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Home My WebLink About03-04-10 (2) 1505607121 REV-1500 Ex (06-05) OFFICIAL USE ONLY PA Department of Revenue County Code Year File Number Bureau of Individual Taxes INHERITANCE TAX RETURN H ~~, 28~i~12a-osol RESIDENT DECEDENT 2 1 U 9 1 1 6 7 ENTER DECEDENT INFORMATION BELOW Date of Birth Social Security Number Date of Death 1 7 4 2 0 2 1 3 1 2 1 1 2 0 9 0 5 1 7 1 9 2 5 Suffix Decedent's First Name MI Decedent's Last Name I„I R I N E R U T H (If Applicable) Enter Surviving Spouse's Information Below Suffix Spouse's First Name MI Spouse's Last Name Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE ~~' ~ REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ^ Supplemental Return 2 ^ 3. Remainder Retum (date of death 1.Original Retum . prior to 12-13-82) ^ 4. Limited Estate ^ 4a. Future Interest Compromise (date of ^ 5. Federal Estate Tax Return Required Decedent Died Testate © 6 ^ death after 12-12-82) 7. Decedent Maintained a Living Trust 1 8. Total Number ©f Safe Deposit Boxes . (Attach Copy of Will) Received d P ^ (Attach Copy of Trust) f death 1D. t 1a r n ° ^ p~ rider Sec. 9113(A) 11' tta s rocee ^ 9. Litigation g5j 1 d a tweenP 2 31 91 be ch Sch. A CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTU\L TAX INFORMATION SHOULD BE DIRECTED T0: Daytime Telephone Number Name J O E L R- Z U L L I N G E R 7 1 7 `2„ X 6 4 E~] 2 9 _,,, Firm Name (If Applicable) Z U L L I N G E R D A V I S P C First line of address 1 4 N O R T H M A I N Second line of address S U I T E 2 ~ 0 City or Post Office C H A M B E R S B U R G S T R E E T State ZIP Code P A 1 7 2 1 ILLS US -, LY ~ > ~. ~. ~~ ~ ~T' ~> .~ C.0.. } d; ~ ~~~~ ~ G ...~ DATE FILED Correspondent's a-mail address: Under penalties of perjury, I dedare that I have examined this return, induding accompanying schedules and statements, and to the best of my'. knowledge and belief, it is true, coned and complete. Dedaretion of preparer other than the personal representative is based on all information of which preparer hasi anDy ~ edge. SIGM4TUFjtjOF PERSC}!!) RESPONSIBLE FOR FILING RETURN ~O 1/ /(~ ,~./~ r ~UMPER ROAD SHIPPENSBURG PA 17257 JRE QF PRE~REi!@JTHER'J,I~IA~REPRfaSENTATNE DATE X1..1.. /L A ESQ '~ 1 NORTH MA STREET, UITE 200 CHAMBERSBURG PA 17201 PLEASE USE ORIGINAL FORM ONLY Side 1 ~ 15U5607121 1505607121 J 15056Q7221 REV-1500 EX Decedent's Social Security Number 1 7 4 2 Q 2 1 3 0 Oeceaent's Name: RUTH M• R I N E RECAPITULATION 9 5 Q' Q Q. Q Q 1. Real estate (Schedule A) .•••••••••••••••••••••""""""""'~ 1. f 2 6 '-i Q 4 ~ 2 C • 2. Stocks and Bonds (Schedule B) •••••••••••••••••~••~""""""' 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3. 4. Mortgages & Notes Receivable (Schedule D) . • • • • • • • • • • • • • • • • • • ~ • ' ' ' 4. 2 3 3 5 5 1. 3 1 Schedule E ....... 5. Cash, Bank Deposits & Miscellaneous Personal Property ( ) 5• 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ....... 6• 3 0 7. Inter V'rvos Transfers & Miscellaneous N n-Probate Property ~] Separate Billing Requested ....... 7. 1 5 7 5. (Schedule G) 6 0 2 7 6 9. 6 5 ........................... 8. Total Gross Assets {total Lines 1-7) s. 2 2 1 9 7. 7 8 9. Funeral Expenses & Administrative Costs (Schedule H) . • • • • • 9. 8 2. 8 4 Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ............ 10 10. . 2 2 2 8 Q. 6 2 Total Deductions (total Lines 9 i3< 10) • • • • • • • • • • • • • • • • • • ' ' ' ' ' ' ' ' 11 ' 11. . 12. 5 8 0 4 8 9. Q 3 ........................ 12. Net Value of Estate (Line 6 minus Line 11) . 0 13. Charitable and Governmental BequestslSec 9113 Trusts for which 13 2 Q Q Q . Q as an election to tax 5 7 8 4 8 9. 0 3 14. Net Value Subject to Tax (Line 12 minus Line 13) ............ .... ..14. TAX COMPUTATION -SEE INSTRUCTIONS FOR APP LICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or Q Q Q transfers under Sec. 9116 Q ~ ~ Q 15. • 16. Amount of Line 14 taxable 5 7 8 4 8 9. 0 3 1 s. 2 6 0 3 2. 0 1 at lineal rate X •045 17. Amount of Line 14 taxable Q . Q 0 17. Q ~ Q Q at sibling rate X .12 Q Q D 18. Amount of Line 14 taxable Q ~ Q Q 18 . at collateral rate X .15 2 6 0 3 2. 0 1 .... 1s ... ........................ 19. Tax Due ... .............. not been made (Schedule J) • • • • • • • • • • • • • • h 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT ^ Side 2 1 15Q56Q7221 150560721 File Number REV-1500 EX Page 3 21 09 1167 Decedent's Complete Address: STREET RINE STATE ' ZAP CITY pq 17257 Shi ensbur Tax Payments and Credits: (1) 26,U32.U1 1. Tax Due (Page 2 Line 19) 2. CreditslPayments A. Spousal Poverty Credit B. Prior Payments 1,301.60 C. Discount Total Credits (A + B + C) (2) 1, 301.60 3. Interest/Penalty 'rf applicable D. Interest 0.00 E. Penalty Total InterestlPenalty (D + E) (3) 4. If Line 2 is greater than Line 1 + line 3, enter the difference. This is the OVERPAYMENT. (4) 0.00 Fill in oval on Page 2, Line 20 to request a refund. (5) 24,730.41 5. If Line 1 + Line 3 is greater than Line 2, enter the difference, This is the TAX DUE. (5A) A. Enter the interest on the tax due, (5B) 24,730.41 B. Enter the total of Line 5 +5A. This is the BALANCE DUE. Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BoLOCKS 1. Did decedent make a transfer and: a. retain the use or income of the property transferred : ...................................................................... ^ b. retain the right to designate who shall use the property transferred or its income; ....... • • • • • • • • • • • • • • • • • • • • • • • • ^' c. retain a reversionary interest; or ................................................................................................ ^ d. receive the promise for life of either payments, benefits or care? ..... within one ear of death 2. If death occurred after December 12,1982, did decedent transfer property Y without receiving adequate consideration? ...................................................................................... ~ 0 3. Did decedent own an "in trust for' or payable upon death bank acxount or security at his or her death? ......... 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? .......................................................................... IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT II,S PART OF THE RETURN. For dates of death on or after July 1,1994 and before January 1,1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is three (3) percent p2 P.S. §9116 {a) (1.1) (i)]. Fa 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 exemot 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)j. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1502 EX + (8-98) SCHEDULE A REAL ESTATE COMMONWEALTH OF PENNSYLVANIA INHERRANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ESTATE OF 21 09 1167 RUTH M. RINE would be All real property owned soley or as a tenarrt in common must be reported at fair market value. Fair market value is defined as the price at which property 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 ro which is in -0vmed witlr ht of survNorshf must be disclosed on Schedule F. VALUE AT DATE ITEM DESCRIPTION OF DEATH iJUMBER Hopewell Township, Cumberiand %oul-qty, 95,000.00 ~, Tract of real estate situate at 963 Ridge Road, attached I PA, appraised by Apex Valuation Services, with copy TOTAL (Also enter on line 1 REV-1503 EX + (8-98) SCHEDULE B COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS INHERITANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ESTATE OF 21 09 1167 RUTH M. RINE All property jointlyowned with right of survhrorship must be disclosed on Schedule F. ITEM I DESCRIPTION NUMBER ~, Account #35505203, ~Jaddell & Reed, censlsting of funds as set forth on attached (valuation, the account is titled in the decedent's name alone and designated transfer on death to her children, J. Gary Rine, Douglas L. Rine, and Eileen D. Brenize VALUE AT DATE OF DEATH 272,643.04 TOTAL (Also enter on line 2, REV-1508 EX + (8-98) SCHEDULE E ~+ COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, ~ M~SC• INHERrrANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT FILE NUMBER ESTATE OF RUTH M. RINE 21 09 1167 Include the proceeds of litigation and the date the proceeds were received by the estate. Atl property jointlyowned with right of survhrorshlp must be dhrcbsed on Schedule F. VALUE AT DATE ITEM DESCRIPTION OF DEATH NUMBER 56,347.93 1. (Checking Account #506427, Orrstown Bank, including interest accrued to date of I 20,000.00 2. Certificate of Deposit #4000005296, Orrstown Bank 2,401.00 3. Gross proceeds from sale of personal property by Dan Hershey Auction Service 4. Policy No. L9080709, OM Financial Life Insurance, being an Equity Indexed Annuity, with 154,802.38 named beneficiary of "Estate of Ruth M. Rine", which makes it a probate asset of the estate; date of death valuation attached TOTAL (Also enter on line 5, Recapitulation) ~ $ 233,551.31 REV-1510 EX + (6-98) SCHEDULE G INTER-VIVOS TRANSFERS & COMMONWEALTH OF PENNSYLVANIA MISC. NON-PROBATE PROPERTY INHERITANCE TAX RETURN RESIDENT DECEDENT FILE NUMBER ESTATE OF 21 09 1167 ~~ RUTH M. RINE This schedule must be completed and filed 'rf the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. DESCRIPTION OF PROPERTY ITEM 1N0L;~~~"~ w~s~r~.a n~ nc~acovro~ oE~o ~~EST'E ~ VDALUE OF ASSTET %IN ERESD'S EXCEL i SIB NUMBER 1,575.30 100. ~, IRA Account #11551504, Waddell & Reed, named bene- ficiaries are decedent's children, J. Gary Rine, Douglas L. Rine and Eileen D. Brenize TOTAL (Also enter on line 7 TAXABLE VALUE ,, ~ 575 30 1.575.3 REV-1511 EX + (10-OB) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN OF FILE NUMBER 21 09 11i Debts of decedent must be reported on Schedule I. ITEM I DESCRIPTION NUMBER - A, FUNERAL EXPENSES: ~, Fogelsanger-Bricker Funeral Home, funeral services 2, Meal after funeral g, ADMINISTRATIVE COSTS: ~, Personal Representative's Commissions Name of Personal Representable (s) Street Address State ZiP City Year(s) Commission Paid: 2 Attorney Fees Joel R. Zullinger 3 Fatuity Ercemption: (If decedents address is not the same as claimants, attach explanation) Claimant Street Address State ZiP City Relationship of Claimant to Decedent 4 pro~~ F~ Letters - 360.00; will -15.00; short certificates - 20.00; JCS fee - 23.50; automation fee - 5.00; filing return -15.00 5 Accountants Fees g, Tax Return Preparer's Fees 7, Apex Valuation Services, appraisal of real estate g. Cumberland Law Journal, advertise letters g, News-Chronicle, advertise letters 10. Dan Hershey Auctioneering Service, commission and expenses sale of personalty 11. Mooney's Tax Service, preparation of personal tax returns 2009 12. Estimation of accountant's fee for preparation of estate fiduciary income tax returns 10,502.68 200.00 9,500.00 438.50 150.00 75.00 121.25 840.35 45.00 325.00 SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS TOTAL (Also enter on line 9, Recapitulatipn) I $ AMOUNT 7~ REV-1512 EX+ (12-03) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN SCHEDULE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS RESIDENT DECEDENT FILE NUMBER 'ATE OF 21 09 1167 ITH M. RINE Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. VALUE AT DATE OF DEATH NUM ER DESCP.IPTION 49.82 1, Victorian Corner, balance due on account 33.02 2, (Century Link, telephone service due at death TOTAL (Also enter on line 10, Recapitulation) I $ tlr mere soave Is r>eeded, insert additlonal sheets of fhe same size) REV-1513 EX + (9-00) SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN NUMBER I. 2. 