HomeMy WebLinkAbout07-21-091505627120
~~~~~ 50o EX (06-05) OFFICIAL USE ONLY
PA Department of Revenue
BUreaU Of IndIVICIUaI T8X25 County Code Year File Number
PO 80X.280601 ~^ INHERITANCE TAX RETURN 2 1 0 8 1 1 5
Harrisburg, PA 17128-1)601 ~ ° RESIDENT DECEDENT ~
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
186 28 4548 10 21 2008 11 09 1935
Decedent's Last Name
VARNER
Suffix Decedent's First Name
FLOYD
(If Applicable) Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name
Spouse's Social Security Number
MI
J
MI
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
X 1. Original Return ~ 2. Supplemental Return ~ 3. Remainder Return (date of death
prior to 12-13-82)
4. Limited Estate ~J 4a. Future Interest Compromise ^ 5. Federal Estate Tax Return Required
(date of death after 12-12-82)
X_ g Decedent Died Testate f ~ T Decedent Maintained a Living Trust 1 8. Total Number of Safe De
---- (Attach Copy of Will) ~-~ (Attach Copy of Trust) posit Boxes
9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death
-- ~' between 12-31-91 and 1-1-95) ~'J 11. Election to tax under Sec. 9113(A)
(Attach SCh. O)
CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIREC TED TO:
Name Daytime Telephone Number
JERRY A. WEIGLE ESQUIRE 717 532 7388 "`''
±~'` _
Firm Name (If Applicable) r.
-
'
WEIGLE & ASSOCIATES , P . C . REGISTEINILLS U3~ ONLY-
C? ~
~
-
- ~,
First line of address ~
_
_
r , t~ r I"`-" t'
12 6 EAST KING STREET `~~~ ~~
`=~.
Second line of address _
-. ~ ~ J ~-~ ..q7
%-, ~ ~-r7 _
i ~
~
~
~TE FILED
t~' s
City or Post Office
State ZIP Code .
SHIPPENSBURG PA 17257
Correspondent's a-mail address:
unaer penalties or per)ury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIGNATURE OF PERSON RESPONSIBLE FOR FILING RETURN ..._~
Sherry B. Byers `~ -- /~ ..-
aklawn Drive, Shippensburg, A 17 7
IGNA RE 0//// " 1 ARER OZHER THAN REP SE~JT IVE DATE
,j~lf( erry A. Weigle Esquire '~._ / ~ --(J~
128 East King Street, Shippens
P/A 17257
Side 1
15056()7120 1505607122
~A ~nher~tance Tax Return
Signature of Additional Fiduciaries
ESTATE OF I FILE NUMBER
Varner, Floyd J. 21-08-1155
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my
knowledge and belief, it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information
of which preparer has any knowledge. I
Signature #2
Name
Address1
Address2
City, State, Zip
Donna K. Stouffer
Date
P. O. Box 108
Amberson, PA 17210
-r5 -o`~
15056O722Q
REV-1500 EX
DecedenPS Name: F I Off/ d .~ . V a r n e r
RE CAPITULATION
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) ~ Separate Billing Requested ........... .. 6.
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property
(Schedule G) ~ Separate Billing Requested ........... .. 7,
8. Total Gross Assets (total Lines 1-7) ................................................................... .. g.
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/Sec 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 under Sec. 9116
(a)(1.2) X .00 0 0 0 15.
16. Amount of Line 14 taxable 8 3 2, 2 2 0 0 2
at lineal rate X .045 16.
17. Amount of Line 14 taxable
at sibling rate X .12 0 0 0 17.
18. Amount of Line 14 taxable
at collateral rate X .15 0 0 0 18.
19. Tax Due .............................................................. 19.
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
Decedent's Social Security Number
186 28 4548
481,000.00
3,654.31
342,169.77
14,616.31
26,963.43
868,403.82
29,448.91
6,734.89
36,183.80
832,220.02
832,220.02
0.00
37,449.90
0.00
0.00
37,449.90
Side 2
1505607222 15O56(J722O J
REV-1500 EX Page 3 File Number ~1 -68_1 155
Decedent's Complete Address:
DECEDENT'S NAME
Floyd J. Varner
STREET ADDRESS
99 Cherry Grove Road
CITY - -
Shippensburg
---------- --
I STATE ZIP
PA ' 17257
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
30,000.00
1,578.95
(1) 37,449.90
Total Credits (A + g + C) (2) 31 578.95
3. Interest/Penalty if applicable ____ ~
p. Interest
E. Penalty
Total Interest/Penalty (D + E) (3)
4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is theOVERPAYMENT (4)
Check box on Page 2 Line 20 to request arefund ----- ---
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is theTAX DUE. (5) 5, 870.95
A. Enter the interest on the tax due. (5A)
B. Enter the total of Line 5 + 5A. This is theBALANCE DUE (5B) 5 , $ 7 O.9 5
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred :............................................................................. '~'~, i x ~,
b. retain ahrevehsionary intereswoo shall use the property transferred or its income :..:...: ..................... . i ~ `X ;
d. receive the promise for life of either payments, benefits or care?.. x i
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration? ............................................................
............... x
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... '-, X~
4. Did decedent own an individual Retirement Account, annuity, or other non-probate property which J
rY 9 __. i x -
contains a beneficia desi nation? .............................. ............................_................................................. ~_
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after Juty 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. §9116 (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. §9116 (a) (1.1) (ii)]. The statutedoes not exemota transfer to a surviving spouse from tax, and the statutory requirements
for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a
natural parent, an adoptive parent, or a stepparent of the child is zero (0) percent [72 P.S. §9116 (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. §9116 1.2) [72 P.S. §9116 (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. §9116 (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.
Rev-150 EX+ (6-98)
SCHEDULE A
REAL ESTATE
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF IFI!_E NUMBER
Varner, Floyd J. 21-08-1155
All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which is jointly-owned with right of survivorship must be disclosed on schedule F.
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule A (Rev. 6-98)
Rev-15u3 EX+ )6-98)
~~
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF
Varner, Floyd J.
FILE NUMBER
21-08-1155
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM CUSIP
NUMBER NUMBER DESCRIPTION
1 Prudential Financial -proceeds of sale of 31 shares
01-12-2009
2 I ~ U. S. Savings Bonds
TOTAL (Also enter on Line 2, Recapitulation)
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
UNIT VALUE VALUE AT DATE
OF DEATH
993.34
2,660.97
3,654.31
Form PA-1500 Schedule B (Rev. 6-98)
Rev-1508 EX+ (6-98)
~~' .~
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
c~iHitur
Varner, Floyd J.
FILE NUMBER
21-08-1155
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly-owned with the right of survivorship must be disclosed on schedule F.
ITEM
NUMBER DESCRIPTION
1 Comcast Cable -refund at cancellation
2 Commonwealth of Pennsylvania - 2008 PA40 income tax refund
3 Net credits to M 8~ T Bank Checking Account #97560022 after date of death
4 U. S. Treasury - 2008 1040 income tax refund
5 Adams Electric Cooperative -patronage payment
6 Comcast Cable -refund of final payment
7 Kittatinny Manufacturing Services - 25% interest
8 Orrstown Bank Checking Account #35846
Accrued interest on Item 8 through date of death
9 Reading Road Realty - 20% interest
10 Personal Property -estimate, public sale to be held in September
11 Vehicles -various assorted older vehicles, to be sold at public sale in September,
including 1972 Nova ($1,000), 1997 KIA ($2,000), and 1992 Ford Ranger ($1,000)
VALUE AT DATE
OF DEATH
11.52
217.48
813.40
1,724.00
94.43
61.60
188,233.00
2,019.22
0.12
138,995.00
5,000.00
5,000.00
TOTAL (Also enter on Line 5, Recapitulation) I 342,169.77
(If more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule E (Rev. 6-98)
Rev-1509 EX+16-98) ~~~~
i'
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
CCTATt- r~~
A. Sherry B. Byers
B
C.
RELATIONSHIP TO DECEDENT
14 OaklawnDrive Daughter
Shippensburg, PA 17257
JOINTLY OWNED PROPERTY:
ITEM LETTER DATE DESCRIPTION OF PROPERTY
FOR JOINT MADE
NUMBER TENANT JOINT INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT
NUMBER OR SIMILAR IDENTIFYING NUMBER
ATT
DATE OF DEATH % OF
' DATE OF DEATH
.
ACH DEED FOR
JOINTLY-HELD REAL ESTATE.
VALUE OF ASSE DECD
S
INTEREST
VALUE OF
DECEDENT'S INTEREST
1 A 4/17/1998 M 8~ T Bank Certificate of De osit
p
#4603872 4,863.64 50.000% 2,431.82
A 4/17/1998 Accrued income on Item 1 through date
of death 0.99 50.000%
0.50
2 A 1/28/1980 M 8< T Bank Checking Account
#97560022 4.277.55 50.000% 2,138.78
A 1/28/1980 Accrued income on Item 2 through date
of death 0.08 50.000%
0.04
3 A 4/5/2001 M & T Bank Savings Account #7976688
20,088.86 °
50.000 /°
10,044.43
Accrued income on Item 3 through date
of death 1.48 50.000%
0.74
TOTAL (Also enter on Line 6, Recapitulation)
14,616.31
SCHEDULE F
JOINTLY-OWNED PROPERTY
Varner, Floyd J. FILE NUMBER
If an asset was made joint within one year of the decedent's date of death, it must be reported onZs~ h08, 1G 55
SURVIVING JOINT TENANT(S) NAME
ADDRESS
Copyright (c) 2002 form software only The1Lackne PGroup elndc.d, additional pages of the same size)
Form PA-1500 Schedule F (Rev. 6-98)
Rev-1510 EX+ 16-98)
''
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
rnr.~
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
a-v 1 /'1 1 C V f
Varner, Floyd J. FILE NUMBER
• - 1 1 J J
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.
ITEM
NUMBER
1 DESCRIPTION OF PROPERTY
INCLUDE NAME OF TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND
THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE.
M 8c T Bank IRA Account #819769 -Sher B,
Byers, daughter, beneficiary ry
DATE OF DEATH
VALUE OF ASSET
3,545.84
% OF DECD'S
INTEREST
100.000
EXCLUSION
(IF APPLICABLE)
0.00
Accrued income on Item 1 through date of death
15.03 100.000
0.00
2 M ~ T Bank IRA Account #861603 -Sherry B.
Byers, daughter, beneficiary 3,135.75 100.000
0.00
Accrued income on Item 2 through date of death
5.73 100.000
0.00
3 M 81 T Bank Certificate of Deposit #8499805
8,086.73 100.000
0.00
Accrued income on Item 3 through date of death
19.87 100.000
0.00
4 Members 1st Federal Credit Union
15,127.95 100.000
3,000.00
Accrued income on Item 4 through date of death
26.53 100.000
0.00
TOTAL (Also enter on Line 7, Recapitulation)
TAXABLE
VALUE
3, 554 84
15.03
3,135.75
5.73
8,086.73
19.87
12,127.95
26.53
26,963.43
Copyright (c) 2002 form software only ThetLackne PGroup elnc.d, additional pages of the same size)
Form PA-1500 Schedule G (Rev. 6-98)
REV-1151 EX+ (12-gg) '~
i~~,
ESTATE OF
~tl
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
Varner, Floyd J.
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION
A. FUNERAL EXPENSES:
Fogelsanger-Bricker Funeral Home
FILE NUMBER
21-08-1155
AMOUNT
9,395.16
B• ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Social Security Number(s) / EIN Number of Personal Representative(s):
Street Address
City State
Zip
Year(s) Commission paid
2. ~ Attorney's Fees
See continuation schedule(s) attached
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State
Zip
Relationship of Claimant to Decedent
4. Probate Fees Register of Wills, Cumberland County
5. Accountant's Fees
6. Tax Return Preparer's Fees
17,368.07
814.00
7. Other Administrative Costs
See continuation schedule(s) attached 1,871.68
TOTAL (Also enter on line 9, Recapitulation)
29,448.91
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H (Rev. 6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF
Varner, Floyd J. FILE NUMBER
21-08-1155
ITEM
NUMBER DESCRIPTION AMOUNT
Attorney Fees
1 Weigle & Associates, P.C. -partial fee payment
5,000.00
2 Weigle 8~ Associates, P.C. -balance of fee
12,368.07
H-B2 Subtotal 17,368.07
Other Administrative Costs
3 Cumberland Law Journal -advertising Letters Testamentary
75.00
4 Linda K. Klein -notary fee
22.00
5 News Chronicle -advertising Letters Testamentary
121.25
6 PA Department of Revenue - 2008 PA41 fiduciary income tax
120.43
7 R 8~ R Roofing and Dumpster Rentals -rental
260.00
8 R 8~ R Roofing and Dumpster Rentals -rental
500.00
9 Register of Wills, Cumberland County -filing PA Inheritance Tax Return
15.00
10 Register of Wills, Cumberland County -filing Family Settlement Agreement
100.00
11 Register of Wills, Cumberland County -1 Short Certificate
4.00
12 Register of Wills, Cumberland County -1 Short Certificate
4.00
13 Weigle 8~ Associates, P.C. -reimbursement for postage, xerox copies, and long
distance telephone calls 50.00
Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
tSTATE OF
Varner, Floyd J.
ITEM
NUMBER
14 Wolfe 8~ Shearer Appraisal Services
DESCRIPTION
FILE NUMBER
21-08-1155
H-67 Subtotal
AMOUNT
600.00
1,871.68
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule H (Rev. 6-98)
Rev-1512 EX+ (6.98)
~'~ SCHEDULE 1
"~~ ' DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
C
OMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Varner, Floyd J. FILE NUMBER
21-08-1155
include unreimbursed medical expenses.
ITEM
NUMBER DESCRIPTION VALUE AT DATE
1
Adams Electric Cooperative OF DEATH
76.00
2 Adams Electric Cooperative
51.00
3 Adams Electric Cooperative
48.00
4 Adams Electric Cooperative
48.00
5 Adams Electric Cooperative
47.00
6 Adams Electric Cooperative
48.00
7 Adams Electric Cooperative
52.00
8 Capital Tax Collection Bureau - 2008 local income tax
18.90
9 Cardiology Diagnostic, LLC
1.63
10 Comcast Cable
61.60
11 Comfort Keepers
832.50
12 Embarq
68.49
13 Internal Revenue Service - 4th quarter 2008 estimated tax payment
700.00
14 Janet E. Frantz, Tax Collector -real estate taxes on cabin
285.99
15 Met-Ed
11.27
16 Met-Ed
9.04
17 Met-Ed
11.07
Total of Continuation Schedule
TOTAL (Also enter on Line 10, Recapitulation)
See attached page
(Ir more space is needed, additional pages of the same size)
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule I (Rev. 6-98)
Rev-1512 EX+ (6.96)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE 1
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES, & LIENS
continued
Varner, Floyd J.
FILE NUMBER
21-08-1155
ITEM
NUMBER DESCRIPTION VALUE AT DATE
18
Met-Ed OF DEATH
20.07
19 Met-Ed
10.68
20 Met-Ed
15.76
21 Met-Ed
9.89
22 Net debits to M & T Bank Savings Account #7976688 after date of death
3,119.40
23 PA Department of Revenue - 4th quarter 2008 estimated tax payment
212.00
24 Penelec
10.73
25 Timmons Oil, Inc.
349.15
26 Timmons Oil, Inc.
408.64
27 Vivian F. Coy, Tax Collector -real estate taxes on farm reside
nce
208.08
TOTAL (Also enter on Line 10, Recapitulation) I 6,734.89
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule I (Rev. 6-98)
REV-1513 EX+ (g_00) f~p~i; f~
'`~' ~~
COMMONWEALTH OF PENNSYLVANIA BE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Varner, Floyd J.
