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HomeMy WebLinkAbout12-16-10 1505610149 REV-1500 EX(°'-'°' Pennsylvania OFFICIAL USE ONLY PA Department of Revenue OCV4AiMCM)0/0.dCkuC County Code Year File Number Bureau of Individual Taxes INHERITANCE TAX RETURN PO BOX 280801 Harrisburg, PA 17128-0601 RESIDENT DECEDENT 21 10 0 7 21 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY 161 34 4759 03 26 2010 07 17 1941 Decedent's Last Name Suffix Decedent's Frst Name M! Brown Mr• Lawrence W (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's Frst Name MI Brown Mrs Judith A Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ~ 1. Original Return D 2. Supplemental Return G7 3. Remainder Return (date of death prior to 12-13-82) CD 4. Limited Estate C~ 4a. Future Interest Compromise (date of l~ 5 Federal Estate Tax R t R d . e urn equlre death after 12-12-82) ~ 6. Decedent Died Testate p 7. Decedent Maintained a Living Trust 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) C7 9. Litigation Proceeds Received C7 10. Spousal Poverty Credit (date of death Q 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT - Thts section must be completed. All Correspondence and Conftdenttal Tax Information Should be Directed to: Name Daytime Telephone Number Elyse E• Rogers, Esquire ?17 612 51801 Frst line of address keefer Wood Allen & Rahal, LLP Second line of address 635 North 12th Street, Suite 40D City or Post Office Lemoyne State ZIP Code PA 17025 .? :.~.I Correspondent's a-mail address: erogersCc~keeferwood.com REGIST~" ~ 1 ILLS US~1LY .. ~ rW ~. ~~ ~ r`° V'~ ~~ ~ r ~ .. ~~~ 3 _,.. ~ .. ,: ^~,, ~~^ '""DATE FILED „~'~ ~'-~ '~ ~_ry --.;..-; -=_ ,~ 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' ,correct and complete. Declaration of the preparer otherthan personal representative is based on all information of which preparer has any knowledg®. SIGNATU E OF PERSO RESP BLE F ILING RETURN DAT ~ / /D A ss 57 Lee Ann Court Side 1 1505610149 1505610149 J 1505610249 Rev-1500 EX Decedent's Social Security Number 161 3 4 4 7 5 9 Decedent's Name: Lawrence W. Brown Mr. RECAPITULATION 1, 0 5 0 , 0 0 0 • 0 0 1. Real estate (Schedule A) .. • • • • • • • • ............................... 1. 0.00 2. Stocks and Bonds (Schedule B) •••••••••••••••••••••••••••••••••••• 2• 1 ~ 9 9 2 •2 7 3. Gosely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) • • • • • • 3. 4. Mortgages and Notes Receivable (Schedule D) ••••••••••••••••••••••••• 4. 0.00 5. Cash, Bank Deposits and Miscellaneous Personal Property (Schedule E) • • • • • • • 5. 2 2 6.0 0 6. Jointly Owned Property (Schedule F) o Separate Billing Requested • • • • • • 6. 0 ' 0 0 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property 2 6 ,141.61 (Schedule G) O Separate Billing Requested • • • • • • 7. 1,078,359.88 8. Total GrossAssets(totalLineslthrough7)•••••••••••••••••••••••••••• 8. 2 4 , 5 7 2 •3 5 9. Funeral Expenses and Administrative Costs (Schedule H) • • • • • • • • • • • • • • • • • • 9. 0 • 0 0 10. Debts of Decedent, Mortgage Liabilities, and Liens (Schedule I) 10. 24,572.35 11. TotalDeductlons(totalLines9and10) •••.•••••••••••••••••••••••••• 11. 1053,787.53 12. Net Value of Estate(Line8minusLinell)••••••••••••••••••••••••••••• 12. 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which ], -, 0 2 7 , 6 4 5 •9 2 an election to tax has not been made (Schedule J) • • • . • • • • • • • • • • • • • • • • • • • 13. 26,141.61, 14. Net Value Subject to Tax (Line l2 minus Line l3) ••••••••••••••••••••••• 14. TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 2 6 ,141 •61 15 0.0 0 (a)(1.2) x .o0 . 16. Amount of Line 14 taxable 0' 0 0 16 0. 0 0 at lineal rate x .045 . 17. Amount of Line 14 taxable 0 •0 0 0. 0 0 at sibling rate X .12 17. 18. Amount of Line 14 taxable 0 • 0 0 0 • 0 0 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 p Slde 2 1505610249 1505610249 Rev-1500 EX Page 3 n..wwrlwr~~l~- ^.,w.r~le4n Arlrlret+c• Fle Number 21 10 0721 ~....~~.~..~ . ~----r-- -- - ----- - - - DECEDENTS NAME Lawrence W. Brown Mr. STREET ADDRESS 57 Lee Ann Court CITY STATE ZI P Enola PA 17025 Tax Payments and Credits: 1. Tax Due (Page 2 Line 19) 2. Credits/Payments A. Prior Payments B. Discount 0.00 (1) 0.00 0.00 0.00 0.00 0.00 Total Credits (A + B) (2) 3. Interest 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. FIII in oval on Page 2, Llne 20 to request a refund. 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (3) (4) (5) Make Check Payable to: REGISTER OF WILLS, AGENT. PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred; ••••••••••••••••••••••••••••••••••••• b. retain the right to designate who shall use the property transferred or its income; ...... • • • • • • • • • • ^ c. retainareversionaryinterest;or ••••••.•••••••••••••••••••••••••••••••••••••••••••• ^ d. receive the promise for life of either payments, benefits or care? • • • • • • • • • • • • • • • • • • • • • • • • • • • ^ 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 "intrust for" orpayable-upon-death bank account or security at his or her death? .. ^ 4. Did decedent own an individual retirement account, annuity, or other non-probate property, which containsabeneficiarydesignation? •••••••••.••••••••••••••••••••••••••••••••••• Q ^ IF THE ANSWER TO ANY OF THE ABOVE GIUESTIONS 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 Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. Sect. 9116(a)(1.1)(i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. Sect. 9116(a)(1.1)(ii)]. The statue 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 21 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 0 percent [72 P.S. Sect. 9116(a)(1.2)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in 72 P.S. Sect. 9116(1.2) [72 P.S. Sect. 9116(a)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. Sect. 9116(a)(1.3)]. A sibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1502 EX+(01-10) ~ Pennsylvania SCHEDULE A I~~PART#~EENT OF REYfNU# INH ERITANCE TAX RETURN REAL ESTATE RESIDENTDECEDENT ESTATE OF: FILE NUMBER: Lawrence W. Brown Mr. 21 10 0721 All real property owned solely or as a tenant in common must be reported atfair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevantfacts. If more space is needed, insert additional sheets of the same size. REV-1508 EX+(6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCETAX RETURN RESIDENTDECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF FILE NUMBER Lawrence W. Brown Mr. _ 21 10 0721 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with right of survivorship must be disclosed on Schedule F. (If more space is needed, insert additional sheets of the same size) REV-1510 EX+(08-09) r pelnnsylvainia ` OEPART~l~,NT QF Ri^YE:NUE INHERITANCE TAX RETURN RESIDENTDECEDENT SCHEDULE G INTER-VIVOS TRANSFERS AND MISC. NON-PROBATE PROPERTY ESTATE OF FILE NUMBER Lawrence W. Brown Mr. 21 10 0721 This schedule must be completed and filed if the answerto any of questions 1 through 4 on page three ofthe REV-'1500 is yes. ITEM NUM DESCRIPTION OF PROPERTY INCLUDE NAMEOFTRANSFEREE, RELATiONSHIPTO DECEDENT& DATE OFTRANSFER. ATTACH COPYOF DEED FOR REAL ESTATE DATE OF DEATH VALUE OF ASSET %OFDECD'S INTEREST EXCLUSION (IFAPPLICABLE) TAXABLE VALUE 1 LPL Financial !RA Account 1358-5717 26,141.61 100 26,141.61 Beneficiary: Decedent's surviving spouse, Juith A. Brown TOTAL (Also enter on Line 7, Recapitulation) + 26,141.61 If more space is needed, use additional sheets of paper of the same size. REV-1511 EX+(10-09) ~ pelnnsylvania SCHEDULE H p~pARTM~NT pF REVE"UE FUNERAL EXPENSES AND I NHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENTDECEDENT ESTATE OF FILE NUMBER Lawrence W. Brown Mr. 21 10 0721 Decedent's debts must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1 Hoffman-Roth Funeral Home 2,649.62 2 Ministers/organist re: funeral service 500.00 3 Funeral reception in Pennsylvania 10,323.93 4 Funeral reception following memorial service in Florida 2,500.00 B. ADMINISTRATIVE COSTS: 1. Personal Representative Commissions: Name(s) of Personal Representative(s) Street Address City State Zip Year(s) Commission Paid: 2. Attorney Fees 4, 500.00 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation.) 3,500.00 Claimant Judith A. Brown street Address 57 Lee Ann Court City EnOla State PA Zip 17025 Relationship of Claimant to Decedent SUrVIVIng SpOUSe 4. Probate Fees: 310.00 5. Accountant Fees: 6. Tax Return Preparer Fees: 7 Cumberland County Register of Wills, additional fees/short certificate 47.50 8 Cumberland Law Journal, legal advertising 75.00 9 The Sentinel, legal advertising 166.30 TOTAL (Also enter on Line 9, Recapitulation) 24,572.35 If more space is needed, use additional sheets of paper of the same size. REV-1513 EX+(01-10) Pennsylvania SCHEDULE J DEPARTM~N7 pf REVfNt3f INHERITANCETAX RETURN BENEFICIARIES RESIDENTDECEDENT -- - ESTATE OF: FILE NUMBER: I awrPncP W Rrown Mr_ 21 10 0721 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBE NAME AND ADDRESS OF PERSONS RECEIVING PROPERTY Do Not Llst Trustees OF ESTATE z TAXABLE DISTRIBUTIONS [Include outright spousal distributions, and transfers under Sec. 9116(a)(1.2).J Judith A. Brown Surviving spouse 26,141.61 57 Lee Ann Court Enola, PA 17025-1948 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 TH ROUG H 18 OF REV-1500 COVER SH EET, AS APPROPRIATE. II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: 1 Brown Bypass Trust 1,027,645.92 c/o Tara Brown Novosat, Trustee 351 Sample Bridge Road Enola, PA 17025 B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. 1,027,645.92 tf more space is needed, use additional sheets of paper of the same size. APPRAISAL REPORT FOR L.L. BROWN, INC W. BRETT NOVOSAT, PRESIDENT 348 SAMPLE BRIDGE ROAD ENOLA, PA 17025 ESTATE OF LAWRENCE W. BROWN LOCATED AT 348 SAMPLE BRIDGE ROAD, ENOLA, CUMBERLAND COUNTY, PA 17025 Prepared by George C. Clauser, SRA 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS CLAUSER REAL ESTATE APPRAISALS, LLC P O Box 777 Camp Hill, PA 17001-0777 Telephone: 717-737-7300 FAX: 717-730-0922 e-mail: gclauser@comcast.net www.clauserappraisals.com August 23, 2010 L.L. Brown, Inc W. Brett Novosat, President 348 Sample Bridge Road, Enola, PA 17025 RE: Estate of Lawrence W. Brown Commercial Property Located: 348 Sample Bridge Road Enola, Cumberland County, PA 17025 Dear William: In compliance with your request, I have completed my inspection and subsequent market studies on the above referenced property for the purpose of estimating its "as is" retrospective market value as of March 26, 2010, the date of Mr. Lawrence W. Brown's death. My client and only intended user of this report is W. Brett Novosat. To my knowledge no financial institution is involved. The property being appraised is located on the east side of Sample Bridge Road, north of Wertzville Road and is number 348 Sample Bridge Road, Silver Spring Township, Enola, Cumberland County, PA. The property consists of three commercial buildings containing a total of 23,352 SF, according to my outside measurements and is situated on an 8.5001 acre or 370,264 square feet site. The property is Zoned Rural Residential and the current use is considered a legally permitted nonconforming use in this zone. The property is located in Zone X of HUD identified flood hazard area as shown on flood map panel #42041 C0095E, dated March 16, 2009. Flood insurance is available but not required by federally regulated lenders. The appraised value assumes the property is clear of hazardous materials with DEP Phase I and building inspection certifications suggested as precautionary measures. The appraised value is based on clear certifications for any testing conducted. Based on my studies and subject to the limiting conditions found in and attached to this report, the property in my opinion has an estimated retrospective "as-is" market value as of March 26, 2010 as follows: ONE MILLION FIFTY THOUSAND-($1,050,000)-DOLLARS COMMERCIAL 'INDUSTRIAL 'APARTMENT COMPLEXES 'SUBDIVISION ANALYSIS 'RESIDENTIAL 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS Page 2 Details of my methods of valuation and a brief description of the improvements are contained in the attached Complete Appraisal in Summary Appraisal Report format. Employment in and compensation for making this appraisal are in no manner contingent upon the value reported, and I certify that I have no financial interest in the property appraised, present or contemplated, and that the appraisal assignment was not based on a requested minimum valuation, a specified valuation, or the approval of a loan. The appraiser has personally inspected the property. The Appraisal Institute conducts a voluntary program of continuing education for its designated members. SRAs who meet the minimum standards of this program are awarded periodic educational certification. I am currently certified under the SRA program. Very truly yours, George C. Clauser, SRA PA Certified General Real Estate Appraiser Certificate Number GA-000233-L GCC/rb Enclosures As Stated 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS Clauser Real Estate Appraisals, LLC P O Box 777 Camp Hill, PA 17001-0777 Phone (717) 737-7300 Fax (717) 730-0922 e-mail address: aclauser{a~comcast.net www.clauserappraisals.com QUALIFICATION SHEET GEORGE C. CLAUSER, SRA EDUCATION: Lebanon Valley College, Annville, PA B.S. in Economics and Business Administration Appraisal Institute Standards of Professional Practice A Standards of Professional Practice B American Institute of Real Estate Appraisers Real Estate Appraisal Principles 1 A-1 Basic Valuation Procedures 1 A-2 Capitalization Theory and Techniques 1 A&B Narrative Report W riting All courses necessary to complete the SRA Designation All courses to complete Pennsylvania State General Certification PROFESSIONAL MEMBERSHIP/DESIGNATION: Pennsylvania State Certified General Real Estate Appraiser #GA-000233-L Pennsylvania Real Estate Broker (License RB-025061-L) Senior Residential Appraiser (SRA) with the Appraisal Institute REAL ESTATE EXPERIENCE: 2008-Present Clauser Real Estate Appraisals, LLC 1993-2007 George C. Clauser Real Estate Appraisals 1983-1993 Associate Appraiser, Lester G. Connor, MAI, Camp Hill, PA 1973-1983 Associate Appraiser, Joseph McGraw, Inc., Lemoyne, PA 1968-1973 Sales Associate, Dougherty and Twigg Real Estate TESTIMONY: Cumberland, Dauphin, Perry and York County Courts Tax Assessment Appeals -Cumberland, Dauphin, Perry, and York Counties Civil Litigation Local Municipalities -Zoning Meetings, Township Hearings 348 Sample Bridge Road, Enola 10-0714 C-1 George C. Clauser, SRA (Cont'd) TYPES OF APPRAISALS COMPLETED: CLAUSER REAL ESTATE APPRAISALS Commercial -Stores, Motels, Restaurants, Offices, Automobile Dealerships, Kennels, Greenhouses, Shopping Centers, Apartment Complexes, Mobile Home Parks Condominiums -Offices, Residences Industrial -Warehouses, Truck Terminals, Service Stations, Manufacturing Facilities, Repair Garages Land -Farms, Subdivisions, Commercial, Industrial, Acreage, Easements-Utility, Conservation and Agricultural Preservation Easements. Residential -Single, Multi-family, Luxury Residences, Historic Properties Valuation of Partial Interests -Leasehold, Life Estates, Leased Fee Interests Other -Condemnation Appraisals, Estate Valuations, Divorce Proceedings, 'Tax Assessment Appeals and Valuations, Relocation Appraisals, Churches, Value Estimates for Damages from Infestation and Boundary Line Disputes APPRAISALS HAVE BEEN COMPLETED FOR: Adams County National Bank Allied Home Mortgage Capital Corp. Americhoice Federal Credit Union Centric Bank Columbia Bank Commerce Bank Commonwealth Funding Group Community First Fund Eagle Bank Great Bear Bank/ADC First Financial Farmers First Bank First National Bank First National Bank of Marysville Fulton Bank Graystone Bank Harbortown Mortgage integrity Bank Jonestown Bank JLG Industries Lafayette ambassador Bank Lebanon Valley Farmers Bank Legacy Bank M & T Bank Mellon Bank Members First Federal Credit Union Mid Penn Bank Mortgage America Nittany Bank National City Mortgage National Penn Bank Northwest Savings Bank Omega Bank Orrstown Bank Paramount Mortgage & Capital, LLC Pennsylvania State Bank PNC Province Bank Premier Bank Prudential Relocation PSP Financial Sovereign Bank Sterling Financial Corp. Susquehanna Bank Vartan Bank Wachovia Wells Fargo EDUCATION STATEMENT The Appraisal Institute conducts a voluntary program of continuing education for its designated members. MAIs, SRPAs & SRAs who meet the minimum standards of this program are awarded periodic educational certificates. I, George C. Clauser, am currently certified under the SRA Program. 