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HomeMy WebLinkAbout11-16-07 ~. ~ .. --.J REV-1500 EX(06-05) PA Department of Revenue Bureau of Individual Taxes PO BOX 280601 Harrisburg, PA 17128-0601 15056041158 OFFICIAL USE ONLY County Code Year File Number INHERITANCE TAX RETURN RESIDENT DECEDENT d-I 01 0-'00 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 198-30-1090 07142007 08251922 Decedent's Last Name Suffix Decedent's First Name LOY JOSEPHINE MI F (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE BOXES BELOW []] 1. Original Return o 4. Limited Estate []] 6. Decedent Died Testate (Attach Copy of Will) o 9. Litigation Proceeds Received Future Interest Compromise (date of death after 12-12-82) Decedent Maintained a Living Trust D- 8. Total Number of Safe Deposit Boxes (Attach Copy of Trust) Spousal Poverty Credit (date of death 0 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. 0) CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number 02. 04a. 07. 010. 5. Federal Estate Tax Return Required Supplemental Return o o 3. Remainder Return (date of death prior to 12-13-82) STEVEN J. SCHIFFMAN ZIP Code 717-540-9170 (') REGISTER S USE 0 -::0 CO-o ~. ~p CZm ~-::o b.-'8~ 8~-n ~ DATE FILED <::) -c:: Firm Name (If Applicable) - - .. . " "," :C"r'""'j h~ ':'') G' .;:.-=> ~':';f&l IT n, ~':'" C:::J C C> -~ :::R c5 t rn 0': C) 'il SERRATELLI, SCHIFFMAN, BROWN & CALHOON, P.C. First line of address 2080 LINGLESTOWN ROAD, SUITE 201 0"\ Second line of address :Do ::x City or Post Office State W \D HARRISBURG PA 17110 Correspondent's e-mail address: SSCHIFFMAN@SSBC-LAW.COM Under penalties of perjury. I declare that I have examined this return. including accompanying schedules and statements, and to the best of my knowledge and belief. it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. SIGNAllJREOF PER N RESPONSIBL OR FI G RETURN L 0.. OTHER THAN REPRESENTATIVE NEW CUMBERLAND, PA 17070 .n ... J. ,D.ATE () rov~ I 1..- (J1) 1 ROAD, SUITE 201 HARRISBURG, PA PLEASE USE ORIGINAL FORM ONLY 17110 Side 1 L 15056041158 6M46473.000 15056041158 --.J << Estate of Josephine F Loy 198-30-1090 Executors (Page 1) Name Susan A. Loy Address 315 11th Street New Cumberland, PA 17070- Tax ID 201-52-9950 ---.J 15056042159 REV-1500 EX Decedent's NameL 0 Y RECAPITULATION 1. Real estate (Schedule A) 2. Stocks and Bonds (Schedule B) . 3. Closely Held Corporation. Partnership or Sole-Proprietorship (Schedule C). 4. Mortgages & Notes Receivable (Schedule D). . . . . . . . . . . . . 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E). 6. Jointly Owned Property (Schedule F) D Separate Billing Requested 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) D Separate Billing Requested 8. Total Gross Assets (total Lines 1-7). . . . . . . . . . Decedent's Social Security Number 198-30-1090 JOSEPHINE F . 1. 131000.00 . 2. 0.00 . :3. 0.00 . 4. 0.00 . 5. 7142.00 . 6. 1140.00 . 7. 0.00 . 8. 139282.00 . 9. 22239.00 10. 69783.00 11. 92022.00 12. 47260.00 13. 0.00 14. 47260.00 9. Funeral Expenses & Administrative Costs (Schedule H). 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). 11. Total Deductions (total Lines 9 & 10). . . . 12. Net Value of Estate (Line 8 minus Line 11) . 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J). 14. Net Value Subject to Tax (Line 12 minus Line 13) TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers un.der Sec. 9116 (a)(1.2) X .0!:L 0 . 00 16. Amount of Line 14.1axable at lineal rate X .O~ 47260 . 00 17. Amount of Line 14 taxable at sibling rateX.12 0.00 18. Amount of Line 14 taxable at collateral rate X .15 0 . 00 19. TAX DUE. . . . . . 20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 L 15056042159 6M4648 2.000 15. 0.00 16. 2127.00 17. 0.00 18. 0.00 19. 2127.00 00 15056042159 ---.J REV-1500 EX Page 3 Decedent's Complete Address: File Number DECEDENT'S NAME LOY JOSEPHINE F STREET ADDRESS 315 ELEVENTH STREET CUMBERLAND CITY I I STATE I ZIP NEW CUMBERLAND PA 17070- Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) 2. Credits/Payments A. Spousal Poverty Credit 8. Prior Payments C. Discount (1) 2127.00 0.00 0.00 0.00 Total Credits (A + B + C) (2) 0.00 3. Interest/Penalty if applicable D. Interest E. Penalty 0.00 0.00 TotallnlerestlPenalty (D + E) (3) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill in box on Page 2, Line 20 to request a refund. 0.00 (4) 0.00 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0.00 A. Enter the interest on the tax due. (5A) 2127.00 B. Enter the total of Line 5 + 5A This is the BALANCE DUE. (58) Make Check Payable to: REGISTER OF lNILLS, AGENT 2127.00 PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: a. retain the use or income of the property transferred; . . . . . . . . . . . . . . b. retain the right to designate who shall use the property transferred or its income; c. retain a reversionary interest; or . . . . . . . . . . . , . . . . . . , , . . , . d. receive the promise for life of either payments, benefits or care? .....,.. 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? . . . . . . . . . . . . . . . . . . . . . . . . , . . . 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? . 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , Yes D D D D D D D No [K] [K] [K] [X] 00 [K] [K] IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. For dates of death on or after July 1, 1994 and before January 1, 1995. the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percenl[72 P.S.g9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995. the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is zero (0) percent [72 P.S. 89116 (a) (1.1) (Ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for use of a natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. 89116(a)(1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P.S. 89116(1.2) [72 P.S &9116(a)(1)]. The tax rate imposed on the net value of transfers to orfor the use of the decedent's siblings is twelve (12) percent [72 P.S. 89116(a)(1.3)]. A sibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. 6M4671 1000 REV-1502 EX + (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE A REAL ESTATE ESTATE OF FILE NUMBER Josephine F. Loy All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM DESCRIPTION NUMBER 1. 315 Eleventh Street New Cumberland, PA 17070 (See Attached Appraisal) VALUE AT DATE OF DEATH 131,000 3W4695 1.000 TOTAL (Also enter on line 1, Recapitulation) (If more space is needed, insert additional sheets of the same size) $ 131,000 . FROM: INVOICE George R Ulsh Jack Gaughen Realtor ERA, dba R & L Appraisal Associates INVOICE NUMBER 4099 Derry Street FOO642 Harrisburg, PA 17111 DATE 08/0812007 Telephone Number: 717 565 2037 Fax Number: 717561 8775 REFERENCE TO: Inlemal Order #: F00642 Lender Case #: Client: Loy Estate CIenI file #: 315 11th Street Ma~ File # on form: New Cumberland, PA 17070 F00642 OIlIer File # on form: Loy Estate Telephone Number: Fax Number: Federal Tax ID: 23-2157098 Allellllle Number: E-Man: Employer ID: DESCRIPTION Lender: CHent: Loy Estate Client. CHent: Loy Estate Purchaser/Borrower: Client: Loy Estate Property Address: 315 11th Street City: New Cumberland County: Cumberland Stale: PA Zip: 17070 Legal Description: Referenced in Record Book 34H Page 770 FEES AMOUNT Summary Appraisal Report 350.00 SUBTOTAL 350.00 PAYMENTS AMOUNT Check #: 722 Date: 0810812007 Description: Paid in Full - GRU 350.00 Check #: Date: Description: Check #: Date: Description: SUBTOTAL 350.00 PLEASE PAY PROMPTLY. THANK YOU - GEORGE R. ULSH TOTAL DUE $ 0 Form NIV5 - 'Win TOTAL' appraisal software by a fa mode, inc. - 1-800-ALAMODE R & l Appraisal Assoicares George R. Ulsh K & L ApPraISal ASSOlCaIIlS tieorge K. ursn Summa'l Appraisa} Report Uniform Residential Appraisal Report Loy Estate File # F00642 The Durnose of this summarv aDDraisal reDort is to provide the Iender/cHent with an accurate, and adeoualelv sUDported, oDinion of the market value of the subject DrODerIy. ProDertv Address 315 11 th Street Citv New Cumberland State P A liD Code 17070 Borrower Client Lov Estate Owner of Pubfic Record Lov Estate Com Cumberland Leoal DescriDtion Referenced in Record Book 34H Pane 770 Assessor's Parcel # 25-24-0811-056 Tax Year 2007 R.E. Taxes $ 1 292.49 Nein~orhood Name New Cumberland MaD Reference 25-24-0811-056 Census Tract 0107.00 OCClmart r l Owner IXI T enanl r l Vacant snecial Assessments $ N/A rl PUD HOA $ N/A rT Der vear r l Del month :: ProDertv Riohts ADDraised IXI Fee SimDIe n Leasehold rl Other Idescribe\ Assianment TVDe Ii Purchase Transaction n Refinance Transaction IXI Other ldescribe) Establish Market Value of the subiect orooertv "AS IS" Lender/CIienl Client Lov Estate Address 31511th Street New Cumberland Is the subiect Dronerly currenllv offered for sale or has it been offered for sale in the twelve months Drior to the effective date of this aDDralsal? 