NUMBER NAME AND ADDRESS OF
PERSON(S) RECEIVING PROPERTY
I, TAXABLE DISTRIBUTIONS [include outright spousal
distrbutions, and transfers
under Sec. 9116(a)(1.2)]
iiEEitiLE J
NEFICIARIES
FILE NUMBER
21-08-1155
RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE
DECEDENT (Words)
Do Not List Trustee(s) ($$$)
1 Sherry B. Byers
14 Oaklawn Drive Daughter Joint Assets
436,899.88
Shippensburg, PA 17257 plus 1/2
Residuary
2 Donna K. Stouffer
P. O. Box 108 Daughter 1/2 Residuary 395 320.14
,
Amberson, PA 17210
Enter dollar amounts for distributions shown above on lines 1
5 through 18, as appropri Total
ate, on Rev 1500 cove 832,220.02
r sheet
NON-TAXABLE DISTRIBUTIONS
II
. :
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FO
BEING MADE R WHICH AN ELECTION TO TAX IS NOT
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART II- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET 0 00
Copyright (c) 2002 form software only The Lackner Group, Inc.
Form PA-1500 Schedule) (Rev. 6-98)
LAST WILL AND TESTAMENT
I, Floyd J. Varner, presently residing at 99 Cherry Grove Road, Shippensburg,
Southampton Township, Cumberland County, Pennsylvania 17257, being of sound mind, memory
and disposition, do hereby make, publish and declare this my Last Will and Testament, hereby
revoking and making void all Wills by me at any time heretofore made.
FIRST. I order and direct the payment of all my legally enforceable debts and
funeral expenses as soon as may be convenient after my decease.
SECOND. I give, devise and bequeath all my estate, real, personal and mixed.
whatsoever and wheresoever situate, to my beloved daughters, Sherry B. Byers and
Donna K. Stouffer, in equal shares, on a per stirpes distribution basis. It is my specific intent,
however, to exclude any stepchildren of the said Sherry B. Byers and Donna K. Stouffer from any
bequests under this my Last Will and Testament.
THIRD. I nominate, constitute and appoint my daughters, Sherry B. Byers,
presently of 14 Oaklawn Drive, Shippensburg, Pennsylvania 17257, and Donna K. Stouffer,
presently of 16889 Panoramic Lane, Amberson, Pennsylvania 17210, or the survivor thereof, to be
the Co-Executrices of this my Last Will and Testament.
FOURTH. I direct that my personal representative(s) shall not be required to give bond
for the faithful performance of their duties in any jurisdiction.
FIFTH. I direct my Executors to retain the services of Jerry A. Weigle, Esquire,
with offices located at 126 East King Street, Shippensburg, Pennsylvania 17257, with respect to
the settlement of my estate due to his familiarity with my affairs.
IN WITNESS WHEREOF, I, Floyd J. Varner, have hereunto set my hand and seal
to this my Last Wili and Testament, written on one (1) page, this ~ day of
/~ Sti ,',~lr~l lei'. , 2005.
~. Q~-y-~.~`-- ~;1 ~L ~~,~-~:..~^ (SEAL)
_ _ .. __ .,._..- ter., ~.-r cu~nnrnicni for oo t7'JS7-1397
This instrument was by the Testator, on the date hereof, signed, published and declared by him to
be his Last Will and Testament, in our presence, who at his request and in the presence of each
other, we believing him to be of sound and disposing mind and memory, have hereunto subscribed
our names as witnesses.
~~ ~ ~~
.~ ~ ~.. -
~, , ~.
a.~
COMMONWEALTH OF PENNSYLVANIA SS
COUNTY OF CUMBERLAND
I, Floyd J. Varner, the person whose name is signed to the foregoing instrument, having been duly
qualified according to law, do hereby acknowledge that I signed and executed the instrument as
my Last Will; that I signed it willingly; and that I signed it as my free and voluntary act for the
purposes therein expressed.
c
Sworn or affirmed to and acknowledged before
me by Fl yd J. Varn the Tes tor,
this day of f'~~~~ , 2 5.
,-
t ~~ ~,:
{ r
I~ .., r ~~
•; ~ NOT R NoarY Public
~' Jerry A. Weig
Shippensburg, PA Gumberland ~ 2006
My Commission tapir°s Oct°ber 7,
.__ ~_.-T ,~.. ~,-_ pro oc-r - cNiooFni~RIIRC,_ PA 77257-1397
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF CUMBERLAND
SS
_ z.
and ~ ~ e. ; ~ ; ~ ;~ ~~ ~- ~ ~/ ,the witnesses whose names are signed to the
foregoing instrument, being duly qualified according to law, do depose and say that we were
present and saw Floyd J. Varner, the Testator, sign and execute the instrument as his Last Will;
that he signed willingly and that he executed it as his free and voluntary act for the purposes
therein expressed; that each of us in the hearing and sight of the Testator, signed the Will as
witnesses; and that to the best of our knowledge the Testator was at the time eighteen (18) or more
years of age and of sound mind and under no constraint or undue influence.
,%
,~. .
~ ~
Sworn or affirmed to and subscribed before me
by ~A--f~~ccrA- L. ~om2 ,
-~
~~ ~t r~ ~ ~ ~~ %~~- ,
.~ _
and f~ `l r; ~ f J '( ~ r~~/
' -~
this day of
,~
2005.
NOTARIAL SEAL
A. Weigie, Notary Public
Burg, i=A umberland Courrty
cci~n Expires October 7, 2006
WFIC~I F ~ AS~C)C'IATFS. PC'. - ATTC)RNFVS AT I AW - 1JF, FAST KIN(', STRFF'T - GHIPOFni cta~iar on ~~~c~.~~a o~
REV-485 EX+ (5-85)
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
INHERITANCE TAX DIVISION
POST OFFICE BOX 8327
HARRI58URG, PA 17105-8327
SAI:E DEPOSIT BOX
INVENTORY
Please Print or T
MUST BE COMPLETED BY REPRESENTATIVE OF FINANCIAL INSTITUTION WHERE SAFE DEPOSIT BOX IS LOCATED AND RETURNED TO ABOVE ADDRESS
COUNTY CODE FILE NUMBER SOCIAL SECURITY OR DEATH CERTIFICATE NUMBER
Cumberland 21-08-1155 186-28-4548
DECEDENT'S NAME (LAST, FIRST, MIDDLE) DATE OF DEATH
Varner, Floyd J. 10-21-2008
ADDRESS OF DECEDENT (STREET) (CITY) (STATE) (ZIP CODE)
99 Cherr Grove Road Shippensburg PA 17257
NAME AND ADDRESS OF PERSON REQUESTING THE OPENING OF THE SAF E DEPOSIT BOX
{NAME)
Donna K. Stouffer
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
P. 0. Box 108 Amberson PA 17210
NAME, ADDRESS AND RELATIONSHIP (IF ANY) TO DECEDENT, OF PERSON(S) PRESENT AT THE BOX OPENING
a. (NAME) (RELATIONSHIP)
Donna K. Stouffer Daughter, Co-Executrix
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
P. 0. Box 108 Amberson PA 17210
b. (NAME) (RELATIONSHIP)
Linda K. Klein Legal Assistant to Jerry A. Weigle
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
126 East King Street Shippensburg PA 17257
c. (NAME) (RELATIONSHIP)
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
' NAME AND ADDRESS OF FINANCIAL INSTITUTION WHERE THE SAFE DEPOSIT BOX IS LOCATED
(NAME)
M & T Bank
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
Walnut Bottom Road Shippensburg PA 17257
1 NAME OF PERSON MAKING LAST ENTRY DATE AND TIME OF LAST ENTRY,
Flo d J. Varner 2-10-07 - 11:15 a.m. - 11:20 a.m.
DATE OF CONTRACT TO RENT BOX NUMBER OF BOX ~ TITLE UNDER WHICH BOX t5 REGISTERED
5-1-1950 0000155 Floyd J. Varner & Phyllis D. Varner
NAME AND ADDRESS OF PERSON(S) HAVING ACCESS TO BOX
a. (NAME) b. (NAME)
Floyd J. Varner
(STREET ADDRESS) (STREET ADDRESS)
99`Cherry Grove Road
(CITY) (STATE) (ZIP CODE) (CITY) (STATE) (ZIP CODE)
Shippensburg PA 17257
NAME AND TITLE OF EMPLOYE TAKING THE INVENTORY
Cindy Unger
WAS A WILL IN THE BOX? OYES ~7N0 If yes, o. Date of will:
b. Name and address of personal representative, if named in the will
(NA:,IE)
Donna K. Stouffer, Co-Executrix
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
P. 0. Box 108 Amberson PA 17210
c. Name and address of attorney, if any
(NAME)
Jerry A. Weigle, Esquire
(STREET ADDRESS) (CITY) (STATE) (ZIP CODE)
Weigle & Associates, P.C., 126 East King Street, Shi ensbur PA 17257
SAFE DEP®SIY ~®X IN\/EI~IT`®~~--- Oi -1____
INSTRUCTIONS
(1) Cash: Report total only.
(2) Stocks: List in detail every common or preferred certificate, warrant or other rights found in box. Stocks
to be designated by name of company, certificate number, date of certificate, name in which stock is re istered
and number of shares and class of stock. are
(3) Obligations of U. S. g '
Government: Number of items, date of issue, face value, names in which registered
and type of ownership, i. e., jointly held, payable on death, etc.
(4) Bonds: Designate by name, amount, serial number, or other designation. (Bearer Bon
(5) Bank and Savings and Loan Passbooks: State name of depositor, number of book, last)date a earin
book, name of bank and branch, and balance.
PP g in
(6) Jewelry, Coins, Stamps, Manuscripts, etc: List and describe as fully as possible.
(7) Deeds, Mortgages, Current Insurance Policies or other evidences of indebtedness: List and describe
fully as possible.
as
8) All other contents.
ITEM
NO.
ITEM DESCRIPTION
1, U• S. Savings Bonds - 2
- $25 E bonds
2• U• S. Savin s Bonds - 17 _
3. Dauphin Deposit C/D 8141106090 issuedd4-17-98 _
4• Deed to cabin in Cumberland Count $6,000
5• Deed to farm in Cumberland Count PA
6. PA
S tin Hill Cemeter Assoociat;~„ ao,,..,
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Marriage Certificate - Flo
Application for purchase anti ~~i
Title - 1971 Chevrolet Cou e
Title - 1980 Ford Truck
Title - 1972 Starcraft Snowmobile
Title - 1968 Honda Motorcycle
Title - 1975 Chevrolet Truck
Change of Ownership form for cabin
IRA 861603 or'
2-22-02, Cumberland
oun
_,~_
lginal opening deposit slip 4-3-98
IRA 819769 original opening deposit sli $2,000
p 4-3-95, $2,000
ssessment
1 certify under penalty of perjury that the above record is correct and complete to the best of my knowled e
and belief.
Signature g
vote
Print Name and Title 12-3-0$
Jerry A. Weigle, Esquire, Attorne
NOTE: Attach additional 8'/s" x 1 1" sheet(s) if ecessaary or use dupli otes of th er
~s Po9e of form.
JAN-I3-CUUa UI:L3YM hKUM-WUlht & SIitAKtK KtALIUKS tfl("L43U4fL 1-dUf N.UUZ/UU6 h-(31
WCILYG6tOr1GiKCR rrrr~nwr~~ .,~~ ~ ~ ~,.~..
File No.
APPRAISAL OF
LOCATED AT:
705 High Mountain Road
5hippensburg, PA
FOR:
Jerry A. Weigle, Attorney at Law
'120 East King Stree#
Shippensburg, PA 17257
BORROWER:
N/A N!A
AS OF:
November 26, 2008
BY:
William A_ Bassett
PA General Certifiod Appraiser
,iAN-13-ZUUa UI:'L31'M hKUM-YVULht ~ JIitAKtK KtALIUKS tfIfL43U4lL i-IiUf I'.UU3/UU6 h-l31
WOLFE&SNf=ARER APPRAISAL SERVICES
File No.
January 5, 2008
Jerry A. Weigle, Attorney at Law
126 East King Street
Shippensburg, PA 17257
File Number: 09-002
In aCCOrdance with your request, I have appraised the real property at:
705 High Mountain Road
Shippensburg, PA
The purpose of this appraisal is to develop an opinion of the market value of the subject property, as vacant.
The property rights appraised are the fae simple interest in the sife.
In my opinion, the market value of the propeFty as of November 26, 2008 is:
91,OD0
Ninety-One Thousand Dollars
Tha attached report contains the description, analysis and supportive data for the conclusions,
final opinien of value, descriptive photographs, limiting conditions and appropriate certifications-
Sincerely yours
~~.~;~~~
William A. Bassett
PA General Certified Appraiser
JAIV-I3-LUUB UI:L41'M FKUM-WULtt: ~t 511t:AKtK KtALIUKS +fIfL43U4(L
LAND APPRAISAL REPORT
,oarN Address 705 High Mountain Road Census Tract
Loan chargeslc~ncessions to
1
126 East Kinq 5tre
LOCATION
BUILT UP
GROWTH RATE
PROPERTY VALUES
DEMANDISUPPLY
PRESENT LAND USE
Single Family _
2~d Family _
Multi-Family _
Commercial _
Industrial _
Date of Sale N/A Ptoperty Rights Appraised
seller $ NIA X^ Fee Simple
lax Year 2008/2009 HOA $IMo, NIA ^ Leashold
.,~r.o.r a+ t aw ^ Condominium (HUDNA)
^ Urban U suburban
^ Over 75'yo [~ 25-75°~
Rapid X Stable
X Increasing Stable
5ho)tage X In Balance
Under 3 Mos. X 3-6 Mos.
