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Home My WebLink About05-16-08 e e --1 REV-1500 EX(06-05) P A Department of Rellenue Bureau of Individual Taxes PO BOX 280601 Harrisburg, PA 17128-0601 15056041158 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death INHERITANCE TAX RETURN RESIDENT DECEDENT OFFICIAL USE ONLY County Code Year 21 07 File Number 0686 Date of Birth 420-42-0697 06282007 06201928 Decedent's Last Name SuffIX Decedent's First Name DIXON LOTTIE MI I (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 rn 1. Original Return o 4. Limited Estate rn 6. Decedent Died Testate (Attach Copy of Will) o 9. Litigation Proceeds Received o 2. 04a. rn 7. 010. 5. Federal Estate Tax Return Required Supplemental Return o []J 3. Remainder Return (date of death prior to 12-13-82) 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. EJection 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 ELIZABETH P. MULLAUGH 717-237-5243 Firm Name (If Applicable) City or Post Office State ZIP Code REGISTER ~LLS USE ~J :: 0 U.;> ~1~~ ~ f_ j '-~ -n =::: OC: .:0 W Di'itED .'~.'"'! MCNEES WALLACE & NURICK LLC HARRISBURG PA First line of address 100 PINE STREET Second line of address PO BOX 1166 17108-1166 Correspondent's e-mail address: EMU L L A UGH iil M W N . COM Under penalties of perjury, J declare that I halle examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, rr t nd com ion of preparer other than the personal representati'le is based on all information of which preparer has any knowledge. FOR FILING RETURN _ DATE ,.. rs- ~O 4; ~c:( HARRISBURG, PA 17108-1166 E USE ORIGINAL FORM ONLY Side 1 L 15056041158 6M4647 3.000 15056041158 --1~ Estate of LOTTIE I DIXON e e 420-42-0697 Executors (Page 1) Name Marshall L. Dixon Address PO Box 6 Boiling Springs, PA 17007- Tax 10 175-40-9380 -- e --.J 15056042159 REV-1500 EX Decedent's Name:>> I X 0 N LOT TIE RECAPITULATION 1. Real estate (Schedule A) . . 1. 2. Stocks and Bonds (Schedule B) . . 2. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C). . 3. 4. Mortgages & Notes Receivable (Schedule D). . . . . . . . . . . . . . . 4. 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E). . . 5. 6. Jointly Owned Property (Schedule F) D Separate Billing Requested . 6. 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) D Separate Billing Requested . 7. 8. Total Gross Assets (total Lines 1-7). . . . . . . . . . . 8. 9. Funeral Expenses & Administrative Costs (Schedule H). . 9. 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I). 10. 11. Total Deductions (total Lines 9 & 10). . . . 11. 12. Net Value of Estate (Line 8 minus Line 11) . 12. 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) . 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) 14. TAX COMPUTATION - SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers un,ger Sec. 9116 (a)(1.2) X .01L 0 . 00 16. Amount of Line 14 taxable at lineal rate X .O~ 998175 . 02 17. Amount of Line 14 taxable at sibling rate X .12 0.00 18. Amount of Line 14 taxable at collateral rate X .15 0 . 0 0 19. TAX DUE . . . . . . 20. FILL IN THE BOX IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 L 15056042159 6M4648 2.000 e Decedent's Social Security Number 420-42-0697 I 838810.00 32156.87 0.00 0.00 234953.86 33.25 41291.86 1147245.84 123467.12 25603.70 149070.82 998175.02 0.00 998175.02 15. 0.00 16. 44917.88 17. 0.00 18. 0.00 19. 44917.88 [X] 15056042159 --.J REV-1500 EX Page 3 Decedent's Com lete Address: DECEDENT'S NAME DIX N STREET ADDRESS e File Number 0686 e LOTT CITY BOIL STATE PRINGS Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) 2. Credits/Payments A. Spousal Poverty Credit 6. Prior Payments C. Discount (1) 0.00 44087.47 1842.10 Total Cred~s (A + B + C) (2) 3. InteresUPenalty if applicable D. Interest E. Penalty 0.00 0.00 Total Interest/Penalty (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. (4) 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) A. Enter the interest on the tax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (56) Make Check Payable to: REGISTER OF WILLS, AGENT 44917.88 45929.57 0.00 1011.69 0.00 0.00 0.00 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 [K] D D D 00 D D No D [K] [K] 00 o [K] [X] IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. F or 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) percent [72 P.S. 99116 (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. 99116 (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. F or 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. 99116(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'99116(1.2) [72 P.S. 99116(a)(1)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent [72 P.S. 99116(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 1.000 REV-1502 EX + (6-98) e SCHEDULE A REAL ESTATE COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER l.OTTIE I DIXON AlIl'lIal property owned solely or as a tenant In common must be I'lIported 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 l'lI8SOOable knowledge of the relevant facts. Real property which Is JolnUy-owned with right of survivorship must be disclosed on Schedule F. 21 07 0686 ITEM DESCRIPTION NUMBER 1. REAL ESTATE LOCATED AT 1571 AND 1577 BOILING SPRINGS ROAD, BOILING SPRINGS PA 17007 - SEE ATTACHED APPRAISAL VALUE AT DATE OF DEATH 710,000.00 2 REAL ESTATE LOCATED ON BOILING SPRINGS ROAD CONSISTING OF 11.71 ACRES - SEE ATTACHED APPRAISAL 128,810.00 3W4695 1.000 TOTAL (Also enter on line 1, Recapitulation) (If more space is needed, insert additional sheets of the same size) $ 838,810.00 REV-1503 EX + (&-98) tit SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER LOTTIE I DIXON 21 07 0686 All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER DESCRIPllON VALUE AT DATE OF DEATH 1. THE FOLLOWING ASSETS WERE HELD INDIVIDUALLY BY THE DECEDENT IN WACHOVIA ACCOUNT NO. 2818-0389 367 Shares ACNB CORP 6,606.00 2 300 Shares BRISTOL MYERS SQUIBB CO 9,579.00 3 500 Shares FORD MTR CO DEL 4,750.00 4 525 Shares SOVEREIGN BANCORP INC 11 ,221. 87 3W4696 1.000 TOTAL (Also enter on line 2, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 32,156.87 REV-1508 EX + (&-98) e COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF LOTTIE I DIXON FILE NUMBER 21 07 0686 I nclude the proceeds of litigelion and the dele the proceeds were received by the eslale. All property JolnUy-owned with the right of survivorship must be disclosed on Schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 MISCELLANEOUS JEWELRY - SEE ATTACHED APPRAISAL 15,370.04 2 MISCELLANEOUS TANGIBLE PERSONAL PROPERTY - SEE ATTACHED APPRAISAL 29,900.00 3 1993 CADILLAC SEVILLE 1,000.00 4 INTERNAL REVENUE SERVICE - 2007 INCOME TAX REFUND 8,520.00 5 ACCUMULATED INCOME FROM GEORGE F. DIXON JR. QTIP TRUST - (PORTION RECEIVED) DECEDENT WAS ENTITLED TO INCOME AT THE TIME OF HER DEATH 17,913.21 6 ACCRUED MORTGAGE INTEREST FROM THE GEORGE F. DIXON JR. QTIP TRUST - DECEDENT WAS ENTITLED TO INCOME AT THE TIME OF HER DEATH 146,970.55 7 ACCRUED DIVIDENDS AND INTEREST FROM THE GEORGE F. DIXON JR. QTIP TRUST AS OF THE DATE OF DEATH - DECEDENT WAS ENTITLED TO INCOME AT THE TIME OF HER DEATH 12,430.07 THE FOLLOWING ASSETS WERE HELD INDIVIDUALLY BY THE DECEDENT IN WACHOVIA ACCOUNT NO. 2818-0389 8 EVERGREEN MONEY MKT FUND 249.31 9 WACHOVIA ACCOUNT NO. 2818-0389 CASH IN ACCOUNT 2,600.68 3W46AD 1.000 TOTAL (Also enter on line 5 Recaoitulationl $ (If more space is needed, insert edditional sheets of the same size) 234,953.86 e SCHEDULE F JOINTL V-OWNED PROPERTY e R EV-1509 EX + (6-96) CO/v'MONWEAL TH OF PENNSY LV A NIA IN-ERITANCETAX RE1l..RN RESIJENT DEC8JfNT ESTATE OF FILE NUMBER LOTTIE I DIXON 21 07 0686 If an asset was made joint within one year of the decedent's date of death,lt must be reported on Schedule G. SlRVlVNG JOM TENANT(S) NAWE A DORESS RB..A TIONSHP TO DEC8JfNT A Dixon, Marshall L 1571 Boiling Springs Road, Boiling Springs, PA 17007 Son JOINTL Y.QWNED PROPERTY: LETTER DATE DESCRPTION OF PROFERTY %OF DA TE OF DEATH rre.1 FOR JOIN MO. DE INCLUOE NAME OF FINANCIAL INSTITUTION ANO BANK ACCOUNT DA TE OF DEA TH DECD'S VALlE OF NUMBER OR SIMIlAR IOENTIFYING NUMBER. ATTACH OEEO FOR t\\...M3ER TENANT JOM JOINTLY-HELD REAL ESTATE. VALlE OF ASSET MEREST DECEDENT'S MEREST 1 A M&T BANK CHECKING ACCOUNT NO. 28675576 33.25 100.0000 33.25 TnTAI , I;n", ~ lot 33.25 (W more space is needed, insert add~ional sheets of the same size) 3W46AE 1. 000 REV.1510 EX + (6-98) It SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF LOTTIE I DIXON FILE NUMBER 21 07 0686 This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. DESCRIPTION OF PROPERTY ITEM to.UE T>E 'l'\ME OF T>E TRANSFEREE. TfElR RELATlONSHP TO OECEDENT tw:J DATE OF DEATH % OF DECD'S EXCLUSION TAXABLE NUMBEF T>E DATE OF lRAN3FER. ATTPCHACOPI' OF TfE OEED FOR REAL ESTATE. VALUE OF ASSET INTEREST (F APPUCABLEl VALUE 1. 2007 CASH GIFTS PAID ON 4/30/07 IN THE FOLLOWING AMOUNTS GEORGE DIXON, III - $8,500.00 RICHARD E. DIXON - $8,500.00 CHARLOTTE IVY DIXON - $8,500.00 MARSHALL DIXON - $7,204.00 VALUE REPRESENTS $3,000 EXCLUSION PER CHILD 20,704.00 100.0000 0.00 20,704.00 THE FOLLOWING ASSETS WERE HELD IN THE LOTTIE IVY DIXON REVOCABLE TRUST - A COPY IS HERETO ATTACHED 2 MTB GROUP FOS - CASH 20,056.45 100.0000 0.00 20,056.45 3 53.516 Par MTB GROUP FOS 531.41 100.0000 0.00 531.41 TOTAL (Also enter on line 7, Recapitulation) $ 41 291. 86 3W46AF 1.000 (If more space is needed, insert additional sheets of the same size) REV-1511 EX+ (10-06) e SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF LOTTIE I DIXON FILE NUMBER 21 07 0686 Debts of decedent must be reported on Schedule I. ITEM NUMBER A. FUNERAL EXPENSES: 1. Hoffman Roth B. 1. 2. 3. 4. 5. DESCRIPTION Total from continuation schedules ADMINISTRATIVE COSTS: Personal Representati\le's Commissions Name of Personal Representati\le{s) Marshall L. Dixon Street Address 1571 Boiling Springs Road City Boilinq Sprinqs Year(s) Commission Paid: 2008 State PA Zip 17001 Attorney Fees Family Exemption: (If decedent's address is not the same as claimant's. attach explanation) Claimant Marshall L. Dixon Street Address 1571 Boiling Springs Road City Boilinq Sprinqs Relationship of Claimant to Decedent SON State PA Zip 17007 Probate Fees Accountant's Fees 6. Tax Return Preparer's Fees 7. 1 7W46AG 1.000 Clauser Real Estate Appraisals Fee for alternate value appraisals Total from continuation schedules TOTAL (Also enter on line 9. Recapitulation) $ (If more space is needed, insert additional sheets of the same size) AMOUNT 11,593.07 1,144.90 28,800.00 60,000.00 3,500.00 510.00 1,565.00 650.00 15,704.15 123.467.12 e Estate of: LOTTIE I DIXON Schedule H Part 1 (Page 2) Item No. Description 2 James R. Gingrich Memorials 3 St. John's Funeral Luncheon Total (Carry forward to main schedule) e 420-42-0697 Amount 885.00 259.90 1,144.90 e Estate of: LOTTIE I DIXON Schedule H Part 7 (Page 2) 2 McNees Wallace & Nurick Costs advanced as follows: Miscellaneous Fees - $62.00 Postage - $38.64 Copies - $89.20 Courier/Travel - $42.07 3 Journal Publications Estate publication 4 Rhoads & Sinon LLP 5 Clauser Real Estate Appraisals Real Estate Appraisals for Pennsylvania Property 6 Cumberland Law Journal Estate publication 7 Robert Ensminger Appraisers Personal Property Appraisal 8 Morrow Farrar Jewelers Jewelry Appraisal 9 Kelly, Herman & Smith Florida ancillary probate counsel 10 Kelly, Herman & Smith Florida ancillary probate costs 11 Cumberland County Register of Wills Additional Probate Fees Total (Carry forward to main schedule) e 420-42-0697 231.91 96.00 2,096.44 1,254.80 75.00 400.00 650.00 10,000.00 600.00 300.00 15,704.15 REV-1512 EX + (12-03) e SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INI-ERITANCE TAX REIURN RESIDENT DECEDENT ESTATE OF LOTTIE I DIXON FILE NUMBER 21 07 0686 Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM NUMBER 1. DESCRIPTION VALUE AT DATE OF DEATH American Express Outstanding debt owed at death 1,032.39 2 USAA Outstanding debt owed at death 6,322.78 3 Met Ed Outstanding debt owed at death 462.42 4 ADT Security Outstanding debt owed at death 106.90 5 Comcast of Central PA Outstanding debt owed at death 142.16 6 FPL Outstanding debt owed at death 90.85 7 Dick Mils Outstanding debt owed at death (plumbing work performed at residence) 700.90 8 FirstEnergy OPCO ACH Outstanding debt owed at death 645.17 9 Embarq Phone Bill Outstanding debt owed at death 83.62 10 Home Nursing Care Outstanding debt owed at death 12,844.58 11 Wolf Fuel Oil Outstanding debt owed at death for fuel oil from May 2007 382.28 12 Pennsylvania Department of Revenue 2006 Tax Liability owed at death 726.00 13 Mathilde Carter Outstanding debt owed for reimbursement of maintenance expenses for Florida real property 1,011 . 65 Total from continuation schedules 1,052.00 3W46AH 2.000 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 25,603.70 e e Estate of: LOTTIE I DIXON 420-42-0697 Schedu1e I (Page 2) Item No. Description Amount 14 Pennsy1vania Department of Revenue 2007 Income Tax due 852.00 15 La Coquina Debt owed at death for repairs to F10rida rea1 estate 200.00 Tota1 (Carry forward to main schedu1e) 1,052.00 REV-1513 EX+ (9-00) e SCHEDULE J BENEFICIARIES COMMONVVEAL TH OF PENNSYLVANIA INHERITANCE TAX RElURN RESIDENT DECEDENT ESTATE OF LOTTIE I DIXON NUMBER I 1 NAME AND ADDRESS OF PERSON(S) RECEMNG PROPERTY TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)J Marshall L. Dixon 1571 Boiling Springs Road Boiling Springs, PA 17007 General Bequests: 4,204.00 MISCELLANEOUS JEWELRY - SEE ATTACHED APPRAISAL Inventory Value: 15,370.04 REAL ESTATE LOCATED AT 1571 AND 1577 BOILING SPRINGS ROAD, BOILING SPRINGS PA 17007 - SEE ATTACHED APPRAISAL Inventory Value: 710,000.00 REAL ESTATE LOCATED ON BOILING SPRINGS ROAD CONSISTING OF 11.71 ACRES - RELATIONSHIP TO DECEDENT Do Not List Trustee(s) FILE NUMBER 21 07 0686 AMOUNT OR SHARE OF ESTATE 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 3W46AI 1.000 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 of the same size) $ 0.00 e e Estate of: LOTTIE I DIXON 420-42-0697 Schedule J Part 1 (Page 2) Item No. Description Relation Amount 1 SEE ATTACHED APPRAISAL Inventory Value: 128,810.00 MISCELLANEOUS TANGIBLE PERSONAL PROPERTY - SEE ATTACHED APPRAISAL Inventory Value: 29,900.00 M&T BANK CHECKING ACCOUNT NO. 28675576 Inventory Value: 33.25 25% of Residue: 23,339.43 Son 911,656.72 2 Charlotte I. Dixon 2 Molyneaux Road PO Box 340 Camden, ME 04843 General Bequests: 5,500.00 25% of Residue: 23,339.43 Daughter 28,839.43 3 George F. Dixon, III 3302 Country Road 113 Carbondale, CO 81623 General Bequests: 5,500.00 25% of Residue: 23,339.43 Son 28,839.43 4 Richard Dixon 2602 Brianholly Drive Valrico, FL 33594 General Bequests: 5,500.00 25% of Residue: 23,339.43 Son 28,839.43 A. 1. 2. 3. 4. 5. 6. B. 1. 2. C. 1. D. 1. 2. E. 1. 2. {A 1095908: 1} . . . ESTATE OF LOTTIE IVY DIXON SSN: 420-42-0697 000: June 28, 2007 PENNSYLVANIA INHERITANCE TAX RETURN - FORM REV 1500 TABLE OF CONTENTS (EXHIBITS) Miscellaneous Documents Copy - Certificate of Grant of Letters evidencing the appointment of Marshall L. Dixon as executor of the Estate of Lottie Ivy Dixon Pennsylvania Inheritance Tax Prepayment Receipt The George F. Dixon, Jr. Amendment and Restatement of Agreement of Trust The Lottie Ivy Dixon Revocable Trust Letters requesting and granting extension to file Inheritance Tax receipts Schedule A- Real Estate Real Estate Appraisal for 1571 and 1577 Boiling Springs Road Real Estate Appraisal for 11.71 acres located on Boiling Springs Road Schedule B - Stocks and Bonds Wachovia Securities account no. 2818-0389 June 2007 statement with attached valuations Schedule E - Cash, Bank Deposits and Misc. Personal Property Morrow Farrar Jewelers Appraisal for jewelry items Robert Ensminger Appraisers Appraisal for Tangible Personal Property Schedule G -Inter-Vivos Transfers & Misc. Non-Probate Property EVP valuation for account no. 1154295008 (QTip Trust) EVP valuation for account no. 11 04299875(Revocable Trust) EXHIBIT A . . REGISTER OF WILLS CUMBERLAND County, Pennsylvania CERTIFICATE OF GRANT OF LETTERS No. 2007-00686 PA No. 21-07-0686 Estate Of: LOTTIE IVY DIXON (First, Middle, Last! Late Of: MONROE TOWNSHIP CUMBERLAND COUNTY Deceased Social Securi ty No: 420-42-0697 WHEREAS, on the 19th day of July 2007 an instrument dated November 16th 2005 was admitted to probate as the last will of LOTTIE IVY DIXON (First. Middle, Last! late of MONROE TOWNSHIP, CUMBERLAND County, who died on the 28th day of June 2007 and, WHEREAS, a true copy of the will as probated is annexed hereto. THEREFORE, I, GLENDA FARNER STRASBAUGH Register of wills in and for CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby certify that I have this day granted Letters TESTAMENTARY to: MARSHALL L DIXON 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 affi~~ed the seal of my offi ce on the 19th day of July 2007. IjQ,lndiR ~S\t~X;;IS ~~CL( }~ W(ll gLtJ. fh 0 W- . Deputy <J **NOTE** ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST) LAST WILL AND TESTAMENT QE LOTTIE IVY DIXON I, LOTTIE IVY DIXON, of Monroe Township, Cumberland County, Pennsylvania, being of sound and disposing mind and memory, do make, publish and declare this to be my Last Will and Testament, hereby revoking all Wills and Codicils by me at any time previously made. I am the widow of George F. Dixon, Jr., and the children born of our marriage are GEORGE F. DIXON, III, RICHARD E. DIXON, CHARLOTTE 1. DIXON and MARSHAll L. DIXON. As used herein the term "my children" shall refer ~o the aforelisted children. 1. ROSE BALCONY. I give and bequeath all of my interest in the real property and the improvements situate thereon known as Rose Balcony, consisting of approximately four acres, containing both a main house and a guest house with addresses of 1571 and 1577 Boiling Springs Road, respectively, and the 11 acre unimproved lot contiguous thereto, said properties situate in Monroe Township, Cumberland County, Pennsylvania and being more particularly described in the Cumberland County Recorder of Deeds Office at Deed Book S, Vohune 18, Page 69 and Deed Book T, Volume 28, Page 528, to my son, MARSHALL L. DIXON, ifhe survives me. Ifmy son, MARSHALL L. DIXON, does not survive me, this bequest sha1lIapse. Page 1 of 9 Pages 585506.1 '.' . . .. . _ .._~, H." 2. ROSE BALCONY - TANGIBLE PERSONAL PROPERTY. I give and bequeath all of the household furniture and furnishings) books, pictures, china, crystal, appliances, silverware, wearing apparel and all other like articles of house bold or personal use or adornment located within the property mown as Rose Balcony, said property more specifically described in ITEM 1 above, to my son, MARSHALL 1. DlXON, ifhe survives me. Ifmy son, MARSHALL L. DlXON, does not survive me, this bequest shall lapse. 3. CO-OPERA TNE APARTMENT NO. 20. I devise and bequeath my interest in the property known as Co-Operative Apartment No. 20 of La Coquina, Inc., situate at 1956 South Ocean Lane, Fort Lauderdale, Broward County, Florida, and all of the household furniture and furnishings, books, pictures, china, crystal, appliances, silverware, wearing apparel and aU other like articles of household or personal use or adornment located therein, to my son, MARSHALL L. DlXON, ifbe survives me. Ifmy son, MARSHALL L. DlXON, does not survive me, this bequest shall lapse. 4. CO-OPERATIVE APARTMENT NO. 20. I devise and bequeath my interest in the property known as Co-Operative Apartment No. 22 of La Coquina, Inc., situate at 1956 South Ocean Lane, Fort Lauderdale, Broward County, Florida, and all of the household furniture and furnishings, books, pictures, china, crystal, appliances, silverware, wearing apparel " and all other like articles ofbousehold or personal use or adornment located therein, to my daughter, CHARLOTTE 1. DlXON, if she survives me. If my daughter, CHARLOTTE I. DlXON, does not survive me, this bequest shall lapse. Page 2 of9 Pages .........HU..U. . . s. TANGmLE PERSONAL PROPERTY. I give and bequeath all of my household furniture and furnishings, automobiles, boats, books, pictures, jewehy, china, crystal, appliances, silverware, wearing apparel and all other like articles of household or personal use or adornment not disposed ofin the prior Items of this Will to my children then living to be divided among them in equal shares. If any such articles cannot be fairly divided or distributed in kind in , the opinion of my Executor, such articles shall be sold and the proceeds thereof shall pass as a part of my residuary estate. 6. LEGG-MASON ACCOUNT. I give and bequeath my Legg-Mason . Account (No. 360-00713) to my son, MARSHALL L. DIXON, and my daughter, CHARLOTTE I. DIXON, as equal tenants in common, or, if one of them should not survive me, to the survivor of them. If neither my son, MARSHALL L. DIXON, nor my daughter, CHARLOTTE 1. DIXON, should survive me, this bequest shall lapse. I intend this to be a bequest of only those securities and other assets, if any, which are held in such account at my death. 7. RESIDUE. I give, devise and bequeath all the rest and residue of my property, real, personal and mixed, not disposed of in the preceding portions of this Will, including all property over which I hold a power of appointment (which powers of appointment I hereby exercise in favor of my estate), to the then Trustee of "The Lottie Ivy Dixon Revocable Trust" created by a trust agreement dated August 19, 1985, as amended, between me, as Settlor, and Dauphin Deposit Bank and Trust Company, as original Trustee, to be held, administered and disposed of in accordance with the terms of such trust as the same may be amended at my date of death. Page 3 of 9 Pages . ". 8. SPENDTIiRlFT PROVISION. No interest in income or principal of my estate or any trust created hereunder shall be subject to attachment, levy or seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any beneficiary of my estate or of any trust created hereunder prior to the beneficiary's actual receipt thereof. My Executor shall pay over the net income and the principal to the beneficiaries herein designated, as their interests may appear, without regard to any attempted anticipation (except as may be specifically provided herein), pledging or assignment by any beneficiary of my estate and without regard to any claim thereto or attempted levy, attachment, seizure or other process against said beneficiary. 9. SURVIV AI.. PRESUMPTIONS. Any person who shall have died at the same time as I or under such circumstances that it is difficult or impossible to determine who shall have died first. shall be deemed to have predeceased me. .AJJ.y person other than me who shall have died at the same time as any then beneficiary of income of my estate or a trust created hereunder or under such circumstances that it is difficult or impossible to determine who shall have died first, shall be deemed to have predeceased such beneficiary. 10. FIDUCIARY POWERS. In the settlement of my estate and during the continuance of any trust created hereunder. my Executor shall possess, among others, the following powers, exercisable without prior court approval, but in all cases to be exercised for the best interests of the beneficiaries: (a) To retain any investments I may have at my death so long as my Executor may deem it advisable to my estate so to do, including securities owned, issued or underwritten by any cotporate Executor or any of its affiliates. Page 4 of 9 Pages ....-... ........ (b) To vary investments, when deemed desirable by the Executor, and to invest in every kind of property and type of investment, including secwities owned, issued or underwritten by any corporate Executor or any of its affiliates. or as to which such Executor or its affiliate acts as investment advisor, as the Executor shall deem wise. (c) In order to effect a division of the principal of my estate or for any other purpose, including any final distribution of my estate, my Executor is authorized to make said divisions or distributions of the personalty and realty partly or wholly in kind. If such division or distribution is made in kind, said assets shall be divided or distributed at their respective values on the date or dates of their division or distribution. In making any division or distribution in kind, my Executor shall divide or distribute said assets in a manner which will fairly allocate any unrealized appreciation among the beneficiaries. (d) To sell either at public or private sale and upon such terms and conditions as my Executor may deem advantageous to my estate, any or all real or personal estate or interest therein owned by my estate severally or in conjunction with other persons or acquired after my death by my Executor, and to consummate said sale or sales by sufficient deeds or other instruments to the purchaser or purchasers, conveying a fee simple title, free and clear of all trust and without obligation or liability of the purchaser or purchasers to see to the application of the purchase money or to make inquiry into the validity of said sale or sales; also, to make, execute, acknowledge and deliver any and all deeds, assigrunents, options or other writings which may be necessary or desirable in carrying out any of the powers conferred upon my Executor in this paragraph or elsewhere in this Will. term. (e) To mortgage real estate and to make leases of real estate for any (f) To borrow money from any party, including my Executor, to pay indebtedness of mine or of my estate, expenses of administration, Death Taxes or other taxes. (g) To pay all costs, expenses, legally enforceable debts, funeral expenses and charges in connection with the administration of my estate. Page 5 of 9 Pages ........ ...... (h) To vote any shares of stock which fonn a part of my estate and to otherwise exercise all the powers incident to the ownership of such stock and to actively manage and operate any incorporated or unincorporated business, including any joint ventures and partnerships. and to incorporate any such unincorporated business, with all the rights and powers of any owner thereof. (i) In the discretion of my Executor, to unite with other owners of similar property in carrying out any plans for the reorganization of any corporation or company whose securities fonn a part of my estate. G) To assign to and hold in my estate an undivided portion of any asset. (k) To hold investments in the name of a nominee. (1) To compromise controversies. (m) To disclaim, in whole or in part, any and all interests in property owned by me at the time of my death. including those passing to me by Will, intestacy, contract, joint ownership, operation oflaw or otherwise. -, (n) To designate one or more persons or a corporation to act as ancillary fiduciary in any jurisdiction in which ancillary administration may be necessary, such ancillary fiduciary to serve without bond or security and to have all powers, authorities and discretions conferred hereunder. (0) To employ and compensate from income or principal. in the discretion of my Executor. investment and legal counsel, accountants, brokers and other specialists, and, whenever there shall be no corporate Executor in office, a corporate custodian. and to delegate to investment counsel discretion with respect to the investment and reinvestment of any or all of the assets held hereunder. Page 6 of 9 Pages .' . (P) To manage and develop all or any part of any real property that may be owned by my estate, including but not limited to, the power to subdivide (including the dedication of parks,easements or streets, with or without consideration); to obtain the vacation of a plat or adjust boundaries; to submit property to a condominium project and do all acts necessary in connection therewith; to grant options to purchase or to lease; to construct buildings or to alter or remove buildings, and make such improvements to real property as my Executor determines to be appropriate (including improvements not situated directly on the particular real property); to grant easements or encumbrances of any kind, and to release any interest in the property; and to abandon or demolish any property including an interest in real property deemed by my Executor to be worthless or of insufficient value to keep or protect. 