11 Yes IX1 No RMort data sourcelsl used, offerino Drice/sl, and dalels). Public record and Area MLS Verified 08/08/2007. Subiect has not been offered for sale in the last 12 months. I 0 did t8J did not analyze the contract for sale for the subject purchase transaction. Explain the resuls of the analysis of the contract for sale or why the analysis was not : Derlormed. Public record and Area MLS Verified 08/0812007. Subiect has not been offered for sale in the last 12 months. ,: Contract Price $ MarketValue Dale of Contract N/A Is the DroDertVseller the owner of DubHc record? IXI Yes rl No Data Sourcelsl Public Record , Is there ~ financial assistance (loan charges, sale concessions, gift or dowf"4layment assistance, etc.) to be paid by any pany on behal of the borrower? Dyes ['gJNo · it Yes, reoort the total doUar amounl and describe the items to be Daid. N/A Public record and Area MLS Vertified 08/08/2007. Subiect has not been offered for sale in the last 12 months. Note: Race and the racial compOSition of the nelahborhood are not aDDralsal factors. NeIghborhood Characteristics One-lJnlt Hiouslng Trends One-Unlt Housing Present Land Use % Location r l Urban IXI Suburban rl Rural PronAf1v Values 1X1 Increasioo n Stable n DecNnino PRICE AGE One-UriI 80% . Buil-UD IX1 Over 75% l 25-75% [J Under 25% DemarnVSuDDIv r l Shortaoe IXIln Balance n Over Sunnlv flooO\ (vrs\ 2.4 Unit 10 % . Growth r l RaDid IX1 Stable fl Slow Marketioo Timel'xr Under 3 mlhs n 3-6 mlhs I lOver 6 mths 85 Low 60 Multi-Famllv % . Nein~orhood Boundaries North is 16th Street South is 10th Street East is Bridae Street West is Brandt 165 Hioh 125 Commercial 10 % : Avenue. 120-75 Pred. 70-100 Other % Neiohborhood DescriDtion See attached addendum. Market Conditions lincludino sUDlKlrt for the above conclusionS) See attached addendum. Dimensions See Attached Leaal Descriotion Area .16 Acre ShaDe Irreaular V'IeW Suburban snecitic ZonlOOClassitlcation Residential Zonino Descr/Dtion Residential R2 allowina sinale familv housina Zonioo Comniance IX1 Leaal f l Leaal Nonconformino (Grandfalhered UseifT No Zonino n lleaalldescribe) Is the hiahest and best use of sublect DroDertv as imDroved lor as nronosed Der Dlans and snecitlcations) the present use? IX1 Yes rTNo it No, describe UtIIIIIes Public Other (descrlle) Public Other (descrlle) 0If-s1le knprovements - Type Public Private ElectriCiiV 1X1 rl100 amo Water 1Xf TT Street Paved ASDhalt IX1 rl Gas rl rl None SanitarY Sewer 1X1 rl AIIev In Rear / Gravel IX1 rl FEMA SDeclal Fklod Hazard Area r l Yes IXI No FEMA Fklod Zone Zone C FEMA Mau # 420366B FEMA MaD Date 02116/1977 Are the utililles and off-site imDrovements IvDical for the market area? IXI Yes rl No it No, describe Are there anY adverse site conditions Dr external factors (easements, encroachments, environmenlal conditions, land uses, etc.)? rl Yes IX1 No it Yes, describe There were no noted aooarent adverse or unfavorable easements or encroachments noted. See attached sUDDlemental addendum for comments. General Description foundation Exterior Description materials/condition Interior materials/condition Units IXI One r l One with Accessorv Unit l Concrete Slab r l Crawl SDace Foundation Walls ConcreteBlocklAva Floors Wd Cot,VinvVAvera # of Stories 2 IXI Full Basement r 1 Partial Baseniert Exterior Wals Frame/Averaae Walls DruwallPlstr/Averan Tvne 1Xf Del. rl All. fl S-Del/End Unit Basenient Area 636 sn.1t. Roof Sulface ComoShinnle/Averan TrinVFinish WoodlAveraae Exlstino r l ProDOSed r l Under Const Basement Finish 0 % Gutters & DownsDouts A1umium/Averaae Bath Floor VinvVAveraae Deskin ISlvle) 2 StON l Outside EnlrvlExit 11 SumD PumD Window TVDe WoodDlbHuna/Avera Bath Wainscot CeramicTile/Averao Year Buitt 1917 Evidence of r llnfestation Storm SasMnsulated StormUnitslAverane Car Storaoe n None Effective Aae IVrs) 20 to 25 l DamDness r T SeItIemenI Screens YesiAverane I'X1 Drivewav # of Cars Allie None Heatino rl flNA lIYIHWBB Iii Radian! Amenities WooctslovetS\ # Drivewav Sulface CshStn Gravel l OroD Stair Stairs l Other I Fuel Oil l Fireolacelsl # Fence tlXl Garane # of Cars 5 lFloor IX Scuttle CooHI1!I r l Central Air Conditlonino l PatioIDeck IX Porch 1 Cvd 1 En l CaIDor! # of Cars l finished Heated llndividual TO Other l Pool Other 1 Alt. rxI Det. r l Buift-in ADDiances n Refrioerator Ri Ranoe/Oven 0 Dishwasher 11 DisDosal 0 Microwave rl WasherlDrver 0 Other fdescribe'- Finished area above arade conlains: 6 Rooms 3 Bedrooms 1 Bathls) 1308 Sou are Feet of Gross Livino Area Above Grade . Additional features Isneclal erlerDV efficient items, etc.). Front covered concrete norch rear enclosed Dorch detached 5 car narane storm windows. . Describe the condition of the DroDertv lincludino needed reoairs, deterioration, renovations, rernodeino, etc.\. See attached addenda. Are there anY Dhvslcal deficiencies or adverse conditions that affect the ivabililv, soundness, or structural intearitv of the DronP.ltv? n Yes 1X1 No it Yes. describe The subiect imnrovements are of averaae auailitv. Utilitv of floor nlan is tvoical for a house of this aae. The kitchen is older in desian. Electrical wirinn in the structure is in need of uodatina and decor is dated. Does the nroDertv oenerallv conform to the neiahborhood ffunctional utilitv, slvle. condition, use, construction, etc.)? R1 Yes r l No it No, describe Sub'ect is a 2 stON structure with similar aoe and GLA to homes in the neiahborhood. Freddie Mac Fonm 70 March 2005 Page 1 of 6 Fannie Mae Fonm 1004 March 2005 Form 1004 - 'WinTOTAL' appraisal software by a /a mode, inc. -1-800-ALAMOOE There are 5 comuarable properties currerfJv offered for sale in the subiect neighbortxJod ranolno in price from $ 99 900 to$ 179500 There are 7 como arable sales In the subiect neighborhood within the uastlwelve months ranoino in sale orice from $ 85 000 to $ 165 000 FEATURE I SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 31511th Street 1427 Bridge Street 305 6th Street 314 11th Street New Cumberland PA 17070 New Cumberland PA 17070 New Cumberland PA 17070 New Cumberland, PA 17070 ProxirlliiV to Subiect 0.24 miles NW 0.27 miles SE 0.02 miles E Sale Price $ MarketValue 1$ 115000 $ 135 900 1$ 165 000 Sale Price/Gross Liv. Area $ 100.15sa.lt. $ 104.55 sa.It..! $ 106.67 sa.ft. $ 111.34 sa.ft.1 Data Source/s) MLS PubRec AooraisersF~es MLS PubRec, AnoraisersFiles MLS PubRec AooraisersFiles Verification Source(s) Data Bank Data Bank Data Bank VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adiusbnenl DESCRIPTION +(-) $ Adiusbnent DESCRIPTION + (-) $ Adjustment SaJes or financing FHA No Help Cony No Help Cony No Help Concessions 162 DOM 21 DOM 10 DOM Date of SalefTime 02123/2007 03/30/2007 04/0612007 Location Surburban Surburban Surburban Surburban Leasehol~ee Simole Fee Simole Fee Simole Fee Simnle Fee Simnle Sife .16 Acre .09 Acre .08 Acre .11 Acre V'IeW Suburban Suburban Suburban Suburban DesiOll ISIVie\ 2 StOry 1.5 StOry 2 StOry 1.5 StOry Qualilv of Constroction Frame/Averaoe Frm&Alum/Ava AsbShn&FrmlA Brk&VinvtJAvn Actual Aae 90 Vrs