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Home My WebLink About12-28-091 1505607120 REV-1500 EX (06-05) OFFICIAL USE ONLY PA Department of Revenue County Code Year File Number Bureau of Individual Taxes INHERITANCE TAX RETURN Po Box.2sosol ~ 2 1 0 9 0 3 6 0 Harrisburg, PA 17128-0601 ~ RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 176 26 2285 03 29 2009 09 16 1925 Decedent's Last Name Suffix Decedent's First Name MI BLACK GLENN W (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW X 1. 1. Original Return ~ 2. Supplemental Return ~ 3. Remainder Return (date of death __ prior to 12-13-82) ~ ~ 4. Limited Estate ~~ 4a. (date of death afteml2~ 2 82) ^ 5. Federal Estate Tax Return Required i__. ~X ' g Decedent Died Testate ~~ 7 Decedent Maintained a Living Trust 1 8. Total Number of Safe Deposit Boxes l (Attach Copy of Will) ( ttach Copy of Trust) L_~ 9. Litigation Proceeds Received ~~ 10. between l2-31rt-91 andt1d; tge5>f death ~ 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 DIRECTED TO: Name - ~ _ Daytime Telephone Number JAMES D. HUGHES ESQ. 717 24~ 6333 .rl Firm Name (If Applicable)' `~^~ ~ ~` ~ ":' REGISTER O~ Y r ~ ~~ SAL ZMANN HUGHES P C ;V~USEVLY ~:` LL-~ . ~. First line of address ~ -- ..~ -~ _. 3 5 4 ALEXANDER- SPRING RGAD , SUITE 1 'r~=c--^ ry ~~ ,~ , __. Second line of address ~_~~=~~ ~`? :~~~t ~ ~-~ DATE FILED City or Post Office State ZIP Code CARLISLE PA 17015 Correspondent's a-mail address: j h u g h e s@ s a l z m a n n h u g h e s. c o m 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. SIGNATURE OF P ON RESPONSIBLE F ILIN TU DATE Laverne C Black r a / ~ ~/a ~ 4375 ,Gardners, PA 17324 SIG E OF PRE THER THAN REPRESENTATIVE DATE James D. Hughes Esq. ~ 21Z~~0~ DDR~SS 354\A der Spring Road, Suite 1, Carlisle, PA 17015 Side 1 Lsas6o7120 1505607120 J J 1505607220 REV-1500 EX Decedent's Social Security Number Decedents Name: G I e n n W B I a C k 1 7 6 2 6 2 2 8 5 RECAPITULATION 1. Real Estate (Schedule A) .......................................................................................... 1. 5 0~, 0 0 0 0 0 2. Stocks and Bonds (Schedule B) ............................................................................... 2. 7 0 4 9 8 5 3 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C).......... 3. 4. Mortgages & Notes Receivable (Schedule D) .......................................................... 4. 5• Cash, Bank Deposits 8 Miscellaneous Personal Property (Schedule E) ................ 5. 1 1 7 7 2 5 9 9 6. Jointly Owned Property (Schedule F) ~j Separate Billing Requested ............. 6. 2 0 9 0 2 9 6 7. Inter-Vivos Transfers 8 Miscellaneous Non-Probate Property (Schedule G) ~ Separate Billing Requested ............. 7. 6 0, 4 7 1 4 8 8. Total Gross Assets (total Lines 1-7) ....................................................................... 8. 7 7 3 5 9 8 9 6 9. Funeral Expenses & Administrative Costs (Schedule H) ......................................... 9. ~ 7 4 9 3 1 b 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule 1) ................................ 10. 3 , 9 1 9 7 1 11. Total Deductions (total Lines 9 & 10) ...................................................................... 11. 7 1 4 1 2 $ 7 12. Net Value of Estate (Line 8 minus Line 11) ............................................................. 12. ~ 7 0 2 1 8 6 0 9 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ................................................. 13. 1 0 0 0 0 0 0 14. Net Value Subject to Tax (Line 12 minus Line 13) ................................................. 14. 6 9 2 , 1 8 6 0 9 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 .o0 0 0 0 15. 0 0 0 16. Amount of Line 14 taxable at lineal rate X .045 6~ 2, 1 8~ 0 9 16: 3 1 1 4 8 3 7 17. Amount of Line 14 taxable at sibling rate X .12 0 0 0 17• 0 0 0 18. Amount of Line 14 taxable at collateral rate X .15 ~ 0 0 0 18. 0 0 0 19. Tax Due ..................................................................................................................... 1 s. 3 1 1 4 8 3? 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. Side 2 1505607220 1505607220 REV-1500 EX Page 3 File Number 21-0 9 -0 3 6 ~ Decedent's Complete Address: DECEDENT'S NAME Glenn W Black -------------------------------- STREET ADDRESS 142 Old State Road CITY i STATE ~ ZIP Gardners i PA 17324 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount 3. Interest/Penalty if applicable p. Interest E. Penalty 26,500.00 1,563.35 Total Credits (A + B + C) (1) 31,148.37 (2) 28,063.35 Total Interest/Penalty (D + E) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 2 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. (3) (4) (5) 3,085.02 (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. ~ (5B) 3 ~ ~ $ 5.0 2 Make Check Payable to: REGISTER OF WILLS, AGENT ~{~-~ ~.- M ..hY i'c.q t-~ I~ c7Y F - ~ i~..~ ~ „_ r r ~ ~ ~ - r _ 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~ ~~ -- b. retain the right to designate who shall use the property transferred or its income :.................................... c. retain a reversionary interest; or .................................................... ...................... ~~ [XJ ........................................ d. receive the promise for life of either payments, benefits or care? .............................................................. j ] [x 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ....................................................................................................................... I _] 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 _ contains a beneficiary designation? ...................................................................................................................... ~ x~ ~_~ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. T~ ,- - -- _ --.-~-~.~_..T _~_. r - For dat s of death on'or after Jul . ;:, _ ' ~; ,_ '_. _ .:. ' t`~:.*~~.__~: , f _ ~ .~ y 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 statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for 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. M Rev-1502 EX+ (11.08) . SCHEDULE A . , REAL ESTATE COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 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. Attach a copy of the settlement sheet if the property has been sold. Include a copy of the deed showing decedent's interest if owned as tenant in common. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1 Real estate situate at 130 Old State Road, Gardners, PA -see appraisal attached 125,000.00 2 Real estate situate at 134 Old State Road, Gardners, PA -see appraisal attached 112,000.00 3 Real estate situate at 136 Old State Road, Gardners, PA -see appraisal attached 110,000.00 4 Real estate situate at 142 Old State Road, Gardners, PA -see appraisal attached 157,000.00 TOTAL (Also enter on Line 1, Recapitulation) ( 504,000.00 (tf more space is needed, additional pages of the same size) Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule A (Rev. 11-08) Rev-1503 EX+ (6-98) SCHE©ULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER CUSIP NUMBER DESCRIPTION UNIT VALUE VALUE AT DATE OF DEATH Citi Smith Barney -Account No. 54J-03174-16 1 62630V109 2,460 shares of Black Rock Muniyield PA Insured 11.1975 27,545.85 Fund Inc - MPA 2 261932107 552 shares of Dreyfus Strategic Municipals Inc -Com; 6.6225 3,655.62 LEO 3 299909598 967.671 shares of Evergreen Trust Core Bond Fund B 6.755 6,536.62 . - ESBBX 4 693391484 901.898 shares of Pimco. Funds Pacific Investment 11.335 10,223.01 Management Series - GNMA Fund CL B; PBGNX 5 816346100 703.038 shares of Seligman National Municipal Fund - 7.395 5,198.97 Class A; SNXEX 6 920929106 1,207 shares of Van Kamp American Trust Investment 10.9625 13,231.74 - Com; VGM 7 921127108 383 shares of Van Kamp AMR Cap PA Value Municipal 10.7225 4,106.72 - Com; VPV TOTAL (Also enter on Line 2, Recapitulation) 70,498.53 (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 B (Rev. 6-98) Rev-1508 EX+ (6-98) SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 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 VALUE AT DATE OF DEATH 1 Nationwide Life Insurance Co. - 2/14/2008 interest check never cashed 789.25 2 Nationwide Life Insurance Co. -12116/2008 interest check never cashed 31.75 3 Travelers Cheques ~ 400.00 4 Citi Smith Barney, Bank Deposit Program -Account No. 54J-03174-16-4JX 10,822.04 5 Citi Smith Barney, Western Asset Money Market Fund Class A -Account No. 37,445.00 54J-03174-16-4JX 6 Members 1st Federal Credit Union, Certificate of Deposit #280366-40 17,881.76 Accrued interest on Item 6 through date of death 63.10 7 Members 1st Federal Credit Union, Savings Account #280366-00 2,185.93 Accrued interest on Item 7 through datQ of death ~ 1.26 8 Orrstown Bank, Certificate of Deposit #4000025543 -issued 4/30/08; due 7/30/09; 5,324.04 rate 2.72% Accrued interest on Item 8 through date of death 0.80 9 Orrstown Bank, Certificate of Deposit #4000025544 -issued 4/30/08; due 7/28/09; 10,603.87 rate 1.24% Accrued interest on Item 9 through date of death 0,72 10 Orrstown Bank, Checking Account #106002981 6,828.15 Total of Continuation Schedule See attached page TOTAL (Also enter on Line 5, Recapitulation) 117,725.99 (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) r Rev-1508 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SDHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY continued ESTATE OF FILE NUMBER Black, Glenn W • 21-09-0360 ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH Accrued interest on Item 10 through date of death 0.01 11 Orrstown Bank, Checking Account #404411 18,916.08 Accrued interest on Item 11 through date of death 0.49 12 Orrstown Bank, Checking Account #404438 2,119.44 13 Household Goods -net proceeds of sale 753.56 14 Commonwealth of Pennsylvania - 2008, PA40 income tax refund 290.00 15 Erie Insurance Exchange -refund due to_ cancellation of homeowners policy 345.00 16 Erie Insurance Exchange -refund due to cancellation of homeowners policy 950.00 17 Highmark, refund of unused premium ~ 7,07 18 Laverne C. Black -County tax refund based on tax proration upon sale of 142 Old 244.72 State Road 19 Laverne C. Black -School tax refund based on tax proration upon sale of 142 Old 90.94 State Road 20 Prudential -replacement check for uncashed check dated 6/12/2007 1,394.01 21 United States Treasury - 2008, 1040 income tax refund 237.00 TOTAL (Also enter on Line 5, Recapitulation) I 117,725.99 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule E (Rev. 6-98) r Rev-1509 EX+ (8.98) SCHEDULE F COMMONWEALTH OF PENNSYLVANIA JOINTLY-OWNED PROPERTY INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Black, Glenn W ILE NUMBER 21-09-0360 It an asset was made joint within one year oT the decedent's date of death, it must be reported on schedule G. SURVIVING JOINT TENANT(S) NAME ADDRESS RELATIONSHIP TO DECEDENT A. Laverne C. Black B. C. 4375 Carlisle Road Son Gardners, PA 17324 JOINTLY OWNED PROPERTY: ITEM NUMBER LETTER FOR JOINT TENANT DATE MADE JOINT DESCRIPTION OF PROPERTY INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR IDENTIFYING NUMBER. ATTACH DEED FOR JOINTLY•HELD REAL ESTATE. DATE OF DEATH VALUE OF ASSET % OF DECD'S INTEREST DATE OF DEATH VALUE OF DECEDENT'S INTEREST 1 A 6/26/2004 PNC Bank, Certificate of Deposit 3,954.61 50.000% 1,977.31 #31000240028; issued 6/26/2004 2 A 6/26/2004 PNC Bank, Certificate of Deposit 5,649.44 50.000% 2,824.72 #31,500241719; issued 6/26/2004 3 A 6/26/2004 PNC Bank, Certificate of Deposit 11,298.89 50.000% 5,649.45 #31600241621; issued 6/26/2004 4 A 6/26/2004 PNC Bank, Certificate of Deposit 11,298.89 50.000% 5,649.45 #31600241625; issued 6/26/2004 , 5 A 6/26/2004 PNC Bank, Certificate of Deposit 3,954.61 50.000% 1,977.31 #31800241016; issued 6/26/2004 6 A 6/26/2004 PNC Bank, Certificate of Deposit 5,649.44 50.000% 2,824.72 #31800241023; issued 6/26/2004 TOTAL (Also enter on Line 6, Recapitulation) 20,902.96 (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 F (Rev. 6-98) Rev-1510 EX+ (8-98) SCHEDULE G INTER-VIVOS TRANSFERS ~ MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 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 DE CRI TI N F R PER INCLUDE NAME OF TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND THE DATE OF TRANSFER. ATTACH A COPY OF THE DEED FOR REAL ESTATE. DATE OF DEATH VALUE OF ASSET °~ OF DECD'S INTEREST EXCLUSION (IF APPLICABLE) TAXABLE VALUE 1 Allstate life Insurance Company, IRA #GA282742 35,125.07 100.000 35,125.07 - Primary Beneficiary -Jean H. Black, who predeceased the testator on March 2, 2004; Contingent Beneficiaries are the testator's children: Carolyn McJeaters, Larry Black, Linda Black, Jane (Koproski) Yust and Laverne Black 2 Citi Smith Barney, IRA No. 54J-76614-10 - 24,061.59 100.000 24,061.59 Beneficiaries are Linda (Black) Davis, daughter and Laverne C. Black, son 3 Orrstown Bank, IRA Certificate of Deposit 1,284.82 100.000 1,284.82 #4000025543 -.issued 04110/1995; Primary Beneficiary -Jean H. Black, who predeceased - the testator on March 2, 2004; Contingent Beneficiary is Laverne Black -son TOTAL (Also enter on Line 7, Recapitulation) 60,471.48 (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 G (Rev. 6-98) t REV-1151 EX+ (10-06) ,. CHEDULE H FUNERAL EXPENSES & COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ADMINISTRATIVE COSTS _- ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 Debts of decedent must be reported on Schedule I. ITEM DESCRIPTION AMOUNT NUMBER A. FUNERAL EXPENSES: Dugan Funeral Home, Inc. -funeral services 10,070.09 B. 1 ADMINISTRATIVE COSTS: Personal Representative's Commissions Name(s) of Personal Representative(s) Laverne C Black street Address - 4375 Carlisle Road - city Gardners state PA zip 17324 Year(s) Commission paid 23,750.00 2. Attorney's Fees SALZMANN HUGHES PC 25,837.00 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 598.