34$ Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL, ESTATE APPRAISALS commonwealth of Pennsylvania Depa>r~>I~enIG p~'State ~`~~. ~~ Bureau of Prof~esQ~a~'~nccupational Affairs PO Box 2bA~ Harrisburg PA 1'~7~~5-2b49 -; Certificate Type -- '' ,.~. Certified General ~-ppraiser - • GEORGE CLAIR CLAUSER Certificate 3Z3 PINEYUOCD DRIVE Number SHIREMANSTOWN PA 17011 GA0.00233L ~... Commissioner of Professional and Occupational At7sirs os o~s~150 Certf cafe Status .Active Initial L'ertifi~aton date Q8107/1991 Exp~ratir~n;Date 06/30/2011 ~~ ~ Signature 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS Exterior Views 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS Exterior Views Production Plant Parking 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS Street Views .C'mm~le Bridge Road 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS PROPERTY ADDRESS: OWNERS OF RECORD: PARCEL NUMBER: LAND AREA: IMPROVEMENTS: LAND TO BUILDING RATIO: HIGHEST AND BEST USE: RETROSPECTIVE VALUE ESTIMATES AS IS: FINAL RETROSPECTIVE VALUE ESTIMATE: DATE OF RETROSPECTIVE VALUATION IS THE DATE OF DEATH: DATE OF INSPECTION 348 Sample Bridge Road, Silver Springs Township, Enola, Cumberland County, PA 17025. Lawrence W. Brown 38-OS-0437-054 8.5001 acres or 370,264 square feet ~ 2-story office and shop facility, a 1-story manufacturing plant, and a 1-story masonry office and shop facility. The buildings contain a total gross building area of 23,352 SF, according to my outside measurements. The heat source is a roof top HVAC gas fired forced air system. The buildings are both heated and cooled. 15.85:1 Continued use as a legally permitted nonconforming use as a commercial office and industrial facility. Cost Approach N/A Income Approach N/A Sales Comparison Approach $1,050,000 $1,050,000 March 26, 2010 July 27, 2010 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS TABLE OF CONTENTS PURPOSE OF APPRAISAL ................................................................................................................. l PROPERTY RIGHTS APPRAISED ..................................................................................................... l MARKET VALUE DEFINED ..............................................................................................................1 EXPOSURE TIME ................................................................................................................................2 IDENTIFICATION ................................................................................................................................3 OWNERSHIP ........................................................................................................................................3 LEGAL DESCRIPTION ........................................................................................................................3 REAL ESTATE TAX AND ASSESSMENT ANALYSIS ...................................................................4 LEASES .................................................................................................................................................4 AREA ANALYSIS ................................................................................................................................5 NEIGHBORHOOD ANALYSIS .........................................................................................................14 SITE ANALYSIS .................................................................................................................................16 IMPROVEMENTS ANALYSIS .........................................................................................................22 HIGHEST AND BEST USE SUMMARY ..........................................................................................31 VALUATION PROCESS AND SCOPE OF APPRAISAL ................................................................32 COST APPROACH ..............................................................................................................................33 INCOME CAPITALIZATION APPROACH .......................................................................................34 SALES COMPARISON APPROACH .................................................................................................35 RECONCILIATION ............................................................................................................................50 CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS ...........................................51 ADDENDA Deed Zoning 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS APPRAISAL OF ESTATE OF LAWRENCE W. BROWN ' LOCATED AT: 348 SAMPLE BRIDGE ROAD, SILVER SPRINGS TOWNSHIP, ENOLA, CUMBERLAND COUNTY, PA 17025 PURPOSE AND FUNCTION OF APPRAISAL The purpose of this appraisal is to estimate the "as-is" retrospective market value of the subject property as of March 26, 2010, the date of Mr. Lawrence W. Brown's death. The date of inspection was July 27, 2010. My client and only intended user of this report is W. Brett Novosat. The function of this appraisal is its use in providing an "as-is" retrospective market value estimate, which is for the explicit use of my client. To my knowledge no financial institution is involved. PROPERTY RIGHTS APPRAISED For the purpose of this appraisal, the property rights appraised assume fee simple title which is a title that signifies ownership of all the rights in a parcel of real property subject to limitation of the four powers of government which are taxation, escheat, police power and eminent domain. The property is valued as unencumbered as the verbal lease is considered to be short term. MARKET VALUE DEFINED A widely accepted definition of market value as printed in the Appraisal Standards Board USPAP 2005 publication page 210 is used in this report and is defined as follows: "The most probable price in terms of money 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 they consider their 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; 5. the price represents the normal consideration for the property sold unaffected by special or financing or sales concessions granted by anyone associated with the sale. 348 Sample Bridge Road, Enola 1 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS MARKET VALUE DEFINED - (Cont'd) This example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTC, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. EXPOSURE TIME Reasonable exposure time is one of a series of conditions in most market value definitions. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time maybe defined as: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market". Exposure time is different for various types of real estate and under various market conditions. It is noted that the overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time, but also adequate, sufficient and reasonable effort. This statement focuses on the time component. The estimate may be expressed as a range and can be based on one or more of the following: 1. Statistical information about days on market; 2. Information gathered through sales verification; 3. Interviews with market participants. Based on the information presented in this report, a reasonable exposure time for the subject property is 12 to 15 months or less. Appraisal Standards Board of the Appraisal Foundation, "Statement on Appraisal Standards No. 6; Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions'', USPAP 2005 Edition, Page 93. 348 Sample Bridge Road, Enola 2 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS DATE OF RETROSPECTIVE VALUE ESTIMATE March 26, 2010. DATE OF INSPECTION July 27, 2010 IDENTIFICATION The property being valued is the Estate of Lawrence W. Brown, which consist of a total of 23,352 SF between three commercial buildings, and are situated on 8.5001 acres or 370,264 SF. It is located on the east side of Sample Bridge Road, north of Wertzville Road and is numbered 348 Sample Bridge Road, Silver Springs Township, Enola, Cumberland County, PA 17025. The Tax Parcel Number is 38-OS-0437-054. OWNERSHIP & THREE YEAR SALES HISTORY Based on Cumberland County Tax Records and Deed, present ownership is under Lawrence W. Brown who purchased the property on November 25, 1991, as recorded in Cumberland County Recorder of Deeds book number K3 5, page 2$ l . There have been no transfers of record for the property since this date. APPRAISER'S THREE YEAR HISTORY REGARDING THIS PROPERTY There were no services regarding the subject property performed by the appraiser within the prior three years, as an appraiser or in any other capacity. LEGAL DESCRIPTION Deed Book Number - K35, page 281. A copy of the Deed and Legal Description are in the Addenda section of this report. 348 Sample Bridge Road, Enola 3 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS REAL ESTATE TAXES AND ASSESSMENTS Property is identified as Tax Parcel Number 38-OS-0437-054. Property taxes for 2010 County and Municipal and 2010-11 School are as follows: 348 Sample Bridge Road, Enola, Pa Land Building Total $192,500 $703,970 $896,470 Silver Springs Township Milla~ge Assessment Totals ^ County 0.002579 ~ $896,470.00 $2,311.99 Municipal O.UO] 03400 ~ ~896,47U.00 X926.95 School 0.010252 X $896,470.00 $9,190.61 TOTAL 0.01386500 $12,429.88 Detailed results for Parce138-OS-0437-054 in the 2010 Proposed Reassessment Database are as follows: Land $637,500 Building $509,500 Total $1,147,000 The proposed 2010 property assessment does appear to be over assessed and a tax appeal is suggested. LEASES L.L. Brown, Inc rents the property from the owner for $10,000 per month or $120,000 per year. There is no written lease, the agreement is verbal. The company pays everything except for taxes. 348 Sample Bridge Road, Enola 4 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS Harrisburg area is located in South Central Pennsylvania and includes Cumberland, Dauphin, Perry and Northern York Counties. The area is one of the most strategically located areas in the East United States and the major center for food distribution in the Middle Atlantic market region which contains over 40 million people, 1 /5 of the national population. Freight and rail services to the area are excellent. More than 38 trucking lines maintain terminals in the Hamsburg area. The subject area is located at the hub of the East-West and North-South lines of the Norfolk Southern, making the area ideally situated for storage in transit benefits. The Norfolk Southern also operates a large freight classification yard in the area which was enhanced with the recent expansion of the Rutherford yards and a significant increase in rail traffic. The Capital Region is the MSA (Metropolitan Statistical Area) composed of Cumberland, Dauphin, Lebanon, and Perry counties located midway between Philadelphia and Pittsburgh. All major air, rail, and highway arteries that link the important markets of the East, Midwest, and South pass through the Capital Region. The City of Harrisburg is a major distribution center for the Northeastern United States because of its location. Distances from Harrisburg to major cities of the Northeast are: Baltimore 80 Miles Philadelphia 90 Miles Washington, D. C. 120 Miles New York City 175 Miles Pittsburgh 195 Miles Boston 420 Miles Cleveland 300 Miles With a population of more than 600,000, the Capital Region provides the comforts and services of big city living with the friendliness and intimacy of a small town. At the center of the area is the City of Harrisburg, capital of the Commonwealth of Pennsylvania and seat of Dauphin County. It is the focal point of a broad region of cities and towns, farms and fields, which together, provide a unique combination of rural, suburban, and urban personalities for the area. Harrisburg has been a center of business since John Harris established his primitive trading post and ferry here in the early 1700's. The Harrisburg area is a cultural and recreational center also. The William Penn Museum, the Museum of Scientific Discovery, the Pennsylvania State Library, and numerous public libraries provide a wealth of information for the community. The Harrisburg Symphony Orchestra, the Harrisburg Performing Arts Company, several local theater groups, college clubs and civic organizations are active in community affairs. There are also historical societies, literary and musical clubs, and an art association in the area. The State Farm Show Complex holds a number of sports, cultural, and business activities for the region and Harrisburg City is the home of two professional athletic teams. 