LAND USE CHANGE PREDOMIN~INT
Not Likely ^ OCCUPANCY
Likely Owner
In process X Tenant
To: Resdiential Vacant (0-5~a)
Vatant (over 5%)
I-tlU( N-UU4/UUti t•-131
Fits No, U9-UU"L
LENDER DISCRETIONARY USE
Sale Price S
Dale
Mortgage Amount $
Mortgage Typa
DlsCOUnt Points and Other Concessions
Paid by Seller $
Saurca
Rural Nt=1GH60RNOOD ANALYSIS ^ A,o talc yaw
Under 25°/a Employment Stability X ^ ^
Sfow Convenience to Employment ^ X
Declining Convenience to Shopping X
Over Supply Gonvenienca to Schools t`n.~
Over 8 Mos. Adequacy of Public Transportation X ^ ^
4,,.~1GLEFAMILYFiOl1SING Recfeatlon Facilities X ^^
PRICE AGE Adequacy of Fadlitias ~ ^ ^
^X $(000) (yrs) Property Compatibility ^
100 Low New Protection from Detrlmantal Cond. X
X 400 High 80 Police ~ Fire Protection ^ X
Predominant General Appearance of PrvpeRlos X ^
175. 20 Aoveal to Market X
Note: Race or the racial composition of the neighborhood are net considered reliable
a roximatel 10 miles southeast of the Borou h of Shi ensbur ,
G'~~nkfin rnttnfv Interstate 81 intersects the ShipprnsburcLMarketarl
factors. COMMENTS~The subject property is located
-7,rrrn Rnrnttnh is IrnatPd Wlthln both CUmbe(land and
to all employment
Dimensions See Le al Descri Lion Topography ROlllnq
Site Area 10.34 acres Comer Lot NO Size Oversize tract
Zoning Classification Conservation Zoning Campllance Yes Shape Ifre ular
HIGHEST 8 PEST USE: Present Usa Yes Other Usa None Drainage Adequate
UTILITIES Public Other SITE IMPROVEMENTS Type Public Private Vlaw Residential
Electricity ~ Street Masada _ X ^ Landscaping Average
Gas CurblGutter None ^ Driveway Gravel/Stone
Water None Sidewalk None ^ Apparent Easements None
Sanitary Sewer None Street Lights None ^ ^ Ff=MA Flocd Hazard Yes' No X
Storm Sewer Alle None FEMA" Ma Rona 422404 B/Zone C
i Comments (Apparent adverse easements, encroachments, special assessments, slide areas, etc.): There afe no ap arent adverse easements
TAB UAQ9rnlgned hee reCllOd three race At lt1107 e( preperU B! molt elmfli°r ens prOtlmtllB l0 aubfecl end hee C0A 71d°red these IA f110 mnrkel annly 817. 711° deecrl plicn In01odv7 q Ga
ndju7lAtehl, raflectlnp mBrkgt ra0ctlan le th079 Itom~ of elgnlfftehl VPrlntlon between lhB 74b1°c{ nntl c°mp9rBDle pf oportl°se.ctlf ` e1071pn'(IPCO^~r^tnmltln the complnrnht°eirsylnf eriao
t°, Or mo1P (evoreble lheq, the aubJeet property, D minue (•) edia7lmeN le mad°, thus rod°Olnp the Indicted vEl°9 01 7gbl
ar lees feY Orehl° to nn, the 74nloct property, B DI47 (*) odfuetmnnt 17 mogo, thus increaelnp Ih9 VA4legle° value a1 the B°b)q Cl.
[TEM SUBJECT COMPARABLE N0. 1 COMPARABLE N0.2
705 High Mounts HorseKiller Rvad Three Square Hollow Road
Address Shi ensbur South Newton Townshi Ho swell Townshi
Proxlmi to Sub"act 0.00 MI 14.3 MI NW
NIA $ 85 000 $ 83 000
Sales Price $
Pricel $ NIA QJ $ SS 000 fA $ 83 000 ~
Data Source Ins action Court House Resettle/Mufti-List Court House RecordslMulti-List
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION - Adgatmont DESCRIPTION +t AGVOIm°nt
Sales or Financing Conv Conv COMPARABLE N0. 3
Envla Road
H2 ~ ~IIINNIwNnshi
70
70 000 ~
$
Court House Records/Mufti-L
ConDESCRIPTION •t- Ada7to
Concessions
ta of SalelTme 111126/2008 12/29/2006 ~ 711112008
D 9/5/2008
a
Suburban Suburban Suburban ~ ~
Location
3 840
Suburban
56 acres
10
SiteNiew 10.34 acres 5.61 acres ~ 7 095 12.9 acres
None/None ~ .
NonelNone
'Water/ Sews( None/None None/None
5 000 None ~ 5 000 None 5
.Cabin Av /l630s ft None
X + - ' $ 12 095 X + ' $ 8 840
' X + ' ~ 5
. total
Net Ad
Gross: 14.2 Gross: 10 7 Gross: 7.1
Indicated Value
Net: 14.2 $ 9? 095 Nat: 10.7 91 840
'
Net: 7.1
ect
of 5ub
All the Com arables are verified sales and are the best available.
i
son:
Comments of sales Compar
Comments and Conditions of Appraisal: This property has been appraised In current condition This a raisal is for Estate Pur uses onl .
ilietion~ Market Anal sis consistent) su orts m estimated market value. GRMand Cost Anal sis was found ins o riots
1 R
l
econc
na
F
"' this anal sis. Greatest wei ht is a lied to the Market Data Anal sis. Su ortln file information substantiates these estimates.
OF THE SUBJECT PROPERTY AS OF November 26 2008
A5 DEFINED
KET VALUE
Lobes 9~
,
,
J (WE) ESTIMATE THE MAR
(our) knowledge and bol[ef, the facts and data used herein era true and correct: that I (we)
t of m
th
b
t personally inspected the subJect prc
y
es
e
o
1 (We) certify: that
arable sales cited In this report; that I (wa} have no undisdo60d Interest, present or prospective therein,
ll com
d
p
a
and inspecte
~\\3 ~r~ Review Appralsor
ralsor(s)
A ^ Did ^ Did N
ect Proper
ins
pp
(if applicable) p
William A. Bassett
d rtxm o~atse PA General Certified Appraiser Prmuc°e umnp ACl m°ware, OO°.294.BI27 wmc.•a*•u~mm
~0
i
elery
n
Prcpr
Wolfe & Shearer Realtors
JAIV-I3-LUUa UI:L41'M hKUM-WULht ~ JtltAhith KtALIUKJ tfIfL43U4fL I-~Uf N.UUb/UUti h-f31
rvu..
FRONT viEW OF
SUBJECT PROPERTY
Appraised Date: November 26, 2008
Appraised Value: $ 97 ,000
REAR VIEW OF
SUBJECT PROPERTY
STREET SCENE
JAN-13-"LUUa Ul:Lbl'M FKUM-WULft & JFItAKtK KtALIUKS +fIfL43U4fZ I-tlUf I'.UUti/UUti r-f31
LOCATfON MAP
BOrrOwer: NIA NIA rue ivy.: ~y-~~c
Pro er Address:705 Hi h Mountain Road Case No.:
_._ __ . State: PA ZAP:
Prepares] by Wv1Pe Snoarer Realtors 717.2431551 ----~-
Ip Addregg Date Prlce RM 6R Bath s Ft Proxfml
o.o^ rsz
g 705 SIGN MOUNTAIN RD N/A N/A 0.04 MT
1 HORSE SCTT.T•ER RD 12/29/2008 85,000 14.3 kl~ NW
2 Three THREE SQUARE SOLY,07/1~./2008 83,004
3 Eaola ENOI,A RD 9J5/2008 70,000 12.1 T~ NNI~!
JAIV-!3-ZUUa UI:ZtiI'M hkUM-WULht ~ JHtAtitN IttALIUh5 +(I(L43U4(L I-tlUf N.UUL/U14 h-(dL
W V Lt ~tY.7rlChKtK Ht'r rw~ Jr•~ .~ ~~ ~ v ~ti~..
l"ile No_
APPRAISAL OF
SUMMARY APPRAISAL REPORT
LOCATED AT:
99 Cherry Grove Road
Shippensburg, PA 17257
FOR:
Jerry A. Weigle, Attorney at Law
126 East King Street
Shippensburg, PA 17257
BORROWER:
N1A
A5 OF:
November 26, 2008
BY:
William A. Bassett
PA General Certified Appraiser
JAIV-I3-LUU~ UI:LUI'M tttUM-WULrt ~ Jt1tAKtft httALlUftJ t(I("L43U4(Z I-aiU( Y.UU~/U14 F-(~C
WOLFS&SHEARER APPRAISAL SERVICES
Fle No.
January 5,
Jerry A. Weigh, Attorney at Law
126 East King ~treet
Shippensburg, A 17257
File Number:
In accordance with your request, I have appraised the real property at:
99 Cherry Grovo Road
Shippensburg, PA 17257
The purpose o this appraisal is to develop an opinion of the market value of the subject property, as improved.
The property fights appraised are the fee simple interest in the site and improvements.
In my opinion the market value of the property as of November 26, 2008 is:
$390,000
Three Mundred Ninety Thousand Dollars
The attached report contains the description, analysis and supportive data far the conclusions,
fins{ opinion of value, descriptive photographs, limiting conditions and appropriate certifications.
Sincerely
~_
William A_ Basl ett
PA General Celrtifiad Appraiser
,1AIV-13-ZUUy UI:Z(I'M hHUM-WULht tk SHtAlittt ttt:ALIUfiS +flf"L43U4(L
WOLFE & SHEARER APPRAISAL SERVICES
Uniform Residential Appraisal Report
Tha purposo of this summary ap raisal sport Is to rovide the lenderlcliank with an accurate, and adoquatel supported, I
Pro or Address 99 Cher GI'ove (Road ci Shi ensbur
... _ I nwnar of Punltr_ Record Varner. FIQYd .I- _
red Book 22L11
Tax 39-14-171
Southam ton
er Tenant
Lender/Client Jef A. Wei le Attorne at Law
Is the sublet[ property currently offered to sale or hag it been
Report data source(s) used, offering price`s), and date(s), N
1
71
J.
I-tiU( N.UU4/U14 h-f3L
File No. 09-003
of the market value of the
state PA zp code '
County Cumberlanc
R.E.
... _ .. __i_ _-...~... .~... ....,i..~~~ ..,nn trek nnrrnrmorl
1 did did not analyze the Contr~ ct ror sale for the subject purchase transaction. rsplaln tea reswts ar tea andry5~5 ~~ e~= =~~~=a~• ~~~ ~°•~ ~~ ••••~ °•- -~--~• ~ -
NIA
.- Contract Prico ~ N1A Data of Contract Is the ro c seller the owner of ubllc record? Yes No Data source s
ower? Yes No
b
f
f th
h
e
orr
at
o
is mere any financial assistance (loan charges, sale concessions, gi$ or dnwnpayment assistance, etc.) [o ba paid by any party on ba
If Yes, report tho total dollar amount and desalbe the items to be paid, $ NIA
Nete~ Rase end the ra=tat eom oeltlon of the eel hBOrhood aro not a ra[sal Tactore.
Or;e-Unit Housing Prosent tend use %
~
One-Unit Houaln6 Trends
Nelghhorhood Gharadarle tee
t_ocatlon Urban X Suburban ~ Rural Prc a Values lncreaSln X Stable Dacllntn PRICE AGE One-Unit 50 %
Built-U over 75~ X 25-75°,6 Under 25% DemandlSu I shorts e X 1n Balance Over Su I $ 000 rs 2~ Unit
Growth Ra id X Stable ~ Siow Markatin Time Under 3 milts X 3.6 mtha Over 6 mths 100 Low New Multi-Famil °~
hhonc~od Boundaries Baltimor Road to the north Interstate $1 to the west Means Hollow 400 Hi h 100 commercial °h
Nei
°
g
,6
Road to the south McCullouch Road to the east. 175 Pred. 40 other Vacant 50
nb^rnood Desaiption The sub-ect ro art is located a roximatel 4 miles southeast of the Borou h of Shi ensbur .Shi ensbur
Nei
g
Borou his (coated within both Cumberland and Franklin Count _ Interstate 81 intersects the Shi ensbur Marketarea south of the
Borou h rovidin Bas access to all t:m to meet centers within Cumberland and Franklin Count .
Market Conditions (including support for t~,e above conclusions) Property values are currently inereasing Interest rates range between 5.00 to 6.OOper __
cent rovidin for a ve acti a market at this time.
Dimensi^ns See Le al pescri tide Area 37.54 acres see a irks ular view Residential
S edflc Zonin clessi6ratlon A riculatural Zonin Dearri [ion Low densit residential and a rieulatural
Zon;n Cam liance X Le et Lo al Nonconformin Grandfathorad Usa No Zonin file al desalbe
!s the highest and hest use of the subjec property es improved (or as propeaed par plans and spoclficatlons) the present use? X Yos No If No, destrihe.
lJttllties Puhltc Other describ
Flectr;c; X e Publ
Water ic other describe t~ff•Slte Im rovaments-T a P~hllc Prlvete
X well street Macadam X
Gas
FEMA S ecial Flood Hazard Area Sanitar Sewer X se tiC Alla
es X No FEMA Flood zane X FEMA Ma # 421587 00158 FEMA Ma Dete Au ust 4 1988
Are the utilities end aft-site Im rovementg ical for the marko[ area? X Yas No If No, describe.
Ara there any adverse site mndltlons or external factors (easements, anaoachments, environmental rAnditions, land uses, atc,)4 Yea X IVo If Yes, desalbe,
GENERAL. DESCRIPTION ~ FOUNDATION I~CTERIOR DESCRIPTION materlalslcanditlon
Units X Qne One with Accesso Unit Concrete Slab Crawl 5 ace Foundation Walls Stn/Car et
# of Storlos 2 X Full easement Partial Basement Exterior walls Alum/AV
T a X Dat. An S-Dat.lEnd Unit Basemen[ Area 0 s . ft. Roof Surface M®tallAv
X Ezistin Pro osed Un er Const. Basement Finish 0 "~ Gutters & Downs outs Alum/Av
bust n St le 2 sto Outside Entr IExlt Sum Pum window T e Double Hutt
Year 6uilr 1890 ~ Evidence of Infestation Storm Sashllnsulated Yes/No INTPRIOR materialalconditlon
floors Vin l/Car /Av
Watts Plaster/Av
TrlmlFinish WoodAVg
Bath FI^or Vln I/AVq
Bath Wainscot Plaster/Av
Car Stara a None
Effective A e Yrs 20 Dam tress Settlement Screens Yes X Drlvawa # of Cars 3
Attic X None Heatin FWA X HwBB Ratllant Amenities WoodStova s # Drivewa Surface GravellStQne
Dro Stair Stairs ~ Other Fuel Oil Fire laces # Fence Gara a # of Cars
Floor Scuttlo Coolie Central Air Condltlonln PatiolDack Porch Car ort # of Cars
Finished Heated ~ Indlvldual Other Pool Other Att, Det. Bull[-In
A (lances X Retri skater X R n elOven Dishwasher Dls osal Mlaowava washarlD er Other describe
Finished area above rode contains: ~ 6 Rooms 3 Bedrooms 1 Bath s 1 726 S asks Faet of Gross Livin Area Above Grade
Additional features (special energy etfid nt Items, etc.}. Front orCh Slde Deck
Describe the rendition of the property (;nlduding needed repairs, deterioration, renovations, remodeling, etc.). Im rovements are in avers a condition with no h sisal
or functional inade uacies a arent-
I
Are there any physical dofidendes ar ad {rerse conditions that affect the llvabilily, soundness, or structural integrity of the praparly7 Yes X No If Yes• desalbe,
Does the property generally conform to t a neighborhood (functional utility, style, condition, use, construction, etc.)T X Yes No if No, desalbe,
Frr~ae,° Mac fum 70 Meru, 2005 i . Pre°~caa uslno AGI mrtwum. °a019~ AlYJ,....,.n6,.o~.mn Fannl° Mo° Fam ~00a Mmch 20i
o.. _r r. ta04 X50629
JAIV-I3-LUUB UI:L(!'M FKUM-NfULhI: fG ShIt:AKt:K KtALIUKS
t(I(L43U4(L I-tlU( I'.UUb/U14 h-(3L
WOLFS 8r SHEARER APPRAISAL SERVICES
Uniform Residential Appraisal Report File No. 09-003
There era D ram arable ro ertles curranil offered for sale in the aub'ect nai hborhood ran in in rir~ fr^m S NIA to $ NIA
There are 3 wm arable salsa in t, a subject nai hhornood wltnln the ast twelve months ran In In sale rice from S to $
FEATURE SUBJE CT COMPARABLE SALE NO. 1 COMPARA[3LR SAL@ N0.2 COMPARA91>= SALE Nt]. 3
99 Cherry Grove Road
Address Shi ensbur PA 151 Shippensburg Road
Shi ensbur PA 26 Mowory Lane
Shi ensbur PA Cherry Grove Road
Shi ensbur PA
Proxlml to Sub"act 5.4 MI NNW 10.1 Ml NNW 0.42 MI SE
Sale Prim NIA ~ - $ 329 838 $ 510 000 $ 410 000
Sale RtcalGrosa Liv. Ares $ 0 00 s . ft. S 107.93 a . ft. ~ ~ $ 124.OQ s . ft ~ 0.00 s . ft.