3. II. 1 NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY TAXABLE DISTRIBUTIONS [S~u 91 ~!~ {~ pousal distributions, and transfers under Douglas L. Rine, 164 Chancellaor 2D)]rive, Chambersburg, PA 17201 specific bequest 100,000.00 1/3 of Item 1, Sch. B 90,881.01 1l3 of Item 1, Sch. G 525.10 113 of residue 26,423.56 J. Gary Rine, 45 Jumper Rd., Shippensburg, PA 17257 specific bequest 30,000.00 113 of Item 1, Sch. B 90,881.02 1/3 of Item 1, Sch. G 525.10 1/3 of residue 26,423.57 Eileen D. Brenize, 963 Ridge Rd., Shippensburg, PA 17257 specific bequest of real estate 905;88 0.000 113 of Item 1, Sch. B 525.10 113 of Item 1, Sch. G 26,423.56 1/3 of residue NUMBER 09 11~ RELATIONSHIP TO DECEDI Do Not Ust Trustee(s) .ineai Lineal I Lineal ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIA' NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS Newburg First Church of God, specific bequest AMOUNT OR SHAKt OF ESTATE 217,829.67 147,829.69 212,829.67 ON REV-1500 COVER SHEET 2,000.00 TOTAL OF PART II ENTER TOTAL NON TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET _ „_ ____ ___,... ,.. ,.m.re.l ~n~prt addrtronal sheets of the same s¢e) • JRZ - 5.1 rine.rut June 15, 2007 LAST WILL AND TESTAMENT e Road, Shippensburg, I, Ruth M. Riae, of 963 Ridg ns lvania, being of sound and disposing mind; memory and Pen y will, hereby understanding] do hereby declare this to be my revoking any and all former wills and codicils thereto by me heretofore made. I. T direct that all my just debts and funeral expenses, shall be paid from my last illness, r. including all expenses of my decease as a ~xt of ~he _ estate as soon as practicable after my c3 {~ estate . -~ expense of the administration of my _E~ ~, -. I I . v ~ ~ - _- k,-~ N ~-r~, the sum of $2,000.00 cash to Newburg First Church of I give God, Newburg, Pennsylvania, to be used for general purposes. 1 III. ~~ \. I give the sum of $100,000.00 cash to my son, Douglas L. Rine. IV . I ive and devise my real estate situate at 963 Ridge Road, g hter, Eileen D. Brenize. Shippensburg, Pennsylvania, to my daug V. I ive the sum of $30,000.00 cash to my son, J. Gary Rine. g VI. In the event that there is insufficient funds in the estate to hs III and V, my home honor the bequests set forth in said paragrap on ayment by her of `\ shall be distributed to Eileen D. Brenize up P T Rine; however, no `~ the sum of $50,000.00 to my son; Douglas .~• ~ uest shall be made to my son, J. Gary Rine. payment or beq VII. estate of every I give, devise and bequeath the residue of my ~ las L . Rine , nature and wherever situate to my children, namely Doug' in equal shares, providing and J . Gary Rine , Eileen D. Brenize, uld Douglas L . Rine or Eileen D . Brenize predecease me or die on sho following my death, their share would or before the thirtieth day on the thirty- er stirpes, living P be distributed to their issue, J Gary Rine, first day following my death. Should my son, Page 2 ~~ ~\ ~~ ~~ following my predecease me or die on or before the thirtieth day one-third death, his share shall be distributed as follows: his wife, Virginia B. Rine, and two-thirds thereof to thereof to e uall living the children of Darrin G. Rine and Curtis J. Rine, q Y at the time of my death. V13I. owers Any fiduciary under this will shall have the following p those vested in them by law and by other provisions in addition to f m will applicable to all property whether principal or income, o Y luding property held for minors, exercisable without Cour inc ro erty: a roval, and effective until actual distribution of all P eal or PP estate, r A. To retain any and all of the assets of my ersonal, without regard to any principle of P . diversification of risk. including stock, ro erty Tc invest in all forms of p P common trust funds and mortgage investment funds without restriction to investments authorized for Pennsylvania fiduciaries as they deem proper, without regard to any C. principle of diversification of risk. To sell at public or private sale, to exchange or tc real or personal lease for any period of time any exchanges or property and to give options for sales; leases,. for such prices and upon such terms or conditions D. as they deem proper. To allocate receipts and expenses to principal or income Page 3 or partly to each as they from time to time think proper. g, To compromise any claim or controversy. g, To distribute in cash or in kind or partly in each. G, To hold property in their names without designation of any f fiduciary capacity or in the name of a nominee or unregistered. IX. In the event that anyone entitled to a share of my estate shall be under the age of twenty-three years at the time for I constitute and appoint the distribution to such beneficiary, ensbur , Orrstown Bank, with principal offices in Shipp g Pennsylvania, as trustee of any property which passes either under this will or otherwise to said beneficiary. Said trustee shall in the trustee's sole discretion and without order of court ube a ear to principal as well as income from time to time as may pP necessary for the beneficiary's welfare, comfort, medical care, recreation, support and education, without responsibility to the beneficiary or to any person taking care of the beneficiary; and the remaining balance in the hands of said trustee shall be distributed to said beneficiary when the beneficiary attains the rior to age of twenty-three years. If such beneficiary dies p attaining the age of twenty-three years, said trustee is authorized in the trustee's discretion to pay part or all of the beneficiary' s funeral expenses and the remaining balance in the hands of said Page 4 trustee shall be distributed to the beneficiary's personal representative . In the event the funds held by the trustee for any beneficiary become in the opinion of the trustee too small for the trustee, in the trustee's proper and efficient administration, sole discretion, may deposit such funds in a savings account in the name of the beneficiary . X. <y I direct that all taxes that may be assessed in consequence of my death of whatever nature and by whatever jurisdiction imposed, shall be paid from my residuary estate as a part o= the expense of the administration of my estate. XI. will. I appoint my son, J. Gary Rine, as executor of this my ualify or cease to act, I Should my son predecease me, fail to q appoint my son, Douglas L. Rine, as executor of this my will. XII. No bond shall be required of any fiduciary hereuMder in any jurisdiction. IN WITNESS WHEREOF, I hereunto set my hand and seal to this my Page 5 of seven typewritten pages, the last will and testament, consisting first five of which bear my signature in the margin for the purpose ,/~ 2 Od ~~' "Ziay of of identification this i (SEAL) Signed, sealed, published and declared by the above-named testatrix as and for her last will and testament in our presence, resence of each who in her presence, at her request and in the p other have hereunto set our hands as attesting witnesses. ~``) ~~' ~~ i J '' /! ~~)..~ l /:r, L~ /~/! '~~ ~ /~ -~ f~ /fi a~~ .~' i,i fi I ~ //h ~ - and ~ ~ J testatrix and the witnesses // 1 whose names are signed to the attached or foregoing respective y, instrument, being first duly sworn, do hereby declare to the undersigned authority that the testatrix signed and executed the instrument as her last will and testament and that she executed it as her free and voluntary act for the purposes therein expressed and that each of the witnesses, in the presence and hearing of the said testatrix, signed the will as witnesses and to the best of their knowledge, said signer was at that time eighteen years of age We, Ruth M. Rine, v ~ the Page 6 or older, of sound mind and under no constraint or undue influence. Testatrix Subscribed, sworn to and acknowledged before me by the above-named signer and subscribed and sworn to before~ea Y tofe above-named witnesses this Notary )Public t;t~MMON',/vtALT!ti JF PENNSYLVANIA ~~(:~iar'ta4 Seal Nicho!e .i. Ye44~t, Notary Public Shipper!sb+.: ~ `•3r~~::. Cumberland County rxr~~ Sept. 3, 2007 MY Commis..: - __ ; '~--~ ~ ssociation Of Notaries FAember, Pennsylva:^s^. Page 7 Summary Appraisal Report 963 RIDGE ROAD HOPEWELL TOWNSHIP CUMBERLAND COUNTY, PA Prepared For Mr. Joel R Zullinger, Esquire 14 North Main Street, Suite 200 Chambersburg, Pennsylvania 17201 Date of Report January 20, 2010 Date of Retrospective Market Valuation December 11, 2009 Prepared By APEX VALUATION SERVICES 1 West King Street, Suite 2A Shippensburg, Pennsylvania 17257 (717) 530-8701 Apeg File No: 01-10-1151 This report was solely Prepared for our client's use. Third parties who receive this report properly from our client may use