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs 7,238.07 See continuation schedule(s) attached TOTAL (Also enter on line 9, Recapitulation) 67,493.16 Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 10-06) SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS continued ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 ITEM NUMBER DESCRIPTION AMOUNT Other Administrative Costs 1 Citi Smith Barney -Financial Management Account annual fee 125.00 2 Citi Smith Barney -commission and transaction fees paid to sell securities in order 1,454.96 to administer the estate 3 Diversified Appraisal Services -appraisal of real estate 1,300.00 4 Laverne C. Black -reimbursement for advertisement to sell personal property 72.07 5 Laverne C. Black -tender of security deposits for 130, 134 and 136 Old State Road, 2,575.00 Gardners, PA, which were specifically bequested in the Will . 6 Patricia Rosendale, CPA -reservation held for preparation of final 2009, 1040/PA40 500.00 and estate income tax returns 7 Recorder of Deeds -record Deeds for 130, 134 and 136 Old State Road transferred 121.50 to Laverne C. Black 8 ' Recorder of Deeds -1% realty transfer tax paid to sell 142 Old State Road, 800.00 Gardners, PA, in order to administer the estate 9 Salzmann Hughes, P.C. -reimbursement for payment to the Cumberland Law 75.00 Journal to publish the Executor's notice 10 Salzmann Hughes, P.C. -reimbursement for additional recording fees for deed 27.00 transfer 11 The Sentinel -publishing the executor's notice 187.54 H-B7 Subtotal 7,238.07 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) Rev-1512 EX+ (12-08) _ SCHEDULE 1 s ~ DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 Alert Pharmacy Services, Inc. -balance due for presciptions 27.50 2 Alert Pharmacy Services, Inc. -balance due on account 9.50 3 Black's WC, 130 Old State Road -fix garage door opener, check written before 211.24 death and cleared after death 4 Black's WC, 134 Old State Road -repairs, check written before death and cleared 24.08 . after death 5 Black's WC, 136 Old State Road -repairs, check written before death and cleared 106.83 after death 6 Carolyn R. McQuillen, Tax Collector -real estate taxes for 14.2 Old State Road, 448.87 Gardners, PA _ 7 Cohick 8< Associates - 2008 income tax preparation 370.00 8 Dillsburg Ambulance -balance due for 3/18/2009 medical service 850.00 9 Orrstown Bank -service fee Account No. 404411 3.00 10 Orrstown Bank -service fee Account No. 404438 3.00 11 Orrstown Bank -service fee Account No. 106002981 3.00 12 Visiting Angels -care services for 3/25109 to 3/27!09 551.25 13 Visiting Angels -care service from 3/28109 to 3129/09 367.50 14 West Shore EMS-ALS -balance due for medical service on 3/18/2009 912.29 Total of Continuation Schedule See attached page TOTAL (Also enter on Line 10, Recapitulation) 3,919.71 (If more space is needed, additional pages of the same size) Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule I (Rev. 12-08) Rev-1512 EX+ (8.98) SCHEDULE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN continued RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-030 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule I (Rev. 6-98) REV-1513 EX+ (11-08) ' ~ ~ SCHEDULE J COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Black, Glenn W 21-09-0360 NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY RELATIONSHIP TO DECEDENT SHARE OF ESTATE (Words) AMOUNT OF ESTATE ($$$) Do Not List Trustee(s) j TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116(a)(1.2)] 1 Laverne C. Black Son Item Four. C of 388,243.58 4375 Carlisle Road the Will Gardners, PA 17324 Sch. A, F 8~ Partial G 2 Carolyn McFeaters Daughter 1/4th residue 72,977.93 P.O. Box 219 Partial Sch. G Hanover, PA 17331 3 Larry G. Black Son 1/4th residue 72,977.93 993 Old Carlisle Road Partial Sch. G Aspens, PA 17304 4 Linda Davis Daughter 1/4th residue 85,008.72 4363 Carlisle Road Partial Sch. G Gardners, PA 17324 5 Jane Yust Daughter 1/4th residue 72,977.93 4365 Carlisle Road Partial Sch. G Gardners, PA 17324. Total 692,186.09 Enter dollar amounts for distributions shown above on lines 1 5 through 18 on Rev 150 0 cover sheet, as appro priate, III NON-TAXABLE DISTRIBUTIONS: - A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 1 Bible Baptist Church 5 000.00 2 Faith Chapel of Carlisle 5 000.00 TOTA L OF PART II -ENTER Tc~TAt N(~N-TAXARI F f~ISTR~RI ITIl1f~IQ f1N I InIG ~ Z n~ t~cv_~ Gnn r~n~iCO CLJCCT ~ n nnn nn Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule J (Rev. 11-08) LAST Y~7LL A.M1'D TESTAb1ENT _ I, GLENS `~'. B~.AC~:, of Dickinson To~~nship, Cumberland Couultv,~'ennsylv~~a, y ,___ ~ ~ _ being of sound mind, disposing memory and full le~`al age, do hereby make, publ$I~nd de~re ~-J- -: ~• this to be my Last `Fill and Testament, hereby revoking all `~-'ills and Codicils hzre~ore 7,~de -; , -'' C ~ --i ~. . i _.,,., ~} .: . _. y} - O~~E. ~ I direct my Executor or Executrix, as the case may be,. to pay all o~ny debts, funeral and administrative expenses as soon as convenient after my decease. Furthermore, I direct~that all state, inheritance, succession and other death taxes imposed or payable by reason of my death and interest and penalties thereon with respect to all property composing of my gross . _ estate for death tax purposes, ~~~hetller or not such property passes under this Will, shall be paid - ~ by the Executor or Executrix of my estate from the residuary hereof.. Further, to the extent that sufficient assets exist in my estate, any and all inheritance or other estate taxes, ~~-hether to non- charitable or charitable beneficiaries, sl?all be paid by my Executor or Executrix from the residuary of my estate. T`VO. l~Ty Executor or Executrix may, at his or her discretion, compromise claims, borrow money, retain property for such length of time as he or she may deem proper; lease and sell property for such prices, on such terms, at public or private sales, as he or she may deem proper; and invest -estate property and income ~~~ithout restriction to legal investments unless other~~~ise provided hereunder. I authorize and empower my Executor or Executrix to sell a11y realty and.!vr personalty o~~'lzed by me at Inv death and not specifically devised or bequeathed herein, at public or private sale or sales and to give good and sufficient deeds and/or bills of sale therefor, in fee simple, as I could do if li~•ing. ~1y Executor or Executrix is authorized and enzpo~vered to engage in any business in which I ma~J be engaged at my death., for such period of time after my death as seems expedient to said Executor or Executrix. T~R~E. I give, devise and bequeath all of m`- personal property to be distributed, in equal shares, among my children, Cr~ROLYN ti'1cFE~~~TEP.S, LARRY G. BLACK. LIND A BLACK. JANE ~"OUST and LAVEPtNE C. BLACK then living at the time of my decease. F{~UR. I give, devise and bequeath all of the rest, residue and remainder of my estate of whatever nature and ~.vhereti-er situate to be distributed as follows: A. I hereby give and bequeath the sum of $x,000.00 to the BIBLE BAPTIST CHURCH, Shiremanstown, Pennsylvania, for its general charitable • purposes; B. I hereby give and bequeath the sum of $x,000.00 to FAITH CHAPEL, Carlisle, Pennsylvania, for its general charitable purposes; and C. I hereby give, devise and bequeath any and. all interest that I may have at the time of n1y decease in those real properties; including all . improvements thereon, free and clear of -all encumbrances, which are known and numbered as 130 Old State Road, 134 Old State Road; and 136 Old State Road, Gardners, Dickinson Tor~vnship, Cumberland County, Pennsylvania, to my son, LAVERNE C. BLACK, per stirpes; .-. L ^ ~'ER~`r~ C. BL ~ ~k' the ,-i{Tht to purchase li. I nereny grarl~ un~o my so,~, h ~ 1~L ~ ,., ,, ,~ r 142 Old State P~oad, Gardners, Dickinson Township, Cumberland County, for a purchase price of Eighty Thousand Dollars {80,000.00 j within pipet}- {90:) days after the date of my death, with all of the proceeds from this purchase being distributed to my children, CAROL~'N ~~IcFEATERS, LARRY` G. BLACK, LINDA BLACK, JANE Y`OL1ST and LAVEP`NE C. BLACK, per stirpes. In the e~~ent that my son, LAVERNE C. BLACK.. ~~ does not exercise his option to purchzse this real proptrt~ as stated above. then the real proptl~t~~ shall be sold as soon as practicall`~ possible with all of the proceeds thorefi-om distribzrted to all of nzy children as stated above, in equal shares, per stirpes. E. All of thz rest, residue and remainder of my estate I h~rebv give, devise and bequeath in equal shares to CAROL~Y~' 1/1cFEATERS, LARRY G. BLACK, LINDA BLACK and JANE YOUST, per stirpes, which provides that the child or children of anv deceased child shall take the share their parent would have taken ~if diving; provided however, ~ that if any beneficiary inheriting under this paragraph is under the age of twenty-one _ (? 1) years at the time of my decease, then .this share shall be held in trust and distriljuted in accordance with Paragraph Foul= hereof. - . FIVE. If any of my grandchildren or other beneficiary ilnder Paragraph FoLu' of this my Last Will and Testament is under the age of twenty-one (21) years of the date of,my death and inherits thereunder, then their respective share shall be held in trust for any said grandchildren or other benef ciary by the hereinafter mentioned Trustee according to the following terms and conditions: Upon the creation of this Trust, the Trustee shall divide this trust principal into individual shares in the naive of each heir or beneficiary in the amount equal to the amount that said heir or beneficiary inherited hereunder. The Trustee, as ~vcll as my representative, 1S 11eI'eby authorized to retain; unconverred, any property, real or personal, that I may o~~°n at my death and shall be under no duty to cony-~ert it into legal investments. The Trustee shall have the power and authority to sell, transfer, convey, invest and reinvest and to pay over the net income of the trust ~, ~',~~, tae property. to or for the usz of said heir or beneticiar~, or to accumulate it in the sole discretion of tl;e Trustee. The Trustee is also authorized and empo~~-ered to pay over to, or for the use and L~enefit of my heirs or beneficiaries such portion of or all of the principal of the trust estate as in the Trustee's sole discretion seems proper for their support, maintenance, education, or medical care. ~'Iy primary objective is to insure the support, maintenance, education and medical care of my heirs and beneficiaries until they reach the a~~e of twenty-one ('~ 1) ~~ears. Ho~z-ever, notwithstanding the above, .the Trustee shall have the sole discretion throughout the duration of this trust in which to distribute any of the trust principal or income for the benefit of any of my heirs or beneficiaries for any such purpose as the Trustee deems reasonable under the circumstances such as but not limited to the purchase ~of real property, tuition for farther .education or any ~otller purpose which would in the Trustee's. sole discretion advance the best interest of said heir or beneficiary. ~~'hen each respective heir or beneficiary ruches the age of twenty-one (21) years, then whatever remains of income or principal of the said heir's or beneficiary's divided share under this trust estate shall be distributed to said heir or beneficiary, per stirpes, which provides that the child or children of any deceased. heir or beneficiary shall take the share their parent would have taken if living. In the event that any said heir or beneficiary becomes deceased prior to the final distribution hereunder without leaving surviving issue, said deceased heir's or beneficiary's share shall be divided equally between all of the heirs and beneficiaries tiv11o are a part of this trust and distributed in accordance with this Para~~raph. For tivhatever reason there are no heirs and beneficiaries remaining as a part of this trust, then in that event, the rest, residue and remainder hereof shall be distributed in equal shares to the residual beneficiaries set forth in Para~?raph Four E. above including any issue of L:~VERNE C. BLACK. ~ ~r ~. SIY. I hereby nominate and appoint my son. LAVEIZNE C. BLACK, to be the Executor of this my Last `Fill and Testament. If he has predeceased me, failed to qualil~~ or is not able or does not serge for 4hatever reason, I then appoint my dauyThter, LIND.