11. EXCULPATORY CLAUSES. In the settlement of my estate: (a) My Executor shall not be personally liable for any loss to my estate or to any beneficiary of my estate resulting from an election made in good faith to claim a deduction as an income tax deduction or as an estate tax deduction. ,", :~ (b) In valuing property in my gross estate for the purposes of any Death Tax, my Executor shall not be personally liable for any loss to my estate or to any beneficiary of my estate resulting from my Executor's decision made in good faith to use a particular valuation date. 12. TAX CLAUSE. I direct that each beneficiary of my estate or of "The Lottie Ivy Dixon Revocable Trost" referred to in ITEM 7 hereof shall pay the inheritance, estate and similar taxes becoming due by reason of my death ("Death Taxes") that are attributab Ie to his or her distributive share of my estate or Trust; provided, however. if any property held in any testamentary or inter vivos trust created by my late husband, GEORGE F. DIXON, JR.., is includable in my estate for purposes of any Death Tax, then any Death Tax attributable to the inclusion of any such property in my estate for the purposes of that Death Tax shall be paid out of such property or by the recipients of such property. If any Death Taxes are paid by my Executor, I Page 7 of 9 Pages ..... .....-.. direct my Executor to obtain reimbursement or contribution for any such taxes paid by my Executor. 13. EXECUTOR POWERS REGARDWG BASIS ADJUSTMENT. I hereby authorize my Executor in my Executor's sole and absolute discretion to allocate any adjustments to the income tax basis of assets of my estate to such assets as my Executor deems to be appropriate. I recognize that this power gives my Executor broad latitude which I wish my Executor to exercise while taking into account such factors as my Executor deems beneficial to all of the beneficiaries of my estate. My Executor shall not be'liable for any loss to my estate or to any beneficiary of my estate resulting from such allocation made in good faith. 14. EXECUTOR APPOINTMENT. I hereby appoint my son, MARSHALL 1. DIXON, as Executor of this Will. !ffor any reason Marshall 1. Dixon should fail or cease to act, I appoint my son. GEORGE F. DIXON. ill. as Executor. If for any reason George F. Dixon, ill should fail or cease to act, I appoint my son, RlCHARD E. DIXON, as Executor. All references in this Will to my "Executor" shall refer to my originally appointed Executor or to my successor Executor, as the case may be. Page 8 of 9 Pages ......... .-... . " 'n.. _._......... """_~., ....~.._...H.~ .' 15 . WANER OF BOND. My Executor shall qualify and serve without the duty or obligation of filing any bond or other security. rn WITNESS WHEREOF, I have set my hand and seal to this, my Last Will and Testament, consisting of this and the preceding eight (8) pages, this ~y of . ~,rz,R/u.!t!. r 2005. C? /. /I '" ~ ::J" ~(SEAL) Lottie Ivy Dix . We. the undersigned, hereby certify that the foregoing Will was signed, sealed, published and declared by the above-named Testatrix as and for her Last Will and Testament, in the presence of us, who, at her request and in her presence and in the presence of each other, have hereunto set our hands and seals the day and year above written, and we certify that at the time of tbe execution thereof, the said Testatrix was of sound and disposing mind and memory. l~ 119 ~EAL) .~ ik ~ (SEAL) ~~at:~~ t~~uA7J--- W!- Residing at: ~ 14 fvt" ~ ~ p~ Page 9 of 9 Pages .. .' '. . ....... . .-.............................. ......~. ... ..... . COMMONWEALTIi OF PENNSYLVANIA COUNTYOF ~ We,LOTrIElVYDIXON, ~.L/.. ~ ~K ~ ' the Testatrix and the Witnesses, respectively, whose names are signed to the foregoing instrument, : S8: having been sworn, do hereby declare to the undersigned officer that the Testatrix, in the presence of the Witnesses, signed said instrument as her Last Will and Testament, that she signed voluntarily, that each of the witnesses, in the presence of the Testatrix and of each other, signed said Will as a witness and that to the best of the lmowledge of each witness, the Testatrix was at the time of sound mind and under no constraint or undue influence. -U~ t~ fAr Subscribed and acknowledged before me by LOTTIE NY DIXON, the Testatrix, and SUb~bed and sworn to befureme by ~...v. ~ Blld ~ tt-r~ K ~, the witnesses, on . ~ day of ~ ----' 2005. E~ ~./-"-- o Public y Coomrimon Exprr~: (SEAL) COMMONWEALTH OF PENNSYL\I AN/A Notarial Seal Y~meRDu~I~~~~ ~~nisburg. Dauphin County Exp!,. Aug. 20. 2009 Member, Pennsylvania AIlSOOIallon 01 Notaries COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRIS8URG, PA 17128-0601 . . REV-1162 EX(11-96) RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT NO. CD 008746 DIXON MARSHALL L 1571 BOILING SPRINGS ROAD BOILING SPRINGS, PA 17007 ACN ASSESSMENT CONTROL NUMBER AMOUNT --.-.--- fold ~. 101 $35,000.00 ESTATE INFORMATION: . SSN: 420-42-0697 , . FILE NUMBER: 2107-0686 DIXON LOTTIE IVY 09/27/2007 09/27/2007 CUMBERLAND 06/28/2007 DECEDENT NAME: DATE OF PAYMENT: POSTMARK DATE: COUNTY: DATE OF DEATH: TOTAL AMOUNT PAID: $35,000.00 . :REMARKS: MARSHALL DIXON EXEC \ : CHECK#120 SEAL INITIALS: AJW RECEIVED BY: GLENDA FARNER,STRASBAUGH REGISTER OF WILLS TAXPAYER ESH/lhl/BETH15/ilt5~85 . It .' tl , .\ . ", WI , ,,1 AMENDMENT AND RESTATEMENT OF AGREEMENT OF TRUST THIS AGREEMENT is made and executed this / '~ay of aioJ., f- , 1985, by and between GEORGE F. DIXON, JR., of Fort Lauderdale, Florida (the "Settlor"), and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, a corporation duly formed and existing under the laws of Pennsylvania, with its principal office located in . Harrisburg, Pennsylvania (the "Trustee"). WITNESSETH: WHEREAS, the Settlor and the Trustee entered into an Agreement of Trust dated May 16, 1985 (the "Trust Agreement"); . and WHEREAS, ARTICLE XXI of the Trust Agreement reserves to the Settlor the right to modify, alter or revoke the Trust Agreement in whole or in part by instrument in writing delivered to the Trustee. NOW, THEREFORE, the Settlor hereby amends and completely restates the Trust Agreement to read as follows: e- e ~ ~ ~ ., p ~ ARTICLE I Trust Assets The Settlor, or any other party or person, may from time to time make additional policies of insurance on his life, individual retirement account benefits, Keogh benefits, pension ,plan benefits and/or profit sharing benefits payable to the Trustee, or may transfer other assets to the Trustee, subject to the terms of this Agreement, by inter vivos grant or by Will. The trust assets shall include the proceeds of all insurance policies payable to the Trustee, including those now listed on Schedule A and any subsequently made payable to the Trustee (co1lectively hereinafter called the "Policies"), and all. such other benefits or added assets (collectively the "Trust Assets") and shall be held, administered, distributed and governed by the Trustee, IN TRUST NE~ERTHELESS, in accordance with the provisions of this instrument and any amendments hereto. ARTICLE II During the Settlor's Lifetime During the Settlor's lifetime, the Trustee shall have, hold, manage, invest and reinvest the Trust Assets, collect the income, and payor apply the entire net income as the Settlor may from time to time direct in writing. The Trustee shall also pay to the Settlor such sums from or portions of the principal of the trust as the Settlor ~ay from time to time request in writing delivered to the Trust~e during the Settlor's lifetime. If, in -2- .' . II '0 tI " ~ .. "I the Trustee's opinion, the Settlor is at any time unable to act or apply the payments to the Settlor's best interest and advantage, the Trustee may apply directly to the Settlor's benefit as much of the income and/or principal of the Trust as the Trustee may, from time to time, deem appropriate for the Settlor's welfare, comfort, support or emergency needs and may add to principal as much of the income as the Trustee deems advisable. ARTICLE III Definitions As used herein, the terms "child" or "children". of the Settlor shall refer only to the following-named children of the Settlor: GEORGE F. DIXON, III, RICHARD E. DIXON, MARSHALL L. DIXON and CHARLOTTE ,r. DIXON; and the term "issue" of the Settlor shall refer only to the above-named children and their issue. ARTICLE IV Upon the Settlor's Death Upon the death of the Settlor, the Trustee shall divide and distribute the Trust Assets as follows: (A) The Trustee shall distribute assets in satisfaction of the following specific bequests: (1) The sum of Twenty-five Thousand Dollars ($2~,OOO) to the Settlor's sister, DORIS BALLARD, now of Warren, New Jersey, if -3- . e. e " ~ ~ . ~ she is then living; or, if she is not then living, to her husband, ALAN BALLARD, if he is then living; if neither is then living, such sum shall be distributed under subparagraphs (B) and (C) below. (2) The sum of Twenty-five Thousand Dollars ($25,000) to the Settlor's sister-in-law, MATILDE CARTER, now of Boiling Springs, Pennsylvania, if she is then living; if she is not then living, such sum shall be distributed under subparagraphs (B) and (C) below. (3) The sum of One Hundred Thousand Dollars ($100,000) to the Settlor's daughter, MARYLIN NA~SREDINE, now of New York, New , York, if she is then living; if she is not then living, such sum shall be distributed under subparagraphs (B) and (C) below. (4) The sum of One Hundred Thousand Dollars ($100,000) to each then living child of the Settlor. (B) The Trustee shall place in Trust A (also herein referred to as the "Unified Credit Trust") an amount equal to the balance of the dollar amount not taxed in the Sett~or's estate due to the application to the Settlor's estate of the unified credit for federal -4- .- . ~ r q r . ~ estate tax purposes (the "exemption equivalent") after taking into account the value, for federal estate tax purposes, of the distributions made under the foregoing subparagraph (A) and other transfers made by the Settlor either during lifetime or by Will which utilized or which will utilize a portion of the Settlor's unified credit against federal gift and estate taxes, IN TRUST NEVERTHELESS, to be held, administered and disposed of in accordance with the provisions of ARTICLE V hereof. (C) The Trustee shall place in Trust B (also herein referred to as the "Qualified Terminable Inter- est Property Trust" or the "QTIP Trust") such of the Trust Assets as shall not have been distributed pursu- ant to the preseding subparagraphs (A) and (B), IN TRUST NEVERTHELESS, to be held, administered and disposed of in accordance with the provisions of ARTICLE VI hereof. The personal representative of the Settlor's estate shall have the right to elect on the federal estate tax return prepared on behalf of the Settlor's estate to have a portion or all of the property distributed pursuant to this subparagraph (C) treated as "qualified terminable interest property" in order to qualify such portion or all of the property for the marital qeduction for federal estate tax purposes, which election shall be binding and -5- .- . ~ ~ ~ ~ ~ conclusive upon the Trustee. If the Settlor's personal representative elects to have a portion or all of such assets so qualify, such elected assets may, at the discretion of the Trustee and so long as the election to qualify such assets for the federal estate tax marital deduction is not jeopardized, (1) be held and administered by the Trustee as a separate trust estate with the balance, if any, of the assets which are governed by this subparagraph (C) also held and administered as a separate trust estate or (2) be held and maintained by the Trustee with the non-elected assets as one trust estate. In either case any such trust or trusts shall be held, administered and disposed of in accordance with the provisions of ARTICLE VI her~of. , ARTICLE V Trust A The Unified Credit Trust The Trustee shall have, hold, manage, invest and reinvest the assets of Trust A, collect the income and (A) If the Settlor's wife, LOTTIE IVY DIXON (the , "Settlor's Wife"), survives the Settlor, then beginning at the Settlor's death, and during the lifetime of the Settlor's Wife, the Trustee shall pay over to the Settlor's Wife t~e net income of Trust A in quarterly -6- .- . " ~ ~ ~ installments and such portions of the principal as, in the sole discretion of the corporate Trustee, may be necessary for her maintenance and support and medical and nursing care, taking into consideration any other means readily available for such purposes. (B) Upon the death of the survivor of the Settlor and the Settlor's Wife, the Trustee shall distribute the then remaining principal and any undistributed income: (1) To the Settlor's issue then living, per stirpes; provided, however, that shall any such issue be a child of the Settlor who has not then attained the age of forty years, such child's share shall be retained by the Trustee a~ a separate trust estate, IN TRUST NEVERTHELESS, to be held, administered and disposed of in accordance with ARTICLE VII for the benefit of such child (the "Child's Trust"); and provided, further, that if any such issue shall be other than a child of the Settlor and such issue has not then attained the age of twenty-one years, each such issue's share shall be retained by the Trustee as a separate trust estate, IN TRUST NEVERTHELES~, each to be held, administered and disposed of in accordance with ARTICLE -7- .' . ~ . ~ ~ ~ VIII for the benefit of each such issue (the "Grandchild's Trust"); or (2) If the Settlor has no issue then living, in accordance with the terms of ARTICLE IX hereof. ARTICLE VI Trust B (The QTIP Trust) The Trustee shall have, hold, manage, invest and reinvest the assets of Trust B, collect the income and (A) If the Settlor's Wife survives the Settlor, then beginning at the Settlor's death, the Trustee shall pay over the net income of Trust B to the Set- tlor's Wife during her lifetime in quarterly install- _ments and such portions of the principal as, in the sole discretion of the corporate Trustee, may be necessary for her maintenance and support and medical and nursing care, taking into consideration any other means readily available for such purposes. Upon the death of the Settlor's Wife, the Trustee shall distribute any accumulated income of Trust B to the estate of the Settlor's Wife. (B) Upon the death of the survivor of the Settlor and the Settlor's Wife, the Trustee shall distribute , the principal of Trust B: -8- .' . .' ..' ., (1) To the Settlor's issue then living, per stirpes; provided, however, that shall any such issue be a child of the Settlor who has not then attained the age of forty years, such child's share shall be retained by the Trustee as a separate trust estate, IN TRUST NEVERTHELESS, to be held, administered and disposed of in accordance with ARTICLE VII for the benefit of such child (the "Child's Trust"); and provided, further, that if any stich issue shall be other than a child of the Settlor and such issue has not then attained the age of twenty-one years, each such issue's share shall be retained by the Trustee as: a separate trust estate, IN TRUST NEVERTHELESS, each to be held, administered and disposed of in accordance with ARTICLE VIII for the benefit of each such issue (the "Grandchild's Trust"); or (2) If the Settlor has no issue then living, in accordance with the terms of ARTICLE IX hereof. ARTICLE VII The Child's Trust The Trustee ~hall have, hold, manage, invest and -9- e. e .. . reinvest the assets of the Child's Trust, collect the income and (A) The Trustee shall pay to the beneficiary of the Child's Trust (the "Child") the net income derived from the Child's Trust in installments not less frequently than quarterly and such amounts of the principal, as in the sole discretion of the corporate Trustee, may be necessary for the Child's maintenance, support, medical and nursing care and education, including college and graduate education, taking into consideration any other means readily available for such purposes. (B) If at the time of the creation of the Child's Trust the Child shall have then attained the age set forth below or .if the Child shall thereafter attain that age, the Trustee shall distribute outright to the Child the fractional portion of the then remaining principal of the Child's Trust set forth below: Age .. Fractional Share 25 years 30 years 35 years 40 years One-fourth One-third One-half Bala.nce then remaining (C) If a Child shall die before final distribution of the assets of the Child's Trust is made, the then r~maining principal and any -10- e. e ~ ~ undistributed income of the Child's Trust shall be distributed to the Child's issue then living, per stirpes; provided, however, that if any such issue shall not then have attained the age of twenty-one years, each such issue's share shall be retained by the Trustee as a separate trust estate, IN TRUST NEVERTHE- LESS, each to be held, administered .and disposed of in accordance with the provisions of ARTICLE VIII for the benefit of each such issue (the "Grandchild's Trust"); or if the Child has no issue then living, to the Settlor's issue then living, per stirpes; provided, however, that if any such beneficiary is then a benefi- ciary of a Child's Trust or Grandchild's Trust here- under, the share of such beneficiary shall be added to the principal o,f such Child's Trust or Grandchild's Trust as if an integral part thereof, to be held, administered and disposed of in accordance with the terms thereof. If neither the Child nor the Settlor has issue then living, all such assets shall be distributed in accordance with ARTICLE IX hereof. -11- .' . ~ (A) Until the beneficiary of the Grandchild's Trust (the "Grandchild") shall have attained the age of twenty-one years, the Trustee shall from time to time pay to or for the benefit of the Grandchild such amounts of the net income and principal of the Grand- child1s Trust as, in the sole discretion of the Trustee, may be necessary for the Grandchild's mainte- nance, support, medical and nursing care and education, including college and graduate education, taking into consideration any other means readily available for such purposes. At the end of each year any unexpended income shall be added to the principal of the Grandchild's Trust. (B) After the Grandchild shall have attained the age of twenty-ope years, the Trustee shall distribute the then remaining principal and any undistributed income of the Grandchild's Trust outright to the Grandchild; or if the Grandchild shall have died before attaining that age, the Trustee shall distribute such assets to the Grandchild's estate. ARTICLE IX Contingent Distribution If, at the time for distribution of any trust estate hereunder, the Settlo~ shall have no issue then living, the Trustee shall distribute such assets in equal shares to such of -12- .- . ~ the following persons who are living at the time of distribution: DORIS BALLARD, now of Warren, New Jersey, MATILDE CARTER, now of Boiling-Springs, Pennsylvania, MARYLIN NASSREDINE, now of New York, New York; provided, however, that if Doris Ballard is not living at the time of distribution, the amount which would have been distributed to her if she had then been living (whether 1/3 if all three persons are living at the time of distribution, or 1/2 if only one of Matilde Carter and Marylin Nassredine is then living, or all of the distribution if neither Matilde Carter nor Marylin Nassredine is then living) shall be distributed as follows: (A) Fifty Per Cent (50%) of said distribution to the issue of Doris Ballard, per stirpes, living at the time of distribution. (B) Twenty-five Per Cent (25%) of said distribution to the WEST POINT FUND OF THE ASSOCIATION OF GRADUATES, USMA, West Point, New York. (C) Twelve and one-half Per Cent (12~%) of said distribution to GETTYSBURG COLLEGE, Gettysburg, Pennsylvania. (D) Twelve and one-half Per Cent (12~%) of said distribution to DICKINSON SCHOOL OF LAW, Carlisle, Pennsylvania. If Matilde Carter is not living at the time of distribution, neither she nor her p~rsona1 representative, issue, heirs, or estate shall share in ~aid distribution. If Marylin Nassredine -13- .. .. is not living at the time of distribution, neither she nor her personal representative, issue, heirs or estate shall share in said distribution. ARTICLE X Spendthrift Provision No part of the income or principal of the property held under any trust created hereunder shall be subject to attachment, levy or seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any beneficiary prior to his or her actual receipt thereof. The Trustee shall pay over the net income and the principal to the parties herein designated., as their interests may appear, without regard to any attempted anticipation (except as specifically provided herein), pledging or assignment by any beneficiary under any trust created here- under, and without regard to any claim thereto or attempted levy, attachment, seizure or other process against said beneficiary. ARTICLE XI Trustee Powers During the continuance of any trust created hereunder, the Trustee shall possess, among others, the following powers to be exercised for the best interests of the beneficiaries~ sub- ject, however, insofar as any portion of the QTIP Trust qualified for the federal estat~ tax marital deduction is concerned, to the restrictions set forth below: -14- e. e (A) To retain any investments so long as the Trustee may deem it advisable so to do. (B) To vary investments, when deemed desirable by the Trustee, and to invest in such bonds, stocks, notes, real estate mortgages or other securities or.in such other real or personal property as the Trustee shall deem wise, without being restricted to so called "legal investments." (C) To exercise any outstanding stock option in effect at the Settlor's death, and to borrow any necessary funds from any person or institution, including the Trustee, to mortgage or pledge any or all real or personal property as the Trustee in its sole discretion shall choose without regard for the disposi- tive provisions of this instrument; provided, however, that this provision shall not authorize the mortgaging or pledging of any asset of any portion of the QTIP Trust qualified for the federal estate tax marital deduction. (D) In order to effect a division of the principal of any trust or for any other purpose, including the final distribution of any trust, the Trustee is authorized to make said divisions or distri- butions of the personalty and realty partly or wholly in kind. If such division or distribution is made in kind, said ass~ts shall be divided or distributed at _ their respective values on the date or dates of their division or distribution. In making any division or distribution in kind, the Trustee shall divide and distribute said assets in a manner which will fairly allocate any unrealized appreciation among the beneficiaries. (E) To sell either at public or private sale and upon such terms and conditions as the Trustee may deem advantageous to any trust, any or all real or. personal estate or interest therein owned by any trust severally or in conjunction with other persons or acquired by the Trustee (including selling "short" any right, privi- lege, option or asset), and to consummate said sale or sales by sufficient deeds or other instruments to the purchaser or purchasers, conveying a fee simple title, free and clear of all trust and without obligation or liability of the purchaser or purchasers to see to the application of the purchase money or to make inquiry into the validity of said sale or sales; also, to make, execute, acknowledge and deliver any and all deeds, assignments, options or other writings which may be -15- e. e .. . . necessary or desirable in carrying out any of the powers conferred upon the Trustee in this paragraph or elsewhere in this instrument. (F) To make leases of real estate. (G) To borrow money from any party, including the Trustee, to pay an indebtedness of the Settlor or of the Settlor's estate or trust, expenses. of administra- tion, all estate, inheritance and similar taxes ("Death Taxes") and other taxes; provided, however, that this provision shall not authorize borrowing from any portion of the QTIP Trust qualified for the federal estate tax marital deduction. (H) To pay, in the Trustee's discretion, without reimbursement, all costs, Death Taxes or other taxes, expenses and charges in connection with the administra- tion of the Settlor's estate or trust, and to pay the funeral expenses and the expenses of the last illness of the Settlor; provided, however, that no such costs, Death Taxes, expenses or charges in connection with the administration of the Settlor's estate shall be paid from the assets of any portion of the QTIP Trust qualified for the federal estate tax marital deduction or from the proceeds of any employee benefit plan not includable in the Settlor's gross estate for federal estate tax purposes. (I) To vo'te any shares of stock which form a part of any trust and to otherwise exercise all the powers incident to the ownership of such stock. (J) In the discretion of the Trustee, to unite with other owners of similar property in carrying out any plans for the reorganization of any corporation or company whose securities form a part of any trust. (K) To assign to and hold in any trust an undivided portion of any asset. (L) To select, employ and compensate any person, firm or corporation engaged in rendering investment counsel advice to advise the Trustee in making invest- ments, managing securities or making decisions con- cerning the purchase, retention, sale or other dis~osition of any part of any trust estate hereunder; and to select, employ and compensate any attorney or firm of attorney~ to render legal services to the Trustee with resp~ct to any trust estate hereunder. -16- e. e ~ (M) Only property which is fully eligible for the marital deduction for federal estate tax purposes shall be assigned to the portion of the QTIP Trust qualified for the federal estate tax marital deduction. Notwith- standing anything to the contrary contained in this instrument, the Trustee shall not retain beyond a reasonable time or invest in as an asset of any portion of the QTIP Trust elected to qualify for the federal estate tax marital deduction, any property which may at any time be or become unproductive. ARTICLE XII Intention to Qualify for the Marital Deduction It is the intention of the parties to this instrument to conform to the provisions for the allowance of the marital deduction for federal estate tax purposes. Any provisions of this instrument notwithstanding, the powers granted herein to the Trustee shall be construed in accordance with said intention and shall not be interpreted or exercised so as to disqualify, for federal estate tax ~arital deduction purposes, any portion of the QTIP Trust elected to qualify for the federal estate tax marital deduction. ARTICLE XIII Survival Presumptions Any person other than the Settlor's Wife who shall have died at the same time as the Settlor or under such circunlstances that it is difficult Dr impossible to determine who shall have died first, shall be deemed to have predeceased him. If the Settlor and the Settlqr's Wife shall have died at the same time or under such circumstances that it is difficult or impossible to -17- e. e ~ . .. determine who shall have died first, the Settlor's Wife shall be deemed to have survived him. Any person other than the Settlor who shall have died at the same time as any then beneficiary of income of a trust created hereunder or under such circumstances that it is difficult or impossible to determine who shall have died first, shall be deemed to have predeceased such beneficiary. ARTICLE XIV Trustee's Duties With Respect to Policies The Trustee shall not be obligated to pay any premiums or assessments on any of the Policies and shall be under no obligation with respect to the POlicies, except for safekeeping during the Settlor's lifetime and to the extent otherwise expressly agreed to herein. ARTICLE XV Settlor's Reserved Rights With Respect to Policies With respect to any of the Policies, the Settlor reserves to himself, during his ownership of said Policies and during his lifetime, all rights, payments, dividends, surrender values and benefits of any kind which may accrue on account of any of the POlicies, and the right at any time to assign, pledge or use said Policies, or any of them, or to change the benefici- ary thereof to borrow money thereon, or for any purpose, without , the consent, approval ,pr joinder of the Trustee or any -18- e. e , beneficiary hereunder. It is the intent of the Settlor, with regard to said Policies, that this instrument shall be operative only with respect to the proceeds of such of the Policies as 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 reason of advances, loans, premiums, or otherwise; and the receipt of the Trustee for such proceeds shall release the insurance companies from liability on the Policies. ARTICLE XVI Collection of POlicy Proceeds The Settlor agrees and directs that, upon his death, the proceeds of all Policies which are then subject to t:he terms of this instrument shall be paid in accordance with the direc- tions then set fort~ in said Policies or the beneficiarydesigna- tions then attached thereto. In the event the proceeds of said Policies are payable to the Trustee, the Trustee may institute any proceeding at law Or in equity in order to enforce the payment thereof, and may do and perform any and all other acts and things which may be necessary, for the purpose of collecting any sums which may be due and payable under the terms of said Policies; it being distinctly understood, however, that the Trustee shall not, except at its option, enter into or maintain any litigation to enforce the payment of said Policies until it shall have been guara~teed indemnification by one or more of.the beneficiaries of this ~nstrument to its satisfaction against all -19- e. e . ~ expenses and liabilities to which it may, in its jUdgment, be subjected by any such action. The Trustee is authorized to compromise and adjust claims arising out of the POlicies, or any of them, upon such terms and conditions as it may deem just, and the decision of the Trustee shall be binding and conclusive upon all persons and corporations interested therein. ARTICLE XVII Co-Trustees Upon the death of the Settlor, the Settlor's sons, GEORGE F. DIXON, III, and RICHARD E. DIXON, shall serve with the corporate Trustee as Co-Trustees of each trust hereunder.. If either of them should fail or cease to serve as Co-Trustee hereunder, the survivor of them (or the corporate trustee, in the event that both shou;d fail or cease to serve) shall continue to - serve with all of the powers granted to the Trustee hereunder. ARTICLE XVIII Guardian If at any time any minor shall be entitled to receive ( any assets hereunder, DAUPHIN DEPOSIT BANK AND TRUST COMPANY shall act as Guardian of the assets payable to such minor. The Guardian may receive and administer all assets authorized by law and shali have full authority to use such assets, both principal and income, in any man,ner the Guardian shall deem advisable for the best interests of ~he minor, including college, university, -20- e. e "" " . . . . graduate or other education, without securing a court order. The Guardian shall have all the rights and privileges in its capacity as Guardian as are herein granted to the Trustee as to the trusts created hereunder. ARTICLE XIX Power to Merge Trusts If the Settlor's Wife shall establish, either by her Last Will and Testament or by inter vivos Deed or Agreement, trusts similar to the trusts herein established for the benefit of the Settlor's issue, the Trustee herein shall have the right and power to merge trusts herein established with similar trusts for the same beneficiaries established by the Settlor's Wife and to operate each of the merged trusts as a single trust. ARTICLE XX Surety and Compensation of Trustee Any Trustee shall serve without the duty or obligation of filing any bond or other security and the corporate Trustee shall be entitled to compensation for services in accordance with the standard schedule of fees in effect when the services are rendered. ARTICLE XXI Revocability The Settlor may, by instrument in writing delivered to the Trustee, modify, alter or revoke this instrument in whol~ or -21- .. . "',. . . . . . in part; provided, however, that the duties, powers, compensation and liability of the Trustee shall not be changed without the written'consent of the Trustee. ARTICLE XXII Situs This instrument and any trust created hereunder shall be governed by the laws of Pennsylvania and shall have its situs in Cumberland County, Pennsylvania. IN WITNESS WHEREOF, GEORGE F. DIXON, JR., as Settlor, has hereunto affixed his hand and seal, and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, as Trustee, has caused this Revocable Agreement of Trust to be signed by its (Vice) President and to have its seal affixe;d to and to be attested to by its (Assistant) Secretary, all on the date and year first above written. WITNESS: ~/(:I~/L-L ~ SETTLOR: ~ ~~ ~_.