Est 58 Vrs Est 105 Vrs Est 70 Vrs Est Condition Averaoe Averaoe GdlRemodel -10 000 VGdlRem Uoar -20 000 Above Grade Total I Bdnns.1 Baths TolallBdnns.1 Baths Total 1 Bdnns. Baths Total Bdnns.1 Baths Room Count 6 I 3 I 1 5 I 2 I 1 6 1 31 1.5 -3 000 5 I 2 I 2 -4 000 Gross Livioo Area 1 308 sQ.It. 1 100 SQ.ft. +3100 1 274 sO.It. 1 482 SQ.It. -2 600 Basement & Finished Unfinished Unfinished Unfinished Unfinished Rooms Below Grade 98% I 0% 100% I 0% 100% I 0% 100% I 0% , Functional Utililv Averaoe Averaoe Averaoe Averaoe . HeatiOOiCo06oo CentHtlNoCool CentHtlNoCool CentHtlNoCool CntrlHtlCntrlCI -4000 r Enemy Efficienlllems Storm Units Storm Units Storm Units Storm Units -3 000 :: Garaae/Caruort 5 Car Garaae Off Street Park +8 000 011 Street Park +8 000 Off Street Park +8,000 . PorcIVPalio/Deck Cvd Porch Porches Pches Patio Porches · Amenities Encl Porch None +2 000 Fenced Area Fenced Area . None None None None None None None None Net AdiusbnenllT otan [5<]+ 11 - $ 13100 rl + [2]. $ -5000 0+ [5<]- $ -25 600 Adjusted Sale Price Net Adj. 11.4% Net Adj. 3.7% Net Adj. 15.5% of Comoarables Gross Adj. 11.4% $ 128100 Gross Adi. 15.5% $ 130 900 Gross Adi. 25.2% $ 139 400 . I rX1 did r l did not research the sale or transfer history of the subiect rouerty and cornu arable sales. if not, exolain 1 MY research l did rX1 did oot reveal any urior sales or transfers of the subject property lor the lhree vears orior to the effective dale 01 this aouraisal. Data SourceiS Public Record I MY research l did rX1 did not reveal any prior sales or transfers of the comparable sales lor the year orior to the date of sale of the comoarable sale. Data Sourcels Public Record Reeort the resulls of the research and analYsis of the orior sale or transfer history of the subject urooerty and comoarable sales (reuort additional prior sales on oaae 3). ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Dale of Prior SalefT ransler No transfer of the subiect No transfer of the sale in No transfer of the sale in No transfer of the sale in Price of Prior SalelTransfer in the last 36 month in the last 12 months in the last 12 months in the last 12 months Data Source/s) Public Record Public Record Public Record Public Record Effective Dale of Data Sourcelsl 08/0812007 08/0812007 08/0812007 08/08/2007 AnalVsis 01 nrior sale or transfer history of the subject urouerty and comuarable sales No transfer of the sub'ect in the last 36 months. No transfer of the sales in the last 12 months. Summarv of Sales Comoarlson Auuroach See attached addendum with additional sale and comments on the Sales Comoarison Aooroach to Value. Indicated Value by Sales Comnarison Auuroach $ 131 000 Indicated Value bv: Sales Comparison Approach $ 131000 Cost Approach (II developed) $ N/A Income Approach (If developed) $ N/A The Market Comnarison Annroach to Value is the best for determinina the Market Value of a residential orooertv. The Cost Aooroach to Value and . The Income Anoroach to Value were considered but are not aoorooriate for the annraisal. . This appraisal is made [2] "as is", 0 subject to completion per plans and specUications on the basis 01 a hypothetical condition that the improvements have been completed, 0 subject to the lolklwing repairs or aiferations on the basis of a hypothetical condition that the repairs or aiferations have been completed, or 0 subject to the · folklwino reauired insuection based on the extraordinary assumption that the condition or deliciency does not reauire alteration or reuair: No reoairs reouired. This aooraisal is not valid without all attached addenda. See attached suoolemental addendum with comments. Based on a complete visual ins=on 01 the Interior and exterior areas 01 the subject properli' defined scope 01 work, statement ot assumptions and limiting conditions, and appraiser's celt lon, my (our) opinion 01 the market value, as defined, of he real property that Is the subject of this report Is $ 131 000 as 01 08/08/2007 which Is the date 01 Insoection and the effective date of this aDDl'lIlsal, Uniform Residential Appraisal Report Loy Estate FIIe# F00642 Freddie Mac Farm 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - 'WinTOTAL' appraisal software by a fa mode, Inc. -1-800-ALAMODE The subject aoe is estimated at 90 Years. The subiect use has been sinole familv residential which aooears to be the Hiohest best use for the I nrone;:;;; Some of the sales maY show ohotooraohs with sale sions. Sales are not now under contract or beina offered unless soecificallY indicated within the aooraisal reoort. For convience and soeed sales ohotooraohs are taken from mv existino data base for sales in the area. All of the sales indicated have been extemallY and or jnteriorallv view bv the aooraiser as reauired bv the aooraisers ouidelines for oerformino aooraisals. When annlicable within the aooraisal reoort it is assumed unless noted in the renort that the roof nlumbina. heatino. electrical and air conditioninn SV<1.tem wells seotic tanks or cesspool are in satisfactorv ooeratinn condition that the buildino is structurallv sound and free of termite infestation and free of termite damaoe. The aooraiser suooests that buyers lenders and other interested oarties obtain certifications from orooerlv I oualified orofessionals for their orotection. There has not been a title search or survey comnleted on the subiect orooertv that would confirm or deny any encroachments easements or deed restrictions on or aoainst the subiect orooertv. At the time of the in=ection of the subject unless noted in the aooraisal reoort none of the items mentioned in this oaraoraoh were visiblv noticed or aooarent. The annraisal is made considerino the items not oresent or havino no effect on the overall tvoical use of the subiect as valued in this reoort. If any of these items are oresent the Fair Market Value as determined bv this report may be adverselY affected. Subject Photos are orioinal ohotos taken at the time of the subiect orooertv viewino and have not been altered. The dinital sinnature used on the aooraisal reoort is the true sionature of the annraiser and used on all aooraisals. Dioital sionatures facilitate the . transfer of the aooraisal reoort bv EDI EFT or e-mail. The software utilized bv the aooraiser to oenerate the aooraisal reoort orotects sianature securitY bv means of a oin number that is in the sole control of the appraiser. . The anoraiser researched a orouo of sales Iistinos and under contract prooerties in the subiect area for comoarison to the subiect. Sales i an~sis is based on the nroximitv to the subiect location effective aae market ane size annraiser verifiable information of the sales aooraisers ;. I oresonel knowledae of the sales and most similar amenities to the subiect. The sales under contracts and or listinos orovided in the Market ~ Comoarison Aooroach to Value are the best verifiable sales under contract and or Iistinos similar to the subiect from the orouo of sales reviewed. . This aooraisal is a SummarY aooraisal. The use is for the indicated client onlY for the ouroose of establishino the most orobable Fair Market . Value of the indicated sub' ect nrooertv. The aooraiser does not authorize the use of this annraisal renort for any other client or use what-so-ever without authorization bv the aooraiser. The line ad'ustment when in olace on the Sales Comoarison APoroach to Value room count area is for the bathrooms in the GLA area of the subiect. Overall room count is considered in the GLA adiustment for the subiect. It is imorooer to increase or reduce value for both room count and GLA. This nractice if used would create a situation of increasino value or reducino value for the same situation. Personel nrooertv was not included in the final value of the subiect. The annraiser is not a orofessional home insoector and does not warrant the absence or oresence of defects in the subiect orooertv. COST APPROACH TO VALUE (not reaulred bv Fannie Mae) Provide adf!ouate information for the Iender/clenl to reolcate the beklw cost fiaures and calculations. Suooort lor the ooinion of site value Isummarv of comoarable land sales or other methods lor estimatino site value\ ESTIMATED rl REPRODUCTION OR n REPLACEMENT COST NEW OPINION OF SITE VALUE.. ---....... .O..n_..