348 Sample Bridge Road, Enola 5 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS - (Cont'd) Population The U. S. Census Bureau shows how Pennsylvania communities rank among the 276 U. S. metropolitan areas by percent of population change between April 1, 1990 and July 1, 1998. The York and Lancaster areas were the fastest growing in the state. While Scranton/Wilkes-Barre was among the regions that lost the most population, Harrisburg/Lebanon/Carlisle grew from 587,986 in 1990 to 616,031 in 1998 for a change of +28,045 or 5% and was ranked 185 out 276. The following chart is included for the benefit of the reader. POPULATION CHANGES How Pennsylvania communities rank among the 276 U.S. metropolitan areas by percent of populat ion change between April 1, 1990 and July 1, 1998. The York and Lancaster areas were the fastest growing in the state. Scranton/Wilkes-Barre was among the regions that lost the most population. City Population 1998 Population 1990 Change Percent Rank York 373,255 339,574 33,681 10% 115 Lancaster 456,414 422,822 33,592 8% 151 State College 132,700 124,812 7,888 6% 170 Reading 355,956 336,523 ] 9,433 6% 176 Harrishurg/Lebanon/ b1b,031 587,986 28,045 5% 185 Carlisle. Allentown/Bethlehem/ 616,877 595,081 21,796 4% 201 Easton Philadelphia/Wihnington/ 5,988,348 5,893,019 95,329 2% 226 Atlantic City Sharon 121,938 121,003 935 1% 231 Erie 276,401 275,572 829 0% 238 Altoona 130,615 130,542 73 0% 240 Williamsport 117,308 118,710 (1,402) -1% 249 Pittsburgh 2,346,153 2,394,811 (48,658) -2% 253 Johnstown 236,347 24],280 (4,933) -2% 254 Scranton/Wilkes-Barre/ 615,491 638,524 (23,033) -4% 265 Hazleton c...._,.o. ~ r c r .,.._.__. ___. ~ensus Bureau A chars showing projected population for all of Pennsylvania Counties is included on the following page with counties in Central Pa in bold print. 348 Sample Bridge Road, Enola 6 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS - (Cont'd) Projected Population for Pennsylvania Counties County 1990 Pop. 2020 Pop. % Change County 1990 Pop. 2020 Pop. % Change Adams 78,274 103,475 32.2 Lancaster 422,$22 597,975 41.4 Allegheny 1,336,449 1,130,284 15.4 Lawrence 96,246 83,259 13.5 Armstrong 73,478 61,003 17 Lebanon 113,744 129,742 14.1 Beaver 186,093 160,838 13.6 Lehigh 291,130 327,295 12.4 Bedford 47,919 54,402 13.5 Luzerne 328,149 317,870 3.1 Berks 336,523 414,621 23.2 Lycoming 118,710 124,149 4.6 Blair 130,542 125,049 4.2 McKean 47,131 47,141. 0 Bradford 60,967 74,199 21.7 Mercer 121,003 124,609 3 Bucks 541,174 645,042 19.2 Mifflin 46,197 45,209 2.1 Butler 152,013 177,837 17 Monroe 95,709 212,009 121.5 Cambria 163,029 132,266 18.9 Montgomery 678,111 '711,734 4.9 Cameron 5,913 5,333 9.8 Montour 17,735 20,555 15.9 Carbon 56,846 64,599 13.6 Northampton 247,105 303,586 22.9 Centre 123,786 151,010 22 Northumberland 96,771 92,835 4.1 Chester 3?6,396 510,219 35.6 Perry 41,172 55,784 35.5 Clarion 41,699 40,781 2.2 Philadelphia 1,585,577 1;451,337 8.5 Clearfield 78,097 70,760 9.4 Pike 27,966 79,170 183.1 Clinton 37,182 39,839 7.1 Potter 16,717 14,852 11.2 Columbia 63,202 59,798 5.4 Schuylkill 152,585 145,994 4.3 Crawford 86,169 93,048 8 Snyder 36,680 50,081 36.5 Cumberland 195,257 269,375 38 Somerset 78,218 70,323 10.1 Dauphin 237,813 273,483 15 Sullivan 6,104 7,457 22.2 Delaware 547,651 553,900 1.1 Susquehanna 40,380 47,565 17.8 Elk 34,878 30,158 13.5 Tioga 41,126 43,617 6.1 Erie 275,572 292,252 6.1 Union 36,176 47,465 31.2 Fayette 145,351 134,499 7.5 Venango 59,381 50,852.14.4 Forest 4,$02 5,158 7.4 Warren 45,050 38,306 15 Franklin 121,082 133,312 10.1 Washington 204,584 191,085 6.6 Fulton 131,837 16,565 19.7 Wayne 39,944 51,333 28.5 Greene 39,550 42,484 7.4 Westmoreland 370,321 353,578 4.5 Huntingdon 44,164 48,989 10.9 Wyoming 28,076 37,202 32.5 Indiana 89,994 93,834 4.3 York 339,574 415,934 22.5 Jefferson 46,083 40,533 12 Juniata 20,625 21,058 2.1 Pennsylvania 11,882,643 12,569,017 5.8 Lackawanna 219,039 209,111 4.5 Source: Patriot News Article 8/27/98 from data supplied by Penn State Data Center 348 Sample Bridge Road, Enola 7 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd) Regional Population Projections The population of the Capital Region is expected to reach 728,000 by the year 2020. It is going to play a significant role in improving the region's economy, as well as demand, especially in the lodging industry. Regional Populations 1980 1990 Projected 2000 Projected 2020 Projections Cumberland Co. 178,541. 195,257 213,674 269,373 Dauphin Co. 232,317 237,813 251,798 273,483 Lebanon Co. 108,582 113,744 120;237 129,742 Perry Co. 35,718 41,172 43,602 55,784 Capital Region. 555,158 587,986 629,401 728,384 City of Harrisburg 53,264 52,376 48,950 N/A York Co. 313,024 339,574 381,751 415,934 Lancaster Co. 362,346 422,822 470,658 597,975 TOTAL 1,230,528 - 1,350,382. 1,481,810 1,742,293 JOUrCE: LUUU U.J. I~CIIJUJ Ul rv}~wauv~i cx i ivuau~b, . a.a..,~~ ........................ ~...-.._. Employment and Employers Area employment opportunities are good. According to a Central Penn Business Journal report dated July 20, 2008, the Commonwealth of Pennsylvania employs 24,000 with HalTisburg being the State Capitol. The U.S. Government employs another 18,000 most of which serve the two large supply depots, the Defense Distribution Center (DDC) at New Cumberland and the Naval Inventory Control Point (NAVICP) in Mechanicsburg. Some of the other largest employers in Central PA include Hershey Foods Corp; Penn State Milton S. Hershey Medical Center; Wellspan Health, Walmart, Highmark Inc.; PinnacleHealth System. A list of the 50 top employers in the Central PA area is included for your reference on the next page. 348 Sample Bridge Road, Enola 8 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd) Employment and Employers (Cont'd) CENTRAL PENNSYLVANIA'S 50 LARGEST EMPLOYERS Commonwealth of Pennsylvania 20,868 Rutter's Holdings Inc. 1,400 U. S. Government 18,000 Masonic Village at Elizabethtown 1,359 Giant Food Stores 9,207 Susquehanna Bank 1,305 Penn State Milton S. Hershey Medical Center 8,761 Willow Valley Retirement Communities 1, 304 Wellspan Health 8,367 Cumberland County 1,284 Lancaster General Hospital 7,404 Utz Quality Foods, Inc. 1,275 Wal-Mart Stores Inc. 6,500 Hanover Healthcare Plus Inc. 1,261 JFC Personnel Inc 6,052 Fulton Financial 1,175 Highmark Blue Shield 5,200 Millersville University 1,090 Pinnacle Health System 4,879 West Shore School District 1,075 TYCO Electronics Corp. 4,200 Fry Communications, Inc. 1,055 Comcast Corp. 4,000 SKH Management Company 1,050 Rite Aid Corp. 3,619 Metropolitan Edison Co. 1,023 York County 2,545 Farmers Pride Inc 1,000 Holy Spirit Health System 2,331 Philhaven 997 Lancaster County 2,146 York College 942 Capital Blue Cross 1,918 Community Services Group 940 Ephrata Community Hospital 1,903 Memorial Health Systems Corp 920 Harrisburg Area Community College 1,871 Shippensburg University 874 The High Cos. 1,853 Dickinson College 856 Dauphin County 1,732 Electronic Data Systems Corp 850 Central Dauphin SD 1,724 Snyder's of Hanover 727 Lancaster-Lebanon Intermediate Unit 13. 1,600 Cross Keys Village-Brethren Home Comm. 700 Aerotek Inc. 1,582 Mennonite Home Communities 575 Knisley's Construnction Inc. 1,425 Messiah Village 534 Central Penn Business Journnl Report -July 20, 2008 348 Sample Bridge Road, Enola 9 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd) Employment and Employers (Cont'd) Unemployment rates in the Capital Region have consistently been some of the lowest in the state. (P)=Pending __ Harrisburg Regional Unemployment Rates -Jan. 1999 -June 2010= Year Month % Month % Month %o 1999- January:.. 3.0 February 2.9 March- 3.0 April 2.9 May 3.0 June 3.2 July 3.3 August _ 3:7 September. 2.9 October 3.1 November 3.3 December 3.0 2000 January 2.8 February 2.9 March 2.5 April 2.6 May 2.5 June 2.6 July 2.6 August 2.7 September 2.6 October 2.7 November 3.1 December 2.8 200'1 January 2:8 February 3.2 March 33 April 2:9 May 3.3 June 3:6 July 3.3 August 3.6 September 3:5 October 36 November 3.6 December` 3.7 2002 January 3.9 February 4.0 March 4,0 April 3.7 May 4.0 June 3.8 July 3.7 August 3.6 September 3..5 October 3.7 November 3.9 December 4,.5 2003 January 4,2 February 4.2 March 4.0 April 4.1 May 3.8 June 3.7 July 3,8 August 3.5 September 3.5 October 3.7 . November 3.6 December 3,5 2004 January 3.7 February 3.5 March 3.6 April 3.6 May 3.5 June 3.9 July 3.6 August 3.7 September 3.6 October 3.7 November 3.6 December 3.7 2005 January 4.1 February 4.2 March 4,1 April 40 May 3.9 June 4.0 July 4.2 August 3.9 Septembcr 3.9 October 3.7 November 4.2 December 3.9 2006 January 3.3 February 3.7 March 3.7 April 3.7 May 3.8 June 3.7 July 4.0 August 3.9 September 3.7 October 3.6 November 3.8 December 3.8 2007 January 39 .February. 3.2 Marche. 3.2 April =~ 3.4 May 3.4 June 33 .July 3.4 August 3.4 September 3.4 October 3:4 November 3.4 December 3.9 2008 January 4.1 February 4.1 March 4.1 April 4.2 May 4.3 June 4.4 July 4.5 August S.l September 4.9 October 5.1 November 5.3 December 5.8 2009 January. : 6.5 .February 6.8 March 7.0 ~ 1~ ~Apnl ~ 7.0 1'vf ay ~ ~ 7.2 ; June ~ 7.3 . . , + 'July ~; ~ ~ ^ = 7.6 ~ August , 7 6 ~,; September 1>'? ~ _ _ 7.9 °Qctober ~ ~7$ + November t' 7 4 'December, -, '~ 7:6 .;2010 ~ January 8,~1 ~ `February - ~~ _ 8 6 ~Nlat~ch $.4 April 7:9~ May 8.4 June 8.4 (p) 348 Sample Bridge Road, Enola 10 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd.) Economic Structure Comprising 1,625 square miles of the most beautiful geography in Pennsylvania, and with a population of over 600,000, the Capital Region (Dauphin, Cumberland, and Perry Counties) has become one of the fastest growing areas in the state. In the past five years alone, dozens of companies have discovered the area's many advantages and have established new operations in the region. Here, there is a quality of life that is truly unsurpassed, with cities, town, and villages in close proximity to most major markets, a superb transportation network, and awell-educated, highly motivated workforce. Here, you'll find low housing costs, outstanding schools, safe neighborhoods, fine medical care, superior sports, recreation, entertainment and the arts. All of which makes it a pleasure to live and work in the Capital Region. This is not merely an empty claim: for example, in the last several years, Harrisburg (10 minutes from Hershey), the state capital and hub of the region, has twice won the All- American City Award. It is, of course, a diversified and balanced economy which is the key, not only to an area's prosperity, but to its stability as well. Here in the Capital Region, you will find manufacturing, service, distribution, agriculture, tourism and retail businesses in abundance, as well as a large and growing labor pool with a variety of skills. Perhaps that's why the region's long-established companies include such corporate giants as Hershey Foods, TYCO, Blue Shield, Rite Aid, and Harsco. Pennsylvania businesses are more competitive, and new markets can be reached more easily, through the aggressive deployment of advanced telecommunications technologies. Today, much of Pennsylvania's telephone companies network of digital fiber optic technology is being deployed. Recently passed legislation will enable Pennsylvania's telecommunications industry to further enhance and modernize the network at a much more rapid pace. Pennsylvania will continue to be a leader in telecommunications technology. Harrisburg is the hub for rail inter-modal service for the mid-Atlantic area with two major rail facilities - 1) a new terminal for Triple Crown services, a joint inter-modal venture of Norfolk Southern that provides road railer service; and 2) Norfolk Southern's inter-modal terminal, where trailers and containers are transferred between railcars and trucks for Conrail customers. In addition, a new multi- million dollar inter-modal terminal accommodating double-stack service completed construction in 1995. This new double-stack rail terminal is part of Norfolk Southern's commitment to the region's growing business needs. Passenger service is available to Philadelphia, New York:, Pittsburgh and Chicago. 348 Sample Bridge Road, Enola 11 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd) Economic Structure (Cont'd) A newly renovated Harrisburg International Airport is located 15 minutes southeast of Harrisburg. It provides major commercial air carrier services. Federal Express provides air parcel service with nationwide 24-hour delivery. Air cargo is also provided. Quality education is a strength of the Capital Region with 15 colleges, 10 community/junior colleges and 13 graduate schools within 50 miles of the center of the region. There are excellent elementary and secondary educational services provided by local school districts and private schools throughout the area. There are 440 churches, 14 hospitals, and many interested social agencies. The youth of the area are served by the YMCA, YWCA, the Boys' Club of Harrisburg, the Girls' Club of Harrisburg, the Catholic Youth Organization, the Jewish Community Center and many other organizations. The economic base of the area is diversified and extends from strong government, service related and transportation facilities to commercial and industrial uses. Unemployment rates are consistently some of the lowest reported in the area. In summary, the area's location with respect to Eastern United States, the presence of convenient highway, air and rail transportation and the presence of State and National Employment opportunities have resulted in bright prospects for continued growth in the Harrisburg Stand<~.rd Metropolitan Statistical Area. 348 Sample Bridge Road, Enola 12 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AREA ANALYSIS (Cont'd) Area Map E R ,, R Y SPA ~ ucouren NO ~ ~ d+9 ~~ a la mode II1C. Q' ~j a~ ` yp~y ,~,~,~Re a.em~l~ r~ t+A. 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A r.~ ~l~ ~`}' b p,`fM ~ ~ '"L _° ~ SS .s+ gg o ptivbwn 4 'r'.qM a, MI NM' ~.~'vr , . 7~ wu°t-~, aR 4,~ _ '. 6 ! k L A ~N. D ~ Pa -.... ~ ~ Qb Y 3 ~t ;-I ..:vLL adi~ ~ ~ O'~b~+Re ~ 1 -F ~ R(f . .~r~W°a°i 'Po qf~' Na =-`-6 vm ~ s ` A°° s,s ~i rt,nn, F ~ e ; ~~~ PA , C7 -~.~ .p• 8 :' ~„Pe Y P R +( -tFraritBntwm.. ~ ~ r ,Abuv~. ~ .R1PN1p1 twn ~ cY ~ ae.. iwo w b.~° ~ ~. ••7~ c~ g & 8 Pans f i~ olsnd ~'~, ..... ~ ~~$ a• ~~' f µ Z°'^~ ~ . Ae ~ t T'1f~Y~~ ap 4. ,. ~~9'rod ~. "`"`y.