Loading...
HomeMy WebLinkAbout08-02-10' 15056041114 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 280601 ~ ~ (~ ~ ~~ ~~ Harrisburg, PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 186-34-0243 11052009 05131914 Decedent's Last Name Suffix Decedent's First Name MI SHAW RUTH C (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 WNTH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW 0 1. Original Return 0 2. Supplemental Return 0 3. Remainder Return (date of death 0 4. Limited Estate ~ prior to 12-13-82) 4a. Future Interest Compromise (date of ~ 5. Federal Estate Tax. Return Required death after 12-12-82) 6. Decedent Died Testate ~ 7. Decedent Maintained a Living Trust ~ 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 9. Litigation Proceeds Received 0 10. Spousal Poverty Credit (date of death ~ 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number LISA J. ROTH F' N If A I' bl 216-781-547c~ irm ame ( pp ica e) ZIEGLER, METZGER & MILLER, LLP First line of address 925 EUCLID AVE. #2020 Second line of address City or Post Office State ZIP Code CLEVELAND OH 44115 REGISTER OF WNLLS USE 4LV4Y t,.M f ~_~ :~. ~, 5.~~) ~'~ I i ~ .. ~w .~ "~1 DATE ILED -~ _ ,~ ~.. , ~ . ~~ i ~) J _ ~, i .~:: Correspondent'se-mail address: LROTH@ZIEGLERMETZGER.COM 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. SIGNAL RE OF PERSON ES NSI E FOR F ING RETURN ^ // _ ~ ~ ~ ~'~- A DATE ADDRESS 24607 WOLF RD., BAY VILLAGE, OH 44140 ~ ' SIGNATUR~,OF PRE ER OTHER THAN REPRESENTATIVE DATE . ADDRESS 925 EUCLID AVE. #2020, CLEVELAND, OH 44115 PLEASE USE ORIGINAL FORM ONLY L 1556041114 Side 1 1,5056041,11,4 ~ J REV-1500 EX Decedent's Name: RUTH C SHAW Decedent's Social Security Number 186-34-0243 RECAPITULATION 1, Real estate (Schedule A) ........................................... 1. NONE 2. Stocks and Bonds (Schedule B) ...................................... 2. NONE 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3. NONE 4. Mortgages 8~ Notes Receivable (Schedule D) ............................ 4. NONE 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ........ 5. NONE 6. Jointly Owned Property (Schedule F) OSeparate Billing Requested ........ 6. NONE 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) OSeparate Billing Requested ........ 7 8. Total Gross Assets (total Lines 1-7) .................................. 8. 1113111.00 :1113111.00 9. Funeral Expenses & Administrative Costs (Schedule H) .................... 9. 13 5 6 4 • 0 O 9 9 ) ............... 10. Debts of Decedent, Mort a e Liabilities, & Liens (Schedule I 10. 3 5 9 9 . 0 0 11. Total Deductions (total Lines 9 & 10) ................................. 11. 1 t 16 3 • O 0 12. Net Value of Estate (Line 8 minus Line 11) ............................. 12. 1 O 9 5 9 4 8 . 0 0 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ....................... 13. 0 . 0 0 14 Net Value Subject to Tax (Line 12 minus Line 13) ....................... 14. 1 O 9 5 9 4 8 . 0 O 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 .0 0 15. 0. 0 0 16. Amount of Line 14 taxable at linea- rate x .0 4 5 10 9 5 9 4 8. 0 0 16. 4 9 318.0 0 17. Amount of Line 14 taxable at sibling rate X • 12 17. 0 . 0 0 18. Amount of Line 14 taxable at collateral rate X . 15 18. 0 . 0 0 19. TAX DUE ....................................................... 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 1,5~56D421,1,5 49318.00 L 15056042115 15U56U42115 J REV-1500 EX Page 3 186-34-0243 r1e.+erlonf'~ ~'nrr~r~loto ArlrlraCC' File Number DECEDENT'S NAME RUTH C SHAW DECEDENT'S SOCIAL SECURITY NUMBER 186-34-0243 STREET ADDRESS 50 W. LAUER LN. CITY CAMP HILL STATE PA Z.IP 17011 Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) (1) 49318.00 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments 42500.00 C. Discount 2125.00 Total Credits (A + B + C) (2) 44625.00 3. InterestlPenalty if applicable D. Interest E. Penalty Total Interest/Penalty (D + E) (3) 0.00 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2, Line 20 to request a refund. (4) 0.00 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 4693.00 A. Enter the interest on the tax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 4693.00 Make Check Payable to: REGISTER OF W/LLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: a. retain the use or income of the property transferred : ...................................... b. retain the right to designate who shall use the property transferred or its income : ................ c. retain a reversionary interest; or ..................................................... d. receive the promise for life of either payments, benefits or care? ............................ Yes: . C ^~ . ^ . ^ No ^ ^ 0 ^ 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ................................................ . ^ 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? .. ^ a 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 AS 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 [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.:Z)]. 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. §9'I 16(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. 217 REV-1510 EX+ (6-98) SCHEDULE G INTER-VIVOS TRANSFERS & COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN MISC. NON-PROBATE PROPERTY RESIDENT DECEDENT ESTATE OF FILE NUMBER 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 DESCRIPTION OF PROPERTY INCLUDE THE NAME OF THE 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 (~F APPLICABLE) TAXABLE VALUE 1. DURING THE DECEDENT'S LIFE, SHE CREATED THE RUTH 562,396 100.00% 562,396 C. SHAW TRUST DATED 11/1/00 A COMPLETE LIST OF THE ASSETS HELD IN THE TRUST AND THE DATE OF DEATH VALUATION OF THE ASSETS INCLUDED IS ATTACHED 2. MISCELLANEOUS STOCK DIVIDEND CHECKS PAYABLE TO 1,233 100.00% 1,233 TRUST 3. DECEDENT'S PREDECEASED SPOUSE, DANIEL ROBERT 549,482 100.00% 549,482 CONNER SHAW, ,lR., DIED ON 6/3/04 (SSN 172-01-0154). AN INHERITANCE TAX RETURN WAS NOT FILED AT HIS DEATH. ALL ASSETS AT HIS DEATH WERE HELD IN THE DANIEL ROBERT CONNER SHAW TRUST DATED 11/1/00. DECEDENT WAS ENTITLED TO RECEIVE THE INCOME FROM THIS TRUS DURING HER LIFETIME AS WELL AS DISCRETIONARY PRINCIPAL DISTRIBUTIONS. DECEDENT'S CHILDREN (WHO ARE ALSO THE CHILDREN OF PREDECEASED SPOUSE) ARE THE REMAINDER BENEFICIARIES OF THE TRUST. A COMPLETE LIST OF THE ASSETS HELD IN THE TRUST AN THE DATE OF DEATH VALUATION OF THE ASSETS INCLUDE IS ATTACHED. APPRAISAL OF REAL PROPERTY HELD BY THIS TRUST IS ALSO ATTACHED. TOTAL (Also enter on line 7 Recapitulation) $I 1,113,111 (If more space is needed, insert additional sheets of the same size) REV-1511 EX + (10-06) SCHEDULE H COMMONWEALTH OF PENNSYLVANIA FUNERAL EXPENSES & IN REST DENTED ~ DENTRN ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. PARTHEMORE FUNERAL HOME 6,709 2. CAMP HILL PRESBYTERIAN CHURCH 300 B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representatives} Street Address City State Zip . Year(s) Commission Paid: 2. Attorney Fees 5,000 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 5. Accountant's Fees 355 6. Tax Return Preparer's Fees 500 7. CENTRAL PENN APPRAISALS, INC. (REAL ESTATE APPRAISAL} 350 8. HOME INSPECTION FEE 350 TOTAL (Also enter on line 9, Recapitulation) ~ ~ 13,564 (If more space is needed, insert additional sheets of the same size) REV-1512 EX+ (12-08) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULEI DEBTS OF DECEDENT, MORTGAGE LIABILITIES & LIENS ESTATE OF FILE NUMBER Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. If more space is needed, insert addltlonal sneers of the same size. REV-1513 EX+ (11-08) pennsyfvania SCHEDULE J DEPARTMENT OF REVENUE INHERITANCE TAX RETURN BENEFICIARIES RESIDENT DECEDENT ESTATE OF FILE NUMBER RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I. TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under Sec. 2116 (a) (1.2).] 1. DANIEL ROBERT CONNER SHAW,III, 1571 HICKORY RUN CT. SON 33.33% ELIZABETHTOWN, PA 17022 2. EDWARD B. SHAW, 50 W. LAUER LN., CAMP HILL, PA 17011 SON 33.33% 3. BARBARA DARLINGTON,24607 WOLF RD, BAY VILLAGE,OH 4414 DAUGHTER 33.33% ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE. Il. NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 2113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. , $ If more space is needed, insert additional sheets of the same size. ESTATE OF RUTH SHAW INDEX OF ATACHMENTS TO PENNSYLVANIA INHERITANCE TAX RETURN SOCIAL SECURITY #186-34-0243 1) Receipt for prior payment made (1/28/10 - $42,500) 2) Ruth C. Shaw Trust Agreement dated 11 / 1 /00. 3) Robert C. Shaw Trust Agreement dated 11/1/00 4) Date of death valuation of property listed in Item 1, Schedule G. 5) Date of death valuation of property listed in Item 2, Schedule G. 6) Copy of deed and appraisal of real property included in Item 2, Schedule G. COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG, PA 1 7 1 28-0601 RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT REV-1162 EX(11-961 N0. CD 012291 SHAW ROBERT 50 W LAUER LN CAMP HILL, PA 17011 -------- fold ESTATE INFORMATION: SSN: i s6-34-0243 FILE NUMBER: 2110-0094 DECEDENT NAME: SHAW RUTH C DATE OF PAYMENT: 01 / 28/ 2010 POSTMARK DATE: 01 /25/201 0 couNTY: CUMBERLAND DATE OF DEATH: 1 1 /05/2009 REP~~! A RKS: ACN ASSESSMENT AMOUNT CONTROL NUMBER 101 ~ $ 42, 500.00 TOTAL AMOUNT PAID: $~-2, 500.00 CHECK# 101 INITIALS: SAP SEAL RECEIVED BY: GLENDA EARNER STRASBAUGH REGISTER OF WILLS TAXPAYER S:\Docs~JwK\C1ien~s~Shaw~Her Trust io,3;oo Original Trust Agreements held by Ziegler, Metzger & Miller, 925 Euclid Ave., Suite 2020, Cleveland, Ohio 44115. PHOTOCOPY TRUST AGREEMENT I PRELIMINARY RECITALS 1. This Agreement is entered into at ~ , Pennsylvania, this _ day of ~~ , 2000, by and between RUTH C. SHAW, of Camp Hill, Pennsylvania, the creator of the trust, who is hereinafter referred to in the first person, and RUTH C. SHAW, hereinafter referred to as the Trustee (and the neuter pronoun used) . 2. I have delivered and have caused, or will cause to be made payable to the Trustee certain property and/or insurance policies upon my life. 3. The Trustee acknowledges receipt of the aforesaid property and policies, that it holds the same and that it will hold all other policies or other property that may be added thereto, and the proceeds, investments and reinvestments thereof, in trust for the purposes and on the terms hereinafter set forth. II RIGHTS RESERVED BY THE CREATOR OF THE TRUST 1. I reserve the right by my own act alone, and without the consent or approval of the Trustee or of any beneficiary now or hereafter named in any policy or policies of insurance now or hereafter deposited hereunder, to exercise any and all options, elections, rights and privileges given to me under the terms of said policies, together with the right to exercise any and all rights, legal or equitable, which have accrued or may accrue to me by virtue of the ownership of any of said policies, including the right to sell, assign, pledge, or otherwise dispose of said policies, or any of them, to borrow any sum in accordance with the provisions of any of said policies and to receive all payments, dividends, surrender values, benefits and privileges of any kind which may accrue on account of any of said policies during my lifetime, it being understood that this trust shall be operative insofar as insurance policies held hereunder are concerned, only with respect to the proceeds thereof which may be due and payable upon my death, after deduction of all charges against said policies by way of advances, loans, or otherwise, in favor of me or any other person, and that the Trustee shall have no obligation to pay any premiums on policies held hereunder, nor responsibility to determine their payment. In the event I shall exercise any of the rights, options, elections or privileges in this paragraph mentioned, the Trustee may execute and deliver such releases, consents and other writings as may be required without liability on its part for so doing. 2. I reserve the right to change beneficiaries hereunder, their shares and the plan of distribution to each; to withdraw any and all of the property at any time held hereunder; and to revoke this agreement. I reserve the right to myself and to my husband, DANIEL ROBERT CONNOR SHAW, JR. (also known as ROBERT C. SHAW, JR.), and to any other- person, to add property to any trust estate held hereunder by Last Will and Testament or by transfer during the transferor's Lifetime with the consent of the Trustee. 3. The right is reserved for the Trustee hereunder to resign, and in that event, the successor Trustee designated in Article XI below shall serve. If there is no Trustee designated -2- who is willing and able to serve, a majority of the persons then receiving or entitled to receive income shall appoint an independent successor Trustee. 4. I reserve the right to modify this agreement in any other manner whatsoever; but subject to the consent of the Trustee as to all modifications other than those contemplated by the provisions of paragraphs 2 and 3 of this Article II. III ADMINISTRATION OF TRUST PROPERTY DURING MY LIFE 1. During my life, if income-producing property is ever held hereunder, the Trustee shall pay to me or apply for my benefit (a) all of the net income of the trust, quarterly or oftener, and such amounts or all of the principal as I may request in writing from time to time, but if I should ever become incapacitated by reason of physical or mental illness to attend to my financial affairs, as determined by the Trustee after consulting with my physician and my family, then (b) such amounts or all of the net income and/or principal as the Trustee, in its discretion, deems advisable to provide liberally for my care, comfort, health, support, welfare and for that of any persons dependent in fact upon me and to pay any or all of my debts, expenses, insurance premiums, taxes, and assessments. During my incapacity, all unpaid income shall be added to principal. -3- IV DISPOSITION OF TRUST PROPERTY UPON MY DEATH 1. As soon as practicable after my decease, the Trustee shall make reasonable efforts to collect all monies payable to it under any policies of insurance held hereunder and may compromise and adjust claims under them as it may deem advisable. The proceeds therefrom and the investments and reinvestments thereof it shall then hold in trust hereunder, together with all other property which may become a part of the trust estate . No insurance company or other person shall be required to follow the application of any funds paid to the Trustee. The income and the principal of the trust estate shall be distributed as hereinafter provided. 2. Upon my death, if my husband, DANIEL ROBERT CONNOR SHAW, JR., survives me, the Trustee shall divide the then remaining balance of the trust estate, including any property which may have been added thereto by my Last Will and Testament, into two parts, each of which shall constitute a separate trust estate, one of which shall be known as Trust "A" , and the other as Trust "B" . 