___n_.__._... ___un_.._n_...__.....nn -$ ; Source of cost data DWElliNG So.Ft.@$ _n" '''n =$ . Oualitv ratino Irom cost service Effective date of cost data Su.Ft @ $ -$ : Comments on Cost Aooroach (moss Ivino area calculations, depreciation, etc.) _n__ =$ See attached buildinn sketch with dimensions and subiect drawlino. See GarillWCaroort So.Ft.@$ =$ . attached sunnlemental addendum with comments on the subiect orooel1', T 0181 Estimate of Cost-New =$ Cost Annroach. less PhVsical I Functional I External Deoreciation I I =$( Donreciated Cost of Imorovemerts n_..n_. _..hU_n __nun_..... _..n.._n__.. =$ 'As-is' Value of Site Imorovements --.... ._..n....____n____.. ... ............... =$ Estimated Remainino Economic life (HUD and VA onlv) 35 to 40 Years INDICA TED VALUE BY COST APPROACH n.......___.___..___. ......nn_ ...... =$ INCOME APPROACH TO VALUE (nol reaulred by Fannie Mae) . Estimated Monthlv Market Ren! $ N/A X Gross Ren! Multioler N/A $ N/A Indicated Value bv Income Aooroach Summarv of Income Aooroach fincludino suooort lor market ren! and GRM) See attached sunnlemental addendum for comments on the Income Approach to Value. PROJECT INFORMA noN FOR PUDs (If aDDllcable) Is the develooerlbuilder in control of the Homeowners' Association (HOAl? I I Yes r -1 No Unitlvoels) rl Detached n Attached Provide the folowino information lor PUDs ONLY if the develooerlbuilder is in control of the HOA and the subject orooerly is an attached dwenioo untt. lMal Name of Proiect . T 0181 number of ohases Total number of unifs Total number of unifs sold T 0181 number of units relted T 0181 number 01 units lor sale Data sourcels\ . Was the oroiect created bv the conversion of exlstino buildioo(s) Into a PUD? r l Yes rl No "Yes, date of conversion. ~ Does the oroiel:t-contain anv multi-dwenino unifs? r l Yes r l No Data Source Are the units, common elements, and recreation facilities comolete? r l Yes r l No "No, describe the status of comoletion. . Are the common elements leased 10 or bv the Homeowners' Association? r l Yes [J No "Yes. describe the rental terms and ODtions. Describe common elements and recreationallacilties. Not anolicable with this reoort Uniform Residential Appraisal Report Loy Estate File # F00642 Freddie Mac Form 70 March 2005 Page 3 of 6 Fannie Mae Form 1004 March 2005 Farm 1004 - 'WlnTOTAl' appraisal software by a Ia mode, inc. - HlOO-AlAMOOE Uniform Residential Appraisal Report Loy Estate ~# F00642 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is SUbject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable pUblic and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knOWledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should apprOXimate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless speCific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of durlng the research involved in performing the appraisal. Unless otherwise stated In this appraisal report, the appraiser has no knOWledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - 'WinTOTAl' appraisal soIIware by a Ia mode, ioc. -1.800-ALAMODE Uniform Residential Appraisal Report Loy Estate FIle# F00642 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report 2. I performed a complete visual Inspection of the interior and exterior areas of the SUbject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the SUbject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knOWledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate pUblic and private data sources, such as multiple listing services, tax assessment records, pUblic land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting condItions in this appraisal report 17. I have no present or prospective interest in the property that is the SUbject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the SUbject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined speCific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such indivldual(s) and disclosed the specific tasks performed in this appraisal report I certify that any individual so named is qUalified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/Client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - 'Win TOTAl' appraisal software by a Ia mode, inc. - 1-800-ALAMOOE Uniform Residential Appraisal Report Loy Estate File # F00642 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraiSal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves anyone or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal amllor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability anll/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the AppraiSal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal anll/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER George R. Ulsh Signature x' / ,._. _ i - ./) ZLr/ Name Geor e R. Ulsh: A State Cert. Res. Real Estate A raiser Company Name R & L Appraisal Associates Company Address 4099 Derry Street Harrisburg, PA 17111 Telephone Number 717 565 2037 Email Address rulsh@comcaslnet Date of Signature and Report 08/1012007 Effective Date of Appraisal 08/0812007 State Certification # RL 000409 L or State License # or Other (describe) State # State PA Expiration Date of Certification or License 06/3012009 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State license # State Expiration Date of Certification or License SUBJECT PROPERTY o Did not inspect subject property o Did inspect exterior of subject property from street Date of Inspection o Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES o Did not inspect exterior of comparable sales from street o Did inspect exterior of comparable sales from street Date of Inspection Fannie Mae Form 1004 March 2005 Freddie Mac Form 70 March 2005 Page 6 of 6 Form 1004 - 'Win TOTAl' appraisal software by a Ia mode, in::. - 1-800-AlAMOOE FEATURE SUBJECT COMPARABLE SALE #4 COMPARABLE SALE # 5 COMPARABLE SAlE #6 Address 315 11th Street 321 11th Street New Cumberland PA 17070 New Cumberland PA 17070 Proximilv to Sublect 0.01 miles SW Sale Price $ MarketValue $ 139 700 1$ $ Sale Pric~Gross Liv. Area $ 100.15so.ft. $ 116.42 sa.ft. $ so.ft.1 $ sa.ft.1 Data Saurce(s \ MLS,PubRec, AoDraisersFiles VerKlcation Source/s\ Data Bank VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adiustment DESCRIPTION +i-l $ Adiustmet1 DESCRIPTION +I-l $ Adlustmenl Sales or Rnancing Conv No Help Concessions 200M Date of SalelTime 01/25/2007 Location Surburban Surburban LeaseholdlFee Simple Fee Simnle Fee Simnle · Site .16 Acre .17 Acre View Suburban Suburban : Desion (Slvle) 2 Storv 2 Storv . Oualilv of Construction Frame/Averaoe Brk&Frm/Avo , Actual Aoe 90 Yrs Est 87 Yrs Est Condition Averane GdlRemodel -10000 . Above Grade TotallBdnns.1 Baths TotalTBdnns.1 Baths Total I Bdnns. I Baths Total I Bdnns. I Baths Room Count 6 I 3 I 1 5 I 2 I 2 -4 000 I T r I Gross Livina Area 1 308 sa.ft. 1 200 sa.ft. +1600 sa.ft, sa.ft. Basemert & Finished Unfinished Unfinished Rooms Below Grade 98% / 0% 100%/0% FunctionalUliIilv Averaoe Averane HeatinalCoofina CentHtlNoCool CentHtlNoCool Enerov Efficienlllems Storm Units Storm Units GaraaeJCaroort 5 Car Garaoe On Street Park +10000 PorcWPatiQlDeck Cvd Porch Pches Patio Amenities Enel Porch None +2 000 None Flrenlace -3 000 None None Net Adiustmet11T uta" fl+ [XI- $ -3 400 rl + T- $ rl+ fl- $ Adjusted Sale Price Net Adj. 2.4 % Net Adj. % Net Adj. % of Comoarables Gross Adi. 21.9 % $ 1 36 300 Gross Adi. %$ Gross Adi. % $ Reeort the resull> of the research and analvsis of the nior sale or transfer historY of the subiect rooertv and como arable sales (reeort additional Drior sales on p lie 3). ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior SalelTransfer No transfer of the subiect No transfer of the sale in Price of Prior SalelTransfer in the last 36 month in the last 12 months . Data Source(s) Public Record Public Record Effective Date of Data Source(s) 08/0812007 08/0812007 Analvsis of orior sale or transfer historY of the subiect orooertv and comoarable sales No transfer of the subiect in the last 36 months. No transfer of sales in the last 12 months. AnalvsiS/Comments All of the sales are located within the same market area as the subiect nrooertv. All of the sales are similar in oualitv of construction to the subiect. The use of sales older then Ivnicallv desired was caused from the lack of more recent similar sales in close nroximm;to the subiect. The sales were chosen after a thoronh search for sales in thearea and are the best verifiable available for comnarison to the sublect. It is noted that the subiect orice Dross livino area varies bv more then the desired $10.00 ner snuare foot that the annraiser nenerallv desires to stav within. The use of different sales would have created oreater variations in the value oer GLA of the Drovided sales. Provided sales bracket the subiect in size and value. This is a desired condition bv the annraiser when establishinn the subiect most orobable fair market value. The reDorted GLA of sales #1 and #4 annears ineonsistant with the sales exterior insoection. The GLA used for the sale in the aDDraisal renort is estimated from the aDDraisers exterior insDection of the sale. It is noted that 1 or more of the sales mav have line adiustments net and or/Dross adiustments that exceed what is lvoicallv desired. Excessive adiustments were caused from the sublect condition under/Dver imDrovements or situations that are similar in nature to these conditions. The sales used were the best available for comnarison to the sublect . :reddie Mac Form 70 March 2005 Uniform Residential Appraisal Report Loy Estate RIe # F00642 Fannie Mae Form 1004 March 2005 Form 1004.(AC)- 'WinTOTAl' appraisal software by a Ia mode, inc.-1-800-ALAMODE Supplemental Addendum file No. F00642 Cou Cumberland Stale P A Zi Code 17070 COST AND INCOME APPROACH COMMENTS The Cost Approach to Value for homes with an age greater than a maximum of 10 years, the lack of available verifiable land sales or having good available closed sales for comparsion to the subject creates a condition that causes the Cost Approach to Value to be considered inappropriate for use in this appraisal report. This is based on the fact that a cost analysis for an area, subjective statements from area contractors. The general analysis of all supports the statement that this generally leads to inaccuracy of the Cost Approach To Value and leads the client to improper conclusions, For this reason, although considered, The Cost Approach to Value is inappropriate for use in this report The Income Approach to Value is considered inappropriate for use in this appraisal report. This is based on the fact that a typical purchaser for the subject property has an interest in the purchase for their primary residence opposed to the concern of the value generated, through investment, from the possible income produced value. In addition, the verifable information available is not a matter of public record and accuracy is at best considered limited in nature. For this reason, although considered, the Income Approach to Value is considered inappropriate for use in this appraisal report. Neighborhood - Description The subject is located in a residential neighborhood. Major routes of travel are located within a reasonsable distance if the subject. Employment for the area is rated as good. Major employees in the New Cumberland Area includes large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhood is in a stable phase of it's life cycle with properties in the area having good appeal and the apperance of regular maintenance. Supply and demand appears in balance and property values are increasing due to the low interest rates and the activity in the subject market area by area purchasers. Multi use properties are typical of the area and support residential use in the area. Neighborhood - Market Conditions There are no foreseeable economic trends which might significantly influence market conditions in this area. The current mortgage market offers a wide variety of conventional loans with competitive reates. As a result, the turms of financing have little, if any, impact on sales prices. If interest rates remain reasonable, property values and marketability should be good. Current supply and demand are in balance. Marketing time averages 0-9- days as per MLS statistics. Interest rates are ranging from 5% to 8% with 0-3 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactions. APPR~SALCOMMENTS The subject is over 30 years old but had been modernized as necessary and is marketable in its present condition. The effective age is significantly less than 30 years. . URAR : Improvements - Condition of the Prooertv The subject exterior is average condition with typical improvements. There is chipping and peeling paint on the subject windows, exterior frame areas and garage frame aras. These items need attention to prevent deterioration of the under lying frame areas. The roof appears in average condition but nearing the end of its' ecomomicallife. No evidence of interior leaking observed during the interior viewing of the subject. The interior of the structure is in average condition but in need of updating throughout the interior. Kitchen is older in desing and amenities. The electrical service is 100 amp but there is some remaining knob and tub wiring. This is not unsual for older homes in the area but consideration should be given to replacement in the near future. The client interview reveal a possible water problem in the basement when heavy rains exist. Client stated there is water seepage during this time although, no abnormal dampness was present during he subject property viewing. The subject appeared in generally average condition at the time of the appraisal viewing. There is a 5 car detached garage. The client presently rent 4 of the garage for $130. per month, ie. $40, $30, $30, $30. This is at present a month to month rental with no leases. The income produced is generally below maket rental value for the area that supports a minimum of 75% to 100% increase. The garage structure is in average condition and the access alley in the rear of the structure is municipality owned but very limited in municipality care. This limits overall rent income generate from the garages. Typically, an owner would use a minimum of 2 of the 5 garages for personel use and rent the remaining for a limited income. FormTADD- ~inTOTAL' appraisal sofIware by a fa mode, inc. -1-BOO-ALAMODE R & l Appraisal Assoicates George R. Ulsh Borrower/CI!rt Clien~ ley Estate fife No. F00642 Property Address 315 11th Street CitY New Cumberland County Cumberland Stale P A Zip Code 17070 lender Client: ley Estate APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is l1IIll of the fOllowing types: o Self Contained (A written report prepared under standards Rule 2-2(a) ,persuant to the Scope af WorI<, as disclosed elsewhere in this report.) i:8J Summary (A wrilfen report prepared under Standards Rule 2-2(b) ,persuant to the Scope af Work, as disclosed elsewhere in this report.) o Restricted Use (A written report prepared under Standards Rule 2-2(c) ,persuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the slated intended use by 1he specified client or intended user.) Comments on Standards Rule 2-3 I certify thai, 10 the best af my knowledge and bele!: -the stalemenls of fact COIiained in Uis report are true and correct -the reported analyses, opinions, and conclusions are imiled only by the reported assumptions and imiling conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no (or the specified) present