlsoiCl A - AplcuJllII'II DlI1I!cl RR - RIIrI1 RaldcntlaJ DboiCl SR - 5uburblll RuldentlaJ Dboi.1 va - UrbaD RuI.....ri.' DIs1r\Cl PRO - PIsnDed R..I.....ri.1 Dty.lopllllol Dlslrict OP - otll"" ProleselonaJ Dlslrict INS -lnsdOldonaJ DhlriCl CC - Convenl..... Commercial Dboicl IC -lnllnllyO CollllllOtdal D1sIriCl IN -1nd1ll1rial DlI1I!cl lP -1nduJIri1l ParIc DlslriCl t Ul-U. ZoaIna Map. Th. boIIDdariU 0' lb. zonln. cUsoicu are d.Uncaud on . l.petI\O map ondded .Upper Allen Township Zonln. Map" whl.h ICcomplllie. and, with ell Olplllll\Ol)' IllIIIOt Illareoo. II h.reby mad.. pen or lhl. chaplCr.T T --,....r.-.w".....Io..._"...r........'--T. 24521 '245-11 ZONING ~ I. Any uu ufltlng on the ,".ctlv. date of thfl chlpter which II cla..Hled II p'l'1IIltted by IP,clal uc.ptlon In the dlnrlce In which the land occupied by the uu II loc.ud Ihall b. dum.d to hav. bun granUd a .p.chl uc.pelon ,ubJ.ct to malnCllnln, the character Ind utent of op.raclon. and s:ruceuru ulltln, on , thlt date. Any application for ch.n,. In.u.. or scructur. .hall b. .ubJ.ct to the proc.dur. IP.clfled In thl. chapter (S.. Z.5-v7l. 124S-1,.1 UI.I p.nolte.d al Condltlonll U..I. A UII lllt.d und.r the YlrloUI lonln, dlltrlcts II I p.rmltted UII, II p.....,tt.d by rl,ht In any district buld. whlch.UII the letter 'C' u. d.noted, provldld the Town.hlp to_lulon.rs, In accordlnc. ,,'th 245-121.1, authorlz. thl luulnc. of I bulldln, i.ralt by the %onln, Offlc.r, Ind lubJ.ct to tho.. IP.clflc r.qulrem.ntl contaln.d In 2.S-121.1(C) and, to the ..t.nd not oy.rrldln by luch Subl.ctlon C, thai' contaln.d In the U.. Sch.dulel II w.ll II III oth.r .ppllclble requlrUllnts of this Chapter Ind luch furth.r r.ltrlctlonl thlt the TOllnlhlp Comol..lon.rl may ..tablllh. 1215-20. IIoDpllWl~ UI.d. . A VII not 1I1tld und.r the varloul lonlng. dfltrlctl II not p.raltttd In that dfltrlct. 12.5-21. Ula by Special EaceptlOD A. Arty UII not lpeclflcally IllClll.d .lll"h.r. In this chapter Ihlll b. allowed by IptChl uc.ptlon in the distrIct or dlltrlcts "h.r. Ind to the utant that:. 11.,llr U"I ar. p'lWlttad or allowad by Ipeclal ..c.ptlon, proYldl.d that laid UII ...ts the requirem.nts for a Iplclal ucaptlon In the applfcable dlltrlct and do.. not constitute a publIc or privata nU,lunc.. , .. . ... .,... .. . .1. Th. applfcant IVlt Ihow that the UII propoud Is .Imllar to ath.r UIII p.rmltted or Illowed by.peelal uc.ptlan.'and IDIIlt furthlr .holl thlt the propalld ulllllll not canstftvte I public or prlYat. nulunc. or vlaleta Iny proYlllan. of thll cbaptlr. '2.5-22. Accusal')' Usa aad StructvrU. Acc..lory U'"I and .tructurll Ihall bl p'l'1IIlctld In conjunctIon IIIth the prIncIpal VI" plnolte.d by this chaptlr Ind Ihall b. furth.r lubJ.ct to the r.qulrements far acc.uory VlU Ind Itructure. .. lit forth In this chaptar. 12.5-D. TAbl. of Un Regulatfons. . Th. UII. p.ralct.d In th'odlltrlcts utablflh.d by this chlptar ar. .. IhOlln In the follollln, UII Sch.dulu. Th. u.u .ho,," u p.rmltt.d In IIch dlttrlct art the only usu p.nolttad In thl dlltrlct, and all och.r u.u .re .ubJlct to 245-21. ~ I I I . I I Olwlct ConllrYatlan Dfltrlct Agricultural DI.trlct Rural R..ld.ntlal Dlltrlct Suburban Ruld.ntfal District Urban R..ld.ntlal DistrIct Plann.d RUldtntlal D...loptllnt DI.trlct Un Sch.dul. A a C 0, . E F . lp EdItor's IIot.': .Sald UII Scb..sulU Ire loclt.d It the .nd of thll chl~tar. 24523 ..,..","..... .~ ~~..;,~ '-..,. ~:\k~ , ....,.:..,... """'_'" I I, 'I I , ....._.~-._.----~.....,.:..._...-.~-.. ,..:._~....-._. '-~.. _.-.~ ..,t-- ,....T';: '-~"'. '.nt; .~., ~..,..."\",,.-._<_..,.~~~.o.,.~. ........~~: !,o ,".,. ':. '," ..-_~ ,." ,; ..... >- "'~ .....".~...~, ~~'_" .,.,,- 1',.., ."'.". .,., _~:~. --:' _.__ ~ . ......" 1 A 'I: 11" lI.ml~ck ~ A 'I: B lIemlock 11 A 'I: B lIelll' ock V'n~'ntc"bur~. p, Pron'rt.te~ ~rl ~.~l T. ~ Vtolen" She.rer l~Q !, Elm~~o~ Ave. ~ec~'ntcebur.. PA Anv "up-tton.. cont.ct, Dt.ne ~h'.rer Ro.. 697-PP3l lon' D.rt., Ineollle 1I~? './'I? Va:> IIq, ~/o' 6/q~ .,/o? P/q, o/q, 11)/02 n/.... '!.~/I)~ ,,,.,~. <:lP lP?4.15 ?,.,~.OD "'II .0P lP~~.l~ 'P'1~.~' lP6'. " lP/;'.1? ", 1.1" 2"~ .IIP "?;,t4.op ''If..,,p . t, ',;1 ~'~.l'1','o l/C!, ,q~? ~~~+~l ~Y~~n~~B_ '250. , '/'1:> '/03 3/'12 dI'I:> t l<:l? ~/o? ,\/0' "nnftr Allen T...". S."er 14 .. !l 6:> . 51 H 'I: l! l'~. 1" 'I:!l lIAlJl ~... r1I ) r.. .~. l"rt tz . "lumber '11 P~.,~ HIl ,u.P6 Hube In"urftnce ~.rltn Yohn - tex 31. 'I: B 3?1.?3 4A 'I: B :>5'1.31 lH .. B 3?~.70 teon Gtlhert - 111. 'I",ner Allen '1'",,,. - e.',"ftr U 'I:!l 62.5? 4A ~!l 1'5. 1.U 'I:!l 6?,,')r) teon Gtlhert - .11 ",',bftr's Kp\rl!\\"l're 330. 705. P6l.2~ ~'.05 250. l32.PO ~6.73 , ".! 11tH R-nt..t Inc,,"'e 1~14 ,.ntn1 I~.eo,".. , A I, 'l" ~o",locl( 4' ~, B !le~locl< lll'. '.: 'l !l~"loc!< l/1n II'H4.1P 1.1~4 ~24U,6P ,/~, 2rlt.'IP ~/'I4 2444.6P "'ll 'H4.'lP 1/'14 2444.6F 4/'11 '114 .'lP 4/'14 2444,6P ~/~1 21'4.'lP 5/'14 2467."6 fi/'\' , rlP. 11 61'14 ,:/u4,6P 7/"11 ?'~'l.42 7/'\4 2444,6P P/'ll ,41 4.~' Plq4 ,4U,76 '11'11 24~4.6' '1/'14 2444,6P 1'1/'11 ,:/414.61) 1'1/'14 2467".60 11/'11 24~/).41 11/'14 U~476P 1,I'n ?4t4.6F t'26,'i] .36 to dllte 1I~f'lt4ql.74 l-A 3-ll 1'41)2,'12 412.'12 (a3PO when in P1orida). (83'10 when in .o/Lecondn) , 4-A 412.'12 4-B 172,'12 11-A 41'-. '12 ll-B 452.'12 All IIl"o'\nt. tr:oluo\e ~~', 'I' AM I)n for u..er unlo.. tniic~tod b:( · (rent.1 ~,"o"nt. oC!lctivl.P/Q31. . P -. r ".