3 . The Trustee first shall set apart and thereafter shall hold for my husband' s benefit as a separate trust referred to as Trust "A" (which shall be administered in accordance with Article V), such fractional share of such remaining trust property as (when added to all other items in my gross estate for federal estate tax purposes which qualify for the marital deduction and which pass or have passed to or for the benefit of my husband other than by reason of this provision) will afford my estate the maximum federal estate tax marital deduction allowable under the federal estate tax laws in effect at the time of my death. -4- However, if less than the maximum marital deduction will exempt my estate from payment of federal estate taxes, said fraction as above determined shall be reduced to the smallest fraction which will exempt my estate from the payment of said tax, taking into account the unified credit and the state death tax credit (to the extent that use of the state death tax credit does not increase my state death taxes) . Trust "A" shall share proportionately in the appreciation or depreciation in value of the trust property to the date or dates of allocation. For all. purposes of this paragraph, the Trustee shall exclude. from the "trust property" and thus allocate to the property passing to Trust "B", any assets or the sale proceeds therefrom which do not qualify for the marital deduction, and, but only to the extent other qualified trust assets are available to satisfy Trust "A" completely, any assets or the sale proceeds therefrom for which a foreign death tax credit is available. Rights to receive "income in respect of a decedent" shall be allocated to Trust "A" if the Trustee shall determine such allocation to be beneficial, Any United States Treasury bonds or other obligations of the United States redeemable at par in the payment of federal estate taxes payable by reason of my death shall be allocated to Trust "B" and not to Trust "A" to the extent that such bonds will be so used unless to do so would result in my estate receiving less than the maximum marital deduction contemplated hereunder, in which case there shall be allocated to Trust "A'° bonds or other obligations the value of which will assure that my estate will receive the maximum federal estate tax marital deduction contemplated hereunder. Trust "A" shall not in any event bear any part of the death taxes payable by reason of my death. The values to be used in computing such fractional share shall be those finally determined for federal estate tax purposes, although the Trustee is authorized to make tentative allocations to Trusts "A" and "B" pending final determination of such values -5 - for federal estate tax purposes, which allocations may, subsequent to such determination, be adjusted as nearly as practical to comply with such division. The Trustee may rely upon the certification of the representative of my estate as to the values referred to in this paragraph. It is my intention to obtain the benefits of the Economic Recovery Tax Act of 1981, including the provisions of that Act which provide for an "unlimited marital deduction", and the provisions of this Trust Agreement shall be construed to provide for such benefits. 4. My primary intent is that Trust "A" shall be created and administered in a manner that will qualify it for the federal estate tax marital deduction and that this Agreement shall be construed accordingly. It is my further intention that Trust "A" will qualify as Qualified Terminable Interest Property pursuant to Section 2056(b)(7) of the Internal Revenue Code of 1986, as amended, or any successor provision thereto, if the Executor of my estate .makes a timely election to so qualify Trust "A" . Accordingly, despite any other provisions of this Agreement to the contrary, all powers, rights, and discretions of the Trustee of Trust "A" and of any other person shall be exercisable and exercised only in a fiduciary manner and to an extent that is consistent with and will not defeat such intent. In particular, the Trustee of Trust "A" shall keep the property separate, shall not invest in or retain beyond a reasonable time any unproductive or underproductive property without my husband's consent, and shall allocate or apportion all receipts and disbursements of Trust "A" in accordance with accepted trust accounting principles, or if there is any doubt as to the rule otherwise applicable, shall allocate or apportion any such receipt or disbursement in favor of the income beneficiary . 5. My husband may disclaim the gift to Trust "A" set forth above, in whole or in part, and in addition to any other method of disclaimer recognized by law, may disclaim by -6- advising the Trustee in writing of the amount, property or fractional part of this gift which elects to disclaim. Any amount, property or fractional part of this gift so disclaimed by my husband shall be added to Trust "B" and thereafter be administered and disposed of as if originally constituting a part thereof. My husband shall not be deemed to have predeceased me for purposes of such addition. I suggest to my husband that he consider an appropriate partial disclaimer to minimize the death taxes due upon both of our deaths . 6. The Trustee shall retain all trust property remaining after satisfaction of the gift to Trust "A" set forth above, or the entire trust estate if my husband should not survive me, as a separate trust referred to as Trust "13", which shall be administered in accordance with Article VI. 7. The Trustee is hereby directed to pay from the assets of Trust "B" to the Executor of my estate, sums in such amounts as my Executor may require to assist such Executor in the payment of my expenses of last illness, my funeral and burial expenses, legal obligations, estate administration expenses, and all inheritance, succession, estate or other death taxes (except generation-skipping transfer taxes), both state and federal, imposed by reason of my death together with interest or penalties thereon, if any. If, at the time of my death, the Trustee shall hold United States Treasury bonds redeemable at par in payment of federal estate taxes, then notwithstanding the provisions hereinabove set forth, or any provisions to the contrary contained in my Will, the Trustee shall in any event pay such portion of the federal estate taxes due by reason of my death as is equal to the par value and any accrued interest of said bonds. The Trustee is authorized but not directed to pay to my Executor or use directly so much of the proceeds of insurance on my life which become a part -7- of Trust "B" for the purposes described in the second preceding sentence as the Trustee, in its sole discretion, shall deem advisable. In the division of the trust estate into Trust "A" and "B" as herein directed, any sum paid from the trust estate to apply on any such death taxes, or any interest or penalties thereon, shall be charged solely against Trust "B" and not against Trust "A" in order to avoid any reduction in the marital deduction. The Trustee shall have no duty to follow the application of any amounts so paid to my Executor. The Trustee shall have no right or duty to seek or obtain contribution or reimbursement from any person or property on account of any payment made by it as herein directed or authorized. The Trustee is authorized to postpone distribution of any part of the Trust "B" otherwise distributable under this instrument until the amount of all obligations described in this Article shall have been determined . V ADMINISTRATION OF TRUST "A" 1. With respect to Trust "A", the Trustee shall pay, quarterly or oftener, the entire net income derived from the trust estate to my husband, DANIEL ROBERT CONNOR SHAW, JR. , so long as he shall Live. In addition thereto, the Trustee shall pay to my said husband such amounts from the principal of Trust "A" as it deems necessary or advisable to provide liberally for his health, support, maintenance, education and enjoyment in accordance with the standard of living to which he is accustomed, taking into account all of his other income and means of support known to the Trustee. -8- 2. Upon the death of my said husband, the Trustee shall pay the undistributed and/or accrued income to the estate of my said husband . In addition, the Trustee may pay to the Executor of my husband's estate so much of the principal of Trust "A" as shall. be equal to the entire increment of the estate and inheritance taxes imposed upon my husband's estate to the extent that the total of such taxes is greater than would have been imposed and made payable if such portion of Trust "A" were not subject to tax; and to the extent that such portion of this trust contains United States Treasury Bonds which are redeemable at par in payment of the federal estate tax, such assets shall bear the entire burden of such federal estate tax. The Trustee shall cooperate with the Executor of my husband's estate for purposes of determining the amount of such taxes to be paid from Trust "A" . The Trustee may make payment to the Executor of my husband's estate or directly to the recipient or recipients entitled to such tax payments, at the Trustee's discretion. The balance of the principal of Trust "A" shall, after distribution pursuant to this paragraph, be added to and become a part of the principal of Trust ~~B ~~ VI ADMINISTRATION OF TRUST "B" 1. With respect to Trust "B", the Trustee shall pay, quarterly or oftener, the entire net income of the trust estate to, or for the benefit of, my said husband as long as he shall live. The Trustee may also pay to him, or for his benefit, so much of the principal of Trust "B" as it deems advisable to provide for his health, support, maintenance and education, but the Trustee -9- shall not expend funds for the health, support, maintenance and education of my said husband from the principal of Trust "B" if funds for such purposes are available from Trust "A" . 2. Upon the death of my said husband, or upon my death, if my said husband does not survive me, the Trustee shall divide the then remaining balance of Trust "B", including any property which may have been added thereto from Trust "A" , into as many equal shares as there shall be then living children of mine, counting and treating as a then living child of mine the then living issue of any deceased child of mine and distribute one such equal share to each then living child of mine, and one such equal share, per stirpes, to the then living issue of each deceased child of mine; provided, however, that the Trustee shall retain the share, or portion thereof, apportioned the then Living issue of a deceased child of mine who has not attained the age of twenty-five (25) years, in trust for the benefit of such ane, or ones, and administered as hereinafter provided. 3. If, at the time of my death, or at the time for final distribution of the trust estate, or of any part thereof, there shall be no one living to whom distribution of income or principal may be made in accordance with the terms hereof, then such trust estate or part thereof shall be distributed one-half ('/2) thereof to the persons then living who would be entitled to distribution of my intangible personal property if I were then to die intestate, and the other one-half ('/2) thereof to the persons then living who would be entitled to distribution of the intangible personal property belonging to my husband if he were then to die intestate, all as governed by the statutes then applicable in the Commonwealth of Pennsylvania. -10- VII ADMINISTRATION OF TRUSTS HELD FOR ISSUE OTHER THAN MY CHILDREN 1. With respect to any part of the trust estate held for the benefit of an issue of a deceased child of mine who is then under the age of twenty-five (25} years, the Trustee may pay to or for the benefit of such one such sums from the income and/or principal of such share as the Trustee shall, from time to time, deem necessary or advisable to provide for the health, support, maintenance and education (including college, professional and vocational education) of such one, adding any unused income, from time to time, to the principal from which derived. 2. Upon any issue of a deceased child of mine attaining the age of twenty-five (25) years, the Trustee shall pay over and distribute to such one the then remaining share of the trust estate held for his or her benefit. With respect to any issue of a deceased child of mine who, at the time of division into shares or apportionment of any addition to his or her share, shall have attained said age, the Trustee shall distribute to such one that part or all of such share to which he or she would have been entitled had he or she attained such age subsequent to such division or addition. 3. If an issue of a deceased child of mine dies prior to the time herein set for distribution of such trust to him or her, the Trustee shall distribute the then remaining principal thereof to the estate of such one and such trust estate shall terminate . -11- VIII GENERAL PROVISIONS 1. The terms "child" , "children" , and "issue", as used in this agreement, shall include children and issue by legal adoption prior to age eighteen (18) as well as by birth. My children are DANIEL ROBERT CONNOR SHAW, III (also known as ROBERT C. SHAW, III), BARBARA S. DARLINGTON, and EDWARD B. SHAW. The word "education" shall include (but shall not be limited to) tuition, room, board, books, travel to and from school, and reasonable miscellaneous expenses at any public or private secondary, college, graduate, professional, vocational, art, and music school and any other schooling approved by the Trustee, in its absolute discretion, which the Trustee feels will enable a beneficiary to pursue a career and be financially independent. The words "incapacity" or "incapacitated" shall mean the inability to comprehend, prudently manage, and attend to personal financial and business affairs by reason of age, physical or mental illness, or any other reason. If serving as an individual Trustee or Trust Advisor hereunder, I will not be deemed to be incapacitated, for purposes of this agreement, unless the successor Trustee named herein receives written notice from my attending physician who regularly cares for me, or, if I have no attending physician, by two physicians who have independently examined me, that I am unable to comprehend, prudently manage and attend to my personal financial affairs. The incapacity of any other person shall be determined by my then acting Trustee after consulting with such person's physician andlor family but the decision of the then acting Trustee shall be final and binding on all interested parties . -12- 2. In making payments of income or principal to any minor or incapacitated beneficiary hereunder, the Trustee may make such payments either to the guardian of such one, to the custodian under the Uniform Gifts to Minors Acts or under the Uniform Transfers to Minors Act, or, in its discretion, to such one or to any persons or organizations having charge of the health, support or education of such one, or furnishing goods or services to such one. The receipt of any of the above said persons or organizations for any payment made in accordance herewith shall constitute a complete acquittance to the Trustee therefor. 3 . During any period within which a beneficiary is deemed to be incapacitated, (1 } all income otherwise mandatorily payable to any such beneficiary hereunder may, in the discretion of the Trustee, be added to the principal from which derived, and (2) all principal otherwise mandatorily distributable to such beneficiary hereunder shall instead be retained and administered as a part of such beneficiary's trust, regardless of the age of such beneficiary, until such condition no longer exists, at which time the Trustee shall distribute such trust. principal to such beneficiary, if such beneficiary is then. living, or, if such beneficiary is not then living, in accordance with the terms and conditions hereinabove stated which pertain to the death of such beneficiary prior to full distribution of such beneficiary's trust to him or her, or, if there are no such provisions, to such beneficiary's estate. This paragraph shall not apply to Trust "A'° or to my spouse as the beneficiary of Trust "A" . 