`.~~°`''d~.~. io, d l~cr.enri'w .tii~• ~ `ei =~ ~ ~ f,,°_ ~',. '?~~ t mile ` P ~~ ): N N 8 Y l..'~Y A N I A '-•....... ~ 6.` ~ ~ y~. f• '~-. ;:~.sc.:.»~_ .r.. - :•.: :t', ~r.:~: ~ptetbm s« aa.,ai eazn r tl 'Po WNkNk 348 Sample Bridge Road, Enola 13 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS NEIGHBORHOOD ANALYSIS The property being appraised is located on the east side of Sample Bridge Road, north of Wertzville Road and is number 348 Sample Bridge Road, Silver Spring Township, Enola, Cumberland County, PA. North Enola Road (US 11/15) is a heavily traveled roadway that provides a linkage from the suburban areas into the urban areas around Harrisburg, PA. According to Pennsylvania's Department of Transportation's 2007 traffic study of North Enola Road (US 11/15) there was an annual average daily traffic count (AADT) of 23,000 vehicles, which is the typical daily traffic for all the days of a week, over a one year period. North Enola Road (US 11/15) connects to major road networks in the area including: I-81 and US 22/322, these major roads connect with other major roadways in the area and provide easy access to surrounding municipalities, as well as, other larger, regional cities including, Philadelphia, Pittsburgh, Baltimore, Washington D.C. and New York City among others. The immediate area around the subject is mostly made up of rural single family residential, farm and a housing development. There are some commercial uses, such as Factory Finance, Visaggio's, Anni's Restaurant, Stonehill Dog Kennel, Boyd Diller Transfer Station, Shaull Elementary School and St. Paul's Evangelical Church. Within the subject neighborhood, prices vary and depend on the type of property and its existing use. Commercial values range from $125,000 for smaller houses converted to offices or apartments and up to $1,000,000+ for larger, newer facilities. Rentals range from $ 5.00 to $22.00 per square foot depending on the type of facility & services provided. Demand for property rentals is strong with vacancy rates from 0-10%. Many of the smaller commercial properties are owner occupied. The neighborhood life stage is considered to be stable with the area estimated to be 75% developed with limited vacant land available for new construction. Planning, zoning and restrictions for the area permit a mixed blend of uses which appear compatible to the neighborhood. Properties qualify for all types of financing with various types of mortgage money available through most lending institutions and the Cumberland County Industrial Authority. In summary real estate values in the area surrounding the subject are on the increase and can be expected to continue to do so barring any sudden downturns in the economy. Planning, zoning and restrictions for the area permit a mixed blend of uses which are favorable to the neighborhood. Properties qualify for all types of financing with mortgage money available for residential, commercial and industrial properties through numerous lending institutions. Typical mortgage interest terms include 75-95% loan to value ratio, 5.5-7.5% interest for terms up to 30 years. 348 Sample Bridge Road, Enola 14 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS NEIGHBORHOOD ANALYSIS - (Cont'd) Neighborhood Map ~"~~ ~~ ~ ~ ~ ~ ~ ~ ~~ : ~ ~,,~ ~ ~ ,~ +~ ~ ~C/rI .y4/M fY ~ ~ i ~14n 8 Ott Aw ON Aw .. .. ... ~ VV~ rx p . -- i ~M ~ \~~~~ ~ ~ i Q Wp~AM Rd. $ N.d Po.ln 4 me~v a g s s ~ ~ 'i1I R __ ~ ~~ O w~c.d. .r~M O~ ~ 4 ~ ~ ~ 1 N 1Mt~ S °~ TNacaw~~w '~ ~ ark d tit ~*~ ~' com~u ~~ 4 6 ~ $ ~~D, nu+CM^'~' ~~ wN 9w In ~~ w..w 4 ~ 4 _ $ r- ' i s ,, ~, _', ~ 'mac 'S ~ ~,.a ~ ~ ~ ~ r : g ~~ @ Y ` ~ ~p ~ ,~. ~.. j{ ~ ~ 3 n~ ~ ~ ~ vw ~~~ ~ g o ~+ ~~a ~ {IIA(. EFkIp x - ~ Tawn-Mp ~ N. SMr~ 9wr+p Oo( !. ~ ~~ Y '~ a soo.as g F ~. ,t 348 Sample Bridge Road, Enola 15 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SITE ANALYSIS The property being appraised is located on the east side of Sample Bridge Road, north of Wertzville Road and is number 348 Sample Bridge Road, Silver Spring Township, Enola, Cumberland County, PA. The Tax Parcel Number is 38-OS-0437-054. Based on the data from the Cumberland County Recorder of Deeds, the subject contains one tract of land containing a total area of 8.5001 acres or 370,264 square feet, as recorded in Deed Book K35, Page 281, dated November 25, 1991. The Deed shows 2 tracts of land; however tract #2 was sold May 29, 2003 and recorded in Deed Book 257, Page 1338. There is aLimited /Final Subdivision Plan for the subject property, dated April 22, 1991, as recorded in Book 63, Page 129 & 129A. The subject site exhibits ingress and egress from Sample Bridge Road. The site dimensions according to the Deed and a Final Subdivision Plan are as follows: Tract #1 is 244.32' x a radius of 275' & an arc length of 71.59' x a radius of 325' & an arc length of 86.02' x 172.22' x 571.02' x 643.63' x 681.76' = 8.5001 acres or 370,264 ~ square feet. The site is subject to easements and restrictions of record. A copy of the legal description is included in the Addenda section of this report. A copy of the Final Subdivision Plan follows. Topography inclines from Sample Bridge Road and is gently rolling with mature trees, shrubbery and grassy areas. Adequate paved and lined parking is available. Utilities on-site include electricity, telephone, 1-private well and 2-septic systems. Zoning According to Silver Springs Township Zoning Officer James Hall, the subject site is located in the R -Rural Residential Zone and is a legally permitted non-conforming use. The purpose of Rural Residential Zone is to promote a continuation of the rural character of the area, characterized by a mixture of sparsely developed residential uses. In addition, other small-scale nonresidential uses have developed. Permitted uses include: Agriculture, subject to the standards listed in section 201, but excluding commercial livestock operations, single-family detached dwellings public and/or nonprofit parks, etc. According to the Zoning Office and Section 504 -Substitution or Replacement, of the current ordinance; any nonconforming use can be replaced or substituted by another nonconforming use by special exception within a one year time period or possibly longer, per Mr. Hall, provided the Zoning Hearing Board determines that the proposed use is at least equally compatible with the surrounding area, as the original nonconforming use. Secondly, the proposed nonconforming use shall not increase any dimensional nonconformities. The Zoning Hearing Board may attach reasonable conditions to the special exception to keep the use compatible within its surroundings. For more information concerning the zoning, contact the Silver Springs Township Zoning Office to speak to Mr. Hall. A copy ofthe R -Rural Residential zoning section of the Silver Springs Township ordinance is included in the Addenda section of this report. 348 Sample Bridge Road, Enola 16 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SITE ANALYSIS (Cont'd) Hazardous Materials/Flood Information Based on FEMA Flood Map Panel #42041 00095E, dated March 16, 2009, it appears that the site is located in Zone X, which is defined as an area of minimal to moderate flood hazard where flood insurance is available but not required by federally regulated lenders. A copy of the flood map is included in this section of the report. The appraiser has no knowledge or awareness of underground storage tanks on the site or of any hazardous materials on site, in the soil or subsoil or gases found in the environment such as toxic waste or radon gas, etc., which may or may not be present in the property. I urge the client to retain an expert on these matters with DEP Phase I report recommended. This appraisal is based on clear certification and assumes the property is cleared of hazardous materials. A DEP Phase I report for hazardous materials on site may be required by a prospective purchaser and appraised value assumes clear reports for any testing conducted and assumes the property is free and clear of hazardous materials. 348 Sample Bridge Road, Enola 17 10-0714 C-1 Parcel # 38-05-0437-054 EST ~~ P~r L CLAVgER REA Su plan '~ ~rySIS Coat' d ina bdivision .~,.~-~.,,... , 5I~E A~ A L,,imitedlF .. r ~ `,~ ~ ~ s • a ~ ~~ ~ ~IG ~~c" ~Qs $ J age d.9~'+' L' - o t't ~n +~ r p +'t VI M, O g 1yYi rr w v~ ~ ~~~i a~ ~ YjM ~ tS~ ~ ~ ~ ~y .~~ 9 ~v~ ~ ~ ~ s~ ~ ~~ ~ a ~ ~~ { ,~ M ~ O t~Yy~O r ~ _ ~t ~~ .. d ~ ' i = 1/M t r w~+ 1 ~i ~`~ps l f '~ .M 17yf1ytfM 1 ~ ~ t ,t0 { t t ~~ _ S ~ 1 MM ' aka 1A1 1 ' t ~_ ..~- { ~~` ~ +~ V« sr~+a 1 ~ ~-- ..--r 1 1 wss ~ . 1 r..- '- - i { r ~ ac { c- -_- ~ p ~ 1 p 1 1 ~ l~ ~ , ~ ~ ~: / l { { - ~' Y'~. i 1 1 { ~ i i i ~ t t N + ,"ryy cis i ~ i { ~ { / { ~. { ~i cis Q `` t t { 1 ! W! '' { t tt 1 ~c~ t'~'~i ~ ~ ~ 1 i ~ i t. : ttt ' ' ' ; tt ~ i i' ~ ;'~ 1 ~ ~~~` t~~, tt, ~ j ~ Ott t1` {l i y~p3t~ •~ ~ ~ -~ 1 ! • ~ ~ ~ r f t ~ f"~ t z ~t ~~ s ~• !~~ a -%''' ~t . t 1 t ~ i 1 t~ ~ " .~3 p X , L ~~ t~ tt ~~ t ~ 1 v , ~ ,~ ~~ 1 ~ t ~~'' A wy -''~ «ri 1 ~ ' 1 i i i I r>•i ` ''' .V ~' ,~ 'r ~'f,1 ~~ y ~0 1 L a ,A~naa . ~~ s' s~`. ~,J" hY~~ i 1 i.ix~' xs ~""~t~>~4:, } ~~ ' -~P' ,$, ;. I ~ '~ - ~, kl• 1 , ~~.. ~. .. ~l ~~~ le Bridge Road En°la ,- Q ~arnp CLAUSER REAL ESTATE APPRAISALS SITE ANALYSIS (Cont'd) Parcel # 38-OS-0437-054 '~~4 ~ASv~, r ° ~ 8RIS3'~ ~ nG+AC1 c'~', - ~• rn _, r - r~~ ~3, ~~5: r. ~ ~; r^ Z '`~` _ ~, `fir ;~ ~.: r, ~, "'~ ~, ~• •~~ ~, _ i ~ +, T' ~~ ~ -+~' ~., lYl~ ~•~ ~ ~~ r f~ f J ~~ Lt !- . i •;2., ~} ~ ,~ { ~. ~ ' ~ <4, • SUBJECT rn' U ~~ ~? ~ {.~ ~ r ~ ~ { ~'1 r ~~ `n ~ ~yy~ _ J -. c::, ~ ~~ w J J 1 .~' " ~F'7~'~"~L.LE R~~~U ~ ~; c. ~.. SAS ~ e,- ~, ~- ~ '- . ~_: . , k ~, ~, u 1 ~- _.,~+hA F" 1,E 5P! C~ i~ E F~ a~7,~L ~ ± ~~„• -_ ~''' __ -- _ ' i 50.Q~~'~^'til~~~ Mila 348 Sample Bridge Road, Enola 19 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SITE ANALYSIS - (Cont'd) Zoning Map -Silver Springs Township ~ ~ ~ I~ ~1 ~ ~~ ~.. ~~ ~?N~TC~ DI~TR-I~~I LF.~GE~ND CONSERVATl4)N NEIGH6~QRhiOC~© CQM~A ERCI~+L ~G~C~CULTI~KE CDM~N~INITY ~OMI~IEf~CIAL I~~R~L ' HIGHK'~+Y -~ESIDEI VT1AL COMME(~CIAL RE ~ESIDE~ITIAL EST ~ ~ ~ROFE551~NAL F fiTE ~ FlCE R 1 ~ESI E T1 L I l I~ N f+ INQUST~~~.L ,.. ~ ~ HIGH pE~-SITY I-~ GENERAL r ' RESI(3ENTIAL INDG ~T~ <A,L %' ~ LLACE ~iESi(?ENTI~,L ~~'~` INTERCHANGE a :~~~~~~ 348 Sample Bridge Road, Enola 20 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SITE ANALYSIS - (Cont'd) ,~,,, Prepared fior: T Ir~~erFl~Od GE+~RGE CLALJ~ER Dr ~ ~« n+odc~ 348 sample Bridge Road wwvv.ir•terfio~i.com ~ 1-840-~52-6633 EnQla, Pa 17025 _______ .,~_ - ~ ~' ~ • g~ ~r+ .~ ,~ CO E ~ 42041~C0095E ~ Tawrr~s oF4 4'~ 15E i ~'~ D N Tavvly TQ'W SHI P t?F QF EA T SIL St y PENNSI3 R 11 n~ ge ss aoe ~ sE v o~ o~ *~ ~B 1 FLOODSCAPE v Fboci Hazarcis IVI~p 81 ~ Map Number 42Q41CU485E E 0256 ~ 0216E Effecltive Date 11 avy Shfji Pa Marctti 16, 24Q9 Hogesta+vn Ran C~ntrnl C~n~ Dretna~-e Chan l Tkmd Spring Run BC)ROUGI~I CI-IANICS UR+G 53 25dE 0 95 78E s Cedar n Tagger~s ern 15 ~. ~Dt SI- o' ~o~~ ~oa ao~ i~ooo~ zao~cr UP PER A f ~' FloodScwroe s~.rr.F~ooa w+rvw.fiootisoixoe.caan ~ 42041 C02G5E ~ ~ o o ~E o2asE ~~~, ~ ~;~ , ~a eo~_x-tn c.,.,.,,d~.Y,~ a.~tr.,T c~.s.~,.~ f'.rxneratioRt~_ Aii i~uFrts resetvesti. f?a6~tc 8.831.32$ and $.$78.81Pr. Otilet vat~ltt~ P1B. Far info: inlo~flDOds~ov-i~t.oo~. 348 Sample Bridge Road, Enola 21 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENTS ANALYSIS Improvements consist of a 2-story office and shop facility, a 1-story manufacturing plant, and a 1- story masonry office and shop facility that was the original office and shop for L.L. Brown, Inc. The buildings contain a total gross building area of 23,352 SF, according to my outside measurements. The subject facility is home to L.L. Brown, Inc. which is used for office and production space. Office/Shop Facility: The office/shop facility was built in 1997 and contains a gross building area of 9,780 SF, according to my outside measurements. The building is steel over steel construction with a flat roof covered by rubber membrane coating and has aluminum gutters and downspouts. The 2-story office space is approximately 3,720 SF and exhibits the following: a foyer, customer waiting area, reception area with wrap-around counter, thirteen private offices, 2-conference rooms, break room, file storage room, walk-in storage closet, ladies restroom with a toilet and sink, and a men's restroom with a toilet and sink. The interior finishes include painted drywall, carpet & non-slip vinyl the flooring and drop down ceilings with fluorescent lighting. The heat is a propane gas fired forced air system. The cooling is electric central air conditioning. The high 1-story shop space is approximately 6,060 SF and exhibits the following: large open shop area, ladies restroom with a toilet and sink, men's restroom with a urinal, toilet and sink, wash station and a 14.5' x 12' second floor break room. The interior finishes include: drywall and steel covered walls, and concrete & vinyl floors. The heat is a propane gas fired forced air system. The cooling is electric central air conditioning. The condition is considered to be good. Manufacturing Facility: The manufacturing facility was built in 1970 and is approximately 10,373 SF, according to my outside measurements. The building is a vinyl over frame construction with a gable style roof covered with metal and has aluminum gutters and downspouts. The interior layout is consistent with an industrial facility and contains large open spaces, with 10.5-12.0 foot ceilings. This floor space is separated into various sections and exhibits the following: entrance foyer, inspection area, two private offices, program room, stockroom, shipping/receiving are with an 8' x 8' overhead door, tool room, production floor space with a 10' x 10' & 10' x 12' overhead doors and break room which contains a ladies restroom with a toilet, men's restroom with a toilet and room with 1-shower stall. The interior finishes include painted drywall, fiber board on the walls, drop down, metal and wood sheathing for the ceilings, concrete floors and fluorescent lighting. Heat and cooling is supplied by three separate oil fired forced air systems with electric central air units. The condition is considered to be average. 