~... .G p._\ '. V:..I.... ';)\.. ....,... "'.....i,....<_. l~qt ~.~tp, ~~".~"~. l/q, U""'!Ir Hiltn '('I"'''' _ S8\"er 'A ~ Il 6r. 75 V. ~ II 117.5) IV ~ Il 1 '7. 'I'") '3' 3. 75 ./q, '/o~ , lOt "1" ~."nol~" - .no'" 1.1. . B ~Il*o '..no, 1.~11or1 "011cu UtI\""r Alt~ 11'".", _ .....,,1'" l,t. ... H 6' . 7-; 'A ~ !l 1'7.0;') l.H ~ !l 1'7.';1) 2?1). I'll. 34 3. 75 , I"I~ '.por'1n Yo":'n - t"....'UI 3', .. !! 3~'.6F , A 'I: B ~qo;. IlA ~ B '4?07 'I'll. 4 '0' 5/'14 0;/'1' 5/114 6/114 7/'1' !,eon llilbert ". '\'. vrit. B1l' Re\'n"l~.. - ",,,,'oj n(l' B1l1 Revnold.. - nlurnb1n6 ~-"'I'''' 'In11,"1 t.d _ we,'dll U".,. r All-n T,"Tl. _ ~e"er lA ~ B 6F.75 4A ~ B 137.5') llA ! ~ 1]7.5) 11'1'.8'1 171.1'3 45? 116.47 '15.40 361'.75 7/q~ P/a4 F/a4 Tre~ Tr1~~-rB - ~~r.uh~ .Tohn iloJl':1.. - tlp1nt 3B "l'rlin YOhn - re~l entAte bx ,~ 'I: ~ l,'o'.Fo; " ~ B 1.loP.on "I! "'"; 1, 'A'). 'F a/at r.-ld.r n'or _ n-r1n~1I 1')/'14 U"".r All.n '1",". _ ,,~wer 'A ~ !l 64.'15 , \ ': B 12'1.'') lH ., B l,>q.ot) 1,~"". 2,''11';1'0 3,'I1'2.~2 ?5.1'6 3'4.75 l')/ll' O.nh - win~o". O'\'~rll 'II 40;."") el?375.31' to 1A~ft I L I "PPRAISER'S CERTIFICATION: Thl AAl,...1f c""," and .~ flit. . '0' lrcww fWMtCfttd 1M -...a """" l1H .no ....,. MltC'IM . IMlftI,If1lI of "'" ,..,.. WM of propetIIIl'llOIt IIINtIItld Df'OD'I'InI II) '" ..... prooIl'ty lOt Nl~11OI\ ~ '" "'" 00",",*" 1"'''fIII .". N.,. "*'" . doftat .....,. ~ IPPI'OOtMItI to rwAIcI '" ....... ,...,., to .... lIIfftI oIl9"'Gt'" ....1'1I101\. If I 'IQMlclIII 11m kit . OOft'IPIfIOlI P"OCIflfr .. N*'Ot to. Of mot'I fI..... 1\1I\ '" ...... property, I hnt N6I . MOIM 1d,ue1ffttftt 10 recMt I'll tct",.ttd ..tel pnce 01 .... ~ 1"If. " . ."..,.. ... " . ~ '"'*" II WttW to. Of' .... "*-tlIt "11'1 "" IIAlft'Ct Pf'OPt'IY. I nave IMcM . potII\ot ~ tI II'CrtMf ... ......... pm of N ~ a. I............. _""""..... f\t ftCIDII Nt NV'I I" Iml:lIct on vtW n ",., dl..&~Il,,,*" of '" """,II of l'ftt"" 'ltW Irl .... NlOf'IlMI '"*" I hlwe ftOt ~ wtMtId .", IllIrwftcant .nlOtr/lttlOl'l ,",,,, fl. &QOtI1II1 tIClOI'I ,lid I '*""'" " .... beIC 01 my ~ h' .. ....... II'llI ntonNlOft WI .... ..,.... rtClM .ft I'Ve .1'Id 00tr'IG\ J. I.... n .,. ........ "'*' 0"" ,.,., "" PMONl. "......td. and pn:l'NllotIIl ~ ~ anct ooncMlona. WftICI't .re ...... Odt to '" .,...,. IMllI .".,.,. 00tll\IIIII0fte "*"*I1rI1\lI tomL .. I hive ftO ptIIMI ot~ WtIetWe Irl '" P/'OC*TY ""II '" llolbItctoflttl t'IOOl\ 1M ''''''' no ,""",Ot~per'IIOMI ~ 01 bill ..... ,.... " "" ,.,..,. 1ft N ~I\, I did not DIN, "'* ,.tN>>y Of' ~. my 1I'lI~ IftMW N .... of ""*It \'WI In .... .......1 """ 01'1 fI' race, 0010', rth9'Oft. HI. "lndIoIO. flMIIIt ...... 01 NtonII 0t'9" ot MIlt .... "...... 0M'lefI Of ~ 01 '" .... ~ 0' ot tnt ptIMftI 0WftIl'I or 0ClQ.II)eMI 01 '" ....... Irl '" wtoMt 01 .... -_. .. I hhI ,., P"IlM"t 01 COI'ItIftlOIIItd "'" .",.,... 1ft "' tuOIKt ~, and NIIW my CUJWII Of ........ ....,A,mt..1 t'ItII"" ~fof'prIl'tomlIrlfM""", II ~on N awalMd \IIWO'N property. .. I..... f'lOt ,..,., 10 I'IOOtt . pl.chI......L~ VlW 0' dlrtCtlO" WI \fIUt !hIt few", '" CIUM of ........ Of any ""*' NItr, N IIftOUl'III of N \'I~ ......... .... 1M""*" 01 . ~ ,.1UlL 0' "" ~ 01 . ........... WIf'II Il'I 0IlW ID ,...."" ClDmOII'Mtofl "'"' .....,"*14 tor ~ 1ht .....L I dlCl not MM 1M NlOl"IIIa& NOOl'I Oft . f"IOIIIItId "...,."". WWIOl\, . ....... """toft. Of 1M nMd . IClPfO'tt . IPfC:IfIo monal" 10.",. 1. 1_'" __ .. _ _ fit U..... s_ of ".' ...r.......... _ """ .... _... Mol ~ by N ApprIuI I.."" IoIId of llIe .....1 'CIUftclI" II'ld N' .... WI pAIOI II of ,.. ~ .It of WI ..,...." .. 1M ellOllllOn of .,. dtpIttn ~ 0' Nil lStIftcl4I1d1. YItllCh doee not"". I "'--WI,- 1\11 .,.. ....._ of I ,....... .... lOt ..... .. '" 00Ift ""*" -. . ClOftdIIIOII '" II. ~ of """'.. WIVe Iftd 1M ..... I ...... .. ........ ....................... 1M ~6...1'lOw4 MCIIOII of..... f'tOOI\ Ul"lIIM I "'"............. n 1M .A-......4IOl. MClIOtL .. I hlM II'IfIIOtldi' ~ ... __ IIId ""'* It'III of f\e NlteoIIlftlptftf and ... ...,.., of .. "...,... .... II oo.1Ml A 11 ., ... ... ""'" I ""* .,.., ..., I hi... f"INcl ."" IClI)IItl"II Of' kIlOM' ICtwMt eondIIOnIll'I ... ..... 1o.....tmfIl... on N ...... Of'" .,.,......... ...lrfttNcliatl ~ of Nl\ltllltCtDfOPItf1011Whlcft ,.'" ...,.and hIvI mecM ~ lOt'*" ..... 00l'df0nI art "" ..... of ... "...,., YlW ID fl. .mnt 1\1' I hid Ift&I\It ~ . IUPIlOft ""'" 11\1...110 CiCI"""*"Id ItIouI '" .".. of .... .,.,. to/'ldfDOtlI on tie ""~ of tl'll1uOttd ptODtfty. .. I PIfIOI'IJt prtpMIlI.. ~ II\Id ___ 1tloUI1h.,......" 1\11 wtI"I Nt IoffI art '" IClI)tUII tIClOtL ",,........ tlrgtlWIC:ent CllOltUl~11II ......,..."" IndMcMt Of' 1nclMdu." 1ft N PIftot'll\lnce of "" IPIlfIlIII Of' N ",,",,110II 01 ....1&lOIUMI report. I tI&vt NIMd JUCft ~.) .PlCI dIIcbttcIlh. tOfOnc 1..11I ~ by '*" In '" f'IClOftCIIIlon IfCIlOIl 01 tnlllQCllMll rwpott. I CItIf1 "'" '"1 IndN'lMI 10 IIIIMd iii ..,.-.cI1D DtftOm 1'\1..... I haw not .uw.utd Inyone to mu. . CP\1nQ11D Irty "'"' lit "'t1IPOft""""''' 1ft~"'''''''''.1l'ItN to "IIWI"'"", I will.... no ~.,... SUPERVISORY APPRAISER'S CERTIFICATION: "...-y _1'gIlId ... __lOtI '-"- III or "" 0IItSeI1fld ..... f\lt I CIttIIIIt N*'WlN N IWI." wmo orIOII1d the IQClI'IIrMI rtOOtt. hlw tI'Nwtd '" 1OOtI..