Loading...
HomeMy WebLinkAbout04-01-09IN RE: THE ESTATE OF MARY E. BURDGE, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PE SYLVA~IIA ORPHANS' COURT DIVISIOIp „°o , NO. 2008-00305 D~ .o ; ~~~ ~ ~. ~r- ~ _ RECEIPT, RELEASE, REFUNDING nao -n ~~~,~ ~ AND INDEMNITY AGREEMENT FOR o~ _ _- -'"~' RIM DISTRIBUTION FROM ESTATE AND TR ~ ~'=' r THIS AGREEMENT, is made this 9`h day of March, 2009, by and between Randall D. Burdge and Manufacturers and Traders Trust Company, as Co-Executors (collectively, the "Executors") of the Estate of Mary E. Burdge, deceased (the "Estate"), and by Manufacturers and Traders Trust Company, Trustee (the "Trustee") of The Mary E. Burdge Revocable Trust, Originally Dated January 31, 1995, As Amended on June 24, 1999, and As Amended and Restated in its Entirety on August 24, 2007 (the "Trust"), and by Randall D. Burdge, Jeremy J. Burdge and Gavin F. Burdge as the beneficiaries of the Estate/Trust. WITNESSETH: WHEREAS, Mary E. Burdge (the "Decedent"), a widow, died testate on March 14, 2008, and Letters Testamentary were issued by the Register of Wills of Cumberland County, Pennsylvania, to the Executors for the administration of the Decedent's probate estate (the "Estate"); and WHEREAS, the Decedent was widowed on September 2, 1999, and is survived by her three (3) adult children, namely, Randall D. Burdge, Jeremy J. Burdge and Gavin F. Burdge (collectively, the "Beneficiaries" or individually by their first names); and WHEREAS, the Decedent was also predeceased by her son, Jeffrey D. Burdge, who left no issue; and WHEREAS, the Decedent executed that certain Last Will and Testament of Mary E. Burdge (the "Will") on January 31, 1995; and WHEREAS, the Decedent executed the Sole Codicil of Mary E. Burdge on March 31, 1998 (the "Sole Codicil") and the Second Codicil of Mary E. Burdge on March 7, 2003 (the "Second Codicil"), which revoked the Sole Codicil and republished the Will; and WHEREAS, the Decedent, as settlor, also established The Mary E. Burdge Revocable Trust (the "Trust") by that certain trust agreement dated July 31, 1995, as subsequently amended (the "Trust Agreement"); and WHEREAS, by Article III of the Trust Agreement the Settlor reserved the right to alter, amend or revoke the Trust Agreement, either in whole or in part; and WHEREAS, on August 24, 2007, the Settlor, pursuant to Article III of the Trust Agreement, again amended the Trust by restating it in its entirety, by that certain document entitled "The Mary E. Burdge Revocable Trust Originally Dated January 31, 1995, as Amended on June 24, 1999, and as Amended and Restated in its Entirety on August 24, 2007"; and WHEREAS, Manufacturers and Traders Trust Company (the "Trustee") is the successor trustee of the Trust by merger of Dauphin Deposit Bank and Trust Company, the original trustee of the Trust; and WHEREAS, the Executors and the Trustee are hereinafter referred to collectively as the "Fiduciaries": and WHEREAS, in accordance with Article THIRD of the Will, the Decedent directed that the residue of the Estate be transferred to the Trust; and WHEREAS, Article VI of the Trust Agreement provides in pertinent part as follows concerning the disposition of the residue of the Trust to the Beneficiaries: Upon the Settlor's death the Trustee shall dispose of all property comprising the Trust Estate, together with all property distributable to the Trustee as a result of the Settlor's death, whether by will or otherwise, as follows: B. Equal Division of Residue. The Trustee shall divide the remainder of the Trust Estate as then constituted into equal separate shares, so as to provide one (1) share for each then living child of the Settlor, and one (1) share for each deceased child of the Settlor who shall leave issue then living. Each share for a living child of the Settlor shall be distributed outright to such child. Each share for a deceased child of the Settlor who shall leave issue then living shall be distributed per stirpes to such issue, subject, nevertheless, to the continuing trust protection provided in Article VIII hereof for underage beneficiaries. and WHEREAS, the Beneficiaries have requested that the Executors and the Trustee distribute the post-mortem income of the Estate and Trust to the Beneficiaries, together with the Decedent's residence (the "Real Estate"), which is more particularly described on Exhibit "A," which Exhibit "A" is attached hereto and incorporated herein by this reference; and -2- WHEREAS, the Fiduciaries are in a position to distribute Two Hundred Thousand Dollars ($200,000) from the Estate/Trust to the