-.-. t: q .. ) ~F~' Dix\n, Jr. ( SEAL) ATTEST: TRUSTEE: -' I DAUPHIN DEPOSIT BANK AND TRUST COMPANY By: -22- . :a~.i..".' .' . . . . .. . .. 411 ." The George F. Dixon, Jr. Revocable Trust WITN~SS : ,~~,1~ ATTEST: (~EAL) ))' ),~, \ i \ ) " I I, ,) ? ~. ) ')) ) , ) ,\ ., r'\"I ,''') ./ .) / 7 'I \ \"." '- ':> , j I, \ ' .> ') ] ~\ >. \ ." .\.'.- SCHEDULE A SETTLOR: ~~~ ~~ .P, (SEAL) Georg~. D~xon~ Jr. ~ TRUSTEE: DAUPHIN DEPOSIT BANK AND TRUST COMPANY By: ~~ fk ~~ ~~~ (Vice) President T rA!!,,,-,S'r &Pr/"",,;,c~A!!: .' . ." fI)-' . ~ f1- .. ......., G'" ~ COMMONWEALTH OF PENNSYLVANIA COUNTY OF I~~?'~ ) ) ) SS: On this, the 194day of aU#'lL~~;;t' notary PUbli~, the underSigned~fficer, , 1985, before me, a personally appeared GEORGE F. DIXON, JR., known to me (or satisfact:orily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seaL ?V!- Public .,.t' "", 'i, ';', \ A --'?:,,- ,',' ;, ' ',' :,' .. . c.." -(,' ". \ Commission / 1/ 1,/'- f . -.:::' 'I : . Expires: :; l'\ \. ;1, . ) '.. . ',\ f.) )1,) /I/l , .,'.' ,,' .', '/. ".) )'1, " . . \,).) r,ll t I " .,.,- .} ( ) ,} I I I ' I ., \.: \ "'.'I!,/,,!.,:", (SEAL) '"". It"'" of. . e. e oil P' . ...~, 41'" :. COMMONWEALTH OF PENNSYLVANIA ) ) SS: ) COUNTY OF DAUPHIN On this, the /~ day of ~"?~~-/ , 1985, before me, the undersigned, officer, personally appeared &u-/t.#'. ~~WhO acknowledged himself/herself to AssIstant Vice President and Trult Offle., be the of DAUPHIN DEPOSIT BANK AND TRUST COMPANY, a banking corporation, and that he/she as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the same on behalf of the corporation by himself/herself as such officer. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~r;~~~~.a17/ N y Public My Commission Expires: ( SEAL) MARY ANN ANDERSON. NOTARY PUBLIC My Commission Expires October 30. 1986 HarrIsburg, PA Dauphin County ATTORNEYS AT LAW . [') h~;f:'nCt-f A..?'i - 1- JJ~fAU1'l JPf~;jJ . . /}i frh ....,.. ~.'.. , ,.. """'\ . RUOADS ,. SINON REVOCABLE AGREEMENT OF TRUST "The Lottie Ivy Dixon Revocable Trust" THIS AGREEMENT is made and entered into this /~ day of a~rJ/-- ,1985. by and between LOTTIE IVY DIXON, of Fort Lauderdale, Florida (the "Settlor"), and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, a banking corporation with its principal office located in Harrisburg, Pennsylvania (the "Trustee"). WITNESSETH: WHEREAS, the Settlor has placed certain assets in the active management and control of the Trustee and said assets are set forth on Schedule A, attached hereto and made a part hereof. WHEREAS, the Settlor may be desirous in the future of placing the active management and control of certain other property in the hands of the Trustee. NOW, THEREFORE, for and in consideration of their mutual covenants and promises, the parties agree as follows: ARTICLE I Trust Assets The Settlor, or any other party or person, may from time to time make policies of insurance on her life, individual retirement account benefits, Keogh benefits, pension plan .. . . ", ~.. l benefits and/or profit sharing benefits payable to the Trustee, or may transfer other assets to the Trustee, subject to the terms of this Agreement, by inter vivos grant or by Will. The trust assets shall include the proceeds of all insurance policies payable to the Trustee, including those now listed on Schedule A and any subsequently made payabl~ to.the Trustee (collectively hereinafter called the "policies"), and all such other benefits or added assets (collectively the "Trust Assets") and shall be held, administered, distributed and governed by the Trustee, IN TRUST NEVERTHELESS, in accordance with the provisions of this instrument and any amendments hereto. ARTICLE II During the Settlor's Lifetime During the Settlor's lifetime, the Trustee shall have, hold, manage, invest and reinvest the Trust Assets, collect the income, and payor apply the entire net income as the Settlor may from time to time direct in writing. The Trustee shall also pay to the Settlor such sums from or portions of the principal of the Trust as the Settlor may from time to time request in writing delivered to the Trustee during the Settlor's lifetime. If, in the Trustee's opinion, the Settlor is at any time unable to act or apply the payments to the Settlor's best interest and advantage, the Trustee may apply directly to the Settlor's benefit as much of the income and/or principal of the Trust as -2- ...... . . the Trustee may, from time to time, deem appropriate for the Settlor's welfare, comfort, support or emergency needs and may add to principal as much of the income as the Trustee deems advisable. ARTICLE III Upon the Settlor's Death Upon the death of the Settlor, the Trustee shall have, hold, manage, invest and reinvest the Trust Assets, collect the income and (A) If the Settlor's husband, GEORGE F. DIXON, JR. (the "Settlor's Husband"), survives the Settlor, then beginning at the Settlor's death, and during the lifetime of the Settlor's Husband, the Trustee shall pay over to the Settlor's Husband the net income of the Trust in quarterly installments and shall pay over to or for the benefit of the group consisting of the Settlor's Husband and the Settlor's children such portions of the principal as, in the sole discretion of " the corporate Trustee, may be necessary for their maintenance, support, education and medical and nursing care, taking into consideration any other means readily available for such purposes. Upon the death of the Settlor's Husband, the Trustee shall distribute any accumulated income of the Trust to the estate of the Settlor's Husband. -3- . ,'t. . . .. --.~- '~"'--._..., "'--"~~""--_.--,.,,,._~ (B) Upon the death of the survivor of the Settlor and the Settlor's Husband and until the tenth anniversary of the Settlor's death, if such anniversary shall not then yet have occurred, the Trustee shall pay over the net income in quarterly installments to the Settlor's issue living from tim~ to time, per stirpes, and such portions of the principal as, in the sole discretion of the corporate Trustee, may be necessary for the main~enance, support, education and medical and nursing care of the then income beneficiaries, taking into consideration any other means readily available for such purposes. (C) After the last to occur of(l) the death of the survivor of the Settlor and the Settlor's Husband or (2) the tenth anniversary of the Settlor's death, the Trustee shall distribute the principal and any undistributed income of the Trust to the Settlor's issue then living, per stirpes; provided, however, that shall any such issue not then ha~e attained the age of twenty~~ne years, such issue's share shall be retained by the Trustee as a separate trust estate, IN TRUST NEVERTHELESS, to be held, administered and.disposed of in accordance with ARTICLE IV for the benefit of such issue (the "Grandchild's Trust"). -4- . ,', . . . -"-"'~-'.-. ~"'-'-"'___'~__.__A""""""''''_'""''__'''~'_''_~_ ARTICLE IV The Grandchild's Trust The Trustee shall have, hold, manage, invest and reinvest the assets of the Grandchild's Trust, collect the income and (A) Until the beneficiary 'of the Grandchild's Trust (the "Grandchild") shall have attained the age of twenty-one years, the Trustee shall from time to time pay to or for the benefit of the Grandchild such amounts of the net income and principal of the Grandchild's Trust as~ in the sole discretion of the Trustee, may be necessary for the Grandchild's maintenance, support, medical and nursing care and education, including college and graduate education, taking into consideration any other means readily available for such purposes. At the end of each year any unexpended income shall be added to the principal of the Grandchild's Trust. (B) After the Grandchild shall have attained the age of twenty-one years, the Trustee shall distribute the then remaining principal and any undistributed income of the Grandchild's Trust outright to the Grandchild; or if the Grandchild shall have died before attaining that age, the Trust~e shall distribute such assets to the Grandchild's estate. -5- . ,.... . . .. -.---.........-.,.. ~.,._-_.-~.'........,----.-.-.........-.-._- ARTICLE V spendthrift provision No part of the income or principal of the property held under any trust created hereunder shall be subject to attachment, levy or seizure by any creditor, spouse, assignee or trustee or receiver in bankruptcy of any beneficiary prior to his or her actual receipt thereoI. The Trustee shall pay over the net -income and the principal to the parties herein designated, as their interests may appear, without regard to any attempted anticipation (except as specifically provided herein), pledging or assignment by any beneficiary under any trust created hereunder, and without regard to any claim thereto or at:tempted levy, attachment, seizure or other process against said beneficiary. ARTICLE VI Trustee Powers During the continuance of any trust created hereunder, the -Trustee shall possess, among others, the following powers to be exercised for the best interests of the beneficiaries: (A) To retain any investments so long as the Trustee may deem it advisable so to do. (B) To vary investments, when deemed desirable by the Trustee, and to invest in such bonds, stocks, - notes, real estate mortgages or other securities or in such other real or personal property as the Trustee shall deem wise, without being restricted to so called "legal investments." -6- . " ! . '. i ' . .' (C) To exercise any outstanding stock option in effect at the Settlor's death, and to borrow any necessary fUhds from any person or institution, including the Trustee, to mortgage or pledge any or all real or personal property as the Trustee in its sole discretion shall choose without regard for the dispositive provisions of this instrument. (D) In order to effect a division of the principal of any trust or.for any other purpose, including the final distributiori of any trust, the Trustee is authorized to make said division or distribution of the personalty and realty partly or wholly in kind. If such division or distribution is made in kind, said assets shall be divided or distributed at. their tespective values on the date or dates of their division or distribution. In making any division or distribution in kind, the Trustee shall divide and distribute said assets in a manner which will fairly allocate any unrealized appreciation among the beneficiaries. (E) To sell either at public or private sale and upon such terms and conditions as the Trustee may deem advantageous to any trust, any or all real or personal estate or interest therein owned by any trust severally or in conjunction with other persons or acquired by the Trustee (including selling "short" any right, privilege, option or asset), and to consummate said sale or sales by sufficient deeds or other instruments to the purchaser or purchasers, conveying a fee simple title, free and clear of all trust and without obligation or liability of the purchaser or purchasers to see to the application of the purchase money or to make inquiry into the validity of said sale or sales; also, to make, execute, acknowledge and deliver any and all deeds, assignments, options or other writings which may be necessary or des~rable in carrying out any of the powers conferred upon the Trustee in this paragraph or elsewhere in this ins~rument. (F) To make leases of real estate. (G) To borrow money from any party, including the Trustee, to pay an indebtedness of the Settlor or of. the Settlor's estate or trust, expenses of administration, all estate, inheritance and similar taxes ("Death Taxes") and other taxes. -7- ,'. . . (H) To pay, in the Trustee's discretion, without reimbursement, all costs, Death Taxes or other taxes, expenses and charges in connection with the administration of the Settlor's estate or trust, and to pay the funeral expenses and the expenses of the last illness of the Settlor. (I) To vote any shares of stock which form a part of any trust and to otherwise exercise all the powers incident to the ownership of such stock. (J) In the discretion of the Trustee, to unite with other owners of similar property in carrying out any plans for the reorganization of any corporation or company whose securities form a part of any trust. (K) To assign to and hold in any trust an undivided portion of any asset. (L) To select, employ and compensate any person, firm or corporation engaged in rendering investment counsel advice to advise the Trustee in making investments, managing securities or making decisions concerning the purchase, retention, sale or other disposition of any part of any trust estate hereunder; and to select, employ and compensate any attorney or firm of attorneys to render legal services to the Trustee with respect to any trust estate hereunder. ARTICLE VII Survival Presumptions Any person who shall have died at the same time as the Settlor or under such circumstances that it is difficult or impossible to determine who shall have died first, shall be deemed to have predeceased her. Any person'other than the Settlor who shall have died at the same time as any then beneficiary of income of a trust created hereunder or under such circumstances that it is difficult or impossible to determine who -8- ..... . . shall have died first, shall be deemed to have predeceased such beneficiary. ARTICLE VIII Trustee's Duties With Respect to Policies The Trustee shall not be obligated to pay any premiums or assessments on any of the Policies and shall be under no obligation with respect to the Policies, except for safekeeping during the Settlor's lifetime and to the extent otherwise expressly agreed to herein. ARTICLE IX Settlor's Reserved Rights with Respect to Policies with respect to any of the Policies, the Settlor reserves to herself, during her ownership of said polici.es and during her lifetime, all rights, payments, dividends, surrender values and benefits of any kind which may accrue on account of any of the Policies, and the right at any time to assign, pledge or use said Policies, or any ,of them, or to change the beneficiary thereoft to borrow money thereon, or for any purpose, without the consent, approval or joinder of-the Trustee or any beneficiary hereunder. It is the intent of the Settlor, with regard to said Policies, that this instrument shall be operative only with respect to the proceeds of such of the policies as may be due and payable to the'Trustee at the time of the death of the -9- . . - Settlor or thereafter, after deduction of all charges against the policies by reason of advances, loans, premiums, or otherwise; and the receipt of the Trustee for such proceeds shall release the insurance companies from liability on the policies. ARTICLE }t Collection of Policy Proceeds The Settlor agrees and directs that, upon her death, the proceeds of all policies which are then subject to the terms of this instr:ument shall be paid in accordance wi th thE~ directions then set forth in said policies or the beneficiary designations then attached thereto. In the event the proceeds of said policies are payable to the Trustee, the Trustee may institute any proceeding at law or in equity in order to enforce the payment thereof, and may do and perform any and all other acts and things which may be necessary, for the purpose of collecting any sums which may be due and payable under the terms of said policies; it being distinctly understood, howeverl that the Trustee shall not, except at its option, enter into or maintain any litigation to enforce the payment of -said. policies until it shall .have been guaranteed indemnification by one or more of the beneficiaries of this instrument to :its satisfaction against all expenses and liabilities to which it may, in its judgment, be subjected by any such action. The Trustee is authorized to compromise and adjust claims arising out of the policies, or any of them, upon such terms and conditions as it -10- - ow . . . I 1 'Il _l I 1 ...~ ~. ,.~~ . may deem just, and the decision of the Trustee shall be binding and conclusive upon all persons and corporations interested therein. ARTICLE XI Guardian' If at any time any minor shall be entitled to receive any assets hereunder, the Trustee shall act as Guardian of the assets payable to such minor. The Guardian may receive and administer all assets authorized by law and shall have full authority to' use such assets, both principal and income, in any manner the Guardian shall deem advisable for the best interests of the minor, including college, university, g~aduate or other education, without securing a court order. The Guardian shall have all the rights and privileges in its capacity as Guardian as are herein granted to the Trustee as to the trusts created hereunder. ARTICLE XII power to Merge Trusts If the Settlor's Husband shall establish, either by his' last Will and Testament or by inter vivos Deed or Agreement, trusts similar to the trusts herein established for the benefit of the Settlor's issue, the Trustee herein shall have the right and power to merge trusts herein established with simi.lar trusts -11- ~..- -""""'..&~ . . for the same beneficiaries established by the Settlor's Husband and to operate each of the merged trusts as a single trust. ARTICLE XIII Surety and Compensation of Trustee The Trustee shall serVe without the duty or obligation of filing any bond or other security and shall be entitled to , compensation for services in accordance with the standard schedule of fees in effect when the services are rendered. ARTICLE XIV Revocability The Settlor may, by instrument in writing delivered to the Trustee, modify, alter or revoke this instrument in whole or in part; provided, however, that the duties, powers, compensation and liability of the Trustee shall not be changed without the written consent of the Trustee. ARTICLE XV Co-Trustees Upon the death of the Settlor, the Settlor's sons, GEORGE F. DIXON, III, and RICHARD E. DIXON, shall serve with the corporate Trustee as Co-Trustees of each trust hereunder.. If either of them should fail or cease to serve as Co-Trustee hereunder, the survivor of them (or the corporate Trustee, in the -12- --- -- . . 'f T 1111'11 .~ , event that both should fail or cease to serve) shall continue to serve with all of the powers granted to the Trustee hereunder. ARTICLE XVI Situs This instrument and any trust created hereunder shall be governed by the laws of pennsylvania and shall have its situs in cumberland County, pennsylvania. IN WITNESS WHEREOF, LOTTIE IVY DIXON, as Settlor, has hereunto affixed her hand and seal, and DAUPHIN DEPOSIT BANK AND TRUST COMPANY, as Trustee, has caused this Revocable Agreement of Trust to be signed by its (Vice) President and to have its seal affixed to and to be attested to by its (Assistant) Secretary! all on the date and year first above written. WITNESS: SETTLOR: ~4r- A {h-~ ~~ Lottie Ivy on (SEAL) TRUSTEE: DAUPHIN DEPOSIT BANK AND TRUST CO~~Y A . . By: ~y di1/Z~ ~~~(Vice)president V- -r,e~~.rr-. e:Pr//<JA: (SEAL) -13- - " , r~ . ~ , WITNESS: . . ~ ,. '.'~ -..........,. - . r. r The Lottie Ivy Dixon Revocable Trust f-,~ ~ ..1__ ~A/lA~ ATTEST: (-M~'t hi . (SE.p_L) SCHEDULE A / SETTLOR: ~~v&<~ TRUSTEE: DAUPHIN DEPOSIT BANK AND TRUST COMPANY IT r Ii th..JlIII'~ (SEAL) By: ~~ f;( ~~. ~~(Vice) Presideht . ~ T.4t::->1- d'r-r'~/~ -,. '. . ,"- "~~,,. '.' ",' . "~ .... .~_.............. ~. ~ STATE OF ~~~7~ h./r~ COUNTY OF . 1 L 1. J 1 r T IH ~TlI (1m 1I11lUll [I In r ) ) ) SS: On thi~, the /I~ day of ~~ ' notary public, the underSig:ed~ficer. before me, a 1985, personally appeared LOTTIE IVY DIXON, known, to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes therein contained. IN'WITNESS WHEREOF, I hereunto set my hand and official seal. .~/ commission Expires: ( SEAL) YVONNE R. FREE1 Harrisburg, Dauphin County a.ty Commission Expires June 19. 19b5 - ,. . ,_ .",:i",.::--.j~~ ", ~t:.1~"iS' .."0 ...":.:.,...., COMMONWEALTH OF PENNSYLVANIA COUNTY OF ~~ ) ) ) 55: On this, the I'~day of ~. ....// , 19..R'J--: be~~me, the undersigned, officer, personally appeared ~~ fi/: ;:tr~/' who ~cknowledged him~elf/hgruolf to be Assi$tant Vlce President and Trust Oille., the . of DAUPHIN DEPOSIT BANK AND TRUST COMPANY, a banking corporation, and that hel-efteas such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the same of t:he corporation by himself/herself as such officer. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ~rAr1{~~ My Commission Expires: ( SEAL) MA~Y ANN A~JOERSON. NOTARY PUBLIC y Com~fsslon ExpIres October 30, 1986 - Hamsburg, PA Dauphin County AVfr McNees Wallace & Nurick LLC . . attorneys at law Certified Article Number 7160 3901 9!45 2641- 0608 ELIZABETH P. MULLAUGH DIRECT DIAL: (717) 237-5243 E-MAIL ADDRESS:EMULLAUGH@MWN.COM SENDERS RECORD March 28, 2008 VIA CERTIFIED MAIL FILt COPy PA Department of Revenue Bureau of Individual Taxes Inheritance Tax Division - EXT Dept. 280601 Harrisburg, PA 17128-0601 RE: Estate of Lottie Ivy Dixon, deceased PA Inheritance Tax Return DOD: June 28, 2007 SSN: 420-42-0697 Dear Sir or Madam: This letter is to request an extension of time to file the Estate's Pennsylvania Inheritance Tax Return that is due by March 28, 2008. Also enclosed is a copy of the Inheritance Tax payment made with the Cumberland County Register of Wills. At this time, the Estate requires additional time to file a complete and accurate Pennsylvania Inheritance Tax Return. We therefore request a six-month extension of time to file the Pennsylvania Inheritance Tax Return pursuant to Section 2136( d) of the Pennsylvania Inheritance and Estate Tax Act (72 P.S. ~9136(d)). If you require any additional information, please do not hesitate to contact me. Thank you. Yours truly, McNEES WALLACE & NURICK LLC EPM/edl Enclosure c: Marshall L. Dixon Stanley A. Smith, Esquire Ivo V. Otto, II, Esquire Thomas P. Gacki, Esquire P.O. Box 1166.100 PINE STREET" HARRISBURG, PA 17108-1166' TEL: 717.232.8000. FAX: 717.237.5300' WWW.MWN.COM COLUMBUS, OH . STATE COLLEGE, PA. LANCASTER, PA. HAZLETON, PA. WASHINGTON, DC USPS - Track & Confirm . . DMHfiWlE. Page 1 of 1 Home I HelD ,"', '.-' .,. ,'.,' ',-".-,-:' .................h............__.........___..................___..... ......~~......._~........._......._..___....._...____._ ...-...---.-...----.........-...~._.....__~._...._._._~.M_.... ......_..._..__._.....___~._.__._ Track & Confirm Search Results Label/Receipt Number: 71603901984526410608 Status: Delivered Track & Confirm Your item was delivered at 9:55 AM on April 1, 2008 in HARRISBURG, PA 17106. Track & Confirm ~ Enter label/Receipt Number. I ~~~~~) C~_~~~~~i"!!!'!~~_F) Notification Track & Confirm byemail Get current event information or updates for your item sent to you or others byemail. (lID>) Site..MaQ Contact Us E2o.m Gov't Services ~ Prlvacy Policy Terms of Use National & Premier Accounts Copyrlght@1999.2007 USPS. All Rights Reserved. . I?~;H b;!p>'\:;'i~,< I',," i>'1-:'4\tt \r~ II'~:'J; No FEAR Act EEO Data FOIA 71bO 3901 9aQS 2bQl DbOa TO: P A Department of Revenue Bureau ofIndividual Taxes Inheritance Tax Division - EXT Dept. 280601 Harrisburg, P A 17128-0601 SE~DER: 3002 - Lewis REF~RENCE: E/O Lottie Dixon (25911-0001) PS Form 3800 Janua 2005 RETURN Postage RECEIPT SERVICE Certified Fee Return Receipt Fee Restricted Delivery Total Postage & Fees US Postal Service Receipt for Certified Mail No Insurance Coverage Provided h ://trkcn:_n.~o Not Use for International Mail ttp n-hm___nnhh -----n_h_n_,.____. ; I liry.do --..-._- ---- -----.-.. ( _ Ih:t~?:~('-.:(.t 1 .. I <';HIX'li,?! ki 5/15/2008 .OMMONWEAL TH OF PENNSYLV. DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES PO Box 280601 HARRISBURG, PA 17128-0601 April 7, 2008 Telephone (717) 787-3930 FAX (717) 772-0412 McNees Wallace & Nurick LLC PO Box 1166 100 Pine Street Harrisburg, PA 17108-1166 Re: Estate of LOTTIE IVY DIXON File Number 2107-0686 Dear Sir or Madam: This is in response to your request for an extension of time to file the Inheritance Tax Return for the above estate. In accordance with Section 2136 (d) of the Inheritance and Estate Tax Act of 1995, the time for filing the return is extended for an additional period of six months. This extension will avoid the imposition of a penalty for failure to make a timely return. However, it does not prevent interest from accruing on any tax remaining unpaid after the delinquent date. The return must be filed with the Register of Wills on or before 09/28/08. Because Section 2136 (d) of the 1995 Act allows for only one extra period of six (6) months, no additional extension(s) will be granted that would exceed the maximum time permitted. Claudia Maffei, Supervisor Document Processing Unit Inheritance Tax Division A V"Y . . McNees Wallace & Nurick LLC Certified Article Number attorneys at law 7160 3901 9845 2641 0592 ELIZABETH D. LEWIS PARALEGAL DIRECT DIAL: (717) 237-5497 E-MAIL ADDRESS:ELEWIS@MWN.COM SENDERS RECORD March 28, 2008 VIA CERTIFIED MAIL (0 ~ 1)). J;...., ~-l)11:.. ') j rs ...._.; /' j'....::::;,.,. I \ ",A., ~I .} ,:~~'.