or prospective interest in the properly lhaI is the subject of this report and no (or the specified) personal interest with respecllo the parties involved. - I have no bias with respect 10 the properly lhaI is the subject of this report or 10 the parties involved with this assignment. - my engagement in this assignmert was not cDlllingenl upon dev8toping or reporting predelelmined results. - my compensation for completing this assignmert is not contingent upon the developmert or reporting of a predetermined value or direction in value lhaI favors the cause 01 the den, the arnourt 01 the value opinion, the attainmert 01 a stipulated result, or the occurrence of a subsequen! even! directly rela!ed 10 the intended use 01 this appraisal. - my analyses, opinions, and conclusions were developed, and this reporl has been prepared, in conformity with the Uniform Standards 01 Prolessional Appraisal Practice. - I have (or have not) made a personal inspection 01 the property lhaI is the subject 01 this report. (If more than one person signs this certification, the certiflcalion must clearly specity which individuals did and which individuals did not make a personal inspection 01 the appraised property.) - no one provided significanl real property appraisal assistance 10 the person signing this certification. (If there are exceptions, the name 01 each individual providing significanl real properly appraisal assistance must be staled.) Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any state mandated requirements: APPRAISER: SUPERVISORY APPRAISER (only If required): Jj // Wi I) Signalure: .x_iL"~<"- n ~ Signature: Name: George R. Ulsh, State Cert. Res. Real Estate Appraiser Name: Dale Signed: 08/10/2007 Dale Signed: Slate Certification #: Rl 000409 l Stale Cerlificalion #: or Stale License #: or Stale license #: Stale: P A Stale: Expiration Dale 01 Certification or License: 06/3012009 Expiration Dale of CertiIicaIion or License: Supervisory Appraiser inspection 01 Subject Property: Effective Dale of Appraisal: 08/0812007 o Did Not o Exlerior-only from street o Interior and Exterior Form 1006 - 'WinTOTAl' appraisal software by a Ia mode, inc. - 1-800-ALAMODE Subject Photo Page Cou Cumberland State PA Zi Code 17070 Subject Front 315 11th Street Sales Price Gross Livirg Area Total Rooms Total Bedrooms Total Bathrooms Location VieW Site Quality Age FoIm PlCPIX.sR - 'WmTOTAL' appraisal soIIware by a Ia mode, inc. - 1-800-ALAMODE MarketValue 1,308 6 3 1 Surburban Suburban .16 Acre Frame/Average 90 Yrs Est Subject Rear Subject Street Comparable Photo Page Borrower/Cfi8lll Client Lev Estate ProDertv Address 315 11 th Street Citv New Cumberland Counlv Cumberland stale P A liD Code 17070 Lender Client Lev Estate Comparable 1 1427 Bridge Street Prox. to Subject 0.24 miles NW Sale Price 115,000 Gross Living Area 1,1 00 ToIaJ Rooms 5 ToIaJ Bedrooms 2 ToIaJ Bathrooms 1 Location Surburban VIeW Suburban Site .09 Acre Quality Frm&AJum/Avg Age 58 Yrs Est .... .--," , .. . . _PO -~. " ... ....~. " .-; ;'I" Comparable 2 305 6th Street Prall to Subject Sale Price Gross Living Area ToIaJ Rooms T oIaJ Bedrooms ToIaJ Bathrooms Location VIeW Site QuaHly Age 0.27 miles SE 135,900 1,274 6 3 1.5 Surburban Suburban .08 Acre AsbShg&Frm/A 105 Yrs Est Comparable 3 314 11th Street Prall to Subject Sale Price Gross Living Alea ToIaJ Rooms Total Bedrooms T oIaJ Bathrooms Location VI8W Site Quality Age .',. Zf.' Form P1CPOC.CR - 'WinTOTAL' appraisal software by a Ia mode, inc. -1-800-ALAMODE 0.02 miles E 165,000 1 ,482 5 2 2 Surburban Suburban .11 Acre Brk& VinylJAvg 70 Yrs Est Comparable Photo Page Borrower/Client Client: Lov Estate Pronerlv Address 315 11 th Street Citv New Cumberland CoulllV Cumberland Stale P A liD Code 17070 Lender Client: Lov Estate Comparable 4 321 11 th Street Prox. to Subject Sales Price Gross living Area Total Rooms Total Bedrooms Total Bathrooms location View Site Quaity Age Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms location View Site Quality Age Prox. to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms T alai Bathrooms location View Site Quarlly Age Form PICPI)CCR - 'WinTOTAl' appraisal software by a fa mode, inc. -l-BOO-AlAMODE 0.01 miles SW 139,700 1,200 5 2 2 Surburban Suburban .17 Acre Brk&Frm/Avg 87 Yrs Est Comparable 5 Comparable 6 Building Sketch Borrower/Cienl Client Lov Estate ProDertv Address 31 5 11 th Street Citv New Cumberland County Cumberland Stale PA liD Code 17070 lender Client: Lov Estate 5 Car Garage Bath Bedroom Living Room Bedroom Bsmt Area Bedroom Porch Sk-'d1b)/ApHW'" Comments: AREA CALCULATIONS SUMMARY COde Descrlpllon Ne! Size Ne! Totals GLA1 First Floor 648.0 648.0 GLA2 Second Floor 660.0 660.0 BSMT Basement 636.0 636.0 Pip Porch 192.0 Enc10sed Porch 72.0 264.0 GAR 5 Car Garage 930.0 930.0 Net LIVABLE Area (Rounded) 1308 LIVING AREA BREAKDOWN Breakdown Subtotals First. Floor 8.0 x 24.0 192.0 2.0 x 4.0 8.0 0.5 x 2.0 x 2.0 2.0 0.5 x 2.0 x 2.0 2.0 16.5 x 24.0 396.0 2.0 x 24.0 48.0 Second Floor 2.0 x 12.0 24.0 24.0 x 26.5 636.0 8 Items (Rounded) 1308 Form SKT.BIdSId - 'WinTOTAl' appraisal software by a Ia mode, inc. -1-800-ALAMODE Legal Description Borrower/C6enl Client Lov Estate ProD6!tv Address 315 11 th Street CiiV New Cumberland CouniV Cumberland Stale P A ZinCode 17070 Lender Client: Lov Estate tEbis 3Jnbenture, .~1t; Dr-",~ Tfi'f.: ?-9~ ri~'1! "I /'v~; 1/ 1:-- jr) 6 E 1'\' ", lIw Yeti r ctghC)"-n1..:'!.c (1909) I},:! 1('d~1 "dw~l':n ?;/ ;,1;::' !~f)nl M~C tluHl:1n,'nd ~.i1lr' h.u:rrdf'~'rJ. ':;SR..\.tD S ~ lJRTNTON {;':T;,,,,,d 0, fl11a(r tile L"..( film (mC T~.,t"m"".1 of ,[01'11 c. BRINtON df:(:J:Jl~Cd. !r!.f.~ of Ne':J Cunibc~'('lnndJo CutztJc>'('l,l'nrl C[;unty, Pe.nnI-J/,l"\.lnn:lG., ."oNfJ GR/\N'fol? ...7DSE?HXl7E .. ~ LOY r (if l'Jf>l;J C~~t"l1?c!':l.:m.rl~ Pi\' GU,l NTHF; iYlieT:.E(lS, thf~ R1.~(i Jcnn C. Et:':i.ntco 'u~., l'rllll'" ill hio . tifdi1'llc with. IWe to p"&niM~ ilmy;i,..aftcr' <1",ori/;,.", aifllcde i.n the Borough of N~1J CUIDocn:l!mu, Conn!'llof Cumberland , CrlfH..1'rtmt:wr11.lth (J! Pf.-mL~1!br(2H(/I-; f1.?':r! WfiEP.ZAS. #," wlid Ml)Y 1~> 1.939 [(r.cI hts: lA.~t wm a7;d 'Z'c8lmT?Cnt r.:.L'~1.7tfll of CtlmbC:'rlanrJ. John C, nrLnton difulleF/la.tr: o,.~ ums d~.di/ p-Tn/)cde.t!. it!. the Rr.(/i.er.~;,r of Wilf~ Office itt. lIu.: " G'!ld fS' H E'Rf.,~ASt" tl'l e !ia,"r1 1"fj.,al rJrtat,e !I.rrdnr1.ff.cr Fjt',"lcnJJr~d t~J.fUf 7Wf. 61Jt:'.(;.i.{icaU;/. del1iRed. o.1U{ f.hr.. [{(uti G~rdld S~ Brinton fjHnJ:fit,f! a,OJ eXCf,;?Jt .::''Z' 1)1 Ihe Lrzst Will a'l'A T$liwmcr.i.; ;vo~v THI:;'REPORB, The!; /7'...dc7ttu:re ~Vitncg,:!;:>th trt.A2f. ~he said. G~-rald S. J.\rinton . E;"t,"n:Htor:. a.'1 nf01'(;[,'a(d, Irq' nm! in considcra.t?:ol1 fii the 811m (;{ Sixty-Thto ThoufJ,ltod and 0.0/100---...------..""'...----- -------------.,------..--....-------- ($62,000.00) ---------------------------J)OllllJ'H, !.f;Ju;lHllil 1rlO?V:]f of thf' United St.rtf.{'!; fn him in, hand imid. !Jl1th(' fi'(Itrl JODaphillc F'. ti)Y {!f, a.nd. lJr[ot'[ f-hr. t:~}~c!.!.!iJ.l!1 Hnd ddr-,'r.ril it,;~C(Jj, 'hr' ::.'/:ti)it 1j:dtcri;Q( i"l'! -h~/drl' af!knM~_I!.i:dyc,v', :'w;, .fi"taliJUJ. bai'fluinr.:d,. "dtJ~ ,.iil'};:'f!. rd/.{Uk'r! :J.'nd l~rm.finlu'!r. tl17d by thr.l?l p;-t:;i'nf.e. 'lif 'iJf,..tur: of file: l)/;'t.'C'T a:nd i).1fll1m-if.il :'n hirr ,'r'l.-tnl f'il thr Pro I;.nf r'l ['-".T.~r.f1.1J..~~I' mul Fiduriari(!ti Corle: of tltt! C'.'!Ulrn~mrmjf1ffh of PI''t11)~{IJI;:u'1hr., ,fu en il""(?1il. ftrh.,.,oi-r... ,'1ell, rJi::n, r~[r:ruw (J1'1t! (.on;iT'rn 7l1":.!~J Uti.' xlt{d ...io3cphiri-~ F'. 1...0)', her hdTi-: a:niT.. [!:;:~r'R'!i.."', Ail THAT CERTAIU l.ot; o't pnr':cl of l.:;.nd t.cgcth~r W:t.ttl the i:mproV'el'-a':lDtR thcrco;1. c.reCltr':d~ altu.:1C:e-, ly1nFi and being in the Bo~au.,gh of Ne~,~ Cumborlor.df C"J't1bcrl.nnd CO'Jnty~ P-3nnnY;:'lnn:':..G.:, arid bn.itlg lot TIUi'i:bct'ed Ni.nIJr..een (11)) in a c~rta:tn plan, of J.etG {;c~11ed '\:;2Vm~ 1'U..J?L.ES ~,!O~ 1..... e.s laid out hv thf~ ~~i.!'s-at-l/l."" of L~';'j. Br.andt~. d."e.cet:.sedJ one tecc1:'.Geo in t-hr: Cumberln.t'.d Cout'tty Re:!:!ordcT. f ~ Office :Ln. F:n.n Bool;;. 