it for evaluating the Property or properties to which it relates for our client. The unpublished report contains confidential information owned by Apex Valuation Services and is protected under the United States Copyright Law. All unauthorized use is prohibited without the prior consent of Apex Waluation Services. APEX VALUATION SERVICES peal Estate Appraising & Consulting 1 West King Street, Suite 2A Phone 7i7-530-8701 Shippensburg, PA 17257 Fax 717-530-8704 January 20, 2010 Mr. Joel R. Zullinger, Esquire 14 North Main Street, Suite 200 Chambersburg, Pennsylvania 17201 Re: Estimate of Retrospective Mazket Value 963 Ridge Road Cumberland County, Pennsylvania Deaz Mr. Zullinger: We are transmitting the summary appraisal report you requested on the property located at: 963 Ridge Road Hopewell Township Cumberland County, Pennsylvania. The subject property is comprised of one pazcel improved upon with asingle-story, single-family dwelling. The single-family dwelling is a single-story home with approximately 1,440 square feet of livable azea. The site contains approximately 2.3 acres according to the Cumberland County Assessment Office. In authorizing this work, you indicated that the value conclusion would serve as an estimate of retrospective mazket value for the property. The enclosed report provides the market data and analysis supporting the opinion of market value for the residential dwelling estimated as: $95,000 Ninety Five Thousand Dollars for the fee simple interests, as of December 11, 2009. This estimate assumes a purchase in cash or its equivalent (in typically available financing terms) and negotiations free of seller or buyer duress. Re: 963 Ridge Road January 20, 2010 Page ii This report is a summary appraisal report completed in adherence to Standards Rule 2-2, 4, and 5 of the Uniform Standards of Professional Appraisal Practice (i-TSPAPI. The depth of discussion contained in this report is specific to the needs of the client and for their intended use. The appraiser is not responsible for unauthorized. use of this report. We expect you will find the details of this analysis relevant to your decisions, and we would be pleased to answer any questions you might have. Sincerely, APEX VALUATION SERVICES ~_..,' Joseph W. Elhaj~ PA Certified General Real Estate Appraiser #GA-001599-L TABLE OF CONTENTS Letter of Transmittal Executive Summary ............................................... ...... i Report Synopsis Valuation Summary Property Introduction Site Data ............................................................... 1 Description of Improvements .................................... . .......... 11 Approaches to Value ........................................... Sales Comparison Approach .............................................. 13 Reconciliation and Correlation ............................................ 26 Certification and Addenda EXECUTIVE SUMMARY Type of Proyerty: The subject property is comprised of one pazcel improved upon with asingle- story, single-family dwelling. .o Address of Subject Property: The subject property has a physical address. of 963 Ridge Road in Hopewell Township, Cumberland County, Pennsylvania. Identification: The subject property is identified on the tax maps of Cumberland County as being in District 11, Map 10-0610, Pazce1069. Property Rights Appraised: The property rights appraised aze the fee simple interests in subject property. Ownershiy and Sales History: The subject is owned by Ruth Rine (estate). The subject property has been owned by Ruth Rine and John Rine since 1973 as recorded in the Cumberland County Recorder of Deeds Office in Deed Book K25, Page 214. A copy of the deed is contained in the Addenda to this analysis. Client: Joel R. Zullinger Esquire, 14 North Main Street Suite 200, Chambersburg, Pennsylvania 17201 Site: The site contains approximately 2.3 acres according to the Cumberland County Assessment Office. Improvement Descriytion: The single-family dwelling is a single-story home with approximately 1,440 square feet of livable area. Current Use: The subject is currently used for dwelling purposes. Zoning: The subject property is located in the "A-1" Agricultural District of Hopewell Township, Cumberland County, Pennsylvania. i 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Hi est and Best Use "As if Vacant and Available for Development": Considering the four factors of Highest and Best Use, namely legally permissible, physically possible, financially feasible, and maximally productive, the Highest and Best Use of the subject site, as if vacant and available for development is concluded to be for residential development. Highest and Best Use "As Improved": Also considering the same four factors as in the "as if vacant" scenario but applied to the subject as currently improved (namely legally .permissible, 1 physically possible, financially feasible, and maximally productive), the Highest and Best Use As Improved is concluded to be for continued use as a residential dwelling. Most Likely Buyer: The property as currently designed would most likely be purchased by a local residential user. Valuation Issues: Only the sales comparison approach was developed in this analysis. Assessment Issues: The subject property's residential assessment is $119,280. When applying the local common level ratio of 79.1% yields an implied value of $150,800. Scone Of Work - Intended Use • The function of this appraisal assignment will be to render guidance for estate planning purposes. - Intended User This report will be for client's use only. Even once the report is distributed to other parties, the client retains its confidential relationship with the appraiser until the intended uses are completed or written release from the client is provided. - Purpose • The purpose of this appraisal will be to estimate the retrospective market value as of the date death as of December 11, 2009. - Effective Date/Inspection Date/Date of Report • The effective date for this assignment is a date of December 11, 2009. The property was inspected January 5, 2010 and the date of this report is January 20, 2010 ii 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania - Market Value Definition' • A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set in the definition of the term identified by the appraiser as applicable in an appraisal. Forming an opinion of market value is the purpose of many real property appraisal assignments, particularly when the client's intended use includes more than one intended user. The conditions included in market value ~ definitions establish market perspectives for development of opinion. These conditions may vary from definition to definition but generally fall into three categories: ^ The relationship, knowledge, and motivation of the parties (i.e., seller and buyer); ^ The terms of sale (e.g., cash, cash equivalent, or other terms), and; ^ The conditions of sale (e.g., exposure in a competitive market for a reasonable time prior to sale). - Extraordinary Assumptions and Hypothetical Conditions • No extraordinary assumptions have been used in this analysis. • No hypothetical conditions have been used in this analysis. - Research • The subject is identified in this analysis by tax records coupled with a review of current the deed(s). The subject was inspected by all of the appraisers signing the report to catalog its physical attributes with a physical inspection of the subject's site, exterior and/or complete interior. • The neighborhood was toured and researched for pertinent characteristics. • Economic conditions and public infrastructure was researched with goverrunent publications and third party reports. • Comparable data was selected from the immediate market area and verified. Reliable sources are considered to be appraisal files, public records, primary research, and national trade surveys; complemented with exterior inspections of the comparables. ~ Uniform Standards of Professional Appraisal Practice (USPAP), 2008-2009, Pg. U3 lll 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania - Analyses Considered • Highest and best use analysis was completed using inferred methods or fundamental methods and retained in the appraiser's file. • A summary Appraisal, considering the cost approach, sales comparison approach, and income approach. A summary appraisal is defined as one in which the appraiser completes thorough subject and market research and completes all aDUlicable approaches to value. • The Cost Approach was not developed in this analysis. • Sales Comparison Approach has been developed comparing the subject to similar properties for the retrospective market value. • The Income Approach was not developed in this analysis. - Reporting Re ort • In conformity with USPAP and also the client's requirements a Summary p was completed. 'This analysis includes a signed certification that is signed by any appraiser providing professional assistance and the principal appraiser stating the principal appraiser inspected the subject. • This analysis includes statements of standard assumptions & limiting conditions including a statement with the following wording: "Disclosure of the contents of this appraisal report shall be governed by the terms and conditions stated herein, provided, however, that anything contained herein before or hereinafter to the contrary not withstanding, the client may distribute copies of this appraisal report to such third parties as may be selected by it, and provided further that neither all nor any part of this appraisal report shall be disseminated to the general publf c by the use of .advertising media, public relations media, news media, or other media for public communications without prior written consent of the signatories of this appraisal report." iv 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Type of Appraisal: This appraisal report is prepared to conform to the requirements of a summary appraisal. A summary appraisal report's content is defined by the Uniform Standards of Professional Appraisal Practice (2008-2009 edition) by Standard 2-2b at a minima, as: i. state the identity of the client and any intended users by name or type;. ii. state the intended use of the appraisal; re estate involved in the iii. summarize information sufficient to identify the al appraisal, including the physical and economic property characteristics relevant to the assignment; iv. state the real property interest appraised; v. state the type of definition of value and cite the source of the defuution; vi. state the effective date of the appraisal and the date of the report; vii. summarize the scope of the work used to develop the appraisal; viii. summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; ix. state the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal; and, when an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion; x. clearly and conspicuously: -state all extraordinary assumptions and hypothetical conditions; and -state that their use might have affected the assignment results xi. include a signed certification in accordance with Standards Rule 2-3. Exposure Time2 Reasonable exposure time is one of a series of conditions in most market valti~e definitions. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market." z Appraisal Standards Board of the Appraisal Foundation, "Statement on Appraisal Standards'No. 6; Reasonable Exposure Time in Market Value Estimates", October 1992. v 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Exposure time is different for various types of real estat eanom aseses not only adequate tisunffic ent noted that the overall concept of reasonable exposure p and reasonable time but also adequate, suffici resseddas a angel and can bee basedton one o~ more of the tune component. The estimate may be exp the following: • Statistical information about days on market; • Information gathered through sales verification; and, • Interviews with market participants. Based on the information presented in the body of the report which follows t© ~ as enab~ exposure time for the subject property at the estimated differentl than marketing time in that months. The reader should note that exposure tim exposure time is always presumed to precede the effective date of an appraiisal, whereas marketing time is a time period immediately subsequent to the date of the appraisal. Marketing Time = While it is impossible to know exactly how long a marketing period might be, there are some indicators, which help to understand the basic dynamics of any market in relation to equilibrium. These elements may include matters such as volume of sales, occupancy rates, average daily room rates, availability of capital and investment yield expectations. In addition to the above information regarding market activity, it should be noted tkiat the various judgments regarding property performance and investor expectations contained within the appraisal are based on criteria, which are currently in use in this market. Therefore, the estimate of value reflects current market and investment criteria. No changes in the real estate or capital markets aze required for the estimate of value to be realized. The reasonable mazketing time is an estimate of the amount of time it might take to sell a property interest in real estate at the e3 timated mazket value level during the period immediately after the effective date of an appraisal. Mazketing Time is different from Exposure Time, which is always presumed to precede the effective date of an appraisal. The estimate of marketing time uses some of the same data analyzed in the process of estimating reasonable exposure time as part of the appraisal process and is not intended to be a prediction of a date of sale. s Appraisal Standards Boazd of the Appraisal Foundation, "Advisory Opinion G-7; Marketing Time Estimates", October 1992. vi 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania The estimate may be expressed as a range and can be based on one or more of the following: • Statistical information about days on mazket; • Information gathered through sales verification; • Interviews with market participants; and, • Anticipated changes in market conditions. ' Considering the information presented above regazding market activity, a reasonably estimate of ~~-` marketing time for the subject property is six (6) to nine (9) months. Location Descriution: The subject property is located on the north side of Ridge Road! in Hopewell ~' Township, Cumberland County. The surrounding land uses in proximity to the subject property aze rixnaril agricultural in nature with sporadic dwellings. The neazest population center is Newburg p Y Borough less than two miles north of the subject property. ~! Located less than five miles south is Shippensburg Borough. The downtown azea of ~hippensburg II consists primarily of two and three-story commercial buildings in which the first floor is leased to ~! retail businesses. The remaining floors aze rented as apartments to the residence pf downtown !, Shippensburg. II Shippensburg Borough is the oldest community of the Cumberland Valley, and the second oldest ', west of the Susquehanna River in Pennsylvania. ~! Located in Shippensburg is Shippensburg University which is a Pennsylvania higher education school. Shippensburg University is the lazgest state school located within the south-central ', Pennsylvania azea. ~I'I The dominant influence in the subject neighborhood is the agricultural land and sporadic residential '' development. Valuation Summary Tables Single Family Dwelling- Retrospective Market Value Total Estimated Value b the Income A roach Not A livable Estimated Value b the Cost A roach Not A 'livable Estimated Value b Sales Com arison A roach $95, 00 Final Estimate of Market Value as of December 11, 2009) $95, Q00 vii 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania SITE DESCRIPTION The subject site contains approximately 2.3 acres. Land Area: Irregular Shape: Level Topography: Limited Visibility: Approximately 15 feet of frontage along Ridge Road Frontage: Paving/Parking Spaces: A roximately 5 vehicle parking spaces PP Landscaping: Average Sidewalks and Curbs: None No curb cuts exist; however, access is granted $rom Ridge Curb Cuts: Road Exterior Lighting: Building mounted overhead lights i Underground Tanks: on None disclosed at the time of inspect Fencing: None The subject property operates by on-site well and septic Public Utilities: system. No adverse easements/encroachments noted or disclosed by Easements/Encroachments: subject owner cultural The subject property is located in the "A-1" Agri Zoning: Cumberland County, District of Hopewell Township, Pennsylvania. hazardous Materials/Wetlands: The scope of this appraio alas eat estatea the ownership f the audits or testing for hazardous materials. As m the case subject property is advised to have a complete understanding of the environmental issues surrounding the subject site. As such, a Phase I environmental audit is recommended. 1 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania ~~...+....,.4..ha of Snhiect's Street Scenes 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania 3 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania __ L _ ~-r c..t.:o..+~Q Ctreet RCBIIC SiTB,IECT LOCATION MAP ~__- ,.r841~ ~ 'Pa .~ _ ~~ r V~U~hra Rp '~ ~Newbu 9~~. ~~ ~` __ t~ ,,_ >~ -< ,` ,. ,. ~~~ ~~ oakvillfs ,, Rd ., Sub ~ Property / ~~' yp,~~ rAa, ',per` 5~ ,~.. 11( ~ ~~~ ,~'" ~ .: ~t ~ ~ l-. Y ~:: 1 -_ .: E ~1 .g' ~~0' Brame ~S 4~>. r~ qtr ~ 1533; i} Mfr ._ ~--~ (~ ,_ hair ~d ~O~' ltd •`a y a~~-a, ~, ~~~ -- "~~, m~ ~ ~Q. '~}o. i 174 ; 4 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania ,.~,-.. ,r.. rrm m ~- ~ ~R A p 6 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania ___ ~.~..r..~ • TT7 A 7 M Sp FLOOD PLAIN According to FEMA community panel ##420q.1C0332E dated March 16, 2009 the subject property is located. in Zone X (outside the 100-year flood hazard area) as depicted on the followixig picture by the green circle. 7 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania IlVIPROVEMENT DESCRIPTION The descriptions which follow have been drawn from public records as well as observations and conclusions reached during the inspection. Main Improvement(s): Foundation: Walls: Roof: Windows: Frame: Ezterior Walls: Floors: Ceilings: Basement: Mechanical Systems Electricity: Lighting: Heating/Cooling: Plumbing: Elevator: Sprinkler: Age/Condition of Buildings: The single-family dwelling is a single-story home with approximately 1,440 square feet of livable area constructed predominantly of a wood-frame with vinyl siding and an asphalt shingle roof. The dwelling is comprised of two bedrooms, one full bathroom, dining azea, family room, and kitchen. The dwelling also has aone-caz garage. 'The improvements are located on a slab (no basement). Slab (concrete) Drywall Asphalt shingle Double pane Wood Vinyl Residential carpet and vinyl Drywall None Assumed to be adequate for current use Assumed to be adequate for current use Electric-fired heat pump for heating and cooling Assumed to be adequate for current use None No The dwelling was constructed in 1983. At the time of inspection, the subject appeared in average condition. s 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Photographs Of Subject Photographs Of Subject Interior to 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania THE APPROACHES TO VALUE In estimating the market value of a given property, it is normal appraisal practice to assemble as much relevant data froth the marketplace as possible. This data is then applied in the three recd approaches to value: the Income Approach, the Cost Approach, and the Sales ~~ Comparison Approach. The Income Approach analysis is concerned with the present worth of anticipated future benefits derived from the ownership of the subject property, expressed in terms of rental income which the ownership of a property may be expected to produce. The anticipated stabilized. net operating income available from the ownership of a property is then converted into a value estimate by means of the application of an appropriate rate derived from market observations. In the Cost Approach, an estimate of the site's value would first be derived by comparing the subject site with other similar sites which have been sold. The subject site would be valued in accordance with the conclusions reached in the Highest and Best Use - As Though Vacant section of this report. Based on the physical characteristics of a property, the replacement cost new can be estimated based on comparative costs derived from the market and from Marshall Ydluation Service estimates. Accrued depreciation from all observed sources is then subtracted from replacement cost new to yield depreciated replacement cost. An appropriate level of entrepreneurial profit is added to this and added to indicated land value to yield an estimate of value based on the Cost Approach. 