~,/ Ii /" ,." Cumberland County Register of Wills 1 Courthouse Square Carlisle, PA 17013 RE: Estate of Lottie Ivy Dixon, deceased 000: June 28, 2007 Cumberland County File No.: 2007-00686 Dear Register of Wills: Please find enclosed the inheritance tax payment in the amount of Nine Thousand Eighty-Seven 47/100 Dollars ($9,087.47) for the Estate of Lottie Ivy Dixon. Also attached is a copy of the extension request mailed to the PA Department of Revenue, this same date. If you have any questions, do not hesitate to contact me. Thank yqu. Elizabeth D. Lewis Paralegal edl Enclosures c: Marshall L. Dixon Stanley A. Smith, Esquire Ivo V. Otto, Esquire Thomas P. Gacki, Esquire (all w/o encls.) P.O. Box 1166 .100 PINE STREET" HARRISBURG, PA 17108-1166. TEL: 717.232.8000. FAX: 717.237.5300 .WWW.MWN.COM COLUMBUS, OH . STATE COLLEGE, PA . LANCASTER, PA. HAZLETON, PA. WASHINGTON, DC . . 2. Article Number - -. --.-"-- --.- -- -.-- -- -- --.- -- ---- -- -.- -','."---- ---.- I" III IIIIIW III/III. O....gent o Addre.... ry eddrelll dlffarenl from.. 11!!D_l?~.O Ves , ent.r del~.~ .ddre?:~~._~:,:~~ GJ No f \ t--t <::.. I . x..}/; " "', ..'// '., ..' ElO Lottie Dixo~~_LG006I) /3002 - Lewis / 1- !\ 1\ ; ) ! ' 7160 3901'9a45 2641 0592 3. Service Type CERTIFIED MAIL 4. Restricted Delivery? (Extra Fee) 1. Article Addressed to: Cumberland County Register ofWilIs 1 Courthouse Square Carlisle, P A 17013 DYes i ( PS Form 3811, January 2005 Domestic Return Receipt TO: 71603901 9&~5 26~1 0592 Cumberland County Register of Wi~ls 1 Courthouse Square Carlisle, P A 17013 , SENDER: . CE EtO Lottie Dixon (25911-0001) REFEREN : 3002 - Lewis us Postal Service Receipt for Certified Mail PS Form 3800 Janua 2005 RETURN Postage RECEIPT Certified Fee SERVICE Return Receipt Fee Restricted Delivery Totel Postage & Fee CIj No Insurance Coverage Provided 00 Not Use for InternatioMI Mall '....~..-_..-. ............... . . EST. OF LOTTIE IVY DIXON MARSHALL DIXON, EXTR. 60-295 3134303 141 DATE M~ 28} J.~o:;s(, ~ ! ~~:J:E_~s~ e:? k~1 ~, ~ i--r1\>6..T~~~~ ~O I IJIMBfrBank t{;} I 1=:1____ . -.g 8prtngI 0lI00 MEMO +I: 0 3 ~ :. 0 2 q 5 5-: q 8 I. b :. 500 I. 0 III 0 ~ I. I $[ 2~ ory- -:~,~ ?~ A _,- ...~..-....; DOLLARS L!J =_ MBaSdxtTM .-- ~(-, NI' 0864 CHARLOTTE DIXON PO BOX 340 CAMDEN, ME Q4843-0340 52-1451112 ,/ BRANCH 1 . '3t 2--"1 /0 R;. DATIl PAYIDnm f2A- ~ KQ ~ ' """"'':\w ~ , . ~ Y'ev\ u. C... 7".;1 ~~~ I. '3 b . t> ~o..r ~ ~ ~ .3& DOLLARS J~~if~:~ -- (II CAmden Natinna1 Bank RtHIb YO" Om Btud: On. Member FDIC COMPASS SOLUTIONS FOR 1:0 ~ ~ 20 ~ I. 58-: O? 311' ? b8 b 8111 08 b'" .", t ... \ \ \: \ WI' ~~ rl $I rl ~ rl o 0') l"- cY') l"- f- ,~ I :1 lIt . -c:! I :a'. ~.i~ :215 II I)) o o N "- (l) N "- M o 8 ills C8 t') '=t . (l) ~") '=t ~ \(J w ~ o CIl 'r-'! r-'! 'r'l :3 ~ o J.l <II .j.J CIl 'r'l bO <II ~ W ::> I 11I :> 11I 0,;: lJ.. C. ~o: Z~ <:tal COo: I- C:l Z <:t :E .j.J ~ (I) bO III I- Z 11I :E I- 0,;: <:t 0.. 11I C:l <I: 0.. C 11I 0,;: e z ::> I 0,;: U. ::> o 0 a: lJ.. W C:l o Z OC. gj o ..... w C, :r: I ~ I- o ~ ~ ij) ).J, * <:"- * Q. * !ell! ::> ~ C!J iii c W N a: o j: ::> 1'-- <(\ IJ\ !o.. .. ..... .... o c ij) ::> * * * o o ... -.... 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RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT DIXON MARSHALL L 1571 BOILING SPRINGS ROAD BOILING SPRINGS, PA 17007 -------- fold ESTATE INFORMATION: SSN: 420-42-0697 FILE NUMBER: 2107-0686 DECEDENT NAME: DIXON LOTTIE IVY DATE OF PAYMENT: 03/31/2008 POSTMARK DATE: 03/28/2008 COUNTY: CUMBERLAND DATE OF DEATH: 06/28/2007 ACN ASSESSMENT CONTROL NUMBER 101 TOTAL AMOUNT PAID: REMARKS: RECEIPT MAILED TO ATTY CHECK# 773790112-8 SEAL INITIALS: JA RECEIVED BY: TAXPAYER REV-1162 EX(11-96) NO. CD 009477 AMOUNT $422.72 $422.72 GLENDA FARNER STRASBAUGH REGISTER OF WILLS COMMONWEALTH OF PENNSYLVANIA OEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG, PA 17128-0601 . . REV-1162 EX(11-96) RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT NO. CD 009478 DIXON MARSHALL L 1571 BOILING SPRINGS ROAD BOILING SPRINGS, PA 17007 ACN ASSESSMENT CONTROL NUMBER AMOUNT -------- fokl 101 $6,438.43 ESTATE INFORMATION: SSN: 420-42-0697 FILE NUMBER: 2107-0686 DECEDENT NAME: DIXON LOTTIE IVY DATE OF PAYMENT: 03/31/2008 POSTMARK DATE: 03/28/2008 COUNTY: CUMBERLAND DATE OF DEATH: 06/28/2007 TOTAL AMOUNT PAID: $6,438.43 REMARKS: RECEIPT MAILED TO ATTY CHECK# 773790111-0 SEAL INITIALS: JA RECEIVED BY: GLENDA FARNER STRASBAUGH REGISTER OF WILLS TAXPAYER COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG, PA 17128-0601 . . RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT DIXON CHARLOTTE PO BOX 340 CAMDEN, ME 04843-0340 -------- fokt ESTATE INFORMATION: SSN: 420-42-0697 FILE NUMBER: 2107-0686 DECEDENT NAME: DIXON LOTTIE IVY DATE OF PAYMENT: 03/31/2008 POSTMARK DATE: 03/28/2008 COUNTY: CUMBERLAND DATE OF DEATH: 06/28/2007 REMARKS: RECEIPT MAILED TO A TTY CHECK# 0864 SEAL ACN ASSESSMENT CONTROL NUMBER 101 TOTAL AMOUNT PAID: INITIALS: JA RECEIVED BY: TAXPAYER REV-1162 EX(11-96) NO. CD 009479 AMOUNT $211.36 $211.36 GLENDA FARNER STRASBAUGH REGISTER OF WILLS COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG. PA 17128-0601 . RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT DIXON MARSHALL L 1571 BOILING SPRINGS ROAD BOILING SPRINGS, PA 17007 ACN ASSESSMENT CONTROL NUMBER -------- fokJ 101 ESTATE INFORMATION: SSN: 420-42-0697 FILE NUMBER: 2107-0686 DECEDENT NAME: DIXON LOTTIE IVY DATE OF PAYMENT: 03/31/2008 POSTMARK DATE: 03/28/2008 COUNTY: CUMBERLAND DATE OF DEATH: 06/28/2007 TOTAL AMOUNT PAID: REMARKS: RECEIPT MAILED TO A TTY CHECK# 141 SEAL INITIALS: JA RECEIVED BY: . REV-1162 EX(11-96) NO. CD 009480 AMOUNT I I I I I I I I I $2,014.96 $2,014.96 GLENDA FARNER STRASBAUGH REGISTER OF WILLS TAXPAYER EXHIBIT B ..' l' [paae #11 . . ~~ APPRAISAL OF REAL PROPERTY LOCATED AT: 1571 & 1577 Boiling Springs Road Deed Book S18 Page 69 Boiling Springs. PA 17007 FOR: McNees Wallace & Nurick. LLC 100 Pine SI. Harrisburg. PA 17108-1166 AS OF: 8-9-07 BY: Dennis L. Stover PA Certlfiad Residential Real Estate Appraiser Certlflcatlon Number RL 138906 Clauser Real Estate Appraisals PO Box 777 Camp Hill. PA 17001-0777 Fonn GA1- "WlnTOTAL' appraisal software by a la mode, Inc, -l-800-ALAMODE I Paae #21 . . McNees Wallace & Nurlck, LLC 100 Pine St. Harrisburg, PA 17108-1166 Re: Property: 1571 & 1577 Boiling Springs Road Boiling Springs, PA 17007 Borrower: FileNo.: 7-0807 R-1 In accordance with your request, we have appraised the above referenced property. The report of that appraisal Is attached. The purpose of this apprelsalls to estimate the market value of the property described In this appraisal report, as Improved, In unencumbered fee simple title of ownership. This report Is based on a physical analysis of the site and Improvements, a Iocatlonal analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared In accordance with the Unlfonn Standards of Professional Appraisal Practice. The value conclusions reported are as of the effective date stated In the body of the report and contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff If we can be of additional service to you. Sincerely, ~L 5?6 Dennis L. Stover PA State Certlfled Residential Real Estate Appraiser Certification Number RL 138906 Ale No. 7-0807 R-1 s Road Coun Cumberland Stale PA ZI Code 17007 TABLE OF CONTENTS Cover Page ....................................................................................................................................................................................................................... 1 LetIer olTransmlllal .......................................................................................................................................................................................................... 2 Summary of Salient Features .............................................................................................................................................................................................. 3 USPAP Identification ......................................................................................................................................................................................................... 4 Genelal Purpose Residential ....................................................................................................................................... ....................................................... 5 Property History of Subject Property ..................................................... ............................................................................................................................ 8 Subject Photos ................................................................................................................................................................................................................... 9 Subject Photos ................................................................................................................................................................................................................... 10 Subject Photos Inlel1or....................................................................................................................................................................................................... 11 Subject Photos InleI10r .................................................................................................... ................................................................................................... 12 Subject Photos InleI10r .............................................................................................................................................................. ......................................... 13 Subject Photos InteI10r ....................................................................................................................................................................................................... 14 Subject Photos Interior ....................................................................................................................................................................................................... 15 Subject Photos InteI10r ....................................................................................................................................................................................................... 16 Subject Photos InleI10r ....................................................................................................................................................................................................... 17 Subject Photos Interior ....................................................................................................................................................................................................... 18 Subject Photos Interior ....................................................................................................................................................................................................... 19 Subject Photos Interlor....................................................................................................................................................................................................... 20 Plat Map ..................................................................................................... ....................................................................................................................... 21 Deed..................................................................................................................................................................................................................................22 Deed..................................................................................................................................................................................................................................23 Building Sketch (page -1) ................................................................................................................................................................................................. 24 BUilding Sketch (page - 2) ................................................................................................................................................................................................. 25 Building Sketch (page - 3) ................................................................................................................................................................................................. 26 Comparable Photos 1-3 ..................... ........................ ...................................... .................. ................................................................................................ 27 Location Map ........................................ ............................................................................................................................................................................. 28 Intended Use .............................................................................................................................................................. ........................................................ 29 Appraisal Addendum - Special Conditions .......................................................................................................................................................................... 30 Stalement of Umiting Conditions................... .................................................................................................................................................................... 31 Electronic Slgnaturre Compliance ............................................................. ........................................ .................................................................................. 33 Certlflcate ...................................................... ........ ............................................................................................................................................................. 34 Fonn TOCNP - "W1nTOTAL" appraisal software by a la mode, Inc. -l-800-ALAMODE . 1 Paoe #31 . SUMMARY OF SALIENT FEATURES Subject Address 1571 & 1577 Boiling Springs Road Legal Descrtptlon Deed Book S18 Page 69 City Boiling Springs County Cumberiand S1ate PA Zip Code 17007 Census Tract 510059-0117.00 Map Reference 25420 Sale Prtce $ NA Date of Sale NA Borrower/Cilent Lender McNees Wallace & Nurick, LLC Size (Square Feet) 5,072 Prtce per Square Foot Location Suburban Age 225 Condition Avg Total Rooms 10 Bedrooms 6 Baths 3.5 Appraiser Dennis l. Stover Date of Appraised Value B-9-07 Rnal Esfimate of Value $ 710,000 Form SSD - 'WInTOTAL' appraisal software by a la mode, Inc. -1.800-ALAMODE GEORGE CLAUSER / Page #4/ Rle No. 7-0807 R-1 Stale PA Zl Code 17007 APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is l!IIl! of the followtng types: o Self Contained (A wrltten report prepared under Standards Rule 2-2(a), persuant to the Scope of Wor1<, as disclosed elsewhere In this report.) IZI Summary (A wrltten report prepared under Standards Rule 2-2 (b) , persuant to the Scope of Wor1<, as disclosed elsewhere In this report.) o Resblcted Usa (A wrltten report prepared under Standards Rule 2-2(c), persuant to the Scope of WOr1<, as disclosed elsewhere In this report, restricted to the stated Intended use by the specified client or Intended user.) Comments on Standards Rule 2-3 I certify that, to the best 01 my knowledge and belief: . The statements oIfect conlaIned In this report are true and correct . The reported analyses, opinions, and conclusions are limned only by the reported assumptions and limiting condlUons and are my personal, impartial, and unbiased profeSSional analyses, opinions, and conclusions. .1 have no (or the specmed) present or prospective Interest In the property that Is the subject 01 this report and no (or the specmed) personal Interest With respect to the parties Involved. ., have no bias With respect to the property that Is the subject of this report or the parties Involved With this assignment. . My engagement In this assignment was not contingent upon developing or reporting predetennlned results. . My compensation for completing this assignment Is not contingent upon the development or reporting 01 a predetermined value or direction In value that favors the cause 01 the client, the amount 01 the value opinion, the attainment 01 a stipulated result, or the occurrence 01 a subsequent event dlrecUy related 10 the Intended use 01 this appraisal. . My analyses, opinions and conclusions were developed and this report has been prepared, In conformtty With the Uniform Standards 01 Prolesslonal Appraisal PracUce. . I have made a personallnspecUon 01 the property that Is the subject 01 this report. . No one provided slgnmcant real property appraisal assistance 10 the person signing this certlflcaUon. (II there are exceptions, the name 01 each IndlYtdual providing slgnmcant real property appraisal asslslance Is staled elsewhere In this report.) Comments on Appraisal and Report Identification Note anyUSPAP related Issues requiring disclosure and any State mandated requirements: SCOPE OF WORK APPRAISER: SUPERVISORY APPRAISER (onl, " required): Signature: "V-- 1. ~ Name: Dennis L. Stover Date Signed: 8-29-07 State Certmcauon #: RL 138906 or Slate License II: State: PA Expiration Date 01 Certlflcauon or License: 6/30/2009 EffecUve Date 01 Appraisal: 6-26-07 Signature: Name: Date Signed: State CertIIlcaUon II: or Slate License II: Slate: ExplraUon Date 01 CertlflcaUon or License: Supervisory Appraiser Inspectton 01 Subject Property: o Old Not 0 Extertor-only from street 0 Intertor and Extertor Form 1006 - "WInTOTAl' appraisal software by a la mode, inc. - t-800-ALAMOOE S I-Paae #51 R rt GEORGE CLAUSER ,RESIDE APP~SALSUMMARYRE T ummary epo FIleNo.: 7-0807 R-1 ProoerlY Addre 1 & 15n Bollino Sprlnos Road CIIV: Boili s StaI8: PA liD Code: 17007 County: Cumberfand Legal DescrilJ\lOfl: Deed Book S 18 Paae 69 Assessor's Parcel #: 22-11-0284-016 Tax Year: 07-08 R.E. Taxes: $ 6 585 Special Assessments: $ NA Current OWner of Recard: Lottie Iw Dixon OccuPant: IXI Owner U Tenant U Vacant I r l Manufactured Housing Prolect Type: r l Poo r l Condominium 0 Cooperative LJ Other (describe) HOA: $ NA n per year [ ] per month Markel Area Name: Monroe Township Mao Reference: 25420 Census Tract 510059-0117.00 The purpose of this appraisal Is to develao an oalnlan of: IXI Markel Value (as deflnedl, or fl othertvoe of value (describe) This report reflects the following value (If not Current, see commentsl: I I Current (the Inspection Dale Is the Effective Dale) I:><J Retrospective [J Prospective ges develooed for this amnlsal: I5a Sales ComparisOfl Approach U Cost Aooroach n Income Approach (See Reconciliation Comments and Scope of Work) Rlahts Appraised: IXI Fee Simple [J Leasehold [J Leased Fee I I Other (describe) Intended Use: The Intended use of this appraisal report is for the client to evaluate the property that Is the sublect of this appraisal to establish a fair market value. Intended User(s) (by name or type): The Intended user of this appraisal renort Is the client and no other users are Intended. Cllenl: McNees Wallace & Nurick LLC Address: 100 Pine St. PO Box 1166 Harrfsbura. PA 17108-1166 AIlPralser. Dennis L. Stover Address: P. O. Box 777 Camp Hili PA 17001-0777 Location: \d Urlban I:><J Suburban U Rural P=mlnant One-Unit Housing PllIaant Land Use Change In Land Use BUlttup: DOver 75% I:><J 25-75% 0 Under 25% cupancy PRICE AGE One-Untt 80% o Not Ukely Growth rate: o Rapid I:><J Stable o Slow [8J Owner $(000) (yrs) 2-4 Untt 5% o Ukely' [8J In Process' Property values: [8J Increasing o Stable o Declining o Tenant 70 Low 0 Multl-Untt 5% . To: vacant land to Demand/supply: [8J Shortage 0 In Balance 0 Over Supply [8J Vacant (0-5%) 850 Hlah 250 Comm'l 5% residential development Marf<eIlna time: [X] Under 3 Mos. 0 3-6 Mos. 0 Over 6 Mos. 10 Vacant (>5%) 145 Pred 35 Vacant 5% Marf<el Area Boundaries, Description, and Marf<et Conditions OncltJdlng support for the above characteristics and trends): Market conditions in the sublect nelahborhood are considered moderately active with low mortaaae Interest rates belna the prfmary catalyst. Sales In recent weeks have been moderately active. Various styles are for sale within 5 miles and are In competition with the subject. Typical flnanclno for residential properties Includes 80% to 90% loan. 1-3 points, 5.5-6.5% mortaaae Interest rates for up to 30 years. Typical marketlno time is between 90 and 180 days. DImensions: See attached deed SIIe Area: 3.5 Acres MIL I I Comer Lot I I Cui de Sac Zoning Classification: SR Description: Suburban Residential Topography Avo Zoning Compliance: [8J Legal r l Leaal nonconforming (grandfathered) [J IIleoal f l No zonlno Size Avo Utllltles Public Other DescriptiOfl Off-aIte Improvements Type Public Privale Shape Irr8lJular Electricity [8J 0 200 AMP Streel Macadam [8J 0 Drainage Avo Gas 0 0 NA CurblGutter None 0 0 View Good Creekfront Waler 0 I:><J Well Sidewalk None 0 0 landscaping Avo Sanitary Sewer 0 [8J Septic Streel Lights None R B Storm Sewer 0 I:><J NA Allev None FEMA Spec'l Rood Hazard Area Yes I5a No FEMA Rood Zone C FEMA Map # 420364OOO5B FEMA Mao Dale 12/411979 Highest & Best Use as Improved: [8J Present use, or o Other use (explain) Actual Use as of Effective Date: Residential Use as appraised In this report Residential Summary of Highest & Best Use: The hlahest and best use of the subject is the present use. SIIe Comments: There are no apparent easements, encroachments. special assessments, slide areas or i1181Jal or l8IJal nonconformino uses known. General Deacrtptlon Exterfor DeacrfpUon Foundation Ba-' UNone Heating # ofUntts ~ o Acc.Untt Foundation Stone Slab 0 Area Sq. R. 2098 Type Steam # of Stortes 2.5 Exterior Walls Stone Crawl Space 0 % Rnlshed 70% Fuel Oil Type [8J Del. 0 All. 0 Roof Surface FG/Shnal Basement 100% CeIling Susfrile Design (Style) Traditional Gutters & OWnspts. Galvanize Sump Pump 0 None Walls Pan/Stone Cooling [8J ExIsting 0 Proposed 0 Und.COfls. Window Type DblHuno Dampness o No Evidenc Roor Cnl/ConNin Central NA Actual Age (Yrs.) 225 Stomv'Screens NA SelIIement No Evidence Outside Entry Yes Other Window Effective Age (Yrs.) 15 Infestation No Evidence Interfor DeacrfpUon AppllallCll Allie AmenlUea Car Storage o None Roors Cpt/PlankfTile Refrigerator 0 None [8J Rreplace(s) # 3 Woodstove(s) # Garage # of cars ( 6 Tot.) Walls Plaster Range/Oven [8J Stairs 0 PaUo NA Attach. NA Trim,lFinlsh Wood Disposal [8J Drop Stair 0 Deck NA Detach. ~ Bath Roor Ceramic Tile Dishwasher [8J Scuttle 0 Porch Front/Ene Side BIt.-ln NA Bath Wainscot Ceramic Tile FarVHood 0 Roor 0 Fence NA Carport 2 Doors Wood Microwave [8J Heated 0 Pool NA Driveway 2 WasherlDrver 0 Rnlshed D Surface Macadam Finished area above orade contains: 10 Rooms 6 Bedrooms 3.5 Bath(s) 5 072 Square Feet of Gross L1vlno Area Above Grade Additional features: Dwelllna appears to be well maintained with aood housekeeplno. Describe the condition of the property Oncludlng physical, functional and external obsolescence): Subject is a traditional style dwellino In averaae condition with a two car aaraae. The subject was built in 1782 and is of stone construction and has been modernized over the years. PhySical: Depreciation due to aae and condition. Functional: None External: No adverse Iocational features noted. This rellOrt is NOT a home inspection end the appraiser only performed a visual inspection of accessible area and that the appraisal cannot be relied UllOn to disclose conditions and/or defects in the property. m;)RESIDENTIAL CopyltghtCl2007 by . II mod" Inc. ThI.1onn may be reproduced unmodlfled _ _ pennj.slon, however, all mode, Inc. Il1Isl be aelcnowledged and credited. Form GPRES - 'WlnTOTAL' appraisal software by a la mode,lnc. -l.800-ALAMODE 112007 Date: PrIce: Soun;e(s): SALES COMPARISON APPROACH TO VALUE (If develoDedl 1 I The Sales Comparison Approach was not developed for this apl ralsal. FEATURE 1 SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 1571 & 1577 Boiling Springs ROI 108 Creek Rd. 231 W. Ridge Rd. 29 S. Old Stonehouse Rd. Bollinn Sori lOS. PA 17007 Camo Hili Dlllsbum Carilsle :::etoSUblect 1~~;f~~;t!i;\\Wi~~~~ miles NE $ ..60000~$ '. ". .... 570()OO~$ 550 Sale Pr1ce/GLA $ /sa.ft.$ 133.69/so.ft.l~f~!j~\~;,':~(~(~ii~ $ 126.39/sa.ft.l~i;;i~'!WSk7:':hiJj~ III Data Source(s) Insoeclion CPML Courthouse Realtor CPML Courthouse Realtor CPML Courthouse Realtor Vertflcatlon Source(s\ NA Realtor Realtor NA VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +(-1 $ Adjust DESCRIPTION +(.) $ Adlust. DESCRIPTION Sales or Ananclng NA Conventional Conventional Conventional Concessions NA None Known None Known None Known Rights Appraised Fee Simole Fee Slmole Fee Slmnle Fee SlmDle Date of Salll/Time NA 5122/06 MT 10 +5 000 12/14/06 MY 38 +5 000 B/30105 MT 58 Location Suburban Suburban Suburban Suburban Site 3.5 Acres MIL 2.40 Acres +10000 5.60 Acres -10000 18.15 Acres View Good Creekfront Inferior +15000 Inferior +15000 Inferior Design (Style) Traditional Farm House Farm House Farm House Quality of Construction Avo Avo Avo Avo Actual Age 225 188 242 149 Condition Avo Eaual Enual Avo Restorad Above Grade Total 1 Bdrms.1 Baths Total 1 Bdrms.1 Ba1l1s Total I Bdrms./ Baths Total IBdrms.l Baths Room Count 10 1 6 1 3.5 9 1 4 1 4.5 -4000 7 1 4 1 3.2 -2000 7 1 4 1 2 +6 000 Gross LMng Area 5072 sq.ft. 44BB sa.ft. +20440 4510 sa.ft. +19670 2660 sa.ft. +84 420 Basemant & Anlshed Full Part Finished Full Unfinished Full Part Finished Partial Unfinished Rooms Below Grade 2 RRlLaulMech StoraaeIMech +5 000 FRlStoraae +4 000 StoraneIMech Functional Utilltv Avo Ava Ava Ava Heatinw'Coollna Oil Steam EHP/GHW/CA -5000 OFWNCA -5000 ProoFWNCA Enerav Efficient lIems Insulation Insulation Insulation Insulation Garage/Carport 2 Det12 Car carport 2 Car Detached +2 000 2 Car Detached +2 000 NA Porch/PatiO/Deck Porch/Ene Porch Porches Porch/Deck/Patio Porch Areplace 3 FP 4 FP -2 000 4 FP -2 000 1 FP Out bulldlnas 1040 SaFt Gst Hse NA +70 000 Bam/Stable +60 000 Bam/Stable Inaround DOOl NA Inground Pool -7500 NA NA . ,RESIDE L APPRAISAL SUMMARY RE My research did not reveal any prior sales or transfers of the subject property for the Data Soun;e(s): CCTAO 1 st Prior Sublect SalelTransfer Analysis of SalelTranster History: Date: Not In the last PrIce: three vears. Source(s): CCTAO 2nd Prior Sublect Sale!Transfer Summary Report iT FIleNo.: 7-OB07 R-1 prior to the effec1lve date of this appraisal. I Paae #61 +(-) $ Adlust +10000 -20 000 +15000 -5 000 +6 000 +2 500 +4 000 +60 000 Net Adjusbnent (Totall + - 1$ 10B940~l- 1$ 86670~- $ ~~PrICe ~ of Comparables $ 708940 ;}['.!;:i.1$ 656 670 $ Summary of Sales Comparison Approach Sales used were all reasonably similar style dwelllnQs In the same nelQhborhood and subiect to reasonably similar amenities. Adlustments were based on market extraction andlor ludQment. The Indicated value ranQe on the above Qrid extends from $656.670 to $712.920. The indicated market value Is estimated to be less than the upper end of the value ranQe and at $710,000. Indicated Value bv Sales ComDarlson ADDroBCh $ 710000 ~RESIDENTIAL 162920 712920 CopyrighlC 2007 by ala mode,lnc. This loon may be reproduced ""modfl.d wIIhout _ porm/ss1on, hoWOYOf, . Ia mod.,Inc. IIIJst be actcnowtodgod .nd _. Farm GPRES - 'WInTOTAL' appraisal software by a la mode, Inc. -1-BOO-ALAMOOE 1/2007 I Paae #71 '. . Summary Report RESIDE APPRAISAL SUMMARYRE J FIleNo.: 7-0807 R-1 COST APPRO ALUE (If develolll!dl IXI The Cost Aooroach was not develooed 10 Isal. ProvIde adeauale Inlonnatton lor renllcatton 01 the lollowlng cost ligures and calculattons. Support lor the opinion 01 site value (summary 01 comparable land sales or other methods lor estimattng site value): CCTAO ESTIMATED il REPRODUCTION OR rl REPlACEMENT COST NEW OPINION OF SITE VALUE ............. _un._n... ._..un _ ___'''hoO ........... =$ 100 000 Source 01 cost data: NA DWELLING SoR @ $ ....... =$ QuaHtv rattna tram cost selVlce: NA Effective date 01 cost data: NA S R@$ ....... =$ Comments on Cost Approach {oross lIv1na area calculations, depreclatton, etcI ~ .Ft@$ ....... =$ "The reoort reouests the Renroductlon Cost aDoroach which reauires 1 .Ft@$ ....... =$ the construction of an exact renllce Includlna the same materials 1 .Ft.@$ ....... =$ methods and worlunanshlD and must Include anv exlslina functional ... .. =$ obsolescence. This would be mlsleadlno and makes this method Garage/Caroort SaR @ $ ....... =$ mlsleadlno. The ReDlacement Cost aD"roach mioht be more Total Estimate 01 Cost-New ....... =$ aooro"riate but It reaulres retllacemenl uslna modem materials methods Less PhVSIcaI I Functional I External and workmanshlD. Dlus the elimination of anv Dresent functional Depreciation I I =$( dAnreclatlon. This too would be mlsleadlna. and the CostA;.