~ rlClOlto ... WIft 1M ...... MIl ~ 01 N qlpf'IlIIfl'. ..,," 10 D. bound by II' appraw. c..~.... ~ . "1'OUQIh 7 IOCM. and 11ft...... j~.AIt) lor 1M ~ and tI, tWl..1 rtrpOft. ADOlI." OH"ONm A_AlIIO, ItA , 118 IlD!lJXI( 0lUIII!:. HI!X:lWaCSBllllG. PA 17055 >" A_AIII1l~ .U'."V1IO~Y "~I~1 .......: ;JttJ.~~~.. ~~'.,....." _. .~~._. ,____._ ....., ..JSlII'Dl~....Il.I\OIlEI\, ~ , (."\ : r;;: .liL CXNal,JiY., __,.._. 01.._: ~7,L...l~?~.."... ..' \..1.. D. 8'O,od' .~LL-lj9~, .., _. ,.... ~_" GA-ODI26.9:.L .'. ...==.:.:.-::< _._ .~.. eo....._" GA-000229-L or"" UcItIH ,: or alllt Lc"", ,: 111..: PA S~I.: PA _.... 0... .. CtnIIcI.... or Uc"';;; 6-fo-9S .__ 0... 0' c.......... or ~: 6-30-9S X God :::J DllNo1__ .......,..... .... ,...... ,...... ... "T'DT"".__.................'IIOI....- ,....". ,~. NG 4-146 "I ;': ;;.; ti ':1 .~. January 7, 1995 L. G. CoMor Real Estate Apprlli..rs 2159 Markst Street camp Hill, PA 17011 PI<<: Bank Amll Ron Kramer, nust Dep4rtment 4242 Carlisi. Pike P.O. Box 8874 camp Hill, PA 17011 Dear Mr. Kr_rl Pursuant to your requ.st, we IuIv. preptU"ed . SlJIotll\RY APPAAISAL REl'ORT of the prcperty capt:ioned in the . S\I:lI1\OXY of S.li.nt F.ullr.." which follows. '!h. .ccatpnyinq report. is baaed on . .ite inspection of iJrprovsnents, lnvutiqetion of the subject r:.iqhborhood area of inflll.nc., and review of sa1os, cost, and inCClllll data for si:nilar properties. This appraisal has been mada with p4roiC"Jlar attention paid to .pplicabl. valllll-W11I&ncinq econanic conditions and IuIs been proc...ed in .ccordanc. with nationally recoqnized .ppr.isal guid.lin.s. '!h. valli. conclllsions stated her.in are as of the .ffectiv. date as stated in the txxIy of the appraisal, end contir:gent llpon the cert.~~ication and limitinq corditions attached. Pi.... do not h.sitate to contael: me or any of my staff ~f we can be of aa1l.tional service to you. ~~~ YJo/ ._-~~: QU, ~ SUMMARY OF SALIENT FEATURES SubJ.et Add,.... L'llal D.aerlpllon City County Stat. Zip Cod. Clnaua 1,..et Map R.I.,..ne. 11A' 11B IlEMLOCK DRIVE DEED BOOK 355, PAGE 893/ TAX IO' 42-25-30-79 MEQW;ICSBURG ClJIillEJ\IJIND PA 17055 3240-116 NA Sar. Prle. D.t. 01 Sail SNA NA Borrow.r I CU.nt Llnd.r NA PI<<: BANK, ROO KIU\MER, nwST OEPAR'lMENT Slza (Squa,.. Flit) 1,870 Prle. per Squa,.. Foot S See Repe=-: Locallon SUBUlUlllN All' 1961 mIl Condlllon A V'tJW;'t. Total Room. 8 (Duplex, IW1ch) B.droom. 4 Bath. 2 App,..IHr Dat. 01 Appralaed Value K1\IIDl CARNEY, BIlOKER, GRI, CRS 12-9-94 I Final Elllmate 01 Valu. S 111,500 I I SUMMARY ~PPIU\ISAL IU:PORT ""'''1lnV CllCA1I'T1ON SMALL RESIDENTlA a .AHAL"'IIS tlCOME PROPERTY APPRAISAL REPO. ...... 4-146 _~..'... ;",' "......., H., ~ .. ., .....'.., ~ ' '--- ICSIllmG Ct1MBEIUJ\NO pA - 17055 ...- . IE!ll IlCXl( 355. pJ\lZ 893 'l7\X 10' 42-25-30-79 --... I pNJL T. SHEAREl\ "l1UlST 19 4 IU_T_.li15B3.31 I c--. DIll NA _.~ NA ~1240-116~ --- I ,-;.. I ~_IL--M !!QA.I NA "'-I ......... NA W!JllJlCROI"t' ~............--- ~_ .NA -..- I m:: IIl\NK IOl J<RAMI!J\ "lRllST lEI'l\R'IMI!:tlI' '- ~~~:,.~.~~, . , ..- ., ,,"''''''.t_. .....;,... .~ 0' .... ~ " .- H'- ~ --- .... - --- -- - .... !IL ..... ..... ' 0.'" X.."" r- ......-- ~ d~ Ji,..........-. - X - - ........ ... X... H'" .!. o-r ...!- '- - ~....-,...... - X' - Xl .- __ _ X _.~ _ _,- 1;150 ....~'--.- - - , Do.--4 . ..... X 11I__ o.r.., I ~ v___"" ,........ t c.o- ..... - Xl r .!; - X ._ ... 125 25-35,_____ , ,........... ~~l.---.. WIIII-.... j .....--. I......,...... X, - r - "if - - ..._-L ..._L.-J..._ ..1JL;Jl..... ~ ~ :_-- - - .- ....7k!:-,...~A~ I........ -L_...... l~ ""'" ...L......,;"'-"'........ - .J!.i .- - er-' 350 .~500 f~ __Ill...... 250 ...... 100...-................_ X, - . ~ l!J .... IMN"I I c.- -L f.: ........',..... ~ ~ - X; - r- .;.., 4 .:...... : :95-100 60-70 ;.....---........., X' i.:..- XI. .-=, . '._,X'_. X ~ - --......... -....--.......................................... ____ SUBJECl' IS LOCl\'Il!D IN 1\ RESI~ NIlIGIIllaUIXD J<NCIlIl1\S 'WEllERClCFl"' JUST rom! OF 'i.I!J;: MECHANICSIlIlRG BCHl.QI LII:R~,__WE5!..9\'_.WESIEY DRIVE taml OF RT. 15 AND EAST OF "Ill! ~ 'iO'IISHIP LINE..___.__._ ..- ..--- - ~.. ~..... .................. ...................",..,.........,. .......-.......... __ ..... --...1 5ilJPPINl SOOJLS IlECI\!ATIQl AND 0lURCIlE5 WI'IllIN 5-10 Hnlt1IE DRIVING TIME. PRIDE OF CHmlSHIP EVItEm' ~ 'Ill!!: ENrIRE NIlIGllllOOHOCD. BUSINESS AND PllOFESSIlJl1\L RESIOEm'S. UNITS LOCl\'Il!D Wl'IllIN RESllEl1"IAL SINiLE Fl\HlLY NEIGIIllaUIXD Wl'Ill CDD MI\lU<I!:'I' AI'I'EI\L. EASY =S "10 AIL Ml\.XI\ IODQ\YS. EMI'UlYl1l!Nl' 5"D\!lIL!T\' IS CDD lXlE "10 STA"1E CAPI'l1JL AT. ,,- IlAlUUSIlUIlG NAVY SUPl'LY 0EPC7l' IJ:x:A'Il!D IN .MECIWIICSBURG AND "Ill! 1IIlHY 'SEE AJ:X:E:NDJH ""'............................ ---...... .................... ......... ............., 1'\........................ TIw..............-.. ....... --,M" __.....................".............. .... ~ ...... ---................ .........." ...... --..... ~"",_'-"I "........--...........--......--...- !TIM ....cr COM,MABLI LIITI<<I NO. 1 COWflARAll.l LISTIHCI NO. I CCUPARAILI LlSTINO NO. , _IA , llB IlEl!LOCK ll\ 358 'l1UUEl 1Ul. 322 WAIlM' S'I1lEET I 121 MMIlET STREE:l' Ml!XJWlICSBUIlG NIlW ~ UMlYNE Ml!XJWlICSIIUIlG -.- ,." -, .. 8 - 9 HIIES 5 - 6 MILES lImE .... - IlHA IIXI,_ , 98 500 X, . 120 000 'I XI.- . . . 