-~ BLACK, to be the Execlrtrix of my estate. In the e~~ent that she has predeceased lne, failed to qualify or is not able or does not serve for `yhatever reason, then in her place I 1-lereby appoint SHIRLEY D. BLACK, to be the Executrix of my estate, whereby both substitute Executors shall have the same powers as the original Executor hereunder. SEVEN. I hereby nominate and appoint. SHIRLEY D. BLACK, or if she is not able or does not serve for ,whatever reason., T then appoint JASON ANDREW BLACK to serve as Trustee of the trust created in Paragraph Five hereof. EIGHT.. No.person(s) shall benefit ~hereunder`ullizss such beneficiary shall survive me by sixty (60) days. I~TINE. No Execl.ltrix, Executor, or Trustee acting hereunder shall be required to post bond or enter security in this or any other jurisdiction. • TEN. No beneficiary nlay assign or anticipate his or her interest in any income or principal held or distributable hereunder; and no beneficiary's creditors may attach or otherwise reach any such interest. ELEVEN. The validity and administration of any trust established hereunder and any question or disputes relating to the construction or interpretation of any said trusts shall be governed and construed in accordance ~~~it11 the la ~vs of the Colnlnoll~ti-ealtll of Pennsylvania. T4VEL~'E. If any pei'SOIl Or 1nStItUt10I1 entitled t0 Sllare 111 any dlstl'1bUt10I7 Milder the teI'il.S of this my Last ~~'ill and Testa121ent becomes an ad~~°erse party in an~~ proceeding to contest the probate of this Last "'ill and "testament, such person. or institution shall forfeit his, her or its ~ ic~,-~ entire interest inherited hereunder and ail provisions in f~3vor of such person or institution shall be doclared ~~oid anci of no ef~ert. The share of such person or institution so forfeited shall be distributed as part of the residue pursuant to 1'arayraph Four E. hereof e~ccept that if such porson or institution is entitled to share in the said residue, that interest shall be distributed proportionately to the other residuary distributees. THIRTEEN. The Trustee, as well as my Executor or Executrll, shall have the follo~~-ink potivers, in addition to those vested in it by law, for my property held for the benefit of my beneficiaries, whether income or principal, exercisable without court approval and effective until the distribution of all property under the tet-~~ns of the trusts set forth in Paragraph Five above: The Trustee, at its discretion, may compromise claims, borrow money ,or retain property for such length of time as it may deem proper,- sell lease, pledge, mortgage, transfer, exchange, convert or otherwise dispose of or grant optionof all or any portion of trust property for such prices and on such terms iri public or private transactions as it may deem proper, and invest trust property and .income tivithout restrictions to legal investments. The determination of the Trustee with respect to the advisability of malting payments 'out of the income or principal to any heir or benef ciary inheriting hereunder shall be conclusive and binding on all persons howsoever interested in the respective trust. Further, the Trustee shall be authorized to receive additions to the respective trust of any kind or any property whatsoever from sources other than my estate and at any time in the sole discretion of the Trustee. ~~~~ ITT "-ITtil/SS ~~~HEREOF, I ha~~t hereunto set my hand and seal this ~~da~~ of .Tune, ?004. .~ ~ ~ r G-~', ~, Wig' (SEAL ) GLEN `~. P~.~C~,: Signed, sealed, published and dzclared vy the above named person as and for a Last `Dill and Testament, in our presence, `vho at said person's request, in said person's presence and in the presence of each other have hereunto set our 7 AC ~~ITO~~~LEDG~~EI~TT Ali D A~~'IDAVIT `VE, GLENN «'. I;I... ACK, J ARIES D. I-IUGI-IBS and CHRISTIN ~ N. 1~OST, the testator and ~~-itnesses respectively; ~i~hose names are signed to the foz•egoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the testator sinned and executed the instrument as his Last `Vill, and that he had signed willingly, and that he executed it as his free and voluntary act for the purpose 1-ierein expressed, and that each of the `vitnesses, in the presence and hearing of the testator, s~i~ned the Will as a witness and that to the best of their kno~yledge the testator ~-as, at that time, eighteen years of age or odder, of sound mind and under no constraint or undue influence. GLE ", ~ .BLACK ` J.~I ~ D. HUGHES I ~ ~_~•A CHRISTINA N. OST CO~I~ION~~'EALTH OF PENNS~~LVANIA . SS: COUNTY OF CU>vIBERLAiV'D Subscribed, sworn to and acknowledged before me by GLENN ~~%. BLACh, the testator herein, and subscribed a~ ~stivorn to before me by JAS-IES D. HUGHES and CHRISTINA N. ~'OST, witnesses, this ~ ~ day of .Tune, 200=1. CVMtvlJha!NEE\LTy ~+~ P`1`1N5YLVANIt, Nc~tanal Seel Jacqueline L. D;~~,vtiar~gh. Notary Public Carlisle 3cr~, Cumberland County My Cammissict~ Expir-as dug. 14, 2007 Member, PFnnsytvar+a Assrx~a6or~ Of Nct;:3res APPRAISAL REPORT 130 OLD STATE ROAD GARDNERS, PENNSYLVANIA PREPARED .FOR THE ESTATE OF GLENN W. BLACK BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 ~pPY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 130 Old State Road Gardners, Pennsylvania TAX PARCEL NU?VIBER: 08-40-2648-025 IMPROVEMENTS: One-story detached single-family dwelling. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Glenn W. Black. The property last transferred on February 25, 2000 for a .reported consideration of $1.00 and ownership transferred on Deed Book 227, Page 808. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the. subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the . _ application of those relevant to the valuation of the . subject.. OBJECTIVE: To estimate the market value of the subject property as . unencumbered. EFFECTIVE DATE: March 29; 2009. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $125,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $125,000 2 THE VALUATION PROCESS The valuation process is defined in The Appraisal of Real Estate as published by the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value." It consists of a series of steps that are appropriate to a specific and particular appraisal assignment that begins with a client engaging a real estate appraiser to develop an opinion of value for a specific property as of a given effective date and ends when the appraiser communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process includes the presentation of the following: 1. Identification of the client, the intended use, and the intended users of the appraisal report. 2. The purpose of the appraisal, including a definition of the value being reported. 3. Determination of the effective date of the appraisal report. 4. Extraordinary assumptions that are applicable to the appraisal assignment. 5. Hypothetical conditions that are applicable to the appraisal assignment. Scope of Work: - Scope of work is defined in the Uniform Standards of Professional Practice as being "the type and extent of research and analyses in an assignment." This includes the degree and extent of research and the data that is deemed_ as necessary to develop a credible opinion of value for the property being appraised. - - Data Collection and Analysis: The appraiser must gather and analyze market area data, subject property data, and comparable property data that is relative and relevant to the appraisal assignment. Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing a credible opinion of value for the subject property. These three traditional approaches to value include the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed, the appraiser must determine the amount of emphasis and consideration to be given to each of those approaches to value, since one or more may have greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final value estimate. Reconciliation is required because different value indications result from the use of multiple approaches to value and within the application of a single approach. The final value estimate is not derived simply by applying technical and quantitative 3 procedures, rather, it involves the exercise of judgment, and the value conclusion reached must be consistent with market thinking. 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF GLENN W. BLACK the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in Dickinson Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a point on the eastern line of Township Road T-522, at lands now or formerly of Mead Carey; thence along said eastern line of Township Road T-522, North 22 degrees 09 minutes East, a distance of 106.05 feet to a point; thence along said dividing line between Lot Nos. 1 and 2, South 67 degrees 51 minutes East,' a distance of 146.54 feet to a point on the western line of Lot No. 16; thence along the western line of said Lot No. 16 and continuing along the western line of Lot No. 17, South 25 degrees 16 minutes West, a distance of 113.56 feet to a point at lands now or formerly of Mead Carey; thence along lands now or formerly of Mead Carey North 64 degrees 51 minutes 30 seconds West, a distance of 140.56 feet to a point on the eastern line of 33 feet wide Township Road T-522, at the place of beginning. To the best of my knowledge and belief the statements .contained in.this~report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the Market Value as of March 29, 2009 is: ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS $125,000 outlined herein. Larry E. Foote Certified General Appraiser GA-000014-L The property was appraised as a whole, subject to the contingent and limiting conditions INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of 1Vlarch 29, 2009. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale: Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f). HIGHEST AND BEST USE Highest and Best L'se is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the subject is its Highest and Best Use. 6 SITE DATA ADDRESS: 130 Old State Road TOWNSHIP: Dickinson COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: .36 acre. SEWERS: On-site septic system. WATER: On-site well. ELECTRICITY: MetEd LANDSCAPING: Typical for the area, with a sodded lawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the. neighborhood. - ~ . DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION: One-story detached single-family dwelling containing approxi- mately 1,404 square feet of gross living area above grade with an attached one-car garage. CONDITION: Exterior: Good Interior: Good ROOMS: First Floor: Living room with dining area, eat-in kitchen, three bed- rooms and two full bathrooms. Basement: Full, with concrete floor. EXTERIOR: Foundation: Concrete block. Walls: Vinyl siding. Sash: Vinyl-clad, double-glazed, with screens. Gutters: Aluminum, painted. . Roof: Gable, with shingles. 7 ^. ' INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet Walls: Drywall, painted. Ceilings: Drywall, painted. Trim: Wood, painted. Ti~ITCHEN: Cabinets: Wood, natural finish. Counters: Formica Walls: Drywall, painted. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOMS: Flooring: Vinyl Walls: Drywall, painted. Bathtub: Built-in, with shower. . Lavatory: Vanity Water closet: Two-piece. CONSTRUCTION: Joists: Wood . Beams: Wood Columns: Steel Plumbing: Copper and plastic. HEATING: ~ Oil-fired forced hot air. . - . COOLP.~IG: Central air conditioning. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-ampere. OTHER: There is a wood deck attached to the rear of the dwelling. GENERAL COND ITION: All improvements are considered to be in good condition on the interior and on the e xterior, with mechanical systems appearing to be adequate and functioning properly. 8 THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption, that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to anew facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value • can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties iri the market, based on a common unit, such as price per square foot of building area. . The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a fully informed person. i$ justified in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since homes similar to the subject are not typically utilized as income-producing investment properties, the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 9 SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, Location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Date of Sale: Sale Price: Size: Unit Price: 1002 Goodyear Road, Gardners. Apri130, 2008. $108,000 1,056 square feet. $102.27 per square foot. SALE NO. 2: Location: 820 Torway Road, Gardners. Date of Sale: September 26, 2008. Sale Price: $110,000 Size: 1,102 square feet. Unit Price:- $99.82 per square foot. SALE NO. 3: Location: 86 Cold Springs Road, Carlisle. Date of Sale: November 14, 2008. . Sale Price: $125,000 Size: 1,323 square feet. Unit Price: $94.48 per square foot. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $125,000. 10 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 130 Old State Road Gardners 1002 Goodyear Road Gardners 820 Torway Road Gardners 86 Cold Springs Road Carlisle Proximity to Subject Sale Price Price / Sq. Ft. GLA N.A. N.A. 2.68 miles $108,000 $102.27 2.92 miles $1 10,000 $99.82 9.21 miles $125,000 $94.48 Data Source Inspection Courthouse records Courthouse & Central Penn MLS Courthouse & Central Penn MLS ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. Sales or Financing Concessions None None None Date of Sale /Time As of 3-29-09 4-30-08 9-26-08 11-14-08 Location Average Similar Similar Similar Site /View .3~ acte .34 acre .93 acre -5,000 .91 acre -5,000 Design and Appeal One-story detached. Similar Similar Similar Construction Vinyl siding Aluminum siding Vinyl siding Vinyl siding Age 1 L years. - 48 years +10,800 20 years 15 years Condition Good Inferior +5,000 Similar Similaz Above Grade Room Count Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath 5. 3. 2 6 3 1 +2,000 5 3 1 +4,000 6 3 2 -2,000 Gross Living Area 1,404 square feet 1,056 square feet +10,400 1,102 square feet +9,100 1,323 square feet +2,400 Basement &Finished Rooms Below Grade Full basement Similar Concrete slab +5,000 Crawlspace +5,000 Functional Utili Aver e Si il m ar Similar Similar Heatin / Coolin G e / C ort Oil FHA w/cen. air. One-car aza a Oil FHA 1 c 1 +1,000 Baseboard•electric +1,000 Baseboard electric +1,000 Porches Patios - ort, -car az. -2,000 None +5,000 One-caz e , Pools, etc. Special Energy Wood deck T ical for the None +500 None +500 Covered front porch, covered alto. -1,500 Efficient Items Fire laces yp re ion. None Similar N Similaz Similar Other (e g kitchen one None None . . equip., remodeling) Net Ad'. (total) Indicated Value of Subject Built-ins: Similar +27,700 ] 35,700 Similar +19,600 129,600 Similar -100 124,900 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $125,000 11 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach. N.A. Value Indicated by Sales Comparison Approach $125,000 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because 'no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical -of the subject property are more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of March 29, 2009, is: ONE HUNDRED TWENTY-FIVE THOUSAND DOLLARS $125,000 12 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5, The information, estimates, and opinions furnished to me and contained in this report• were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. _ 6. This report is to be used in its entirety and only for the purpose for which it was rendered. ~ ~ ~ . _ _ 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared under the extraordinary assumption that any easements or rights of way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment. 9. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 13 CERTIFICATE QF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment~of a stipulated result, ar the occurrence- of a subsequent event directly related to the -intended- use of this appraisal. 7. To the -best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. ' 8. This appraisal report sets forth all of the limiting. conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 14 - _ 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. Larry .Foote Certified General Appraiser GA-000014-L 15 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you .directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and • in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a' party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 16 LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, I'a. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. . 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDLTCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III. Certificate, Realtors National 1Viarketing Institute, C1 101, CI 102, CI 103, CI 104, Cl. ] O5. Standards of Professional Practice, American Institute of Real Estate Appraisers. . Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. . Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: 'National Association of Realtors Appraisal Section. Greater Harrisburg Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing [nstitute. 17 PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for .Retarded Citizens Carlisle Suburban Authority 'Members 1'` Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union ' PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation ' " Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated . Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank American Home Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firms and individuals 18 -- _. - 19 PHOTOGRAPHS ~ OF THE SUBJECT IMPROVEMENTS 20 COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 1~i~~QVEST 21 om ~GO ft APPRAISAL REPORT 134 OLD STATE ROAD GARDNERS, PENNSYLVANIA PREPARED FOR THE ESTATE OF GLENN W. BLACK BY LARRY E. ~ FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 COPY ' SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 134 Old State Road Gardners, Pennsylvania TAX PARCEL NUMBER: OS-40-2648-023 IMPROVEMENTS: One-story detached single-family dwelling. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Glenn W. Black. The property was purchased on February 25, 2000 for a reported consideration of $1.00 and ownership transferred on Deed Book 227, Page 821. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area; an inspection of the subject property, an . estimation of the property's highest and best use, consideration of all three approaches to value, and the _ ~ application of .:.those relevant to the valuation . of the . subject. . OBJECTIVE: To estimate the market value of the subject property as . unencumbered. EFFECTIVE DATE: HIGHEST AND BEST USE: COST APPROACH: SALES APPROACH: March 29, 2009. Continued use as asingle-family residence. N.A. $112,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $112,000 2 THE VALUATION PROCESS The valuation process is defined in The Appraisal of Real Estate as published by the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value." It consists of a series of steps that are appropriate to a specific and particular appraisal assignment that begins with a client engaging a real estate appraiser to develop an opinion of value for a specific property as of a given effective date and ends when the appraiser communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process includes the presentation of the following: 1. Identification of the client, the intended use, and the intended users of the appraisal report. 2. ~ The purpose of the appraisal, including a definition of the value being reported. 3: Determination of the effective date of the appraisal report. 4. Extraordinary assumptions that are applicable to the appraisal- assignment. . 5. Hypothetical conditions that are applicable to the appraisal assignment. Scope of Work: Scope of work is defined in the Uniform Standards of Professional Practice as being "the type and extent of research and analyses in an assignment." This includes the degree and extent.of research and the data that is deemed as necessary to.develop a credible opinion of . _ value for the property being appraised. Data Collection and Analysis: . The appraiser must gather and analyze market area data, subject property data, and comparable property data that is relative and relevant to the appraisal assignment. Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing a credible opinion of value for the subject property. These three traditional approaches to value include the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed, the appraiser must determine the amount of emphasis and consideration to be given to each of those approaches to value, since one or more may have greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final. value estimate. Reconciliation is required because different value indications result from the use of multiple approaches to value and within the application of a single approach. 'The final value estimate is not derived simply by applying technical and quantitative 3 procedures, rather, it involves the exercise of judgment, and the value conclusion reached must ' be consistent with market thinking. 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF GLENN W. BLACK the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in Dickinson Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a point on the eastern line of Township Road T-S22, at the dividing line between Lot Nos. 2 and 3; thence along said eastern line of said Township Road T-522, North 22 degrees 09 minutes East, a distance of 100 feet to a point at the dividing line between Lot Nos. 3 and 4; thence along said dividing line between said. Lot Nos. 3 and 4, South 67 degrees S 1 minutes East, a distance of 157.44 feet to a point on the western line of Lot No. 14; thence along the western line of said Lot No. 14 and continuing along the western line of Lot No. 1 S, South 2S degrees 16 minutes West, a distance of 100.15 feet to a point at the dividing line between said Lot Nos. 2 and 3; thence along said dividing line between said Lot Nos. 2 and 3, '.~1orth 67 degrees 51 minutes West, a distance of 1 S 1.99 feet to a point on the eastern line of 33 feet wide Township Road T-S22, at the place of beginning. To the best of my knowledge and belief the statements contained in this report are true. and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the. Market Value as of March 29, 2009 is: ONE HUNDRED TWELVE THOUSAND DOLLARS $112,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. Larry E. Foote Certified General Appraiser GA-000014-L S INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of March 29, 2009. Market Value is defined as the most probable price which a properly should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. The price represents the normal consideration for the property sold unaffected .by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of tie Comptroller of the Currency, 12 CFI §34.42(f). HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the subject is its Highest and Best Use. 6 SITE DATA ADDRESS: TOWNSHIP: COUNTY: STATE: LOT SIZE: SEWERS: WATER: ELECTRICITY: LANDSCAPING: 134 Old State Road Dickinson Cumberland Pennsylvania .36 acre. On-site septic system. On-site well. MetEd Typical for the area, with a sodded lawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION: -One-story detached single-family dwelling containing approxi- mately 1,152 square feet of gross living area above grade with an attached one-car garage. CONDITION: ~ Exterior: Good Interior: Good ROOMS: First Floor: Living room, eat-in kitchen, three bedrooms and a full bathroom. Basement: Full, with concrete floor. EXTERIOR: Foundation: Concrete block. Walls: Aluminum siding with brick accent on front wall. Sash: Wood-framed, double-glazed, with screens. Gutters: Aluminum, painted. Roof: Gable, with shingles. 7 INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet Walls: Drywall, painted. Ceilings: Drywall, painted. Trim: Wood, painted. KITCHEN: Cabinets: Wood, stained and varnished. Counters: Formica Walls: Drywall, papered. Flooring: Vinyl Sink: . Double-bowl, stainless steel. BATHROOM: Flooring: Asphalt the blocks. Walls: Drywall, painted. Bathtub: Built-in, with shower. Lavatory: Vanity Water closet: Two-piece. CONSTRUCTION: Joists: .Wood Beams: ~ Wood Columns: Steel Plumbing: .Copper and plastic. HEATING: Oil-fired forced hot air. ~ .. COOLING: Central air conditioning. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-ampere. OTHER: Attached to the rear of the dwelling is an enclosed porch. There is also a concrete patio located at the rear of the dwelling. GENERAL CONDITION: All improvements are considered to be in good condition on the interior and on the exterior, with mechanical systems appearing to be adequate and functioning properly. 