Data sources Irts t?Ctio Court House Records/Multi-List Court House Records/Multi-List Court House Records/Multi-List
varircati^n sourro s Court Ho se .ReCf Ct. Hs. Rec_ Ct. Hs. Rec. Ct. Hs. Rec.
VALUE ADJUSTMENTS DESCRI ITION DESCRIPTION - SAaudment DESCRIPTION - SAaastmem DESCRIPTION - SAa4atment
Sale yr Financing
Concosslons N/A ~ Conv Conv Conv
Date of 5ela/Tima 11/26/20 8 4121 /2008 $I31 /2007 10/22/2008
Location Suburban / Suburban Suburban Suburban
I.easaholdlFee Sim le Fee Sim a Fee sim le Fee sim le Fee sim le
Silo 37.54 aCl' S 27.18 acres 25 900 60.6 acres -57 650 52.33 acres -36 975
Vaw A ricultur I A ricultural A ricultural A ricultural
Dasi n 5 l0 2 5to I 2 sto 2 sto NIA
tluall of Construction Alum/Av Brjck/Av -4 000 Stolle/Av -4 000 N/A
Actual A e 119+/- Ye ars 100+/- ears 100 +/- ears NIA
Condition Avera a Av to Good -5 000 Avera a -5 000 N/A
AtI0V8 Grade Totcl 9d~ms. l3ulhe Tolnf 60rmfl. Hallo Totnl 13tlrma Balha TOlal adrm7. Bath
Room Count 6 3 ~ 1 7 3 2 "2 000 8 4 2 -2 ODO 25 000
Cross Llvln Ares5.00 1 726 s . ft. 3 056 s . ft. -6 650 4 113 s . ft. -11 935 s . (t.
9asomont tt Flnlshad
Rooms Below Grade Full I
Unfinished Full Bsmt
Unfinished Full Bsmt
Unfinished N/A
Functional Utlll Avera e I Avera a Avera a NIA
Heatin (c^^lin OHWBB/None OHW/None OHW/None NIA
,' Ener EtBclent Items T 1Cal T Ical T ical NIA
care e1Car art 3 Car Dri ewe Drivewa Drivewa NIA
PorchlFati0lDeck Porch/Desk Fr/side Porch FrIRr Porch N!A
Outbuilclin s Barn Outbuildjn s Outbuildin s NIA
I
Net Ad'ustmant Total X + - S 8 250 + X - $ 80 585 + X - $ 11 975
- Adjusted Sale Price
of com araoles Nat Adj. 2.5°~
CiossAd , 13.2%
S 338 0$$ Net AdJ, -15.8
cx^ss ad-. 15.8~~
429 41 S Net AdJ, -2.9%
Gross ad-. 15.1%
398 025
I X did did n^t rosearch the sal or transfer history of the subject proparry and comparable sales, If not, explain
M research did X did not reuse an riot sates or Ransfers of the sub~act roe for the three ears riot to the effective data of this a tarsal.
Data source a Court House Reco
M research did X did not reuse rds
an clot sales or transfers of the cv arable sales far the oar riot to the data of sale of the com arable Salo,
Data sources COUrt House Reco rds
Re ort the reault6 ^F the research and ana l sis of the clot eels or transfer histot of the subject ra er and com arable salsa re ort additional clot sal es on a e 3 .
ITEM ~ SUBJECT COMPARABLE SALE No. 1 COMPARABLE SALI= No. 2 COMPARABLE SALE N0. 3
Date of Prior Sale/Transfor Non e None None None
Price of Prior SalelTranafar
Data S^urce s Cou rt House Records Court House Records Court House Records Court House Records
Effective Data of Data Sour s
Analysis ^f prior sale ar transfer history of~
The cam arables sales have tha auhject property and comparable sales The sub'ect ~o art has not sold or been listed within the ast 3 ears.
hot sold or been listed the ear riot to the current sale.
I
I
Summary of sales Comparison Approach. All the Com arables are verified sales and are the best available. Com arable No_ 3 was vacant land
however the sale was utlllzed because it is located on the same street as the sub~ect ro art .
I
I~
I
lndirated Value b Sales Cam orison A roach $ 390 000
Indlcatod Value b . Sales Com arlso A roach S 390 000 Cost A roach If deveto ed S NIA Income A roach If dovola ed S NIA
Market Anal sis consistent/ su orts m estima#ed market value. GRM and Cost Anal sis was found ins o crate for this anal sis.
Greatr~st wei ht is a lied to the Market Data Anal sis. Su ortin file information substantiates these estimates.
• 7nls appra(sal Is made X "as Is;' subject to wmpletion par plans and speciflcatlons an the heals ^f a hyp^tnetlcal mndltlon that the improvements nave been completed,
^ subject to the following repairs ^r slte~atlons on the Dasls of a hypothetical mndi[ion that the repairs or alterations have been completed, or ^ subject to the following required
. inspection based on the exaaordlnary as iumption that the contlition or deflclency does not require elkeration or ropale
Based on a comploto vlsu~l tnapect
condltlons~ and appralzer's eertifie
as of November 26 2008 l n of the Interior and oxtorior ~re~s of the srlh)net property, defined scopo of work, statement of essumptlans and Ilmiting
tton, my (our) opinion of the market value, ae deflnod, of tho coal property that Ie the subjoct of this ropork ie s 390,000
which Is the date of Ina eetlon end thin offoctlvo date flf this a tales/,
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WOLFE 8r SHEARER APPRAISAL SERVICES
Uniform Residential Appraisal Report FIIeNo, 09-003
SPECIAL LIMITING CONDITIONS:
- This a sisal is not a home fns ection and the a raiser is not actin as a home ins actor when re Grin the re ort. When
erformin the ins ection of this roe the a raiser visual) observed areas that were readil accessible. The a raiser is not
ra uired to disturb or move an bin that obstucts access or visibilit .The ins ection in not technical) exhaustive. The ins ection does
not offer warranties or uarantles of an kind.
- If the ro ert is sold this a sisal is sub'ect to satisfacto ins ection re orts but not limited to; water tests se tic certification
wood infestation radon buildtn ins actions etc.
I
UF2AR' Su lemental Certifications:
l certi that
I
This GOMPLETE APPRAISA -SUMMARY APPRAISAL REPORT was re aced b William A. Bassett for the exclusive use of Mr.
Jer A. Wei le Attorne at Law for use in estimatin market value tot estate ur oses.. Estimated market value is the most robabl
rice in terms of cash or in terms of financial arran ements a uivalent to cash. Mt. Jer A. Wei le Attorne at Law is considered to
be m client. The informationland o inions contained in this a sisal set forth the a raisers best ~ud ement in li ht of the
information available at the time of the re station of this re ort. An use of this a sisal b an other arson or entit or an
reliance or decisions based on this a riasal are the sole res onsibilit and at the sole risk of the third art . { acce t no res onsibilit
for demo es suffered b an t ird art as a result of reliance on or desisions made or actives taken based on this re ort.
- In m o inion the reasonable ex osure time linked to the value o inion is u to 180 da s.
• I
1 further certi that to the be ~of m knowled a and belief;
„ -The statements of fact contaihed in this re ort are true and correct.
" -The re orted anal ses o inions and conclusions are limited onl b the re orted assum [ions and limitin conditions and are m
ersonal im artial and unbiased rofessional anal ses o inions and conclusions.
-I have nD rest:nt or cos eci;ive interest in the ro ert that is the sub'ect of this re ork ar to the arties involved with this assi nment.
-M en a ement in this assi nment was not contin ant u on develo in or re ortin redetermined results,
-M com ensation for com le in this assi nment is not contin ant u on the develo meet or re ortin of a redetermined value or
direction in value that favors t e cause of the client the amount of the value o inion the attainment of a sti mated result or the
occurrence of a subse cent a ant direct) related to the intended use of this a raisal_
~M anal ses o inions and c nclusions were develo ed and this re oft has been re aced in conform it with the Uniform Standard
of Professional A raisal Practice.
-I have made a ersonal ins ection of the ro ert that is the sub'ect of this re ort.
-No one rovided si nificant rofessional assistance to the si ner of this re ort.
- William A. Bassett re aced this re ort.
I
I
COST APPROACH TO VALUE (not required by Fannie Mae)
Provide ado uate Information tar the lenderlcllent to re licete the below cost fi urea and calculations.
Support for the opinion of site value (sum ~ ary of comparable land solos or other methotls far estimating site value) NIA ,-
I
ESTlt,~ArED REPROPUGTIDN oR REPLACEMENT coST NEW OPINIQN of slrE VALUE . . . .... . . . . . . . ............ . . . . . . . . . . . ... _ $
Source of cost data Dwallln 1 726 s . Ft. ~ ............ = ~ 0
Quali ratio from cost service Effecdva date of cost data 5 , Ft. $ .. , , , .. , .... _ $
Comments on Coat roach ross )loin ~ area calculations de raciatlon etc.
The Cost A roach will ener II result in an excellent estimate of Gare e(car ort 0 S .1=t. $ .,.......... _ ~ 0
• value if the bulldin is new or reasonabl new and the Total Estimate of Goat-New . , , .. , , , .... _ $ 0
im rovements reflect the hi est and best use of the land, Less Ph sisal Functional External
However when items of h sisal de reciation must be estimated
an area of "ud ement iB Involved which is sub act to error, The Da reciafion T $ 0
De reciated Cost of Im rovemantb . - ....... , • • . . . . . ....... . . ...... = $ 0
Cost A roach was not utilizt~d due to the a e of the sub'ect "As•Is" slue of site Im rovemonts . . . .. . ... . . . ........ . .... . .... . . _ $
dwellin .
Estimated Remainln Economic Life Hu and VA onl 30 Years INpIGATEO VALUE BY COST APPRDACH .. . . . .. . . . . . . . . ..... . . _ $ 0
INCOME APPROACH TO VALUE notregiulred by Fannie Mae}
Estimated Month) Market Rent $ X Grass Rent Multi lfer = ~ indicated Value D Income A roach
• Summary of Income ApproarJt (Including ~ uppart for market rent and GRM} N/A
PR~JEC7INFORMATION FOR,PUO6 (t[ applicable)
Is the develo erroutlder In control of the omaownars' Association HDA 7 Yes No Unit e s Detached Attached
Provide the followin information for PUDs ONLY if the develo erlbullder is in C4n7ol of the HDA and the sub~act rv art is an attached dwellin unit.
La al name of ro'oct NIA
Total number of hasee Total number of unite Total number of units sold
Tote! number of units rented Total number of units for sale Data source s
Was the ro~ect created b the cvnvaraion of an existln hulldln a into a PuD7 Yas No If Yea, date of mnverslon,
Does the ro act contain an multi-dwellin unlte7 Yes No pate aaurce s
Aro the units, common elamon[s, and recfeatlon facilities mmplate7 Yas Na If No, doselbe the statue of completion.
Are the common elamon[s leased to or by the Homeowners' Association? Yes No If Yes, describe the rental tarrns and optlona.
DescrlDe common elements and recreatlgnal fadlitias.
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WOLFS & SHEARER APPRAISAL SERVICES
Uniform Residential Appraisal Report FIIeNa. 09-003
This report form is design d to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a
unit in a planned unit deve opment (PUR)_ This report form is not designed to report an appraisal of a manufactured home or a unit
in a condominium or cooperative project.
This appraisal report is sui~ject to the following scope of work, intended use, intended user, definition of market value, statement of
assumptions and limiting cjonditions, and Certifications. Modifications, additions, er deletions to the intended use, intended user,
definition of market value, Pr assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work
to include any additional relsearch or analysis necessary based on the complexity of this appraisal assignment. Modifications or
deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations
to this appraisal report, su~h as those required by law or those related to the appraiser's continuing education or membership in an
appraisal organization, ar permitted.
SCOPE of WORK: The ~ cope of work for this appraisal is defined by the complexity of this appraisal assignment and the
reporting requirements of ~is appraisal report form, including the following definition of market value, statement of assumptions
and limiting conditions, an certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the
interior and exterior areas ~f the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at
least the street, (4) resear h, verify, and analyze data from reliable public andlor private sources, and (5) report his or her analysis,
opinions, and conclusions in this appraisal report.
INTENDED USE: The int ended use of this appraisal repork is forthe lenderlclient to evaluate the property that is the subject of
this appraisal for a mortga a finance transaction.
INTENDED USER: The i ended user of this appraisal report is the lender/client.
DEFINITION OF MARKS `VALUE: The most probable price which a property should bring in a competitive and open market
under all Conditions requis~te to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is
not affected by undue stim~ulus_ Implicit in this definition is the consummation of a sale as of a specified date and the passing of
title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed
or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for
exposure in the open marl~et; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements
comparable thereto; and ()the price represents the normal consideration for the property sold unaffected by special or creative
financing or sales conces ions* granted by anyone associated with the sale.
'Adjustments to the Comp rabies must by made for special or creative financing or sales concessions. No adjustments are
necessary for those costs Ivhich are normally paid by sellers as a result of tradition or law in a market area; these costs are readily
identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be
made to the comparable roperty by comparisons to financing terms offered by a third party institutional lender that is not already
involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the
financing or Concession b t the dollar amount of any adjustment should approximate the market's reaction to the financing or
concessions based on the~appraiser's judgment.
STATEMENT G1F ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the
following assumptions an limiting conditions:
1 _ The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for informatio that he or she became aware of during the research Involved in performing this appraisal. The
appraiser assumes that th title is good and marketable and will not render any opinions about the title.
2. The appraiser has pr vided a sketch in this appraisal report to show the approximate dimensions of the improvements. The
sketch is included only to~ssist the reader in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has ermined the available flood maps that are provided by the Federal Emergency Management Agency (or
other data sources} and has noted in this appraisal report whether any portion of the subject site is located in an identified Special
Flood Hazard Area. Beca se the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
determination.
4. The appraiser wilt not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangem nts to da so have been made beforehand, or as otherwise required by law.
5. The appraiser has no ed in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of
hazardous wastes, toxic s bstances, etc.) observed during the inspection of the subject property or that he or she became aware of
during the research invol din performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no
knowledge of any hidden ~r unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to,
needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that
would make the property Mess valuable, and has assumed that there are no such conditions and makes no guarantees or
warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or
#esting that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of
environmental hazards, this appraisal report must not be considered as an environmental assessment of the property.
6. The appraiser has
completion, repairs, or
performed in a profess
~ his or her appraisa) report and valuation conclusion for an appraisal that is subject to satisfactory
ations on the assumption that the completion, repairs, or alterations of the subject property wil( be
manner.