129 900 -- , 1 870 , 1584 1461 ~ c ~ NA -- INSP!X:TICJl , H!.S IQlfT CXXJRT HSE MLS = CXXJRT HSE H!.S taNr CXXJRT HSE .......- 2 B 4 2 2 8 4 2 3 10 4 3 . 2 1 2 2 -..... 1961 Mfr. I 1978 lJIlJQQIN OIlER \J!ll\ION OlLER ~"'M__ Nl\ 1 60 40 240 ___.__ LI!11'IN:lS OF o:MI'AIU\IlLE UNITS ARE LIMI'Il!D. LISTINl 11: SIMILAR FILX:R I'I.J\N! N:lllA5!Ml!Nl' ta GMAlZ. PRIVl\'l1!: WA'l1!:R 00 SEWERI 'l1!Nl\IIl' PAYS FOR EUCIRICITY QlLY. LISTINl '2, 3 UN~T INJlCIlOI.Gl nLQ:ro~.ttI~:~{;-.'ffili\Iits-.PAY FOR HEAT (SEE ~1- ~ ~......... II...... __......................,............ .....,.................. ...,..,.............. II .......... ....... ...... __ -Ai............ WI.............................. __ ... ~ MI-"" ,........,...... ......-- .......-... II ......"... ...... -......... __.................,-..-J o:lJRT REXXJU)S AND MJLTI-LIST SV-TISTICS SUPl'ORl' A STl\BIE MfIRIIEl' IN 'Ill!!: GlllA'lER HMRISB\lIlG AREA. GI!1lERAL Ml\lU\ETINl TIME IS 90-180 DAYS WI'Ill CDD Hl\RIlE'IABILIT\'. AClXIlOINl "10 "Ill! 12-21-94 cnmIAL I'!Nl MULTI-LIST. m::. YEAR-'lO-DA'l1!: STATISTICS. "Ill! AVF:IWZ MULTI-FIIM...r PluJPERTY SCIlD FOR 592-.517 IN "Ill! Ill\RRISBURG AREA AND 'ItXJ( 122 DAYS "10 SELL. .~ ARE ~..!W.l\!!!l!;O "10 orn:R SALES OR FINANCOO cna:ssIQlS. AIL TYPtS.Dl' FINANC:INl ARE AVAI~ WIn! CI:lNENl"IlJl1\L LOANS OEOO B.S' "IO.~ nm::REST 75' KJR"1I"..l\GE UP "10 3 rornrs FOR 30 Y!ARS. ~ ARE 00 FORESEEAIII.J!: SEE AllDENlXJM ;.../~ l.l"'.Y'- ~ ~""?iI....".c;.'$t .~....~'.'~1.~;'"'.'''' ,.... ,.~._.,...." .' . .. .. ., ;;,..".,-,;,: .:""."'....., - 0.34 ACRE '- ..- co-.. ,X,.. ,",- TYPICAL FOR AREA .........~..~ SR-SIlIlUI1B1\N RESIDENrIl\L - IRRWJLl\!\ z....,........ -.l ........;.!J ~._-.... ..l~_l - ...... - ~........_..... ~ ....... - --- .- TYPICAL RES. S'llIErl' -- TYPICAL FOR AREA .- rx'I' - 1....- '''' ~ -.... ,- Ml\C1\llAH - ,- M1ICl\DI\M 'X' 1-- trrn.m @ n - .. ,- lQ€ ~ - .- .- lQ€ - - """ .........,...... X: /"'" __ ,. .... - ~ -- - .......__ ZalE A 2-15-80 IX lQ€ .-.- 420372 0005 C r-.c.-............... .~-mxn )j............-....~........_...I. t.CCATED !N FLOOD ZQlE A - Fl..lXIl INSUIWlCE IS IRED 00RMiIL trrn.IT\' EASEMEmS FOR EUCIRIC 'lU!l'llQlE rn:. ,...........n ,.. ....-.. .,.OTA'--........ IOftwIn Iy." moM, 1M. , tlOO) JZMNI ,..,..........,- ........ ,.. I.e.~er G. connor, Ml\I ""0110" . ""0Pf!ITY D!SCAIPTION SMALL RESIDENTlA 4COME PROPERTY APPRAISAL REPOI & AWJ.VSIS COf'lonu.o .... ". .. ...........--.................... .............- "" --...-.................... ...................-..-........................... ......."""""'.-. ",.......-............-.......... "'.............-..........-...------..........-.....,.1 """ .................,.. --.................. --........... ... ........ . ... ............""'" ... .. ...................,.... -............. ....... --................. ~..................... ITDl , 8UIJICT COMPAAAIlI RI!NTAL NO. , ~PAlWllI! A!NTAL. NO. a COf.lPARAIl.1 RINTAL NO. 3 - llA , liB IfEMUO( 0 8.15-817 N. Wl\UIUT S 5405 ClXI'tIlUl DR. 4714B-4716A CHARLES MEOlANICSBURG MEClWIICSBURG MEOlANICSBUIlG MEOlANICSllURG 11 .~.2--.MIW-._..- --i .~-MILES . 2 - 3 imEs -.- L-._........I I 10m! "10 foOl. 1 YR. nlEN !-D. "10 !-D. 1 YR. nlEN HJ."IO !-D 1 YR. nlEN HJ.'IO HJ --- 1 12-9-94 , 1994 1994 1994 IIlSPECrICll Rmrl\L Ml\Nl\IZR , MlSI N2Hr , RE1m\L _ -- I I -- I talE I IQIE talE , talE j 0 ~ _ 2 ~ Ow u.1966 ~ 0 ,1993~ " 4 0 1 0 -. ....... 1961 - lXlPIEX RANCH 1 lXlPIEX RANCH = -- BRIO( VINYL BRIO( AND VINYL BRIO( ....- -- AVG.a:MlITICllI A\tl. a:MlITICll AVG. CXHlITICll AVG. a:MlITICll AVG. APPEAL A\tl. APPEAL AVG. APPEAL AVG. APPEAL I .. .... I~ .. .... - '- .. .... .. '- .. .... .. .- I.. .. .. I till .. .. .." -- '. .. .. ' ..""I.......... T" .. .. 11.'" '........... - 4 2 : 35 .4 2 664 I 525 4 2 1 .7 8*1' 475,4 2 2 504+ ., 505 - 4 2 1 935 ,4 2 2 664 525'4 2 1 1766 47514 2 2 .504 595 - I '4 2 1 ,7 6 47514 2 2 504 595 I . 4 2 1 1768 I 47514 2 2 '504 I 595 I UNF1JRI/ISHED IJNroRNISHED UNruRNISHED "EST. UNF1JRI/ISHED , 'I1!:NI\NI' PAYS mIANI' PAYS ALL EX- "lnIAm' PAYS ALL EX- 'ml1Im'S PAY FOR ALL .- , FOR ALL EXPE2l i>rnsts EXC!:PI' F9R_ PDlSES EXCEPT FOR A E:XPrnSES EXCEPI' .......- - , EXC!:PI' SlOI , TAXES AND INS\iRANCE 568 . ASSCC. Ftt TAXES AND IIlstnWa: -.- I>>i4 TAXES FOR IIlSUR. lAWN , AIlO IIlSURAIlCE I SlOI RI!MJ\/l\L , Tl\X I AVG.l1I'ILITI' , A\tl. l1I'ILITI' , AVG. t.II"ILITr i AVG. t1l'ILITY 100' IIASI!MENl'I NO IIASEMENT NO IIASI!MENl' NO IIASI!MENl' -_. FAMILY 11M , , NA NA NA - :.roo:.- .. FPllU IQIE S'IORAGE X4 OIL P1IA IlEAT I EUX:. BBO, Wl\LL AlC ElEC. BIlD I IlEAT I'lJolP WI'Ill CIA GARAGE X2 GARAGE X2 1 0lY Sl1lEZ'l' PARKIN; , GARAGE.X2 ~.,...... ....-.-.........-....................- ...........~..... ............----......_..1 RI!:III"AL CXK:ESSIQlS IN 'Ill! NEIGllaU<<XXl ARE LIMI'IEIl WI'Ill FEW llC01RIIINl. CCHPARAIlLE II H:lST SIHIIAR '10 'Ill! SUBJEX:T IN I.OCl\1'IQI AND DESIGN. ADJtJ5"IED 25 FOR AIXlITICNAL BA'Ill 'Ill! ESTIMAn!Il CCHPAAAIlIJ!: RENl' WlX1ID BE S5001UNl T. CCHPAAAIlIJ!:'2 IJ\ClS A GARAGE WIlIOl BRIN:l5 ~20 "10 40 AIXlITICNAL PI!JlIOm! IN MARJ<E:l' ~. :-~. 'Ill! J\DJtl5TEIl RENl' WlX1ID BE 5500 PER 10m! FOR 'Ill! SUIlJECI". CXHPARAIlLE .3 IS NEWER IN ;a: HAS AN ADOITlCNAL BA'Ill AND CENmAL AIR. AWU5'IED FOR 'Ill! OIFn:IlrnCE5 'IllE ESTIMATED REm'5 WlX1ID BE 5525 pm UNIT. ALL OF 'IllE cx::HPAAAIlIJ!: RENrALS ARE LOCATED III SIMIlAR NEIGIIllOOHOOOS WI'Ill H:lST WEIGHI' BEIK; PIACm Cll CXHPARABLI! n. 