348 Sample Bridge Road, Enola 22 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Original Office/Shop The 1-story office/shop facility is a masonry block and aluminum over frame construction containing a gross building area of 3,199 SF, according to my outside measurements. The roof is gable style design covered with composition shingles and steel with aluminum gutters and downspouts. The office space is approximately 1,000 SF and exhibits the following: a foyer, customer waiting area, reception area with wrap-around counter, four private offices, computer room, 3-closets, exercise room, ladies restroom with a toilet and sink, and a men's restroom with a toilet and sink. The interior finishes include painted drywall, carpet & vinyl flooring and drop down ceilings with fluorescent lighting. The heat and cooling is provided by electric heat pump system. The former shop area is approximately 2,199 SF and is currently used for storage. The building contains the following: open shop floor space with an 8' x 10' overhead door and storage room. The finishes include painted block walls, concrete floors and wood sheathing on the ceiling with fluorescent lighting. The condition is considered to be average. Utilities include electric, telephone, public water, public sewer. Electric service appears to be adequate. As a precautionary measure, to determine the overall adequacy of electrical service, heating, cooling, utilities and building components, inspection by a licensed P.E. is suggested, with appraised value based on clear certification for any testing conducted. Personal Progert_y No personal property is included in this valuation. 348 Sample Bridge Road, Enola 23 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Interior Views Dice/Shod Facility 348 Sample Bridge Road, Enola 24 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Interior Views Office/Shop Facility 348 Sample Bridge Road, Enola 25 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Interior Views Manufacturing Facility 348 Sample Bridge Road, Enola 26 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Interior Views Original Office/Shop: 348 Sample Bridge Road, Enola 27 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Building Plans O x ~~~ ~ , s~~~ -.~ ~iF 'J 3 _.~ a r > ~ .c l1J 9 J 'w W .« <, ~ ~ ~ ~ a Q ~ i g ~, ~~ ~~ L .. . \i.--- _ _ -,_ _if~j ~01 ~ ~ _ b~ ' _ ~'~ I 3 ~ '.. __ _ ___ - - ~ _ _' :~..7 ~=1 - i 9 i ~' r Y o ~ 2: - 8 ~ r ~ _ - - z i ;~ ~ ~ $ ~, r - -- - 39 S a r ~ ~ ~`~~+ t 3 ' ( ~ ~ ~~ ~ s ~ * ~~ a ~ ~ ~ -- _ -f?- - - ~ i i ~ _ - ~~~ o '~~~~ gg _' 1 a a~ ~ ~ ~ . - ~ ~ ~ -- Zi ~ _p, .~ $+.S t ` ~ _ .. _~ i ~ ~ ~- -~._..~ --~ - - ~- - :Fat r ~' f:;; 348 Sample Bridge Road, Enola 28 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - (Cont'd) Building Plans ~~ ~ ~~ ~`.. sl +' ~o M~ ~: ~ ~~ z o ' ~~ ~A~ ~~~ ~,-t-- ~.~_~ I '-. `Y _r - r C 0 0 F a Z ~ i ... 1 O d ~ ~~ z ~ •~~ • o a~}~• ~ ~ v N ~ ii J Y +n d~y~y~ _ ~~~~~~~ :1G~~1~ o~~~ ~ ~ i ~ ; ~~ G _ _ '' ~_``-a-~.~rt T-j--_ a1Y _.~~ -~~\L-.~.J.~~--V -H~Z- O~rOti~..._ ~ C.i~ A . • ~ f.. .. i _._.,. o' 4 0 ~ -=~ ~ ' ~ ,. a ~ Y k. u~ 8 u i i O 4, a -- 1 348 Sample Bridge Road, Enola 29 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS IMPROVEMENT ANALYSIS - {Cont'd) 3A8 Sample Bridge Road Enola, Pa 17025 Sketch so.o' o ~' e ~; ., .. s0.0' O I.St FJOOY 'jryd F1.00R' '~ ~ffLCe M (M1C! "' ti0.0' M - s0.0' Not Exact & Naito Scale ~o.o' ., Sho 0 38.0' P ~ ~ ~ M ~ ,,,Tr'' 8.0' ~Y7~ Office auA' Ganme~t: AREA CALCULATIONS SUMMARY Code .Description Net Size. Net Totals: GBAl Pzo~ueti,o¢~ 1A373.0 1st Fl,ooz o=iganal 3199.0 Office/Snap 7920.0 21492.0 GBA2 Secoxid Fl,oox 1860.0 1860.0 P/P Poxch 49.0 49.0 Net BUILDING Area (Rounded) 23352 ai.o' o o N gg N ~i ai.o' BUILDING AREA BREAFCDOt~4N Breakdown Subtotal s Pxo~uctioati 41.0 x 253.0 10373.0 1st F1oox o=i,ganal 32.0 x 76.5 2448.0 8.0 x 25.0 200.0 1i.5 x 38.0 551.0 Office/Snap 60.0 x 132.0 7920.0 Secaatid Fl,oox 31.0 x 60.0 1860.0 6 ftems (Rounded) 23352 348 Sample Bridge Road, Enola 30 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS HIGHEST AND BEST USE The highest and best use of a property is that use to which the land can be put which will create the greatest utility for the land, be it in profit or in amenities, and that which is permitted or would be permitted by the local municipal or township authorities and that which would not be unduly objectionable to the character of the surrounding property, and keeping within the scope of the general neighborhood development. The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are: 1. Legal permissibility - a property use that is either currently allowed or most probably allowable under zoning codes, building codes, environmental regulations, and other applicable laws and regulations that govern land use restrictions. 2. Physical possibility -the land must be able to accommodate the size and shape and of the ideal improvement. 3. Financial feasibility -the ability of a property to generate sufficient income to support the use for which it was designed. 4. Maximum productivity -the selected land use must yield the highest value of the possible uses. The Dictionary of Real Estate Appraisal, 4'~' Edition, Appraisal Institute The highest and best use of the land (site), if vacant and available for use, may be different from the highest and best use of the improved property. This is normally true when the improvements is not an appropriate use and yet makes a contribution to the total property value in excess of the site. The following test must be passed in determining the highest and best use: 1. The use must be legal. 2. The use must be probable, not speculative. 3. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. Based on the foregoing factors, it is my opinion; the highest and best use is its continued use as a legally permitted nonconforming Industrial facility with office space. 348 Sample Bridge Road, Enola 31 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS VALUATION PROCESS AND SCOPE OF APPRAISAL "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 definition of market value, utilizing Advisory Opinion 22, of The Uniform Standards of Professional Appraisal Practice, Edition 2008-09, as a guideline. The appraiser has: 1. Performed a complete visual inspection of the interior and exterior areas of the subject property 2. Inspected the neighborhood, 3 . Inspected each of the comparable sales, from at least the street, if feasible. If no inspection of comparables is performed, a statement must be included in regards to this fact. 4. Researched, verified and analyzed data from reliable public and/or private sources and 5. Reported, my analysis, opinions and conclusions in this appraisal report.. The purpose of this appraisal is to provide my opinion as to the market value of the fee simple title to the subject property. The goal of the valuation process is a well documented and supported value conclusion that reflects the appraiser's study of all factors that influence the market value of the property being appraised. In order to do this, the appraiser usually studies a property from three different viewpoints which are typically known as the three approaches to value. They are as follows: 1 The Cost Approach whereby the current cost of reproducing or replacing the improvements less the loss in value from depreciation equals a depreciated cost of improvements. To this depreciated cost of improvements, the value of the land is added to arrive at an indication of value. 2. The Income Capitalization Approach looks at the earning power of the subject property, its income of anticipated future benefits and capitalizes this into an indication of value. 3. The Sales Comparison Approach is that approach to value whereby the subject property is compared to other recent sales of comparable properties to arrive at an indication of value. Information for the application of the three approaches to value is obtained from the market through research and analysis and it should be noted that the approaches are interrelated. Separate indications of property value are usually derived from each approach. As necessary, my research has included studies of cost new of comparable buildings, lease rates, building expenses and capitalization rates of reasonably similar facilities, as well as sales data of reasonably comparable properties. My sources of information and research have been courthouse data, multi-list data, fellow realtors and appraisers where appropriate, sellers of properties, purchasers of properties, investors in real estate and various publications to which I subscribe or to which I have access. In addition, as needed I have in the course of my research, contacted various public bodies such as municipal offices, utility companies, county, state and federal agencies as deemed appropriate. Every effort has been made to maintain confidentiality, however, this cannot be guaranteed. Part of my appraisal process is also verification of information used in this report. This is completed where it is possible. These approaches to value are considered on the following pages. 348 Sample Bridge Road, Enola 32 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS COST APPROACH Approach through which an appraiser derives a value indication of the fee simple interest in a property by estimating the current cost to construct a reproduction of or replacement for the existing structure, deducting for all evidence of accrued depreciation from the cost new of the reproduction or replacement structure, and adding the estimated land value plus an entrepreneurial profit. (The Dictionary of Real Estate Appraisal Second Edition, Page 72). Reproduction cost will be used in this appraisal and maybe defined as: The cost of construction at current prices of an exact duplicate or replica using the same materials, construction standards, design, layout and quality of workmanship and embodying all of the deficiencies, super adequacies and obsolescence of the subject building. (The Dictionary of Real Estate appraisal Second Edition, Page 254). The Cost Approach is based on the proposition that a knowledgeable buyer would not pay more for a property than the cost of building a new property to the same utility. The Cost Approach to value consists of the following steps and includes the valuation of the land: 1 Estimate the value of the land as though vacant and available to be developed to its highest and best use. 2. Estimate the reproduction cost of the building on the effective date of appraisal. 3 Estimate the amount of depreciation in the structure including physical deterioration, functional obsolescence and external obsolescence. 4. Deduct the estimated depreciation from the reproduction cost of the structure to estimate the buildings contribution to value. 5 Estimate the depreciated cost of other structures and site improvements. 6. Add the depreciated value of buildings, other structures and site improvements to the site value to arrive at an indication of value by the Cost Approach. The Cost Approach was not used in this report due to the age and condition ofthe subject and the difficulty in accurately estimating depreciation. 348 Sample Bridge Road, Enola 33 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS INCOME CAPITALIZATION APPROACH Approach through which an appraiser derives a value indication for income-producing property by converting anticipated benefits, i.e., cash flows and reversions, into property value. This conversion can be accomplished in two ways: One year's income expectancy or an annual average of several years income expectancies may be capitalized atmarket-derived capitalization rate or a capitalization rate that reflects a specified income pattern, return or investment, and change in the value of the investment; secondly, the annual cash flows may be discounted for the holding period and the reversions at a specified yield rate. (The Dictionary of Real Estate Appraisal Second Edition, Page 156). This type of income producing property is normally purchased for owner occupancy or as an investment. As a result, the earning capacity of this property is an important ingredient in estimating its value. Investors who purchase this type of property trade their present dollars for an income flow of future dollars plus the return or their investment at some future date. The Income Approach consists of the following steps: 1. Estimate the potential gross income of the property. 2. Add additional income from other sources. 3 Subtract the typical market derived rent loss that occurs from vacancies, credit losses and collection problems. 4. The resulting number is the effective gross income (E.G.I.) 5. From the E.G.I. subtract normal operating expenses, fixed expenses and reserves for the replacement of short lived building components. 6. This results in the net operating income (N.O.I.) 7. Develop a direct capitalization rate. In this appraisal, the band ofinvestment-mortgage-equity technique will be used. 8. Divide the N.O.I. of the property being appraised by the appropriate capitalization rate which gives an indicated value by the Income Approach. These steps to the Income Approach are presented on the following pages. This approach was considered but not used as properties similar to the subject are typically owner occupied and not purchased by investors for their rental value 348 Sample Bridge Road, Enola 34 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH The approach through which an appraiser derives a value indication by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison and making adjustments, based on the elements of comparison, the sale price of the comparables. (The Dictionary of Real Estate Second Edition AIREA, Page 265). In applying the Sales Comparison Approach, the appraiser takes the following steps: 1. Researches the market and selects the sales and/or listings ofproperties most comparable to the property being appraised. Generally, the most current and similar comparable sales prove to be best indicators of the value of the subject. 2. Collects and verifies data on each selected property's selling and listing prices, dates of sale, physical differences, locational characteristics and any special conditions. 3. Analyzes and compares each property with the subject as to time of sale, location, physical characteristics, conditions of sale and other differences. 4. Adjusts the sale or listing price of each comparable for differences between it and the subject. Adjustments are based on market extractions and/or judgment. 