11 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania The Sales Comparison Approach uses the sales of similar properties as the basis of an indication of value for the subject property. This comparison may be made on a square foot, cubic foot, front foot or sny other basis which is recognized in the marketplace and provides an adequate unit of measure of indicated market value. appraisal of real property. similar-type properties. T'he Sales Comparison Approach is essential to almost every This approach best mirrors the actions of buyers in the marketplace for After arriving at an indication of value from the valuation approaches used in this appraisal (only the Sales Comparison Approach was developed), the results are correlated into a single conclusion of value based on the approach or approaches which have the highest quality and/or quantity of data available and the one(s) in which the appraiser has the greatest confidence. All pertinent data and facts which were used in the appraisal process have been analyzed on the following pages of this report. 12 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania SALES COMPARISON APPROACH The Sales Comparison Approach is a method of estimating market value where the subjject property is compared to similar properties which leave been sold. This approach is based on the Principle le Substitution which states that if several competing commodities, goods, or services are availab then the one with the lowest price will attract the greatest demand and receive the widest distribution.4 When applied to real estate, this comparison focuses on those elements of comparison which cause prices to vary. rtant to most a praisal problems since it The Sales Comparison Approach is considered impo p indicates the price paid for similar properties by typically knowledgeable buyers in tht open market. It is applicable to the appraisal of all properties for which there are a sufficient number o ~ comparable sales. This approach is most reliable when the property type under analysis is bough and sold regularly Applying this approach is a systematic procedure where similar sales are researched and analyzed through the most relevant elements of comparison. Adjustments are made for differences mthat sales that reflect market reaction. The table on the following page summarizes the comparables were uncovered in the subject market. i a The Dictionary of Real Fstate Appraisal, Appraisal Institute, 3rd Edition, 1993. 13 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Sale # Location Size (S)NP Site Size Date Price 1 632 Brandy Run Road, Upper Mifflin Township 1,456 2.3 acres 03/09 $70,000 2 31 Airport Road, Southampton Township 1,600 1.4 acres 04/09 $114,900 3 98 Naugle Road, Southampton Township 1,624 i.4 acres i2/G9 $99,000 4 10408 Cool Hollow Road, Montgomery Township 1,300 2.2 acres 04/09 $122,500 Units of Comparison: An important step in the Sales Comparison Approach is the selection of an appropriate unit of comparison. In this analysis, the unit of comparison is deemed to be the price per entity, based on improved sales similar to the subject; it appears that this is the unit of comparison in which the market participants place the most weight and offers a tighter range of value. Elements of Comparison: Key value elements under scrutiny that may require adjustments are financing terms and condition of sale, time, location, and physical characteristics, (i.e., condition of improvements, quality of construction, functionality, zoning, size and the like). The following pages contain outline profiles of the comparables used in this analysis of the subject - property by the Sales Comparison Approach. A narrative analysis of the adjustments indicated by these sales is included following the outline profiles. The comparables presented on the following pages are the best known comparables for comparison to the subject property. 14 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Comparable Improved Sale #1 LOCATION: Address: 632 Brandy Run Road Upper Mifflin Township Cumberland County, Pennsylvania LEGAL Sale Date: March 2009 INFORMATION: Liber/Folio: Instrument #200910414 Grantee: E. King CONSIDERATION: Sale Price: $70,000 Financing: Cash to seller Verified: Listing agent (Velocity Real Estate) SITE Site Size: 2.3 acres DESCRIPTION: BUILDING DATA: Construction: Vinyl Home Area: 1,456 square feet Year Built: 1983 Basement: None Stories: Single COMMENTS: Property was listed for sale for approximately 90 days. 15 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania 16 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Photograph Of Comparable Sale #1 i Comparable Improved Sale #2 LOCATION: Address: 31 Airport Road Southampton Township Cumberland County, Per~~ylvania LEGAL Sale Date: Apri12009 Instrument #200911730 INFORMATION• • Liber/Folio: Calhoun W Grantee: . CONSIDERA'T'ION: Sale Price: $114,900 Cash to seller Financing: Listing agent (Long & Foster heal Estate) Verified: SITE Site Size: 1.4 acres DESCRIPTION: BUII~DING DATA: Construction: Brick and Vinyl 600 square feet 1 Home Area: , Year Built: 1975 Basement: Full basement Stories: Single COMN~NTS: Property was listed for sale for approximately 100 days. 17 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Photograph Of Comparable Sale #2 ,. ~, ~ ~ t ~~ ~:~.~. ~' "~~+ 18 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania r Comparable Improved Sale #3 LOCATION: Address: 98 Naugle Road Southampton Township Cumberland Co~.~nty, pennsylvainia Sale Date: December 2009 LEGAL Liber/Folio: Instrument #200940913 INFORMATION: Grantee: R. Dyson CONSIDERATION: Sale Price: $99,000 Cash to seller Financing: Verified: Listing agent (Century 21) SITE Site Size: 1.4 acres DESCRIPTION: BUILDING DATA: Construction: Brick and Vinyl 624 square feet 1 Home Area: , Year Built: 1987 Basement: Partial One and partial second floor Stories: Property was listed for sale for approximately 30 days. Property was COMI~'IENTS: listed for sale for $114,000 ll i i y na g or 19 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania 20 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Photograph Of Comparable Sale #3 Comparable Improved Sale #4 LOCATION• • Address: 10408 Cool Hollow Road Montgomery Township Franklin County, Pennsylvania LEGAL Sale Date: Liber/Folio: Apri12009 Instrument #200910129 INFORNIATION• • Grantee: K. Johnson CONSIDERATION: Sale Price: $122,500 Financing: Cash to seller Verified: Listing agent (RE/MAX) SITE Site Size: 2.2 acres DESCRIPTION: BUILDING DATA: Construction: Vinyl Home Area: 1,300 square feet Year Built: 1966 Basement: Partial Stories: Single CONIIVIENTS• • Property was listed for sale for approximately 60 days. Property was originally listed for sale for $129,500 21 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Photograph Of Comparable Sale #4 22 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania General Discussion of Elements of Comparison In general, there is an upwazd adjustment if the comparable is inferior to the subject. for a given element of comparison and a downwazd adjustment where the compazable is superior to the subject for a given element of comparison. Property Riehts Conveyed: This adjustment normally attempts to equate differentials associated 'th investor versus owner purchases as well as the positive and negative effects of leasehold vvt interests on a property. As noted previously, this is an appraisal of the fee simple interest in the subject property; therefore, no adjustments were warranted to the comparables in relation to the subject property. Financin Aduustments and Conditions of Sale: The comparable sales have been adjusted for In this a sisal, there were no adjustments financing terms and conditions of sale, if necessary. Pp financing or conditions of sale to the comparables in relation to the subject. Date of Sale Adiustments (times: After adjusting all the comparables to a cash equivalent price the sales must be brought current by means of a time adjustment to account for changing mars conditions from the date of each comparable sale to the effective date of this appraisal. In appraisal, no adjustments aze warranted for time. Quality Adiustments: These aze based on the quality of construction of the comparables ale relation to the subject property (vinyl, brick, stone, etc.) Comparable Sale #2 and Comparable S #3 required downwazd adjustments for superior quality in relation to the subject property. As ,noted earlier, the r'~ndition of Imarovements: Condition is often a factor of age and quality subject property was constructed in 1983 and is in average overall condition. No adjustments were deemed necessary for condition in this analysis. 23 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania Buildins Size: Buildings with more square footage typically sell for lower prices per square foot than buildings with less square footage due to economies of scale. The subject's improvement has 1,440 square feet. No adjustments were required to the comparables. Land Area: The subject site encompasses approximately 2.3 acres. Comparable Sale #2 and Comparable Sale #3 required upwazd adjustments for land area in relation to the subject property Basement: Typically, homes with basements command a higher price than homes without basements. Compazable Sale #2, Comparable Sale #3, and Comparable Sale #4 were adjusted downward in relation to the subject property for basement. Specific Analysis of the Comparable Sales After the appropriate adjustments have been made, the adjusted unit prices (price per entity) for the comparable sales aze: Sale # Location Ad'usted Price. 