'Ill! '5 IIASI!MENl' (Xl) \omS FINISHED HIllIMALLY AND HAD A FIREPLACE. IN 'IlXJR APPRAISER'S CPIIlICll, 'IllIS RCCM loOllD BRm:; A MINIMA!, RENl' lN01EASE IF ANY: AND 'IllEREFORE 1m Cl:NSIDERED III 'Ill!_ RENl'~'IlXJR.t'PPRAISER LCXlI<ED AT 3 SIMIIJ\R UNITS WI'Ill BASDlENI' FIRI!:PlAg!:S AND u::m: WEI!E BEIK; l1rILIZED BY 'Ill! 'ml1Im'S'. = Tl\X OI'1'ICE OOES 1m HAVE IIlDMlXIAL UNIT = tmm FOR EACI UNIT. CXHPARAllI..E = PER UNIT \omS ESTIMATED. --- n,.......... ___... ...... ~ --.. _ __... ........ ........ ....................,....., N.......... 1tIt --....... ...................... ...--.. ----- -....,.......... -- - ................- -.........- .......... MII.......................IMIL......................... ._............. ~.. ____ _... _.. QMI,___ .... .......~ TN ..........................-_______....N..............~II..... HINt. n................,.. -..- ACTUAL AI.~~~._ - ESTIMATED RIHTI I ..-- I .. ; ....... .- ...... ,- .... - ... , - - .... IY_' - - - - 1 K!mI "10 1 10m! I 0 " 412.92" , , 412.92 . 500 . . 500 1 "10 I 10m! I 0 452.92" 452.92 500 500 1 ; I I ___..I.. ... .-.--. ~'. __~~5.64 I , 1 000 u::m: --... 0 or....... ~__I - , y~ ........,.., 0 ,........... 0 .......... 4 '" , - ,............... I 1 000 u-............... .. o .... c;;, ;.... - 011 WCl ._- Xl SlOI REMJ\Ill.L AND UIW Cl\RE e-....... 1M....... .... -........... ~................ ___.................... ~..: mwfl'S PAY FCR a.'N IlEAT Wl\'l!:R AND SEWER EU:cmICI'l'Y AND HC7l' Wl\'l!:R. NO PETS ARE ALl.CWED. llrILITIES PRCIIllED ARE TYPICAL. SUBJECT IS. ~.~_~Ep_uPaI MMRE:r flESEAROI. .RENI"S. JNCWOE 22.92 FOR SEWER. .....,. ,.. ... "TOTAL. _ -...., 1.._.... 1(1001- -.. - '--_,.,.,. ..... tMe 'AOlI.OI' ."OI'I~TV DIIC~I"IQN SMALL RESIDENTI. & ANA VIII CO.,,,,,,,ed - - iNCOME PROPERTY APPRAISAL REP( ..~........~.... ..............~--- ...-........ ...-............. ..................-...."... -- ..-.........-- ~"It.-....-............. ....................... ...-"....... .......-........... -..,.- .-- ----".......... ... ....,...,...- ..N......."""""'...........-. ............................. .-..ot.,., ~..._ "".-........_.._..__ '1 ........-~........... ...... ._........... .........-.J.......l......- .""_ ..... ............ -- ...-........ - Ill'''''''' QI.-.......... If'IM .. ~ .~...- .- i;...,.~\i:...;-- t:--- - ecw'.I.""ki'';''1 ~o -:- --- C()If..........., ...... JrtC llA , 113 Ielt.o::l< DR. : 206' 212 sui.DR:- .------, .. --- HEOl1I.'lICjJlJi'i\\l. PI\ _ __. .... ~,_lh. .._.._. .... ........ .............. j ..i 5 Mt:.ES ....... ,_-;-11"4:'ooo-~-,,- . ............ 'j 57.62 . .......,....:1 II . ChII_ .....111 I 101.27 ............. I' L~_ --..- - .-..:eN ' . - .._HL15~. - . ...--- ~~._.__~I!S~c;11 .__~'.~.L ~J1. . .__ __...___.. .- -_ _ AOJUITt.lINTI DIIC","ION D'lClru~ '1.1 A41' o"c.~..__~_,!__ ._!.!!~~. '1'1'" o:lii:-2nXH--- .- '.oU- --- - a.osnc COST DIll " ...... - 4 .- i ~tlRIWl_ ~- - _.'i?"",~."..,.MJ1NP. --- ~'Pt=<',1W ..:i".,g,.~ 0...,.......... I :vG.1LB ~. ~__ ...... 1961 MIL ijljp - ....... MI 8 0 -2 000: , :.,"1 coo..... - _. ... -...--.. -.2' 006 .. -...- .. -i' 500-- -.. -. . -2 500 .. . ~ 2 048 .-11.' ':' ...-- .. "'" 'II II' .. w. ...- .. 'II" If ..... "'" - I" -..... '..I': .......... ... '"", 'II II' It "'''\,IIl 'II It II 'tM T-~ 2 1 0 lJ....2 :.t.2.. 1 4 2 : 0 1 4 2 :.5 0 I -: . : 00 -l,300 -- -... I FP I l\Rl'. , 1\VFJl}Q. . 1\VF1W2. .1l'..D!i\/,NllE 1lP.L~ -2J.Q9.Q. t~~~:,--1. CAR/AVfL_ laN."""'-".1'OIlOI PI\TIO . D!C( X2 Ill. 5 + ~._..-A... ''''--''' --- ...- - "''6_ .... ......... - 6 500 -' 111.500 , . " ,j I :; I l;:;,l ,~(::;~ !~;.;) -'.'1 ,~~j '. '~ :r:j ~Ht, ~;fh A-,1 ;:[') ::d :tJ , li'~ _,?t,-; .;q ~1~j r:,:,'j' '1,s'-; '~i Y'-l:,. \'~\l f~ G']I $5 I ;':\1 PHOTOGRAPH ADDENDUM ~&'lf~_Pl\ T. ~ P!lll!1"L_, llA , J!BJlEMl.OCK DRIVE G.'l...M!gjAI!ICSllURG c-,., ClJMBE:RUIID l'NC BANI(. RCtI KIIAMI!:!I. "lRtIST CEPAR= &!Ill PA hCo<l. 17055 ," .,'.~~u.~ ..:j;P,,p.-- , .. , fmfl" Of stJIlJEC'r ~ ,." ,~ ., .' !!II "q.~ REAR Of S'JIlJEC:" STREFI' v:~ "':UL ....._ ........... I .. __... 'I~l U,..,. SKETCI AREA TABLE ADOENOUf. s U B J ! C T BCIIOio..r,CI.,", "AU~ 7, SHEARER PrOOtny AGo"" l::~ & 1'8 HE Cl'/ .....,."r.~.~oa"a" ="IVE CCloInry ;..."'VtIt'R.~:-" ':'R~S':' "'1'10" -':'" =r.~K R-~ K;::"'-=- -"1<- -~.- I M P R o V ! M ! N T S S K ! T C H :'1" ~i,~:".:::':~~~' :;: ..,">~: .."....~,.,.,...' ",.' .~~~~~~.:.;~~ ~...<..,...,:~ ~~~,,:-:.:~~,,~~;;,:~ -- .~..... ,..... ..~~~ ~~~~~ .~..,"~~~,... "~~~ ~.....; ,....:.:--.:...'..'...~'.~. ,~~",', ~:',,~ " -.' -", "' . .:.:. e,. ~o Sill. PA ~. .:t~ STC,ft'1"Q-uPl.t:x ~ CO,:..,;,.. - - - I 6.'1 ~ - .' :a - '1::r- A R e A c A ~ C U ~ A T I o N S AREA CALCULATIONS SUMMARY Ar.. Nam. of Ar.. Slz. TOIII, GLA' 0111 "01' QU'LIJI "70.00 1170,00 '"~ COVIIlO 'OICH 116.00 "6.00 .AI Z CAI GAIAG! In,OO 572.00 TOTAL LIVABLE (rounded) ,e70 .. 1:;".....' ,..~.... .. .111. .. u 31. ,DeCOI :"'.,:= u,' SCALE "..en. "'u' LIVING AREA CALCULATIONS B'lIkdown !to.cc . n.oe s"oo . lZ,ao Subtot.11 "68.00 'el.De 1870 _.. "-"1' ( Nl -"borhood Map ) ". \\ ., fl"'", (~'::;;' -' ..... f ........---11 ..-...-,...... . j ,-' """',\ " ... ...r? ~~,'\Iyt\, ....' ,. , .. ~ . I " ~ ! "-". : V. .:~ ..,. '/ ,- ~".'" '~1I' " IMlt,~. I';:. '. '.../ ... .