8 THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to anew facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of~ comparable properties in the market, based on a common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a. fully informed person .is justified in assuming the property will .produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since homes similar to the subject are not typically utilized as income-producing investment properties, the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 9 SALES COIVIPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Date of Sale: Sale Price: Size: L'nit Price: SALE NO. 2: Location: Date of Sale: Sale Price: Size: Unit Price: SALE NO. 3 : Location: Date of Sale: Sale Price: Size: 1002 Goodyear Road, Gardners. Apri130, 2008. $108,000 1,056 square feet. $102.27 per square foot. 820 Torway Road, Gardners. ~ . September 26, 2008. $110,000 . 1,102 square feet. $99.82 per square foot. 86 Cold Springs Road, Carlisle. November 14, 2008. $125,000 1,323 square feet. Unit Price: $94.48 per square foot. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $112,000. 10 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 134 Old State Road Gazdners 1002 Goodyear Road Gardners 820 Torway Road Gazdners 86 Cold Springs Road Carlisle Proximity to Subject 2.68 miles 2.92 miles 9.21 miles Sale Price N.A. $ 108,000 $ 110,000 $125,000 Price / Sq. Ft. GLA N.A. $102.27 $99.82 $94.48 Data Source Inspection Courthouse records Courthouse & Central Penn MLS Courthouse & Central Penn MLS ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjusi. Sales or Financing Concessions None None . None Date of Sale /Time As of 3-29-09 4-30-08 9-26-08 1 I-14-08 Location Average Similar Similar. Similar Site /View .36 acre .34 acre .93 acre -5,000 .91 acre -5,000 Design and Appeal One-story detached. Similar ~ Similar ~ , Similar Construction Alum. w/brick accent Aluminum siding +1,000 Vinyl siding +1,000 Vinyl siding +1,000 Age 31 years. 48 yeazs 20 years - 15 years -12,500 Condition Good Inferior +5,000 Similar Similar Above Grade Room Count ~ Tot. Bed. Bath Tot. Bed. Bath Tot_. ~ Bed. B_ ath ' Tot. Bed. Bath 5 3 I 6 3 1 -2,000 5_ 3 . I 6 3 2 -6,000 Gross Living Area 1,152 square feet 1,056 square feet 1,102 square feet 1,323 square feet -5,100 Basement &Finished Rooms Below Grade Full basement Similaz Concrete slab +5,000 Crawlspace +5,000 Functional Utili Avera a Similar Similar Similar Heatin /Coolie Oil FHA w/cen. air. Oil FHA +1,000 Baseboard electric +1,000 Baseboard electric +1,000 Gara e / C rt One-car ara a 1-c ort, 1-car ar. -3,000 None ~ +5,000 One-car aza e Porches, Patios Pools, etc. Enclosed porch, concrete atio. None +1,500 None +],500 Covered front porch, covered atio. +1,000 Special Energy Efficient Items Typical for the ~ re ion. Similar Similar ~ Similar Fire lace(s) None None None None Other (e.g. kitchen equip., remodeling) Net Adj. (total) Indicated Value of Subject Built-ins. Similaz +3,500 111,500 Similar +8,500 118,500 Similar -20,600 104,400 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $112,000 11 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach $112,000 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers ~of the type of dwelling typical of the subject property are ~ more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are .most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the .subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of March 29, 2009, is: ONE HUNDRED TWELVE THOUSAND DOLLARS $112,000 12 . _ UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be~ true and correct. However, no responsibility for accuracy can be assumed by me. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. -. - _ _ 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. ~ - 8. This appraisal was prepared under the extraordinary assumption that any easements or rights ~f way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment. 9. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the _ appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions: taken based on this report. 13 CERTIFICATE OF APPRAISAL Four appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. .I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or .reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment o~ a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. ~ - 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 14 . _ 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. Larry E. Foote Certified General Appraiser GA-000014-L 15 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billet' Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is -used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and • in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction . .with regard to. a legal action to which you. are a party.. . . We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 16 LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes; motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI.104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential. Valuation, American Institute of Real Estate Appraisers. . .Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania .Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing [nstitute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association of Realtors Appraisal Section. Greater Harrisburg Association of Realtors. Pen~-sylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 17 PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members 1'` Federal Credit Union Pennsylvania IvTational Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation .Dickinson College PPG Industries, .Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, [ncorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank: Provident Home Mortgage Corporation Drovers Bank American Home Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball ?National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firms and individuals 18 x ;: ~. - ~: ,_~.: _~-~'". c, .. .. ' _ 19 PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS 20 t;uMYAKABLE SALE NO. 1 COMPARABLE SALE NO. 2 c:un'1rAKABLE SALE NO. 3 a s00 m , 2400 ft a,, `.o~ 21 APPRAISAL REPORT 136 OLD STATE ROAD - GARDNERS, PENNSYLVANIA - PREPARED FOR THE ESTATE OF GLENN W. BLACK BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA - 17013-3052 (717) 249-2758 COPY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 136 Old State Road Gardners, Pennsylvania TAX PARCEL NUMBER: 08-40-2648-022 IMPROVEMENTS: One-story detached single-family dwelling. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Glenn W. Black. The . property was last transferred on February 25, 2000 for a reported consideration of $1.00 and ownership transferred on Deed Book 227, Page 812. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to -the valuation of the subject. OBJECTIVE: To estimate the market value of the subject property as unencumbered. EFFECTIVE DATE: March 29, 2009. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $110,000 INCOME APPROACH; - N.A. FINAL VALUE CONCLUSION: $ 2 THE VALUATION PROCESS The valuation process is defined in The Appraisal of Real Estate as published by the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value." It consists of a series of steps that are appropriate to a specific and particular appraisal assignment that begins with a client engaging a real estate appraiser to develop an opinion of value for a specific property as of a given effective date and ends when the appraiser communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process includes the presentation of the following: 1. Identification of the client, the intended use, and the intended users of the appraisal report. 2. The purpose of the appraisal, including a definition of the value being reported. 3. Determination of the effective date of the appraisal report. 4. Extraordinary assumptions that are applicable to the appraisal assignment. 5. Hypoth®tical conditions that are applicable to the appraisal assignment. Scope of Work: Scope of work is defined in the Uniform Standards of Professional Practice as being "the type and extent of research and analyses in an assignment." This includes the degree and exterit of research and the data that is deemed as necessary to develop a credible opinion of value for the property being appraised. Data Collection and Analysis: The appraiser must gather and analyze market area data, subject property data, and comparable property data that is relative and relevant to the appraisal assignment. Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing a credible opinion of value for the subject property. These three traditional approaches to value include the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed, the appraiser must determine the amount of emphasis and consideration to be given to each of those approaches to value, since one or more may have greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final value estimate. Reconciliation is required because different value indications result from the use of multiple approaches to value and within the application of a single approach. The final value estimate is not derived simply by applying technical and quantitative 3 - , procedures, rather, it involves the exercise of j udgment, and the value conclusion reached must be consistent with market thinking. 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF GLENI~T W. BLACK the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in Dickinson Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a point on the eastern line of 33 feet wide Township Road T-522, at the dividing line between Lot Nos. 3 and 4; thence along said eastern line of said Township Road T-522, North 22 degrees 09 minutes East, a distance of 16.92 feet to a point; thence still along said eastern line of said Township Road T-522, North 21 degrees 24 minutes East, a distance of 83.08 feet to a point at the dividing line between Lot Nos. 4 and 5; thence along said dividing line between said Lot Nos. 4 and• 5,' South 68 degrees 36 minutes East, a distance of 164.10 feet to a point on the western line of Lot No. 13; thence along the western line of said Lot No. 13 and continuing along the western line of Lot No. 14, South 25 degrees 16 minutes West, a distance of 102.29 feet to a point; thence along the dividing line between said Lot Nos. 3 and 4, North 67 degrees 51 minutes West, a distance of 157.44 feet to a point on the eastern line of 33 feet wide Township Road T-522; at the place of beginning. To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the Market Value as of March 29, 2009 is: . ONE HUNDRED TEN THOUSAND DOLLARS $110,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. Larry E. Foote Certified General Appraiser GA-000014-L 5 INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of March 29, 2009. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e, The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency,'12 CFI §34.42(f). HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the subject is its Highest and Best Use. 6 SITE DATA ADDRESS: 136 Old State Road TOWNSHIP: Dickinson COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: .37 acre. SEWERS: On-site septic system. WATER: On-site well. ELECTRICITY: MetEd LANDSCAPING: Typical for the area, with a sodded lawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout~the neighborhood. DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION: One-story detached single-family dwelling containing approxi- mately 1,152 square feet of gross living area above grade. CONDITION: Exterior: Average Interior: Good ROOMS: First Floor: Living room, eat-in kitchen, three bedrooms and a full bathroom. Basement: Full, with concrete floor. EXTERIOR: Foundation: Concrete block. Walls: Aluminum siding with brick accent on the front wall. Sash: Wood-framed, double-glazed, with screens. Gutters: Aluminum, painted. Roof: Gable, with shingles. 7 INTERIOR, PRINCIPAL ROOMS: Flooring: Caret Walls: Drywall, painted. Ceilings: Drywall, painted. Trim: Wood, painted. KITCHEN: Cabinets: Oak, natural finish. Counters: Formica Walls: Drywall, painted. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOM: Flooring: Vinyl Walls: Drywall, painted. Bathtub: Built-in, with shower. Lavatory: Vanity Water closet: Two-piece. - CONSTRUCTION: Joists: .Wood Beams; Wood Columns: Steel Plumbing: Plastic - HEATING: Oil-fired forced hot air. - - ~ - . COOLING: Central air conditioning. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-ampere. - GENERAL CONDITION: All improvements are considered to be in good condition on the interior and on the exterior, with mechanical systems appearing to be adequate and functioning properly. 