4. Anything herein contained to the contrary notwithstanding, each share into which Trust "B" shall be divided hereunder shall be and constitute a separate trust estate. If the Trustee is at any time acting as such for more than one trust estate under the provisions pertaining to Trust "B", it is nevertheless empowered to receive, acquire and hold all or any -13- part of the property subject hereto as a single fund, and to allot undivided interests therein to the several trust estates in proportion to the interest of each therein. 5. It is my intention that the trust estate and all shares and portions thereof shall be finally distributed at all events within twenty-one (21) years after the death of the last to die of my spouse and my issue in being at the time of the death of the first to die of said spouse and me. Accordingly, if under any of the foregoing provisions of this instrument the trust with respect to any share, or portion, of the trust estate shall be in existence one day before the expiration of said period of twenty-one (21) years, then, anything hereinbefore contained to the contrary notwithstanding, the trust with respect to such share, or portion, shall cease and terminate on such day, and the Trustee shall thereupon transfer, convey and distribute such share, or portion, to the beneficiary hereunder who is then receiving, or is entitled to receive, the income therefrom, or to whom discretionary distributions of income or principal are being made or may be made therefrom. 6. No income or principal payable to or held hereunder for my spouse, children, and grandchildren as beneficiaries of Trust "B" shall be pledged, assigned, alienated, disposed of or in any manner encumbered while in the possession of the Trustee otherwise than by the authorized act of the Trustee; and if, by reason of any act of any such beneficiary, or by operation of law, or by the happening of any event, or for other reason than an act of the Trustee authorized hereunder, any of such income or principal shall, or except for this provision would cease to be enjoyed by such beneficiary, or if, by reason of an attempt of any such beneficiary to alienate, charge or encumber the same, or by reason of the bankruptcy or insolvency of such beneficiary, or because of any attachment, garnishment or other -14- proceedings, or any order, finding or judgment of court, either in law or in equity, the same, except for this provision, would vest in or be enjoyed by some person, firm or corporation other than as provided herein, then the entire interest of such beneficiary in the income and/or principal of the trust, or share thereof, expressed herein shall cease and determine as to such beneficiary, and said income then in the possession of the Trustee or thereafter received and not used during the Iife of said beneficiary shall be added to and become a part of the principal of the trust estate and held by the Trustee according to its absolute discretion; but the Trustee, meanwhile, may pay to or expend for such beneficiary, or for the maintenance, support and education of such beneficiary or of the spouse, children or other dependents of such beneficiary, out of such income and/or principal theretofore payable to or held for such beneficiary, such sums and such sums only as the Trustee, in its absolute discretion, shall deem proper, retaining any portion not so expended. Upon the death of such former beneficiary, the Trustee shall hold andlor distribute such portion of the trust estate and any accumulated but undistributed. income therefrom then in the Trustee's possession, in the manner hereinbefore directed for the holding and/or disposition thereof upon such one's death prior to the final termination of the trust, or such one's share thereof, including disposition thereof pursuant to any power of appointment hereinbefore granted to such beneficiary. In the event that the trust, or any share thereof, terminates by reason of the provisions of paragraph 5 of this Article during the life of such beneficiary, the Trustee may pay over and distribute to such beneficiary only such part of the principal and/or accumulated income of the trust, or share thereof, to which such beneficiary would have been entitled but for this provision as the Trustee in its absolute discretion may deem proper, and shall pay over and distribute the -15- balance thereof to such person, or persons, who would have been entitled to receive the same hereunder if such beneficiary had died immediately prior to such termination date. 7. Upon the death of the beneficiary of any trust estate held hereunder, any income theretofore collected therefrom but not yet distributed, and any income then accrued but not yet payable, shall be added to and disposed of as part of the principal thereof. In addition, the provisions of this paragraph shall not be applicable to any trust for which a marital deduction has been taken or elected. 8. The laws of the Commonwealth of Pennsylvania shall govern the validity, construction and interpretation of the provisions of this agreement, the validity of the trusts created herein, and the administration of and the accounting for such trusts . IX POWERS AND DUTIES OF THE TRUSTEE 1. In addition to the general powers of fiduciaries, the Trustee and any successor thereof shall have the following powers (a) To sell or exchange at public or private sale and on credit or otherwise, to grant options to buy, to lease for any term or perpetually , to invest and reinvest in, and to retain whether originally a part of the trust estate or subsequently acquired, real or personal property of every kind and description (including the common trust funds and securities issued by a corporate trustee or the holding company of which it is an affiliate), without being subject to any investment or diversification restrictions, statutory or judicial, whenever prescribed, except if any property held in the marital trust is or becomes unproductive, then upon my spouse's written request, the Trustee shall within a reasonable time make such property productive or convert it to productive property. - 16- (b) To represent and vote or to issue proxies, with powers of substitution, for stocks, bonds or other securities (including the common trust funds and securities issued by a corporate trustee or the holding company of which it is an affiliate); to enter into or oppose any plan of merger, liquidation, lease, sale, mortgage, consolidation, reorganization or foreclosure, and, in connection therewith, to pay amounts due under such plan, deposit securities and delegate discretionary powers to an agent or protective committee; and to exercise, buy or sell rights of conversion or subscription. (c) To improve or develop real estate, to construct, alter, repair or raze buildings or structures, to settle boundary lines, to grant easements and other rights, to partition and to join with co-owners and others in dealing with real estate. (d) To borrow money, at interest, from itself or others for the benefit of any trust, and to pledge or mortgage property of said trust as security therefor. (e) To hold title to property in its own name, in bearer form or in the name of its nominee and to hold securities in bulk with certificates of the same class and issuer constituting assets of other fiduciary accounts. (f) To arbitrate, defend, enforce, release, compromise or settle any claims of or against any trust. (g) To make divisions or distributions of property in kind or in money or partly in each. (h) To employ agents, advisors and attorneys, to pay their reasonable compensation and expenses, and to execute and deliver powers of attorney; to appoint and remove by written instrument any natural or legal person as Special Trustee to hold any part of real property or other interest in property held in the trust which the Trustee determines it cannot or, because of legal (imitations on its powers, it deems inadvisable to hold as Trustee hereunder, and such Special Trustee, except as specifically limited by the appointing instrument, shall have the powers, authority and discretions herein granted to the Trustee with respect to the trust property held by such Special Trustee. The Trustee shall not be liable for any neglect, omission or wrong-doing of such agents, advisors, attorneys or Special Trustees, provided that it shall have exercised reasonable care in their selection. -17- (i) To execute and deliver all necessary or proper deeds or other instruments . (j) To amortize premiums on securities purchased at premium. (k) To continue as a partner, or to incorporate, any business at any time constituting a part of the trust estate, without court order and without liability for any losses. (1) To use principal to make purchases from or Loans to my estate or my husband's estate. (m) To allocate, in case of any reasonable doubt as to the rule of law applicable, receipts and disbursements between income and principal, except that in the administration of Trust "A" hereunder any such reasonable doubt shall be resolved in all cases in favor of income. (n) In the event any trust or trust share established hereunder would have an inclusion ratio other than one or zero for generation-skipping purposes, my trustee shall set aside, as separate trust shares, ageneration-skipping tax exempt share and anon-exempt share. The shares shall be administered as separate and distinct trust shares. The Trustee shall make distributions from such shares in such manner so as to minimize or avoid the imposition of generation-skipping taxes. (o) To the extent that my Executor does not do so, the Trustee is authorized to allocate any unused portion of my generation-skipping transfer tax exemption to any property as to which I am the transferor, including any property transferred by me during my life as to which I did not make an allocation prior to my death. 2. In determining all matters involving discretion, heirship, relationship, survivorship, identity, capacity and any other questions arising in the administration of the trust property held hereunder, the Trustee may rely upon such information as on reasonable inquiry may be deemed adequate, and having made a decision in good faith shall be free from any liability whatsoever in connection therewith. -18- 3. The Trustee shall furnish to the current income beneficiaries quarterly statements of receipts and disbursements and an annual inventory . Except as otherwise specifically provided herein, each trust share shall be administered for tax and other purposes as a separate and distinct trust estate. 4. Anything herein to the contrary notwithstanding, in the event any trust share is or becomes so small that in the reasonable judgment of the Trustee it is not economically feasible to hold it in trust, then the Trustee, in its sole discretion, may terminate such trust and pay the same over to the beneficiary thereof. 5. If at any time a separate trust is being held hereunder upon substantially the same terms and conditions as that of a separate trust held under a Trust Agreement or Will of my husband, such trusts may be merged and thereafter administered and distributed as one trust. However, the Trustee shall not receive any distribution fee on account of any such merger. X COMPENSATION OF THE TRUSTEE During my lifetime, and as long as the only property held under this agreement shall consist of nominal cash or unmatured insurance policies on my life, the Trustee shall receive no compensation. After my death or if property other than nominal cash or unmatured insurance policies on my life is deposited hereunder prior to my death, then, in either of said events, the Trustee's compensation for its ordinary services hereunder shall be in accordance with its regular schedule of compensation in effect at the time such services are rendered in the -19- case of a corporate Trustee; otherwise, in the case of an individual Trustee, in accordance with the customary rates charged by corporate Trustees in the geographic area in which the Trustee resides at the time such services are rendered. The Trustee shall receive reasonable additional compensation for any extraordinary services requested of required. The compensation hereunder shall be deductible by the Trustee at such time, or times, and from such source, or sources, as it may determine. XI SUCCESSOR TRUSTEE In the event of my death, renunciation, resignation or inability to act as Trustee - hereunder, I hereby designate and appoint the following to serve successively, and in the order named, as successor Trustee: (a) My husband, DANIEL ROBERT CONNOR SHAW, JR.; (b) My daughter, BARBARA S. DARLINGTON, and my son, ROBERT C. SHAW, III, serving together, but if either is unwilling or unable to act, the other may serve alone. Such successor Trustee shall be vested with all of the rights, powers, privileges, immunities, duties and obligations herein conferred upon and vested in the original Trustee. IN WITNESS WHEREOF, the parties hereto have set their hands to duplicates hereof the day and year first above written. ~~- ~d~°~ RUTH C. SHAW RUTH C. SHAW, TRUSTEE -20- C:~Documents and SettingslAdministrator\l..ocal Settings\Temporary lntcmet FileslContent.IE51ZRCDYLC.T1Rutb°~o20RESIGNATION°.o200F°~o20TRUSTEE[ 1 ].doc 728/08 RESIGNATION OF TRUSTEE And ACCEPTANCE OF SUCCESSOR TRUSTEE The undersigned, Ruth C. Shaw, hereby resigns as Trustee of the Trust Agreement established by RUTH C. SHAW on November 1, 2000, effective upon the acceptance of a Successor Trustee. ~' , RUTH C. SHAW The undersigned, Barbara S. Darlington, and Robert C. Shaw, III, hereby accept the responsibilities of serving as the Successor Trustees of the Trust Agreement established by RUTH C. SHAW on November 1, 2000. ~~ Date: / ~ / w' !r 6 9 ~::~..~~~~ ~` ~ ~ ~=/ , ~~ ~-z. '' ,~r~-~'~ BARBARA S. DARLINGT . ~' ~ ~ /f ~ ~, ROBERT C. SHAW, III S:\DOCS\GAJ\FORMS\CONFORM.FRM 1U/3/UU Original Trust Agreements held by Ziegler, Metzger & Miller, 925 Euclid Ave., Suite 2020, Cleveland, Ohio 44115. PHOTOCOPY TRUST AGREEMENT PRELIMINARY RECITALS 1. This Agreement is entered into at , Pennsylvania, this ~ day of 000, by and between DANIEL ROBERT CONNOR SHA , JR. (also known as ROBERT C. SHAW, JR.}, of Camp Hill, Pennsylvania, the creator of the trust, who is hereinafter referred to in the first person, and DANIEL ROBERT CONNOR SHAW, JR., hereinafter referred to as the Trustee (and the neuter pronoun used). 