~f''''~'' ..., .~.. .. 4 <'I." ",I~\ I' r\'~;, ~ _ \. ...."f . '4l,...:...-.t\, ~f ~ . , 'IY1,J t.. ... ~ ~ . . _', 1\, . Y '" ~Ji "'... rl'J~" r.. '\ ,',":' :...',;. J' 14 ''''''~~/tI'l~.\ t " . 7..; ~ -{l '.'_"1"' _ ~,., ~ "0'\' ~.. '.. 'l,j> '" ~~+~ ,:'" ~lt""!I./.4I' ('-t.~lO .,\~\...,~.;;:' ... ....~I .... -"t" .. lJ :e.. t.... ~ .J\\.t'1\ ". " ~~'o~'" o.u'h'p""tlltl .......;1. """.... ~ \\......"\fii"'..... .. :t", u ..~.......-{".... \''I''fo'~t' t,~'\ );:; I..... <;\lIh\U:''''- '<t\". .' Y'..... "..-..", '<et.f ',,,""" " ....'IlI...,.I:. .',\""'\:'I\'~,-:'. \1 _.....~....~~\~, '.....<..,""".,b ,~ I r-'" .':)11I I"h.'. .....;... ~""'.Y'i:.."t.:. \: t" .~-"',.,'. ~..!k.,.-,~ ,III ~" I. rl\.\'~~t"~'\"~~\' "I 'fSo' \ "iY"~~ ;.) 'Y",-"""III.'.' I j' Ill. .-, ...\U ~~~~:~t.t-',,- .~~.~~ It.".., . \~"'~~\~"~"nr ,*,jri / ';.I' I ~'t t ~~c ,~. "." ,,".' . '. ..,~ 11'" . lit., . '.~, ,\.\ ,; .4,; r.:.\"" , .'-. .t...,., " ,,;. "'.;.. , ., St,..... l,,~ ., .1:^'l'~" \ ''''I''' .. .' ~,"" to loll"':~ ,,\,~y,., ..... ecfanlcs \,...... .... ~ .:~:lJ...t.:'~!~~~~.t~~;'\ .~.'.f..:.~~~,~,\"::,:::: .:~.;~';t70551 ..t,".....,,/..f~.. I ,f'I''-'. \ ,. ,.'C ~ .. ,.-1 'I'$.. ....", .c, \ '''''\,,,,. ".~., ~. .,"- . -\" ..L"':' ",.1, ,a. I" --.1 1\ 'f" :e.\.;.~\ t~~ "-'..: ~;\"";:," "i".c~i1, .\ \ . ,....." I .", 'l'.".). ~~\)'r~ .':c..'\."",.,'f...' lit, ! .i. _, '.' ' '11'tIL" ~It, .... 1"\' _ ) I .- ,,' ...1(.... \.tJ1 'iii ~',l ~ I:l"~' lit,'\' ~ ~"'!. .r 1 ,-' i' .;,rlll'. , .,. ~,,~: ., ,,\ ~\~ ..,,;..... · ,. "I........,..., t.'. . .... . \ ,1""!lY'VUlll .-. @ ~o1~o~ \ ~~ TOWNSHIf[' \, I.. I: t .\i..~~ -....'It ' . "/. I) .:~.. I'., \ iI' I / , t.... \. .\' .".,~ ..... >I- .... "'.--...... \ 0..,..., .' It."..... I ... PHOTOGRAPH ADDENDUM lo~w.'1CI,'"1 PAt::.:'. i"':i.ARER :R':S: "....."Y ....... ItA' llB ~...ocK OR:\'! ~;!1.l1EOW11CSBlJI!G Cou'~ C".'HllERIA'I:l L .. PNC 1ll\NK. ROO !<RAMER. 'I1U1ST OEPAA~'T 5'.,. PA z. eo.. 17055 ... -. ......r"l~ - 6/6A sr. :oHNS CR. SHlfIDWlS'l'a'IN 408 ROSS AVE. NEW CI."H!lE:RLAIID 6~ I , . -/; -" ~. . .' ,. 19 , 21 N. 20':ll 5":. CA.~ H::':' .. ....... ~'" ...............,..._... "IOOI"""U (COmparable Sales ) . .. .\ '; ~ c ~ f E? ~ \,.~'t ... "-. J ~ .. . a { ~..,.'\ .uW.I..._.d. .. .. - ...- .... - - '.-' ,,- . -. .' .. -..... ....... .. - ;;',., ~ '- . .... '.: '~)Wo 1:1:.~rt~~.." ',,' .': ,..;(<It'i'flV'',..tf''''''.''tWU,lop .....,'.,-:.;.,'.~ ~t." t .... ( Flood Map ) ZONE C 'x . \ / i \'S ::..:>-,., '-=-~..-:. t .', .... ZONE C ~ '~""'., .-J -( . '.';~" .','1........ ,. ...' '., ~.w-......,~ .!","~\ !'~ u~;.;. . - -', ~t'r,--::; - L~ '~ 1- ; ~ " Qi) ',0:. _ =- - -==--=-=---. =- .' ., " ~. 0:. ~ ~ -a.~ . .\ ~ Viol.na H. Sh.ar.r join. in .x.cution of thia D..d for the purpo.. of r.laa.in9 any intar..t of any kind or natura what.o.v.r in or to the pr.mi... h.r.in conv.y.d. AND the .aid Gr.ntor h.r.by cov.n.nt. and a9r... that Grantor will warrant .p.cia11y the prop.rty h.r.by conv.y.d. IN WITNESS WHeREOF, the .aid Grantor ha. h.r.unto ..t Grantor'. hand and ..al the day and y..r fir.t abov. writt.n. f::v.J / ~~ -'I A J-A Paul T. Sh.arer ~-;~ /7/,' . /~J"""""" Viol ana H. Sh.arer ( SI!ALI (SI!ALI COHHONllBALTB or PI!llIlSYLVANIA, S8. COUHTr OF DAUl8IN. ~.llU.A"D On the .3/ ~ day of (')c..:k, h.. , 1991, b.fore ..., the .ub.crib.r, a Notary Public in and far .aid Commonw.alth and County, c... the abov.-n...d PAUL T. SBBARaR and VIOLlHA H. 8BBARaR, hi. wif., .ati.factorily prov.n to .. to b. the p.r.on. who.. n.... ara aub.ori!HMi to tha within inatruaant and acknawl.dqad tha above in.truaant to b. thair act and daad, and daairad tha .... 1Ii9ht ba record.d a. auch. WITIlII88 my hand and Notarial ..al. L? . / ~ '... /.. dJ.I? ai, CI-A" Ifotary Public """"M:~.,w.' -II-'I.J "...>--._~~ """""'-__n... - '.=J n N ~ ~u ~ '.a~ I" ~, :U" ..... r-.. ... .. .- .. '. =" " : ::3 C> c. .... z, ~, .- 0<, = .;,. aJ ,. ........ ;\.. ",.'(-.. '~. ........ .;\ ... ".;',~:;:~:r.:;',."..., ..... .... , ..\...-- \ -:':{,o,"\! . ~)"', " .., ~F \I, o "-', .::! If! , .e',. ..... \~O~~:::~~~:::~vJY ....,,4'1.,.;)',\,)'.... '."""'+"ii~rabY cartif~ harain ia 109 eaat 8 r My tha praoi.. addra.. of tha Granta. Avanua, Haohanio.bur9, PA 17055. . ~"';j ~a/~. Iillills 35 'Act B94 IXIIIIT "A" TIIAC'1' 10. 11 ALL tbat certain lot of grcund, tog.tb.r witb tba improv...nt. tb.r.on .r.ct.d, .ituet. in tbe Tawn.hip of Upper All.n, County of Cuaberl.nd, and atate of penn.yly.nia, bound.d .nd d..cr1bad a. follow.. !l.~OT"NINO .t a point In tile l:o..thorn l1ne or :I.UIlook C..ivo (40 r..t Wld.'i whioh .aid point 1. In the divl.ion line b.twe.n Lota Noa. 30 end 3 , on the h....inatt.r ~.ntlon.d Plan or Lotal thnno. .xtanding ,long the diviaion 11n. b.tw..n Lata No.. 30 end 31 an ..1d Plnn, I'a..th 12 d.BI'''. 37 mnut.. ~;.ftt, 138.94 r..t to . point In the dlv1l10n lin. b.tw..n Lat. 110.. 31 Md 34 on the h...e1n.th.. ",.ntlon.d n.n ot r,ot.1 thano. .xtending alone; the diyiaian 11n. b.tw..n Lot. ,10.. 31 .nd 34 .nd Lata No.. 31 .nd 33 on aaid Pl.n, South 60 d.L..nr. 31 ~lnut.a E.at, l2S.34 re.t to . point In tho diviaion line b.two.n Lata No.. 31 .nd 32 on the h....ln.rt... ~.ntianed Plan or Lot.1 th.nc. pxt.ndins .lons the divi.10n 11n. b.tw..n Lot. No.. 31 .nd 32 on ..id ~l.n, South 12 d.er... 37 ~lnut.. W..t, 101.39 ro.t to . palnt In thn No..th...n 11n. at H.1II100k D..ive, .ro....