8 THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation} of the existing building compared to anew facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a fully informed person is justified in assuming the property will produce during its remaining~useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since homes similar to the subject are not typically utilized as income-producing investment properties, the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 9 SALES COMPARISON APPROACH In arriving at this conclusion of the -value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Date of Sale: Sale Price: Size: Unit Price: SALE NO. 2: 1002 Goodyear Road, Gardners. Apri130, 2008. $108,000 1,056 square feet. $102.27 per square foot. Location: 820 Torway Road, Gardners. Date of Sale: September 26, 2008. . Sale Price: $110,000 Size: 1,102 square feet. Unit Price: ~ $99.82 per square foot. ~ - SALE NO. 3: Location: Date of Sale: Sale Price: Size: L'nit Price: 86 Cold Springs Road, Carlisle. November 14, 2008. $125,000 1,323 square feet. $94.48 per square foot. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is:$110,000. 10 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 136 Old State Road Gardners 1002 Goodyear Road Gardners 820 Torway Road Gardners 86 Cold Springs Road Carlisle Proximity to Subject 2.68 miles ~ 2.92 miles 9.21 miles Sale Price N.A. $108,000 $110,000 $125,000 Price / Sq. Ft. GLA N.A. $102.27 $99.82 $94.48 Data Source Inspection Courthouse records Courthouse & Central Penn MLS Courthouse & Central Penn MLS ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. Sales or Financing Concessions None None None Date of Sale /Time As of 3-29-09 4-30-08 9-26-08 11-14-08 Location Average Similar Similar Similar Site /View .37 acre .34 acre .93 acre -5,000 .9l acre' -5,000 Design and Appeal One-story detached. Similar Similar Similar Construction Vinyl w/brick accent Aluminum siding +1,000 Vinyl siding +1,000 Vinyl siding +1,000 Age 32 years. 48 years 20 years I S years ~ -12,500 Condition Good Inferior +5,000 Similar Similar Above Grade Room Count Tot. Bed. Bath Tot. .. Bed. Bath Tot. Bed. Bath _ Tot.. Bed. Bath 5 3 1 6 3 .1 -2,000 5 3 I - 6~ .3 2 -6,000 Gross Living Area 1,152 square feet 1,056 square feet 1,102 square feet 1,323 square feet -5,100 Basement &Finished Rooms Below Grade Full basement Similar Concrete slab +5,000 Crawlspace +5,000 Functional Utili Avera a Similar Similar Similar Heatin / Conlin Oil FHA w/cen. air. Oil FHA +1,000 Baseboard electric +1,000 Baseboard electric +1,000 Gara e / C rt One-caz aza a 1-ca ort, l-car ar. -3,000 None +5,000 One-cat aza e Porches, Patios Pools, etc. None None None Covered front porch, covered atio. -2,000 Special Energy Efficient Items Typical for the re ion. Similaz Similar Similar Fire lace(s) None None None None Other (e.g. kitchen equip., remodeling) Net Ad'. (total Indicated Value of Subject Built-ins. Similar +2,000 110,000 Similar +7,000 117,000 Similar -23 600 101,400 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $110,000 11 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach $110,000 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. ~ Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been ,included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of March 29, 2009, is: O?~'E HL~TDRED TEN THOUSAND DOLLARS $110,000 12 ' - UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. ~. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. • ~ 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. I-Iowever, no responsibility for accuracy can be assumed by me. . 6. This report is to be used in its entirety and only for the purpose for which it was rendered. ~ ~ ~ - ~ - - '~. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared under the extraordinary assumption that any easements or rights of way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment. 9. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 13 CERTIFICATE OF APPRAISAL Tour appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. , I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • S. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the :cause of the client, the amount of the~value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth. all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 14 - - 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. Larry .Foote Certified General Appraiser GA-000014-L 15 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 16 LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carli~lo Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104, CI IOS. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American [nstitute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. ' Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association of Realtors Appraisal Section. Greater Harrisburg Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 17 PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members ls` Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services • Pennsylvania Turnpike Commission Chase Home Mortgage. Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company. • National City Mortgage Corporation Washington•Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, [ncorporated Gettysburg College • Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank American Home Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firms and individuals 18 -,.-...A~ ~*s~ _ f .~ ~ ~ _. ---~1' c ,4~ ;~ ~ _. _ s ~- ;~. ` .~~ .~.~ - :`tea ._ 19 PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS ZO COMPARABLE SALE .NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 ~AAP~4£S~: 21 APPRAISAL REPORT 142 OLD STATE ROAD GARDNERS, PENNSYLVANIA PREPARED FOR THE ESTATE OF GLENN W. BLACK BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 - (717) 249-2758 COPY SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 142 Old State Road Gardners, Pennsylvania TAX PARCEL NUMBER: 08-40-2648-017 IMPROVEMENTS: One-story detached single-family dwelling. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Glenn W. Black. The property was last transferred o~n September 28, 1998 for a reported consideration of $1.00 and ownership transferred on Deed Book 186, Page 616. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the ~ property's highest and best use, consideration of all three approaches to value, and the application ~ of those relevant : to the valuation of the subject. OBJECTIVE: To estimate the market value of the subject property as unencumbered. EFFECTIVE DATE: March 29, 2009. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $157,000 INCOME APPROACH: N.A. - - FINAL VALUE CONCLUSION: $157,000 2 THE VALUATION PROCESS The valuation process is defined in The Appraisal of Real Estate as published by the Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers to a client's questions about real property value." It consists of a series of steps that are appropriate to a specific and particular appraisal assignment that begins with a client engaging a real estate appraiser to develop an opinion of value for a specific property as of a given effective date and ends when the appraiser communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process includes the presentation of the following: 1. Identification of the client, the intended use, and the intended users of the appraisal report. 2. The purpose of the appraisal, including a definition of the value being reported. 3. Determination of the effective date of the appraisal report. 4. Extraordinary assumptions that are applicable to the appraisal assignment. 5. Hypothetical conditions that are applicable to the appraisal assignment. Scope of Work: - Scope of work is defined in the Uniform Standards of Professional Practice as being "the type and extent of research and analyses in an assignment." This includes the degree and extent of research and the data that is deemed as necessary to develop a credible opinion 'of value for the property being appraised. - Data Collection and Analysis: The appraiser must gather and analyze market area data, subject property data, and comparable property data that is relative and relevant to the appraisal assignment. Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing a credible opinion of value for the subject property. These three traditional approaches to value include the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed, the appraiser must determine the amount of emphasis and consideration to be given to each of those approaches to value, since one or more may have greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final value estimate. Reconciliation is required because different value' indications result from the use of multiple approaches to value and within the application of a single approach. The final value estimate is not derived simply by applying technical and quantitative 3 - - procedures, rather, it involves the exercise of judgment, and the value conclusion reached must be consistent with market thinking. 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF GLENN W. BLACK the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in Dickinson Township, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a point on the eastern intersection of Township Route 522 and southern intersection of 33 foot wide township road; thence along 33 foot wide township road South 64 degrees 03 minutes 30 seconds East 200.00 feet to a point at Lot No. 10 on Plan of Lots for Glenn W. Black; thence along Lot No. 10 South 25 degrees 56 minutes 30 seconds West 224.36 feet to a point at corner of Lot No. 6 on plan; thence along Lot No. 6 North 68 degrees 36 minutes West 177.62 feet to a point in eastern edge of Township Route 522; thence along Township Route 522 North 21 degrees 24 minutes East 239.17 feet to a point, the place of beginning. ~ . To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation ~is contingent upon the value reported, and that in my opinion the Market Value as of March 29, 2009 is: ONE HUNDRED FIFTY-SEVEN THOUSAND DOLLARS $157,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. Larry E. Foote Certified General Appraiser GA-000014-L INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of March 29, 2009. Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. _ Source: Office of the Comptroller of the Currency, 12 CFI §34.42(fj. •HIGHEST AND BEST USE Highest and Best LTse is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an _ uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the subject is its Highest and Best Use. 6 SITE DATA ADDRESS: TOWNSHIP: COUNTY: STATE: LOT SIZE: SEWERS: WATER: ELECTRICITY: LANDSCAPING: 142 Old State Road Dickinson Cumberland Pennsylvania .99 acre. On-site septic system. On-site well. MetEd Typical for the area, with a sodded lawn, trees and shrubs. DETRIMENTAL INFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IMPROVEMENTS GENERAL DESCRIPTION: One-story detached single-family dwelling containing approxi- mately 1,992 square feet of gross living area above grade with an attached two-car garage. CONDITION: Exterior: Good Interior: Good ROOMS: First Floor: Living room with dining area, kitchen, family room, three bedrooms and two full bathrooms. basement: Full, with concrete floor. EXTERIOR: Foundation: Poured concrete. Walls: Vinyl siding. Sash: Vinyl-clad, double-glazed, with screens. Gutters: Aluminum, painted. Roof Gable, with shingles. 7 INTERIOR, PRINCIPAL ROOMS: Flooring: Hardwood and carpet. Walls: Drywall, painted. Ceilings: Drywall, painted. Trim: Wood, painted. KITCHEN: Cabinets: Oak, natural finish. Counters: Formica Walls: Drywall, painted. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOMS: Flooring: Vinyl Walls: Drywall, painted. Bathtub: Built-in, with shower or built-in and detached shower. . Lavatory: Vanities Water closet: Two-piece. • 'CONSTRUCTION: Joists: Wood Beams: Wood Columns: Steel Plumbing: Copper and plastic. HEATING: Oil-fired forced hot air.- ~~ COOLING: Central air conditioning. HOT WATER: One 52-gallon electric and one 50-gallon electric. ELECTRIC: Circuit breaker system, 200-ampere. OTHER: Attached to the front of the dwelling is a covered porch and attached to the rear of the dwelli ng is an enclosed porch. GENERAL CONDITION: All improvements are considered to be in good condition on the interior and on the exterior, with mechanical systems appearing to be adequate and functioning properly. 8 - . THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to anew facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be 'estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a fully informed person is justifed in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since homes similar to the subject are not typically utilized as income-producing investment properties, the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 9 SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Date of Sale: Sale Price: Size: Unit Price: SALE NO. 2: ' Location: - Date of Sale: Sale Price: Size: Unit Price: SALE NO. 3: Location: Date of Sale: Sale Pric_ e: Size: 1002 Goodyear Road, Gardners. Apri130, 2008. $108,000 1-,056 square feet. $102.27 per square foot. 820 Torway Road, Gardners. September 26, 2008. $110,000 1,102 square feet. $99.82 per square foot: 86 Cold Springs Road, Carlisle. November 14, 2008. $125,000 1,323 square feet. Unit Price: $94.48 per square foot. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $157,000. 10 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 142 Old State Road Gardners 1002 Goodyear Road Gardners 820 Torway Road Gardners ~ 86 Cold Springs Road Carlisle Proximity to Subject 2.68 miles 2.92 miles 9.21 miles Sale Price Price / Sq. Ft. GLA N.A. N.A. $108,000 $102.27 $110,000 $99.82 $125,000 $94.48 Data Source Inspection Courthouse records Courthouse & Central Penn MLS Courthouse & Central Penn MLS ADJUSTMENT'S DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. Sales or Financing Concessions None None None Date of Sale /Time As of 3-29-09 4-30-08 9-26-08 11-14-08 Location Average Similar Similar Similar Site /View .99 acre .34 acre +5,000 .93 acre .91 acre Design and Appeal One-story detached. Similaz Similar Similar • Construction Vinyl siding Aluminum siding Vinyl siding Vinyl siding Age 11 years. 48 years +10,800 20 years I S years Condition Good Similar Similar Similar Above Grade Tot. 'Bed. Bath -Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Room Count 6 3 2 6 3 1 +4,000 5 3 1 +6;000 6 3 2 Gross Living Area 1,992 square feet 1,056 square feet +28,100 1,102 square feet +26,700 1,323 square feet +20,100 Basement &Finished Rooms Below Grade Full basement Similaz Concrete slab +5,000 Crawlspace +5,000 Functional Utili Aver e Similar Similar Similar Heatin / Conlin Oil FHA w/cen. air. Oil FHA +1,000 Baseboard electric +1,000 Baseboard electric +1,000 Gara e 1 C ort Two-car ara a One-car c ort +7,000 None +10,000 One-car ara a +5,000 Porches, Patios Pools, etc. Covered front porch, enclosed rear orch. None None Covered front porch, covered atio. +1,000 Special Energy Efficient Items Typical for the ' re ion. ~ Similar Similar Similar Fire laces None None None None Other (e.g. kitchen equip., remodeling) Net Ad'. (total) Indicated Value of Subject Built-ins. Similar +55,900 163,900 Similar +48,700 158,700 Similar +32,100 157,100 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $157,000 11 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach $157,000 Value Indicated by Income Approach N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. l~ue to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more, for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of March 29, 2009, is: ONE HUNDRED FIFTY-SEVEN THOUSAND DOLLARS $157,000 12 ' - UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which. might be required to discover such factors. 5. The information, estimates, ar~d 'opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. 6. This report is to be used in its- entirety and only for the purpose for which it was rendered. 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced., published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared under the. extraordinary assumption that any easements or rights of way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment 9. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 13 CERTIFICATE ()F APPRAISAL Your appraiser hereby certifies that: l . The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that, is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was 'not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion,. the attainment of a stipulated result; or the occurrence of a subsequent event directly related to the intended use of this appraisal 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions .expressed herein. are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 14 ' - 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. Larry E. Foote Certified General Appraiser GA-000014-L IS PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisaa services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 16 LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate,. Pennsylvania Realtors Institute, GRI I, GRI lI, GRI III. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal. Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania.. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association of Realtors Appraisal Section. Greater Harrisburg Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 17 PAST CLIEI~TTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members IS` Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank American Home Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firms and individuals 18 PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS 19 _ _ 20 COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3 n ft 21 !,' ' - r' r -" .: i j i f ~ OO _ ~ ~~ ' - ~ , ° ; r` o er N ~ ... ~ °~N >` v ~ o.~ ~ N M ~: w ~ ' ~ M Y a' !. . . 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L., c: C w m ct~ ~ ~ ~, cn > ~ ~ ~ !!3 U ri - SAVINGS ACCOUNT: Account Number/Suffix Gate Account Established Principal Balance at Date of Death Accrued Interest to Date of Death Total Principal and Accrued Interest Name of Joint Owner CERTIFICATE 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 _ • Estate of: GLENN W. BLACK Date of Death: 03/29/2009 Social Security Number: 176-26-2286 280366-00 02/21 /2006 $2,185.93 $1.26 $2,187.19 None 280366-40 01 /24/2008 $17,881.76 $63.10 $17,944.86 None ME BERS 1ST FEDERAL CREDIT UNION ~~~~ Danielle A. Kline Insurance Services Specialist April 22, 2009 ~~.-~ ~. ~., s , r r~ 7 .__._._ 1^7i"ACC /O(1(1\ 'lU2 72'~C~ . ..,..,..*.....~,~,i}~,~rc~~~•t nrrr April 23, 2009 To: Salzmann Hughes, P.C. 354 Alexander Spring Road Suitel Carlisle Pa 17015 From: Traci Yohe • Orrstown B ank Customer Service Center - PO BOX 250 Shippensburg, Pa 17257 Re: Estate of Glenn W Black Date of death March 29, 2009 BY CERTIFIED THAT THE ABOVE NAMED DECEDENT, ON THE . IT IS HERER - ABOVE DATE, HAD THE FOLLOWING ACCOUNTS WITH ORRSTOWNBANK. CHECKING A CCO UNT Account # Title of Account 404411 Glenn W Black 404438 Glenn W 131ack 106002981 Glenn W Black Date opened Principal Accrued Interest 11 /07/94 18916.08 0.49 11/07/94 2119.44. 0.00 05/21 /03 6828.15 0.01 SA VINGS A CCO UNT Account # Title of Account Da_ to opened Principal Accrued lnterest CERTIFICATE OF DEPOSIT Account # Title of Account Date Opened Principal terest I n Accrued 4000025543 Glenn W Black 04/30/08 5,324.04 8 O 0 ° Matures 07/30/09 Interest rate of 2.72 /0 72 0 4000025544 Glenn W 131ack 04/30/0 f 10,603.87 . Matures 07/28/09 Interest rate of 1.24% _ ~,-~. A . L.:.-..-.~....•1,,,rrr TPa ~ ~~.ti7 + 717.530.3530 • 717.532.143 fax CERTIFICATE OF DEPOSIT Title of Account Date O ened Princi al Accrued Interest Account # 04/10/95 1,283.63 1.1 5060056457 Glenn W Black Jean Black is Beneficiary 1 ~ Beneficiary 100% Laverne Black is Contingen ~~ n r,,Y x.5(1 ~ Shiapensbur;;, PA 17257 ~ 717.530.3530 • 717.532.4143 fax ~ ~ . Apr.2~. 200 12.18PU1 PNC BANK 412-705-2747 No. 2383 P. li'2 ;i•-a 1.F.l1i~1~Iia THE~AY Apri129, 2009 ~ . James D ~iughes Esq - 3 54 A1e;;ander Spring R.d Suite 1 Carlisle, PA 17015 RE: Name: Glenn DV Mack SSN: 176-2b-22S5 DOLT: 03-29-2009 Dear 1Vi~r. Dughes: In res nse to your request for Date of Death (DODO balances for the customer noted above, our . records show the following: _ _ Certificate of Deposit Established: 06-26-2004 _ Account # 3 ] 600241621 - ~ ~ . GLENN W BLACK . ~ ~ LAVERNE C SLACK ~~ . . -DOD balance: $11,167.77 + 131.12 accrued interest Account # 31600241625 - Established: ~ 06-26-2004 GLENN W BLACK . LAVERNE C BLACK' DOD balance: $11,167.77 + 131.12 accrued interest 3100024002$ Established: 06-26-2004 Account # GLENN W BL.A~CK - LAVERNE C BLACK DOD balance: $3,908.72 + 45.89 accrued interest Account # 3180024101 b Established: 06-26-2004 GLENN W BLACK. . LAVERNE C BLACK DOD balance: $11,167.77 + 1 ~ 1.12 accrued interest . Page 1 of 2 - ~, ~ Ut~ ~A~~( 41?-7~~5-2747 ~~~. 2888 P. 2i2 Apr. 7~~. 2U~) j 12.18. ~ P Established: 06-26-2004 Account # 31500241719 GLENN W BLACK LAVEI~NE C BLACK, DOD balance: $5,583.$$ -~ 65.56 accrued interest Established: 06-26-2004 Account # 3180024 a Q~3 GLENN W BLACK LA~TE~NE C BLACK - DOIa balance: $5,583.88 + 65.5b accrued interest . Investment Account call the ent maintained Invesf~ttent Account # 1607644. ~'or finer information, you znay The deced Bro~Cerage Department at 1-800-762-6111. GD Checking and ' af~ce rovides date of death.balances for deposit acctiunts (IRAs, Seed assistance with Please note that this P avix~ s . We do na! praCess any financial transactions ar provide ataoe ben ou ~oycal PNC Bank branch S $) any of these items, please call I-$88-pNC-BANK (1-885-762-2260 or st p y y offica. ~ . Sincerely, .. ~ - National Finazlcfal Services Center ~ , ~ ~ ~ . PNC Bank, N.A. iViember FDIC - - pa.~,e 2 of 2 PENNSYLVANIA INHERITANCE TAX ' INFORMATION NOTICE . AND FILE N0. 21 09-0360 BUREAU OF INDIVIDUAL TAXES TAXPAYER RESPONSE ACN 09129454 Po Box zao6ol HARRISBURG PA 17128-0601 DATE 05-18-2009 REV-1543 EX AFP COB-00) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-2285 DATE OF DEATH 03-29-2009 COUNTY CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST CERTIF. P N C BANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate th{t alease obtain writtenbcorrectiondfromethe financialainstitutionr/ attachcaacopyftohthiscformt• If you feel the information is incorrec , p and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth o Pennsylvania. Please call C717) 787-8327 with questions. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031000240028 Date 06-26-2004 copiesuof thisenoticelmust accompanynt, two Established payment to the Register of Wills. Make check Account Balance $ 3, 954.61 payable to "Register of _W ills, Agent". Percent Taxable X 50.000 NOTE: If tax payments are made within three Amount Subject to Tax $ 1 , 977 • 31 months of the decedent's date of death, X 1 5 deduct a 5 percent discount on the tax due. Tax Rate Any Inheritance Tax due will become delinquent Potential Tax Due $ 296.60 nine months after the date of death. PART TAXPAYER RESPONSE ~ ~axc~~ ~:±~ . r~:~~~~~.. ~~.~. ~~su~~ x~ ,~~ ~~~~~~~~. ~'AX ~is~ESSr~~t~T, _ . A, ^ The above information and tax due is correct. of this notice to obtain i es Remit payment to the Register of Wills with two cop "A" and return this notice to the Register of a discount or avoid i nterest, or check box issued ill b by the PA Department of Revenue. C H E C K Wills and an official e assessment w ONE ` ill be reported and tax paid with the Pennsylvania Inheritance Tax re urn B L 0 C K ~ The B. above asset has been or w 0 N L Y to be filed by the estate representative. ' C. ~ The above informs ion is Complete PART 2~ and/or incorrect and/or debts and PART ~ below. deductions were paid. PART a If indicating a different tax rate, please state relationship to decedent: TAX RETURN - COMPUTATION LINE 1. Date Established 2. Account Balance 3. Percent Taxable 4. Amount Subject to Tax 5. Debts and Deductions 6. Amount Taxable 7. Tax Rate 8. Tax Due PART DATE PAID PAYEE DESCRIPTION AMOUNT PAID TOTAL CEnter on Line 5 of Tax Computation) ~ Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. H 0 ME C WORK C ~ -- r.~rr DEBTS AND DEDUCTIONS CLAIMED .' QFF'ICIAL '`L~S'~ A .DEPART'MEN'T OF PENNSYLVANIA INHERITANCE TAX INFORMATION NOTICE . AND FILE N0. 21 09-0360 BUREAU OF INDIVIDUAL TAXES ACN 09129456 PO BOX 280601 TAXPAYER RESPONSE HARRISBURG PA 171zB-o6o1 DATE 05-18-2009 REV-1543 EX AFP C08-OB) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-2285 DATE OF DEATH 03-29-2009 COUNTY 'CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST a CERTIF. P N C BANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, you were a joint owner/beneficiary of this account. If you feel th{oitherabovenaddress~r This accountoisataxabletin accordance with the InheritancenTaxtlawsnotathecCommanwealthtofs form and return it Pennsylvania. Please call (717) 787-8327 with qucst:ons. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031500241719 Date 06-26-2004 To ensure proper credit to the account, two Established copies of this notice must accompany payment to the Register of Wills. Make check Account Balance $ 5, 649 .44 payable to "Register of Wills, Agent". NOTE: If tax payments are made within three Percent Taxable X 50.000 Amount Subject to Tax $ 2, 824 • 72 months of the decedent's date of death, deduct a 5 percent discount on the tax due. Tax Rate X • 15 Anv Inheritance Tax due will become delinquent Potential Tax Due $ 423.71 nine months after the date of death. TAXPAYER RESPONSE PART 1 ~e'~LD.~t~.:; TO RE>~P~N ,L ...~~50T IN A~N DFFIC~AL. T41~C ASSESSMENTw . Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. H 0 M E C WORK C BUREAU OF INDIVIDUAL TAXES PO BOX 280601 HARRISBURG PA 17128-0601 PENNSYLVANIA INHERITANCE TAX INFORMATION NOTICE AND FILE N0. 