1 632 Brandy Run Road $70,000 2 31 Airport Road $103,000 3 98 Naugle Road $94,000 4 10408 Cool Hollow Road $116,000 MEAN $95,000 The compazables indicate a value range of $70,000 (Compazable Sale #1) to $116,000 (Compazable Sale #4) with a mean of $95,000. Equal weight has been placed on all sales. An adjustment. grid is presented on the following page. It is concluded that the subject property's retrospective mazket value as of December 11, 2009 based on the Sales Comparison Approach is equivalent to $95,000 (Ninety Five Thousand Dollars). 24 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania RECONCILIATION AND CORRELATION The table below summarizes the approach to value developed in this analysis to appraise the property- located at 963 Ridge Road in Hopewell Township, Cumberland County, Pennsylvania. The following chart summarizes the indicated values estimate: Single Family Dwelling- Retrospective Market Value Total Estimated Value b the Income A roach Not A lic Estimated Value b the Cost A roach Not A lic Estimated Value b Sales Com arison A roach $95,Op~ Final Estimate of Market Value as of December 11, 2009) $95,Op~ In the Income Approach, .stabilized rents are estimated from historic rents and comparable rental information to yield potential gross income. Appropriate expenses and allowances are deducted from potential income to obtain an estimate of net operating income. Net inicome is then capitalized into an estimate of value by the application of an appropriate, market derived capitalization rate. The Cost Approach is an approach to value wherein the appraiser estimates the cost new of the subject building or buildings. From the cost new, the appraiser deducts the total dollar amount of all forms of accrued depreciation. The depreciated cost of the building or buildings is added to the value of the land to arrive at an indication of value by the Cost Approach. 26 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania The Sales Comparison Approach is an approach to value wherein the appraiser seeks out sales of similaz type properties that have recently sold in the subject's mazket azea. These sales have been compazed to the subject and adjusted for dissimilarities between the compazable properties and the subject to arrive at an indication of value. Theoretically, the Sales Comparison Approach reflects the actions of both buyers and sellers in the mazket. The inherent weakness in the Sales Comparison Approach is that no two sales or properties are exactly alike. Therefore, adjustments may be applied to each comparable sale based on interpretations of mazket information. This approach is most reliable when there are relatively homogeneous properties or when there are certain strong, similar traits which transcend the sales sample. After arriving at an indication of value from the valuation approaches used in this appraisal (only the Sales Comparison Approach was developed), the results aze correlated into a single conclusion of value based on the approach or approaches which have the highest quality and/or quantity of data available and the one(s) in which the appraiser has the- greatest confidence. Therefore, in terms of the detached, residential dwelling located at 963 Ridge Road in Hopewell Township, Cumberland County, Pennsylvania it is concluded that the retrospective mazket value of the fee simple interests of the subject property, as of December 11, 2009 is estimated as $95,000 (Ninety Five Thousand Dollars). 27 963 Ridge Road, Hopewell Township, Cumberland County, Pennsylvania BASIC ASSUMPTIONS AND LIMITING CONDITIONS (BUILDINGS) This appraisal report has been made with the following general assumptions: The valuation estimate and any market or feasibility conclusions apply only to the property specifically identified and described in rl,; s report. I'I ,~ . No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. The property is appraised free and clear of any or all liens encumbrances, encroachments, easements and restrictions, unless otherwise stated. Responsible ownership and competent property management aze assumed. Information and data contained in the appraisal, although obtained from public record and other reliable sources and, to the extent possible, carefully checked by the appraiser, aze accepted as satisfactory evidence upon which rest our final conclusions of value. Any information furnished by others is believed to be reliable, but no responsibility for itsion known to the client Unless otherwise noted, it is assumed that all mformat and relative to the valuation has been accurately furnished and that there aze no undisclosed leases, agreements, liens or other encumbrances affecting the use of the property. Any financial information provided to us with respect to the operation of the property, such as financial statements and reports, rent rolls and lease data, is assumed to be complete, true and correct. Any lease, mortgage, deed of trust or other agreement or instrument relating to the property reviewed by us is assumed to be legal, valid, binding and enforceable in accordance with its express terms. All engineering studies aze assumed to be correct. The appraiser has made no legal survey nor has he commissioned one to be prepared; therefore, any plot plans or other such illustrative materials in this report aze included only to help the reader visualize the property. It is assumed that there are no~hidende r it maoreazor tlessnvaluable. f No property, subsoil or structures the a ro riate responsibility is assumed for such conditions or for obtaining PP P engineering studies that may be required to discover them. Unless otherwise noted, the property is not located in an azea in which the purchase of flood insurance is required as a condition for federal related financial assistance. • It is assumed that there aze not structural defects hidden by floor or wall coverings or any other hidden or unappazent conditions of the property; that all mechanical equipment and appliances aze in good working condition; and that all electrical components and the roofing aze in average condition unless otherwise noted in the report. • No responsibility beyond reason is assumed for i~Yatters :,f a legal nature, whether existing or pending. • It is assumed that the property is in full compliance with all applicable federal, state and local laws and environmental regulations unless the lack of compliance is stated, described and considered in the appraisal report. • It is assumed that all required licenses, certificates of occupancy, consents and other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. • It is assumed that the use of the land and/or improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. Unless otherwise noted in this report, the existence of hazardous. materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a lass in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The valuation is subject to modification if any such potentially hazardous materials or conditions aze detected by a qualified expert in these azeas. The appraiser reserves the right to modify this valuation if so warranted. • The appraiser is not an engineer and any references to physical property chazacteristics in terms of quality, conditi elated to their elconomic impact on floor risk, obsolescence, etc., aze strictly r the property. No liability is assumed for any engineering-related issues. • If the appraisal is for property to be built or under construction, it is assumed that construction will be completed as outlined in the report. The appraiser reserves the right to review finalized plans, require a current on-site inspection prior to the release of any funds and/or recertify any values reported herein. • Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers tha~ae s adversely affect the property's t value, by disabled individuals y marketability or utility. • An appraisal is inherently subjective and represents only an estimate of a property's value. • The conclusions stated in the appr effe tof an nsubsequent eventsndxcated and no representation is made as to the Y • 'The values reported herein are only applicable to the Property Rights Appraised in conjunction with the Purpose of the Appraisal and the Function of the Appraisal as herein set fourth; the appraisal is not to be used for any other purposes or functions. • Any allocation of the total value estimated in this report between the land and the improvements applies only to the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are not valid if so used. • No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in the appraisal. • Possession of the report, or any type of copy thereof, does not carry with it the right of publication. • The appraiser, by reason of this appraisal, .shall not be required to give testimony as Expert Witness in any legal hearing or before any court of law with reference to the property in question unless arrangements have been previously made for just and fair compensation for such services. • Neither all nor any part of the contents of this -report (especially any conclusions as to value, the identity of the appraiser or Apex Valuation Services) shall be disseminated to the public through advertising, public relations, news, sales or other media without the prior written consent and approval of the appraiser. • The forecasts, projections and operating estimates contained herein are based on current market conditions, anticipated short-tenu supply and demand factors and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. This appraisal is based on the condition of local and national economies, purchasing power of money and financing rates prevailing at the effective date of value. • This