2. I have delivered and have caused, or will cause to be made payable to the Trustee certain property andlor insurance policies upon my life. 3. The Trustee acknowledges receipt of the aforesaid property and policies, that it holds the same and that it will hold all other policies or other property that may be added thereto, and the proceeds, investments and reinvestments thereof, in trust for the purposes and on the terms hereinafter set forth. II RIGHTS RESERVED BY THE CREATOR OF THE TRUST 1. I reserve the right by my own act alone, and without the consent or approval of the Trustee or of any beneficiary now or hereafter named in any policy or policies of insurance now or hereafter deposited hereunder, to exercise any and all options, elections, rights and privileges given to me under the terms of said policies, together with the right to exercise any and all rights, legal or equitable, which have accrued or may accrue to me by virtue of the ownership of any of said policies, including the right to sell, assign, pledge, or otherwise dispose of said policies, or any of them, to borrow any sum in accordance with the provisions of any of said policies and to receive all payments, dividends, surrender values, benefits and privileges of any kind which may accrue on account of any of said policies during my lifetime, it being understood that this trust shall be operative insofar as insurance policies held hereunder are concerned, only with respect to the proceeds thereof which may be due and payable upon my death, after deduction of all charges against said policies by way of advances, loans, or otherwise, in favor of me or any other person, and that the Trustee shall have no obligation to pay any premiums on policies held hereunder, nor responsibility to determine their payment. In the event I shall exercise any of the rights, options, elections or privileges in this paragraph mentioned, the Trustee may execute and deliver such releases, consents and other writings as may be required without liability on its part for so doing. Z. I reserve the right to change beneficiaries hereunder, their shares and the plan of distribution to each; to withdraw any and all of the property at any time held hereunder; and to revoke this agreement. I reserve the right to myself and to my wife, RUTH C. SHAW, and to any other person, to add property to any trust estate held hereunder by Last Will and Testament or by transfer during the transferor's lifetime with the consent of the Trustee. 3. The right is reserved for the Trustee hereunder to resign, and in that event, the successor Trustee designated in Article XI below shall serve. If there is no Trustee designated _2_ who is willing and able to serve, a majority of the persons then receiving or entitled to receive income shall appoint an independent successor Trustee. 4. I reserve the right to modify this agreement in any other manner whatsoever; but subject to the consent of the Trustee as to all modifications other than those contemplated by the provisions of paragraphs 2 and 3 of this Article II. III ADMINISTRATION OF TRUST PROPERTY DURING MY LIFE 1. During my life, if income-producing property is ever held hereunder, the Trustee shall pay to me or apply for my benefit (a) all of the net income of the trust, quarterly or oftener, and such amounts or all of the principal as I may request in writing from time to time, but if I should ever become incapacitated by reason of physical or mental illness to attend to my financial affairs, as determined by the Trustee after consulting with my physician and my family, then (b) such amounts or all of the net income and/or principal as the Trustee, in its discretion, deerns advisable to provide liberally for my care, comfort, health, support, welfare and for that of any persons dependent in fact upon me and to pay any or all of my debts, expenses, insurance premiums, taxes, and assessments. During my incapacity, all unpaid income shall be added to principal. -3- IV DISPOSITION OF TRUST PROPERTY UPON MY DEATH 1. As soon as practicable after my decease, the Trustee shall make reasonable efforts to collect all monies payable to it under any policies of insurance held hereunder and may compromise and adjust claims under them as it may deem advisable. The proceeds therefrom and the investments and reinvestments thereof it shall then hold in trust hereunder, together with all other property which may become a part of the trust estate. No insurance company or other person shall be required to follow the application of any funds paid to the Trustee. The income and the principal of the trust estate shall be distributed as hereinafter provided. 2. Upon my death, if my wife, RUTH C. SHAW, survives me (and for the purpose of this instrument she shall be deemed to have survived me unless there is conclusive evidence that she predeceased me), the Trustee shall divide the then remaining balance of the trust estate, including any property which may have been added thereto by my Last Will and Testament, into two parts, each of which shall constitute a separate trust estate, one of which shall be known as Trust "A", and the other as Trust "B" . 3. The Trustee first shall set apart and thereafter shall hold for my wife's benefit as a separate trust referred to as Trust "A" (which shall be administered in accordance with Article V), such fractional share of such remaining trust property as (when added to all other items in my gross estate for federal estate tax purposes which qualify for the marital deduction and which pass or have passed to or for the benefit of my wife other than by reason of this provision) will afford my estate the maximum federal estate tax marital deduction allowable -4- under the federal estate tax laws in effect at the time of my death. However, if less than the maximum marital deduction will exempt my estate from payment of federal estate taxes, said fraction as above determined shall be reduced to the smallest fraction which will exempt my estate from the payment of said tax, taking into account the unified credit and the state death tax credit (to the extent that use of the state death tax credit does not increase my state death taxes) . Trust "A" shall share proportionately in the appreciation or depreciation in value of the trust property to the date or dates of allocation. For all purposes of this paragraph, the Trustee shall exclude from the "trust property" and thus allocate to the property passing to Trust "B", any assets or the sale proceeds therefrom which do not qualify for the marital deduction, and, but only to the extent other qualified trust assets are available to satisfy Trust "A" completely, any assets or the sale proceeds therefrom for which a foreign death tax credit is available. Rights to receive "income in respect of a decedent" shall be allocated to Trust "A" if the Trustee shall determine such allocation to be beneficial. Any United States Treasury bonds or other obligations of the United States redeemable at par in the payment of federal estate taxes payable by reason of my death shall be allocated to Trust "B" and not to Trust "A" to the extent that such bonds will be so used unless to do so would result in my estate receiving less than the maximum marital deduction contemplated hereunder, in which case there shall be allocated to Trust "A" bonds or other obligations the value of which will assure that my estate will receive the maximum federal estate tax marital deduction contemplated hereunder. Trust "A" shall not in any event bear any part of the death taxes payable by reason of my death. The values to be used in computing such fractional share shall be those finally determined for federal estate tax purposes, although the Trustee is authorized to make tentative allocations to -5- Trusts "A" and "B" pending final determination of such values for federal estate tax purposes, which allocations may, subsequent to such determination, be adjusted as nearly as practical to comply with such division. The Trustee may rely upon the certification of the representative of my estate as to the values referred to in this paragraph. It is my intention to obtain the benefits of the Economic Recovery Tax Act of 1981, including the provisions of that Act which provide for an "unlimited marital deduction" , and the provisions of this Trust Agreement shall be construed to provide for such benefits . 4. My primary intent is that Trust "A" shall be created and administered in a manner that will qualify it for the federal estate tax marital deduction and that this Agreement shall be construed accordingly. It is my further intention that Trust "A" will qualify as Qualified Terminable Interest Property pursuant to Section 2056(b)(7) of the Internal Revenue bode of 1986, as amended, or any successor provision thereto, if the Executor of my estate makes a timely election to so qualify Trust "A" . Accordingly, despite any other provisions of this Agreement to the contrary, all powers, rights, and discretions of the Trustee of Trust "A" and of any other person shall be exercisable and exercised only in a fiduciary manner and to an extent that is consistent with and will not defeat such intent. In particular, the Trustee of Trust "A" shall keep the property separate, shall not invest in or retain beyond a reasonable time any unproductive or underproductive property without my wife's consent, and shall allocate or apportion all receipts and disbursements of Trust "A" in accordance with accepted trust accounting principles, or if there is any doubt as to the rule otherwise applicable, shall allocate or apportion any such receipt or disbursement in favor of the income beneficiary. -6- 5. My wife may disclaim the gift to Trust "A" set forth above, in whole or in part, and in addition to any other method of disclaimer recognized by law, she -may disclaim by advising the Trustee in writing of the amount, property or fractional part of this gift which she elects to disclaim. Any amount, property or fractional part of this gift so disclaimed by my wife shall be added to Trust "B" and thereafter be administered and disposed of as if originally constituting a part thereof. My wife shall not be deemed to have predeceased me for purposes of such addition. I suggest to my wife that she consider an appropriate partial disclaimer to minimize the death taxes due upon both of our deaths . 6. The Trustee shall retain all trust property remaining after satisfaction of the gift to Trust "A" set forth above, or the entire trust estate if my wife should not survive me, as a separate trust referred to as Trust "B", which shall be administered in accordance with Article VI. 7. The Trustee is hereby directed to pay from the assets of Trust "B" to the Executor of my estate, sums in such amounts as my Executor may require to assist such Executor in the payment of my expenses of last illness, my funeral and burial expenses, legal obligations, estate administration expenses, and all inheritance, succession, estate or other death taxes (except generation-skipping transfer taxes), both state and federal, imposed by reason of my death together with interest or penalties thereon, if any . If, at the time of my death, the Trustee shall hold United States Treasury bonds redeemable at par in payment of federal estate taxes, then notwithstanding the provisions hereinabove set forth, or any provisions to the contrary contained in my Will, the Trustee shall in any event pay such portion of the federal estate taxes due by reason of my death as is equal to the par value and -7- any accrued interest of said bonds. The Trustee is authorized but not directed to pay to my Executor or use directly so much of the proceeds of insurance on my life which become a part of Trust "B" for the purposes described in the second preceding sentence as the Trustee, in its sole discretion, shall deem advisable. In the division of the trust estate into Trust "'A" and "B" as herein directed, any sum paid from the trust estate to apply on any such death taxes, or any interest or penalties thereon, shall be charged solely against Trust "B" and not against Trust "A" in order to avoid any reduction in the marital deduction. The Trustee shall have no duty to follow the application of any amounts so paid to my Executor. The Trustee shall have no right or duty to seek or obtain contribution or reimbursement from any person or property on account of any payment made by it as herein directed or authorized. The Trustee is authorized to postpone distribution of any part of the Trust "B" otherwise distributable under this instrument until the amount of all obligations described in this Article shall have been determined. V ADMINISTRATION OF TRUST "A" 1. With respect to Trust "A" , the Trustee shall pay, quarterly or oftener, the entire net income derived from the trust estate to my wife, RUTH C. SHAW, so long as she shall Live. In addition thereto, the Trustee shall pay to my said wife such amounts from the principal of Trust "A" as it deems necessary or advisable to provide liberally for her health, support, maintenance, education and enjoyment in accordance with the standard of living to -8- which she is accustomed, taking into account all of her other income and means of support known to the Trustee. 2. Upon the death of my said wife, the Trustee shall pay the undistributed and/or accrued income to the estate of my said wife. In addition, the Trustee may pay to the Executor of my wife's estate so much of the principal of Trust "A" as shall be equal to the entire increment of the estate and inheritance taxes imposed upon my wife's estate to the extent that the total of such taxes is greater than would have been imposed and made payable if such portion of Trust "A" were not subject to tax; and to the extent that such portion of this trust contains United. States Treasury Bonds which are redeemable at par in payment of the federal estate tax, such assets shall bear the entire burden of such federal estate tax. The Trustee shall cooperate with the Executor of my wife's estate for purposes of determining the amount of such taxes to be paid from Trust "A" . The Trustee may make payment to the Executor of my wife's estate or directly to the recipient or recipients entitled to such tax payments, at the Trustee's discretion. The balance of the principal of Trust "A" shall, after distribution pursuant to this paragraph, be added to and become a part of the principal of Trust "B" . VI ADMINISTRATION OF TRUST "B" 1. With respect to Trust "B", the Trustee shall pay, quarterly or oftener, the entire net income of the trust estate to, or for the benefit of, my said wife as long as she shall live. The Trustee may also pay to her, or for her benefit, so much of the principal of Trust "B" as it deems advisable to provide for her health, support, maintenance and education but the Trustee -9- shall not expend funds for the health, support, maintenance and education of my said wife from the principal of Trust "B" if funds for such purposes are available from Trust "A". 2. Upon the .death of my said wife, or upon my death, if my said wife does not survive me, the Trustee shall divide the then remaining balance of Trust "B" , including any property which may have been added thereto from Trust "A", into as many equal shares as there shall be then living children of mine, counting and treating as a then living child of mine the then living issue of any deceased child of mine and distribute one such equal share to each then living child of mine, and one such equal share, per stirpes, to the then Living issue of each deceased child of mine; provided, however, that the Trustee shall retain the share, or portion thereof, apportioned for the then living issue of a deceased child of mine who has not attained the age of twenty-five (25) years, in trust for the benefit of such one, or ones, and administered as hereinafter provided. 