Beneficiaries, together with the in-kind distribution of the Real Estate; and WHEREAS, Gavin has expressed his willingness to pay One Hundred Thousand Dollazs ($100,000)(cash) to the Estate/Trust in exchange for receiving sole ownership of the Real Estate and the Beneficiaries and the Fiduciaries are willing to distribute the Real Estate to Gavin upon such terms, together with an equivalent cash distribution of Two Hundred Thousand Dollars ($200,000) to each of Randall and Jeremy; and WHEREAS, the Beneficiaries and the Executors have determined and agreed that the Real Estate, which had adate-of--death and Inventory value of Three Hundred Thirty-Five Thousand Dollars ($335,000), should be valued for the purposes of this distribution at Three Hundred Thousand Dollars ($300,000), in order to take into account the recent post-mortem decline in the market value of residential properties generally, as well as the brokerage and other costs that would otherwise be incurred by the Estate if the Real Estate were listed and sold to a third party; and WHEREAS, to accomplish the transfer of sole ownership of the Real Estate to Gavin without incurring any realty transfer tax it is necessary to convey the Real Estate through two Deeds, first from the Estate to the Beneficiaries, equally, and thereafter for the Beneficiazies to execute a Deed of Gift to transfer their respective one-third (1/3) fractional interests to Gavin, thereby making him sole owner of the Real Estate; and NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound hereby, the Beneficiaries and the Fiduciaries, for themselves, their heirs, personal representatives, successors and assigns, hereby agree as follows: 1. All of the foregoing recitals are true and correct and aze incorporated by reference into this Agreement as provisions hereof. 2. In partial satisfaction of the Beneficiaries' equal entitlement to the residue of the Estate/Trust in accordance with the Will and Article VI of the Trust Agreement, the Beneficiaries hereby approve and Jeremy and Randall acknowledge receipt of an interim distribution of Two Hundred Thousand Dollars ($200,000) (cash) to each of Jeremy and Randall from the principal and income of the Trust and/or Estate, as determined by the Fiduciaries. 3. In exchange for the distribution/transfer ofthe Real Estate to Gavin, as described above, at an agreed-upon value of Three Hundred Thousand Dollars ($300,000), and in further consideration of the payment by Gavin of the an equalizing payment in the amount of One Hundred Thousand Dollars ($100,000) to the Estate/Trust (as determined by the Fiduciaries), the Beneficiaries and the Fiduciaries shall convey the Real Estate to Gavin in partial satisfaction of his entitlement to an equal share of the residue of the Estate/Trust, so that Gavin shall thereby receive a net distribution equal to Two Hundred Thousand Dollars ($200,000), and the parties -3- further confirm and agree that such distribution is deemed to include Gavin's one-third (I/3) share of the post-mortem income of the Estate/Trust. 4. All of the parties in their various capacities herein agree and confirm that all of the costs related to the conveyance of the Real Estate to Gavin, including recording costs, prepaid utilities, and any prepaid real estate taxes, shall be paid by the Estate and/or the Trust (as determined by the Fiduciazies). 5. Gavin hereby acknowledges and agrees that, unless otherwise set forth in this Agreement, the Real Estate is distributed and conveyed to him "as is," with no representations or warranties expressed or implied regarding its condition of title, physical condition, or habitability, and further that he has chosen not to obtain a title search or a title insurance policy for the Real Estate. 6. The Fiduciaries agree to continue the current homeowner's insurance coverage for the Real Estate (at the expense of the Estate/Trust) until March 20, 2009, unless Gavin notifies them to terminate such coverage earlier. 7. To the extent of the above-described distributions of cash or the Real Estate, each of the Beneficiaries absolutely and irrevocably remises, releases, quit-claims and forever discharges the Fiduciaries, including any and all of the Fiduciaries' respective employees, agents, attorneys, successors and assigns, of and from any and all actions, payments, accounts, reckonings, liability claims and demands relating in any way to the foregoing distributions. 