21 09-0360 TAXPAYER RESPONSE ACN 09129452 DATE 05-18-2009 REV-1543 EX AFP COB-OB) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-2285 DATE OF DEATH 03-29-2009 COUNTY CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST CERTIF. P N C B ANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, you were a joint owner/beneficiary of this account. If you feel the information is incorrect, Please obtain written correction from the financial institution, attach a copy to this form and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth of Pennsylvania. Please call (717) 787-8327 with questions. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031600241621 Date 06-26-2004 To ensure proper credit to the account, two Established copies of this notice must accompany payment to the Register of Wills. Make check Account Balance $ 11 s 298.89 . payable, to "Register of Wills, Agent". NOTE: If tax payments are made within three Percent Taxable X 50.000 Amount Subject to Tax $ 5s649.45 months of the decedent's date of death, deduct a 5 percent discount on the tax due. T a x Rat e X • 1 5 Any Inheritance Tax due will become delinquent Potential Tax Due. $ 847 • 42 nine months after the date of death. PART TAXPAYER RESPONSE • . ~AILiI~~ Tt~ ...~ESPt1N~,L~...~0~."~'..'IN AN q~PE~CIA~. "~A~C AS~:E$SM.ENT a A. a The above information and tax due is correct. Remit payment to the Register of Wills with two copies of this notice to obtain a discount or avoid interest, or check box "A" and return this notice to the Register of C H E C K Wills and an official assessment will be issued by the PA Department a~ Revenue. ONE B L 0 C K B. ~ The above asset has been or will be reported and tax paid with.the Pennsylvania Inheritance Tax return 0 N L Y to be filed by the estate representative. ' C. ~ The above informs ion is incorrect and/or debts and deductions were paid. Complete PART 2~ and/or PART ~ below. d'ff ent tax rate, please state OFFICIAL USE ONLY' ~ AAA PART If indicating a i er t d TMENT CAF RE~€ENUE a : en relationship to dece , pA DEPAR s TAX RE TURN - COMPUTATION OF TAX ON JOINT/TRUST ACCOUNTS PAD LINE 1. Date Established 1 1 2. Account Balance 2 $ 2 - 3. Percent Taxable 3 X ~` 4. Amount Subject to Tax 4 $ 4 5. Debts and Deductions 5 5 6. Amount Taxable 6 '~ 6 7. Tax Rate T X ~ 8 '~ 8 8. Tax Due DEBTS AND DEDUCTIONS CLAIMED PART 0 ...~ ~ ., . r., owvc c DESCRIPTION AMOUNT PAID Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. HO M E C ) WORK C ) BUREAU OF INDIVIDUAL TAXES PO BOX 280601 lil1RRISBURG PA 17128-0601 PENNSYLVANIA INHERITANCE TAX INFORMATION NOTICE AND FILE N0. 21 09-0360 TAXPAYER RESPONSE ACN 09129453 DATE 05-18-2009 REV-1543 EX AFP C08-OB) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-2285 DATE OF DEATH 03-29-2009 ' COUNTY CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST CERTIF. P N C BANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, you were a ]oint owner/beneficiary of this account. If you feel the information is incorrect, please obtain written correction from the financial institution, attach a copy to this form and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth of Pennsylvania. Please call C717) 787-8327 with questions. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031600241625 Date 06-26-2004 To ensure proper credit to the account, two Established copies of this notice must accompany payment to the Register of Wills. Make check Account Balance $ 11 , 298.89 payable to "Resister of wills, Asent". Percent Taxable X 50.000 NOTE: If tax payments are made within three Amount Subject to Tax ~` 5, 649.45 months of the decedent's date of death, Tax Rate X 1j deduct a 5 percent discount on the tax due. Anv Inheritance Tax due will become delinquent Potential Tax Due $ $47 • 42 nine months after the date of death. PART TAXPAYER RESPONSE nn :: U. ~`1~I.L'Ot~E :T~.. ~~:S~DN~!..~L~.....~ESU~'~u IN kM+~ i?FF':~CIAL TALC ASSESSMENT; A. ~ The above information and tax due is correct. Remit payment to the Register of Wills with two copies of this notice to obtain a discount or avoid interest, or check box "A" and return this notice to the Register of C H E C K Wills and an official assessment will be issued by the PA Department of Revenue. ONE ' B L 0 C K B. The above asset has been or will be reported and tax paid with the Pennsylvania Inheritance Tax return 0 N L Y to be filed by the estate representative. C. ~ The above informs ion is incorrect and/or debts and deductions were paid. Complete PART 2~ and/or PART ~ below. d'fferent tax rate, please state .. OFFIC~A~. _05E ONLY.: ~!~ PART If indicating a i t d OF #tEtf~Nt~E en : relationship to dece . P,4 DEPARTMENT TAX RE TURN - COMPUTATION OF TAX ON JOINT/TRUST ACCOUNTS PAD I LINE 1. Date Established 1 2. Account Balance 2 +fi - 2 ~- 3. Percent Taxable 3 X 3 4. Amount Subject to Tax 4 $ ~ 5. Debts and Deductions 5 S 6. e 1 ab t Tax mown A 6 $ ~ 7. Tax Rate T X ~ 8. Tax Due 8 $ - a DEBTS AND DEDUCTIONS CLAIMED PART a TATC owTn PAVF F DESCRIPTION AMOUNT PAID IUTAL ltnier vn LinC ~ a,~ ~o.. ~~...r-----•-_.._ Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. H 0 ME C ~ WORK C PENNSYLVANIA INHERITANCE TAX - INFORMATION NOTICE AND FILE N0. 21 09-0360 BUREAU OF INDIVIDUAL TAXES ACN 09129455 Po Box 2BO6ol TAXPAYER RESPONSE HAF~RISBURG PA 1712s-o6o1 DATE 05-18-2009 REV-1543 EX AFP COB-OB) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-228 5 DATE OF DEATH 03-29-2009 COUNTY CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST CERTIF. P NC B ANK NA provided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, You were a ]oint owner/beneficiary of this account. If you feel the information is incorrect, vlease obtain written correction from the financial institution, attach a copy to this form and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth of Pennsylvania. Please call C717) 787-8327 with questions. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031800241016 Date 06-26-2004 To ensure proper credit to the account, two Established copies of this notice must accompany payment to the Register of Wills. Make check Account Balance $ 11 ~ 298 • 89 payable to "Register of Wills, Agent". Percent Taxable X 50.000 NOTE: If tax payments are made within three Amount Subject to Tax $ 5,649.45 months of the decedent's date of death, . 1 5 deduct a 5 percent discount on the tax due. TaX. Rate X _ Any Inheritance Tax due will become delinquent Potential TaX Due $ 847 • 42 nine months after the date of death. TAXPAYER RESPONSE. PART ~`A~1ll.R!E :`r'f~.. RES~+~H... ~tli.L....~E~~-~ ' IN A~! ', ~t~E~C:IAI~ TAX. ASSESSMENT' _ . IUTAL ltnier un L. 111C J vl ~ `~'~'.••P------~•- Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. H O ME C WORK C _ PENNSYLVANIA INHERITANCE TAX INFORMATION NOTICE BUREAU OF INDIVIDUAL TAXES AND FILE N0. 21 09-0360 Po Box zao6ol TAXPAYER RESPONSE ACN 09129457 HARRISBURG PA 17128-0601 DATE 05-18-2009 REV-1543 EX AFP (08-08) LAVERNE C BLACK 4375 CARLISLE RD GARDNERS PA 17324-8948 EST. OF GLENN W BLACK SSN 176-26-2285 DATE OF DEATH 03-29-2009 COUNTY CUMBERLAND REMIT PAYMENT AND FORMS T0: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 TYPE OF ACCOUNT SAVINGS CHECKING TRUST a CERTIF. P NC BANK NA vrovided the Department with the information below, which has been used in calculating the potential tax due. Records indicate that at the death of the above-named decedent, you were a ]oint owner/beneficiary of this account. If you feel the information is incorrect, Please obtain written correction from the financial institution, attach a copy to this form and return it to the above address. This account is taxable in accordance with the Inheritance Tax laws of the Commonwealth of Pennsylvania. Please call C', 17) 787-8327 with questions. COMPLETE PART 1 BELOW * SEE REVERSE SIDE FOR FILING AND PAYMENT INSTRUCTIONS Account No. 000031800241023 Date 06-26-2004 To ensure proper credit to the account, two Established copies of this notice must accompany payment to the Register of Wills. Make check Account Balance $ •5, 649.44 payable to "Register of Wills, Agent". Percent Taxable X 50.000 NOTE: If tax payments are made within three Amount Subject to Tax $ 2, 824 • 72 months of the decedent's date of death, • Tax Rate ~( • 15 deduct a 5 percent discount on the tax due. • Any Inheritance Tax due will become delinquent Potential Tax Due $ 423.71 nine months after the date of death. PART TAXPAYER RESPONSE 0 ,: ~'A~LUR~ I`O RESPt~N~ SILL ~ESUL"~ ~N AN OFFI~~A~ 'SAX' k~SESSMEM~`,' . A. ~ The above information and tax due is correct. Remit payment to the Register of Wills with two copies of this notice to obtain a discount or avoid interest, or check box "A" and return this notice to the Register of CHECK Wills and an official assessment will be issued by the PA Department of Revenue. ONE B L 0 C K B. ~ The above asset has been or will•be reported and tax paid with the Pennsylvania Inheritance Tax return 0 N L Y to be filed by the estate repre9entative. C. ~ The above information is incorrect and/or debts and deductions were paid. Complete PART 2~ and/or PART 3~ below. PART If indicating a different tax rate, please state . . .:. , C1F~~CIAL USE [~I+IL.Y ~ AAF` a relationship to decedent: PA DEF'ARTMEN~': OF `.Ft~VENUE ... .. TAX RE TURN - COMPUTATION OF TAX ON JOINT/TRUST ACCOUNTS PAID LINE 1. Date Established 1 '~ 2. Account Balance 2 $ ' 2 "--" 3. Percent Taxable 3 X 3 4. Amount Subject to Tax 4 $ 4 5. Debts and Deductions 5 S 6. Amount Taxable 6 $ _ 6 7. Tax Rate 7 X 7 8. Tax Due g $ $` ' PART DEBTS AND DEDUCTIONS CLAIMED a DATE P AID PAYEE DESCRIPTION AMOUNT PAID Under penalties of perjury, I declare that the facts I have reported above are true, correct and complete to the best of my knowledge and belief. H 0 ME C WORK C ~ TOTAL CEnter on Lane 5 of iax uomputaLion, - Allstate Life Insurance Company P.O. Box 94212 Palatine, IL 60094-4212 Telephone: (877) 499-6418 Facsimile: (866) b35-4523 April 17, 2009 James Hughes Salzmann, Hughes ; P.C. 354 Alexander Spring Road, Suite 1 Carlisle, PA 1701 ~ Re: Glenn W. Black Contract No: GA282742 Dear Mr. Hughes: ~: You're in good hands. We received a request to complete IIZS Form 712 for the above referenced contract. oceeds aloof a certain 712 is to provide an estate or donor with the value of a life insurance contract or its p date (usually the owner's date of death or date of transfer of the contract). ntract is an annuity, it is not reportable on IRS Form 712. I ~ can, however, provide the Because this c,o following information for estate purposes: Date of Death: Annuity Value as of Date of Death: • Cost Basis:• Named Beneficiary: March 29~, ? 009 $ 35,125.07* $ 0.00 Primary- Jean H. Black Contingent- Carolyn McJeaters, Larry Black, Linda Black, Jane Koproski, Levern Black *The actual amount paid may differ due to Market Value Adjustments and/or any applicable Surrender Charges. If you have any questions, please contact me at 1-877-499-6418 Ext. 8b 184. Sincerely, Donna Gray Sr. Claim Examiner Rllstate. Allstate Life Insurance Company PO Box 80469 Lincoln NE 68501-0469 GLENN W BLACK 142 OLD STATE RD. GARDNERS PA 17324-8948 ~~- _. a .~ Telephone: 1-800-755-5275 Fax: 1-866-628-1006 May 1, 2009 Your Representative TIMOTHY J PARRY _ _ PNC INSURANCE SERVICES, INC 2 E MAIN ST MECHANICSBURG PA 17055-3851 (717)000-0000 Allstate® Advantage Statement Date 03/29/09 To 03/29/09 For Annuity #GA282742 . .Type of plan: IRA YOUR ANNUITY VALUE AS OF 03/29/09 IS: $ 35,125.07 ACTIVITY THIS PERIOD: Be inning Account Balance 03/29/09 ............................. .... • • • • - • . • . $ 35,125.07 9 ............$.00 Interest Earned 03/29/09 thru 03/29/09 ................................. . . Ending Account Balance 03/29/09 ....................... • . • • • • • • •:- • • • • • • • • • • • $ 35,125.07 . ACCOUNT VALUE DETAIL AS OF 03!29/09: .Current Fund Rate Value 3.00% _ __ $.35,125,07._. - New effective annual rates for each fund will be determined when the current guarantee expires. If you have any questions concerning your annuity, please contact your representative at your financial institution. 1 ~~~,,~,~~~ ~s,'~ .4 B15ADQLO.N01 6M60002815ADOLUB tSADOL00000U ~~ ~Y f rt 'w~ ~ r~ ire IFS /rev r~, ~-_ ~~: •~~ vy~ ~ ~`:: f ~ , ~"' _ ti„ f 4WT ~~/ r~ ~ ...J ~.~. ~'.. I .. r C 7.d •%\\~ W v / '. =~~a ~., ~, .cc.~ '~g: ca ,~ Q 'n ' .... ~. :c ~a :~?~ r ;>,d ~.~'U ``a ~ a~ ~ ~ ;a U '1 ~lV ~~=1 • •" 3 n`. ~ ..°~ a~ • ~ a,, + ~ ~ .m:rn °Q = • u 3 v O '' ~ ` ~-~`a ~' U CA, .._ L i a +Na~ O V ~.. a w U~d .. ~ d r~ f~ W ~ •I `.~ ~ Q F O - v U '~ Q C ~ X ~~~ .D ~ : O , X °~ N N O,; ~ %:h C ~!. 'C L V v; C ,_ c17 ~ ~ a: u. ~ 7~+ ~ ~ > ~ ~.: ~ ~ ~. O C C C ~~,1 ~G O o ~ G •~ 1- .U O CO {!7 y . - d% ;~ 0 ~ ; c"n. cn a; ~, v ~ ti ~' m ` Q U W a ~ :; ~ ~ O c ~: c c o E a~ a O ~ C,U G. ; J ' to cv ``~ ~ ~ M ('J ~ ~ u~ cfl ~~ 47 ~ C7 In c0 cC rn ~ ti N ~ ~ `_ "~ C .D ~ m .~ (0 N L' ~ N r z a~ J ~ O ti ~ ~ ~~ N ~ ^~ Q C -C Q ».. U Q z ~ ~ r Z a c: m L^ a, a ~ ~ ~ ~ Y D: ~ C W W ~ m X m ~ ~ n- ~<c?a vi U =+ ~ W ~:J ~ ~ i i 5 :, t f 3 s 4 i t i S 1 w r 4. y` N a r S li t x { ~ i. i