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WOLFS & SHEARER APPRAISAL SERVICES
Uniforr>n Residential Appraisal Report File No, 09-003
APPRAISER'S GERTIFIC I TION: The Appraiser certifies and agrees that:
1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this
appraisal report.
2, l performed a complet visual inspection of the interior and exterior areas of the subject property. 1 reported the condition of
the improvements in factu~l, specific terms. 1 identified and reported the physical deficiencies that could affect the livability,
soundness, or structural i tegrity of the property,
3. I performed this appralisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice
that were adopted and proEnulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the
time this appraisal report u~as prepared.
4. I developed my opinio of the market value of the real property that is the subject of this report based on the sales comparison
approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal
assignment. I further cetti that I considered the cost and income approaches to value but did not develop them, unless otherwise
indicated in this report.
5. l researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale
of the subject property in ire twelve months prior to the effective date of this appraisal, and the prior sales of the subject property
for a minimum of three years prior to the effective date of this appraisal, unless otherwise i~dloated in this report.
6_ I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the
date of sale of the comps able sale, unless otherwise indicated in #his report.
7. 1 selected and used cr~mparable sales that are locationally, physically, and functionally the most similar to the subject property.
8, I have not used comp rable sales that were the result of combining a land sale with the contract purchase price of a home
that has been built or will ~e built on the land.
9. I have reported adjustments to the comparable sales that reflect the market's reactien to the differences between the subject
property and the comparable sales.
70. I verified, from a dlsin~terested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of th~ subject property.
11. I have knowledge ancj experience in appraising this type of property in this market area.
12. I am aware of, and halve access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment ~ecords, public land records and other such data sources for the area in which the property is located.
13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from
reliable sources that I bell ve to be true and correct.
14. (have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have
noted in this appraisal re~ort any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of
hazardous wastes, toxic ubstances, adverse environmental conditions, etc.) observed during the inspection of the subject property
or that I became aware o during the research involved in performing this appraisal. I have considered these adverse conditions in
my analysis of the grope y value, and have reported on the effect of the conditions on the value and marketability of the subject
property.
15. I have not knowingly ~nrithheld any significant information from this appraisal report and, to the hest of my knowledge, all
statements and information in this appraisal report are true and correct.
16. I stated in this apprai~al report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are
subject only to the assum tions and limiting conditions in this appraisal report.
17. I have no present or Qrespective interest in the property that is the subject of this report, and I have no present or prospective
personal interest or bias v!iith respect to the participants in the transaction. I did not base, either partially or completely, my
analysis and/or opinion ofi market value in this appraisal report on the race, colon religion, sex, age, marital status, handicap,
familial status, or nationa~ origin of either the prospective owners or occupants of the subject property or of the present owners or
occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law_
18. My employment and/~r compensation for performing this appraisal or any future or anticipated appraisals was not conditioned
on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined
specific value, a predeter~ined minimum value, a range or direction in value, a value that favors the cause of any party, or the
attainment of a specific r suit or occurrence of a specific subsequent event (such as approval of a pending mortgage loan
application).
19. I personally prepared all conclusions and opinions about the real estate That wore set forth in this appraisal report. If 1 relied on
significant real property a praisal assistance from any individual or individuals in the performance of this appraisal or the
preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal
report. I certify that any i dividual so named is qualified to perform the tasks. I have not authorized anyone to make a change to
any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no rosponsibllity for it.
20. 1 identified the lender client in this appraisal report who is the individual, organization, or agent for the organization that ordered
and will receive this appraisal report.
Porn 74 Ma¢h 2005 l PmCUCeG aeln0 ~~ nollKaro, 890,23a.B7x] www.nalWeo.oom Fannlo Mau Farm 100 March 2005
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WOLFS 8~ SHEARI7R APPRAISAL SERVICES
Uniform Residential Appraisal Reporfi rue No. 09-003
21. The lender/client may disclose or distribute this appraisal report to; the borrower; another lender at the request of the borrower;
the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market
participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality
of the United States; and only state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or
supervisory appraiser's (if pplicable) consent. Such consent must be obtained before this appraisal report may be disclosed or
distributed to any other pay (including, but not limited to, the public through advertising, public relations, news, sales, or other
media}.
22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws
and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that
pertain to disclosure or distribution by me.
23. The borrower, another (ender at the request of the borrower, the mortgagee of its successors and assigns, mortgage insurers,
government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any
mortgage finance transaction that involves any one or more of these parties.
24. If this appraisal report ' as transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable feder I andlor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal
report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
paper version of this apprai al report were delivered containing my original hand written signature.
25. Any intentional or neglil ent misrepresentation(s) contained in this appraisal report may result In civil liability andlor criminal
penalties including, but notllimited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section
1001, et seq., or similar sta a laws.
SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with tho appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification.
2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis,
opinions, statements, conc usions, and the appraiser's certification,
3. The appraiser identifie m this appraisal report is either asub-contractor or an employee of the superulsory appraiser (or the
appraisal firm}, is qualified~to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report c¢mplies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal
report was prepared.
5. If this appraisal report as transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal andlor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal
report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a
paper version of this apps sal report were delivered containing my original hand written signature.
APPRAISER ~ SUPERVISORY APPRAISER (ONLY IF REQUIRED)
Signature ~\~~~-..~ ~7c~..~~
Name William A. Bassett
Company Name Wolfe8~SHearer Appraisal Services
Company Address 33 Soui;h Pitt Street
Carlisle PA 17013
Telephone Number 717-24 -1551
Ernail Address I
Date of Signature and Report \ `~ O
Effective Date of Appraisal I November 26, 2008 _
State Certification # GA-001618-L
or State License #
or Other (describe) I State #
State PA
Expiration Date of Certifie~tion or License June 30, 2009
ADDRESS OF PROPERT`~ APPRAISED
99 Cherry Grove Road
Shippensburg, PA 17257 I
APPRAISED VALUE OF Sl.~BJECT PROPERTY Y 390,000 __
Ll=NDERlCL(ENT
Signature
Name
Gompany Name _
Company Address
Telephone Number
Email Address
Date of Signature
State Certification #
or State License #
State
Expiration Date of Certification or License
SUBJECT PROPERTY
[Did not inspect subject property
^ Did inspect exterior of subject property from street
Date of Inspection
[]Did inspect interior and exterior of subject property
Date of Inspection
Name I COMPARABLE SALES
Company Name Jerry A, Weigle, Attorney at Law ^Did not inspect exterior of comparable sales from street
Company Address 12 ~ t Kin~t Street ~ Did inspect exterior of comparable sales from street
5hippensburSt, PA 17257 l date of Inspection __
Email Address I
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Wolfe ~ Shearer Realtors
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FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: November 26, 2008
Appraised Value: $ 390,000
REAR VIEW OF
SUBJECT PROPERTY
STRI=ET SCENE
JAIV-i ~-LUUa U I : ~Uf M tftUM-WULtt ~ SlitAktff MftAL IUkJ
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C,OCATION MAP
Borrower: N/A File Na.: 09-003
Pro erf Address:99 Cher G rave Road Case No.:
City: 5hippensburs State- PA Zip' 17257
Lender: Jerr A. Wel le AttQr a at Law
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Computershare ~'
IMPORTgNT TAX RETURN DOCUMENT ENCLOSED
000079
Ilrllllnrlllllllllrrlllrrnlllrllrir~lnrllrllrlrlrlllllllrlllrl
Recipient
SHERRY B BYERS
& DONNA K STOUFFER EX EST FLOYD J VARNER
C/0 WEIGLE & ASSOCIATES
126 EAST KING STREET
SHIPPENSBURG PA 17257
Computershare Trust Company, N.A.
PO Box 43033
Providence, Rhode Island 02940-3033
Within the US, Canada & Puerto Rico 800 305 9404
Outside the US, Canada fr Puerto Rico 732 512 3782
www.computershare.com/investor
Holder Account Number
00030612043 FID
i~u~~~uan~~~~~~~~
rruaential Financial, Inc. -Sale Advice / 2009 Tax Form 1099-B
Corrected (if checked) Copy B -For Recipient
Form 1099-6 -Proceeds from Broker and Barter Exchange Transactions
2009
This is important tax information and is being famished to the Internal Revenue Service. If you are required ro file a return, a negligence
penalty or other sanction may be imposed on you 'rf this income is taxable and the IRS determines that it has not been reported.
Recipient SHERRY B BYERS
& DONNA K STOUFFER EX EST FLOYD J VARNER
C/0 WEIGLE & ASSOCIATES
126 EAST KING STREET
SHIPPENSBURG PA 17257
Date of Sale (~ 2 Stocks,
or Exchange I CUSIP No. P Bonds, etc. (S) Gross Proceeds
07 Jan 2009 744320102 Reported to IRS
1,006.82 Yes
FEDERAL INCOME ~'
TAX WITHHELD (~) Description: Name of Issuer
Transaction
0.00 PRUDENTIAL FINANCIAL INC
,NOTE: Computershare will report the amount in Box 2 to the IRS. The difference between the gross proceeds amount in Box 2 and the Setlpro Beds
you received represents any fees, charges, or wiihholding taxes you may have paid.
Form 1099-B
(Keep for your records)
Account Number 0030612043
Recipient's ID no. 266650601
Payer's Federal ID No. 43-1912740
OMB No. 1545-0715
Department of the Treasury - Internal Revenue Service
Payer's Details
COMPUTERSHARE
P.O. BOX 43010
PROVIDENCE RI
02940-3010
Summary This advice is a result of the sale of Plan and/or Direct Registration shares.
Trade Shares/fJnits Price Per Gross Amount Deduction j
DatelTime Transaction Description ~ Deduction ~ Net Amount
Sold Share/Unit ($) I of Sales ($) I Amount
01/07/2009 14:04 ($) Type ! of Sale ($)
Sale 31.000000 32.478196 1,006.82
13.48 Transaction Fee ggg 34
Computershare Trust Company, N.A., as agent, upon written request, will provide the name of the executing broker dealer associated with the transaction(s), and within a reasonable amount of
time will disclose the source and amount of compensation received from third parties in connection with the transaction(s), if anv.
0010070008 OOHX2E-(FT)
^
0010040020 nn!-~Sa ~_ooi i ...
71 UTX
PLEASE CASHIDEPOSIT THIS CHECK PROh9PTLY
40UDR
P R U
PRU "f-
'~"
KITTATINNY
MANUFACTURING o
SERVICES
T..L..,w___ i-..~~
~~cNi ivi io ~ i ~ ~ ~ ~dU-1 L4L
Fax (717) 530-1903
Jerry Weigle
`J'~eigle &~ Associates
126 E Kng Street
Shippensburg, PA 17257
Subj: Floyd J Vamer estate
>ti1r. iri~eigle:
P,O. Box 39 ~ 160 Reading oadR
Shippensburg, PA 17257
November 1G, 2Gt~5
>=nclosed'are do~ments for our two com
Reading Road Realty, in which Floyd was a sha eho~fderyp rtn~er ~f~{n~ ~!~ end
Stoc„'~rctu~r Ayr ~ t ~ , da# ; -; , 2
General Partnership Agreement, dated June 27, 1997
First Amendment to General Partnership Agreement, date December 1, 206
;mac
If you have any questions or need any additional information, please feel free to contact
Sincerely,.
RobertE'-~Rotz
email: brotz ~ kittatinnymr'g.com
e,^,S,!
STOCKHOLDERS AGREEMENT
THIS Stockholders Agreement made and executed. this ~S~
~~' in the year two thousand (2000), BY AND BETWEEN• -day of
Larry J. Highlands, Floyd J. Varner, Douglas B. Werner, David W. poeschl
Robert E. Rotz and Ricky L. Fleming, hereafter referred to in the singular as
"Stockholder" or collectively as "Stockholders". .
AND
Kittatinny Manufacturing Services, Inc., a business corporation or anized
existing under the laws of the Commonwealth of Pennsylvania, hereafter referared
to as the "Corporation". d
WITNESSETH
~ The corporation is a closely-held corporation with all of its. issued voting common
stock being currently owned by the stockholders as follows: Larry J. Highlands -
shares; Floyd J. Varner - 50 shares; Douglas B. Werner - 50 shares; David W, pOe 50
- 50 shares; Robert E. Rotz - 50 shares; Ricky L. Fleming - 50 shares. schl
The stockholders and the corporation realize that the disposition of stock durin
any of the stockholders' lives to a person or party other than the corporation or the other
stockholders would tend- to disrupt the harmonious and successful management and
control of the corporation. Therefore the stockholders and the corporation wish to
restrict the disposition of such stock and to provide for the disposition of such sto
the terms and conditions hereafter set forth. ck on
The stockholders and the corporation also desire to adjust, settle and determine
carious matters pertaining to the operation and ownership of the corporation.
Now, therefore, in consideration of the mutual covenants and agreements
Hereafter contained and intending to be legally bound hereby, the stockholders and the
orporation agree as follows:-
Law Offices
GLEN & GLEN
4 Nor[h :\1ain Stree[ • Suite 306
Chambersburg, PA
1720]-7883
2
Law Offices
GLEN & GLEN
14 Norttt Main Street • Suite 306
Chambersburg, PA
77207-1883
1.
Lifetime Transfers
A. No shares of stock of a stockholder in the corporation ma be
pledged or otherwise transferred or encumbered unless the stockh Ideg hall
first offer to sell to the corporation all of his stock in the corporation. The
offer shall be in writing and shall be subject to all of the terms and conditions
of this agreement. A copy of the offer shall be sent concurrently to all of the
other stockholders.
B. ~Jpon receipt of the written offer referred to above, the corporation shall have
the option of purchasing alt of the selling .stockholder's stock. of the
corporation. In order to exercise its option, the corporation must give written
notice to the selling stockholder of the corporation's intention to purchase the
stock of the selling stockholder, said written notice to be given to the selli
stockholder not later than ninety (90) days from the date the corporatiog
receives the selling stockholder's written offer.
C. The urchase price for the sellin stockholder's stock shall b ook value
of the shares to be sold as of the close of the calendar month next receding
t e mon in w is e o er a es pace. "Book Value" as used in this
agreemen s a mean a oo va ue of the sha o sfoc on
asis o ac ccrual
e ermined by the corporation's certified
accountant in accordance with generally aecepted accountin public
provided however, that no allowance shall be made for oodwilprorc her
gi a assets of a similar nature.
D. If the corporation exercises its option, the closing for the sale shall be held
not later than one hundred twenty (120) days from the date the corporation
receives the selling stockholder's written offer. The method of payment for
the selling stockholder's shares shall be established by mutual agreement
between the selling stockholder and the corporation. The method of
payment may extend from payment in full at the closing to payment over a
period of time not to exceed ten (10) years from the date of closing. If
payment is to be made by installments over a period of time, the corporation
shall execute and deliver to the selling stockholder at the closing, a
promissory note in the principal amount of the unpaid balance of the
purchase price, which promissory note shall provide for interest on the
unpaid balance of the principal amount calculated at two (2) percentage
points above the appropriate "Applicable Federal Rate" (short-term, mid-
term, or long-term) for the month immediately preceding the receipt of the
3
written offer. At the closing, the selling stockholder shall deliver to the
corporation-his stock certificate or stock certificates for the shares being sold
duly endorsed in .proper form for transfer. The presence or vote of any
director who is proposing to transfer his stock to the corporation shall not be
necessary for a quorum or a decision of the board of directors as to the
exercise of the corporation's option, and such director may not vote with
respect to such decision.