3. If, at the time of my death, or at the time for final distribution of the trust estate, or of any part thereof, there shall be no one living to whom distribution of income or principal may be made in accordance with the terms hereof, then such trust estate or part thereof shall be distributed one-half (lh) thereof to the persons then living who would be entitled to distribution of my intangible personal property if I were then to die intestate, and the other one-half (1/z ) thereof to the persons then living who would be entitled to distribution of the intangible personal property belonging to my wife if she were then to die intestate, all as governed by the statutes then applicable in the Commonwealth of Pennsylvania. -10- VII ADMINISTRATION OF TRUSTS HELD FOR ISSUE OTHER THAN MY CHILDREN 1. With respect to any part of the trust estate held for the benefit of an issue of a deceased child of mine who is then under the age of twenty-five (25) years, the Trustee may pay to or for the benefit of such one such sums from the income and/or principal of such share as the Trustee shall, from time to time, deem necessary or advisable to provide for the health, support, maintenance and education (including college, professional and vocational education) of such one, adding any unused income, from time to time, to the principal from which derived. 2. Upon any issue of a deceased child of mine attaining the age of twenty-five (25} years, the Trustee shall pay over and distribute to such one the then remaining share of the trust estate held for his or her benefit. With respect to any issue of a deceased child of mine who, at the time of division into shares or apportionment of any addition to his or her share, shall have attained said age, the Trustee shall distribute to such one that part or all of such share to which he or she would have been entitled had he or she attained such age subsequent to such division or addition. 3. If an issue of a deceased child of mine dies prior to the time herein set for distribution of such trust to him or her, the Trustee shall distribute the then remaining principal thereof to the estate of such one and such trust estate shall terminate. -11- VIII GENERAL PROVISIONS 1. The terms "child", "children", and "issue", as used in this agreement, shall include children and issue by legal adoption prior to age eighteen (18) as well as by birth. My children are DANIEL ROBERT CONNER SHAW, III (also known as ROBERT C. SHAW, III), BARBARA S. DARLINGTON, and EDWARD B. SHAW. The word "education" shall include (but shall not be limited to) tuition, room, board, books, travel to and from school, and reasonable miscellaneous expenses at any public or private secondary, college, graduate, professional, vocational, art, and music school and any other schooling approved by the Trustee, in its absolute discretion, which the Trustee feels will enable a beneficiary to pursue a career and be financially independent. The words "incapacity" or "incapacitated" shall mean the inability to comprehend, prudently manage, and attend to personal financial and business affairs by reason of age, physical or mental illness, or any other reason. If serving as an individual Trustee or Trust Advisor hereunder, I will not be deemed to be incapacitated, for purposes of this agreement, unless the successor Trustee named herein receives written notice from my attending physician who regularly cares for me, or, if I have no attending physician, by two physicians who have independently examined me, that I am unable to comprehend., prudently manage and attend to my personal financial affairs. The incapacity of any other person shall be determined by my then acting Trustee after consulting with such person's physician and/or family but the decision of the then acting Trustee shall be final and binding on all interested parties. -12- ~. In making payments of income or principal to any minor or incapacitated beneficiary hereunder, the Trustee may make such payments either to the guardian of such one, to the custodian under the Uniform Gifts to Minors Acts or under the Uniform Transfers to Minors Act, or, in its discretion, to such one or to any persons or organizations having charge of the health, support or education of such one, or furnishing goods or services to such one. The receipt of any of the above said persons or organizations for any payment made in accordance herewith shall constitute a complete acquittance to the Trustee therefor. 3. During any period within which a beneficiary is deemed to be incapacitated, (1) all income otherwise mandatorily payable to any such beneficiary hereunder may, in the discretion of the Trustee, be added to the principal from which derived, and (2) alI principal otherwise mandatorily distributable to such beneficiary hereunder shall instead be retained and administered as a part of such beneficiary's trust, regardless of the age of such beneficiary, until such condition no longer exists, at which time the Trustee shall distribute such trust principal to such beneficiary, if such beneficiary is then living, or, if such beneficiary is not then living, in accordance with the terms and conditions hereinabove stated which pertain to the death of such beneficiary prior to full distribution of such beneficiary's trust to him or her, or, if there are no such provisions, to such beneficiary's estate. This paragraph shall not apply to Trust "A" or to my spouse as the beneficiary of Trust "A" . 4. Anything herein contained to the contrary notwithstanding, each share into which Trust "B" shall be divided hereunder shall be and constitute a separate trust estate. If the Trustee is at any time acting as such for more than one trust estate under the provisions pertaining to Trust "B", it is nevertheless empowered to receive, acquire and hold all or any -13- part of the property subject hereto as a single fund, and to allot undivided interests therein to the several trust estates in proportion to the interest of each therein. 5. It is my intention that the trust estate and all shares and portions thereof shall be finally distributed at all events within twenty-one (21) years after the death of the last to die of my spouse and my issue in being at the time of the death of the first to die of said spouse and me. Accordingly, if under any of the foregoing provisions of this instrument the trust with respect to any share, or portion, of the trust estate shall be in existence one day before the expiration of said period of twenty-one (21) years, then, anything hereinbefore contained to the contrary notwithstanding, the trust with respect to such share, or portion, shall cease and terminate on such day, and the Trustee shall thereupon transfer, convey and distribute such share, or portion, to the beneficiary hereunder who is then receiving, or is entitled to receive, the income therefrom, or to whom discretionary distributions of income or principal are being made or may be made therefrom. 6. No income or principal payable to or held hereunder for my spouse, children, and grandchildren as beneficiaries of Trust "B" shall be pledged, assigned, alienated, disposed of or in any manner encumbered while in the possession of the Trustee otherwise than by the authorized act of the Trustee; and if, by reason of any act of any such beneficiary, or by operation of law, or by the happening of any event, or for other reason than an act of the Trustee authorized hereunder, any of such income or principal shall, or except for this provision would cease to be enjoyed by such beneficiary, or if, by reason of an attempt of any such beneficiary to alienate, charge or encumber the same, or by reason of the bankruptcy or insolvency of such beneficiary, or because of any attachment, garnishment or other -14- proceedings, or any order, finding or judgment of court, either in law or in equity, the same, except for this provision, would vest in or be enjoyed by some person, firm or corporation other than as provided herein, then the entire interest of such beneficiary in the income and/or principal of the trust, or share thereof, expressed herein shall cease and determine as to such beneficiary, and said income then in the possession of the Trustee or thereafter received and not used during the life of said beneficiary shall be added to and become a part of the principal of the trust estate and held by the Trustee according to its absolute discretion; but the Trustee, meanwhile, may pay to or expend for such beneficiary, or for the maintenance, support and education of such beneficiary or of the spouse, children or other dependents of such beneficiary, out of such income and/or principal theretofore payable to or held for such beneficiary, such sums and such sums only as the Trustee, in its absolute discretion, shall deem proper, retaining any portion not so expended. Upon the death of such former beneficiary, the Trustee shall hold and/or distribute such portion of the trust estate and any accumulated but undistributed income therefrom then in the Trustee's possession, in the manner hereinbefore directed for the holding and/or disposition thereof upon such one's death prior to the final termination of the trust, or such one's share thereof, including disposition thereof pursuant to any power of appointment hereinbefore granted to such beneficiary. In the event that the trust, or any share thereof, terminates by reason of the provisions of paragraph 5 of this Article during the life of such beneficiary, the Trustee may pay over and distribute to such beneficiary only such part of the principal andlor accumulated income of the trust, or share thereof, to which such beneficiary would have been entitled but for this provision as the Trustee in its absolute discretion may deem proper, and shall pay over and distribute the -15- balance thereof to such person, or persons, who would have been entitled to receive the same hereunder if such beneficiary had died immediately prior to such termination date. 7. Upon the death of the beneficiary of any trust estate held hereunder, any income theretofore collected therefrom but not yet distributed, and any income then accrued but not yet payable, shall be added to and disposed of as part of the principal thereof. In addition, the provisions of this paragraph shall not be applicable to any trust for which a marital deduction has been taken or elected. 8. The laws of the Commonwealth of Pennsylvania shall govern the validity, construction and interpretation of the provisions of this agreement, the validity of the trusts created herein, and the administration of and the accounting for such trusts . IX POWERS AND DUTIES OF THE TRUSTEE 1. In addition to the general powers of fiduciaries, the Trustee and any successor thereof shall have the following powers: (a) To sell or exchange at public or private sale and on credit or otherwise, to grant options to buy, to lease for any term or perpetually, to invest and reinvest in, and to retain whether originally a part of the trust estate or subsequently acquired, real or personal property of every kind and description (including the common trust funds and securities issued by a corporate trustee or the holding company of which it is an affiliate), without being subject to any investment or diversification restrictions, statutory or judicial, whenever prescribed, except if any property held in the marital trust is or becomes unproductive, then upon my spouse's written request, the Trustee shall within a reasonable time make such property productive or convert it to productive property. -16- (b) To represent and vote or to issue proxies, with powers of substitution, for stocks, bonds or other securities (including the common trust funds and securities issued by a corporate trustee or the holding company of which it is an affiliate); to enter into or oppose any plan of merger, liquidation, lease, sale, mortgage, consolidation, reorganization or foreclosure, and, in connection therewith, to pay amounts due under such plan, deposit securities and delegate discretionary powers to an agent or protective committee; and to exercise, buy or sell rights of conversion or subscription. (c) To improve or develop real estate, to construct, alter, repair or raze buildings or structures, to settle boundary lines, to grant easements and other rights, to partition and to join with co-owners and others in dealing with real estate. (d) To borrow money, at interest, from itself or others for the benefit of any trust, and to pledge or mortgage property of said trust as security therefor. (e) To hold title to property in its own name, in bearer form or in the name of its nominee and to hold securities in bulk with certificates of the same class and issuer constituting assets of other fiduciary accounts. (f) To arbitrate, defend, enforce, release, compromise or settle any claims of or against any trust. (g) To make divisions or distributions of property in kind or in money or partly in each. (h) To employ agents, advisors and attorneys, to pay their reasonable compensation and expenses, and to execute and deliver powers of attorney; to appoint and remove by written instrument any natural or legal person as Special Trustee to hold any part of real property or other interest in property held in the trust which the Trustee determines it cannot or, because of legal limitations on its powers, it deems inadvisable to hold as Trustee hereunder, and such Special Trustee, except as specifically limited by the appointing instrument, shall have the powers, authority and discretions herein granted to the Trustee with respect to the trust property held by such Special Trustee. The Trustee shall not be liable for any neglect, omission or wrong-doing of such agents, advisors, attorneys or Special Trustees, provided that it shall have exercised reasonable care in their selection. -17- (i) To execute and deliver all necessary or proper deeds or other instruments . (j) To amortize premiums on securities purchased at premium. (k) To continue as a partner, or to incorporate, any business at any time constituting a part of the trust estate, without court order and without liability for any losses. (1) To use principal to make purchases from or loans to my estate or my wife's estate. (m) To allocate, in case of any reasonable doubt as to the rule of law applicable, receipts and disbursements between income and principal, except that in the administration of Trust "A" hereunder any such reasonable doubt shall be resolved in all cases in favor of income. (n) In the event any trust or trust share established hereunder would have an inclusion ratio other than one or zero for generation-skipping purposes, my trustee shall set aside, as separate trust shares, ageneration-skipping tax exempt share and anon-exempt share. The shares shall be administered as separate and distinct trust shares. The Trustee shall make distributions from such shares in such manner so as to minimize or avoid the imposition of generation-skipping taxes . (o) To the extent that my Executor does not do so, the Trustee is authorized to allocate any unused portion of my generation-skipping transfer tax exemption to any property as to which I am the transferor, including any property transferred by me during my life as to which I did not make an allocation prior to my death. 