5. Reconciles the adjusted prices of the comparable properties into an indication of value of the property being appraised. In an effort to arrive at value indications by the Sales Comparison Approach, sates of reasonably similar properties in surrounding areas were studied. Our research included Cumberland, Dauphin, York and Lancaster Counties. Numerous sales were studied, as well as, current listings and properties under contract. Only the most comparable sales have been selected for inclusion in this report. Verification of sales information with realtor, grantor, grantee and court house records was conducted where possible. Each comparable property was compared to the subject property and adjustments were made for significant differences. The adjusted price of each comparable indicated a value range for the subject which was then reconciled into a single value indication via the Sales Comparison .Approach. This approach is considered on the following pages. 348 Sample Bridge Road, Enola 35 10-07 ] 4 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH, (Cont'd) COMPARABLE SALES In order to estimate the market values of the subject, I have studied sales of reasonably similar properties, and making adjustments for time, location, physical and other differences. Among the most relevant sales were the following: Commercial Building Sale 1 Grantor Robert D Mukalian Grantee Gunjak Properties Tax Map No. 38-19-1619-020 Location 54 East Main Street, Silver Springs Township, New Kingstown, Cumberland County, PA 17072 Improvements Two 1-story metal over frame industrial buildings, built on a slab foundation. The main building exhibits a 700 SF finished office area and a 4,300 SF high 1-story service garage with 4- overhead doors. A detached high 1-story building is 2,500 SF and is used for equipment storage containing Ei-overhead doors and is not heated. The roof is pitched and covered by metal. The heat is electric for the office and coal for the service garage. The total gross building area of both buildings is 7,500 SF. Zoning I2 General Industrial Zone Lot Size 1.00 Acres or 43,560 square feet Land to Bldg Ratio 43,560 = 7,500 = 5.8 to 1 Date Sold Apri128, 2010 Consideration $450,000 Price per SF of Bldg. $60.00 Including land Verification of Sale Cumberland County Courthouse Records & Real Estate Data Service. 348 Sample Bridge Road, Enola 36 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH-(Cont'd) 54 East Main Street, New Kingstown, PA 17072 348 Sample Bridge Road, Enola 37 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH-(Cont'd) Commercial Building Sale 2 Grantor Barry R. Bittinger Grantee MDN Investments, LLC Tax Map No. 38-08-0569-035 Location 5 Brenneman Circle, Silver Springs Township, Mechanicsburg, Cumberland County, PA Improvements A detached pre-engineered metal industrial building containing 9,320 square feet a detached 2 car garage of 576 SF. The roof is gable style metal with aluminum gutters and down spouts. The building contains a foyer, printing room, reception area, three offices, lunch room and two 2-piece rest rooms at the time of purchase. The utilities include gas heat with 2 electric central air units for the office area. The electric is a 200 amp service. The building was built in 1983 with an addition added in 1985. According to my inspection, the improvements were in average condition with frame pole construction. Off-street parking is available for 20~ vehicles. Zoning Light Industrial Lot Size 1.7 Acres or 74,052 square feet Land to Bldg Ratio 74,052 _ 9,360 SF of Building = 7.91 to 1 Date Sold August 19, 2009 Consideration $430,000 Price per SF of Bldg. Including land $45.94 Verification of Sale Cumberland County Courthouse Records & Grantee and I appraised this property. 348 Sample Bridge Road, Enola ~ 38 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH-(Cont'd) 5 Brenneman Circle, Silver Springs Township, Mechanicsburg, Cumberland County, PA 348 Sample Bridge Road, Enola 39 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH-(Cont'd) Commercial Building Sale 3 Grantor Grantee Tax Map No. Location Improvements Zoning Lot Size Land to Bldg. Ratio Date Sold Consideration Price per SF of Bldg. Verification of Sale Casher Real Estate Lyndale Court LLC 10-20-1838-037C 180 Silver Spring Road, Hampden Township, Mechanicsburg, Cumberland County, PA 17050 Single story, free standing, metal retail/office/warehouse/shop building with date of construction estimated as 1995. Building was originally designed for proposed use as an automotive emissions testing station. Total gross building area according to the listing Realtor is 9,166 SF. Approximately 85% of the building is finished office/retail space. Bldg has 4 OH drive-thru doors (10' x 14'). Interior is heated & cooled by electric heat pump units plus gas modine heaters in warehouse/shop. I-G. Industrial General. 3.5 acres or 152,460 SF. Property has frontage on Silver Spring Rd of 259' ~. 16.6 to 1 April 16, 2009 $740,000 Instrument Number: 200911961 $80.73 Courthouse Records and Realtors 348 Sample Bridge Road, Enola 40 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH-(Cont'd) 180 Silver Spring Road, Hampden Township, Mechanicsburg, Cumberland County, PA 348 Sample Bridge Road, Enola 41 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) Commercial Building Sale 4 Grantor Carlisle Realty LP Grantee MBM Properties LLC Tax Map No. 10-20-1838-028D Location 6365 Basehore Road, Hampden Township, Mechanicsburg, Cumberland County, PA 17050 Improvements Single story, free standing, metal & concrete block, office/shop- warehouse building, with an effective age estimated at 1990 (19 years) for the oldest (concrete block) section, and a total gross area of 10,288 SF. Finished office space in the structure estimated at 3,064 SF (29.8%) & unfinished shop-warehouse space at 7,224 SF (70.2%). HVAC system has gas heating modine units in unfinished areas & two heat pump units on ground level pads for the finished areas. Bldg has standing seam metal roof, ceiling heights in shop from 12' to 16' & two overhead drive-in doors (14' W) facing Basehore Rd plus a third drive-in door facing the equipment storage yard. Zoning Lot Size Land to Bldg. Ratio Date Sold Consideration Price per SF of Bldg. Verification of Sale I G. Industrial General 1.51 acres or 65,776 SF. Property has frontage on Bashore Rd of 316' ~. Site has 2,500 SF of paved area 6.39 to 1 May 30, 2008 $625,000 Instrument Number: 20080].7936 $60.75 Courthouse Records 348 Sample Bridge Road, Enola 42 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) 6365 Basehore Road, Hampden Township, Mechanicsburg, Cumberland County, PA 348 Sample Bridge Road, Enola 43 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) Commercial Building Sale 5 Grantor Neil A. O'Donnell Grantee CDL Properties LLC Tax Map No. 3 8-08-0569-025 Location 8 Long Lane, Mechanicsburg, Silver Spring Township, Cumberland County, PA 17055 Improvements One and two story brick and aluminum industrial building, built 1980 with a metal roof and aluminum gutters and downspouts. The first level is 21,957 square feet with 2,120 SF finished office & apartment on the second level. The total square footage is 24,077. 1600 SF finished office space on first floor. Total finished space is 3,720 SF (15%). Bldg contains 1: 9' overhead, drive-in door & 2: 8' x 10' dock doors The building condition is average to good. Zoning is Light Industrial. Zoning Light Industrial Lot Size 3.78 acres or 164,656 square feet Land to Building Ratio 164,656 = 24,077 = 6.84 to 1 Date Sold June 28, 2007 Consideration $1,580,000 Instrument Number: 0028003433 Price per SF of Bldg $65.62 Verification of Sale ~ Courthouse Records and I personally appraised this property 348 Sample Bridge Road, Enola 44 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) 5, 7 & 8 Long Lane Silver Spring Township, Mechanicsburg, PA 348 Sample Bridge Road, Enola 45 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) CommerciallIndustrial Sale 6 Grantor Douglas W. & Kimberly George Grantee Henry L. Stetler Tax Map No. 10-20-1838-037A Location 150 Silver Spring Road, Hampden Township, Mechanicsburg, Cumberland County, PA Improvements Zoning Lot Size Land to Building Ratio Zoning Date Sold Consideration Indicated Price per SF of Bldg. Verification of Sale High one story metal single tenant 44,730 SF recreational building with offices, gym and warehouse storage. Based on Cumberland County tax assessment information the building has an office area of 11,130 SF, warehouse area of 16,800 SF and a gym area of 16,800 SF. All utilities available. Condition was average.. I-G Industrial General 4.89 acres or 213,008 SF 4.76 to 1 Commercial August 15, 2007 $1,600,000 $35.77 Instrument # 2007/32054 Courthouse Records and Realtor 348 Sample Bridge Road, Enola 46 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH (Cont'd) 150 Silver Spring Road, Hampden Township, Mechanicsburg, Cumberland County, PA 348 Sample Bridge Road, Enola 47 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH - (Cont'd) ~. ..E. `T Yh~ •~ l Y" I -..•} `~ _., i}, - rh:.!l°j fK ~ /~ t [ -, xY-. 1 L ~} f T g 'S 1` 1~ , ~\S .~ff -h ~i~ T 7~ ..P , Sale # $80 73 0 $80.73 -20 0 -20 +10 +10 -10 -30 $56.51 3 ~~~~`]~~~-l{''~ ,{,J(jJ ~]'~" ~ 1 ~~.~ `,.i:~ {~ '" r ~ ~ n':s5 'n 1: e,~ ~ ~` Q;J[i~ ~~i ~j r~ r 14 ,.'i~ r1~` v`t~:'r F .~! 5 y,A• (~~y~y~#~.:,~ #(~F ~ r r ;. J ~ t ~~ 0~~,~_'. ~~~F...~ ~ /, ?~~ Q #, 3~ Q J~ ~l ~ +~' ~'~ll 't' F `~ rf ,' ~~~ ?,h ~ r ~ E 1t/.+L V fi :- y •N Y. f t W :r a-~. V ~3 i x l R r Sale # $65.62 -10 $59.05 -20 0 +5 0 +10 -10 -15 $50.19 5 IJ[YlV kF t' f ~~ ~t_-. P ~~S f i1 ~ Y ;~~ ~ ~:'/ k r ~TO: ~23~. A ~ (y~ ~ + {,i l '#,'Y~C rl r ~~ '1 ,~ +,1~~- .,..~ 1~~,y4'"`~~3 i t ~,F1; w ~ J ~V' yl+*~~ 5 7~.- ~{~~ r«n .~~~ 1 Q ~~ ,n ~ Js `~` Z ~1:~ C,~~ t '~' d ~(~` ..~ ~'T;~ ~ " ~` } The Mean of the Ad'usted Six Sales is: $46.44 Explanation of Adiustments Sale #1 is given upward adjustments for its inferior age/condition, design condition and land size. Downward adjustments needed for its superior, location, zoning, and for its smaller building size which would sell for a higher price per SF. The indicated price per square foot of building including land is $54.00. Sale #2 is given upward adjustments for its inferior design/condition and land size. Downward adjustments needed for its superior, location, zoning, and for its smaller building size which would sell for a higher price per SF. The indicated price per square foot of building including land is $36.75. Sale #3 is given upward adjustments for its inferior design/condition and land size. Downward adjustments needed for its superior, location, zoning, and for its smaller building size which would sell for a higher price per SF. The indicated price per square foot of building including land is $56.51. Sale #4 is given upward adjustments for its inferior design/utility and land size. Downward adjustments needed for its superior market conditions at its time of sale, location, zoning, and for its smaller building size which would sell for a higher price per SF. The indicated price per square foot of building including land is $41.20. Sale #5 is given upward adjustments for its inferior land size and for its larger building size which would sell for a lower price per SF. Downward adjustments needed for its superior market conditions at its time of sale, location and zoning. The indicated price per square foot of building including land is $50.19 Sale #6 is given upward adjustments for its inferior age/condition, design/utility, land size and for its larger building size which would sell for a lower price per SF. Downward adjustments needed for its superior market conditions at its time of sale, location and zoning. The indicated price per square foot of building including land is $40.23. 348 Sample Bridge Road, Enola 48 ] 0-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SALES COMPARISON APPROACH - (Cont'd) Sales Comparison Approach Reconciliation Based on the sales studied and used on this report the adjusted value range estimate extends from a low of $36.75 per square foot ofbuilding including land to a high of $56.51 per square foot ofbuilding including land. The mean of all six sales is $46.44. Due to slow market condition, my final value estimate of the subject property is below the mean and at $45.00 per square foot ofbuilding including land. Therefore, the estimated "as is" retrospective market value by the Sales Comparison Approach as of March 26, 2010 is: 23,352 SF @ $45.00 per square foot = $1,050,840 rounded to $1,OSO,t)00 ONE MILLION FIFTY THOUSAND-($1,050,000)-DOLLARS 348 Sample Bridge Road, Enola 49 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS RECONCILIATION The indications of value as developed by the three approaches to value are as follows: Value indicated by the Cost Approach N/A Value indicated by the Income Approach N/A Value indicated by the Sales Comparison Approach $1,050,000 The cost factors which are used in the Cost Approach can be developed from local contractors, Marshall Valuation Service, as well as, but not limited to my experience as an appraiser and realtor, which reflects the local present cost of construction. The Cost Approach generally will result in an excellent estimate of value if the building is new or reasonably new, and the improvements reflect the highest and best use of the land. However, when items of physical deterioration and obsolescence must be estimated, an area of judgement is involved which is subject to error. It is particularly difficult to estimate depreciation for a property of an age and condition of the subject. For this reason the Cost Approach was not utilized in this report. Generally, purchasers of commercial buildings are more concerned with the income the property will produce rather than its reproduction cost. The appraiser has not been able to review sufficient market data to provide reliable and factual information in order to develop a reasonable from the Income Approach. As a result this approach was not used. Properties similar to the subject are typically owner occupied as a result this approach was not used. Weight is given to the Sales Comparison Approach which reflects the reactions of the typical buyers and sellers in the market place. Sales of six comparable commercial properties were well documented and analyzed. This approach indicated a retrospective value of $1,050,000 After careful consideration of all the factors which influence value, with greatest emphasis on the Sales Comparison Approach, my final indication of a retrospective value as of March 26, 2010 is: ONE MILLION FIFTY THOUSAND-($1,050,000)-DOLLARS Should the property be marketed, a marketing time of 12-24 months is anticipated. 