Law Offices
GLEN & GLEN
14 North 9Aain Street • Suite 308
Chambersburg. PA
17207-1863
E. If for any reason the corporation does not exercise its option to purchase the
selling stockholder's stock, the other stockholders shall have the right to
purchase the selling stockholder's stock upon the same terms and conditions
and in proportion to their stockholdings in the corporation. This option shall
be exercised by giving written notice to the selling stockholder not later than
one hundred twenty (120) days from the date the corporation receives the
written offer from the selling stockholder. In such event, the closing for the
sale of the selling stockholder's stock shall be held not later than one
hundred eighty (180) days from the date the corporation. receives the selling
stockholder's written offer. In the,. event that one or more of the other
stockholders elect not to purchase any of the selling stockholder's stock, the
remaining stockholders may purchase such stock provided that they
purchase all of the stock of the selling stockholder, and said purchase may
be made without regard to their proportionate stockholdings in the
corporation, except as among themselves.
F. If the options to purchase granted. by the terms of this agreement to the
corporation or to the other stockholders are not exercised, the selling
stockholder may transfer all of his .stock, or an
of three (3) months from a date which is six (6) months after the'corporatioa
receives the written offer from the selling stockholder, free and clear of the
provisions of this agreement, but if not so transferred during such three (3)
month period, the selling stockholder's stock shall remain subject to the
terms and conditions of this agreement and may not be transferred thereafter
unless the selling stockholder shall first offer to sell his stock to the
corporation as provided above.
G. The adjudication that a stockholder is bankrupt, the appointment of a trustee
in bankruptcy or receiver for the stockholder, or any assignment by the
stockholder for the benefit of his creditors shall be deemed to be an offer by
such stockholder to sell his stock in the corporation under the provisions of
this Paragraph 1, except that the date of the occurrence of such event shall
be considered to be the date of receipt of the notice.
4
Law Offices
GLEiv & GLEN
i North Alain Street • Suite 306
Chambersburg, P.q
17207-1883
2.
Violation of Agreement
In the event the stock of any stockholder is transferred in violation of an
of the terms and conditions of this. agreement, the corporation or the of y
stockholders shall have the right, for a period of six (6) months after recei t or
actual notice of such violation to purchase such stock at the price determined in
accordance with Subparagraph C of Paragraph 1 of this agreement. Payment for
such.. stock shall be made in accordance with the provisions of Subpara rah D
of Paragraph 1 of this agreement. 9 p
3.
Death of a Stockholder
Upon the death of a stockholder, all of the stock which he owns in the
corporation shall be sold to and redeemed by the corporation, and the
corporation agrees to purchase and redeem such stock from the deceased
stockholder's estate. The urchase rice for the riarc~
shall be the price determined m accordance with Su ..~.sed stockholder's sh~res
is reement as of the ate o is death.. Payment for his shares shall be
ma vie or m ubparagraph D of Paragraph 1 of this a r
except that the date of death of the deceased stockholder shall be considered nt,
be the date of the receipt of the written notice to the corporation and the closino
shall be held within sixty (60) days after the deceased stockholder's ersonal
representative is officially appointed. At the closing, the deceased stockholder's
personal representative shall deliver to the corporation the certificate or
certificates for the deceased stockholder's stock duly endorsed in proper form for
transfer.
4.
Employment
Nothing in this agreement shall be construed as creating any rights in
stockholders to employment by the corporation or to receive any compensation
from the corporation except as may otherwise be provided in an agreement
between the corporation and such stockholder or by action of the board of
directors of the corporation.
5
Law Offices
GLEN & GLEN
i Nor[h Main 5[ree[ • Sui[e 306
Chambersburg, P.A
77207-1883
5.
Corporate Restrictions
So long as any part of the purchase .price of the shares of the
corporation's stock being purchased under the terms and conditions of this
agreement remains unpaid, the corporation shall not reorganize its stock
structure, merge or consolidate with any other corporation, or sell an of it
assets except in the regular course of business. During the period that any art
of tie purchase price shall remain unpaid, the corporation shall have the ri ht
declare and pay dividends on its common stock so long as the co g to
current in its payments to the selling. stockholder or the estate of thepdece~ased
stockholder. So long as any part of the purchase price. shall remain unpaid the
selling stockholder or the estate of the deceased stockholder as the c
ase may
e, shall have the right to examine the books and records of the corporation from
time to time and to receive copies of .:all accounting reports and tax returns
prepared for or on behalf of the corporation. If the corporation breaches any of
its obligations under this paragraph, the selling stockholder or the estate of the
deceased stockholder, as'the case may be, in addition to any other remedies
available, may elect to declare the entire unpaid balance of the purchase rice
due and payable immediately. So long as any part of the purchase price shall
remain unpaid, the remaining stockholders shall not vote their shares of
common stock of the corporation so as to dissolve or liquidate the corporation
and shall not directly or indirectly render services of the nature rendered by the
corporation other than through the corporation.. Anything to the contrary
contained herein notwithstanding, the selling. stockholder or the estate of a
deceased stockholder, as the case may be, by written instrument may waive an
or all of the restrictions contained in this Paragraph 5. y
6.
Insufficient Surplus
If, during the time the corporation is obligated to purchase and pay for
shares of stock under the terms of this agreement, the surplus of the corporation
is insufficient to permit the corporation to do so, the corporation shall take all
steps necessary to reduce its stated capital to the extent permitted by law in
order to liberate surplus, which surplus shall be used by the corporation to
purchase all or any portion of such shares of stock, and the stockholders a
and consent to such reduction of stated capital and agree to vote their sharesen
favor of such reduction of stated capital and to do all acts and thin s whi
be required of them to enable the corporation to reduce its stated ca ital. ch may
such reduction of stated capital the corporation's surplus is still inspfficienf t after
shares it is unable to purchase shall be purchased by the remaining stockhol any
in proportion to their stock holdings in the corporation and on the same ders
conditions as are required of the corporation. terms and
7.
Certificates of Stock
Immediately upon the execution of this agreement, the stockholders shall
surrender to the Secretary of the corporation, their certificates for shares of stock
in the corporation for notation on the face thereof, or on a separate she
attached thereto of the following legend:- et
"The shares represented by this certificate may not be sold,
assigned, transferred, pledged or otherwise disposed of except in
accordance with the terms and conditions of an agreem@@nt among the
srt~o\ckholders and the corporation dated the t
2000."-- ~.-_ day of
8.
Construction of Agreement
This agreement has been made and executed in the Commonwealth of
Pennsylvania and shall be construed and enfiorced in accordance with the laws
of the Commonwealth of Pennsylvania.
9.
Counterparts
This agreement may be executed in counterparts atl of which shall be
deemed to be originals.
Law Offices
GLEN & GLEN
4 North Maln Street • Suite 306
Chambersburg, PA
17201-1883
10.
Heirs Assigns Etc
This agreement shall be binding upon and extend to the benefit of the
parties hereto and their respective heirs, executors, administrators, successors
and assigns.
11.
Amendments
- This .agreement contains the entire agreement. of the parties hereto. It
may not be changed or amended orally, but only by a written agreement
executed by all of the parties hereto.
12.
Personal Representative
The personal representative of any deceased stockholder shall execute
and deliver all necessary documents required to carry out the terms of this
agreement.
13.
Waiver of Breach
The waiver of any party of a breach or violation of an
agreement shall not operate as or be construed to be a waiver of a y subsequtent
breach hereof..
14.
No=
Law Offices
GLEN & GLEN
14 North Maln S[reec • SWCe 306
Chambersburg, PA
17201-7883
Any and all notices required or permitted to be given under the terms of
this agreement shall be given by registered or certified mail, return receipt
requested. Notices to the corporation shall be addressed to the corporation at
P.O. Box 39, Shippensburg, Pennsylvania 17257. Notices to a stockholder shall
be given to irhe stockholder at this last known residence address.
15.
Ca tons
All captions are inserted solely for convenience or reference and shall not
constitute a part of this agreement, nor shall they affect its meaning, constructio
or effect. n
IN WITNESS WHEREOF, the stockholders above named have hereunto set their
hands and seals the day, month and year first above written, and the corporation has
caused this agreement to be executed in its corporate name by the hand of its
Presidents and has caused its corporate seal to be hereunto affixed, duly attested b its
Secretary, the day, month and year first above written. y
Witness:
SEAL)
hign-ands
G~
EAL)
~ (SEAL)
Douglas B. Werner
` ~'~~C~ --f SEAL)
David . Poeschl
(SEAL)
Robe tz
r
(SEAL)
Ricky L. Fleming
"Stockholders"
Law OPflces
GLEN & GLEN
14 North Maln Street • Suite 306
Chambersburg. P.1
17201-1883
,ttest: Kittatinny Manufacturing Services, Inc.
Sec By •~~~ ~ (SEAL)
President
"Corporation"
Floyd J. Varner
~y
FIRST AMENDMENT TO
GENERAL PARTNERSHIP AGREEMENT
OF READING ROAD REALTY
THIS FIRST AMENDMENT to the partnership agreement is effective December
1, 2006, BY AND AMONG Ricky L. Fleming, Larry J. Highlands, David W. Poeschl,
Robert E. Rotz, Floyd J. Varner and Douglas B. Werner.
WHEREAS, the aforesaid partners of the general partnership known as Reading
Road Realty dated June 27, 1997, do hereby amend the original partnership agreement as
follows:-
1. ARTICLE X shall be deleted and in lieu thereof ARTICLE X shall read as
follows:-
ARTICLE X
Withdrawal or Death of a Partner
Section 10.1 Withdrawal of Partner - A partner may withdraw from the
partnership after giving ninety (90) days' advance written notice to the partnership via
notice to all remaining partners of his intention to withdraw whereupon the partnership
may, within thirty (30) days of the receipt by the last of the remaining partners to receive
notice of the withdrawal, exercise an option to purchase a withdrawing partner's
partnership interest.
Section 10.2 Death -Upon the death of a partner, his estate shall sell and the
partnership shall purchase the deceased partner's interest, for the price and under the
terms provided in Articles XI and XII hereof.
Section 10.3 O tion U on Involunt Transfer - If other than by reason of a
partner's death, his partnership interest is transferred by operation of law to any person
other than the partnership (such as, but not limited to, a partner's trustee in bankruptcy, a
purchaser at a creditor's or court's sale or the guardian or conservator of an incompetent
partner), the partnership within thirty (30)days of the receipt by the last of the partners to
receive actual notice of the transfer may exercise an option to purchase all, but not less
than all, of the partnership interest so transferred in the same manner and upon the same
terms as provided in Section 10.1 hereof.
Section 10.4 Exercise of Option and Effect of Non-Exercise of Options -The
partnership which exercises the purchase option heremabove provided shall do so by
delivery of a written notice of its exercise of the option within the terms provided in said
paragraph to the withdrawing partner in the case of an option provided in Section 10.1 or
to the transferee in the case of an option provided in Section 10.3 and to the remaining
partners in either case.
If the purchase option is forfeited or is not exercised in compliance with Sections
10.1 or 10.3, then the withdrawing partner's partnership interest shall thereafter be
transferable free of the provisions of this Agreement.
Section 10.5 Effect of Withdrawal or Death -The. partnership shall not be
dissolved by the withdrawal or death of a partner.
Section 10.6 Sale or Encumbrance of Partnershi Interest - No partner shall sell,
transfer, encumber, pledge or otherwise dispose of all or any portion of his partnership
interest, except as provided by or in this Agreement, absent the written consent of all
remaining Parties hereto.
2. ARTICLE XII shall be deleted and in lieu thereof ARTICLE XII shall read as
follows:-
ARTICLE XII
Terms of Payment to a Withdrawing or
Deceased Partner
Section 12.1 Payments to a Withdrawing or Deceased Partner -The payment for
the value of a partner's interest in the partnership, as determined under Article XI, shall
-~~ be made by the partnership as the Parties may agree and may extend from payment of full
,~~;J~ at the closing to payment over a period of time not to exceed ten (10) years from the date
+~~ of closing. In the event of a deceased partner if any proceeds of any insurance owned by
the partnership and described in Article XIII hereof is received on the life of the deceased
partner, the amount so received by the partnership shall be applied to the purchase price,
to the extent thereof, and only the balance of the purchase price, if any, shall be payable.
The purchase price may be prepaid at any time, in whole or in part and without penalty or
premium, but any partial prepayment shall be applied against installments in the reverse
order of maturity.
Section 12.2 Collateral -Any portion of the purchase price for a partnership
interest acquired under the provisions hereof not paid immediately upon closing of
transfer of the interest shall be evidenced by the promissory note of the purchase, which
note shall authorize confession of judgment in the event of default and otherwise be in
form acceptable to the withdrawing partner or personal representative of a deceased
partner and shall be secured by a mortgage on the partnership real estate.
Section 12.3 Closing - In the event of the exercise of any option to purchase by
the partnership, closing shall occur within forty-five (45) days of exercise. In the event
of the death of a partner, closing shall occur within ninety (90) days of the partner's
death. In each instance, the precise time and location of closing shall be set forth in a
written notice from the purchaser to the seller. Time is of the essence hereof.
Section 12.4 Interest on Pavments -Payment shall bear a fixed rate of interest
over the entire term of any obligation at the appropriately timed Applicable Federal Rate
under the Internal Revenue Code for the month preceding the month in which the option
or obligation causing the transaction is triggered by notice of withdraw, non-exercise of
any primary option or death of a partner. In no event shall the interest rate determined
under the preceding sentence exceed, the maximum lawful rate of interest that may be
charged under the laws of the Commonwealth of Pennsylvania.
Section 12.5 Indemnification -The purchaser shall deliver to the withdrawing
partner or to the personal representative of a deceased partner an agreement indemnifying
the withdrawing partner or the estate of a deceased partner against any existing, future,
known and unknown liabilities of the partnership. Neither the partnership nor any
purchaser shall be liable to the estate of a deceased partner for any estate, inheritance, or
succession taxes of such estate, whether by reason of any insurance proceeds or
otherwise. ,
3. All other Articles and provisions of the foregoing original partnership
agreement dated June 27, 1997, shall remain in full force and effect.
IN WITNESS WHEREOF, the partners have signed this First Amendment to
the Partnership Agreement on the day and year first above written.
WITNESSES:
(SEAL)
Ricky L. Fleming
(SEAL)
J. i ands
(SEAL)
David W. Po chl
~j ~ - (SEAL)
Robert E. Ro
~~~`~' ~/ ~GVr~-,._~..~ (SEAL
Floyd J. Varner )
` ~ ~ ~-~~ (SEAL)
Do glas B. Werner
ACCEPTANCE OF FIRST AMENDMENT TO THE PARTNERSHIP AGREEMENT
I, Jackie R. Fleming, wife of Ricky L. Fleming, have read the foregoing first
amendment to the partnership agreement and I agree to the provisions relating to the sale
of a deceased Partner's interest and I do hereby agree that the provisions shall be binding
on me in the event of my husband's death during the term of and while this first
amendment to the partnership agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the
said first amendment to the partnership agreement.