&1dl th.nc. axt.lidin!: done ~h. No..th...n lin. or H.mlook D..iv. ln a W..tw...dl)' di...ction .,~. ~h. .rc or . oi..ol. ourvlng to tho ..i~ht, ..1d oi..cl. having . ..odl~. or 160.0 re.t, the a..o d1atanc. ,at' 19.48 r..t to . palntl thence C(lfl:lnuinc .lons the Ho..tb...n lin. ot' H.mlook C..iv., l'o..th 77 d.ll..... 23 l.i,.lIt.. '...t, lCO.52 t'ut to . point In the d1vialon lin. b.tw..n Lata 10.. '0 nnd 31 on the h.r.lnatt... lllantlon.d Pl.n or Lot., .ro.....ld, At the polnt end plaoe ot' BEGINNING. "::INO Lot No. 31, Block "C", on the Plan or WESl;:RCP.OFT, Wh1ch .aid n.n 10 ...oo..d.d In the Cumb...1.nd Count)' n.co..d..." Ortio. in Plan P.ook No. lS, Pas. 13. d lli 9 known and numb.r.d BAVING th.r.an er.at.d a brick duplex;: n a. No. 3 l.-lock Driy., H.chanic.burg, . i h P 1 '1' Sh..rer .nd Viol.na H. BBING the .... pr.mi... vh c aU. b 21 1978 and Sh..r.r, hii.tWhif~if~Yet~ii~h~e;~C~:~:~ ~r~e.d.'af Cumber17a3nd recard.d n. c i d B ok '1' VolWllll 27, p.ge , County on April 19, 1978 n D.e 0 , a. t.nant in common, gr.nt.d and conv.Y.ddi uindtod ~~~:h;ifS~:~;:;~t in the praal.... con.tituting an un v . ~ -S;;35 rm 895 TIIAC'1' 10. 31 ALL ~ba~ a.rt.in lo~ of ground, tD9.~h.r with ~h. ~r~D~. ~barean .r.o~.d, .itua~. in ~h. Town.hip of Upp.r All.n, Coun~y of Cwabarland, and .ta~. of ..nn.ylvania, bound.d and de.oribed e. follow.. " .~OINHINO at a point \n the No~th.~n l\n. or H.mlock Drlv. 140 raat w1da'1 whlch .aid Fo\nt ls \n the dlvl.lon llne b.tw.en Lot. No.. 27 .nd 20 on the h.reinartar ~entio..d Plan or Lotal thence extandlng .1Qn~ tha North.rn lln. or n.~lock Driv., North 40 d.ar.e. 30 ~inutes 30 ..cond. We.t, 100.0 t..t to a point I th.nc. .xt.nding along.tn. .our.. North 49 d.gr... 29 ~inut.. 30 s.conds Esst, 150.0 r.at to a ~olntl thance .xt.nding along the cour.., South 1~0 d.l!1'..s 30 ..inut.. 30 saconds Ea.t, 100.0 t..t to a polnt in the division line b.tw..n Lot. 'Ios. 27 and 28 on the h.rolnatt.r IIIIntlon.d Plan at Lots, aror.saidl ~h.nc. .xt.ndine along the division lln. b.ew.en Lot. ho.. 27 .nd 28 on .aid Plan, South 49 d.er... 29 minut.. 30 s.oonds W.st, 150.0 t..t ~o a point \n thll /;orth.rn 11n. or H.mlook Drive, al'or..aiel, Rt the point and plac. or BEGINNINO. B~[NO Lot No. 27, Blook "C", on the Plan or WEBERCROFT. which .aiel rl.n is r.cord.d in the Cumb.r1and r.ountr K.cord.r'. Orric. in Plan ~ook 14, Pas. 31. ::.\VINO thareon .rect.d a Brick and Fr.... duphx dwel11ng kncwn .s 110. " Haalook Driv., H.ohanicsburg, Pa. BBING tbe .... premi... which Paul T. Shear.r and vio1ena H. Sh.arer, hi. wif., by their d..d da~.d Karcb 21, 1978 and recorded in the offic. of the'R.corder of D.ed. of Cumberland 'Coun~y on April 19, 1978 in D..d Book T, Volume 27, Page 79, grented and conveyed unto Paul T. Sh.ar.r, a. t.nant in common, con.tituting an undivid.d on.-half intar..t in the praai.... . .- --=--- .... ~~--> .. .O''jl.\> E.'l ~.'Ii>'k, ....G..~..,\.~'"~~~!'I : ~,.....:t..IlI""~';.'.l.~\...", ~ . .. ,.rjj .. .::'~', ~.'. ~.;;"j'"I, : ~ ;' '~f';..,-,. ' .',".,,,1"" f ... . ~ 1.. .Il. '.,. ',", . . ..., . ;'4. ," ~,.. . . .,', ..\....' . , "':1" .'" . ...~..\. . ,~'I'j:. I' ;' . . ~ ",-..::.-.'. ,,': " .",_..' ,,;i... ....?..... "[:'0'''::':.- 'I: .'..;',./O:C !...~ .""........ ':;t1t., of PennsvlVlnl1 } 58 "".~r\' of Cumberland . :,W"Ilt'J In Ihe oHice fOf' the recording of DHdI , ",'" 1"d !'l' Cum~",d CountYd!l.. 'I' Ul&C8oo~ VoO.::L- Plge't::i:L:1 ...t"l151 mv hln ., of off of (").. C.,II.le. PA Ihl d<ly :-P". ~.s35 PACE 891 j" . "",..,.~,-",..- , A ~ B' IIp,,,l~ok 4 A ~ B Hemlook \1 A ~ B Ilem'ook ".'''n'''''nicnbUr.lf, p" " r l'ronprtie_ ~fl .....Jl '1'. I: V10len" She..rer l'lQ ,:, Elm\."o~ Ave. ~.0~pn10ebur~, PA Anv nup-tion", onntpot I D1.no .iheerer Ron 697.PP3l '/'1' "Q3 3/'12 4/'1' tIc" ~/q, ~/Q' .. '250. \o~, O"1"":tp' Tf'teol"'l@ 1/~2 "'1')4.<lP 2/'12 lP2t.15 "0' 2'1')4.Qo IIq? ,.,,,, .ClP '1/0' lP~4.10; 6/0~ V"1." ?/'l' lP6'." P/Q" lp';'.12 o/o? ?"'.111 1/)/02 ?3'4.'lP " I"., ?",..op !;;/<I" ""'."p '''5,1'''.''0 ,qC!? l!""+"'! '=',...lItn...." - 1/0? . U.,".r A1.1'n '!'-..". Se",er UI:!l 6?5" 4 ~ I: l! 1''1. 1" ~ !l )AIj ~....... r:. "1. l'ritz - dumber '11 Po;.24 1113 ?44.P6 IlU1M In.ur8noe ~prlin Yohn - tex 3A ~!l 3?1.23 4A I:..!l ?5q.31 lH I:!l 3?".70 teon Gilbert - llA 'l"",r Al1'n 'I'wn. - 8"Wer U I:!l 62.5? 4A ~ II 1?5. 1"lA ~!l 62.0;0 tecn Gilbert - 4ll -':..b.",.'1I HArdl:':E're . 330. r 705. P6l.24 0;'.05 250. l32.PO 46.73 if . :f ~ 1,q, R~nt.1 Ino"~. 1~'4 ~.nto1 Inr.o~. , ~ ~ 'l" 'lem1ook 4' ~ B He"llo0k 111. .. '3 Hemlook $; ~. i f :t 1/'1' ,/'1' "'11 4/'1' ~/'n ~ 1'1' 7/q, P ''11 qlq, l'l/q, ll/q, U/q1 , 1 1-1. 3->> ~'HA.V ~nA.qP '1\4."/1 '1U.'1P 2"A.'1P "'\P.H ?"'l.42 ~4A4. ~, 24~4.6'l ~AlA.61) 24'JI).41 '-AI 4 .6P 42f:1.4Ql.74 \/14 '-/'14 1/q4 4/q4 'J/q4 6/'14 7/'14 Plq4 q/q4 1.'l/Q4 ll/q4 ~Ml2.Q2 41:!.Q2 (83PI) when in Plorida). (83QO wh.n in ~i.oon.in) · A-A 41:!.Q2 4-8 172.12 11-1. 41'-. Q2 11.-8 45?,.Q2 '. t~' ~2444. 61' 2444.6p 2A44.6F '-4A4.61' 2467. "6 ?AA4.6P 244A.6P ~444.76 2444.61' 246'7.61) ?f.e4.1.61' $2b,Q)1.)6 to dRt. All. R!"o'lnh iMbol. ~". Q' ..d~ on tor u"IIer unlltll'l 1niio"ted bV · (r.nto1. "-ount.. .t~.ot1v. P/Q3), ~.. r .....\,." .G p.., '. V:~~.. ':.'l..c ...,- . " _...".-.:--_____,~','""_. ~""_.