-;roach Is Depreciated Cost oIlmorovements ........... ................................ -$ therefore mlsleadlnn.. "As-Is" Value 01 SUe Imorovements n.__.........._________......... .......... =$ =$ =$ Estimated Remalnina Economic LIIe 01 reaulred): Years INDICATED VAWE BY COST APPROACH ................... ................ =. INCOME APPROACH TO VALUE llf develolll!dl IXI The Income ADoroach was not develDll8d lor this anoralsa!. Estimated Monthly Mar1<et Rent $ NA X Gross Rent MultiDlier NA =$ Indicated Vllue by Income ~ Summary D1lncame Approach Oncludlng support lor market rent and GRM): PROJECT INFORMATION FOR PUOSTIf IDIlllcable L J The Sublect Is Dart 01 a Planned UnU DeveloDment. Leoat Name 01 Proiect Describe common elements and recreallonallaclllUes: Indicated Vllue by: SaIee Comparison Approech $ 710 000 COlt Approach (If developed) $ NA Income Approach (If dev8/oped) $ NA Anal Reconciliation Insufficient market data was available to process the Income Approach. The Sales Comparison Approach Is deemed most reliable and !liven !Ireatest wel!lht. This appraisal Is made ~ "as Is", o subject to completion per plans and speclllcations on the basis 01 a Hypothetical Condition thai the Improvements have been completed, 0 sublect to the lollowlng repalrs or aIIerallons on the basis 01 a Hypothetical Condition thai the repairs or alterations have been completed, 0 subject to the lollowlng required Inspection based on the Extraordinary Assumption that the condition or deficiency does not require aUeratton or repalr: If property Is sold. sublecl to satisfactory well. septlc.termlte and radon certifications wtth appralsad value basad on clear test results. l This report Is also subject to other Hvpothetical Conditions and/or Extraordinary AssumPtions as sDecllled In the alIached addenda. Based on the degree of Inapectlon of the aubject property, II Indicated below, deflned Scope of Work, Statement of AnumpUona Ind Umlling CondIUona, and Appralser'a Certtftcaliona, my (our) Opinion of the Market Vllue (or other apecmed vllue type), II deflneli herein, of the real property thltla the subject of thll report la: $ 710,000 ,II of: 6-28-07 , which la the effecllve dale of thla appraJaal. If Indicated lbove, thla Opfnlon of Value la aubject to Hypothetical CondlUona end/or ExtraordInary AeaumpUona Included In thla report See 8Itached addenda. A true and complete copy 01 this report contains ~ pages, Including exhlblls which are considered an Integral part 01 the report. This appraisal report may not be prope~y understood wllhout reference to the Inlonnallon contained In the complete report. Attached Exhlblls: ~ Scope 01 Wor1l ~ Limiting CondJCertlllcattons o Hypothetical Conditions o Extraordinary Assumptions o Narrative Addendum ~ Sketch Addendum ~ Locatton Map(s) o Rood Addendum o Additional Sales o Cost Addendum n Manu!. House Addendum n n n Fi Client Contact Elizabeth D. Lewis Client Name: McNees Wallace & Nurlck. LLC E-Mail: elewlsilI)mwn.com Address: 100 Pine SI. PO Box 1166 Harrisburo. PA 17108-1166 APPRAISER SUPERVISORY APPRAISER (If required) or CO-APPRAISER (If applicable) U-L ~ Supervisory or Appraiser Name: Dennis L. Stover Co-Appraiser Name: Company: Clauser Real Estate Appraisals Company: Phone: (717) 737-7300 Fax: (717) 730-0922 Phone: Fax: E-Mail: dstovermax@comcasl.net E-Mall: Dale 01 Report (Signature): 8-29-07 Date 01 Report (Signature): License or Certlflcallon #: RL 138906 Stale: ~ License or Certlllcallon #: Stale: Explratton Date 01 License or Certlflcallon: 6/30/2009 Expiration Date 01 License or Certlllcatton: - Inspection 01 Subject ~ Intertor & Extertor o Extertor Only o None Inspection 01 Subject: o Interior & Extertor o Exterior Only o None Date 01 Inspection: 6-9-07 Date 01 Inspection: rm1 RESIDENTIAL CopyrlghtCl2007 by ala mode, Inc. ThIs foon may ba replO<hJcsd lIIITlOdIfIsd __ penr/n1on, howeY8f, ala modo. Inc. must ba aclcnowlsdged and _. Fonn GPRES - 'WInTOTAL' appraisal software by a la mode, Inc. -1-8oo-ALAMODE 112007 GEORGE CLAUSER I Page #81 Ale No. 7-0807 R-1 Cumberland State PA ZI Code 17007 PROPERTY HISTORY OF SUBJECT PROPERTY In developing a real property appraisal, when the value opinion to be developed Is market value. an appraiser must, If such Information Is available to the appraiser In the nonnal course of business: (a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal. (b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal. The appraiser has attempted to obtain specffic Infonnallon on the subject property with the following findings; C8:I The subject property has had no change of ownership In the past three (3) years. C8:1The subject property has had no change of ownership In the past five (5) years. o The subject property Is currently under contract Details of the pending purchase are summarized below. o The subject property Is currently offered for sale: The listing price Is $ o The subject property has been sold In the past three (3) year period. Details of the previous sale(s) are disclosed below. Safe/Recordlnu Date Sales PrIce UstlAsklna Price GrantorlGrantee Data Source o The subject property Is proposed construction and Is not currenUy being offered. o A previous sales history of the subject property could not be obtained by the appraiser In the nonnal course of business. Comments: Fonn PHS2 - "WInTOTAL' appraisal software by a la mode, Inc. -l-S00-ALAMODE Subject Photo 1 Paae #91 State PA Code 17007 Subject Front 1571 & 15n Boiling Springs Road Sales PI1ce NA Gross LMng Area 5,072 Total Raams 10 Total Bedrooms 6 Total Bathrooms 3.5 Location Suburban View Good Creekfront SIte 3.5 Acnes MIL auallty Avg Age 225 Subject Rear Subject Street Fonn PICPIX.SR - 'WInTOTAL' appraisal software by a Ia mode, Inc. - 1-800-ALAMODE Subject Photo P. I Paae #101 S1ate PA ZI Code 17007 Guest House Front 1571 & 1577 Boiling Springs Road Sales Price NA Gross LMng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 Location Suburban VIew Good Creekfront Site 3.5 Acres MIL Quality Avg Age 225 Guest House Rear Guest House Street Form PICPIX.SR - 'WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE I Paae#111 State PA Code 17007 Subject Interior 1571 & 1577 Boiling Springs Road Sales P~ce NA Gross Llvtng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Ba1hrooms 3.5 location Suburban VIew Good Creekfront Site 3.5 Acres MIL Quality Avg Age 225 SubJect Interior Subject Interior Fam1 PICPIX.SI- 'WlnTOTAL' appraisal saftware by a la made, Inc. -1-800-AlAMODE I Paae #121 State PA ZI Code 17007 Subject Interior 1571 & 1577 Boiling Springs Road Sales Price NA Gruss UvIng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 Location Suburban VIew Good Creekfront Site 3.5 Acres MIL Quall1y Avg Age 225 Subject Interior SubJect Interior Form PICPD<.SI- 'WinTOTAL' appraisal soltware by a la mode, Inc. -l-800-ALAMODE Subject Interior Ph Cou Cumberland 1 Paae #131 ge S1ate PA ZI Code 17007 Subject Interior 1571 & 1577 Boiling Springs Road Sales PrIce NA Gross living Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 location Suburban View Good Creekfront Sfte 3.5 Acres MIL Quality Avg Age 225 Subject Interior Subject Interior Form PICPf)CSI- "WInTOTAl' appraisal sollware by a la mode, Inc. -l-BOO-AlAMODE 1 Paae #141 Subject Interior Ph age s Road Cou Cumberland Slate PA ZI Code 17007 SubJect Interior 1571 & 1577 Bolling Springs Road Sales PrlC8 NA Gross Uvlng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 L~on SuburtOan VIew Good Creekfront Site 3.5 Acres MIL Quality Avg Age 225 SubJect Interior SubJect Interior Form PICPIX.SI- 'W1nTOTAL' appraisal software by a la mode, Inc. -1-80O-ALAMODE Subject Interior Ph Cou Cumberland I Paae #151 age Stale PA ZI Code 17007 SubJect Interior 1571 & 1577 Boiling Springs Road Sales PrIce NA Gross UvIng Area 5.072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 L~on Subunban VIew Good Creekfront SRe 3.5 Acres MIL Quality Avg Age 225 Subject Interior Subject Interior Form PICPDCSI- 'WInTOTAL' appraisal software by a la mode,lnc. -1.800.ALAMODE Coun Cumberland 1 Paae #161 State P A ZI Code 17007 Subject Interior 1571 & 1577 Boiling Springs Road Sales Price NA Gross Llvtng Area 5.072 Total Rooms 10 Total Bedrooms 6 Total Ba1hrooms 3.5 LocaUon Suburban VIew Good Creekfronl SlIe 3.5 Acres MIL Quality Avg Age 225 Subject Interior Subject Interior Form PICPDCSI- 'W1nTOTAL' appraisal software by a la mode, Inc. -l-800-ALAMODE rPaae #171 State PA ZI Gode 17007 Subject Interior 1571 & 15n Boiling Springs Road Sales Prtce NA Gross UvIng Area 5,072 TDlaIRooms 10 T DIal Bedrooms 6 TataI Bathrooms 3.5 Location Suburban View Good Creekfront Site 3.5 Acres MIL Quality Avg Age 225 Subject Interior Subject Interior Form PICPDCSI- 'WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE Slate PA I Page #101 ZI Gode 17007 Subject Interior 1571 & 1577 Bolling Springs Road Sales PrIce Gross UYing Area Total Rooms Total Bedrooms Total Bathrooms LocaUon View Site Quality Age Fonn PICPIX.SI- 'W1nTOTAL' appraisal software by a la mode, Inc. -1-000-ALAMODE NA 5,072 10 6 3.5 Suburban Good Creekfront 3.5 Acres MIL Avg '225 Subject Interior Subject Interior Subject Interior Ph s Road Cou Cumberland I Page #191 Stale PA ZI Code 17007 Guest House Interior 1571 & 1577 Boiling Springs Road Sales Pr1ce NA Gross lMng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Balhrooms 3.5 location Suburban VIew Good Creekfront Site 3.5 Acres MIL Quallty Avg Age 225 Guest House Interior Guest House Interior Fonn PICPIX.SI- 'WlnTOTAl" appraiSal software by a la mode, Inc. -1-800-ALAMODE I Page #201 Subject Interior Ph age s Road Gou Cumberland State PA ZI Gode 17007 Guest House Interior 1571 & 15IT Boiling Springs Road Sales Price NA Gross LMng Area 5,072 Total Rooms 10 Total Bedrooms 6 Total Bathrooms 3.5 location Suburban VIew Good Creekfront Site 3.5 Acres MIL Quality Avg Age 225 Guest House Interior Guest House Interior Form PIGPIX.SI- 'W1nTOTAl' appraisal software by a la mode, Inc. -1.800.AlAMODE 1 Paae #211 State PA ZI Code 17007 Fonn MAP.PLAT - 'WInTOTAl" appraisal software by a fa mod I e, nc. - 1-800-AlAMODE 1 Paae #221 Deed Cou Cumberland State PA ZI Code 17007 .--.. . '="~':="'I::'_"'c_ mS t8N 69 ."Cf~ 1r;bi~ l\ttb~' ..., b.J- i.'S ...._ fifty-.ight. .AIm t'D iJ tJ et_l.enl_ __........_ ..,........ MARY C. lIHARTON. widOll. of tho CUr of H'l'rhbu~. Daaphia County, P......ylY.lI!.e. ~, DOll GmHGE F. DIlllJN. JR. .1Id LOmE IvY D1l<<lN. hls wif.. of AD i. Cedill., Oaberlend COunty, Pe.....ylv.nia, ~H,IW I.. -......0.", fony thou.MId (140,000.) .. ioe.I.1'II4 ......,......., fo....... --.U~.4 ........-. ...........~ - -.,. Me - -- .thetr.1M1ra and 0..19ns.. ALl. that c'l'teln ploco Dr parc.l of lend 11 tu.te in th raMl'hlp of "'nroe; County of CllolIMrhnd end 6ta te of Penu'Ilv...h. boundocl .nd d....rll.e11 ao f..11_.. to wit: BI!UINNDlG .1> . post on tM llne Of tn. ,,1'1 v.t. rood loft lencls fOZlllerly of Stu.rt Loldl,h, ,,_ of ~ ~ _ _ r thence North, donv sdd oro.d, f"rty~two ('12) d'9ft.. W..t, folll' hu.nclred dgtlte... ('118) teet to . po.t on tM .outn.m .ide of . publlc roOld 1.0Id11l9 fr... BoiHn9 Spring, to au.ft;ht_; th...co don, ..ld roOld, North ,."...~o (71) d"1'Oe. '.nnteen (17) II1nut.o EAot, three IlurlIIl'ed f1f1v~f1v. .nd fo~t.nths (3~~.'1) foet to . point Oft the ...t .lde 0' land. now 01' fOZlllerly of Dr. lIoroco T. S.dlel' and H.l... Iodor &.Idl'r, h1l >dfo; tnon.e South, on the W.1t ald" of . pn...t. drlv_y, twentY-One (21) tI.gro.. Eaot, 11ft hundnd nlnety-....... .ntl oev_t.nth, (!l97.7) root to . otake, th_e loath _lYe (12) d.,rHO th1rtr~two (32) IIlnUto. E.n, thne hunclnd .nd foul' (~) feet to . point on . ..11 on tho nortn bonk of the y.Uow llreeeho. I Creetl \Mne. North along ..ld ereok eighty.."'" do,l'ees (82) forty~ five ('~) :alnut.. 1I'.0t two hundnd IOVont.,_oh (276) f..t to . otal:.. on tho U..o Dr the lend, fOI1ll.l'1y of Stu.rt LOldl"" now of ~ _ _ _ I thane. Harth eight (8) d09re.. fOl'ty~flv. ("~) ainut.. W..t, four I hundnd .nd three (<C03) foot to . pe.t, tho pbeo of be'lnnlng. . CXlNTA1NING feur ..re. .nd n YO P.rchu, "re Dr 10.., .nd "'ving I thoreon fteC tOld . none t.... story .....l11ftg hou.., '''''.'0 .nd ether ....Ud1n9.. .. .ppesr. by tlnft 01 Cbrlt A. IIry.",: d.t... August 1926, add property beln9 tno.... .. .... lalcony'; ElIcepUng .ntI r...rving th,"free ror th" benen t of I the ''''1I1tr1 of tho odj.inlng property on tho East, to lIf:l t, Dr. Konce 1. Sadl<tr .nd Htlen Bo,lor Sad lor, hi. "fe, th.ll' hatl'l 01' "11911', · ri9ht-of_.oy froll the ...t to tho out Uro.. the property. for the ...tor pipe line as now constru.tetl, 01' .. ..y be ,ltend by I .,re_ent or the P.rti""1 tho .old plpo 11n. to bo ..Intslnod for . th.. Uoe of the 1'_e1nill!l portIon of oRoo. Balcony' P"'pony, _ I of the fl.. to tho EAst. hON> .. 'AU_bony "..... now 01' fODllol'1y O....ed by the ..ld Dr. Hor.e. 7. S.dhr .nd Hohll Bo,h.. S.dler h1l ttlf.. ..nh tM right of tho ..Jd Dl'. Hol'oco T. S.dlar , .nd Helen Iod.1' S.dlel', h10 ..ifo. th.11' holn ...d ."I9ft.. to uo. " ..It1 plpe 11.... or an, renow.lI thereaf that _y bec_ ........ry, I -.-.: Fonn MAP.PLAT - "WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE Deed Cou Cumberland State PA mi.' T"" J 'for s..."..,ln, ...tou. .nd (o~~:'~~ out .thh ....rpo... to II.... fr.. Invn.. to th..,~ "..nby c.."..,.... ....;.t th.. .ald ptpoo Une "?:~..,"",~ Sf! . r COJI!IHI..... . .: . . "', -- ~\1ie tra~.of:)..cI~~.'f'.....r. TN.t. ~"Y,' EnCutar ..- __~o .. .tIM, de.....elI, .... d." dated .July II, 1935, neolllod SA tho Recoldar'. Offl... In .nd for" c:..borland c:..wrtr In Illtod ...... "0., _1. 11, "'98 .... .~. to ...~ C. ".rliIn, anfttor h.Nlll. ..' . : _._~......._._~ AND..__ .......ImorItr___..__.__... th", . ...__ th.lr....._,- 1<1"1.1................__ gener.lly -tw-.,.",................... ~..,.. IN~,.... ___ ._........ thdr ...... - ....... ..,.., ........-.. .......- _ od.. _ ....".. ....... ..... I _ ........... ..... .. _ ... _ "'" ......,. 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".. .,~ : &t<.~~ ~j.."._-- --AU,.t-~ Form MAP.PLAT - "WInTOTAL' appraisal software by a la mode, Inc. -1.800-ALAMODE 1 Pane #231 ZI Code 17007 I Page #241 State PA ZI Gode 17007 1571 BOILING SPRINGS RD. 17.0' 17.0' .5 BATH 36.0' DRESSING ROOM b b SECOND FLOOR <0 <0 N MASTER N BATH 36.0' 7.0' MASTER BEDROOM LANDING BEDROOM b b <0 <0 M M BEDROOM BEDROOM BATH b <0 N DEN ~ FIRST FLOOR N 7.0' KITCHEN STAIRS b b ~ LIVING ROOM ~ DINING ROOM FOYER 46.0' THIRD FLOOR 5.5' 5.5' 46.0' (0 ,...: BEDROOM ...... LANDING BATH BEDROOM (0 ,...: ...... Skft:llbrAr*lV- 46.0' NOT EXACT AND NOT TO SCALE Comments: 'Code GL&1 GLA2 GLA3 AR/tA;CALCOILA'tIONS ....SllMMARY ~~tlilii NiitSlh I"ir.t. rloor 2098.0 Second. rloor 2098.0 Third Floor 875.6 , Net Tolal., 2098.0 2098.0 875.6 LIVING AREA B~ . 'llriakililwn Fir.t rloor 36.0 " 46.0 17.0 " 26.0 Seoond rloor 36.0 " 46.0 17.0 " 26.0 Third Floor 5.5 " 6.0 5.5 " 6.0 17.6 " 46.0 1656. 0 442.0 1656.0 442.0 33.0 33.0 809.6 Net LIVABLE Area (Rounded) 5072 711ems (Rounded) 5072 Form SKT.BldSkl- 'WlnTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE NOT EXACT AND NOT TO SCALE .... by Apft IV'"' Comments: BASEMENT 17.0' TOILET (:) (:) cO LAUNDRY cO N N 36.0' 7.0' MECHANICALS (:) cO M REC ROOM REC ROOM 46.0' .AR.EACAb.GULATIONS'SUMMARY li....itptl.II, . Net SIie Net Totall State PA (:) ~ Form SKT.BldSkI- 'WInTOTAl' appraisal software by a fa mode. Inc. -1-80O-ALAMODE I Paae #251 Gode 17007 1 Paoe #261 Building Ske Cou Cumberland State PA ZI Code 17007 GUEST HOUSE 1577 BOILING SPRINGS RD. 26.0' 26.0' 26.0' KITCHEN ~ b b BATH b 0 0 STORAGE 0 LIVING ROOM ci ci BEDROOM ci ?;j MECHANICAlS ?;j N N C\I N 26.0' 26.0' 26.0' 8kelchby~rv" Comments: . '.ARl9. ;'CALCtiLATIOl'4SSl!JMMARY :COdi . . Deli:ltplld;; Ntit SIZeNtit 'rOtalS .' i;:.~2t~~fllqQ' Form SKT.BldSkl- 'WInTOTAl' appraisal software by a la mode, Inc. -1-S00-AlAMODE Comparable Phot I Paae #271 e State PA Zl Code 17007 Comparable 1 108 Creek Rd. Prox. to Subject Sale PrIce Gross UvIng Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age 12.29 miles NE 600,000 4,488 9 4 4.5 Suburban Inferior 2.40 Acres Avg 188 Comparable 2 231 W. Ridge Rd. Prollto Subject 7.94 miles SE Sale Price 570,000 Gross Llvtng Area 4,510 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 3.2 Location Suburban View Inferior Stte 5.60 Acres Quality Avg Age 242 Comparable 3 29 S. Old Stonehouse Rd. Prox. to Subject 4.99 miles N Sale Price 550,000 Gross Llvtng Area 2,660 Total Rooms 7 T DIal Bedrooms 4 Total 8athrooms 2 Location Suburban View Inferior Site 18.15 Acres Quality Avg Age 149 . Form PICPDtCR - 'WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE I Paae #281 Location M Goo Cumberland State PA Z Gode 17007 ~'11.,' . '--..J .{. ':j . ",~ !' ,I - J 1--" \ , 'f/ ".,._=.......t"'~.""~ - , , ,j~J. ~\@~~_'oJ..~1~:L~~::'::'~... --\ \, f"j .---'-..;;:........ ~'" -''f- _ ,J 1 ...~. , .~..... ,\, / \ i;~.. ~'--<" \14. , ~.T_'" __ ,,( \.;j\ -.;~:\~ :.-,k~;o.:~ .,.......... ~.. -- ,i"",-, )<<$ . . f"',L.-;"".-". 1j-,. .....~ ~~~'-" '': ,/, i~#- \ -,~,~-. . H I Form MAP .lOG - "WIn TOTAL' appraisal software by a la mode, Inc. - 1-800-ALAMODE Il'aae #l~1 e ZI Code 17007 Ale No. 7-0807 R-1 Stale PA 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 and no other users are intended. 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 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 araas of the subject property, (2) inspect the neighborhood, (3) Inspect each of the comperable sales from at least the street, (4) research and 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. EXTENT OF APPRAISAL PROCESS The appraisal Is based on the Information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables Is shown In the Data source section of the market grid, along with the source of confirmation, if available. The original source Is presented first. The sources and data are considered reliable. When conflicting Information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included In the report, nor used as a basis for the valuation conclusion. SOURCE OF THE DEFINITION ON MARKET VALUE US PAP, 2005 Edition This definition Is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 between July 5, 1990 and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUNA), Federal Deposit Insurance Corporation (FDIC), The office of Thrift Supervision (OTS), and the Office of the Comptroller of the Currency (OCC). This definition Is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and In the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Form SUP- "WinTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMOOE I Paae #301 Rle No. 7-0807 R-1 State PA ZI Code 17007 SPECIAL CONDITIONS ADDENDUM The following checked items are specific special conditions that were identified by the appraiser during the Inspection of the subject property, the Incomparable sales, and their neighborhoods and locations. 1. The subject is located in a rural area and 15 less than 25% built-up. The condition is typical and common for the area and DOES NOT affect the market value. _X_ 2. Commercial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods and DO NOT affect the market value. _X_ 3. Industrial uses are located within the subject's neighborhood. The presence of industrial uses, is typical for the neighborhood and DOES NOT affect the market value. _X_ 4. Vacant and underdeveloped land uses are located within the subject's neighborhood. These uses are typical for the area and DO NOT affect the market value. 5. The predominant value In the neighborhood is less than that of the market value of the subject property. This condition 15 due to the superior qualities of the subject property as described in this report. This condition DOES NOT affect the market value. 6. The subject property 15 located In a F. I. A. Identified Flood Zone. 7. Dampness Is noted in the basement of the subject. Standing or running water was not present on basement floor. _X_ 8. The subject is older than five(5) years old. All mechanical systems Including the heating, electrical and plumbing system appears upon a visual exterior Inspection to be in working order. No warranties are implied in this statement. 9. The electrical system was not connected during Inspection. _ 10. The water service was not connected during inspection. _ 11. The heating system was shut down during inspection. _ 12. Well and septic are common to the area. _ 13. Repair items were noted in the comments section of the report. These comments on repair Items are for descriptive purposes only and are not required repairs. The repair Items are cosmetic in nature and DO NOT affect the market value. _ 14. Subject is new construction and was 90% completed on date of inspection. Compliance and completion inspections suggested prior to settlement. _X_ 15. Should property be sold, well, septic, termite and radon certifications are suggested, with appraised value based on clear results. _ 16. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This condition 15 considered common' and typical for the neighborhood and DOES NOT affect the market value. _ 17. The land value exceeds 30% of total value. This is due to the large size of the slle. this condition is considered to be typical and common and DOES NOT affect there market value. _ 18. Individual adjustments were required that exceed 10%. These adjustments were required due to the lack of more similar comparables on that individual rating. All three comparables are the BEST AVAILABLE. _ 19. Total adjustments exceed 15%. This is due to the lack of comparables on that Individual rating. All three comparables are the BEST AVAILABLE. _X_ 20. One or more comparable sales are older than slx(6) months old. Although there are comparable properties In the subject area, none have sold recentiy, therefore, sales in excess of six (6) months old had to be used. _X_ 21. One or more of the comparables used were in excess of one(1) mile from the subject property. Although there are comparables in the Immediate area, none have sold recently. Therefore, it was necessary to use comparable sales outside of the immediate area. All comparables used are located In similar neighborhoods and within the same marketing area. All three comparables used were the BEST AVAILABLE. _ 22. Roofing certification is suggested. _ 23. Plumbing certification 15 suggested. _ 24. Electrical certification is suggested. _ 25. Heating certification is suggested. _ 26. Flood Hazard Insurance is suggested. _ 27. Seller is paying part or all of closing cost. This DOES NOT affect the market value. _X_ 28. All comparable sales are closed sales. _X_ 29. The subject property has not transferred In the past three years.. _X_ 30. This appraisal is a Summary Report with complete data retained In appraisal file. Fonn SUP- 'WInTOTAl' appraisal software by a la mode, Inc. -1-800-ALAMOOE I Paoe #311 . . DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a compeUtlve and open market under all conditions requlsKe to a fair sale, 1I1e buyer and seller, each acting prudenUy, knowledgeably and assuming 1I1e price Is nof affected by undue stimulus. ImpllcK In 1I11s definltlon is the consummation of a sale as of a specKled date and the passing of title from seller to buyer under cOndltlons whereby: (1) buyer and seller are typically motivated; (2) both parties are well Infanned or well advised, and each acting In what he considers his own best interest; (3) a reasonable time is allowed for exposure In 1I1e open market; (4) payment Is made In terms of cash In U.S. dollars or In terms of financtal arrangements comparable 1I1ereto; and (5) the price represents the nannal consideration for 1I1e property sold unaffected by special or creative financing or sales concessions' granted by anyone associated wKh 1I1e sale. . Adjustments to 1I1e comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for 1I10se costs which are normally paid by sellers as a resuK of tradltlon or law In a mal1<et area; these costs are readily idenUftable since 1I1e seller pays these costs in virtually all sales transacUons. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms ofIered by a 1I1ird party Instltullonal lender 1I1at is nof already Involved In 1I1e property or transacUon. Any adjustment should nof be calculated on a mechanical dollar for dollar cost of the financing or concession but 1I1e doUar amount of any adjustment should approximate 1I1e mal1<efs reaction to 1I1e financing or concessions based on the appraiser's judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERnFICAnON CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification 1I1at appears In the appraisal report Is subject to the following condltlons: 1. The appraiser will not be responsible for matters of a legal nature that affect eKher 1I1e property being appraised or 1I1e title to It The appraiser assumes 1I1at the title Is good and marketable and, 1I1erefore, will nof render any opinions about 1I1e ftfte. The property Is appraised on the basis of K being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the improvements and 1I1e sketch Is Included only to assist 1I1e reader of the report In visualizing 1I1e property and understanding the appraiser's determination of Ks 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 the appraisal report whether the subject sKe Is located In an Idenlffled Special Rood Hazard Area. Because 1I1e appraiser is nof a surveyor, he or she makes no guarantees, express or Implied, regarding 1I11s determination. 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of 1I1e property in question, unless specUle arrangements to do so have been made beforehand. 5. The appraiser has estimated 1I1e value of 1I1e land In 1I1e cost approach at Its highest and best use and the Improvements at their contributory value. These separate valuations of the land and Improvements must not be used In conjunction wI1h any other appraisal and are Invalid K 1I1ey are so used. 6. The appraiser has noted In 1I1e appraisal report any adverse condltlons (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the sublect property or 1I1at he or she became aware of during 1I1e normal research Involved In performing 1I1e appraisal. Unless o1herwise stated In 1I1e appraisal report, the appraiser has no knowledge of any hidden or unapparent condltlons of 1I1e property or adverse environmental condltlons Oncluding the presence of hazardous wastes, toxic substances, etc.) that would make 1I1e property more or less valuable, and has assumed 1I1at there are no such condlUons and makes no guarantees or warranties, express or Implied, regarding the condlUon of 1I1e property. The appraiser will nof be responsible for any such condlUons that do exist or for any engineering or testing that might be required to discover whether such condltlons exist Because the appraiser Is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the Information, estimates, and opinions that were expressed In 1I1e appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responslbllKy for 1I1e accuracy of such Hems that WIfjI fumlshed by other parties. 8. The appraiser will not disclose 1I1e contents of the appraisal report except as provided for In the UnKorm Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subJect to satisfactory completion, repairs, or aHerations on the assumption that completion of the Improvements will be performed In a wol1<manllke manner. fO. The appraiser must provide his or her prior wrttien consent before the lender/client specified In 1I1e appraisal report can distribute 1I1e appraisal report Oncludlng conclusions about the property value, the appraiser's identily and professional designations, and references to any professional appraisal organizations or the firm wKh which the appraiser Is associated) to anyone other than the borrower, the mortgagee or Its successors and assigns; 1I1e mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial Institution; or any department, agency, or InstrumentalKy of the UnKed States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting servlce(s) wKhout having to obtain the appraiser's prior wrtHen consent. The appraiser'S wrtHen consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 GEORGE CLAUSER Form ACR - 'WinTOTAl' appraisal software by a la mode, inc. - f-800-ALAMODE I Paae #331 Ale No. 7-0807 R-1 State PA ZI Code 17007 ELECTRONIC SIGNATURE COMPLIANCE Wlntotal and Project 2000 are fully ASB (Appraisal Standards Board) compliant In their security. The signatures on this report have not been altered In any way and the digital signatures are to be considered as original. Form SUP - 'WInTOTAl' appraisal software by a la mode, Inc. -1-800.ALAMODE Certificate Cou CUmberland State PA Common'We.I~_~fPennsyJv.nia ~~p~~Qr~t{lte Bureau of PrQf'~01fihDOa~"'tional Affairs PO B,a4'~9 Harrbburg PA 1':~"\5-1649 1,,:"-, ~. ~,.,,:'.