Witne :- ,
`~` J -_~...' (SEAL)
Jackie R. Fleming
ACCEPTANCE OF FIRST AMENDMENT TO THE PARTNERSHIP AGREEMENT
I, Frances K. Highlands, wife of Larry J. Highlands, have read the foregoing first
amendment to the partnership agreement and I agree to the provisions relating to the sale
of a deceased Partner's interest and I do hereby agree that the provisions shall be binding
on me in the event of my husband's death during the term of and while this first
amendment to the partnership agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the
said first amendment to the partnership agreement.
Witne s:-
~\ ~ (SEAL)
`J - Frances K. Highlands
ACCEPTANCE OF FIRST AMENDMENT TO THE PARTNERSHIP AGREEMENT
I, Lorraine A. Poeschl, wife of David W. Poeschl, have read the foregoing first
amendment to the partnership agreement and I agree to the provisions relating to the sale
of a deceased Partner's interest and I do hereby agree that the provisions shall be binding
on me in the event of my husband's death during the term of and while this first
amendment to the partnership agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the
said first amendment to the partnership agreement.
Witne :-
SEAL)
Lorraine A. Poeschl
ACCEPTANCE OF FIRST AMENDMENT TO THE PARTNERSHIP AGREEMENT
I, Nancy M. Werner, wife of Douglas B. Werner, have read the foregoing first
amendment to the partnership agreement and I agree to the provisions relating to the sale
of a deceased Partner's interest and I do hereby agree that the provisions shall be binding
on me in the event of my husband's death during the term of and while this first
amendment to the partnership agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the
said first amendment to the partnership agreement.
Witne ':-
,,? ~ -~
,~ ~)
'` Nancy M. /erner
;~
~;
GENERAL PARTNERSHIP AGREEMENT
OF READING ROAD REALTY
THIS PARTNERSHIP AGREEMENT is effective this~~~d y -~u,,~ , 1997
BY AND AMONG Ricky L. Fleming, Larry J. Highlands, Dav d W. Poeschl, Robert E.
Rotz, Floyd J. Varner and Douglas B. Werner.
ARTICLE I
Name and Principal Place of Business
i
Section 1. l Name -The partnership shall operate under the name of READING ROAD
REALTY.
Section 1.2 Principal Place of Business -The principal place of business shall be at 160
Reading Road, Shippensburg, Pennsylvania, 17257, with such other places of business as may be
agreed upon by the partners from time to time.
ARTICLE II
Purpose of Business
The partnership shall engage in the business of ownership, purchase, leasing, management
and sale of real estate.
ARTICLE III
Term of Partnership
This partnership agreement is effective as of the day and year first above written and the
partnership shall continue until terminated as hereinafter provided.
ARTICLE IV
Accounting IVI___ ethod
This partnership shall keep its accounting records and shall report its income for i
ncome
tax purposes based on the accounting method selected by the partners by vote in accorda
Section 9.1 hereof, nce with
ARTICLE V
Capital Contributions
The present capital of the partnership shall be as set forth in the K-1 for each
year ended December 31, 1996 as attached hereto and by reference herein incor orate partner for
centages of the respective partners in the capital of the partnership are as follow P d' The per-
Ricky L. Fleming 16.67%
Larry J. Highlands 16.66%
David W. Poeschl 16
67%
Robert E. Rotz .
16.67%
Floyd J. Varner 16.66%
Douglas B. Werner 16.67%
ARTICLE VI
Capital Accounts Draw;-,o e,.
...,.,~, U, ~ ~s
Section 6.1 Capital Accounts -
each partner. The capital interest of each partner~shall consisttof h s ount shall be maintained for
original contribution of capi-
tal, increased by (1) additional capital contributions and (2) any credit balances t
that partner's drawing account to his capital account and decreased b ransferred from
tion of partnership capital and (b) the partner's share of partnership lossesaifciharbutions in reduc-
accounts of the partners. ~ ged to the capital
Section 6.2 Drawin Accounts -
each partner. All withdrawals by a partnerAsh Ildlbe charged to thatount shall be maintained for
partner's drawing account.
Interim withdrawals during the year shall be limited to such amounts as th
determine from time to time. Each partner's share of an e partners shall
that partner's drawing account, unless the partners agree to charge the lossl tosthhall be charged to
of the partners. Each partner's share of partnership profits shall be credited to the capital accounts
Ong account. The partners may determine by such vote to transfer to partnershi at partner's draw-
portion of the credit balance's in the drawing accounts of the artners, p capital all or any
shall~be in the proportions of the partners' interests in profits orposses of t~y a~ ounts transferred
p ershlp.
~_
Section 6.3 Balances in Drawing Accounts - A credit balance in a partner's drawing
account shall constitute a liability of the partnership. A debit balance in a partner's drawing
account, whether occasioned by drawings in excess of his share of partnership profits or by charg-
ing that partner for a share of partnership loss, shall constitute an obligation of that partner to the
partnership repayable within thirty (30) days following demand. It shall not reduce the partner's
interest in the capital of the partnership.
ARTICLE VII
Profits or Losses
Net profits or net losses of the partnership shall be credited or charged to the partners as
follows:
Ricky L. Fleming 16,67%
Larry J. Highlands 16.66%
David W. Poeschl 16.67%
Robert E. Rotz 16.67%
Floyd J. Varner 16.66%
Douglas B. Werner 16.67%
ARTICLE VIII
Cash Flow
Section 8.1 Definition of Cash Flow -Cash Flow shall be the net profit or net loss of
the partnership determined in accordance with Article IV, adjusted as follows:
1. Depreciation of buildings, improvements and personal property of any type
shall not be considered a deduction.
2. Principal payments on all loans, mortgages, conditional sales contracts and
other indebtedness shall be considered a deduction.
3. There shall be deducted such amount as the partners determine is needed as a
reasonable reserve required to conduct the partnership business or to pay anticipated
future expenses.
4. Any other` cash expenditures which have not been deducted in determining net
profits or net losses shall be considered a deduction.
3.
5. There shall be added other cash receipts of the partnership which have not been
taken into account in determining net profits or net losses including, but not limited to,
proceeds from any refinancing of partnership loans.
Section 8.2 Distribution of Cash Flow - At least once a year the cash flow of the part-
nership, if any, shall be distributed to the partners on the basis of their relative interests in profits
and losses.
ARTICLE IX
Administrative Provision
Section 9.1 Votin -Each partner shall have a voice in the management of partnership
business equal to his relative interest in the partnership's profits and losses. Partnership action
shall be taken on the affirmative vote of partners holding a total of at least a sixty (60%) percent
interest in the partnership's profits and losses.
Section 9.2 Time Devoted to Partnership -Each partner shall devote such time to the
partnership business as necessary to provide supervision over the partnership operations. The
parties anticipate that they will devote substantially equal amounts of time to the partnership.
Section 9.3 Bank Accounts -One or more partnership accounts shall be established and
checks on the accounts must be signed by at least one (1) of the partners.
Section 9.4 Restrictions on Partners - No partner, without the consenting vote of the
partnership as described in Section 9.1, shall:
1. Borrow or lend money on behalf of the partnership.
2. Execute any deed, mortgage, bond, lease or similar document on behalf of the
partnership.
3. Assign, transfer, or pledge any debts due the partnership or release any debts
due the partnership, except upon payment in full.
4. Compromise any claim due to the partnership or submit to arbitration any dis-
pute or controversy involving the partnership.
5. Sell, assign, pledge, or mortgage the partner's interest in the partnership.
6. Convey or purport to convey any partnership property or interest therein.
4.
ARTICLE X
Withdrawal or Death of a Partner
Section 10.1 Withdrawal of Partner - A partner may withdraw from the partnership after
giving ninety (90) days' advance written notice to the remaining partners of his intention to with-
draw, whereupon (subject to the terms hereof) each remaining partner may, within thirty (30)
days of the receipt of the notice of withdrawal by the last of the remaining partners to receive
such notice, exercise an option to purchase that portion of the withdrawing partner's partnership
interest which the partnership interest owned by such remaining partner at the time of his receipt
of the notice is of the total partnership interests then owned by all remaining partners. The pur-
chase option granted in this paragraph is hereinafter sometimes referred to as the "primary
option". •
If a remaining partner fails to exercise his primary option to purchase a portion of the
withdrawing partner's partnership interest, each other remaining partner who is granted and who
exercises the primary option may, within fifteen (15) days after the expiration of the thirty (30)
day primary option period provided for above, exercise an option to purchase the partnership
interest with respect to which such partner has failed to exercise his primary option (hereinafter
"the option interest"). In the case of a single remaining partner, his option shall be to purchase all
of the option interest. In the case of two or more remaining partners, each remaining partner's
option shall be to purchase the portion of the option interest which bears the same proportion to
the total option interest as the partnership interests owned by each such remaining partner at the
time of the receipt of the notice provided hereinabove bears to the total partnership interests then
owned by all such remaining partners; provided that all such remaining partners may by agreement
among themselves determine the proportions to which some or all of their number may exercise
the option granted in this paragraph. The purchase option granted by this paragraph is sometimes
hereinafter referred to as "the secondary option".
The option (primary or secondary) price and terms shall be as provided in Articles XI and
XII hereof.
The partners who are granted primary and secondary options to purchase the partnership
interest under the foregoing paragraphs must in the aggregate, exercise their options to purchase
all of the partnership interest of the withdrawing partner or forfeit their purchase options entirely.
Section 10.2 Death -Upon the death of a partner, his estate shall sell and the partnership
shall purchase the deceased partner's partnership interest, for the price and under the terms
provided in Articles XI and XII hereof.
S.
Section 10.3 Option Upon Involuntary Transfer - If other than by reason of a partner's
death, his partnership interest is transferred by operation of law to any person other than the part-
nership (such as but not limited to a partner's trustee in bankruptcy, a purchaser at a creditor's or
court's sale or the guardian or conservator of an incompetent partner), the remaining partners, as
among themselves, within thirty (30) days of the receipt by the last of them to receive actual
notice of the transfer in the case of a primary option, and within fifteen (15) days as said in the
case of a secondary option, may exercise an option to purchase all but not less than all of the part-
nership interest so transferred in the same manner and upon the same terms as provided in Section
I0.1 hereof.
Section 10.4 Exercise of Option and Effect of Non-Exercise of Options -The partners
who exercise the primary or secondary purchase options hereinabove provided shall do so by
delivery of a writte'h notice of their exercise of the option within the terms provided in said
paragraphs to the withdrawing partner in the case of an option provided in Section 10.1 or to the
transferee in the case of an option provided in Section 10.3 and to the remaining partners in any
case.
If the purchase options are forfeited or are not exercised in compliance with Sections 10.1
or 10.3, then the withdrawing partner's partnership interest shall thereafter be transferable free of
the provisions of this Agreement.
Section 10.5 Effect of Withdrawal or Death -The partnership shall not be dissolved by
the withdrawal or death of a partner.
Section 10.6 Sale or Encumbrance of Partnership Interest - No partner shall sell, trans-
fer, encumber, pledge or otherwise dispose of all or any portion of his partnership interest, except
as provided by or in this Agreement, absent the written consent of all remaining Parties hereto.
ARTICLE XI
Valuation of the Interest of a Withdrawing or
Deceased Partner
Section 1 1.1 Valuation - in General -Subject to the provisions of this Article, the value
of a withdrawing or deceased partner's interest (collectively referred to as "partner"), in the part-
nership property, adjusted to reflect appraised values as provided in Section 11.2, shall be the sum
of the partner's capital account and proportionate share of accrued net income or loss of the part-
nership to the date of the partner's withdrawal or death, unless previously included in the partner's
drawing account.
6.
Section 11.2 Appraisal of Certain Partnership Properties -All partnerst~~'n arse ~ chall be
valued at book value except that the appraised value of any tangible personal property and real
pe y s a e su stituted for book value. The difference between the tota appraised value and
rebook value of any tangible personal property shall increase or decrease the partner's capital
accounts in the proportions of their interests in profits or losses of the partnership specified in
Article VII. The appraised value shall be determined as of the date of withdrawal or_death of the
partner and shall be made by an appraiser selected by agreement between the purchasing partner,
or partnership, as the case may be, and the withdrawing partner or the personal representative of
the deceased Partner. No value shall be attributed to artnership goodwill in the appraisal made
under this subsection. The cost of any appraisal shall be share equally y the purchasing partner
or the partnership, as the case may be, on one hand, and the withdrawing partner or the personal
representative of the deceased partner, on the other hand.
Section 11.3 Expeditious Determination of Valuation -The parties and their assigns and
successors in interest agree that they will proceed as expeditiously as possible in determining the
value of the interest of the withdrawing or deceased partner.
Section 11.4 Balance in Drawing Account -The balance in the drawing account of a
withdrawing or deceased partner is to be treated as an obligation of the partnership to the partner
or an obligation of the partner to the partnership. Any amount owed, whether to the partner or to
the partnership, as reflected in the drawing account of a withdrawing or deceased partner shall be
paid within thirty (30) days after the withdrawal or death of the partner.
Section I 1 5 Value by Agreement -The partners may, at any time and from time to time,
determine the appraised value of the partnership properties described in Section 1 1.2 above by
unanimously executing and filing with the partnership a written instrument wherein such
determination is set forth, whereupon, for the period of time stated in the instrument the value so
determined shall supersede the provision in Section 11.2 (for independent appraisals and the value
agreed herein shall adjust book value as therein described), but shall not supersede Section 11.4.
Such written instrument may but need not read as follows:
"The undersigned, being all the parties to that certain Partnership
Agreement, dated July 31, 1996, do hereby, pursuant to Section
11.5 of said Agreement, agree that between July 31, 1996 and
December 31, 1996, both dates inclusive, the aggregate appraised
value of all tangible personal property and real property of the
Reading Road Realty Partnership shall be an amount equal to
$333,100.00."
7.
ARTICLE XII
Terms of Payment to a Withdrawing or
Deceased Partner
Section 12.1 Payments to a Withdrawing or Deceased Partner -The payment for the
value of a partner's interest in the partnership, as determined under Article XI, shall be made by
the purchaser in twelve (12) equal quarterly payments (inclusive of interest as hereinafter defined),
with the first payment due at closing of the transfer, provided however, in the event of a deceased
partner, if any proceeds of any insurance owned by the partnership and described in Article XIII
hereof is received on the life of the deceased partner, the amount so received by the partnership
shall be applied against the purchase price, to the extent thereof, and only the balance of the pur-
chase price, if any, shall be paid in installments. The purchase price may be prepaid at any time, in
whole or in part and without penalty or premium, but any partial prepayment shall be applied
against installments in the reverse order of maturity.
Section 12.2 Collateral -Any portion .of the purchase price for a partnership interest
acquired under the provisions hereof not paid immediately upon closing of transfer of the interest
shall be evidenced by the promissory note of the purchaser, which note shall authorize confession
of judgment in the event of default and otherwise be in form acceptable to the withdrawing part-
ner or personal representative of a deceased partner. If the purchaser is the partnership, the note
shall be secured by a mortgage on the partnership real property and if the purchaser is an
individual partner, the note shall be secured by a collateral assignment of his partnership interest
(that previously held as well as that acquired in such transaction), which assignment shall be in
form acceptable to the withdrawing partner or personal representative of a deceased partner.