348 Sample Bridge Road, Enola 50 10-0714 C-1 CLUUSER REAL ESTATE APPRAISALS CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS I certify that, to the best of my knowledge and belief: - The statements of fact contained in tlus report are true and correct. - The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions, and conclusions. - 1 have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved. - 1 have no bias with respect to the property that is the subject of this report or to the parties involved in this assignment. - My engagement with this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. - 1 have made a personal inspection of the property that is the subject of this report. CERTIFICATION: The Appraiser certifies and agrees that: 1. The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter for the appraisal report or the participants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the undersigned affecting the analysis, opinions, and conclusions contained in the report). 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser". No change of any item in the appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. 7. I have not appraised or been involved in any capacity with the subject in the past three years. CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dimensions and is included to assist the reader visualizing the property. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made therefore. 4. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. 8. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purpose by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgages or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, or any state or federally approved fmancial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. CONTINUING EDUCATION: The Appraisal Institute conducts a voluntary program of continuing education for its designated members. S12.As who meet the minimum standards of this program are awarded periodic educational certification. I am currently certified under the SRA program. EN VIRONMENTAL DISCLAIMER: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence ofhazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal tl~e existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. \' 1~~~~ Signature of Appraiser: Date: August 23 2010 Appraiser GEORGE C. CAUSER, SRA PA Certified General Real Estate Appraiser Certification Number: GA: 000233-L 348 Sample Bridge Road, Enola 51 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS ADDENDA 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS DEBD:BROWN2.DBD G T,H{I(S DSBD HARE THE ~ 7 ~~ day of +vCtVu~t/~ in the year of onr Lord one thousand nine hundred ninety-one (1991). SBTWEEN HOWARb K. HROWN sad VZRGII9IA~J. BROWN, husband and wife, and LAWRSNCB W. BROWN, WITNE55ETS, that in consideration of ONB and NO/100 Grantors, Grantee, ------------^----^-----(51.00)-------------------------------Dollazs, in hand paid, the receipt whereof ie hereby acknowledged, the said Grantors do hereby grant and convey to the said c3rantee, his heirs and assigns, ALL the undivided interest of Howard K. Hrown as a tenant in eonunon of ALL those certain lots or tracts of land situate in the Township of Silver Spring, County of Cumberland, and Cosmwnwealth of Pennsylvania, being more particularly bounded and described as follows, to wit: TRACT ND. 1 BEGINNING at a point, said point being located at the right-of-way intersection of Wert$ville Road and Sample Bridge Road; thence along the right-of-way of Sample Bridge Road the following four (4) courses: (1) North 00 degrees 30 minutes 00 seconds Sant, a dispaace of 244.32 feet to a point, (2) On a curve, curving to the right, having a radius of 275.DD feet and an arc length of 71.89 feet to a point, (3j On a curve, curving to the left, having a Radius of 325.00 feet and an arc length of 86.02 feat to a point, (4j North 00 degrees 15 minutes 00 seconds Bast, a distance of 172.32 feet to a point; thence along Lot No. 3, North 79 degrees 15 minutes 00 seconds Bast, a distance of 571.D2 feet to n point; theace along Lot No. 2, South 10 degrees 45 minutes 00 seconds West, a distance of 643.63 feet to a point, thence on the right-of -way of Wertzville Road, South 86 degrees 30 mi.nutee 00 seconds West, a distance of 681.76 feet to a point, said point being the place of EEGINNING. CONTAINING 370,269.80 aqunre feet or 0.5001 acres. -1^ I 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS BEING Lot No. 4 on a Limited/Final Subdivision Plan of Five Lots for Lawrence H. and Howard ><. Brown made by Hartman and Associates, Inc., Camp Hill, Pennsylvania, Hazoh 27, 1991, and April 15, 1991, and reaorded in Cumberland County Plan Book , Page TRACT NO. 2 BEGINNING at a point, said point being the right-of-way intersection of Wentzville Road and Sample Bridge Aoad; thence along the right-of- way line of Wertzvil'le Road, South 86 degrees 30 minutes 00 secoads West, a distance of 314.35 feet to n point; thence along Lot No. 1, North 03 degrees OS minutes 00 seconds Bast, : distance of 701.12 feet to a point; thence along •ame, North 82 degrees 25 mi:-utes 24 seconds Bast, a distance of 292.98 feet to a pdiat on the right-of-way line of Sample Bridge Road; thence along the right-of-way line of Sample Bridge Road by a curve, curving to the right, having a radius of 375.00 feet ;nd an arc length of 89.99 feet to a point; thence along same, South 00 degrees 15 minutes 00 seconds West, a distance of 227.11 feet to a point; thence along seas by a curve, curving to the right, having a radius of 275.00 feet and an arc length of 72.79 feet to a ppoointy thence along same by a curve, curving to the left, having a ra$iue of 325.00 feet and an arc length of 84.61 feet to a point; thence along acme, South 00 degrees 30 minutes 00 seconds West, a distance of 247.81 feat to a point, said point being the place of BBGINNZNG. CONTAINING 218,166.66 squats feet or 5.0084 acres. BEING Lot No. 5 on a Limited/Final Subdivision Plan of hive Lots for Lawnence W. and Howard K. Brown Wade by Hartman and Associates, Inc., Camp Hill, Pennsylvania, March 27, 1991, and April 15, 1991, and recorded in Cumberland County plan Book page BEING part of the ppremises which LAWRENCB L. BROWN apd RUTB C. BROWN, husband and wife, by their deed dated December 21, 1988, and reaorded in Cumberland Gonnty Deed Book V, Volume 33, Page 735, granted and conveyed unto Lawrence W. Brown and Ilarold K. Brown, tenants is common. This is a dead between brothers and the wife of a brother and is exempt from all realty transfer taxes. virginia J. Broom joins in this deed for the sole purpose of releasing and quit claiming her inchoate interest ae the wife of Howard K. Brown. -2- BOOK ka5 PAGE 28Z 34$ Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS AND the said Grantors hereby covenant and agree that they wi.7.1 warrant specially the property hereby conveyed. IN WITNESS WHEREOF, said Grantors have hereunto sat their hands and seals the day sad year first above written. Signed, Sealed, and Dalivored ~ ~~ in the Presence of F1 K.- BR VIRGIN, A ~ WN COMMONWEALTH OF PBNN5YLVANIA: . SS: COUNTY OF CUMBERLAND G4 On this, the 1 ~ day of 1997., before me the undersigned officer, a Notary Public, personally appeared Boward K. Brown and Virginia J. Brown, husband and wife, known to me (or satisfactorilp proven) to be the persons whose names era subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. IN FATNESS WBERSOP, I have hereunto set my hand and official seal above written. the day and year first , ~~ ~~'~ G~ '~~ `~~~3 Notary Publ c am -3- s ~~: ,,y ,. ~Y : ~Q , ,y1.~•: RaTI.PJAI SEQ ~ r • ~~.., .7 p y~ ~; ,~}..: ' / ` ' COtlSTMCE 1. Y111i. !ATl.R7 PII9LIC • .w• ~ . ~''L'J ~ /.; ~ ~~;.d .. ~ •~ ~ CQIaERUFD. ft L1YgExJlls CO, NT tNWfSSIgi EIV1REf APill 13. 1991 }11IIU4~ 1• •{• 'B.OOK~t-33 PAEE 2S3 I 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS r I do hereby certify that the precise residence an complete poet AJ office address of the within Waned Grantee ie: 3 4~jt' /Lr ~ ,~.,~.. Pfd ~ ~a~ DATED: <<~r9r9r ~r ~ Attorney for / i ° o ~, - ~,, ., C h~ ~ ...: i ly r :.~ z., f17 Y~ U G 7 c _ -.i C .; ~; CJ ,.~ ' !~ Y" ~' CONMONNBALTH OF PENNSYLVANIA: cn ~% y~~ SS : "' COUNTY OF CUl~ERLAND RBCORDED on this ~~~ ey of ~~r A.D. 1991, in the Records/r'n Office of the said County, in Deed Book _~, Volume ~> , Page ~5 Given under my hand and tho seal of the said offioe, the date above i• ~~±r~~l~'i~.'~.~~s,,.';~ ~~: Recorder. -~ - ~K IC~5 r~cE 2s~ 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SECTION 202 RURAL RESIDENTIAL ZONE {R) 202.1. Purpose -The primary purpose of this Zone is to promote a continuation of the rural character of the area, characterzed by a mixture of sparsely developed residential uses. In addition, other small-scale nonresidential uses have developed. This Zone will continue these development trends, but will install additional protection for rural residences from the impacts of other nonresidential uses. These areas are not likely to be served by public sewer or water facilities within the foreseeable future; therefore, larger lot sizes are indicated. Because of the character of these areas, some steep slopes are .included. For this reason, specific lot design requirements have been imposed on steeply sloped development sites. 202.2. Permitted Uses 1. Agriculture, subject to the standards listed in Section 201 of this Ordinance, but excluding commercial livestock operations, as defined hexein; 2, Single-family detached dwellings, provided that if a proposed subdivision will involve 10 or more new Single family detached dwellings and it is not submitted and subsequently approved as a Rural Cluster Development, then .conditional use approval shall be required under the standards of Section 449. 3. Public and/or nonproft parks; 4. Public uses and .public utilities structures, excluding communications antennas, towers, and equipment; 5. Flag-lot residences, subject to the standards of Section 605.04.7. of the Subdivision and Land Development Ordinance; b. Forestry Activities (See Section 348); 7. ECHO housing (see Section 331); 8. Stables (see Section 340); 9. Two-family conversions (see Section 342); 10. Accessary apartments (see Section 320); 11. No-impact home based business; and, 12. Accessory uses customarily incidental to the above permitted uses. 13. Rural Cluster in compliance with Sections 316 and 434. 14. Non-commercial keeping of Livestock (see Section 337). 202.3. Suecial Eacention Uses (Subject to the procedures presented in Section 604.3. of this Ordinance.) 1. Bed and breakfasts (see Section 404); 2. Private clubhouses (see Section 431); 3. Home occupations (see Section 422); 4. Family day-care facilities (see Section 416); 5. Campgrounds (see Section 406); 6. Public and private schools (see Section 432); 7. Communication antennas, towers and equipment (see Section 412); 8. Farm occupations (see Section 417); and 9. Amateur Radio Antennas (see Section 447). Silver Spring Township Zaning Ordinance -sa Article 2 Zane Regulations 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS 202.4. Conditional Uses (Subject to the review procedures listed in Section 704 of this Ordinance.) 1. Golf courses (see Section 418); 2. Churches and cemeteries (see Section 40?). 3. Single family detached dwellings, if a proposed subdivision will involve 10 or more new single family detached dwellings and it is not submitted and subsequently xoproved as a Cluster Development (See Section 449}. 202.5. Maximum Number of Permitted Dwellings or Lots 1. For each tract of contiguous land in single and separate ownership (parent tract) as of the effective date of this Ordinance, there may be ane (1) lot subdivided or one principal residence constructed for asingle-family detached nonfarm dwelling, according to the following schedule: Lot Area Acres Total Number of At Least Less Than Permitted Lots/Dweliings* 2 5 2 5 10 3 10 15 4 15 20 5 20 25 6 25 30 7 30 35 8 35 40 9 40 45 10 45 50 11 50 SS 12 55 60 13 60 65 l4 65 ?0 15 70 75 16 75 80 17 80 85 18 85 90 19 90 95 20 95 100 21 *For parcels containing one or more { 1) principal dwelling on the effective date of this Ordinance, each such dwellings shall be counted as one (1) against those permitted in the above schedule. Article 2 Zone RegulaUone -51- Silver Spring Township Zoning Ordinance 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS 2. The above-described schedule shall not apply to ECHO housing nor two-fanuly conversions; 3. Lot add-ons in which no new lots are created shall not be counted against the number of lots permitted to be created in the schedule of Section 202.5.1.; 4. Regardless of size, no tract of land subdivided from its parent tract shall qualify for additional single-family detached dwellings or lots pursuant to this section. Similarly, any subsequent owner of any portion of the parent tract legally existing on the effective date of this Ordinance shall be bound by the actions of previous owners in that such current owner may only subdivide for purposes of additional single-family dwellings the number of lots, if any, remaining from the original number permitted by this section. Any subdivision or land development plan hereafter filed for a tract of land in the Rwal Residential Zone shall specify which lot or lots shall carry with them the right to erect or place thereon any unused quota ofsingle-family detached dwellings as determined by the provisions of this section; and, 5. In the event a tract of land which was not classified as part of the Rural Residential Zone on the effective date of this Ordinance is hereafter classified as part of the Rural Residential Zone, the size and ownership of such tract shall be determined as of the effective date of the change in the zoning classification. 202.6. Design Requirements' Unless specified elsewhere, the following table prescribes lot area, width, and coverage, as well as minimum yard requirements for uses within this Zone: Mialmnm Miaimam Mauimam Mtnimnso Yard Sctbaeks Lot Lot Lot Use' Ana width Covers c ~ Front Oae Sldc Both Sides Rear All Permitted Uses I acre ISO fl. 10.6 50 fl. 30 ft. 60 R. SO R. All Permitted Uses If More ?acres l50 R. 7°h 50 R. 30 fl. 60 R 50 ft. Than SO°1o of the Sitc Possesses Slopes in Excesv of 1 S°/. Accessory Uses NlA N/A N/A 300 R. IS fl. 30 R. IS R. 1 See Section 319 for Public Utilites Structure. 