appraisal shall be considered only in its entirely and no part of this appraisal shall be utilized separately or out of context. Any separation of the signature pages from the balance of the appraisal report invalidates the conclusions established herein. • The liability of Apex Valuation Services is limited to the client only and to the fee actually received by the appraiser. Further, there is no accountability, obligation or liability to any other party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the .assignment. Apex Valuation Services is in no way to be responsible for any costs incurred to discover or correct any deficiencies of any type present in the properties -physically, financially or/or legally. Acceptance and use of this analysis by the client or any third party constitutes acceptance of the above conditions. The appraiser has no liability to any parties other than the client. • The value conclusions found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from these Basic Assumptions and Limited Conditions. SPECIAL ASSUMPTIONS AND LIMITING CONDITIONS In addition to the Basic Assumptions and Limiting Conditions presented previously, this appraisal report has been made with the following Special Assumptions and Limiting Conditions: raisal re ort that is intended to comply with the reporting a 's is a summ pp P Thi ~' s Rule 2-2 of the Umform Standazds of I'~ ~ re uirements set forth under Standard ro) q a raisal re ort. As such, it does Professional Appraisal Practice for a summary pp P not present detailed discussions of the data, reasoning and analyses that were used ortin e. Su of valu g 'ons Pp in the appraisal process to develop the opim in the is retained n the data, reasoning and analyses ncerm documentation co g appraiser's file. APPRAISER CERTIFICATION File No: 1151 I certify that, to the best of my knowledge and belief: The statements of fact contained within this report are true and correct. The appraiser has acted in an independent capacity and the appraisal engagement is not based on a requested minimum valuation, or the approval of a loan. 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. I have no [or the specified] present or prospective interest in the property that is the subject of this report and no [or the specified] personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. My engagement in this assignment was not contingent upon delivering or reporting predetermined results. 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. My analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. ~~ Joseph W. Elhajj Certified General Appraiser #GA-001599-L Joseph W. Elhaj j Appraisal Qualifications Current Position President, Apex Valuation Services Previous Position Weinstein Realty Advisors, Certified General Real Estate Appraiser Weinstein Realty Advisors, Pennsylvania Licensed Real Estate Sales Agent Weinstein Realty Advisors, Real Estate Tax Consultant Real Estate Certificate and Licenses Pennsylvania State Licensed Real Estate Standard Broker #SB065397 Pennsylvania State Certified General Real Estate Appraiser #GA-001599-L Pennsylvania State Licensed Real Estate Sales Agent #RS-194417E Delaware State Certified General Real Property Appraiser #X1-0000504 Virginia State Certified General Real Estate Appraiser #4001 014037 Work Experience 1994 - 1998 Certified General Real Estate Appraiser, Weinstein Realty Advisors 1998 -Present President, Apex Valuation Services Real Estate Investment Activity 1992 -Present Owner: Lincoln Investments, Shippensburg, PA Various Multi-family and Single-family Residential Dwellings 1992 -Present Owner/Partner: BJ Realty Investments, Shippensburg, PA Various Multi-family Residential Dwellings Commercial/Office Properties 2004 -Present Owner/Partner: 615 Lincoln Way West Associates, LLC, Shippensburg, PA Various Multi-family Residential Dwellings CommerciaUOffice Properties 2007 -Present Owner: Nick's Properties, Ltd, LLC, Shippensburg, PA Various Multi-family Residential Dwellings General Education 1988-1990 Pennsylvania State University; Business Administration Real Estate Education Commercial Investment Read Estate Institute Financial Analysis for Commercial Investment Real Estate, Course CI 101 - Las Vegas, NV, 2000 !~ ~ Appraisal Institute Appraisal Principals, Course #110 -Pittsburgh Pennsylvania, 1995 Appraisal Procedures, Course #120- Pittsburgh, Pennsylvania, 1995 Basic Income Capitalization, Course #310- Boulder Colorado, 199? Advanced Income Capitalization, Course #510- Boulder Colorado, 1997 -Atlanta Geor i 1997 Affordable Housing Valuation g a, Section 8/HUD: Rent Comparability Course -Washington, DC, 2001 Pennsylvania Realtors Institute Appraisal Standards and Ethics, Course #RAS, 1994 Current Appraisal Topics, Course #RA8, 1994 Penn State University REST 5200 Contemporary Legal Issues Affecting Real Estate Transactions, Course #00198M, Chambersburg, Pennsylvania Institute of Real Estate Studies Pennsylvania Real Estate Salesperson Licensing Requirements, 1991 Real Estate Finance I, 2004 Real Estate Finance II, 2004 Home Inspections, 2004 Brokerage & Office Management, 2004 Residential Construction I, 2004 Residential Construction II, 2005 Basic Income Property Valuation, 2005 Fifteen Hour USPAP Compliance, 2005 Real Estate Investment I, 2005 Real Estate Investment II, 2005 Basics of Residential Valuation & Sales Comparison Approach, 2005 Residential Valuation Using Cost & Income Approach, 2005 Narrative Valuation Report, 2005 & 2007 Real Estate Law, 2005 PA Appraisal Law and Emerging Issues, 2007 The Real Estate School of York County New Home Construction, Course III, 1996 Property Investment, 1998 "Let's Get It Right", 1998 Maryland Association of Appraisers FHA Review Guidelines, 1998 Education Division of Don Paul Shear Inc. Tax Assessment Law and Tax Appeals, 1999 Income Capitalization and Partial Interest, 1999 Contemporary Legal Issues, 2001-2001 New Concerns and Issues of Real Estate Practice in Pennsylvania, 2002 Fifteen Hour USPAP Compliance, 2003 USPAP and State Appraiser Law Updates, 2005 Professional Liability, 2003 Tax Assessment Law & Tax Appeals in Pennsylvania, 2003 McKissock Two Hour Mandated Law Course, 2009 Technology for Today's Appraiser, 2009 Private Appraisal Assignments, 2009 Made in America: Appraising Factory Built Housing, 2009 2008-2009 National USPAP Update Equivalent (7 Hours), 2009 Published Articles "Better Measurement of Apartment Vacancy and Collection Loss" The Appraisal Journal, January, 1998 "Assessment of Low Income Housing Tax Credit Projects" The Advisor, A publication of Weinstein Realty Advisors; Volume 1, Issue 2, July 1997 Ezpert Court Testimony Boazd of Assessment Appeals -Adams County Boazd of Assessment Appeals - Berks County Boazd of Assessment Appeals -Blair County Board of Assessment Appeals -Cumberland County Boazd of Assessment Appeals -Dauphin County Boazd of Assessment Appeals -Franklin County Boazd of Assessment Appeals -Lancaster County Boazd of Assessment Appeals - Luzerne County Boazd of Assessment Appeals -Mifflin County Boazd of Assessment Appeals -Northumberland County Boazd of Assessment Appeals -Schuylkill County Boazd of Assessment Appeals -York County Blair County Court of Common Pleas Dauphin County Court of Common Pleas Franklin County Court of Common Pleas Fulton County Court of Common Pleas Types of Properties Appraised Apartment Complexes Joseph W. Elhajj has personally appraised over 10,000 apartment units in more than 100 complexes which ranged in size from 40 to 800 units. Primary geographic areas for apartment appraisals in Pennsylvania have been Adams County, Berks County, Blair County, Cumberla-id County, Dauphin County, Fayette County, Franklin County, Greene County, Lancaster County, Lawrence County, Luzerne County, Mii~lin County, and York County. Additionally, apartment appraisals have been preformed in Delaware, New Jersey, and Maryland. Apartment appraisals have been completed for various clients including but not limited to local lenders, regional lenders, property owners, Pennsylvania Department of Housing and Urban Development, and subcontract work from other appraisal firms. Various other smaller apartment complexes have also been completed for various local lenders. Smaller apartment communities have varied in size from four to forty units. Commercial Facilities Commercial appraisals previously appraised include strip shopping centers, regional malls, self- storage units, fast food restaurants, retail stores, gas stations, and convenience stores. The geographic area of focus for commercial appraisals has been primarily south-central Pennsylvania; however, various commercial work has been performed throughout Pennsylvania and in Maryland and Connecticut. Office buildings Office appraisals have been preformed all across central Pennsylvania and include facilities ranging in size from 2,800 square feet to 250,000 square feet. Both owner-occupied and investor-owned office facilities have been analyzed. The investor-owned facilities have been both single-tenant and multi-tenant and have ranged from large nationally ranked tenants to small local professional firms. Industrial Facilities Industrial appraisals have been preformed for both new construction and existing facilities all across central Pennsylvania. Industrial properties appraised have ranged in size from 9,000 square feet to 800,000 square feet. Both owner-occupied and investor-owned industrial facilities have been appraised. Land Land valuations have included vacant, undeveloped land in commercial, industrial, residential, manufacturing, agricultural and various other zoning districts. Appraisals have been preformed on vacant land for new construction purposes and simply asset management purposes. Consulting assignments for vacant land include various highest and best use analyses for determining potential development strategies. Other Other special purpose properties such as nursing homes, residential subdivisions, mobile home parks, recreational facilities and golf courses have been appraised in various locations across Pennsylvania, Delaware and Maryland. Residential Residential appraisal reports are primarily limited to Franklin and Cuu~berland Counties; ~, ~ however, have been completed in Adams, York, and Dauphin Counties. Both limited summary and narrarive residential appraisals have been completed based on the needs of our clients. Commonwealth of Pennsylvania 0$ 0 6 3 0 6.19 Department of State Bureau of Professional and Occupational Affairs PO Box Z6~9 Harrisburg PA 17.105-2€~~ Certificate Type Certified General Appraiser Certificate Status Active Lnitial Certification Date JOSEPH W ELHAJJ 1 WEST KING STREET SUITE 2A SHIPPENSBURG PA 17251 12h 5/1997 Certificate Number GA001599L Expiration Date 06/3012011 1 ~ ~ I ~ ~ ~;~natn j --- _ s i~nnmis~ioncr of k'n7lrtiionai and fk~cup~YUmal hfl~airs _. ,.. ..,_...