~, I~:; t, ; I ' :_~~._'~~. -, ;,0-.... f : 1 :Cerlitl.te Type C.l1tIhld Residential Appraleer ,'~L.~ . .. ~j"-J"'J'I"''''- ond . I AR'ai.. Certlfleate Number RL 138106 'ZJ-i- Slanlll~ . . Fonn MAP.PlAT - 'WInTOTAL' apPI1IlsaJ software by a la mode, Inc. - 1-800-ALAMODE I Paae #341 ZI Code 17007 . crt 416717 Cer$icate S&fus Active Initf,ldCertitkationDate' 1112812001 EtpinU{onl)... 0CJI3OI200l I Paoe #11 GEORGE CLAUSER Form GA2 - 'WInTOTAl' appraisal software by a la mode, Inc. -l-800-ALAMODE Ale No. 7-0607 R-2 State PA Zi Code 17007 TABLE OF CONTENTS Cover Page .............................................. .................................................................................................... ..................................................................... 1 USPAP identification ......................................................................................................................................................................................................... 2 GP Land ........................................................................................................................................................................................ .................................... 3 location Map ..................................................................................................................................................................................................................... 5 Intended Use ................................................................................................................... ................................................................................................... 6 Special Conditions ............................................................................................................................................................................................................. 7 Statement olUmltlng Conditions .................................................................................................................................................... .................................... 8 Certificate...........................................................................................................................................................................................................................10 Fann TOCNP - 'WInTOTAl' appraisal software by a la mode, Inc. -1-800-AlAMODE GEORGE CLAUSER I Page #21 Ale No. 7-0807 R-2 State PA Code 17007 APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is !1M of the following types: D Self Contained (A written report prepared under Standards Rule 2-2(a) , persuant to the Scope of Work, as disclosed elsewhere In this report.) o Summary (A written report prepared under Standards Rule 2-2(b) , persuant to the Scope of Work, as disclosed elsewhere In this report.) D Resblcted Use (A wrttten report prepared under Standards Rule 2-2(c), persuant to the Scope of Work, as disclosed elsewhere In this report, restricted to the stated Intended use by the specified client or Intended user.) Comments on Standards Rule 2-3 1 cer1tly that, to the best 01 my knowledge and belief: -\he statements 01 fact contained In this report are true and correct. -the reporIed analyses, opinions, and conclusions are limited only by the reported assumptions and IIml1lng condl1lons and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -I have no (or the speclfled) present or prospective interest In the property that Is the subject 01 this report and no (or the speclfled) personal1ntllrest wtth respect to \he parties Involved. -I have no bias wtth respect to \he property that Is the subject 01 this report or to \he parties Involved wtth this assignment. - my engagement In this assignment was not contingent upon developing or reporting predetennlned results. - my compensation for completing this assignment Is not contingent upon the development or reporting 01 a predetennlned value or direction In value that favors the cause of the client the amount 01 the value opinion, the atialnment 01 a stipulated result, or the occurrence 01 a subsequent event dlrectiy related to \he Intended use 01 this appraisal. - my analyses, opinions, and conclusions were developed, and this report has been prepared, In confonnlty wtth the Unlfonn Standards 01 Professional Appraisal Practice. -I have made a pelSonallnspection 01 the property that Is \he subject of this report (lf more than one person signs this certification, the certification must clearly specify which Individuals did and which Individuals did not make a personal Inspection 01 the appraised property.) - no one provided slgnlf1cant real property appraisal assistance to the person signing this certification. (II there are exceptions, the name 01 each individual providing slgnlf1cant real property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any USPAP related Issues requiring disclosure and any state mandated requirements: SCOPE OF WORK APPRAISER: SUPERVISORY APPRAISER (only If required): Signature: U- 1. si::: Name: Dennis L. Stover Date Signed: 8-22-07 Slate Certification #: RL 138906 or State License #: State: PA Expiration Dale 01 Certification or License: 6/30/2007 Effective Date 01 Appraisal: 6-28-07 Signature: Name: Date Signed: State Certification #: or State license #: Slale: Expiration Date 01 Certification or License: Supervisory Appraiser Inspection 01 Subject Property: D Old Not D Exterior -only from street D Inlerior and Exterior Fllnn 1006 - 'WInTDTAl' appraisal soffware by a la mode, Inc. -1-800-ALAMDDE GEORGE CLAUSER I Page #31 R rt S 'lAND RAISAL SUMMARY REPO ummary epo FIleNo.: 7-0807 R-2 I Property Addre .71 Acres on Bollina Serlnas Road CItv:Boilln s State: PA lIo Code: 17007 Countv: Cumberland Legal Desc~pUon: Dead Book oo28T Paae 00528 Assessor's Parcel #: 22-11-0284-0010 Tax Year: 07-08 R.E.T axes: $ 997 Soeclal Assessments: $ NA Marl<et Area Name: Monroe Townshle MaDReteren~: 25420 Census Tract 180089-0117.00 Current Owner of Record: Lottie Iw Dixon Borrower (If aoollcable): ProleclType (If aollllcable): U PUD rl De Minimis PUD I I Other (describe) HOA:$ n per vear r I per mDnth Are there any elllsUng Improvements to the property? t8J No 0 Yes II Yes, Indlca1e current occupancy: DOwner [] Tenant 0 Vacant o NoI habi1able II Yes, give a b~et descrlp1lon: The purpose of this appraisal Is 10 develop an opinion of: ~ Marl<et Value (as defined), or I I other lvDe of value (desc~be) This report reflects the following value (If nol Current, see comments): [J Current/the InsoecUon Date Is the Eftective Date) l~ Retrospective r l Prospective Property Rights AppraIsed: 15<1 Fee Slmllle r l Leasehold n Leased Fee LJ Other (describe) Intended Use: The Intended use of this accraisal report Is for the client to evaluate the proeertv that is the sublect of this appraisal to establish a fair market value. Intended User(s) (by name or type): The Intended user of this appraisal report Is the client and no other users are Intendad. Client McNees Wallace & Nurick llC Address: 100 Pine St. PO Box 1166 Hanrisbura. PA 17108-1166 I Aooralser. Dennis l. Stover Address: P. O. Box 777 Came Hili PA 17001-0777 Characteristics P=mlnant One-Unlt Houelng Plelant Land Uee Change In Land Uee Location: DUrban t8J Suburban o Rural upancy PRICE AGE One-Unft 75% o NoI Likely Buill up: o Over 7S% t8J 2S-7S% o Under 2S% t8J Owner $(000) (yrs) 2-4 Unll 5% o Likely . t8J In Process * Growth rate: D Rapid t8J Stable o Slow D Tenant 80 Low 1 Multi-Unll 5% * To: Residential Property values: D Increasing t8J Stable D Declining t8J Vacant (O-S%) 850 Hloh 250 Comm'l 5% Demand/supply: D Shortage t8J In Balance 0 Over Supply D Vacant (>S%) 145 Pred 35 Vacant Land 10% Marketing Ume: t8J Under 3 Mos. n 3-6 Mos. n OVer 6 Mos. % Factorl AffecUng Marketability 11Im Good Average Fair Poor N/A Item Good Average Fair Poor N/A Employment Stability 0 t8J 0 0 D Adequacy of Utilities D t8J 0 0 D Convenience to Employment 0 t8J 0 0 0 Property Compatibility 0 t8J 0 0 0 Convenience 10 Shopping D t8J 0 D 0 Protection from ~men1a1 Conditions D t8J D 0 D Convenience 10 Schools 0 t8J D D D Police and Rre Pro1ecUon 0 t8J 0 0 D Adequacy of Public Transportation R ~ 0 D 0 General Appearance of Properties D t8J 0 0 B Recreational Facilities n D n Appeal to Marl<et n 15<1 D D Marl<et Area Comments: Market conditions In the sublect nelohborhood are considered moderately active with low rnarto8!le interest rates belno the primary catalvst. Sales in recent weeks have been moderately active. Typical f1nanclno for reslden1lal oroeertles includes 80% to 90% loan, 1-3 points, 5.5-6.5% mortgage interest rates for UP to 30 years. Typical marke1lno time Is between 90 and 120 davs. Dimensions: See Attached Deed SIIe Area: 11.71 Acres Zoning Classlllcation: Suburban Residen1lal DeSCription: R-1 Do present Improvements comply wIIh elllsting zoning requirements? DYes D No t8J No Improvements Uses allowed under current zoning: Agricultural, Horticultural, Single-family dwellinos,parks and plaYllrounds, accessory uses Incidental to the aforementioned eermitted uses, and churches and relatad uses. Others by seeclal exception and conditional use. Minimum lot size varies from one acre to 20 000 SQ. ft. decendlna uoon the availabilllv of water and sewer oubllc vs. orlvate.. Are CC&Rs applicable? DYes D No t8J Unknown Have the documents been reviewed? DYes DNo Ground Rent (II applicable) $ I Comments: Highest & Best Use as Improved: t8J Present use, or D Other use (explain) Unlll demand warrants future development of reslden1lal bulldlnolots. Actual Use as of Eftective Date: Agricultural Use as appraised In this report: Residential Summary of Highest & Best Use: The hlohest and best use of the sublectls the current use on an Interim basis until demand warrants the sale for a potential residential development. U1IIItIet Public Other ProykferlDesc~ption Oft-lite Improvements Type Public P~vate Frontage 718.3B Electricity t8J D Public Street Macadam t8J D Topography Averaae Gas D t8J NA Width Ava Size 11.71 Acres MIL Water D t8J To be Well Surface Macadam Shape Irreoular Sani1ary Sewer D t8J To be Septic CurblGuller NA 0 D Drainage Adeouate Slorm Sewer D t8J NA Sidewalk NA D D View Averaae Telephone t8J D Public Street Lights NA R B Multimedia ~ DYes A1lev NA Other slle elements: LJ Inside Lot r l Comer Lot I Cui de Sac I I Underground Utilities I I Other (desc~be FEMA Spec" Rood Hazard Area [J Yes c><:I No FEMA Rood Zone C FEMA Mao # 420364Ooo5B FEMA Mao Date 12/4/1979 Sile Comments: There are no apparent easements, encroachments, special assessments, slide areas or IlIeoallleoal nonconforming zonlno uses. The site Is not In a HUD Identified flood hazard area and the lot Is Irreoular. rmlLAND copyl1g11tC> 2007 by a ~ moda, Inc. Thla'orm may ba reproducad unmodflad wllhout written pmsalon, howevar. . la moda, Inc. roost ba aclo1ow1adgad and cralllad. Form GPLND - 'WlnTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE 312007 I Page #41 LAND RAISAL SUMMARY REPO My research did nol reveal any prior sales or transfers of the subject property for the Data Source(s): CCTAO 1st PrIor SubJect Sale{fransfer NA Summary Report FIleNo.: 7-0807 R-2 prior to the effective dale of this appraisal. Analysis of salettransfer history amVor any current agreement of sale/llstfng: NA Date: Pltce: Source(s): 2nd PrIor Sublect Sale{fransfer NA Date: Pltce: Source(s): FEATURE I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 11.71 Acres on Boiling Springs R Lot on Brandt Rd. 226 Old Stone House Rd. 1226 W. Trindle Rd. Bolllno Sorin s PA 17007 Mechanlcsburo Mechanlcsbum Mechanlcsburo PlOldmlty to Sublect II!W4;,1\\fiW.~t'M:1':i;i~M11.....9...1..mlles NE ~NE 3.88 miles NE ~~et~:~ : NA ~:~4~;' 7 000.00 d";'V;l~~:~:~ , ,3~~:oo,~ $ 9 10~$ . Data Source(s) Inspection Courthouse, MLS, Reallor Courthouse. MLS. Reallor Courthouse, MLS, Realtor Verlflc8Uon Source(s) NA MS MLS MLS VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-) 'Ii ~ust DESCRIPTION +(-) 'Ii Ad~st DESCRIPTION Sales or Rnanclng NA None Known None Known None Known Concessions NA NA NA NA Date of Sale[llme NA 12/15/05 MT 48 +53119/04 MT 354 +1511/16104 MT 17 Rlohls Aapralsed Fee SlmDle Fee SlmDle Fee Simnle Fee Slmole Location Suburban Suburban Suburban Suburban Sfte Area On Acresl 11.71 24 -537.5 -544.5 Water To be well To be well To be well To be well Sewer To be seotic To be seotic To be senile To be seotlc +(-)'Ii~st +15 -5 NetAdjuSbnentITotaI,in$J JIit- 1$ + rl - 1$ 37500 15<1 + rl- Is 40500 Net Adjusbnent (Total, In % of S.P.) (10% 01 S.P.).,;, (10 '110' S.P.) Adjusted Sale Price On Sl 168 000 $ 412 500 445 500 Summary 01 Sales Comparison Approach All sales were closed sales In Monroe Two. The sales ranoed from $7000 per acre to $11.000 per acre, with the mean bel nil $9333. The final opinion of value Is at or near the upper end of the ranlle an at $11 ,000 per acre, or $128,810. PROJECT INFORMATION FOR PUDI (If aDDllcable) r l The Sublectls part of a Planned Unft Development legal Name of ProJect Describe common elements and recre8Uonal facilities: Indicated Value by: Salel Compartson ADproach $ 128810 or$ 11000.00 aerAcrs Rnal ReconcUi8Uon All three sales are considered to be reliable Indications of value and are welllhted similariy In the final reconciliation. Indicated value ranDe on the above llrid Is from $7000/acre to $11 OOO/acre. Indicated market value Is estimated to be $11 000 per acre. This appraisal Is made [8J "as Is", or 0 subject to the following conditlons: The appraisal is based upon the fact that all of the comparables were in Monroe Two. & were subject to reasonably similar amenities. Survey recommended. J This report Is also sublect to other Hypothetlcal Conditlons and/or Extraordinary Assumptions as soecllled In the attached addenda. Based upon an Inspection of the subject property, defined Scope of Work, Statement of AsaumDllonI and Umlllng ConcIUons, and Appraiser's CeI1ffIcatlons, my (our) Opinion of the Martet Value (or other specified value type), al defined herein, 01 the 1'811 property that II the subfecl of this rsport la: $ 128.810 , u of: 6-28-07 , which 18 the effective date of thll appraisal. If Indicated above thIs ODlnlon of Value II lub""" to Hvnoth8tIcaI Conditions and/or ExtraordInary AuumDllons Included In thll rsDOrl See attached addendL A true and complete copy of this report contains ~ pages, Including exhlbfts wfllch are considered an Integral part of the report. ThIs appraisal report may not be properly understood without reference to the Information contained In the complete report, wfllch contains the following attached exhlblts: [8J Sc0D8 of WllIX [8J limiting cond./Certtflc8Uons 0 NamrtIve Addendum [8J Loc8Uon Map(s) 0 Rood Addendum 0 Additional Sales o Photo Addenda n Parcel Map n Hypothetlcal CondlUons n Extraordlnarv Assumotlons Fi Client Contact: Elizabeth D. Lewis Client Name: McNees Wallace & Nurlck, LLC E-Mail: elewislBlmwn.com Address: 100 Pine SI. PO Box 1166 Harrisbum_ PA 17108-1166 APPRAISER SUPERVISORY APPRAISER (If required) or CO-APPRAISER (If applicable) ~j s:6 Appraiser Name: Dennis L. Stover Company: Clauser Real Estate Appraisals Phone: (717l737-7300 Fax: (717) 730-0922 E-Mail: dstovermax@lcomcasl.net Date of Report (SIgnature): 8-22-07 license or Certlllcatlon #: RL 138906 State: ~ Oesignation: NA Explrallon Date of license or Certification: 6/30/2007 Inspection of Subject [8J Old Inspect 0 Did Not Inspect (Desktop) Date of Inspection: 8-9-07 C!mLAND copyrtghIC 2007 by lla modI, inc. T11l. form may be mprodutad IH1modllad __ pamisslon. howl"'. lla mode, Inc. must be lICknowladgad and ._. Form GPlND - 'WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE 312007 Supervlsory or Co-Appraiser Name: Company: Phone: E-Mail: Date of Report (Signature): License or Certillc8Uon #: Designation: ExpIr8Uon Date of license or Certlllcatlon: Inspection of Subject: 0 Old Inspect Date of Inspection: Fax: Stale: o Did NoIlnspect I Pane #51 Location Ma Cumberland State PA ZI Code 17007 --i~"--"'---Y'ii (- ( J \ ,. 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Form MAP.LOC - 'W1nTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMOOE I Paae #61 Rle No. 7-0807 R-2 State P A ZI Code 17007 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 raport Is the lender/client. 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 form, including the following definition of market value, statement of assumptions and limiting conditions, and certlflcatlons. The appraiser must, at e 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 and verify, and analyze data from reliable public and/or prlvete sources, and (5) report his or her analysis, opinions, and conclusions In this appraisal report. EXTENT OF APPRAISAL PROCESS The appraisal Is based on the Information gathered by the appraiser from public records, other Identlfled sources, Inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables Is shown in the Data source section of the market grid, along with the source of confirmation, If available. The original source is presented first. The sources and data are considered reliable. When conflicting informetlon was provided, the source deemed most reliable has been used. Data believed to be unreliable was not Included In the report, nor used as a basis for the valuation conclusion. SOURCE OF THE DEFINITION ON MARKET VALUE US PAP, 2005 Edition This definition Is from regulations published by federal regulatory agencies pursuant to Title XI of the Flnanclal.lnstitutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 between July 5, 1990 and August 24.1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUNA), Federal Deposit Insurance Corporation (FDIC), The office of Thrift Supervision (OTS), and the OffIce of the Comptroller of the Currency (OCC). this definition is also referenced In regulations jointly published by the OCC, ors, FRS, and FDIC on June 7, 1994, and In the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Fonn SUP - "WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE I Paae #71 FHa No.7 -oe07 R-2 Slate PA ZI Code 17007 SPECIAL CONDITIONS ADDENDUM The following checked items are specific special conditions that were Identified by the appraiser during the inspection of the subject property, the incomparable sales, and their neighborhoods and locations. 1. The subject is located in a rural area and is less than 25% built-up. The condition is typical and common for the area and DOES NOT affect the market value. _X_ 2. Commercial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods and DO NOT affect the market value. _X_ 3. Industrial uses are located within the subject's neighborhood. The presence of Industrial uses, is typfcal for the neighborhood and DOES NOT affect the market value. _X_ 4. Vacant and underdeveloped land uses are located within the subject's neighborhood. These uses are typical for the area and DO NOT affect the market value. 5. The predominant value In the neighborhood Is less than thet of the market value of the subject property. This condition Is due to the superior qualities of the subject property as described In this report. This condition DOES NOT affect the market value. 6. The subject property Is located in a F. I. A. Identified Aood Zone. 7. Dampness is noted In the basement of the subject. Standing or running water was not present on basement floor. 8. The subject is older than five(5) years old. All mechanical systems including the heating, electrical and plumbing system appears upon a visual exterior inspection to be in working order. No warranties are implied in this statement. 9. The electrical system was not connected during inspection. _ 10. The water service was not connected during inspection. _ 11. The heating system was shut down during inspection. _X_ 12. Well and septic are common to the area. _ 13. Repeir items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The repair items are cosmetic in nature and DO NOT affect the market value. _ 14. Subject is new construction and was 90% completed on date of Inspection. Compliance and completion Inspections suggested prior to setllement. _ 15. Should property be sold, termite and radon certifications are suggested, with appraiSed value based on clear results. _ 16. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighborhood and DOES NOT affect the market value. _ 17. The land value exceeds 30% of total value. This is due to the large size of the site. this condition is considered to be typical and common and DOES NOT affect there market value. _ 18. Individual adjustments were required that exceed 10%. These adjustments were required due to the lack of more similar comparables on that individual rating. All three comparables are the BEST AVAILABLE. _ 19. Total adjustments exceed 15%. This is due to the lack of comparabies on that individual rating. All three comparables are the BEST AVAILABLE. _X_ 20. One or more comperable sales are older than six(6) months old. Although there are comperable properties in the subject area, none have sold recently, therefore, sales In excess of six (6) months old had to be used. _X_ 21. One or more of the comparables used were in excess of one(1) mile from the subject property. Although there are comparables In the immediate area, none have sold recently. Therefore, it was necessary to use comparable sales outside of the immediate area. All comparables used are located in similar neighborhoods and within the same marketing area. All three comparables used were the BEST AVAILABLE. _ 22. Roofing certification Is suggested. _ 23. Plumbing certification Is suggested. _ 24. Electrical certification Is suggested. _ 25. Heating certification is suggested. _ 26. Flood Hazard Insurance is suggested. - 27. Seller is paying part or all of closing cost. This DOES NOT affect the market value. _X_ 28. All comparable sales are closed sales. _X_ 29. The subject property has not transferred in the past three years. _X_ 30. This appraisal is a Summary Report with completa data retained in appraisal file. Form SUP- 'W!nTOTAL' appraisal software by a la mode,lnc. -1.800-ALAMODE ~~ . . DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a compeUtlve and open market under an conditions requisite to a fair sale, the buyer and seller, each acting prudenUy, knowledgeably and assuming the price Is not affected by undue SUmulus. Implicit In this definition Is the consummaUon of a sale as of a speclfled date and the passing of DUe from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parUes are weD Infonned or well advised, and each acting In what he considers his own best Interest, (3) a reasonable Ume Is allowed for exposure In the open market; (4) payment Is made In tenns of cash In U.S. dollars or In tenns of financial arrangements comparable thereto; and (5) the price represents the nonnal conslderaDon 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 creaUve financing or sales concessions. No adjustments are necessary for those costs which anl nonnally paid by sellers as a resun of tradition or law In a market area; these costs are readily Identlflable since the seDer pays these costs In virtually all sales transactions. Special or creauve financing adjustments can be made to the comparable property by comparisons to financing tenns offered by a third party InstnuUonal 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 reacUon to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certlflcaUon that appears In the appraisal report Is subject to the following conditions: 1. The appraiser will not be responsible for maUers of a legal nature that affect enher the property being appraised or the UIte to II. The appraiser assumes that the DUe Is good and marketable and, therefore, will not render any opinions about the DUe. The properly Is appraised on the basis of II being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the Improvements and the sketch Is Included only fo assist the reader of the report In vlsuanztng the property and understanding the appraiser's detennlnaUon 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 the appraisal report whether the subject site Is located In an Identffled Special Rood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or Implied, regarding this delennlnaUon. 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property In quesUon, unless speclflc arrangements to do so have been made beforehand. 5. The appraiser has esUmated the value of the land In the cost approach at Its highest and best use and the Improvements at their contributory value. These separate valuaUons of the land and Improvements must not be used In conjunction with any other appraiSal and are Invalid II they are so used. 6. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs, depreelaUon, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property or that he or she became aware of during the nonnal research Involved In perfonnlng the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions Oncludlng the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranUes, express or Implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or tesUng that might be required to discover whether such conditions exist. Because the appraiser is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the lnfonnaUon, esUmates, and opinions that were expressed In the appraisal report from sources that he or she considers to be reliable and believes them fo be true and correct. The appraiser does not assume responsibility for the accuracy of such Items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for In the Unllonn Standards of Professional AppraIsal Practice. 9. The appraiser has based his or her appraisal report and vaJuaUon conclusion for an appraisal that Is subject to satisfactory compleUon, repairs, or aneraUons on the assumpUon that compleUon of the Improvements will be perfonned In a workmanlike manner. 10. The appraiser must provide his or her prior wrfUen consent before the lender/client speclfled In the appraisal report can distribute the appraisal report Oncludlng conclusions about the property value, the appraiser's Identity and professional deslgnaUons, and references to any professional appraisal organlzaUons or the Ilrm with which the appraiser Is associated) to anyone other than the borrower; the mortgagee or Its successors and assigns; the mortgage insurer; consunants; professional appraisal organlzaUons; any state or federally approved financial insOlution; or any department, agency, or Instrumentality of the United States or any state or the District of Columbia: except that the lender/client may distribute the property descrlpUon section of the report only to data collection or reporting servlce(s) without having fo obtain the appraiser's prior wrfUen consent. The appraiser's wrfUen consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through adverQslng, pUblic relaUons, news, sales, or other media. freddie Mac Fonn 439 6-93 Page 1 of 2 Fannie Mae Fonn 10048 6-93 GEORGE CLAUSER Fonn ACR - 'WlnTOTAl' appraisal software by a la mode, Inc. - f -800-AlAMODE I Paae #91 . . APPRAISER'S CERTIFICATION: The Appraiser certlftes and agrees that: 1. I have researched the subject market area and have selected a minimum 01 three recent sales 01 properties most similar and proximate to the subject property for consideration In the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the mar1<et reaction to those Items 01 slgnlllcant varlatlon. K a significant Item In a comparable property Is sUperior to, or more favorable than, the subject property, I have made a negative adjustment to Illduce the adjusted sales price 01 the comparable and, n a slgnlllcant Rem In a comparable property Is Inferior to, or less favorable than the subject property, I have made a poslt1ve adjustment to Increase the adjusted sales price 01 the comparable. 2. I have taken Into consideration the factors that have an Impact on value In my development 01 the estimate 01 market value In the appraisal report. I have not knowingly withheld any slgnlllcant information from the appraisal report and I believe, to the best 01 my knowledge, that all statements and Information In the appraisal repori are true and cooect 3. I stated In the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and IImlt1ng condlt1ons specified In this form. 4. I have no present or prospective Interest In the property that Is the subject to 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, etther partially or completely, my analysis and/or the estimate 01 mar1<et value In the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin 01 etther the prospective owners or occupants 01 the subject property or 01 the present owners or occupants 01 the properties In the vtclntty 01 the subject property. 