2. In determining all matters involving discretion, heirship, relationship, survivorship, identity, capacity and any other questions arising in the administration of the trust property held hereunder, the Trustee may rely upon such information as on reasonable inquiry may be deemed adequate, and having made a decision in good faith shall be free from any liability whatsoever in connection therewith. -18- 3. The Trustee shall furnish to the current income beneficiaries quarterly statements of receipts and disbursements and an annual inventory. Except as otherwise specifically provided herein, each trust share shall be administered for tax and other purposes as a separate and distinct trust estate. 4. Anything herein to the contrary notwithstanding, in the event any trust share is or becomes so small that in the reasonable judgment of the Trustee it is not economically feasible to hold it in trust, then the Trustee, in its sole discretion, may terminate such trust and pay the same over to the beneficiary thereof. 5. If at any time a separate trust is being held hereunder upon substantially the same terms and conditions as that of a separate trust held under a Trust Agreement or Will of my wife, such trusts may be merged and thereafter administered and distributed as one trust. However, the Trustee shall not receive any distribution fee on account of any such merger. X COMPENSATION OF THE TRUSTEE During my lifetime, and as long as the only property held under this agreement shall consist of nominal cash or unmatured insurance policies on my life, the Trustee shall receive no compensation. After my death or if property other than nominal cash or unmatured insurance policies on my life is deposited hereunder prior to my death, then, in either of said events, the Trustee's compensation for its ordinary services hereunder shall be in accordance with its regular schedule of compensation in effect at the time such services are rendered in the case of a corporate Trustee; otherwise, in the case of an individual Trustee, in accordance with -19- the customary rates charged by corporate Trustees in the geographic area in which the Trustee resides at the time such services are rendered. The Trustee shall receive reasonable additional compensation for any extraordinary services requested of required. The compensation hereunder shall be deductible by the Trustee at such time, or times, and from such source, or sources, as it may determine. XI SUCCESSOR TRUSTEE In the event of my death, renunciation, resignation or inability to act as Trustee hereunder, I hereby designate and appoint the following to serve successively, and in the order named, as successor Trustee: (a) My wife, RUTH C. SHAW; (b) My daughter, BARBARA S. DARLINGTON, and my son, ROBERT C. SHAW, III, serving together, but if either is unwilling or unable to act, the other may serve alone. Such successor Trustee shall be vested with all of the rights, powers, privileges, immunities, duties and obligations herein conferred upon and vested in the original Trustee. IN WITNESS WHEREOF, the parties hereto have set their hands to duplicates hereof the day and year first above written. DANIEL ROBERT CONNOR SHAW, JR. , -- DANIEL R ER CONNOR SHAW, J ., RUSTEE -20- C:~Documents and SettingslAdministratorlLocal Settings\Temporuy Internet Files\Conant.IE512RCDYLC.T~Ruth°o20RES1GNATION°~o20oF°.o20TRUSTEE[ 1 },doc 7128108 RESIGNATION OF TRUSTEE And ACCEPTANCE OF SUCCESSOR TRUSTEE The undersigned, Ruth C. Shaw, hereby resigns as Successor Trustee of the Trust Agreement established by DANIEL ROBERT CONNOR SHAW, 3R. on November 1, 2000, effective upon the acceptance of a Successor Trustee. ,. , RUTH C. SHAW The undersigned, Barbara S. Darlington, and Robert C. Shaw, III, hereby accept the responsibilities of serving as the Successor Trustees of the Trust Agreement established by DANIEL ROBERT CONNOR SHAW, JR. on November 1, 2000. ') Date: . ~ ,` ~ 1' ., ~ -~,~~L~~ ~~.~ ~:; ~ .~ ~...~ BARBAR7~S. DARLIN~ ~ ROI~ERT C. SHAW, III Estate Valuation Date of Death: 11/05/2009 Estate of: Estate of Ruth Shaw Valuation Date: 11/05/2009 Account: N_isc. Trust Holdings Processing Date: 07/19/2010 Report Type: Date of Death Number of Securities: 13 File ID: Shaw, Ruth (Trust Holidings) Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 1) 7915.964 DODGE & COX INCOME FD (256210105; DODIX} COM Mutual Fund (as quoted by NASDAQ) 11/05/2009 12.96000 Mkt 12.960000 102,590.89 2) 1911.255 VANGUARD FIXED INCOME SECS FD (922031794; VFIJX) GNMA ADM Mutual Fund (as quoted by NASDAQ) 11/05/2009 10.78000 Mkt 10.780000 15,213.33 3) 1600 EXXON MOBIL CORP (302316102; XOM) COM New York Stock Exchange 11/05/2009 72.75000 71.58000 H/L 72.165000 115,464.00 4) 2700 HEINZ H J CO (423074103; HNZ) COM New York Stock Exchange 11/05/2009 41.01000 40.59000 H/L 40.775000 110,092.50 5) 273 JPMORGAN CHASE & CO (46625H100; JPM) COM New York Stock Exchange 11/05/2009 43.93000 42.40000 H/L 43.165000 11,784.05 6) 100 MOTORS LIQ CO (MTLQQ) COM Other OTC 11/05/2009 0.63000 0.60000 H/L 0.615000 61.50 7) 304 WELLS FARGO & CO NEW (949796101; WFC) COM New Yor}: Stock Exchange 11/05/2009 27.33000 26.50000 H/L 26.915000 Div: 0.050000 Ex: 11/04/2009 Rec: 11/06/2009 Pay: 12/01/2009 + 0.050000 26.965000 8,197.36 8) 60 TEXTRON INC (883203309) PFD CONV $1.40 New York Stock Exchange 11/05/2009 147.67000 136.59000 A/B 142.130000 8,527.80 9) PSECU MMKT ACCT (EVP0001) 134,632.43 Cash ' 10) PSECU CHECKING ACCT (EVP0002) 5,622.37 Cash 11) PSECU SAVINGS ACCT (EVP0003) 5.13 Cash 12) PSECU CD ACCT (EVP0004) 25,000.00 Cash 13) METRO BANK CHECKING ACCT. (EVP0005) 25,204.66 Cash Total Value: $562,396.02 Total Accrual: ;>0.00 Total: $5 62,396.02 Page 1 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.1.0) Estate Valuation Date of Death: 11/05/2009 Estate of: Estate of Ruth Shaw Valuation Date: 11/05/2009 Account: Misc. Trust Holdings Processing Date: 07/1912010 Report Type: Date of Death Number of Securities: 13 File ID: Shaw, Ruth {Trust Holidings) Shares Security Mean and/or Div and Int Security or Par Description HighlAsk LowlBid Adjustments Accruals Value 1) 7915.964 DODGE & COX INCOME FD (256210105; DODIX) COM Mutual Fund (as quoted by NASDAQ) 11/05/2009 12.96000 Mkt 12.960000 102,590.89 2) 1411.255 VANGUARD FIXED INCOME SECS FD (922031794; VFIJX) GNMA ADM Mutual Fund (as quoted by NASDAQ) 11/05(2009 10.78000 Mkt 10.780000 15,213.33 3) 1600 EXXON MOBIL CORP (302316102; XOM) COM New York Stock Exchange 11/05/2009 72.75000 71.58000 H/L 72.165000 115,464.00 4) 2700 HEINZ H J CO (423074103; HNZ) COM New York Stock Exchange 11/0512009 41.01000 40.54000 H/L 40.775000 110,092.50 5) 273 JPMORGAN CHASE & CO (46625H100; JPM) COM New York Stock Exchange 11/05/2009 43.93000 42.40000 H/L 43.165000 11,784.05 6) 100 MOTOP,S LIQ CO (MTLQQI COM Other OTC 11/05/2009 0.63000 0.60000 H/L 0.615000 61.50 7) 304 WELLS FARGO & CO NEW (949746101; WFC) COM New York Stock Exchange 11/05/2009 27.33000 26.50000 H/L 26.915000 Div: 0.050000 Ex: 11/04/2009 Rec: 11{06/2009 Pay: 12/01/2009 + 0.050000 26.965000 8,197.36 8) 60 TEXTRON INC (883203309) PFD CONV $1.90 New York Stock Exchange 11/05/2009 147.67000 136.59000 AfB 142.130000 8,527.80 9) PSECU MMKT ACCT (EVP0001) 134,632.43 Cash 10) PSECU CHECKING ACCT (EVP0002) 5,622.37 Cash 11) PSECU SAVINGS ACCT (EVP0003) 5.13 Cash 12) PSECU CD ACCT (EVP0004) 25,000.00 Cash: 13) METRO BANK CHECKING ACCT. (EVP0005) 25,204.66 Cash Total Value: $562,396.02 Total Accrual: ;.0.00 Total: $5 62,396.02 Page 1 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If yoL ha~re questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.1.0) ~~ ~ t~~ 1 ~'~ ~ f 4A.~`k ' `~~ Tax Parcel No, !~~- j9-~~ ~QV~ ~ THIS DEED MADE THE l ~ ~ da of ~~~ =7 ,"~~ ~:^,, in the ear of our Lord two thous and one ( 2 0 01) ,~' BETWEEN ROBERT C . SHAW, Jr . and RU'T'H C . SHAW, of Camp Hill , Cumberland County, Pennsylvania, (Grantors) and DANIEL ROBERT CONNOR SHAW, JR., Trustee under Agreement of Trust dated November 1, 2000, of Camp Hill, Cumberland County, Pennsylvania, (Grantee) WITNESSETH, that in consideration of One ($1.00) Dollar, in hand paid, the receipt whereof is hereby acknowledged, the said Grantors do hereby grant and convey to the said Grantee, ALL THAT CERTAIN lot of land situate in the Township of Hampden, Cumberland County, Pennsylvania, more particularly bounded and described as follows, to wit: Tract No. 1 BEGINNING at a point on the western line of West Lauer Lane at the dividing line between Lots Nos. 14 and 15 on the hereinafter mentioned Plan of Lots; thence in a westerly direction along said dividing line one hundred fifty-two (152) feet to a point; thence in a northwesterly direction along the western line of Lot No. 15 one hundred twenty (120) feet to a point; thence in an easterly direction along the dividing line between Lots Nos. 15 and 16 on said Plan one hundred fifty-two (152) feet to West Lauer Lane; thence in a southerly direction along the western line of West Lauer Lane one hundred twenty {120) feet to the place of BEGINNING. BEING Lot No. 15, as shown on Plan of Lots, Section 1, Point Ridge Farms, Hampden Township, Cumberland County, Pennsylvania, said Plan being recorded in the Cumberland County Recorder's Office in Plan Book 8, Page 2. Improved with a dwelling kr~own and numbered. as 50 West Lauer Lane, Camp~Hill, PA. BEING the same premises which Wilbert R. Keeley and Ann L. Keeley by their Deed dated March 6, 1964 recorded in Deed Book C, Valume 21, Page 1148 granted and conveyed unto Robert C. Shaw, Jr. and Ruth C. Shaw, Grantors herein. Tract No. 2 BEGINNING at a point, said point being located at the northeastern corner of lot 15-A on the Pian of Lots of Section 10, Point Ridge Farms, recorded on January 16, 1976, at Plan Book ,'[~ ~' ,, .~ 27, Page 62 , in the Office of the Recorder of Deeds of and for Cumberland County, Pennsylvania; thence along said northern boundary of said lot, South 61 degrees 50 minutes West for a distance of 326.46 feet to a point; thence South 22 degrees 24 minutes East along the Conodoguinet Creek for a distance of 50.49 feet to a point; thence South 21 degrees 44 minutes East along the Conodoguinet Creek for a distance of 70.21 feet to a point; thence North 61 degrees 50 minutes East for a distance of 39.40 feet to a point; thence North 28 degrees 10 minute West for a distance of 120.0 feet to a point, the place of BEGINNING. BEING Lot ## 15-A on the Plan of Lots of Section 10, Point Ridge Farms, as described above. UNDER AND SUBJECT to Protective Restrictions recorded in Misc. .['('.C:.ur~ie Vi DC~l.la ~J1=.._.lc ~ of Pennsylvania, on January 16, 1976, 10, Point Ridge Farms, recorded on 27, Page 62, in the Recorder Cumberland County, Pennsylvania. Covenants, Reservations, and Book 219, Page 668, in the Gl l1 `~,1 1 1.1 1 1, i. J. L l lb C 1 1 Cl.l l l,l L. V Ul 1 1,. ~' , and on Plan of Lots of Section January 16, 1976, at Plan Book of Deeds Office of and f or BEING the same premises which Keeley Realty, Inc., a Pennsylvania Business Corporation, by Deed dated October 30, 1975 and recorded in Deed Book K, Volume 26, Page 473 granted and conveyed unto Robert C. Shaw, Jr. and Ruth C. Shaw, Grantors herein. This is a tax-exempt conveyance from individuals to a trust ;for one of the Grantors in which all of the beneficiaries are exempt from transfer taxes . AND the said Grantors hereby covenant and agree that will warrant specially the property hereby conveyed. IN WITNESS WHEREOF, said Grantors have hereunto set their hands and seals the day and year above written. 52rNFDt SEALF;D AND DELIVERED ~.,, SN THE PRESENCE OF ~., ~ ~ s ~ ~.,~ f , / ~ f. ./.6 `.~ Ro C . Shaw', ~ Jr . ' Ruth C. Shaw J: CON~NlONWEALT~i OF PENNSYLVANIA SS. COUNTY OF : ~ ~~L ~ ~ ~ '~ ~ , On this , the -- da of ~ ,. 2 0 01 Y before me , the undersigned officer, personall appeared Robert C. Shaw, Jr. and Ruth C. Shaw known to me (or satisfactorily proven) to be the persons whose names subscribed to the within instrument, and acknowledged that they executed the same for the purposes th~~~~r~,. ~ ~ , contained . { ~' .>. ~ ., ~ ~. ~,,. ~.~;. ,~ `y ,,, k} ? ny, ~aomaq h Y!q~ eP ` a IN WITNESS WHEREOF, I hereur~.to set my hand and officia~~ a' ~ ~,.°' ~~'~ s "e~,~y:;~, ' } r"~~D `~ - . Notarial Sea! ,~~ ~„~ ~` ~ ` . `., ~ rya ;~.• f.* ' Stacy L Frick, f~otary Public East Pannstwra T Cumberland Ccurtt~ ~ Y ,. ~ ~ C~`t ar ~ P 1 i C ' M( ~ `F ,, ~'y~„'A~~ ~ ~ " ., 4uly C Qri1CE'El sSlQr~~XQtfB~ ~ati ~ ' ~ 241(1 ~ t , ,; ae ,,,,u.. ^ ~ •,~ ~. s ~~ , rp i , ~ , u . , , ' y .w y . ~~~Zr :~~ni' ..r 7n v .. I do hereby certify that the precise residence and comp~~`ete ?~ ~' post office address of the ,ulithin named ,Gran ee is ~ / ~ ; ..~ 1 ~r ~ ~ 2 0 O 1 ~, ,....,"k ' } F ~~M ~~ r.J 1`\ Attorney for ~-~~~.•u,..~~~-- ~, ~.~..> ,~ . COMMONWEALTH OF PENNSYLVANIA ~~~ `~ ss . -~ :.: ._ , COUNTY OF ~ :-..M_ .. ~ ~~ Recorded on this _ day of ~,~, ~- A . D . 2 0 01, in the Recorder ' s office of t!~ said County, in Deed Book Vol . !-~ , =~ :~-, . Page -~ - Given under my hand and the seal of the ,~id~~~ ;~; of fice, the t ~abov writte =~ I ~erti~y ~~IS to ~e recard~~d ~~' X11 ~~~"~-~ ~E1=~~-~~'~f~v F b Recorder . . ~r~ i- , . ~, . ., `f..'4 ' ~! ~4` rn ~~ ~ ~ ~~~f Recorder of deeds 3 ~~ .. ~ ~ rr~~ [Hain File No. WLAUER=N~Z Pa #1 CENTRAL PENN APPRAISALS, INC. 24 W. MAIN STREET SHIREMANSTOWN, PA 17011 (717) 737-4600 01!04/2010 EDWARD B. SHAW /OCCUPANT 50 W. LAUER LANE, CAMP HILL, PA 17011-7919 Re: Property: 50 W. LAUER LANE CAMP HILL, PA 17011-1318 Borrower: N/A File No.: WLAUERLN50 Opinion of Value:: 216,000 Effective Date: 12/29/2009 In accordance with your request, we have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physics! analysis of the site and improvements, a locations! analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Please do not hesitate to contact me or any of my staff if we can be of additional service to you. Sincerely, JOHN S. BOSWELL License or Certification #: PACERT RL-001405-L -RESIDENTIAL State: PA Expires: 06/30/2011 john@paappraisers. com tJ~~a;n Five IvQ,'~JLAUER~ n!50~ Pia e #2 SUMMARY OF SALIENT FEATURES Subject Address 50 W. LAUER LANE Legal Description DEED BOOK 00248, PAGE 02282, LAND & LOT 15 CONNOR JR. TRl City CAMP HILL County CUMEiERLAND State PA Zap Code 17011-1318 Census Tract 0113.05 Map Reference 25420 Sale Price $ N/A Date of Sale N/A Borrower/Client N/A Lender EDWARD B. SHAW /OCCUPANT Size (Square Feet) 1,720 Price per Square Foot $ Location GOOD Age 50 Condition AVERAGE Total Rooms 6 Bedrooms 3 Baths 2 Appraiser JOHN S. SOSWELL Date of Appraised Value 12/29/2009 Final Estimate of Value $ 216,000 Form SSD - "WinTOTAL" appraisal software by a is mode, inc. -1-800-ALAMODE Central Penn Appraisals, lnc. (717; 737-4600 Iu'~n Fite No. WLAUERf=N~i Fa(~ Uniform Residential Appraisal Report FJe# WLAUERLN50 The purpose of this summary appraisal report is to provide the Vender/client with an accurate, and adequately supported, opinion of the market value of the subject proRerty. Pro a Address 50 W. LAUER LANE Ci GAMP HILL State PA Zip Code 17011-1318 Borrower N/A Owner of Public Record SHAW DANIEL ROBERT Coun CUMBERLANC _ Le al Descri lion DEED BOOK 00248 PAGE 02282 LAND & LOT 15 CONNOR JR. TRUST TR Assessor's Parcel # 10-19-1600-111 Tax Year 2008 / 2009 R.E. Taxes $ 2,489.14 __ Nei hborftood Name POINT RIDGE FARMS IN HAMPDEN TOWNSHIP Ma Reference 25420 Census Tract 0113.05 Occu ant Owner Tenant Vacant Special Assessments $ 0.00 PUD HOA $ N/A per year ^ per month _ " Pro a Ri hts raised Fee Sim le Leasehold Other describe _ Assi nment T pe ^ Purchase Transaction ^ Refinance Transaction ®Other (describe OPINfON OF MARKET VALUE ESTIMATED . _ Lender/Client EDWARD B. SHAW /OCCUPANT Address 50 W. LAUER LANE CAMP HILL PA 17011-7919 Is the subject roe current offered for sale or has ft been offered for sale in the twelve months rior to the effective date of this a sisal? Yes ~ No Re ort data sources used, offerin rice s ,and dates . NOT FOUND IN LOCAL MLS. l ^ did ®did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not erformed. N/A : Contract Price $ N/A Date of Contract N/A Is the prope seller the owner of public record? ^ Yes ^ No Data Sources TXCRD/CONTRACT is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? ^ Yes ^ No If Yes, re ort the total dollar amount and describe the items to be aid. N/A Note: Race and the racial com osition of the nei hborhood are not a sisal factors. 