~t,"_'''"'._v:_._''''".". - l~qt p.~tp\ ~V".r~.. TI\1' 'lo"nol~ n - "':0..' (I, · 11 \{'11"0 ,,\"."0. l".,"lor~ "olicv U,-,".r Allr' ",.,..". - p,...."r ". .. 11 6F . 7~ H 'l: II 117.~f) l.H I:!l 1'7.0;1) , I~A !OoT'in Yo",jn - t"yu 3' I: B 3A~.6F H'l: 11 ?0O;. llA ~ B ,4?07 1/0' ~/ol. ,/0' ,/0' , '0' 5/q, O;/q4 5/04 6/0' 7/0' 0/0' 1010' 00.75 u"~~r ~llftn ~V~. - sewer 1A I:!l 6r.75 H .. iI 117.5~ llo'. \: 11 1 '7.'i1) 2?1'). P11. )'3.75 q91. 7/'14 P/o' P/r.M l.eon D1111ert '1. 'I. 1>\rit.. Bill Rftvnol~1I - ,....11 nrr ' Bill Revnold" - nlumb1n~ to'.Toft Tlnl1m1 to4 _ we~dll IU"~'r All-n ~~~. - ~.wer 'A I: B 6F.75 4A ~ !l 117. 'SI) 1.],,\ ~ 1l 137.'S1. Treo Tr1~~orll -' r.~r.ul1ft ,Tohn a.~r:'I" - llpint )!l ".rl1nYohn _ re~l e..tnte tnx ,~ II: '1\ 1. ,o~.FC; 4' .. iI 1.laF.on 'lA II: "l 1.,o'l.,F lPF.I!'l 171.P3 4'i'). 96.'7 '15.40 )67.'75 lil?/). ' 2,'oP.PI) 3,qP?.22 na1~er n.or - ..-rinPII U~""r Allen T~~. - ""war ,^ ~ !l 64.Q'S ". .. 11 120.0' ll~ .. !I '~Q.nl) 1 '/o~ 01"1111 - window o,,"~re 'II , ?5.P6 3,..'75 i , I , , ! I, . .-, '.., A'i.'ll) !12,3'75.3P to dnts ., f I I I I . I I I I I I I '2<15.13 C. ZONlNo , 24'.15 smE YARD - A ylld on 1II. lam. 101 with tho buUdln.. .INlled belw..n 1II. rtqulrod Illbeck Un. end tho lid. Un. of 1II. 101 Ind oxlendln. from the fronl ylld co thlrou yen!. MY ylld nOli liar ylld or. fronl yord Iholl be deelllld . ".Ide ylld." ZONlNO OPPlCER - Thl duly .ppoinud rnunJcipJl o(ftclJl dlll....lId by 1II. Townlhlp CoaunJlllonen u 1II. edmJnJII.nn. Ind .nfo",ln. o(ftcor of WI ch.pcer. ZONlNO PERMIT - A buJldln. p.rmll or occuPlncy plrml~ or both. whlch...r II NqulrocIln 'peelac clrcuaullllCII. ARTICLE m Zollla. Dlnrlcte '245014. DIotrlcte _bllJbed. Upper Allen ToWlllhlp II henby c1Jvldod InlO c1Jaa1cta o( clltrennll)"pa. eoch beln. of .uch number. Ihape. klnd Ind ..... end of luch common unJl)' of purpol. I/Id edeplabllhy o( UII U d..lIlCId molllUllabl1 10 ceny ..11II. obJecU'., of WI chapI.r. DIsa1cta aholl be clulla.d U (allows: C - Con..",adon DIIa1C1 A - AplcullW'll ObD1ct RR - Rural IWIdendeJ Oba1C1 SR - Subwben Ralclendal DIsa1cI UR - Urben IWlcleadal Dlstricl PRO - PllMed IWlcleallaJ o...loplllCnl DIsa1C1 OP - OflIce Pro(uJlonaJ Oba1C1 INS -lnJdlUdonJl Dl.IriCl CC - eon.enilnce Commercial DIIa1CI IC -In_I.. ColDlllClClal Dlslricl IN -lndullrlaJ Dlnrict IP -Industrial Puk DbtrlCI '2450.5. ZoDlDl Map. Th. bouncleriu of 1II. aonln. dblricta 1/1 d.llnealed 011 a l.pIlIlI map .ndlled "Upper AII.n TOWlllhlp Zonln."III.p" which ICCOmpwlI and. willi a11upllllllOly _lIIl1ton. Is hellby mede . pen of thl. chepcer.' , -,_.... z--.Iolap ~........ _.,... ,......,-....,.. 24nl 'zu-''' ZONING ~ .. Any vu ..htln, on the ,".cth. diU 0' thlt chloU~ which It claulfhd II p'l'IItttld by 'Plclll ..ClOtlon In the dltt~fct In which th. hnd occvplld by th. vU II locn.d Ih.ll b. dlt".d to hlY. bltn ,ranUd I IPlc1l1 IICIPtton IvbJ.ct to IIllnUlnln, the Chl~ICU~ Ind ..unt 0' op.~nlonl Ind n~uctu~1I ..latin, on thet dn.. Any appllcltlon 'o~ chin,. tnlvu o~ It~vctu~. Ihlll b. IvbJ.ct to the p~octdv~. Ipglff.d In thll chlpU~ (Sit Z45"'91)' '2U-".1 UIII "l'IIftted II Condltlonll UIU. A vu lilted vnd.~ th. Yl~loul lonln, dlltrlcu .. I p.mltud vu, h p....ftt.d by ~I,ht In Iny dflt~fct bufdo whfChlVU the lnu~ 'C' VI d.noud, p~OYfd.d th. TOWIIlhfp C4.'ulon.I'I, In aeco~dlnct with Z45-1Z1.1, Ivtho~11I the tuv.nc. of I bulldln, i'l'IIlt by the Zonfn, Offfc.~, Ind lubJ.ct to thou .,.cfflc ~.quf~...ntl conufn.d fn 211-1I1.1(C) Ind, t4 the ..und not oY.~~fd.n by luch Subuctfon C, thou conufn.d In the Uu Sch.dulu II w.ll II III oth.~ applfcabll reqvf~llI.nu of thh Chlpt.~ Ind luch turth.~ ~..trfctfonl thet the Town.htp Commfllton'~1 illY .,tlblf.h. 'Z4I-ZO. Iloapmaftud U.... , . . A UI. not Iflt.d und.~ the vl~loUI zonfn~ dflt~fctl I. not,p'l'IIfttad fn thlt dl.trlct. 'ze5-n. U... br specfa1 Esc.p:fon A. Any uu not IPlcfffclllYlllow.d .Iuwher. fn thfl ch.pu~ Ihlll b. allowad by IP.chl IIc.ptfon fn the dln~fct o~ dflt~fcU wh.~. and to th. lIunt thlt-. If.f1I~ UII. .~. p'l"IIftted o~ allow.d by IP.chl ..c.ptlon, provfdf.d that ..Id uu ...tI th. ~.quf~...ntl fo~ . 'f.chl IIcaptfon fn the Ipp1fc.bll dlltrfct .nd do.. not con!tltu!~.~ ~~b,1fc o~ P~ vu. nU.fllnc.., . '.. n. applicant IUlt shaw chat the us. propalld 11 Ifmfta,. to oth.r U'" plrmitt.d or .llowd bYlp.ch1 IIc.ptfon .nd IlIUlt furth.r Ihow thU the fropoUd UII vfl1 not constltut. . pubHc or p~tv.u nufnnc. or vfolate any prov Ifonl of thf. chapur. . .' I '%el-%2. Acc...o\'1 UI.. and StrlICtl/rll. ACC.,IOrr U'" .nd .tructur" Ihl11 b. p'l"IIfttld fn conJunctfon vfth the prfncfpa1 u,., p'l'IIftud by thfl chepur and Ihlll b. furth.~ lubJ.ct to the r.quf~lI.ntl for .cculory VIII and uructur.. U lit forth fn thl. chlpUr. 'ze5-D. Tab1a of UII RallU1atfoftl. , TIl. UUI p'l'IIftud fn th'odhtrfcu uubl hhld by th1a ch.pter .~. II .ho,," In the fo11owfn, Uu Schldulu. Th. UIU Ihown .. p'l'IIlttld fn IIch dllt~tct '~I thl onll UIU pIl'llftud fn thl-<lf.trfct, and all oth.~ UIU I~I .ubJect to 141-Z1. Dhtl'1ct U.. Schldull Con..rvufon Dlltrfct. A A,rfcul tunl Dfltrfct · Rurll R.,fd.ntl., Dhtrfct C Suburb.n' Ruld.ntlll Dhtrlct D.' U~bln Ruld.nthl Dlat~lct E 'lInned Rufdlntla1 D.velop.lnt Dtlt~lct p ~ I I I I '11 Idftor'.' "OU.I .S~ld UI. sch~Uh' .ra 10cated .t th. .nd of thll cha~ur. zein