5. I have no present or cornemplated future Interest In the subject property, and netther my current or future employment nor my compensation for performing this appraisal Is contingent on the appraised value 01 the property. 6. I was not requlllld to report a predetermined value or direction In value that favors the cause 01 the client or any related party, the amount 01 the value estimate, the attainment 01 a speclllc result, or the occurrence 01 a subsequent event In order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal repori on a requested minimum valuation, a specKle valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal In conformtty with the UnKorm Standards 01 Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board 01 The Appraisal Foundation and that were In place as 01 the eIIectlve date 01 this appraisal, with the exception 01 the departure proviSion 01 those Standards, which does not apply. I aCknowledge that an estimate 01 a reasonable Ume for exposure In the open mar1<et Is a condlllon In the deIInlUon 01 mar1<et value and the estimate I developed Is consistent with the marKeting time noted In the neighborhood section 01 this report, unless I have otherwise stated In the reconciliation section. 8. I have personally Inspected the Interior and exterior areas 01 the subject property and the exterior 01 all properties listed as com parables In the appraisal report. I further certify that I have noted any apparent or known adverse condlt1ons In the subject Improvements, on the subject site, or on any site within the Immediate vtclntty 01 the subject property 01 which I am aware and have made adjustments for these adverse condlUons In my analysis 01 the property value to the extent that I had marKet evidence to support them. I have also commented about the eIIect 01 the adverse conditions on the marKetability 01 the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report. K I relied on significant professional assistance from any Indlvtdual or Indlvtduals In the performance 01 the appraisal or the preparation 01 the appraisal report, I have named such Indivtdual(s) and disclosed the specKle tasks performed by them In the reconciliation section 01 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 the report; therefore, K an unauthorized change Is made to the appraisal report, I will take no responsibility for II. SUPERVISORY APPRAISER'S CERnFICATION: K a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I dlrectiy supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree wtth the statements and conclusions 01 the appraiser, agree to be bound by the appraiser's certlftcatlons numbered 4 through 7 above, and am taking full responslbl/'lIy for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 11.71 Acres on Bolllnll Sprlnlls Road. Bolllnll Sprlrllls. PA 17007 APPRAISER: Signature: ~ 1. s-l:: Name: Dennis . Stover Date Signed: 8-22-07 State Certlftcatlon #: RL 138906 or State License #: State: PA Expiration Date 01 CertlftcaUon or license: 613012007 SUPERVISORY APPRAISER (onl, If required): Signature: Name: Date Signed: State Certlftcation #: or State License #: State: Expiration Date 01 Certlftcatlon or License: o Did 0 Old Not Inspect Property Freddie Mac Form 439 6-93 Page 2 01 2 Fannie Mae Form 10048 6-93 Form ACR - 'WlnTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE . .. I Paue #101 Certificate S1ate PA Zip Code 17007 DEHNIS.L STOVER &25 ADELIA ST M/ODLETOWf(PA 170f, '(l4~Z~2;~:fl Certificate Type . Certified Residential Appraiser <1e#!~~fe'~.:'" ".. ..- .,. 'ActiVe". Certificate Number .f11261200~i RC13&~06" . ;~~p~~~~.r;~~~ Q8I3012f$'f ".~L.~ ~elPruf...ionolll1d,~ Alfurs rul',.Sf~<': s.~. ~. 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TABLE OF CONTENTS Transmittal Letter (Including summary of value)............ Page 3 Cover letter. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... Page 4 VI. Valuation Approach ............................................ Page 7 V.Sources for Comparative Values.... ............ ........... .... Page 7 IV.Value Defined .................................................... Page 6 III. Statement of Purpose and Function......... . . . . . . . . . . . . . .. Page 6 VII. Limiting Conditions andLiabilities........................ Page 8 Appraiser's Certification .......................................... Page 10 Description and Values for Appraised Items..................................................... Page 12 Definition of Terms.. .............................................. Page 18 Works Cited.......................................................... Page 23 Appraiser's Qualifications......................................... Page 24 2 . . MORRO~~ARRAR JEWELERS For the Estate of Mrs. Lottie Ivy Dixon C/o Mr. Marshall Dixon Dear Mr. Dixon, On August 16, 2007, Mr. Marshall Dixon, contacted Morrow Farrar Jewelers and requested an appraisal of personal property (jewelry) in the Estate of Mrs. Lottie Ivy Dixon. The jewelry was delivered to, and appraised at Morrow Farrar Jewelers, 3750 Market Street, Camp Hill, PA 17011. The appraisal requested was for the purpose of Fair Market Value to be used for estate tax assessment. In accordance with your request, I have personally conducted a physical inspection of the personal property (jewelry) understood to belong to the Estate of Mrs. Dixon and described in this report. I have retained a copy of this appraisal report and the original notes from which it was prepared. These records are confidential. Access will not be permitted to anyone without your prior written authorization unless I am legally compelled to do so. I completed the examination, research and appraisal report related to these items of jewelry. There were 11 jewelry items. Based on research and analysis it is my conclusion that the estimate of Fair Market Value as of the effective date of June 28, 2007, the Date of Death, is $15,370.04 (Fifteen thousand, three hundred seventy dollars and 04/100). This letter is not the appraisal but is merely serving as a means to transmit the following cover letter and appraisal report. Thank you for this opportunity to serve you. Si Ji Morrow, G.G. (GIA), AM- ISA Appraiser 3 3750 MARKET STREET. CAMP HILL, PA 17011 . www.morrowfarrar.com . 717-737-5808 . . MORRO~~ARRAR JEWELERS . September 12, 2007 Estate of Mrs. Lottie Ivy Dixon C/o Mr. Marshall Dixon This is to certify that Jill Morrow, G.G. (GIA), AM-ISA has personally examined and appraised on August 27, 2007 the personal property (jewelry) of the decedent at the request of Mr. Marshall Dixon. Jill Morrow submits the following qualifications for preparing this report: knowledge, education and experience in appraising articles of this type herein described. She is a Graduate Gemologjst (G. G.) of the Gemologjcal Institute of America (GIA). She is an Accredited Member of the International Society of Appraisers and a Member of the Appraisers Association of America. To the best of her knowledge, information and belief, the statements made in this report are true and correct. This appraisal report has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USP AP) as provided by the Appraisal Standards Board of the Appraisal Foundation; Washington, D.C. and with the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers (ASA); Washington, D.C. with Treasury Regulation 20.2031-1; and with Internal Revenue Service (I.R.S.) Publication 448 ("Federal Estate and Gift Tax"). All items are appraised at Fair Market Value to be used for Estate Tax Assessment. Details of value used in this report are detailed in Section III. All relevant statements including definitions of purpose, intended use, value, valuation approach, limiting conditions, liabilities, terminology and credentials are included with this document. Any changes or omissions from this report void the entire appraisal. This appraisal was performed for the specific purpose and intended use as stated and would be invalid for any other purpose or use. Compensation was provided using our normal and customary fees es.tablished as an hourly fee for professional time. At no time do we charge a fee based on a percentage of the value. 4 3750 MARKET STREET. CAMP HILL, PA 17011 . www.morrowfarrar.com . 717-737-5808 . . STATEMENT OF DISINTEREST: Neither the employment to prepare this appraisal report, nor the compensation is contingent upon the value of the property. Appraiser has no present or contemplated future financial interest in the subject matter of this appraisal. Total compensation for this appraisal was the hourly fee agreed to between the client and appr 'ser. Jill Morrow, G. Appraiser 5 . . III. STATEMENT OF PURPOSE AND FUNCTION: The purpose of this appraisal is to provide an opinion of Fair Market Value of the property described herein. The intended use (also known as the function) I of this appraisal is to provide a monetary basis for which the described property is to affect the assessment of estate tax liability for the subject estate. Therefore the intended users of this report include the estate executor( s) and counsel as well as the Internal Revenue Service and Pennsylvania State tax authorities. The appraisal is expected to function in its entirety, without omissions, and solely for this purpose, any other use will automatically render the entire appraisal null and void. IV. VALUE DEFINED: The type of value used in this appraisal is Fair Market Value. Fair Market Value is a concept of value used by the federal government for use in the context of tax liability assessment. Fair market value is defined as the price an item would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell, and both having adequate knowledge of relevant facts. This fair market value is neither the highest value that could be obtained by taking the time to search for this highest return, or the lowest value that could be obtained by immediate liquidation. Rather, it is the fair market value representing a sale of this type of jewelry in the marketplace where these items are most commonly and appropriately traded within a reasonable time frame. Reasonable length of time is defined as the time, money, care and privilege necessary to locate an item of jewelry. This time varies with market levels, which is why the most appropriate and relevant market level is an important factor. 6 . . V. SOURCES FOR COMPARATIVE VALUES: This appraisal is based on research using materials available within the appropriate market, i.e.: Auction catalogs and results. In addition to comparisons of the subject jewelry to actual jewelry that is similar in quality, this appraiser contacted dealers and specialists on several of these pieces and used books, periodicals, subscription lists as well. VI. VALUATION APPROACH: There are three traditional approaches to value. Each approach is appropriate for some appraisal questions however, the most commonly used in appraising Gems and Jewelry is the Market Comparison Approach. This method estimates value by comparing sales of comparable items in the relevant market. Comparable is the key word here and encompasses the adjustments an appraiser makes for similarities and differences among the subject item and the item used for comparison that was sold in the relevant market. The Cost Approach "estimates either reproduction or replacement cost of a property, either new or depreciated. (ASA Principles of Valuation PP201). The items appraised in this report were readily available in their most commonly found market. They would be prohibitively expensive to reproduce and would not be appropriate to utilize the Cost Approach method. The Income Approach is used to estimate present and future worth from income producing properties or objects. This is personal jewelry that is not intended to yield a financial return beyond the personal benefits of ownership. 7 . . VII. LIMITING CONDITIONS AND LIABILITIES: The initials "CMD" indicates "cannot measure depth", and "dwt." is the pennyweight of the metal. (**) indicates approximate net metal weight. Unless otherwise stated, all colored gems listed on this appraisal report have probably been subjected to a stable and possibly undetectable color enhancement process. Prevailing market values are based on these processes, which are universally practiced and accepted by the gems and jewelry trade. Diamond grading and gem identification are undertaken in the mountings, unless otherwise noted. In the event of a grade or identification, where the value is greatly influenced by complete accuracy, the recommendation may be to remove that diamond or gemstone from its mounting. There may be an additional recommendation to have the GIA Gem Trade Lab provide an independent grade or identification. These costs are independent of the appraisal services offered and are borne by the client. This appraisal is valid for the market indicated, on the date prepared and is the full scope of the appraisal. The prices of subject items are estimates of their current Fair Market Value, in their present condition and within the existing market. Proportions for mounted diamonds will be estimated by visual methods taught by GIA. Expert services performed by Jill Morrow are separate from this appraisal and are charged for at the prevailing rates at the time they are needed. Any updates to this appraisal, review of valuation or grading any replacement stones, etc, are at additional charge. Verification of a diamond or gemstone, as originally examined and appraised herein, will be done without charge. The values expressed are based on current information and no opinion is hereby expressed to any future value or past value. 8 . . Possession of this appraisal or any copy does not carry with it the right of publication. This appraisal may not be used for any purpose by anyone but the above named owner without the previous consent of the appraiser, and in any event, only in its entirety. No change on any piece in the appraisal report shall be made by anyone other than the appraiser, and the appraiser shall have no responsibility for any such unauthorized change. Because jewelry appraisal and evaluation is not a pure science and is, therefore, subjective, estimates of value may vary from one appraiser to another and such variance does not necessarily constitute error on the part of the appraiser. This report is not an indication or verification of ownership or title. Testimony or attendance in court or any other hearing is not required by reason of rendering this appraisal, unless such arrangements are made a reasonable time in advance, and compensation agreed to by the appraiser. Unless otherwise stated, items are assumed to be in good condition, showing normal small scratches, dents, chips and abrasion as a result of being worn. If an item is new or showing more serious damage, this will be noted individually. Identification of metal quality stamped on the individual articles cannot be considered conclusive. In the absence of a quality stamp, we have been limited to a metals test and the quality of the metal approximates that set out in the appraisal. Mountings are assumed to be mass produced unless specifically stated. Irreplaceable articles, such as handmade antique jewelry, are valued at the price of similar merchandise in the antique market. Items not typically available in this country are valued at the price of comparable merchandise located here. Diamond grades are evaluated using GIA standards. The qualities of Cut, Color and Clarity are described in GIA terms, using methods and instruments taught by GIA. 9 . . No diamond will be graded above a G color and VSl clarity while in the mounting. When grading mounted diamonds, all weights, measurements, color and clarity grades are approximated using GIA standards and formulas for mounted diamonds. GIA diamond color masters set # 4659 will be used. VIII. APPRAISER'S CERTIFICATION: I certify that, to the best of my lmowledge and belief: - The statements of fact contained in this report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved. - My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. - I have made a personal inspection of the property that is the subject of this report. - Noone provided significant professional assistance to the person signing this report. .~ Jill M~. (GIA), AM-ISA Appr~lw, G.( 10 . . SCHEDULE (pROPERTY DESCRIBED) NARRATIVE, VALUE CONCLUSION: The description of each item begins with the literal description then proceeds to the interpretive description because it allows for more complete identification of each piece of jewelry. The most appropriate market for this jewelry is the secondary market. Within that market context we included Philadelphia and New York City since these cities are easily accessible. Our reasoning includes the following additional factors. Overall the items are in good condition, showing normal wear but not damaged or worn out. This factor makes them attractive to dealers and collectors, for the right price. This is an active market where this type of jewelry is prevalent and affordable, which tends to keep prices competitive. II . MORRO~~AR JEWELERS . RAR NAME/OWNER: Estate of Lottie Ivy Dixon c/o: Marshall Dixon PO Box 6 Boiling Springs, P A 17007 DATE OF APPRAISAL: September 5, 2007 APPRAISER: Jill Morrow, Graduate Gemologist (GIA) PURPOSE OF APPRAISAL: The reason for this appraisal is to grade and estimate the value of this jewelry as Fair Market Value for estate purposes. Because the grading was done in the mounting, all grades and measurements are estimated to the extent the mounting allows using GIA standards and measurements. 1. ITEM DESCRIPTION: This diamond ring is 14KT yellow gold and appears to be a class ring, although it is worn and the class unidentifiable. The ring has the hallmark "B B & B". The Old European Cut round diamond is in a four prong setting. The ring measures 12 mm at the top and tapers to 3.2 mm in width. It is a size 4 Y2. ITEM EVALUATION: This Old European Cut diamond measures approximately 5.27 mm in diameter x 3.34 mm in depth and by formula weighs an estimated .56 CT. The diamond is SIt (Slightly Included 1) in clarity and G-H-I in color or near colorless. The girdle is unpolished and there is no fluorescence. There is an extremely large culet. The ring weighs 4.9 DWT. CONDITION: The ring shows normal wear for its age. The outer design work and prongs are worn, but the ring is wearable. MARKET LEVEL: This diamond ring could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, and antique jewelry. FAIR MARKET VALUE: $655.00 12 3750 MARKET STREET. CAMP HILL, PA 17011 . www.morrowfarrar.com . 717-737-5808 . . 2. ITEM DESCRIPTION: This diamond class ring has no stamp. It appears to be 14 KT white gold and was tested using calibrated acids. The ring has the inscription "WEST POINT 1940" surrounding the bezel set oval diamond and tapers from 12.5 mm to 3.4 mm in width. It is a size 5 %. ITEM EVALUATION: The oval diamond is approximately 6.63 mm x 4.95 mm x 3.0 mm in depth and by formula weighs an estimated .55 CT. The diamond is VS2 (Very Slightly Included 2) in clarity and J-K in color. There is no fluorescence. The ring weighs 4.8 DWT. CONDITION: The ring shows normal wear for its age and is wearable. MARKET LEVEL: This diamond ring could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, aQ.d antique jewelry. FAIR MARKET VALUE: $502.00 3. ITEM DESCRIPTION: This round brilliant cut diamond solitaire ring is 14 KT yellow gold. The diamond is in a four prong v-flair setting with a 3 mm wide shank. The ring is a size 5 ~. ITEM EVALUATION: This round brilliant cut diamond was graded loose. It is 8.82 mm to 8.85 mm in diameter x 4.90 mm in depth and weighs 2.57 CT. The table measures 4.7 mm and the crown is 32 degrees. It is VS2 (Very Slightly Included 2) in clarity and J-K in color. The girdle is unpolished and thin to slightly thick. There is slight fluorescence. The ring weighs 1.7 DWT. CONDITION: The ring shows normal wear. The prongs are worn, but the ring is wearable. MARKET LEVEL: This diamond ring could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, and antique jewelry. FAIR MARKET VALUE: $11,700.00 4. ITEM DESCRIPTION: This lady's three stone diamond ring is 14 KT white gold. There are three round brilliant cut diamonds, each in a four prong setting, surrounded by fifty prong set single cut melee diamonds. The ring is a size 6 %. 13 . . ITEM EVALUATION: The center round brilliant cut diamond is approximately 5.68 mm x 3.1 mm in depth and by formula weighs an estimated .61 CT. It is 12 (Included 2) in clarity and has chips on both sides of the girdle. The one side round brilliant cut diamond is approximately 5.59 mm x 3.3 mm in depth and by formula weighs an estimated .62 CT. It is 12 (Included 2) in clarity and is chipped on one side of the girdle. The other side round brilliant cut diamond is approximately 5.52 mm x 3.4 mm in depth and by formula weighs an estimated .63 CT. It is 11 (Included 1) in clarity. All three diamonds are I-J in color. The estimated total weight of the three diamonds is 1.86 CTTW. The fIfty single cut diamonds are approximately .0075 CT each or .375 CTTW. The ring weighs 3.2 DWT. CONDITION: This diamond ring is in poor condition. All of the prongs are very worn, two diamonds are chipped and the center diamond is extremely loose in the setting. This ring is not in wearable condition. MARKET LEVEL: This diamond ring could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate and antique jewelry. FAIR MARKET VALUE: $750.00 5. ITEM DESCRIPTION: This lady's three stone diamond ring has a 14 KT yellow gold shank. The three diamonds are each in a 14 KT white gold four prong illusion setting. The center diamond is round brilliant cut. One side diamond is Old European Cut and the other one is transition cut. The ring is a size 5 %. ITEM EVALUATION: The center round brilliant cut diamond weighs approximately .23 CT. The Old European Cut diamond weighs approximately .13 CT and the transition cut diamond is approximately.13 CT. The total diamond weight is estimated to be.49 CTTW. The diamonds are VS2 (Very Slightly Included 2) in clarity and G-H in color. They have no fluorescence. The ring weighs 1.5 DWT. CONDITION: This three stone diamond ring has fire scale discoloration. The prongs are worn and the shank is thin. The ring is wearable. MARKET LEVEL: This diamond ring could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, and antique jewelry. FAIR MARKET VALUE: $362.79 6. ITEM DESCRIPTION: This lady's wedding band is 14 KT white gold. The ring is engraved on the inside with "GFD-LTC 12-1-1950". The ring is 3 mm in width and is a size 6. 14 . . ITEM EVALUATION: The ring has parallel edges, a worn pattern, and has a slight wave. It weighs 1.7 DWT. CONDITION: This wedding band is wearable and shows normal wear for its age. MARKET LEVEL: There is no secondary market for used wedding bands. The ring has a market for gold value only. FAIR MARKET VALUE: $32.00 7. ITEM DESCRIPTION: This lady's wedding band is 14 KT yellow gold. It is 2.2 mm in width and is a size 6. ITEM EVALUATION: The wedding band has milgrain edges and weighs .9 DWT. CONDITION: This wedding band is wearable and in good condition. MARKET LEVEL: There is no secondary market for used wedding bands. The ring has a market for gold value only. FAIR MARKET VALUE: $20.00 8. ITEM DESCRIPTION: This lady's diamond watch is 14 KT white gold. It is engraved on the back with "CANDY FROM GEORGE". The dial is round in shape and gray in color with the private label logo Line & Line. There are 18 bead set round brilliant cut diamonds surrounding the dial. The watch has a seventeen jewel mechanical Swiss movement. The graduated diamond band has seventeen diamonds on one side and eighteen diamonds on the other side, which are all prong set and round brilliant cut. There is a double clasp with two prong set round brilliant cut diamonds and a safety chain. ITEM EVALUATION: The eighteen diamonds around the dial are approximately .02 CT each or .36 CTTW. The thirty five graduated diamonds in the,band weigh approximately: 2 @ .20 CT each, 2 @ .12 CT each, 2 @ .07 CT each, 2 @ .06 CT each, 25 @ .05 CTeach, and 2 @ .03 CT each or 2.21 CTTW. The two diamonds in the clasp are approximately .02 CT each or .04 CTTW. The average for all the diamonds is 11 (Included 1) in clarity and 1- J in color. The watch weighs 9.8 DWT. CONDITION: The watch works sporadically, there is some rust in the movement, and the style is dated. A cleaning and/or complete overhaul may repair the watch to good working condition. 15 . . MARKET LEVEL: This diamond watch could be purchased on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, and antique jewelry. FAIR MARKET VALUE: $800.00 9. ITEM DESCRIPTION: This key shaped pin is 14 KT yellow gold. The front of the pin has the initials "KKT" and the symbols "Alpha Omega Omicron". The pin has fifteen bead set seed pearls. The back is engraved with "Lottie I. Carter 1-30-47". ITEM EVALUATION: This pin is 26.6 mm in length x 9.5 mm at it's widest point. The pin weighs 1.8 DWT. CONDITION: The pin shows normal wear for its age and is wearable. MARKET LEVEL: This pin has no secondary market. The market is for gold value only. FAIR MARKET VALUE: $35.00 10. ITEM DESCRIPTION: These two charms are 10 KT yellow gold. One charm is the initials KKT and the other is a Coat of Arms. ITEM EVALUATION: The KKT charm measures 10.5 mm x 10.2 mm and the Coat of Arms charm measures 13.8 mm x 8.3 mm. Both charms together weigh 1.0 DWT. CONDITION: The charms are in good condition and are wearable. MARKET LEVEL: These charms have no secondary market. The market is for gold value only. FAIR MARKET VALUE: $13.25 ITEM DESCRIPTION: This cultured pearl, opera length necklace measures 37 ~ inches and has 105 knotted pearls. The clasp is 14 KT yellow gold. ITEM EVALUATION: The pearls range in size from 7 ~ mm - 8 mm. They are out of round and moderately blemished. The necklace has medium lustre and is light cream in color. 