'Nei ttbochootl Characteristics One-UnitHousin Trends One-UriitFlovsi PresentLand Use °6 Location Urban Suburban Rural Prope Values Increasin Stable ^ Declining PRICE AGE One-Unit 70 % Built-Up Over 75% 25-75% Under 25% Demand/Su I Shorfa a In Balance Over Suppl $ 000 rs 2-4 Unit 7 % ;Growth Ra id Stable Siow Marketin Time Under 3 mths 3-6 mths Over 6 mths 80 Low NEW Mufti-Famil 3 % Nei hborhood Boundaries This suburban nei hborhood has avera a characteristics and is bounded in all 800+ Hi h 200+ Commercial 15 % ,: directions b the townshi line. The sub'ect is located in the Cumberland Valle School District. 275 Pred. 50 Other 5 % Nei hborhood Descri lion This suburban nei hborhood has most ublic utilities available relative/ eas access to em to ment and services and is com etitive with other nei hborhoods in the eneral area. Most have similar amenities. No unfavorable factors were observed which would adverse) effect marketabili .Market activi indicates avera a or better acce lance in the market lace. OTHER =VACANT LAND/LOTS Market Conditions including su port for the above conclusions See attached addenda. Dimensions SEE LEGAL DESCRIPTION Area 1.34 ACRE Shape IRREGULAR View GOODNVOODS S ecific Zonin Classrfication R1 SINGLE FAMILY RESIDEN Zonin Descri lion SINGLE FAMILY RESIDENTIAL CREEK FRONT Zonin Com fiance Le al Le al Nonconformin Grandfathered Use No Zonin ^ Ille al describe Is the hi hest and best use of subject roe as improved or as proposed er plans and specifications the present use? Yes ^ No ff No, describe Utilities Public Other (describe) Public Other (describe) Off-site Improvements - T pe Public Private Electrici ^ 150 AMP Water Street ASPHALT Gas ^ ^ Sanity Sewer ® & PRIVATE SEPTIC Alle NONE ^ ^ FEMA S ecial Flood Hazard Area Yes No FEMA Flood Zone X FEMA Map # 42041 C0277E FEMA Ma Date 3/16/2009 Are the utilities and off-site im rovements icaf for the market area? Yes No ff No, describe Are there an adverse site conditions or external factors easements, encroachments, ernironmental conditions, land uses, etc. ? Yes No B Yes, describe There are no a arent adverse environmental conditions observed u on ins ction of the im rovements, the site, or in the immediate vicinit of the sub'ect ro art .Site has avera a site im rovements avera a landsca in and t ical maintenance. There are no a arent adverse easement encroachments, or other adverse conditions on this site. The rivate se t ic services the basement onl as er client. t3rnteraliJascr~ an Foundation Exterhs'r Descri n materials;'s~nd~ion ~rtlerior mister~ls/c+ortdldon Units One One with Accesso Unit Concrete Slab Crawl Space Foundation Walls CON. BLOCK -AVE. Fbors CPT/VIN - AVE.- # of Stories 1 Full Basement Partial Basement Exterior Waiis BRICKNVD. -AVE. Walls DW/PEAS. -AVE. T e Det. Att. S-DetJEnd Unit Basement Area 1 668 s .ft. Roof Surface SHfNGLE -AVE. TnMFinish WOOD -AVE. Existi Pro osed Under Const. Basement Finish 50 % Gutters & Dawns outs ALUMINUM -AVE. Bath floor CERAMIC - AVE.- Desi n S le RANCHER Outside Entry/Exit Sump Pump Window T pe DBL./CASE. -AVE. Bath Wainscot CERAMIC - AVE.- Year Built 1959 Evidence of Infestation Storm SasfVlnsulated SOME/SOME - AVE Car Store a None Effective Age rs 20 ^ Dampness Settlement Screens SOME -AVERAGE Driveway # of Cars 4+ Attic None Heatin FWA HWBB Radiant Amenities Waodstove s # Drivewa Surface ASPHALT Drop Stair Stairs Qther Fuel OIL - 5 rs. Fire {aces # 2 Fence RAIL Gara e # of Cars Floor Scuttle Coolin Central Air Conditionin Patio/Deck REAR Porch FRONT Ca ort # of Cars 2 ^ Finished ^ Heated ^ Individual ^ Other ^ Pool ^ Other ®Att. ^ Det. ^ Built-in A fiances ^ Refri erator ®Ran e/Oven ®Dishwasher ®Disposal ^ Microwave ^ Washer/D er ^ Other describe DOMESTIC HOT WATER Finished area above rade contains: 6 Rooms 3 Bedrooms 2 Baths 1 72o S uare Feet of Gross Livin Area Above Grade . Additional textures s ecial ener efficient items, etc.. STONE FOYER FLOOR• CROWN MOLDING 8~ FIREPLACE IN THE DINING ROOM• CROWN MOLDING & CHAIR RAIL IN THE LIVING ROOM• EXPOSED BASEMENT HAS A FAMILY ROOM WITH BRICK FIREPLACE & WET BAR Describe the condition of the roe includin needed re airs, deterioration, renovations, remodekn ,etc.. DEN W ITH NO CLOSET ROUGH BATH WITH WATER STAfN ON CEILING i~ LAUNDRY AREA. THE BASEMENT DECOR & QUALITY OF FINISH IS DATED. These im rovements are of avera a ualit brick & frame/wood desi nand reflect avera a maintenance. The sub'ect a ears to need a new roof exterior trim & sidin aint, & aint and car et/floorin throw bout the interior. The interior is dated as are the kitchen & baths. The rivate se tic set-u ma need to be Chan ed/corrected u on a sale of the home. The rear deck is in need of re lacein . Are there an h site/ deficiencies or adverse conditions that affect the livabili ,soundness, or structural inter of the rope ? Yes No If Yes, describe No unusual functional obsolescence or external inade uacies were observed. Does the prope eneral/ conform to the nei hborhood functional util'dy, s le, condition, use, construction, etc. ? Yes No If No, describe Utili of floor lan is t icaf for a house of this a e and s e and should receive avera a acce lance in the market lace. Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - •WinTOTAL" appraisal software by a la mode, inc. - i-800-ALAMODE in File N . WLA ERLN P e #4 Uniform Residential Appraisal Report File# WLAUERLN50 There are 2 com arable ro ernes current/ offered for sale in the sub'eci nei hbortrood ra in in rice from $ 214 900 to $ 228 000 There are 18 comparable sales in the subject nei hborhood within the past twelve mont hs ran in in sale price from $ 153,70 0 to $ 295,000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 50 W. LAUER LANE CAMP HILL PA 17011-1318 75 W. LAUER LANE CAMP HILL PA 17011-7919 211 REESER ROAD CAMP HILL PA 17011-7919 310 LAMP POST LANE CAMP HILL, PA 17011-1460 Proximit to Sub'ect 0.06 MILES NE 0.56 MILES SE 0.76 MILES E Sale Price $ N/A $ 188,000 $ 192,900 $ 258,000 Sale Price/Gross Liv. Area $ s .ft. $ 145.06 s .ft. $ 140.19 s .ft. $ 143.97 s .ft. Data Sources ASMT RECORDS/MLS/AGENT ASMT RECORDS/MLS/AGENT ASMT RECORDS/MLS/AGENT Verification Sources MLS #10181907 MLS #10179455 MLS #10185486 VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment DESCRIPTION + - $ Adjustment Sales or Fnancing Concessions CONV. NONE FHA SELLER HELP -1,500 CONY. NONE Date of Sale~me 09/24/09 - 148 07/01/09 - 3 11/30/09 - 3 Location GOOD GOOD GOOD GOOD Leasehold/Fee Sim le FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE Site 1.34 ACRE 0.38 ACRE +9 600 0.63 ACRE +7 100 0.37 ACRE +9 700 View GOOD/CREEK AVERAGE +10 000 AVERAGE +10 000 GOOD/CREEK Desi n S le RANCHER RANCHER RANCHER RANCHER Ouali of Construction AVE.-BRKNVD AVE. -BRICK AVE. -BRICK AVE.-STN/ALU Actual Age 50 52 56 45 Condition AVERAGE GOOD -20 000 GOOD -20 000 GOOD -20 000 Above Grade Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Total Bdrms. Baths Room Count 6 3 2 5 3 1.5 +2 500 6 3 1.5 +2 500 7 3 2 Gross Livin Area 1,720 sq.ff. 1,296 sq.ft. +10,600 1,376 sq.ft. +8 600 1,792 s .ft. -1,800 Basement & Rnished Rooms Below Grade 1,668 Sq.Ft. FAM./DEN/BAT FULL BASE. UNFINISHED +3,500 +13 000 FULL BASE. UNFINISHED +3,500 +13,000 FULL EXPOSE. FR/DEN/BR/BA -2,500 Functional Util' AVERAGE AVERAGE AVERAGE AVERAGE Heatin Conlin OBBHW / CA OFHA / CA OFHA / CA E.FtAD./NO CA +10,000 ,' Ener Efficient Items TYP FOR AREA TYP FOR AREA TYP FOR AREA TYP FOR AREA Gara a/Carport 2 CARPORT 2 GAR. ATT. -10,000 2 GAR. ATT. -10,000 2 GAR. ATT. -10,000 - PorchlPatio/Deck PORCH/DECK NONE +2 500 SMALL PORCH +3 500 REAR PORCH • 2 PATIOS PATIO +1,000 PATIO +1,000 NONE +2,000 2 FIREPLACES 1 FIREPLACE +3 500 1 FIREPLACE +3 500 1 FIREPLACE +3 500 WET BAR NONE +1 500 NONE +1 500 NONE +1 500 • Net Ad ustment otal + - $ 27 700 + - $ 22 700 + - $ -7 600 Adjusted Sale Price of Com arables Net Adj. 14.7 % Gross Ad'. 46.6 % $ 215 700 Net Adj. 11.8 °~ Gross Ad'. 44.4 °~ $ 215 600 Net Adj. 2.9 % Gross Ad'. 23.6 % $ 250 400 l did did not research the sale or transfer h isto of the subject pro a and comparable sales. It not, explain M research did did not reveal an rior sales or transfers of the subject ro for the three ears rior to the effective date of this a raisat. Data Sources LOCAL MLS & COUNTY ASSESSMENT RECORDS. M research did did not reveal an rior sales or transfers of the com arable sales for the ear rior to the date of sale of the com arable sale. Data Sources LOCAL MLS & COUNTY ASSESSMENT RECORDS. Re ort the results of the research and anal sis of the nor sale or transfer histo of the subject roe and com arable sales re ort additional rior sales on a e 3 . ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer 09/21/2001 09/06/2005 06/29/1979 NONE KNOWN TO EXIST Price of Prior Sale/Transfer $1.00 $185,000 $62,000 OTHER THAN ABOVE Data Sources COURTHOUSE RECORDS COURTHOUSE RECORDS COURTHOUSE RECORDS COURTHOUSE RECORDS Effective Date of Data Sources 01/04/2010 01104!2010 01 /04/2010 01 /04/2010 Ana sis of rior sale or transfer histo of the subject ro and com arable sales NO UNUSUAL CHARACTERISTICS IN SALES HISTORY OF SUBJECT OR COMPARABLES. ALL OF THE COMPARABLES WERE VERIFIED TO BEARMS-LENGTH TRANSACTION AS PER LOCAL MLS. A thorou h search for com arable sales has been made to find sales which bracket the sub'ects GLA. Summa of Sales Com orison A roach All three sales are considered to be reliable indicators of value and are wei hted similar/ in the final reconciliation. All three com arable sales are located in the same market area as the sub'ect ro ert and would be considered b the same ers ective urchaserrf all were on the market at the same time as the sub'ect. THE SUBJECT AND ALL COMPS ARE LOCATED 1N THE SAME TOWNSHIP & SCHOOL DISTRICT. Com arables sales used are all closed sales. A ro riate ad ustments have been made for all differences. Other com arables anal ed would have re uired less desirable ad'ustments and were not used for that reason. It is noted that the ross ad'ustment for Com arable Sale No. 1 & 2 exceeds 25%. This ad ustment is is er than normal, but the sales chosen are considered the best available. Other com arables anal ed would have re uired Tess desirable ad ustments and were not used for that reason. Indicated Value b Sales Com orison A proach $ 216,000 Indicated Value b :Sales Comparison Approach $ 216,000 Cost Approach (if developed) $ N/A income Approach (if developed) $ N!A See attached addenda. This appraisal is made ~' "as is", ^ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, ^ subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or ^ subject to the • followin required inspection based on the extraordina assumption that the condition or deficient does not require alteration or repair: Based on a complete visual inspection of the interior and exterior areas of the subject props ,defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of fhe real property that is the subject of this report is $ 216,000 as of 12/29/2009 which is the date of ins coon and the effective date of this a raisat. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form x004 March 2005 Form 1004 - •WinTOTAL` appraisal software by a la mode, inc. -1-800-ALAMODE Main File N . W ERN Pa # Uniform Residential Appraisal Report FileH wLAUER~NS~ AMENDMENT TO SCOPE OF WORK: THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDEFUCLIENT ONLY. THE INTENDED USE IS TO EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR A MORTGAGE FINANCE TRANSACTION, SUBJECT TO THE STATED SCOPE OF WORK, PURPOSE OF THE APPRAISAL REPORTING REQUIREMENTS OF THIS APPRAISAL REPORT FORM AND THE DEFINITION OF MARKET VALUE AS DEFINED BY FANNIE MAE AND OR FREDDIE MAC. _ THE REPLACEMENT COST IS USED FOR NEW CONSTRUCTION OR HOMES LESS THAN 5 YEARS IN AGE ONLY. THE INCOME APPROACH TO VALUE IS USED ONLY WHEN THE SUBJECT !S TO BE A SINGLE FAMILY RENTAL PROPERTY. APPRAISER ACKNOWLEDGEMENTuuAPPRAISERS ACKNOWLEDGES AND AGREES IN CONNECTION WITH ELECTRONIC SUBMISSION OF APPRAISALS AS FOLLOWS:C DTHE SOFTWARE UTILIZED BY THE APPRAISER TO GENERATE THE APPRAISAL PROTECTS SIGNATURE SECURITY BY MEANS OF A DIGITAL SIGNATURE SECURITY FEATURE WHICH LOCKS THE REPORT WITHIN OUR OFFICE AND CAN NOT BE ALTERED BY ANYONE OTHER THAN OUR OFFICE ~] ^ ^APPRAISER CERTIFICATION~OAPPRAISER STANDARDSGOI acknowled a and certif that I m a raisal of the above referenced ro ert ma be used in a federal) related financial transaction sub'ect to re uirements of Title XI of the Financial institution Reform Recove and Enforcement Act of 1989 FIRREA" ~ ii the a raisal must com I with FIRREA and the a livable re utations im lementin Title IX of Firrea~ and iii the a raisal was com leted in accordance with USPAP.uuAPPRAISER COMPETENCYU ~I certi that I am full ual'rfied and com etent b trainin knowled a and ex erience to erform this a raisal.~~APPRAISER INDEPENDENCE~01 re resent and cert' that I the a raisal assi nment was based not based on a re uested minimum valuation a s ec~c valuation or the a royal of a loan ii m em to ment was not conditioned u on the a raisal roducin a s ecific value or value within a iven ran e; iii m future em to ent is not de endent u on an ~ a raisal roducin a s ecific value iv m em to meat com ensation and future em to ment are not based u on whether a loan a lication was a roved v neither me nor an erson with an ownershi interest in the com an em to in me, is related to or has an ownershi or other financial interest in either the builder/develo er seller bu er mort a e broker or real estate broker/sales erson or an en>on related to an of them involved in the transaction for which this a raisal was re uested, or with the most recent sale or refinancin of an ro ert used as a com arable roe in this a raisal and vi I am not aware of an facts which would dis uali me from bein considered an inde endent a raiser.~C]CAPPRAISAL INSTITUTE CERTIFICATiON~01 cert' that to the best of m knowled a and belief, this re ort anal ses o inions and conclusions were develo ed and this re ort has been re ared in conformit with the re uirements of the Code of rofessional Ethics and the Standards of Professional raisal Practice of the A raisal Institute.nnl Cert' that the use of this re ort is sub ect to the re uirements of the A raisal Institute retatin to review b its dul authorized re resentatives.^ THIS 1S A SUMMARY APPRAISAL REPORT. ' ,A`PPlft4ACHTOItAIUE(not.: uired~ .14annie~lae) Provide ade uate information for the lender/client to replicate the below cost fi ures and calculations. Su ort for the o inion of site value summa of com arable land sales or other methods for estimatin site value LOCAL MLS COUNTY RECORDS ONLINE AND APPRAISERS EXPERIENCE. ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE...____.___..__.___._._______________._.____._.__._____.