1>:0 ~ !., t~t P,tge 94) unci more pn:cticulor.ly bou!1[(~d 2nd t.i~~cri'o(~cl. .';1,:1 rolJ..()[.n; Il' t.Q i>7i.t: BEGINN!NG "t: ,"} ;,oin't. on t.i1f: northcrl;.' J.:f.n~ of E-I('....en!:h :SCr'l!c-t~ SB fJ.h.C';....r. on. Ene :1f;c.~~/C 'me:nt1onf:d p1n.n: of lot&, '~f ebf! ~U.\"-ir;i.on ],:.ne betue.c:1 l.ot l1umaercd 1.8 (lnd t};,r~ 10.. h:::re.in dc:scr:i.bcQ~ '...:hJch po1.nr: .~Q onc.: huncire.cl f:l.rL('=.~n (11.5) feet;, wl.:::J.:L: of f.;hc lir:c: dL\.'iding lQ.ndE~ .of ~h[;' 3~Clndt EGtat~1 of ~"-h1ch c.h1.rJ j.11 II plLrt p O-ttd the l.'1y-o~Jt k1E1~":71 :1$ ELKtlr"00D,. -:':1C[l!j.u::(~d alone the rd";rthc:~l)' J.;Lnf: ct E-l.;:-....enth ::;t.('c~t~ thQtl.~~ h'c~st,.,;;.lt"'d.ly by _t:1(,- no!:'t:h,:::,ly l:~n<: ,:;f EIcvr-nth SI":1,"(':~tt- !i.fc.y (50) [t::.tr; co chr. (tlvi::>i.on li::'lc br:t".:e.l:n lots mJ:lt.eT.'~d 19 8r~d LO~ sa:td ~J..:'l:rq th.::llC.'~ t"~or:thwar.dJ.y by :s::d.n divj~Gion line, i1.r: Z:J.g!:1t .':\!18J.~n ~Q th~ li_nr~ of F.lc',-e,!"',th St.l-'..lr..:t l cnt;;' hu;~dred ~:Dr.r;y {l/-tO) fc(:t: La .'] f:t.cttlf.~t1 (J3) fl'ct .....ide ;'J.ll~y; the-nc'.: ea.Gt1...;c,;:2Iy ?Y the .gcuth~rly .:l:Ln~ <of sllid ;;ll~jr, fifty (50) =eet to the f:i1:.'8t_ ltlen~i.m:.cd div..ir!ion ;~;~;d.;~cg~r.~~1~F";d~~~'Ig~;~Pl:~~. h~~C~~g~~~~~~y'~~ ~~di~i~~~'~~.~~hl~)Sr~~c~~; ~~~d h~~d~~J ~~~~~- (ll40r t:.=:ec tel ti1~ po:Lnt ':'L ?lace of BEGIXS'n.;~.... ,.. I 1 "'4 t'l~f"t' 7"'0 :lC0f f1 U "'," ( . l I I i 1 j i l I I . , ! , 1 i ! I ! f ! ~ ~ " ! form MAP Zoning - 'WinTOTAL' appraisal software by a Iamode. inc.- HlOO-ALAMODE Borrower/C6ent Client Lov Estate Properly Address 315 11 th street City New Cumberland Counlv Cumberland State PA ZiD Code 17070 lender Crrent Lov Estate Appraisers 2009 Certification ~"~i-""""~~~n:n'~:r:r'iIllI;\'b"""..lli'''"''i''':''tr.I''l''H'il'''''':~;I'iiP'r_~:~! I~! Commonwealth of Pmns}'h'ania 07 47 'i 0 c; 2 ":~I I~I! Departmenl of Slate - ~ !~I ~b'! Bur"crllI of rrot'ession.ll and Occupational Affairs I~ ,~: J'O \lo, 264') lI.ni,~ul'~ rA 17105-2649 I~I W, Corlifio,,'o T)'po Cerlifl(,,,o SI"lu" ;~i :~i Certified Resldenlial Appraiser Active I~l ~ I ,~: Initial Cortifil-lItion Date :;, t:1i 10/11/1991 II'~.:'.'I', !l~: GEORGE RANDALL ULSH Certificoltc ~. I~,,~,..li ~~~~;~:~~; 17111 R:~:::~L E'pirlllioll Ilal,- I~f . 1~1 I~:I 06/30/2009 1r.J1 j I 'g~ (). fI - " '" ',' I' I~i 'I~: ~ L I!u. ~~i...A.~<,d(!(LSilL I~~I I;~'~;'T~~;;;;;~:~,~;:'~'E~::;::;::~I.::~;""."".,,,,,,,..1_~'.",""'P.m1W~:::~:"'~iC'\Wm)i~~1 form MAPJra!fic - 'WinTOTAl' appraisal software by a la mode. inc. -1-800-ALAMODE Location Map Borrower/Cfienl Client Lay Estate Prooertv Address 315 11111 Street City New Cumberland Counlv Cumberland Stale P A Zip Code 17070 Lender Client: Lay Estate /~ go <:l' wp$!Nf!! or 1"~ of ~ ~"" w.~ ,;;. ~.. ~ ~5\ <F <Jf- ~ <:I- 4 <\~.. ~~ +i>~ <F <l.\ \ /' >~. IJIlIIaL' /'~.. ~~...../ ~~ .\ ~ (~ $a1}1. L~ ~ <;). ~ .... ',. oq. ~ ~ 4~ <;} ca,.~'\ !lS' 'l- <!l- <."" .&' ~ <ifI' <;} 1S' " !/,d\ 1> R' #" Cumberr_ ,\ <5 Simpson Ferrv Rd <J' <;}Wi"' ew .4> <;} ~ Swarthmore Rd ",.t:'- ~t ~~..l'f~~ ., I I.. I . ~ ,,",," q 'c)40B ~.nM <;). I.,,' \ ~~ "'", Drexel Hills., ?o-:". ~ 'lIS' <;). <;). .,~ 4. .;f/' ~ <?r. I ' .. ~\ ~ ~ ~ "l- -fit> ~ ... hilltop CK S? 4Y c;- '. AUendale Q-el<<lf Mils srlill' JE '\ ,~ -e. l \I'[el'l!;W ~'" li! ,f City ISland Pork , "l- ;, #~<l- ~'" "" C}- oS' ~~~.J(o ~<;).~ ;-' ~ ~<;). ,.,;"7 ~ 42;::5>" "'~'.":'~ !:~e .}.,. S ..J';' ,jlQ<~ -,-- <+ }!J'4lB I " <ll I Fieldstone Rd \. ~'\ -. (). ~ '. ~""od Or \ -1'.,. .".;:;;,.-::=.- J' '\.:::- ~ "<";5:,,j;'>.i';:>~~- 1\A"'-" '~ ,,;,://);f;,,7 'll' 51c.#" 5t ,~~tf""~43 ;<:1- ~1P ././.'f!!i,Y' 4;;l';}' ~;:< *'\. <F <t> " ..h:nt/Jll~l~ MapPoint' lj."'~ 5\ '''<li~5\ ~ " 0I'fJ'1!/< S '" q.. o.~ ~ ~tel .p 'ft oJ> ~ 'f' Harrisburg '\ .P<;}' ~ #. ~ '230' U''''~ <'6,l~ <{l " Susquehanna (ompar.mle # 1 1421 BrIdge Street 1l.24 miles NW .~--- -- - ~::$ffi "",' <'""",;' '''':. ,t " .p~ '- ~ iT '+ .,~ it. -4' '+ ,,~ A\1! ~<l-\ t. , 11\ ~ .r '-Q:, I'r<:r ~ ~ ,~ ...... .\ \ <;1, .,New Morket '+ #. ~ "" eg 1I.o.ss4l'e ". '<'. ,,~ * :3 II> ,i: CUrr:~e;'anJ ~ Borough -'. S'. Park . Ai~ Rd CD ~ .m.... ':., .., {\: "'.' "'~ CD i[ <f,> ;j'q'f- ~ '( .,.s:. ,.~ ~- 1;.- ~ C.pit.1 C.y Airport S<:::I." %~ ~ ",E, 0",: t I?d e-9- Limekiln Rd 40A/:,. "b40A ','. ", "", __,.,"_.__~__../t~-:::'~~''c~,,,,,/ + [c. I "' Form MAP.LOC - 'WinTOTAL. appraisal sof\ware by a Ia mode, inc. - 1-800-ALAMODE C., REV.1508 EX + (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF Josephine F. Loy FILE NUMBER Include the proceeds of litigation and the date the proceeds were received by the estate. All property joinliy-owned with the right of survivorship must be disclosed on Schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 2002 Pontiac Grand Am SE (See Attached Appraisal) 4,900 2 Household Personal Property (See Attached Appraisal) 2,065 3 Erie Insurance Exchange (Refund of Car Insurance) 177 3W46AD 1.000 TOTAL fAlso enter on line 5, Recanitulationl $ (If more space is needed, insert additional sheets of the same size) 7,142 b!:]lIm~ FREYSINGER PONTIAC, GMC, BUICK, MAZDA, HYUNDAI, INC. 6251 CARLISLE PIKE I MECHANICSBURG, PA 17050' TEL. 717-766-8422 ~ - 9- 07 ,~sef~[VI.G- ~ Loy - / VEHICLE IDENTIFICATION NO.: /{, L N ~ 52 P 82. c 23083 2- OWNER OF VEHICLE: YEAR/MAKE/MODEL: o 2. (?, A +l eo(. Gr- c.,^cJ /) rvt SE sd", FAIR MARKET VALUE AS OF : $ . qL100. - (}Il tI"5C - J COMMENTS: Cj 2 c. S- - 4c 1/ - A-r- 4(1 (; fjlck k BexA:: ABOVE INFORMATION PROVIDED BY: J~W~oo ROBERT ENSMINGER APPRAISERS REAL ESTA,TE and PERS01VAL PROPERTY ",;37 EUvlERTn;, ,\ 'vT:Kr;E il:\RRISHlif<(i "A 171(1"-1132 FEDERAL TAX 1D #23-2492038 PHONE 717-65241 i 1 F.\:-: 7! 7-R_"l.5-0f-:.~~: CELL 717-x77-7_l~0 !:-M.,\IL lL1rceC:{!!:rlQS@s:nmcli'1,ncJ \\TH SiTE WW\\', Ensmi n2crso ne! INVOICE August 16,2007 Susan A Loy 315 11 th Street New Cumberland, PA 17070 Professional Appraisal Service: Personal Property Josephine F, Lay 315 11 th St. New Cumberland, PA 17070 $ 90.00 PAID - Check #720 Thank youl Estate of Josephine F. Lay Personal Property. Item Description Value Ridgeway grandfather clock $ 500.00 Queen Ann table $ 40.00 Wing chair & ottoman $ 50.00 Maple desk $ 40.00 Desk contents $ 20.00 Lamp $ 10.00 Pine rocking chair $ 65.00 End & coffee tables $ 40.00 Sofa $ 50.00 Lamps $ 15.00 Stereo $ 10.00 TV $ 25.00 --- ---'----------- VCR $ 5.00 Pictures $ 15.00 Books $ 5.00 Mise. in living room $ 20.00 Dining table & chairs $ 50.00 Book shelf $ 10.00 Decorated gate leg table $ 40.00 Gilbert wall clock $ 40.00 Needlepoint chair $ 35.00 Corner cupboard $ 125.00 Contents ad corner cupboard $ 30.00 Chest $ 125.00 Desk contents $ 80.00 Misc. in dining room .._-"-- $ 30.00 Refrigerator $ 75.00 Pots, pans, bake ware 5; 25.00 Hoover vacuum $ 40.00 Small appliances $ 30.00 Dishes, glassware, utensils $ 10.00 Microwave oven $ 10.00 Misc. in kitchen $ 10.00 Contents of porch $ 20.00 Washer & dryer $ 40.00 Mise. in basement $ 25.00 Bedroom suite $ 100.00 Maple desk $ 25.00 TV $ 10.00 fVlisc. in bedroom $ 15.00 Porch furniture $ 40.00 Snow thrower $ 20.00 Lawn mower ,.. 80.00 :;> Mise. in garage $ 15.00 TOTAL $ 2,065.00 Page 1 of 1 REV-1509 EX + (6-98) SCHEDULE F JOINTLY-OWNED PROPERTY COMMONWEA L TH OF PENNSY LV A NlA. If\J-iERfTA NCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Josephine F. Loy If an asset was made joint within one year of the decedent's date of death, it must be reported on Schedule G. SURVIVING JOINT TENA.NT(S) N,l\ME ADDRESS RELA TIONSHIP TO DECEDENT A Loy, Susan A 315 Eleventh Street, New Cumberland, PA 17070 Daughter JOINTL y-oWNED PROPERTY: LETTER DATE DESCRIPTION OF PROPERTY %OF DA TE OF DEA TH fTEM FOR JOIN MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT DA TE OF DEA TH DECD'S VALUEOF NUMBER OR SIMILAR IDENTIFYING NUMBER. ATTACH DEED FOR NUMBER TENANT JOINT JOINTL Y.HELD REAL EST ATE. VALUE OF ASSET INTEREST DECEDENTS INTEREST 1 A 9/28/1974 M&T Bank Checking Accounting #56463677 1,239 50.0000 620 2 A 8/3/2000 M&T Certificate of Deposit Account #031003913918983 1,040 50.0000 520 TOTAL r on line 6 Recanihll"tion\ $ 1,140 (~ rrore space is needed, insert add~ional sheets of the same size) 3W46AE 1000 . " REV-1511 EX + (12-99) SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Josephine F. Loy ITEM NUMBER A. 8. 