8. Each of the Beneficiaries individually and severally agrees to refund, on demand, all or any part of his respective distribution which has been determined by the Fiduciazies (or any of them), or by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"), or by any other court of competent jurisdiction, to have been improperly made. 9. The parties agree and consent to the Court exercising personal jurisdiction over them in any suitor action arising out of the enforcement of this Agreement. 10. Each of the Beneficiaries further represents, warrants and agrees that: (a) He has read and understands this Agreement; (b) He has entered into this Agreement by his own free will and choice without any compulsion, duress or undue influence from anyone; and (c) He acknowledges that he has had the opportunity to seek the advice of an attorney, prior to executing this Agreement or has voluntarily chosen not to consult with an attorney. -4- 11. The parties agree that this Agreement may be filed with the Court and/or with the Register of Wills of Cumberland County, Pennsylvania. 12. The parties intend that this Agreement is binding upon each of them and the heirs, personal representatives, successors and assigns of each, and that this Agreement shall be construed in accordance with the laws of the Commonwealth of Pennsylvania. 13. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be deemed the same agreement. 14. This Agreement represents the entire understanding between the parties hereto with respect to the subject matter hereof, and this Agreement supersedes all previous representations, understandings, or agreements, oral or written, between the parties with respect to the subject matter hereof. No promise or inducement that is not herein expressed has been made to any of the parties, and those parties do not rely upon any statement or representation made by any person. 15. This Agreement may not be modified except by a written instrument signed by all of the parties and acknowledged by each of the parties before a notary public or other office qualified to administer oath. 16. This Agreement shall be interpreted according to and governed by the laws of the Commonwealth of Pennsylvania. 17. If any term, condition, clause or provision of this Agreement shall be determined or declared to be void or invalid in law or otherwise, then only that term, condition, clause or provisions shall be stricken from this Agreement. In all other respects, this Agreement shall be valid and continue in full force, effect, and operation. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals to the Consents attached hereto, with the same to be effective as of the date first above written. -5- IN RE: THE ESTATE OF 1N THE COURT OF COMMON PLEAS MARY E. BURDGE, DECEASED CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 2008-00305 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR FIRST INTERIM DISTRIBUTION FROM ESTATE AND TRUST THE UNDERSIGNED, RANDALL D. BURDGE, being one of the beneficiaries of The Mary E. Burdge Revocable Trust, and also being an indirect beneficiary of the Estate of Mary E. Burdge, deceased, and as Co-Executor of the Estate of Mary E. Burdge, deceased, hereby consents to the Receipt, Release, Refunding And Indemnity Agreement For First Interim Distribution From Estate And Trust, dated March 9, 2 09, for the purposes expressed therein. RANDALL D. BURDGE STATE 0~~~~~=~:t`~ •~'~, SS. COUNTY OF _ r n~C~Yl On this, the rh day o - ~ 2009, before me, the undersigned officer, personally appeared RANDALL D. BGE, lrnown to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same as his free and voluntary act, in the capacities and for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. PAMELA M. FABAC ~---1 t Notary Public • State Of IC~nsas 1 ply Appt. Expires i ~~ ~, ~ ~ ~ otary Public -6- IN RE: THE ESTATE OF IN THE COURT OF COMMON PLEAS MARY E. BURDGE, DECEASED CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION N0. 2008-00305 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR FIRST INTERIM DISTRIBUTION FROM ESTATE AND TRUST THE UNDERSIGNED, MANUFACTURERS AND TRADERS TRUST COMPANY, Trustee of The Mazy E. Burdge Revocable Trust, and being a Co-Executor of the Estate of Mary E. Burdge, deceased, hereby consents to the Receipt, Release, Refunding And Indemnity Agreement For First Interim Distribution From Estate And Trust, dated March 9, 2009, for the purposes expressed therein. MANUFACTURERS AND TRADERS TRUST COMPANY BY: ... ~ lJo ph A. Mac i, Vice- r si$ent COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN SS. tia On this, the ~_ day of ~ ~ ~ , 2009, before me, the undersigned officer, personally appeazed JOSEPH A. MACRI, who acknowledged himself to be Vice-President of Manufacturers azid Traders Trust Company, and that he, as such officer being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of such h•ust company by himself as such officer. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. Notary Public COMMONWEALTH OF PENNSYLVANIA Noll Seal Dante M. lnrtgraker. Notary PtA>fic Clly 01 Heniebtrg, petp~ ~' MY CartxMa~on E~Nea Oc[ 27, 2011 - ~ - Member, PennsylvaMa Aaeoclatbn of Notaries IN RE: THE ESTATE OF IN THE COURT OF COMMON PLEAS MARY E. BURDGE, DECEASED CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 2008-00305 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR THE UNDERSIGNED, JEREMY J. BURDGE, being one of the beneficiazies of The Mary E. Burdge Revocable Trust, and also being an indirect beneficiary of the Estate of Mary E. Burdge, deceased, hereby consents to the Receipt, Release, Refunding And Indemnity Agreement For First Interim Distribution From Estate And Trust, dated March 9, 2009, for the purposes expressed therein. STATE OF COUNTY OF On this, the ~ day of ~3/0,~~ , 2009, before me, the undersigned officer, personally appeared JEREMY J. BURDGE, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same as his free and voluntary act for the purposes expressed therein. FIRST INTERIM DISTRIBUTION FROM ESTATE AND TRUST JE Y J. BURDG SS. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. ""aka 2~,~y. "5~ T ~y~%,~. -~~' ",~ :.~s~,,.,__ BETSY BASS ~vi~u~~ic-sraTEOFOHIO ionaxpires02-17-l3Et iy~d/~ Notazy Public '~~~ 8- IN RE: THE ESTATE OF IN THE COURT OF COMMON PLEAS MARY E. BURDGE, DECEASED CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 2008-00305 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR FIRST INTERIM DISTRIBUTION FROM ESTATE AND TRUST THE UNDERSIGNED, GAVIN F. BURDGE, being one of the beneficiaries of The Mazy E. Burdge Revocable Trust, and also being an indirect beneficiary of the Estate of Mary E. Burdge, deceased, hereby consents to the Receipt, Release, Refunding And Indemnity Agreement For First Interim Distribution From Estate And Trust, dated March 9, 2009, for the purposes expressed therein. C~ ~/- GAVIN F. BUR E COMMONWEALTH OF PENNSYLVANIA COUNTY OF DAUPHIN SS. On this, the `9 ~Lf-~ day of Mazch, 2009, before me, the undersigned officer, personally appeared GAVIN F. BURDGE, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. Notary Pub c COMMONWEALTH OF PlNNiYLyAN~A KATHRYN C. HOLL~INGER Notay pops City of Harrisiwrg; Dauphin ~My fNy Commission Expses A~ard~ }T Zbt 1 -9- IN RE: THE ESTATE OF IN THE COURT OF COMMON PLEAS MARY E. BURDGE, DECEASED CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. 2008-00305 EXHIBIT °A" TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR FIRST INTERIM DISTRIBUTION FROM ESTATE AND TRUST Real Estate ALL THAT CERTAIN piece or parcel of land, situate in the Borough of Lemoyne, Cumberland County, Pennsylvania, bounded and described as follows: BEGINNING at a point on the south side of Kiehl Drive said point being a distance of 367.0 feet east of the intersection of the east side of Woodland Drive and the south side of Kiehl Drive; thence by the south side of Kiehl Drive N 48° 49' E a distance of 115.0 feet to a point at Lot #41; thence by the line of Lot #41 S 41° 11' E a distance of 164.0 feet to a point; thence S 48° 49' W a distance of 115.0 feet to a point at Lot #39; thence along Lot #39 N 41° 11' W a distance of 164.0 feet to a point, the place of beginning. SUBJECT, NEVERTHELESS, to those certain protective covenants, conditions, restrictions, reservations and ]imitations set forth in an instrument entitled "Protective Covenants for Susquehanna Hills Section No. 5" dated May 24, 1966, executed by Susquehanna Enterprises, Inc., and recorded in the Office of the Recorder of Deeds in and for Cumberland County, Pennsylvania, in Miscellaneous Book Volume 174, Page 61. AND SUBJECT, NEVERTHELESS, to any and all easements, covenants, conditions, restrictions, reservations, rights-of--way, zoning ordinances and any and all other matters that are of record or visible on the premises. BEING Lot No. 40 on a Plan of Lots recorded in the Office of the Recorder of Deeds, in and for Cumberland County, Pennsylvania, as Section No. 5 of Susquehanna Hills, for Susquehanna Enterprises, Inc. in Plan Book 18, Page 16. AND BEING the same premises which Susquehanna Enterprises, Inc., a Pennsylvania Corporation, granted and conveyed by its Deed dated July 23, 1975, and recorded in the Office of the Recorder of Deeds in and for Cumberland County, Pennsylvania, in Deed Book E, Volume 26, Page 104, et seg, to Mary Elizabeth Burdge, the Decedent.