__. _$ 100 000 Source of cost data MARSHALL & SWIFT COST VAULATION SERVICE DWELLING 1 720 Sq.F1. @ $ _____________ _$ Qual' rati from cost service AVE. Effective date of cost data 12/2009 BASEMENT 1 668 S .Ft. @ $ _ _$ - Comments on Cost Approach gross livin area calculations, depreciation, etc. _ _ _$ The costa roach was considered but deemed ina ro riate because of Gara a/Ca ort 552 S .Ft. $ _$ the sub'ective ad'ustments warranted for h sical de reciation due to the Total Estimate of Cost-New =$ ------------ sub ect's actual a e. No obsolescence was observed. Althou h the ratio Less Ph sical Functional External of the site value to the entire ro ert value exceeds 30% the sub'ect De reciation =$ ro ert is essential) residential in character. Site value ratios in excess De reciated Cast of Im rovements _.__._._._____._.______...____.____.____.____ _$ of 30% are not uncommon in this market area, and ro erties with hi her `As-is" Value of Site Improvements ..............._____._____.___.______._.____..__ _$ land values are readil marketable. Estimated Remaining Economic Life HUD and VA onl 40 Years INDICATED VALUE BY COST APPROACH _____________________________________________ =S ~ii~C~E~~tCttTO~ILti E (not ui~d` FanaieilAae) Estimated Month/ Market Rent $ N!A X Gross Rent Mufti tier NIA = $ N/A Indicated Value b income A roach Summa of Income A roach includin su ort for market rent and GRM NIA .SECT tNFDFI~IAT!(>~i ff~ P~ii]s (if:a licab~) Is the develo er/builder in control of the Homeowners' Association HOA ? Yes No Unit e s Detached Attached Provide the folbwin information for PUDs ONLY if the developer/builder is in control of the HOA and the subject propeRy is an attached dwellin unit. Le al Name of Pro'ect Total number of hases Total number of units Total number of units sold Total number of units rented Total number of units for sale Data source s Was the pro'ect created b the conversion of e~asiin buildin s into a PUD? Yes No If Yes, date of conversion. Does the ro'ect contain a mufti-dwellin units? Yes No Data Source Are the units, common elements, and recreation facilities com late? !-; Yes ^ No If No. describe the status of com letion. Are the common elements leased to orb the Homeowners' Association? Yes No If Yes, describe the rental terms and o tions. Describe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 of 6 - Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAI" appraisal software by a la mode, inc. -1-800-ALAMODE 1Main File No WLAUERLN~0 ~~~#__ Uniform Residential Appraisal Report File A` WLAUERLN50 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do nat constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pertorm a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFIN171ON OF MARKET VALUE: 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: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) 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. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an ident'rfied Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless spec'rfic arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in pertorming the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be pertormed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 _ Fannie Mae Form 1004 March 2005 Form 1004 - "Win707AL" appraisal software by a la mode, inc. -1-800-ALAMODE IJ~ain File No. WLAUERLN~O Page #7 Uniform Residential Appraisal Report File# WLAUERLN50 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specrfic terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4: I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verrfied, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior safes of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. l have not used comparable safes that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in pertorming this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly wfthheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective persona! interest or bias with respect to the participants in the transaction. 1 did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for pertorming this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that l would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any parry, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application}. 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to pertorm the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individua{, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - •WinTOTAL° appraisal software by a la mode, inc. -1-800-ALAMOOE Main File No. WLAUERLN~ Page #8 Uniform Residential Appraisal Report File# WLAUERLN50 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, { am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal andlor state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy ar representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state flaws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. !directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identrfied in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Baard of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal andJor state Paws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER PA CERTIFIED RESIDENTIAL REAL EST. APPRAI Signature Name JO S. BOSWELL Company Name CENTRAL PENN APPRAISALS, INC. Company AddreSS 24 W. MAIN ST. SHIREMANSTOWN, PA 17011 Telephone Number (717} 737-4600 Email AddreSS iohn(a~paappraisers.com Date of Signature and Report 01/04/2010 Effective Date of Appraisal 12/29/2009 State Certification # PACERT RL-001405-L -RESIDENTIAL or State License # or Other (describe) State # State PA Expiration Date of Certification or License 06/30/2011 ADDRESS OF PROPERTY APPRAISED 50 W. LAUER LANE CAMP HILL, PA 1 701 1-1 31 8 APPRAISED VALUE OF SUBJECT PROPERTY $ 216,000 LENDER/CLIENT Name Company Name EDWARD B. SHAW /OCCUPANT Company Address 50 W. LAUER LANE, CAMP HILL, PA 17011-7919 Email Address SUPERVISORY APPRAISER (ONLY iF REQUIRED) Signature __ Name Company Name _ Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior of subject property from street Date of Inspection ^ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of comparable sales from street ^ Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 Page 6 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE M~ File No WLAUERLN~O Page #9 Supplemental Addendum File No. WLAUERLNSO Borrower/Client N/A ___ Prope Address 50 W. LAUER LANE Ci CAMP HILL Coun CUMBERLAND State PA Zip Code 17011-1318 Lender EDWARD B. SHAW /OCCUPANT • URAR :Neighborhood -Market Conditions There are no foreseeable economic trends which might significantly influence market conditions in this area. The current mortgage market offers a wide variety of conventional loans with competitive rates. As a result, the terms of financing have little, if any, impact on sales prices. If interest rates remain reasonable, property values and marketability should be good. Current supply and demand are in balance. Marketing time averages 0-90 days as per MLS statistics.lnterest rates are ranging from 4.5-8% with 0-6 points typically being paid for origination or discount. • URAR :Final Reconciliation This appraisal report has been prepared with the property in "as is" condition. No personal property has been included in this valuation. The fact that the seller is, or is not, paying any portion of the closing cost has no effect on the market value of the subject. This appraisal assumes a reasonable marketing period for the subject property of three months. The Market Approach reflects recent activity in the market place. In view of the age of these improvements, the Cost Approach cannot be considered an accurate indicator of value. The income Approach is inappropriate because few single family houses are rented in this market. Given the high quality of the available sale data, the value indicated by the Market Approach is used as the final estimated value. THIS IS A SUMMARY APPRAISAL REPORT. Form TADD -'WinTOTAI" appraisal software by a la mode, inc. -1-800-ALAMODE M in Fife No. WLAUERLN50 F~g.~#1 Subject Photo Page Borrower/Client N/A ____ Property Address 50 W. LAUER LANE _ Ci CAMP HILL Coun CUMBERLAND State PA Zi Code 17011-1318 lender EDWARD B. SHAW /OCCUPANT Subject Front & Side 50 W. LAUER LANE Sales Price N/A Gross Living Area 1,720 Tota! Rooms 6 Total Bedrooms 3 Total Bathrooms 2 Location GOOD View GOOD/CREEK Site 1.34 ACRE Duality AVE.-BRKlW D Age 50 Subject Rear & Side Subject Street Form PICPIX.SR - °WinTOTAt° appraisal software by a la mode, inc. - i-800-ALAMODE Main Fi4e No. WLA~IE~iLN~() Pages#11 Photograph Addendum Borrower/Clier>t N/A _ ____^ Pro a Address 50 W. LAUER LANE _ ^ Ci CAMP HILL Cou CUMBERLAND State PA Zip Code 17011-1318 Lender EDWARD B. SHAW /OCCUPANT _ Subject Street 2 Car Attached Carport /Rear View Rear View Amenity Forth 6PICPlX - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE M in Fil N . WLAUER N50 P•3ge ~~12 Comparable Photo Page Borrower/Client N/A __, Pro ert Address 50 W. LAUER LANE __ Ci CAMP H1LL Coun CUMBERLAND State PA Zi Code 17011-1318 Lender EDWARD B. SHAW /OCCUPANT Comparable 1 75 W. LAUER LANE Prox to Subject 0.06 MILES NE Saie Price 188,000 Gross Living Area 1,296 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 1.5 Location GOOD View AVERAGE Site 0.38 ACRE Quality AVE. -BRICK Age 52 Comparable 2 211 REESER ROAD Prox. to Subject 0.56 MILES SE Saie Price 192,900 Gross Living Area 1,376 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.5 Location GOOD View AVERAGE Site 0.63 ACRE Quality AVE. -BRICK Age 56 Comparable 3 310 LAMP PO ST LANE Prox. to Subject 0.76 MILES E Sale Price 258,000 Gross Living Area 1,792 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 Location GOOD View GOOD/CREEK Site 0.37 ACRE Quality AVE.-STN/ALU Age 45 Farm PICPIX.CR - "WinTOTAL" appraisal software by a is motle, inc. -1-800-ALAMODE Min File KaJ.!!v'IAUERLt~5' Page #' Buiidin4 Sketch Borrower/Client NIA - -- ----- Pro a Address 50 W. LAUER LANE - -- ---- Ci CAMP HILL Coun CUMBERLAND State PA -Zip Code 17011-1318 -- Lender EDWARD 8. SHAW (OCCUPANT - 14.0' c Wood Deck Over " I Stone Patio Concrete Patio 52.0' Area Master Living Room Dining Room Bedroom FP Or Family Room o 0 Master ''' Dinette ° t>; M Bath ~ 'm Area ~ Bath Bedroom Kitchen b Foyer Two Car N Carport Bedroom WI q m Porch 32.0' 20.0' 23.0' Sketch by Apex IV^' Comments: Code AREA CALCULATIONS SUMMARY Description Size Net Totais GLA1 First Floor 1720.00 1720.00 P/P Porch 192.00 Wood Deck 98.00 Stone Patio 98.00 388.00 GAR Carport 552.00 552.00 TOTAL LIVABLE (rounded) 1720 .LIVING AREA 'BREAKDOWN Breakdown Subtotals First Floor 20.0 x 38.0 760.00 30.0 x 32.0 960.00 2 Calculations Total (rounded) 1720 Form SKT.BIdSkI -'WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAIV{ODE Location Map Main File No.1~"LA~'d~Q~ F~a e #14 Borrower/Clierrt N/A ~ --~-~ Pro erty Address 50 W. LAUER LANE Cit CAMP HILL Coun CUMBERLAND State PA Zi Code 17011-~ 31..3 Lender EDWARD B. SHAW !OCCUPANT 1v:.J ` ~ ~, ~ a la mode i .C ;k.Y .> .. Jnr.:sr~..Yi~. wy . , E w , nc .im w+«w~, n, *rai or;a,r Jxh:,eaaJr Kl e,^..,.. ~ F ",. ,~ q_ ~'D4 ~ ^+wri sf ~' ~. ¢° •. `~rZ ••. Fu. ° Ro 1w n F ~c~i •1''' e7' 1d - C~enmu-+nSPaiir wvd.,,ew`G_... E:7 R~.n P leYJrer or A-... in r .. r ~ w ' ~ 8~~ ler ..ui^Je!l~ d .. ea '' Y. x«Ja rn: u ~` .+ 4M+nINY.Ui '1~r RA '{% . E ?y Y` .. ~. ~= c L ~ y y Sw ` ^~- ~~~.arn - GJxxfHrzw i:rr,:.F.v:u wl+arx V <"= ~ o qF a+~. ~. ~ ~. Mfliwie!v; ~et nA '~ 4 ~~ Ciurm,Y rk /n. 'S. Mu:M:rJ Y. v« 'qv 4y ii~ .. az ~+orrs+Nn lY p r a n ~J? ~ ~ a HurprJ>aGi RraJ Y `~ .: M .,e ~ _ ~ a, ~ L ~ r~ -J ., . Arnl:a~ liaY r'o~- _ "4,RR+~Y 1',c „e _ sF' sr•rM"n ~'• C ;1 ~". rw `~4 F ~, ~ '~'k G. ~~.~a ,'v. •~ vim; +r Ln r~" k a,,,:. :>arar^i° M d 4 "r.n VJ"n ~ ,rr~ ~r~ ` „o , l~ ~~n J KA +k ':y ~ Q ~ J ~ ~ ~` r ~su, o ~+N..p Dt 1 5' 3 ' Saen'War (Y C .,~. Vii. a;NY C i. ` . 4~Y~MV _,q k G~~ q::. . ~ - Ik JzFr~e^ ` ~,y.di~n Ci o n c y ~ ~. ~ `~ St " to pr., S , ~ m P o~''` t~ ! ~ `' ` a~,,,,r iea; ~ ~ t~, I ~ 4.~ Ry,ra.r "a ~' 'c' ~ a '~y~.n .y a, ~ i~~C', fiNNJir, 0.„ `+i W. L. ..rnrD CC S . ~~r^'' t-. .b:~t ~~ ~ `) f C 6 '-.. b r >wr ~: `fi ,. t m ` e yF LY^ t n W"~N ~ ~ ^ ~' ~~n.'. 4 ~ L 4 ~. khr y, R ~ ' Jam,. P f Mn. YY a~ ' ~ ~ ~ Y b of y, r. ~:. CJ-, 'S. 4.i'. !.i >' 4~ ~A ~ C y0j r ~ ....,. . ~ +~~ 'tti "v . w. ` pG - Kew ~' w1~, C:c'Mrv LM ~ t j . `' t F J ~' att. ~ A ,a1:^r~ L ~^ `T pi w. ;, r S 2 S i 5 ^ ~ t` ~ 5 : r r.. `ed r F~ •SF. `2 r .xM'!(i: ., ~ as. - ~..(q.G~ 4 Cy F hai ,r s S,e~ ~ d Ft~ Q: a w o U k IN dtii w~ .41' v ~; le T ,r '~~~ ,x = ~ ~ ,, .. ~ ._ ~ ~ cnri~~r+iFe i`ru~ .... i~ , Y i- JC- YL" M1yn `ii, '. _ btar 2 f ~ .. ....__ ... ... ~ ..,. ' .. Spurllny Hdt...__,_ CJeLble PUm....._ _. _... ..._ ... : ",. ...... U ...Geri!uM aiw y,. .. ~ .gyn.: c.: '. ~Y.ems::t tit C..w•r,St. ,,, `r; ~. A ,imm~tllia `o,vasnin F•.'lik ..... _.....,..... FJ [JOarM 1 S?~~ Yid ~ V C"'per. ~.`,h .NAJ Are- ~ '~ _, C ' gR, tl T_ 1F 4 " e. ~. s ~ urg ~X%'a~lN1~...i 11~.~ .. 6.. ~ „ is f~» r:. Hr - JiFY! 'I i' ~ ~ - J,,~ p s,iui,R„ J R:J i a,nACixvtl~ ea +irn6lCrcv C ~...,.. . 11 ~.M.NSe~Ha!neDapy? ~~nn fiC. . r~ Yvuin 8 k t J;: . 'L. ~ ti`s: 9 xx ~ ~' W»exi Inw+r•;or' 4,>t ,~r.- Foini re«rm c~ t i~t,m+. Rv ` F " „paRL tilt. - 4c~,_ , „ '~ l ~ "~4'~ ` P y .x e -, c" r :;W^ y r :w, -s~Yt'a'p/ ~. .. 'r. q S~. i. a. «~ 4+ G r.;' ~:r ~ `!'4q + .~ r '~ nrr: ~. _ vHY~.. z crT" K :, G. SYrV~, t r i. ti es". ...... y - .:^ ~vr„ar.H a°`,Shlramwbwn .ru +.. .t (~~ ~ ~ Le f u'SC ..F«Yw.d .„rr a-~ -: '"..; 7 ' >r a"?. S'.9. "'. , r~ F~ y .;~ td. SCr~ftd Form MAP.LOC - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE ZIEGLEI3, METZGEB. SC MILLER LLP ATTOBNEYS AT LAW ROBERT L. METZGER WILLIAM L. SPRING STEPHEN M. DARLINGTON' RICHARD T. SPOTZ, JR. PAUL S. KLUG STEPHEN M. BALES JOHN E. REDEKER JOSEPH W. KAMPMAN KIRK W. ROESSLER"' • BOARD CERiI FIED•CREDITORS' RIGHTS LAW- AMERICAN BOARD OF CERTIFICATION •• ALSO ADMITTED IN CALIFORNIA& MICHIGAN THE HUNTINGTON BUILDING HOWARD E. HENDERSHOTT, JR. 925 EUCLID AVENUE, SUITE 2020 JEFFREY L. KOBERG CLEVELAND, OHIO 44115-1441 CHRISTOPHER E. SOUKUP LISA J. ROTH (800) 528-3300 SCOTT A. NORCROSS (216) 781-5470 LORI R. KILPECK•*' NICHOLAS C. DE SANTIS FAX (216) 781-0714 GINA M. BEVACK-CIANI wwW.zieglermetZger.com SHELLY R. LASALVIA JANEANE R. CAPPARA OF COUNSEL: JOHN J. REIDY, JR. ••• AL50 ADMITTED IN FLORIDA July 30, 2010 VIA CERTIFIED MAIL Cumberland County Register of Wi11s 1 Courthouse Square Carlisle, PA 17013-3387 Re: Estate of Ruth Shaw Date of Death 11/5/09; SSN 186-34-0243 File No. 211 D-OD94 Dear Sir or Madam: _, --= ~J .'~7 t ...3..3 `~- • _ ",) 3~_. )_...I _,1 J _. , -:•:J -,~ "-i I-~ _.~ ~:.~ C.:J g•~s~^V+.r~+1 V rv r~ ;__. .- (~ ,,~-- '-; Enclosed for filing, please find two (2) copies of Form REV-1500 (Inheritance Tax Return Resident Decedent). A check in the amount of $4,693.00 representing the balance of the Pennsylvania Inheritance Tax due is also enclosed. Additionally, a check in the amount of $15.00 made payable to "Register of Wills" is enclosed for the filing fee. I have enclosed a copy of the first page of the Form REV-1500 that I would ask you to date stamp and return to me in the self-addressed stamped envelope provided. Should you have any questions, please do not hesitate to contact me. Sincerely, .//~f'//~~. ,,,, ~. ° ~ ' l' ./°'.` Lisa J. Roth enclosures cc: Barbara S. Darlington (w/out enclosures) Robert C. Shaw, III (w/out enclosures) PAINESVILLE OFFICE: 10 WEST ERIE STREET, SUITE 101, PAINESVILLE, OHIO 44077 (440) 352-3003