16 . . CONDITION: There is play within the pearls and the knots are soiled. Restringing the necklace would improve the condition. MARKET LEVEL: This pearl necklace could be found on the secondary market; i.e., those dealers and jewelers who specialize in used, estate, and antique jewelry. FAIR MARKET VALUE: $500.00 Gold price at $680.00 on September 5, 2007 DISCLOSURE: I have no financial interest in this jewelry nor do I anticipate any. The fee for this appraisal was not contingent upon value and reflects our normal and customary fee schedule. C#J~ Jill &/orrow. GG (GIA) AM-ISA Member Appraisers Association of America Accredited Member- International Society of Appraisers 17 . . DEFINITION OF TERMS: ANTIQUE - item judged to have been made at least one hundred years ago BAGUETTE - rectangular cut used mainly for small diamonds BAIL - suspension loop on pendants, lockets, and similar articles BASE METAL - any nonprecious metal BASKET MOUNT - ring head with openwork sides and shank sections BEAD SET - stone set flush with the mount and secured with metal beads, as in paved pieces BEZEL SET - collar burnished over the girdle of a gemstone, also called collet set. CABOCHON - round or oval domed stone, polished but not faceted, commonly used in cutting cat's-eye or star stones CALIBER CUT - gemstones cut to a special or exact size and used to highlight or outline a jewelry item, commonly used from the 1920's. CAMEO - one-piece gemstone material carved to leave a raised design and show the design and background in different colors, commonly used materials. include carnelian, chalcedony, and sardonyx CAST - piece formed by pouring molten metal into a hollow mold CHANNEL SET - rows of gems secured by metal flanges, no claws or beads are used CLOSED BACK - setting in which the pavilion of a stone is completely enclosed, may be foiled COLLAR - metal band encircling a gemstone CROWN - portion of the gemstone above the girdle CULET - small facet polished across the pavilion point of a faceted stone CULTURED PEARL - pearl created by artificial introduction of a nucleus into a mollusk, which stimulates accumulation of nacre and forms the pearl, cultured pearls take approximately three years to form in salt water, less in fresh water or the South Seas CURB CHAIN - chain characterized by flattened links CUSHION CUT - square or rectangular stone with rounded comers, as in old mine-cut stones EMERALD CUT - rectangular step-cut or trap-cut stone with a 45-degree corner angle ESTATE JEWELRY - previously owned jewelry, not necessarily antique items FACETING - process of polishing a gemstone into a series of planes for maximum beauty and brilliance 18 . . FILIGREE - gold wire twisted and soldered into intricate patterns FOILING - the practice of backing a stone in thin metal foil in a closed-back setting to add color and lor brilliance to the stone, common in antique jewelry, even in diamonds FRACTURE - break of any sort other than cleavage, may occur in any stone GA I .I.FRY - area below the setting in a ring, may be pierced, carved or otherwise designed GIRDLE - the extreme edge of a fashioned gemstone that divides the crown and pavilion GOLD FILLED - base metal joined with layers of gold, similar to rolled gold, a stamped fraction may indicted the ratio of gold content to total metal weight ILLUSION SETTING - stone surrounded by metal, making it appear larger than it is MAKER'S MARK - initials or trademark stamped or engraved on jewelry MARQUISE - stone or jewelry item that is essentially oval but has pointed ends MELEE - a diamond 20 points or smaller OLD EUROPEAN CUT - diamond cut with circular shape and large culet; table diameter is usually 50 percent of less than that of the girdle, the cutting style was commonly used between 1885 and 1915 OLD MINE CUT - diamond cut with a cushion shape, large colet, and the girdle placed nearly halfway between the table and colet, table diameter is usually 50 percent or less than that of the girdle, the cutting style was commonly used int he last half of the nineteenth century OPEN BACK - setting that allows interplay of light within the set stone PAVED - bead-set jewelry whose surface has been 'paved' with small stones PAVILION - portion of the gemstone below the girdle PROVENANCE - documented history of an item, including origin and important owners ROUND BRILLIANT CUT - standard modem cutting style for round diamonds and most colored stones, featuring fifty-eight facets, thirty-three above the girdle and twenty-five below, not all round brilliant-cut gemstones will have a faceted culet SINGLE CUT - round brilliant cutting style featuring eighteen facets, used for smaller stones SPLIT RING - ring that will hold suspended lockets, fobs, and so on, similar to the modern key ring STYLE - refers to jewelry article with the appearance of being made in a designated period but actually made at a later date 19 . . SYNTHETIC - man-made material with essentially the same optical, chemical, and physical properties as its natural counterparts TABLE - flat top facet of a gemstone TESTED - metal that has been acid tested to ascertain type and fineness TIFFANY SETTING - head for setting stones with four or six long, slender prongs and a round, flared base. 20 . . EVALUATING DIAMONDS - the following charts are taken from The Guide. The price charts in The Guide are categorized by color, clarity, and carat weights. Cut, however, plays a significant role on pricing and needs to be considered when using the charts. GIA uses a systematic and comprehensive approach to analyzing cut using four basic classes. They are as follows: CLASS 1 (Formerly considered more "ideal" of a cut; Diamonds in this class are approximately 15% higher in price than listed prices in The Guide. Some trademark cuts can be considerably higher.) Table size 53-600/0 Crown angles 34-35 degrees Girdle Medium to slightly thick Pavilion depth 430/0 Polish Very good to excellent Symmetry Very good to excellent These cut guidelines apply for diamonds .50CT and up. In smaller sizes slightly larger tables up to 620/0 are acceptable. CLASS 2 (Internationally perceived as well cut; prices in The Guide are based on these proportions.) Table size 61-640/0 Crown angles 32-34 degrees Girdle Thin to thick Pavilion depth 42-44% Polish Good Symmetry Good CLASS 3 (Diamonds in this class are approximately 150/0 lower in price than listed prices in The Guide.) Table size 65-70% Crown angles 30-32 degrees Girdle Thin to very thick Pavilion depth 41-46% Polish Fair Symmetry Fair CLASS 4 (Diamonds in this class are as much as 50% lower in price than listed prices in The Guide.) Table size Larger than 70% Crown angles Shallower than 30 degrees Girdle Knife-edge or very thick to extremely thick Pavilion depth Shallower than 40% or deeper than 46% 21 . . Polish Fair to poor Symmetry Fair to poor IMPORTANT: Some diamonds will have cut proportions or finish which overlap into more than one class. Also, diamonds that are very close to the next class may be closer in price to that class. Polish and symmetry are collectively known as finish. Finish may have a greater effect on price than small differences in table size or girdle thickness. This is because finish is directly related to labor, skill and care. GIA COLOR GRADING SCALE - D-E-F Colorless G-H-I-J Near Colorless K-L-M Faint Yellow N-O-P-Q-R Very Light Yellow S to Z Light Yellow GIA CLARITY GRADING SCALE - FL-IF No inclusions visible (by an expert) under lOx magnification (FL=Flawless, IF=Intemally Flawless) VVSl-VVS2 Minuter-extremely difficult to find under lOx (VVS=Very, very slight inclusions) VSl-VS2 Minor-difficult to find under lOx (VS= Very slight inclusions) SI1-S12 Noticable, relatively easy to find under lOx (SI=Small inclusions) 11-12 Obvious under lOx -just visible to the naked eye (I = Imperfect) 22 . . WORKS CITED: ASA PP 201 Principles of Valuation American Society of Appraisers @ 1995 The Appraisal of Personal Property American Society of Appraisers @1994 Uniform Standards of Professional Appraisal Practice (USP AP) USP AP 2006 Edition @THE APPRAISAL FOUNDATION The Guide The Guide Reference Manual Gemworld International, Inc. @1992 Rappaport Diamond Report Copyright @ 2007 by Martin Rapaport. 23 . . MORRO~~ARRAR JEWELERS JILL MORROW, G.G. (G.I.A.), ISA-AM ISA-Accredited Member: Member: Co-Owner: International Society of Appraisers (ISA) American Appraisers Association(AAA) Morrow Farrar Jewelers BUSINESS BACKGROUND Founded April 1985- 2002 as a Sole Proprietorship. Ross Farrar had his own store as a sole proprietor. In 2002 we merged to form an LLC. Ross A. Farrar is a Master Goldsmith with 30 years experience. He specializes in Hand Engraving and Custom Designed Jewelry. We are a full service jewelry store with a professional staff of six. We specialize in On-Site Custom Design, Jewelry Restoration and Repair, Hand Engraving and Certified Appraisals such as Insurance, Donation and Estate. We carry a full range of diamonds, colored gemstones and cultured pearls. I travel to Antwerp, Belgium, the oldest of four diamond-cutting centers worldwide and the major diamond-trading center, to buy diamonds for our store. These relationships with diamond cutters and dealers in Antwerp have been developed over the 15 years that I have traveled there. I am a Member of the New York Diamond Dealers Club, which affords me access to the major diamond market in New York City. We recendy began purchasing Estate and Antique Jewelry. My experience includes providing appraisals for banks, attorneys, individuals and P A Dept of the Treasury 1995-96. I was the jewelry appraiser for Unclaimed Property before it went to auction. In initial meetings with Treasury officials, we arrived at a methodology for estimating the value of the jewelry, which I subsequendy provided to them in writing. I was asked to develop a form and format to follow as well as a recommendation for basic gem equipment that the Treasury staff could use. I provided the initial gem instrument training to the staff. 24 3750 MARKET STREET. CAMP HILL, PA 17011 . www.morrowfarrar.com . 717-737-5808 . . PROFESSIONAL CREDENTIALS GRADUATE GEMOLOGIST (GIA) The Gemological Institute of America (GIA) is the industry standard for gemological education. After extensive education and lab classes, a student can earn the Graduate Gemologist title. There are more specialized courses in grading diamonds, pearls and gemstones. We have a fully equipped Gem Lab as well as a full sized portable Gem Lab. We have all the instruments recommended for jewelry stores to do accurate gem identifications and diamond grading in the field. I follow the procedures, standards and classifications recommended by GIA. With exceptionally large, fine and/or rare diamonds and gemstones, where the difference in classification can be worth thousands of dollars, I use an independent gem laboratory. An independent laboratory does not engage in buying or selling. Their function is to identify and grade diamonds and gemstones. In addition to an extensive network of diamond and gemstone dealers that I call on to provide current market data, I subscribe to six industry periodicals that cover current issues such as fracture filling diamonds, synthetic gemstones, appraisal standards a.nd market pnces. ACCREDITED MEMBER: ISA Accredited member status in ISA is attained after completion of core courses in Appraisal Theory, Methodology and approved course of study in one's chosen field. ISA serves the public by producing qualified and ethical appraisers. ISA- Accredited Members must take continuing education and re-certify every 5 years. MEMBER:AAA In addition to the Federal and State governments, there are nine professional appraisal societies that work with the Appraisal Foundation to ensure that appraisers have the education, qualifications and ethics to perform professional appraisals. These organizations have worked together to develop Uniform Standards of Professional Appraisal Practice (USP AP). 25 . . PROFESSIONAL ASSOCIATIONS: Member: New York Diamond Dealers Club (NYDDC). One is invited, approved, then accepted for membership. The NYDDC provides me with access to diamond sightholders, cutters and dealers nationally and the major N ew York City market. Member: Independent Jewelers Organization; Norwalk, CT 1990 - present There are approximately 800 members. There are tide programs for those who have completed ongoing industry education. With the completion of the pearl course, I will earn the tide of Master Graduate Gemologist. I go to a minimum of one show per year. The shows feature seminars and classes in ongoing education. Member: Jewelers of America Member: Pennsylvania Jewelers Association; Harrisburg, PA Board of Directors, 1995 - 1999 Secretary/Treasurer, 1996-1999 These are trade and lobbying associations for the jewelry industry. Member: Jewelers Security Alliance; New York, NY Association that provides training in every aspect of security for the jewelry industry. How to handle security of jewelry and personal security of those in the trade, including knowledge of precautions against armed robbery, shoplifting, and car jacking, among others. 26 . . PROFESSIONAL EDUCATION USP AP: Completed May 11, 2007 Appraisers must take USP AP every 5 years to maintain their certification. Personal Property Valuation (PP) 201- 204 American Society of Appraisers Continuing Education Credits for completing the four courses in valuation. They are: PP 201 Introduction to Personal Property Valuation; PP202 Valuation Methodology Research & Analysis; PP203 Report Writing; PP204 Appraisal Practice & Standards Graduate Gemologist, GIA Gemological Institute of America (GIA) Carls bad, California This course of study is specific to the jewelry industry and provides the education to be able to accurately grade diamonds and identify different gemstones, including recognizing artificial treatment and imitation diamonds and gems. Graduate Jewelry Repair and Stone Setting Bowman Technical School This school closed several years ago. It was a well known for teaching the goldsmithing skills needed in the jewelry trade. Graduate as English Shippensburg University 27 . . COMMUNITY ASSOCIATONS: Member: West Shore Chamber of Commerce P A Chamber of Commerce Past Member: Board of Directors Allied Arts Fund Past Member Campaign Cabinet Past Member: Rotary - Mechanicsburg North Chapter APPRAISAL FOUNDATION: www.appraisalfoundation.org APPRAISERS ASSOCIATION OF AMERICA: www.appraisersassociation.org INTERNATIONAL SOCIE1Y OF APPRAISERS: www.isa-appraisers.org INDEPENDENT JEWELERS OF AMERICA: www.iio.com JEWELERS OF AMERICA: www.jewelers.org MORROW FARRAR JEWELERS: www.morrowfarrar.com 28 ~. . . ROBERT ENSMINGER APPRAISERS REAL .ESTATE and PERSONAL PROPERTY 3557 ELMElUON A VENUE HARRISBURG, PAJ710<;-1132 FEDERAL TAX ID #23-2492038 PIIONE 717-652-4111 FAX 717-835-0638 CELL 717-877-7350 E-MAIL: ~~_l,)Qrnps@COmC~ne! WEB SITE www.Ensmin~ers.net INVOICE August 15, 2007 Marshall Dixon 1571 Boiling Springs Road P.O. Box 6 Boiling Springs, PA 17007 Professional Appraisal Service: Personal Property Estate of Lottie Ivy Dixon 1571 Boiling Springs Road Boiling Springs, PA 17007 $ 400.00 . . ROBERT ENSMINGER APPRAISERS REAL ESTATE and PERSONAL PROPERTY 3557 Elmerton Avenue Hanisburg, PA 17109-1132 717-652-4] 11 Yoke 717-541-9444 fa'l( 717-877-7350 Cell August 15, 2007 threecomosca1comcast.net Marshall Dixon 1571 Boiling Springs Road P.O. Box 6 Boiling Springs, PA 17007 www.Ensmin2crs.llct RE: Estate of Lottie Ivy Dixon Dear Mr. Dixon: In accordance with your request, I have appraised the personal property of Lottie Ivy Dixon, Deceased. The property is located at 1571 Boiling Springs Road, Boiling Springs, PA 17007. The values shown have been arrived at after a careful study of the property. I believe it to reflect a true measure of its market value as of June 28, 2007, which was the date of death. Market value is defined as being the most reasonable or probable price in terms of money that real or personal property will bring in an open and competitive market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Taking into account all of the factors set forth in the pages that follow, it is the opinion of the undersigned that the fair market value of the personal property is Twenty-Nine Thousand Nine Hundred Dollars ($29,900.00.) Employment in and compensation for making this appraisal are in no manner contingent upon the value reported and I certify that I have no financial interest in the property appraised, present or contemplated. Very truly yours, KMI!~ Robert A. Ensminger . . Estate of Lottie Ivy Dixon Personal Property Item Description Value Victorian Parlor set $ 1,250.00 Mahogany game table $ 75.00 Baskets $ 35.00 Statue $ 50.00 Carved chest $ 125.00 Oriental rugs $ 750.00 Mahogany table $ 300.00 Carved figures $ 50.00 Oriental jardlnalres $ 100.00 Indian dowery chest $ 200.00 Brass tray $ 40.00 Brass peacocks $ 100.00 Binoculars $ 50.00 Misc. brass items $ 30.00 Oriental lions - pair $ 75.00 Brass urns $ 200.00 Neddlepolnt chair $ 175.00 Pictures $ 65.00 Mahogany mirror $ 225.00 Oval mirror $ 65.00 Oil painting $ 200.00 Needlepoint stool $ 25.00 Cast i ran dog $ 75.00 Brass candlesticks $ 40.00 Walker grand piano $ 2,000.00 Brass Items - piano & windowsill $ 250.00 Pictures $ 25.00 Floor lamp $ 20.00 Nesting tables $ 100.00 Oil painting $ 200.00 Brass Items - Fireplaces $ 500.00 Scale $ 100.00 Jardlnaire & stand $ 90.00 011 painting $ 150.00 Queen Ann wing chair $ 100.00 Carved table & chairs $ 700.00 Chess set $ 150.00 Carved bookends $ 75.00 Lamp $ 30.00 Crystal & brass on windowsill $ 100.00 Picture stand $ 75.00 Cloisonne vase $ 20.00 Brass & china on windowsill $ 60.00 Neddlepoint wall hanging $ 40.00 Marbletop cupboard $ 300.00 Mirror $ 50.00 Lamps $ 25.00 Needlepoint chairs $ 125.00 Brass & china on windowsill $ 50.00 Brass on radiator $ 75.00 Page 1 of 4 . . Estate of Lottie Ivy Dixon Personal Property Item Description Value Sofa $ 100.00 Pedestals $ 50.00 End tables $ 125.00 Sofa $ 50.00 Lamps $ 60.00 2 carved tables wi 4 stools each $ 500.00 Misc. on windowsill $ 85.00 Small chest $ 75.00 Misc. on tables $ 100.00 Dining table, chairs, marble top server and buffet $ 4,000.00 Tall case clock $ 2,500.00 Tea cart $ 125.00 Carved divider screen $ 100.00 High chair $ 40.00 Sleigh bells $ 40.00 Contents of buffet $ 400.00 M I rro r $ 350.00 Carved chest $ 100.00 Seth Thomas clock $ 50.00 Misc. on windowsill $ 300.00 Contents of server $ 150.00 Geo. Washington - Unfinished Portrait $ 30.00 Syracuse china $ 50.00 Haviland china $ 30.00 Bavarian demitasse cups & suacers $ 50.00 English china $ 25.00 Misc. in corner cupboard $ 40.00 Oak chairs $ 40.00 Brass fonts $ 50.00 Divider $ 30.00 Rocking chairs $ 75.00 Rainbow Vacuum $ 35.00 Misc. on porch $ 30.00 Gate leg drop leaf table $ 150.00 4 chairs $ 75.00 Refrigerator $ 75.00 Small appliances $ 50.00 Griswold popover pans $ 100.00 Dishes, glassware, utensils $ 20.00 Pots, pans, bakeware $ 20.00 Misc. on windowsill $ 35.00 Washer & dryer $ 500.00 Library table & 6 benches $ 400.00 6 chairs $ 100.00 Misc. on windowsill $ 30.00 Sleigh bells $ 60.00 Misc. on bookshelves $ 90.00 Books $ 150.00 Sofa $ 100.00 Table lamp $ 20.00 Page 2 of 4 . . Estate of Lottie Ivy Dixon Personal Property . Item Description Value End tables $ 60.00 Misc. on windowsill $ 50.00 Lamp $ 20.00 Leather chairs $ 25.00 Table lamp $ 20.00 Misc. contents of mantle $ 100.00 Oval mirror $ 65.00 Copper rendering kettle $ 150.00 Barware $ 50.00 Oriental rugs $ 300.00 Victorian walnut bed $ 500.00 Marble top dresser - missing pulls $ 350.00 marble top washstand $ 250.00 Marble top night stands $ 100.00 Caned chair $ 50.00 Bookcase and contents $ 50.00 5 chairs $ 100.00 Oriental rugs $ 300.00 Pictures $ 50.00 Hall mirror $ 300.00 Bed $ 200.00 Night stand $ 25.00 Marble top table $ 125.00 Desk $ 70.00 Chair $ 30.00 Divider screen $ 100.00 Marble top dresser $ 200.00 Rocking chair $ 75.00 Sofa $ 150.00 Oval marble top table $ 125.00 Pictures $ 40.00 Mirror $ 40.00 Cedar chest $ 60.00 Misc. In bedroom $ 20.00 Misc. in Bbath $ 40.00 Bedroom suite - high poster bed, chest on chest, dresser $ 600.00 Shaving mirror $ 75.00 Victorian side chairs $ 100.00 Sofa $ 100.00 Slant front desk $ 100.00 Misc. In bedroom $ 25.00 Porch/patio furniture $ 75.00 Rendering kettle $ 25.00 8 rocking chairs $ 200.00 Pool furniture $ 50.00 SCAG 22 HP zero-turn lawn mower $ 1,000.00 Emlpre sofa $ 250.00 Corner chair $ 75.00 Arm chair $ 60.00 Pictures $ 75.00 Page 3 of 4 . . Estate of Lottie Ivy Dixon Personal Property Item Description Value Mirror $ 50.00 Clothes tree $ 25.00 Table lamp $ 100.00 Refrigerator $ 125.00 Decoys $ 50.00 Fireplace equipment $ 35.00 Crystal lamp $ 75.00 Mise In guest house $ 50.00 Marble top vanity $ 250.00 Desk $ .65.00 Marble top table $ 75.00 Carved divider screen $ 100.00 Small tables $ 50.00 Bed $ 100.00 Misc. In bedroom $ 30.00 Mise In attic $ 250.00 TOTAL $ 29,900.00 Page 4 of 4 EXHIBIT E I . . . Estate Valuation Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/08/2007 Estate of: dixon, g jr cta Q Account: 1154295008 Report Type: Date of Death Number of Securities: 46 File ID: dixonqtip 9) 50000 PITTSTON PA AREA SCH DIST G.O BDS (725726DS9) Financial Times Interactive Data DTD: 08/15/2002 Mat: 09/15/2013 4% 06/28/2007 100.05100 Mkt Int: 03/15/2007 to 06/28/2007 10) 50000 HARRISON TWP PA WTR AUTH WTR R WTR REV B (415568CE2) Financial Times Interactive Data DTD: 09/01/2002 Mat: 12/01/2013 4% 06/28/2007 100.02300 Mkt Int: 06/01/2007 to 06/28/2007 Shares or Par Mean and/or Div and Int Security Adjustments Accruals Value Security Description High/Ask Low/Bid 1) 50000 REGIONAL SCH DIST NO 13 CONN G.O. REF (759123FF4) Financial Times Interactive Data DTD: 05/01/1998 Mat: 09/15/2007 4.5% 06/28/2007 100.16900 Mkt Int: 03/15/2007 to 06/28/2007 100.169000 50,084.50 643.75 2) 50000 WASHINGTON ST G.O. BDS (939745U45) Financial Times Interactive Data DTD: 05/01/2000 Mat: 01/01/2008 5% 06/28/2007 100.58700 Mkt 100.587000 50,293.50 Int: 01/01/2007 to 06/28/2007 1,229.17 3) 50000 PENNSYLVANIA ST TPK COMMN REGI REV BDS (709222AG8) Financial Times Interactive Data DTD: 07/01/2001 Mat: 07/15/2008 3.95% 06/28/2007 100.20000 Mkt 100.200000 50,100.00 Int: 01/15/2007 to 06/28/2007 894 . 24 4 ) 50000 KING & SNOHOMISH CNTYS WASH SC G.O. BDS (494 656VG3) Financial Times Interactive Data DTD: 12/15/1998 Mat: 06/15/2010 5% 06/28/2007 101.70400 Mkt 101.704000 50,852.00 Int: 06/15/2007 to 06/28/2007 90.28 5) 50000 ST MARYS CNTY MD CONS PUB (792554RK5) Financial Times Interactive Data DTD: 07/15/2001 Mat: 07/01/2010 4% 06/28/2007 100.30800 Mkt 100.308000 50,154.00 Int: 01/01/2007 to 06/28/2007 983.33 50000 MARYLAND ST INDL DEV FING AUTH REV REF B (574223CB7) Financial Times Interactive Data DTD: 06/01/2001 Mat: 12/15/2010 4.3% 06/28/2007 100.22100 Mkt 100.221000 50,110.50 Int: 06/15/2007 to 06/28/2007 77.64 50000 KEYSTONE OAKS PA SCH DIST G.O REF B (493534GJ4) Financial Times Interactive Data DTD: 08/15/2002 Mat: 02/15/2012 3.8% 06/28/2007 99.49500 Mkt 99.495000 49,747.50 Int: 02/15/2007 to 06/28/2007 701. 94 50000 PITTSBURGH PA G.O. REF 1725209AR1) Financial Times Interactive Data DTD: 10/15/1998 Mat: 09/01/2012 4.6% 06/28/2007 100.44300 Mkt 100.443000 50,221. 50 Int: 03/01/2007 to 06/28/2007 747.50 6) 7 ) 8) 100.051000 50,025.50 572.22 100.023000 50,011. 50 150.00 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.3) Page 1 I . . . . . Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/08/2007 15) 16) 17) 18) 19) 20) 21) Shares or Par Security Description High/Ask 46.95000 6.49000 52.37000 Low/Bid 46.51000 H/L 6.05000 H/L 51. 23000 H/L 121.25000 119.38000 H/L 34.25000 44.89000 18.62000 1000 DU PONT E I DE NEMOURS & CO (263534109) COM New York Stock Exchange 06/28/2007 51.38000 Div: 0.440000 Ex: 06/27/2007 Rec: 06/30/2007 Pay: 08/01/2007 . Estate of: dixon, g jr cta Q Account: 1154295008 Report Type: Date of Death Number of Securities: 46 File ID: dixonqtip Mean and/or Div and Int Security Adjustments Accruals Value 46.730000 1,869,200.00 11) 40000 CARLISLE COS INC (142339100) COM New York Stock Exchange 06/28/2007 27.82000 84.39000 Page 2 33.72000 H/L Div: 0.420000 Ex: 06/27/2007 Rec: 06/29/2007 Pay: 07/30/2007 44.03000 H/L 3000 DUKE ENERGY CORP NEW (26441C105) COM New York Stock Exchange 06/28/2007 18.20000 H/L 500 DUN & BRADSTREET CORP DEL NEW (26483E100) COM New York Stock Exchange 06/28/2007 104.50000 103.34000 H/L 2000 ELECTRONIC DATA SYS NEW (285661104) COM New York Stock Exchange 06/28/2007 6280 EXXON MOBIL CORP (30231G102) COM New York Stock Exchange 06/28/2007 6.270000 481.51 12) 76.7961 CITADEL BROADCASTING CORP (17285T106) COM New York Stock Exchange 06/28/2007 50.68000 H/L 27.33000 H/L 83.18000 H/L 51.800000 131,416.60 13) 2537 CITIGROUP INC (172967101) COM New York Stock Exchange 06/28/2007 120.315000 + 0.440000 120.755000 362,265.00 14) 3000 DEERE & CO (244199105) COM New York Stock Exchange 06/28/2007 33.985000 33,985.00 1000 DISNEY WALT CO (254687106) COM DISNEY New York Stock Exchange 06/28/2007 3000 DOW CHEM CO (260543103) COM New York Stock Exchange 06/28/2007 44.460000 + 0.420000 44.880000 134,640.00 18.410000 55,230.00 103.9.20000 51,960.00 51. 030000 51,030.00 27.575000 55,150.00 83.785000 526,169.80 This report was produced with EstateVa1, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.31 . Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/08/2007 25) 26) 27) 28) 29) 30) 31) 32) Shares or Par Security Description High/Ask 38.38000 59.35000 34.21000 47.67000 45.34000 35.80000 49.48000 56.70000 723 MEDCO HEALTH SOLUTIONS INC (58405U102) COM New York Stock Exchange 06/28/2007 78.39000 Low/Bid 37.78000 H/L 23) Div: 0.28 Ex: 06/21/2007 Rec: 06/25/2007 Pay: 07/25/2007 4000 GOODRICH CORP (382388106) COM New York Stock Exchange 06/28/2007 . Estate of: dixon, g jr eta Q Account: 1154295008 Report Type: Date of Death Number of Securities: 46 File ID: dixonqtip Mean and/or Div and Int Security Adjustments Accruals Value 38.080000 840.00 58.800000 800.00 33.800000 47.200000 760.00 44.895000 160.00 35.330000 49.020950 56.400000 77.375000 50.690000 2,280.00 29.825000 114,240.00 235,200.00 67,600.00 94,400.00 89,790.00 9,998.39 156,572.91 56,400.00 55,942.13 304,140.00 59,650.00 This report was produced with EstateVa1, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.3) 22) 3000 GENERAL ELECTRIC CO (369604103) COM New York Stock Exchange 06/28/2007 58.25000 H/L 24) Div: 0.2 Ex: 05/31/2007 Rec: 06/04/2007 Pay: 07/02/2007 2000 GOOOYEAR TIRE & RUBR CO (382550101) COM New York Stock Exchange 06/28/2007 2000 HEINZ H J CO (423074103) COM New York Stock Exchange 06/28/2007 33.39000 H/L 46.73000 H/L Div: 0.38 Ex: 06/21/2007 Rec: 06/25/2007 Pay: 07/10/2007 2000 HEWLETT PACKARD CO (428236103) COM New York Stock Exchange 06/28/2007 44.45000 H/L Div: 0.08 Ex: 06/11/2007 Rec: 06/13/2007 Pay: 07/05/2007 283 IDEARC INC (451663108) COM New York Stock Exchange 06/28/2007 3194 JP MORGAN CHASE & CO (46625H100) COM New York Stock Exchange 06/28/2007 1000 LILLY ELI & CO (532457108) COM New York Stock Exchange 06/28/2007 6000 MERCK & CO INC (589331107) COM New York Stock Exchange 06/28/2007 51.10000 34.86000 H/L 48.56190 H/L 56.10000 H/L 76.36000 H/L 50.28000 H/L Div: 0.38 Ex: 06/06/2007 Rec: 06/08/2007 Pay: 07/02/2007 2000 MICROSOFT CORP (594918104) COM The NASDAQ Stock Market LLC 06/28/2007 29.97000 Page 3 29.68000 H/L , . . Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/08/2007 Shares or Par Security Description High/Ask 68.24000 62.97000 20.06000 65.71000 25.83000 72.64000 75.10000 41. 34000 33.78000 82.47000 80.41000 Page 4 Low/Bid 66.50000 H/L 61.87000 H/L 19.61000 H/L 64.70000 H/L 37) Div: 0.375 Ex: 06/06/2007 Rec: 06/08/2007 Pay: 06/29/2007 10800 PFIZER INC (717081103) COM New York stock Exchange 06/28/2007 (e Estate of: dixon, g jr cta Q Account: 1154295008 Report Type: Date of Death Number of Securities: 46 File 10: dixonqtip Mean and/or Div and Int Security Adjustments Accruals Value 67.370000 62.420000 19.835000 65.205000 25.665000 72.025000 74.437500 41.095000 33.460000 78.565000 80.105000 9.930000 45,946.34 124,840.00 79,340.00 260,820.00 1,500.00 277,182.00 360,125.00 14,887.50 232,597.70 66,920.00 157,130.00 80,105.00 103,435.04 This report was produced with EstateVal, a product of Estate Valuations , Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.3) 33) 682 MONSANTO CO NEW (61166W101) COM New York Stock Exchange 06/28/2007 34) 2000 MOODYS CORP (615369105) COM New York Stock Exchange 06/28/2007 35) 4000 ORACLE CORP (68389X105) COM The NASDAQ Stock Market LLC 06/28/2007 36) 4000 PEPSICO INC (713448108) COM New York Stock Exchange 06/28/2007 38) 5000 PNC FINL SVCS GROUP INC (6934751051 COM New York Stock Exchange 06/28/2007 39) 200 R H DONNELLEY CORP (74955W307) COM NEW New York Stock Exchange 06/28/2007 40) 5660 VERIZON COMMUNICATIONS (92343V1041 COM New York Stock Exchange 06/28/2007 41) 2000 WD-40 CO (929236107) COM The NASDAQ Stock Market LLC 06/28/2007 42) 2000 WEYERHAEUSER CO (962166104) COM New York Stock Exchange 06/28/2007 43) 1000 ROYAL DUTCH SHELL PLC (780259206) SPONS ADR A New York Stock Exchange 06/28/2007 44) 10416.419 MTB GROUP FDS (55376T288) PI'. MUN BD I I Mutual Fund (as quoted by NASDAQ) 06/28/2007 25.50000 H/L 71.41000 H/L 73.77500 H/L 40.85000 H/L 33.14000 HIL 74.66000 H/L 79.80000 HIL 9.93000 Mkt 1 . . t. Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/08/2007 Estate of: dixon, g jr cta Q Account: 1154295008 Report Type: Date of Death Number of Securities: 46 File ID: dixonqtip Shares or Par Security Description High/ASk Low/Bid Mean and/or Div and Int Security Adjustments Accruals Value 45) 1187739.28 Cash (CASH) 46) 17913.21 Cash (CASHI 1,187,739.28 17,913.21 Total Value: Total Accrual: Total: $8,038,472.98 $8,026,042.91 $12,430.07 -~<(6 QW ~ \A~~ ~ ~\){ ~ ?3~ c}\ 0(\.~ \ Page 5 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evPsys.com. (Revision 7.0.31 . Estate Valuation i. Date of Death: 06/28/2007 Valuation Date: 06/28/2007 Processing Date: 08/09/2007 Estate of: Dixon, Lottie T/A Account: 1104299875 Report Type: Date of Death Number of Securities: 3 File ID: Dixon Trust Shares Security or Par Description 1) 53.516 MTB GROUP FDS (55376T288) PA MUN BD I I Mutual Fund (as quoted by NASDAQ) 06/28/2007 2) 7031. 53 Cash (CASH) MTB Group FDS, CUSIP 55376V309 3) 13024.92 Cash (CASH) MTB Group FDS, CUSIP 55376V309 High/Ask Low/Bid Mean and/or Div and Int Security Adjustments Accruals Value 9.93000 Mkt 9.930000 531.41 7,031.53 13,024.92 Total Value: Total Accrual: Total: $20,587.86 $20,587.86 $0.00 Page 1 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.0.4) AVfr McNees Wallace & Nurick LLC attorneys at law ELIZABETH P. MULLAUGH DIRECT DIAL: (717) 237-5243 DIRECT FAX: (717) 260-1729 E-MAIL ADDRESS:EMULLAUGH@MWN.COM May 15, 2008 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Register of Wills Cumberland County Courthouse One Courthouse Square Carlisle, PA 17013-3387 RE: Estate of Lottie Ivy Dixon Cumberland County File No. 21-07-0686 Ladies and Gentlemen: Enclosed for filing in the above-referenced estate are the following documents: . Pennsylvania Inheritance Tax Return (2 originals) - There is a refund due of $1,011.69. . Inventory (2 originals) . Check for the $30.00 fee to file the return and inventory. Please date stamp the copies enclosed and return to our office in the stamped envelope provided. Very truly yours, McNEES WALLACE & NURICK LLC EPM/mha Enclosures cc: Marshall Dixon Stanley A. Smith, Esq. Thomas P. Gacki, Esq. Ivo V. Otto, III, Esq. P.O. Box 1166 .100 PINE STREET. HARRISBURG, PA 17108-1166. TEL: 717.232.8000. FAX: 717.237.5300. WWW.MWN.COM COLUMBUS, OH . STATE COLLEGE, PA. 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