__._____ _~....__ _ _w..m___._ '~~ I~ E' i ~CeE~s~~~i. `J11M5J}~~f~i1 !')g' ~~`.4Yi :1~9 )N6+~. ~., V~ IJ USE.. ~~t ICJ}~'~ X7 -a000504 ,,, ' 't ~ is/si~2oi~ rrt~f r,~~;:c.r. Certified General Real Property Appraise I ~~°~ ~~-~ ~ Jose h W. Elhajj ~.~._ ~.~ , . P °<~,; Joseph W. Eihajj ~. 7747 Uncoln Way East pRiDFESSIt,~ttifA~. ~.~CE~1SE ;. Fayetteviile PA 17222 r~ rr~~ -- LG~~~~ ~C'i t!1+5E:h"~ 45 ..~ .. r%+.1'wC+f.~ iN. ..:'-.. .. ..,.____._ _. __.....,..._... _. DEPARTMENT OF PROFESSIONAL AND OCCUQATIQNAL REGULATION COMMONWEALTH OF VIRGINIA --- r~uMes~ ---------~ EXPIRES ON 8960 Mayland Dr., Sufte 400, Richmond, VA 23233 ~, ~I 01- 31-20111 reiephone: ~ taoa) 3s~-ssoo ! _ 4001 014037 J REAL ESTATE APPRAISER BOARD CERTIrIED GENERAL REAL ESTATE APPRAISER JOSEPH W ELHAJJ 1 WEST KING STREET SUITE 2A 0 SHIPPENSBURG PA 17257 T1~AN 4TMOSE NAGEO GAY RESULT YSECRMMNAL PROSECUTION UNDER THE CODE OF ViRUiN1A. ~ H tBEE REVERSE 810E FOR NAME ANO/OR AODRE3.4 CFU1N(3E1 c ^~ ,~ , .., ` =`~~ ~{ .~ _ .,~`i Commonwealth. of Pennsylvania a$ 0 8 9 4 4 9 3 Department of State Bureau of Professional and Occupational Affairs PO Box 2649 Harrisburg PA 17105-2649 License Type License Status Active ~ Broker (Sole Proprietor)-Standard E initial l ,ict~nse Date 10/10/2008 JOSEPH ELHAJJ License Number APEX VALUATION SERVICES 1 WEST KING STREET -SUITE 2A SB065397 Expiration Date i SNIPPENSBURG FA 47257 05/31/2010 I 9 i l^~ ~ I '"_.._" ~~"~~ I i .,~ Commissioner of F'rofetiaiunal and Occupatiima) At3`rirs ~~~~ WADDELL ~REID Services Company 6300 Lamar Avenue Post Office Box 29217 Shawnee Mission, KS 66201-9217 www.waddell.com no r1n1 n January Go, GV ~.. Law Offices of Zullinger -Davis 14 North Main Street, Suite 200 Chambersburg, PA 17201 Re: Ruth M Rine Account: 35505203 SSN: 174-20-2130 Date of Death: December 11, 2009 To Whom It May Concern: f R e We have been notified of the death o u u know if we can be the date of death values below. Please let e. of any further assistan As of the date of death the account(s) referenced above had the following values: Total Price Dollar Sh_ per_ re Account/Fund 13 $22 Value $23,063.22 . 35505203/606 1,042.170 035 $27'82 264 2 $62,985.45 . , 35505203/608 35505203/611 2,753.630 $14.69 $40,450.82 04 483 $57 35505203/612 3,234.836 $17.77 074 $21.49 914 1 . , $41,133.45 . , 35505203/614 35505203/632 617.330 $14.32 $ 8,840.17 33 534 $10 35505203/667 943.091 $11.17 419 $12.80 199 2 . , $28,152.56 . , 35505203/668 The account became an Individual, TOD (Transfer on Death), registration the day it was opened, 12-28-2004 The named beneficiaries are: J. Gary Rine - 33.34% Douglas LRine - 33.33% Eileen D Brenize - 33.33% If you have any further Questions, please contact us at the address above or on our toll free number 1-888-WADDELL (1-888-923-3355) Sincerely, CSR/Resource Center Client Service Division Waddell & Reed Services Company P. 001 /002 DEC ~3-2009(WED) 10: 3a December 23, 2009 JoEl R. Zullinger, Esq- Zt,Clinger -Davis Professional Corporation 14 North Main Street Suite 200 Chambersburg, PA 17201 ' 1~'ax 264-1884 Re: Estate of Ruth M• Rine Social Security Number 174-20-2130 Date of death December 11, 2009 HrERERBY CERTTF~ THAT THE ABOVE NAMED DECEDENT, ON THE lT IS THE FOLLOWING ACCOUNI"S WITH OIZRS'I'OWN BANK: COVE DATE, HAD CHECKING ACCOUNT Account No. - Account Type - Date opened -- date Joint Account (name/ 1- Balance - Accrued Interest - CERTIFICATE OF DEPOSITS Account No. - Account'i~rpe - Date opened - Joint Account (Warne/date) Balance - Accrued Interest - 506427 50+ Interest Check 1/1/82 None $56,345.92 $2.01 4000005296 48-59 Month Income 1/10/05 None $20,000.00 $0 77 East King Street, Sluppensbur~, Pcnnaylvar+ia 17257 DEC ~3-2009(WED) 10.34 ~.~%" Account No. - Account 'I~rpe - Date opened - Joint Account (name /date) - Balance - Acc± ued Interest - Account No. - Account 1~rpe -- Date opened - Joint Account (name /date} - Balance - Accrued Interest - 4000006512 48-59 Month Income 6/21/05 None $12,000.00 $0 4000029560 36-41 Month Income 10/22/08 None $18,000.00 $0 st Regards, Vicki L. Gullixon Customer Service Specialist P. 002/002 77 East IGng Street, Shippensburg, Pennsylvania 1725T _ - DAN HERSHEY AUCTION SERVICES LLC `~ 790 West High Street Carlisle, PA 17013 (717} 532-4647 Steve Ege 717-385-5438 Cell .Chris Bream 717-226-1920 Cell SELLERS NAME ~-~ ; _! c. ~ ~~ °~ ~''~' ~``S~ /~~ ~i ~ r''7 t DATE ~'I ~ /f ~' ~ ~ 1 C7 ," -7 1 ] J/ ~- / y /7Za ~i ~ ~ - fr•l ~ ADDRESS ~ole .- s, , I,~•, • ~,- /~/ ,~~ r7.,+~..; .a,~,~.ta (:,~r,~,~~,~sl,,a-~ PHONE • ._ ~. OTHERa ,1... •„ ~l :? 3 .~s-~' 2 ~ AUCTIONEER % ~ ~.r AUCTIQN DATE/LOCATION ~'~ I ?~ ~'•~ ~:z-c• ~~r l~ 1 ~~ _.~ T~ M ~"f F~ CLERK ~~• 5 ~ Ivu~~~ Y DESCRIPTION O MERCHANDISE ~'~~~~ +~~.{'! ~ ~~ ~~~ pp ~~~y~ ~(~~~ IJt•c~ ~;~Yf'~f~ ~~' i ~,~~ "~,~r~~ ct~~ ~ i t.,t~*c~ 5+~~ ~.~~.~~'"~ ~:1 t°•'~3(~c~~l~ ~`~r.~t,%:.;, `~G'1~ ~ ~~1t•1~~~~ ~~~,~tttt~ `~~1-{~~' ~..af'1~~ ~~iGt~V'- rltlVtC,~ ``~~~~9 3t.tiAn~~ ~ ~ ~~Ctia~ r (/ ~ ~(~. ~h~. ~ S ~.:~ t ~ Qn G"{ ~ ~ ~'•, C, ~ `~;; ~i F~'`.~~ {.? ~`• i ~_ =.~~C~ ~I ~ t~ ~ t C3 C> ~,, ~'14D ~,,'`~i i~? # ~ Z ~,t i k ~=' `' ~~rt, , r ~ i;,~•,~ ,r~ ~, .~ !' ~\ Cl i Y~ ~ (t~4 ~'' `.•• {~ yt !~'~? X61 G~! r, ~ ~ V t 1.~ `,~ ~i ~.~` !.Is ~~i ~ .t)~'~fN.~°0 (r"~ F{•..~~ •:" ~1 ~ ~~ ~~,i.1?3 ~! ~ .~~~r~~ "'. ..' ` ~ 4 {~~ 1~~g~t ~i'~WQG~f ~l~G.~~' ~'T!`~! G~t,~~; ~~ ct~(Ci`)~~.,/ ~I,~~VI~{~P~ea~';~~"' ~~`fl•~~~~` .-~~.~~~,r,. \ ~'; s ~ { ~ / ~~ ~, i.. N ~' ~ P~~Ct t ~ 3 ; ~.. 1. ~ ~Ct_' ~~° ~ `* i^ §. " ~ ~~ ~~•~ , ~* ~•~ ~ '~ ~ ~ d •~~J i ~ ~ { ~~'v i ~ ~ "~ .. .\ ~ I kj i"1 V` Y t=:'Y"~ ~'t ~~ t-' ~r t~ ~'~ "~~ , ! i~ '~a ? ~'t ~ ~- ~G(9 ~ '` .~~r ( ~ r`ti~'K "~° - ~ ~ ~~,~ . ~ .~~' ~, a C~ ~~~ r _ ' ~ ~~`l ~ ,~ 1, ~ .~ °s~~t ) i~~1 9 ~ C }~ j t ~ r ~ ~ ~` ~a~X 1 r ~ s • s ~ S ` ~~ 4;{~~- ~ I F~~~ ~~ ~ ~ ~~!4 1 S I i 3' '~ ~. "~t~l.~.s°~~~ ~,V..~ ` k.~..;+~ P,~P^'j~;'i ~ ~. f'1}„ ~ '~'" ~' ~`, ~ J..,.i~,._.. ~.Ae''fa ~ ~` if'-. ~ ~-~r ~! ~-.. ~~~~ .3 d~ M~ ~ 6 S ~ ~ r V { ft ^p '{ } ~ 'C'. v , i ~ [ t+ r S s r..`~'`- ! G' 4~~7~^. ~i i : ~..$'. 1 % f t~.a { v i r ~ u`t /) -~.1~~ ~,~ v' i. `Y , ~-_ 1{ ~t .1 '~:10.,~'l~+k\~ ~~~ '~'~S 1... i~,Q I -~e..}k i~ ~ .,t ~°.' t !.' ~V o1 ~ 1 .. s'~ i I Commission the Auctioneers to sell the merchandise to the highest bidder by Public Auction. Merchandise to be sold as is & grouped as necessary to obtain bids. I certify that I am the owner or authorized representa- tive of the merchandise, goods and/or property and have good title and the right to sell and that they are free from all incumbrances. I agree to accept all responsibility for providing merchantable title and for delivery of title to the purchaser. I agree to hold harmless the Auctioneers against any claims of the nature referred to in this/agreement. Trash fee applied if applicable. ., ~i ~ ~-~' Y?SELLERS SIGNATURE !'` AUCTION SIGNATURE s i ^~, ° r ~., Total Sales (Clerking Tickets Attached) $ --- ~ ~ ~' ~ • Less Sale Expense: '; ~ -- % Commission Auctioneer $ ~: ~ ~ - J- % Commission Clerks $ OTHER: TOTAL SALE EXPENSE DEDUCTED $ // SELLERS NET $ ~ ~~'t ~%~~?- ~-~'`~ ~'' ~ '' yAU TION SIGNATURE M ~~1 ULD (V-UTUAL OM FINANCIAL LIFE INSURANCE COMPANY OM FINANCIAL LIFE INSURANCE COMPANY OF NEW YORK Qld NluYUa1 F"rnanua[ Netvaork . 421 S. 9'" Street Lincoln, Nebraska 68501 PH 1.866.702.2194 FX 402.479.0198 1 /4/2010 Zullinger-Davis Joel R Zullinger 14 North Main Street Suite 200 Chambersburg, PA 17201 Policy: L9080709 Insured: Ruth Rine Dear Mr. Zullinger: We received your letter in regards to the above policy. In regards to the questions in the letter they are as follows: 1. Policy L9080709 was an Equity indexed annuity 2. Policy was issued 3/15/05 3. Ruth Rine was the only owner of this contract 4. Value as of the date on December 11, 2009 was $154,802.38 5. From the time the account was opened until the date of death the accrued interest was $32,802.38 6. The listed beneficiary was the Estate of Ruth M Rine If you should have any questions, feel free to contact our office at 1-866-702-2194, extension 3365. Sincerely, Kristina Hradecky Life Claims Examiner OM Financial Life Insurance Company w w w. o m f n. c o m . .. _ . --'-- --~_ ~. rue r:..~.,..;~i ~ ~fo In~~raru~a Comoanv (Home Office. Baltimore, MD); • r WADDELL ~REID Services Company 6300 Lamar Avenue Post Office Box 29217 Shawnee Mission, KS 66201-9217 www.waddell.com January 28, 2010 Law Offices of Zullinger -Davis 14 North Main Street, Suite 200 Chambersburg, PA 17201 Re: Ruth M Rine Accounts: 11551504 SSN: 174-20-2130 Date of Death: December 11, 2009 To Whom It May Concern: We have been notified of the death of Ruth M Rine; per your request, we have provided the date of death values below. Please let us know if we can be of any further assistance. As of the date of death the account(s) referenced above had the following values: Total Price Dollar AccountlFund Shares Per Share Valu 11551504/615 131.494 $11.98 $1,575.30 The account became a traditional IRA registration the day it was opened, 02/11/1982 The named beneficiaries are: J. Gary Rine - 33.34% Douglas LRine - 33.33% Eileen D Brenize - 33.33% If you have any further questions, please contact us at the address above or on our toll free number 1-888-WADDELL (1-888-923-3355) Sincerely, CSR/Resource Center Client Service Division Waddell & Reed Services Company