Section 12.3 Closine - In the event of the exercise of an o tion to
Y P purchase by a
remaining partner, closing shall occur within forty-five (45) days of exercise. In the event of the
death of a partner, closing shall occur within ninety (90) days of the partner's death. In each
instance, the precise .time and location of closing shall be set forth in a written notice from the
purchaser to the seller. Time is of the essence hereof.
Section 12.4 Interest on Pa ments -Payments shall bear a fixed rate of interest over the
entire term of any obligation at the Mid-Term Applicable Federal Rate issued by the Internal
Revenue Service under Section 1274(d) of the Internal Revenue Code for the month preceding
the month in which the option or obligation causing the transaction is triggered by notice of with-
draw, non-exercise of any primary option or death of a partner. In no event shall the interest rate
determined under the preceding sentence exceed the maximum lawful rate of interest that may be
charged under the laws of the Commonwealth of Pennsylvania.
Section 12. ~ Indemnification -The purchaser shall deliver to the withdrawing partner or
to the personal representative of a deceased partner an agreement indemnifying the withdrawing
8.
partner or the estate of a deceased partner against any existing, future, known and unknown
liabilities of the partnership. Neither the partnership nor any purchaser shall be liable to the estate
of a deceased partner for any estate, inheritance, or succession taxes of such estate, whether by
reason of any insurance proceeds or otherwise.
ARTICLE XIII
Insurance on Lives of Partners
Section 13.1 Amount of Insurance -The partnership may purchase and own policies of
life insurance on the life of each partner in respective amounts proportionate to each partner's
interest in partnership profits and losses. The partnership shall be the beneficiary under any such
policies.
Section 13.2 Interests in Face Amount of Insurance -The successor in interest of a
deceased partner shall have no interest in the proceeds of insurance on the life of the deceased
partner. The excess of the proceeds over the cash surrender value of the policies shall be allo-
cated to the capital accounts of the partners, exclusive of the deceased partner, in proportion to
each partner's interest in partnership profits and losses.
ARTICLE XIV
Voluntary Dissolution
Section 14. I Windine Up the Partnership - On any voluntary dissolution, the partnership
shall immediately commence to wind up its affairs. The partners shall continue to share profits
and losses during liquidation in the same proportions as before dissolution. The proceeds from
liquidation of partnership assets shall be applied as follows:
1. To payment of debts of the partnership, other than to partners.
2. To payment of amounts owed to partners for amounts borrowed from and not
repaid to partners and for unpaid salaries, if any.
3 To return of the capital contributions of the partners as reflected in their respec-
tive capital amounts.
4 To the partners in proportion to their interests in partnership profits and losses.
Section 14.2 Gains or Losses in Winding Uo -Any gain or loss on disposition of part-
nership properties in the process of liquidation shall be credited or charged to the partners in the
proportion of their interests in profits or losses. ,Any property distributed in kind in the liquidation
shall be valued and treated as though the property were sold and the cash proceeds were dis-
9.
--
~,.
tributed. The difference between the value of property distributed in kind and its book value shal]
be treated as a gain or loss on sale of the property and shall be credited or charged to the partners
in the proportions of their interests in profits or losses.
Section 14.3 Balance owed by a Partner - A debit balance for any reason in a partner's
capital account shall represent an obligation from that partner to the partnership, to be paid in
cash within thirty (30) days after written demand by the partnership.
ARTICLE XV
Waiver of Rieht to Court Decree of Dissolution
The partners agree that irreparable damage would be done to the goodwill and reputation
of the firm if any partner should bring an action in court to dissolve this partnership. Care has
been taken to provide fair and just payments to a partner whose relation with the firm is
terminated for any reason. Accordingly, each of the parties accepts the provisions made under
this partnership agreement as his sole entitlement on termination of the partnership relationship.
Each party hereby waives and renounces all rights to seek a court decree of dissolution or to seek
the appointment by a court of a liquidator for the partnership.
ARTICLE XVI
Arbitration
If any controversy of claim arising out of this partnership agreement cannot be settled by
the partners, the controversy or claim shall be settled by arbitration in accordance with the rules of
the American Arbitration Association then in effect, and judgment on the award may be entered in
any court having jurisdiction. Any arbitration held pursuant hereto shall be held in Shippensburg,
Pennsylvania.
ARTICLE XVII
Execution of Counterparts
This Agreement may be executed in a number of counterparts and by the different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute one and the same instrument.
10.
IN WITNESS WHEREOF, the partners have signed this Partnership Agreement on the
day and year first above written.
WITNESSES
;_~
~i~ \
(SEAL)
Ricky L, Fleming
a
-~ (SEAL)
La J. Highlands
(SEAL)
David W. oeschl
(SEAL)
Robert
G~~--/ (SEAL)
Floyd J. Varner
u-t-d ~ n ors (SEAL)
Douglas B. Werner
ACCEPTANCE OF AGREEMENT
I, ~o~ G; C-~<~ C. IC . •~~Cin,2~~c wife of Ricky L. Fleming, have read the foregoing
Agreement and I agree to the provisions re ating to the sale of a deceased Partner's interest and I
do hereby agree that the provisions shall be binding on me in the event of my husband's death dur-
ing the term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Witnes :-
~--~•rfl, ~~ !C ~nr~~.~ ~ C (SEAL)
M "7'~
ACCEPTANCE OF AGREEMENT
I, aa^FS ~ N/6,~.r~~1~s wife of Larry J. Highlands, have read the foregoing
Agreement and I agree to the provisions relating to the sale of a deceased Partner's interest and I
do hereby agree that the provisions shall be binding on me in the event of my husband's death dur-
ing the term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Witnes ~-
(SEAL)
ACCEPTANCE OF AGREEMENT
I, ~~-~- ~~~-~.~~ wife of David W. Poeschl have read
the foregoing
Agreement and I agree to the provisions relating to the sale of a deceased Partner's interest and I
do hereby agree that the provisions shall be binding on me in the event of my husband's death dur-
ing the term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Witnes :-
~i''`~".c~ ',~ (SEAL)
12.
ACCEPTANCE OF AGREEMENT
N~ r ~~ ~~~ ~~~~`
I,
wife of Robert E. Rotz, have read the foregoing
Agreement and I agree to the provisions relating to the sale of a deceased Partner's interest and I
do hereby agree that the provisions shall be binding on me in the event of my husband's death dur-
ing the term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Witness:-
(SEAL)
ACCEPTANCE OF AGREEMENT
I, ~ ~~~~ S ~ ~ ~ U n ~-~^ wife of Floyd J. Varner, have read the fore oin
Agreement and I agree to the provisions relating to the sale of a deceased Partner's interest and ~
do hereby agree that the provisions shall be binding on me in the event of my husband's death dur-
ing the.term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Q
(SEAL)
ACCEPTANCE OF AGREEMENT
I' wife of Douglas B. Werner, have read the forego-
ing Agreement an agree to the provisions relating to the sale of a deceased Partner's interest
and 1 do hereby agree that the provisions shall be binding on me in the event of my husband's
death during the term of and while this Agreement may remain in effect.
This acceptance is executed by me at the same time my husband is executing the said
Agreement.
Witness;,-
~~
(SEAL)
13.
LAW OFFiCF.S
GLEN AND GLEN
14 NORTH MAIN STREET ~ SUITE 306
CHAMBERSBURG, PA
1 7201-1883
TEL (717) 263-2313
FAX (717) 263-2297
E-MAIL: info~glenandglen.com
WEBSITE: www.glenandglen.com
ATTORNEYS
J. STEWART GLEN. JR. (1915-1994)
GEORGE S. GLEN
OF COUNSEL
WILLIAM R. DAVIS, JR.
May 5, 2009
Jerry A. Weigle, Esquire
126 East King Street
Shippensburg, PA 17257
Re: Kittatinny Manufacturing Services, Inc. & Reading Road Realty
Dear Mr. Weigle
PARALEGAL
SALLY L. SHETTER
LEGAL ASSISTANTS
JULIE C. MARTIN
SHARON L. FRANK
With regard to the above entitled matter, we enclose herewith three appraisals completed
by Ausherman Brothers Real Estate for the three properties of real estate located at 150 &
160 Reading Road and a small adjoining lot that are all owned by Reading Road Realty.
We also enclose a bill indicating the payment of $1,250.00 paid by our clients for the
appraisals the cost of which, under the parties' agreement, would be equally shared
between your clients and ours.
We also enclose a calculation of book value for Kittatinny Manufacturing Services and a
calculation of values for Reading Road Realty, both having been completed by John
Persun, CPA.
We would offer the following proposals for your consideration:
READING ROAD REALTY
Based on the current appraised value a 20% interest in said real estate would be
$138,995.18. The current economic conditions would suggest an adjustment to that value
of approximately 30% resulting in a net value of $97,296.63. Our client would propose
to pay the estate a lump sum of $10,000.00 and finance the balance, to wit $87,296.63, at
4.~% for 120 months resulting in a monthly payment of $904.73. Under this promissory
note there would be no penalty for prepayment during the term of the note. We would
expect that the Estate would assign this notes) to the beneficiaries.
-2-
KITTATINNY MANUFACTURING SERVICES, INC.
Based on the current appraised value a 25% interest represented by stock in said company
would be $188,232.50. The current economic conditions would suggest an adjustment to
that value of approximately 30% resulting in a net value of $131,762.75. Our client
would propose to pay the estate a lump sum of $15,000.00 and finance the balance, to wit
$116,762.75, at 6.5% for 120 months resulting in a monthly payment of $1,325.82.
Under this promissory note there would be no penalty for prepayment during the term of
the note. We would expect that the Estate would assign this note(s) to the beneficiaries.
Very truly yours
GL I~1 A~iryt~D L
.~'~ ' ~r` ~ j /
`/ i1 i
~ ~~~.
,~ , s r/
George S. Glen
GSG:sIf
Enclosures: As indicated
A Tradition of Excellence
November 24, 2008
To: Weigle & Assoicates, P.C.
126 East King Street
Shippensburg Pa 17257
From: Traci Yohe
Orrstown Baal:
Customer Service Center
PO BOX 250
Shippensburg, Pa 17257
Re: Estate of Flovd J Varner
Date of death October 21, 2008
IT IS HERERBY CERTIFIED THAT THE ABOV"E NAMED DECEDENT. ON THE
ABOVE DATE, HAD THE FOLLOWING ACCOUNTS WITH ORRSTOIT:V BANK:
CHECKING ACCOUNT
Account # Title of Account
35846 Floyd J Varner
Phyllis D Varner
sAVI~wTC7u AC~~~l~o~l
Account # Title of Account
CERTIFICATE OF DEPOSIT
Account # Title of Account
Date opened Principal Accrued Interest
07/20/98 2019.22 .12
Date opened Principal Accrued Interest
Date Opened Principal Accrued Interest
P.C~. Box 250 t Shippensburg, PA 17257 ~ 717.530.3530 • 717.532.41.43 fax
1VI8TBank
499 Mitchell Road, Millsboro, DE 19966 Mail Code DE-MB-12
Phone (888) 503-4349
Faa (302)934-2456
Weigle ~ ASSOCIateS, P. C. November 26.2008
Attorneys At Law
126 East King Street
Shippensburg, Pennsylvania 17257-1397
Re: Estate of Floyd J Darner
Social Security : 186-28-4548 Chan ed to 266 6~ 0601
Date of Death: October 21 2008
Dear Sir or Madam:
Per your inquiry dated November 20, 2008, please be advised that at the time of death, the above-named decedent had on
deposit with this bank the following:
1 • Type of Account Checking Account
Account Number 97560022
Ownership (Names o~ Sherry B Byers, Joint Owner*
Floyd J Varner, Joint Owner*
Opening Date 1/28/80 Closed 11/21/08
Balance on Date of Death $ 4,277.55
Accrued Interest $ 0.08
otal -- -------------------------------------- - - -
- - -
$ 4,277.63 ------------- ------ -- -
2. Type ofAccount Savings Account
Account Number 15004207976688
Ownership (Names o~ Sherry B Byers, Joint Owner*
Floyd J Varner, Joint Owner*
Opening Date 4/5/01 Closed 11/21/08
Balance on Date of Death $ 20, 088.86
Accrued Interest $ 148
Iota! _.--___
$ 20.090.34
3. Type of Account Certificate of Deposit
Account Number 31003914603872
Ownership (Names ofi Sherry B Byers, Joint Owner*
Floyd J Varner, Joint Ox~ner*
Opening Date 4/17/98
Balance on Date of Death $ 4, 863.64
Accrued Interest $ 0.99
Total $ 4, 864.63
4. Type of Account Certificate of Deposit
Account Number 31003918499805
Ownership (Names ofi Sherry B Byers, Joint Owner*
Floyd J Varner, Joint Owner*
Opening Date 5/22/08
Balance on Date of Death ~' 8, 086.73
Accrued Interest $ 19.87
Total ,~ 8,106.60
5. Type ofAccount IRA
Account Number 35004201819769
Ownership (Names ofi Floyd J Varner*
Sherry B Byers, Beneficiary•*
Opening Date 4/3/9
Balance on Date of Death $ 3,45.84
Accruedlnter-est $ 1.03
Total ,~ 3,360.87
6. Tvpe of Account IRA
Account Number 35004201861603
Ownership (Names of Floyd) L'arner*
Sherry B Byers, Beneficiary*
Opening Date 4/3/98
Balance on Date of Death $ 3,135.75
Accrued Interest $ S. 73
Total $ 3,141.48
7. Type of Account Safe Deposit Box
Box Number/Location 0000155/ Walnut Bottom
Ownership (Names of Floyd J Varner*
Phyllis D Varner, Co-Owner*
Opening Date S/1/SO
8. Type of Account Certificate of Deposit
Account Number 31003914571665
Ownership (Names o~ Sherry B Byes, Joint Owner*
Floyd J Varner, Joint Owner*
Opening Date 7/7/97 Closed 9/12/08**
** Please contact the Walnut Bottom Branch for all additional information on accounts closed prior to the date of
death.
* If upon reviewing the information above, you believe there are additional accounts not referenced, please provide
us with an account number and/or name of any possible joint account holder. For any additional information on the
above accounts, including ownership and any changes, closures and/or reimbursement of funds, etc., please contact
our Walnut Bottom Office # 717-532-2414.
Sincerely,
~,~~ c,~z~ ~/a
~-~-
Tracie Hare
Adjustment Services
A F~ 7
y~~ ` r
'\
i ~~ ~
1~%IEIVIBERS 1St
FEDERAL CREDIT UNION
PRIMARY OWNER: Sherry Byers
CERTIFICATES OF DEPOSIT:
Account Number/Suffix
Date Account Established
Principal Balance at Date of Death
Accrued Interest to Date of Death
Total Principal and Accrued Interest
Name of Joint Owner
Date Joint Ownership Established
67350-42
06/26/2008"
$15,127.95
$26.53
$15,154.48
Floyd Varner
06/26/2008
*Rollover from certificate 67350-40, originally established on 11/23/2007.
Estate of: FLOYD VARNER
Date of Death: October 21, 2008
Social Security Number: 186-28-4.548
EMBERS 1ST FEDE AL C EDIT UNION
Danielle A. Kline
Insurance Services Specialist
November 26, 2008
5000 Louise Drive PO. Box ~0 ~ Mechal~icsburg, Pennsvlvari a 1705 ~ X800) 283-2328
«~~~ ' -.111 1711 ~i-S ~ SC.OI~~