2 3W46AG 1.000 Debts of decedent must be reported on Schedule I. DESCRIPTION 1. FUNERAL EXPENSES: Mt. Olivet Cemetery (Grave Opening) Total from continuation schedules 1. ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal Representative(s) SUSAN A. LOY Social Security Number(s) I EIN Number of Personal Representative(s) Street Address 315 11 TH S TREE T City NEW CUMBERLAND State PA Zip 17011 Year(s) Commission Paid: 2008 2. Attorney Fees 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant SUSAN A. LOY Street Address 315 11TH STREET City NEW CUMBERLAND State PA Zip 17011 Relationship of Claimant to Decedent DAUGHTER 4. Probate Fees 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. 1 Erie Insurance Exchange (Car Insurance) Capital Abstract Corporation (Current Owner Search) Total from continuation schedules FILE NUMBER TOTAL (Also enter on line 9, Recapitulation) (If more space is needed, insert additional sheets of the same size) $ AMOUNT 800 9,992 3,000 4,000 3,500 185 197 50 515 22 239 Estate of: Josephine F. Loy 198-30-1090 Schedule H Part 1 (Page 2) Item No. Description Amount 2 Giant Foods 102 3 Parthemore Funeral Home 9,890 Total (Carry forward to main schedule) 9,992 Estate of: Josephine F. Loy 198-30-1090 Schedule H Part 7 (Page 2) 3 Cumberland Law Journal (Estate Publication) 75 4 George R. Ulsh, Real Estate Appraiser 350 5 Robert Ensminger, Personal Property Appraiser 90 Total (Carry forward to main schedule) 515 REV-1512 EX + (12-03) COMMONWEAL TH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Josephine F. Loy SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS FILE NUMBER Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1. GMAC Car Loan 1,338 2 Lancaster Surgical Group 69 3 Lancaster Emergency Medical Services 83 4 The Heart Group 176 5 MRI Group 29 6 Health South 257 7 Urological Associates of Lancaster 42 8 Medical Associates of Lancaster 209 9 Hershey Medical Center 940 10 National City Mortgage Co. (First Mortgage on Real Estate) 58,099 11 M&T Bank (Home Equity Line of Credit) 8,440 12 Lancaster Radiology Associates 16 13 Pulmonary Associates of Lancaster 85 3W46AH 2.000 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 69 783 REV-1513 EX+ (9-00) SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Josephine F. Lov FILE NUMBER 1 NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] Susan A. Loy 315 Eleventh Street New Cumberland, PA 17070 RELATIONSHIP TO DECEDENT Do Not List Trustee(s) AMOUNT OR SHARE OF ESTATE NUMBER I 100% of Residue: 47,260 Daughter 47,260 I ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 3W46All.000 TOTAL OF PART II- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET (If more space is needed, insert additional sheets or the same size) $ o REGISTER OF WILLS CUMBERLAND County, Pennsylvania CERTIFICATE OF GRANT OF LETTERS No. 2007-00706 PA No. 21-07-0706 Estate Of: JOSEPHINE F LOY IFirst. Middle, Last) Late Of: NEW CUMBERLAND BOROUGH CUMBERLAND COUNTY Deceased Social Securi ty No: 198-30-1090 WHEREAS, on the 26th day of July 2007 an instrument dated September 5th 2006 was admitted to probate as the last will of JOSEPHINE F LOY IFirst, Middle, Last) late of NEW CUMBERLAND BOROUGH, CUMBERLAND County, who died on the 14th day of July 2007 and, WHEREAS, a true copy of the will as probated is annexed hereto. THEREFORE, I, GLENDA FARNER STRASBAUGH Register of Wills ~n and for CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby certify that I have this day granted Letters TESTAMENTARY to: SUSAN A LOY who has duly qualified as EXECUTOR(RIX) ------ and has agreed to administer the estate according to law, all of which fully appears of record in my office at CUMBERLAND COUNTY COURT HOUSE, CARLISLE, PENNSYL VANIA. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal of my office on the 26th day of July 2007. * *NOTE* * ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST) WILL OF JOSEPHINE F. LOY I, JOSEPHINE F. LOY, currently of Cumberland County, Pennsylvania, declare this to be my Last Will and Testament, hereby revoking any and all prior Wills and Codicils made by me. I. I direct that all my just debts and funeral expenses be paid from the assets of my estate as soon as practicable after my demise. II. I direct that all estate and inheritance taxes that may be assessed in consequence of my death, shall be paid out of the principal of my general estate to the same effect as if said taxes were expenses of administration and all property includable in my taxable estate whether or not passing under this Will shall be free and clear thereof. III. I bequeath unto my daughter, Susan Loy, all tangible personal property which I own at my death. IV. All the rest, residue and remainder of my estate, of whatever nature and wherever situate, including property over which I hold a power of appointment, I devise and bequeath unto my daughter, Susan. V. In the event that Susan does not survive me, I devise and bequeath my entire estate that would have otherwise passed under Paragraphs III and IV above equally unto my children, Marilyn Loy, Abbott Loy and Joselyn Stahl or their issue per stirpes. I am intentionally omitting any reference to my son, Brian Loy. VI. I appoint my daughter, Susan Loy, Executrix of this my Will. In the event that she fails to qualify or ceases to act as Executrix, I appoint my son, Abbott Loy, Executor of this my Will. VII. I direct that no bond be required of my fiduciary for the faithful performance of her duties in any jurisdiction. ~ ~ ( / / -1- IN WITNESS WHEREOF, I, JOSEHINE F. LaY, herewith set my hand to this my Last Will, typewritten on two (2) sheet$ of paper including the attestation clause and /;) signatures of witnesses, this 5;1"> day ~f,S4rf ), 2006... ,/.... --fi>~/~ l.q-:;-~-e.. Y&'Lfi (SEAi)7C:Y J / SEPHINE ,~. LOY / Signed by JOSEPHINE F. LaY, by er declared to be her Will in our presence, who hav,e hereunto _ subscribed our names as witnesses in her presence and at her request, this :f-l-h day of d,.~.pttAV.jJilJ", 2006. ".--? residing at fr CI V) fL. II 'VI 70 u.---l!\, re&- residing at a~ ~ -2- .. .. COMMONWEAL TH OF PENNSYL VANIA COUNTY OF LE:OANoN WE, JOSEPHINE F. LOY, GERALD J. BRlNSERand S'no.y(J'''' ~\ov c.,^ , the testatrix and the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first duly affirmed, do hereby declare to the undersigned authority that the testatrix signed and executed the instrument as her Last Will and that she signed willingly (or willingly directed another to sign for her), and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testatrix, signed the Will as witnesses and that to the best of our knowledge the testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. ~ -rF :; ) ,.. On this, the 5th day of September, 2006, before me WENDY L. CRA WFORD, the undersigned officer, personally appeared GERALD J. BRINSER, known to me or satisfactorily proven to be a member of the bar of the highest court of Pennsylvania, and certified that he was personally present when the foregoing acknowledgment and affidavit were signed by the testatrix, JOSEPHINE F. LOY, and SHARON BLOUCH, witness. Subscribed, sworn or affirmed and acknowledged before me by GERALD J. BRINSER, a witness, this 5th day of September, 2006. IN WITNESS WHEREOF, I hereunto set my SEAL) -3- COMMONWEAL-fH OF PENNSYLVANIA NOTARiAL SEAL WENDY L. CRAWFORD. Notary Public Palmyra Bora.. Lebanon County My Commission Expires September 10, 2009