2 Al[ uses relying upon onlot sewers are subject to the requirements list in Section 3l 1 of the Ordinance. 3 For existing lots under one (1) acre in area, the maximum lot coverage shall be 25%. Silver Spring Township Zoning Ordinance -52- Article 2 Zone Regulations 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS 202.7. Maximum Permitted Height 1. Principal buildines and structures -Thirty-five {35) feet; and, 2. .Accessory building~,and structwes - .Fifteen (15) feet, except that the height may be increased by one (1) foot for every foot that the building or structure is setback in excess of the applicable setback requirements of this Section, up to a maximum total height aftwenty-five {25) feet. 202.8. A11 uses permitted within this Zone shall also comply with the General Provisions contained in Article 3 of this Ordinance. Article 2 Zone Regulations -53- Silver Spring Township Zoning Ordinance 10-0714 C-1 348 Sample Bridge Road, Enola CLAUSER REAL ESTATE APPRAISALS ARTICLE 5 NONCONFORMITIES SECTION 500 CONTINUATION Except as otherwise provided in this section, or Section 313.4. of this Ordinance, any use, building, or structure lawfully existing at the tune of enactment of this Ordinance may be continued, although it is not in conformity with the regulations specified by this Ordinance. SECTION 501 ABANDONMENT If a nonconforming use of land or of a building or siructure ceases or is discontinued for a continuous period of one (1) year, or more, subsequent use of such building, structwe, or land shall be in conformity with the provisions of this Ordinance. SECTION 502 EXTENSION OF A NONCONFORMING iJSE OF LAND Any lawful nonconforming use of land exclusive of buildings and structures and the use contained therein, may be extended upon the lot upon which it exists at the time of the effective date of this Ordinance, but such extension shall conform to azea and lot regulations and the design standards of this Ordinance and to the percentage limitation as set forth in Section 503.1.2. of this Ordinance. The extension of a nonconforming use on a lot shall be limited to the lot which was in existence on the effective date of this Ordinance. SECTION 503 EXPANSION OR ALTERATION 503.1. Any nonconforming use maybe expanded or altered through the obtainment of a special exception and subject to the following criteria, and those contained in Section 604.3: 1. Expansion of the nonconformity shall be confined to the lot on which it was located on the effective date of this Ordinance, or any amendment thereto creating the nonconformity; 2. The total of all such expansions or alterations of use shall not exceed an additional fifty percent (50%) of the area of those buildings or structures or land devoted to the nonconforming use as they existed on the date on which the use of such buildings, structures or land first became nonconformities. The applicant shall furnish conclusive evidence as to the extent of the nonconformity when it was created. The alteration of a permitted structure having some dimensional nonconformity is exempt from the requirement of a special exception provided no new dimensional nonconformity is created by the alteration. Article 5 Nonconformitles -237- SINer Sprang Township Zoning Ordinance 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS 3. Provision for vehicular access, off-street parking and o:ff-street loading shall be consistent with standards required by this Ordinance; 4. Provision for yards, building height and building area shall be consistent with the standards required for permitted uses in the zone in which the nonconformity in question is located; 5. Appearance should be harmonious with surrounding properties; this feature includes but is not limited to landscaping, enclosure of principal and accessory uses, height control, sign control, architectural control and maintenance of all improvements and open spaces; 6. Buffers and screens shall be provided as necessary to adequately protect neighboring properties. This includes but is not limited to fences, walls, plantings and open spaces; 7. The expansion shall not create new dimensional nonconformities or further increase existing dimensional nonconformities; 8. No expansion of a nonconforming structure or a nonconforming use located outside of a structure existing on the effective date of this Ordinance shall be permitted in the Floodplain Zone; and, 9. Excluding expansion, any modification, alteration, repair, reconstruction or improvement of any kind to a nonconforming use or structure located in the Floodplain Zone shall be permitted when either elevated above the base flood elevation or floodproofed. In no case, shall any modification, alteration, repair, reconstruction or improvement cause unacceptable increases in flood height, velocities or frequencies; and, 503.2. Any dimensional nonconformity may be reduced by permitted use. No extension or enlargement of a dimensional nonconformity shall be permitted. SECTION 504 SUBSTITUTION OR REPLACEMENT Any nonconforming use maybe replaced or substituted by another nonconforming use by special exception, if the Zoning Hearing Board determines that the proposed use is at least equally compatible with the surrounding area, as the original nonconforming use. In addition, the proposed nonconforming use shall not increase any dimensional nonconformities. The Zoning Hearing Board may attach reasonable conditions to the special exception to keep the use compatible within its surroundings. Silver Spring Township Zoning prdinanae -238- Article 5 Nonconformities 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS SECTION 505 RESTORATION Any lawful nonconforming building or other structure which has been involuntarily damaged or destroyed by fire, explosion, windstorm, or other similar active cause maybe reconstructed in the same location, provided that: 505.1. The reconstructed building or structure shall not exceed the height, area, or volume of the damaged or destroyed building or structure and such reconstructed building or structure shall not increase any dimensional nonconfonnities; and, 505.2. Reconstruction shall begin within one (1) year from the date of damage or destruction and shall be carried on without interruption. SECTION 506 PREVIOUSLY EXPANDED NONCONFORMING USES AND STRUCTURES It is the express intent and purpose of this Ordinance that if a building, structure, sign or land was expanded or extended to the limits of expansion for a nonconforming building, structure, sign, or use of land as authorized by a prior zoning regulation or ordinance, no further expansion of said building, structure, sign, or land shall be authorized. In the event a nonconforming building, structure, sign, or use of land was expanded to a portion of the limits of expansion authorized by a prior zoning regulation or ordinance, additional expansion if permitted by this Ordinance, shall only be authorized to the amount of expansion not previously utilized pursuant to said prior zoning regulation or ordinance. SECTION 507 NONCONFORMING LOTS Subject to the provisions of Section 508(4) of the Act, the following shall apply: 507.1. In any zone in which single-family detached dwellings are permitted, asingle-family detached dwelling may be erected on any single lot, as defined in this Ordinance, existing in single and separate ownership on the efr'ective date of this Ordinance, notwithstanding limitations imposed by other provisions of this Ordinance. This provision shall apply even though such lot fails to meet all of the lot area and lot width requirements of the zone in which the lot is located. All setback and lot coverage requirements shall be met. 507.2. If a lot consists of two or more lots of record or combinations of lots or portions of lots of record held in single and separate ownership on the effective .date of this Ordinance, such lots of record shall not be separately transferred or developed, unless the lot so transferred or developed (whether consisting of one or more lots of record) and the lot retained by the transferor (whether consisting of one or more lots of record) shall meet all requirements of the zone in which the lot or lots are located. It is the intention of this provision that no portion of any lot consisting of two or more lots of record shall be used or sold in a manner which does not comply with all requirements established by this Ordinance or which shall result in the creation of a lot with a lot width, lot area or Article 5 Nonconformities -239- Silver Spring Township Zoning Ordinance 348 Sample Bridge Road, Enola 10-0714 C-1 CLAUSER REAL ESTATE APPRAISALS yard setback below the minimum requirements or with lot coverage in excess of the maximum requirements stated in this Ordinance. Silver Spring Township Zoning Ordinance -240- ArtlGe 5 Nonconformities 348 Sample Bridge Road, Enola 10-0714 C-1 Date; 05/05/10 Page 1 of 1 005009 ESTATE OF LAWRENCE BROWN 1325 MISTY GREENS DR SUN CITY CTR FL 33573 4420 0 fl 0 a N m N O O 117 8 0 IF YOU HAVE ANY QUESTIONS, PLEASE CONTACT THE COMPANY AT: CUSTOMER SERVICE REP AT 1-800-523-5800, PAYEE: ESTATE OF LAWRENCE BROWN .~Rp I Health Check No. 0029018207 REG POLICY SYM POLICY NUM PROD CODE INSURED ACCOUNT NUM CHECK AMOUNT OBB BRO WN 3142509081 $**~`~*~**~*191.90 CHECK DESCRIPTION YOUR ACCOUNT IS CANCELLED. THE REFUND CHECK BELOW REPRESENTS MONTHLY PAYMENTS PAID BEYOND THE CANCELLATION DATE. Form T-258-8 Printed in U.S.A. NO. ', 7 2 7 2 V ~J g Check No.: 002901$207 50-937 Health Check Date: 05J05/10 213 $'~*~****191.90 Pay O N E H U N D R E D N I N ETY O N E AN D 90/ 100 D 0 LLAR S************************************** RO PS PN PRD CDE ACCT SC JPMorgan Chase Bank, N.A. OBB BRO WN 3142509081 950 Syracuse, NY TO THE ORDER OF ESTATE OF LAWRENCE BROWN ~~.,_.____, 1325 MISTY GREENS DR SUN CITY CTR FL 33573 4420 -~'OD 290 18 20'?~i' ~:0 2 ~ 309 3 79~: 8 36 28 1998i~' United Healthcare Svs Inc PO Box 1459 MN005-N100 Minneapolis MN 55440-1459 Page 1 of 1 90-GO CHECK DATE 07-06-2010 CHECK NUMBER 70238095 GPS0000001304112 07-02-10 20128725 34.10 .00 34.10 MEMBER # 008008005-1 YOUR ACCOUNT WAS PREVIOUSLY TERMINATED. THIS R EFUND REPRESENTS FUNDS RECEIVED AFTER YOUR TERMINATION DATE.IF YOU ~ HAVE QUESTIONS, PLEASE CALL 1-888-867-5575(TTY 711). :.............:.................................................... D US 34. .::::::>;>::.....T... A .... 0 4 10 SINGLEPAY - 002304 1002130 0001 70238095 UNN1175086-00002261 07~02I 10 21.14 SINCIEPAV 0001 75997-0001 18287 United Hea l thCare Svs Inc PO Box 1459 MN005-N100 Minneapolis MN 55440-1459 Pay THIRTY-FOUR AND 10/100 DOLLARS To The Order of ESTATE OF LAWRENCE W BROWN a 1325 MISTY GREENS DR SUN CITY CTR FL 33573-4420 I~~I1~~~11~~1~1,1~~~1~~11~~1~J~1„1~~1~111~~„~I~I~I~I~~~I~II BANK OF AMERICA 150 Windsor St 51-44 Hartford GT 06120 119 DATE 07-0b-2010 CHECK N0. 70238095 272 .PAY ONLY ~~ 10 ifl~ AUTHORIZED SIGNATURE ~~'00 ?0 2 380 9 5~~' ~:0 ~ ~ 900 4 ~, 5~: 0000000 5 ~ 300ii' Q i IFS GROUP~~~ An Integrated :Financial Services Company July 21, 2010 Elyse E. Rogers, Esquire %o Keefer Wood Allen &: Rahal LLP 6~» North 12L'' Street, Suite 400 Lemoyne, PA 17043 Elyse: Enclosed is Mr. Brown's account statement ending March 2010. The account value on the date of his death (3/26/10) was $26,141.61. Should you require additional information, please do not hesitate to contact me. 1 can be reached by phone, 766-1144 ext 105, or e-mail, joe~a ifsgroupl.com. Enclosure 1205 Manor Drive Suite. 201 Mechanicshurg. PA 17055.4917 717.7GG. 1144 877.3y2.2~49 t~~11 fr~~~~ %] 7.76G.33G1 fax Securities offered through LPL I~in~~ncial REGISTER OF VViLLS CUMBERLAND COUNTY PENNSYLVANIA CERTIFICATE OF GRANT OF LETTERS No. 200- 00727 PA No. 2~- ~0-::0727 Estate Of : LA WRENCE W BRO WN /First, Middle, Last) Late Of : EAST PENNSBORO TD WNSHIP CUMBERLAND COUNTY Deceased Social 5ecuri ty No : ~ 6 ~-34-4 759 WHEREAS, on the 19th day of Jul y 2 010 an instrument dated September 10th 2001 was admitted to probate as the last will of LA WRENCE W BRO WN /First, Middle, Lasi1 1 a to of EAST PENNSBORO TOWNSHIP, CUMBERLAND County, who died on the 2 6th day of March 2 010 and, WHEREAS, a true copy of the will as probated i s annexed hereto . THEREFORE, I, GLENDA EARNER STRASBAUGH Register o:f Wi 11 s in and for CUMBERLAND County, in the Commonwealth of Pennsyl vani a, hereby certify that I have this day granted Letters TESTAMENTARY to: JUDITH A BRO WN who has duly qualified as EXECUTOR(R/X) and has agreed to administer the estate according to law, all of which fully appears of record in my office a t CUMBERLAND COUNTY COURT HOUSE, liP'lf IL/JLL, i LJ V/ vv / L v!'-r: vii"., IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal of my office on the 79th day of July 200. '~~ ~ ~ ~ i Register of ills A - ep u * *NOTE* * ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST) LAST WILL AND TESTAMENT OF LAWRENCE W. BROWN I, LAWRENCE W. BROWN, of Cumberland County, Pennsylvania, do hereby make this my Last Will and Testament , revoking any and all former Wills and Codicils made by me. FIRST: I am married to Judith A. Brown, and all references to my wife in this Will are to her. I have two children: Tara Brown Novosat (born December 15, 1971) and Kenneth S. Brown (born December 12, 1973). These children are described in this Will as "my children, " or as "a child of mine . " Any person born to or adopted by a child of mine is described in this Will as "my issue." Provided, however, no adopted person shall benefit hereunder unless the order or decree of adoption is entered before such adopted person attains the age of twenty-one (21) years. SECOND: I give, devise, and bequeath my tangible personal property and all casualty insurance that I am carrying on said tangible personal property to my wife, Judith A. Brown, if she survives me. I have complete confidence that my wife or my Executor will honor any written instructions that I m<~y leave with regard to said tangible personal property. ",~ ~ ~--:, _ ~,„ r') c-~ ~] C.... '~ ~ ? f - ' rn -: .- - ` <- - ~. _ 1 _ ~-~, ;~, -;~ t ' .~~. 4s~ -.J _ J ~~" ~ c.,_, { ` .._ +.a c-- ,---~ ~-t -.a -,`.-y t _ ~~~{~ '..... i i `' J ~~~~ THIRD: If my wife does not survive me, I give, devise, and bequeath my Fostoria collection to my daughter, Tara Brown Novosat. FOURTH: If my wife does not survive me, I give, devise, and bequeath my art work, collectibles, and art collection to my children to be divided between them as they may agree. If they are unable to agree, they shall take turns selecting they items they wish, one item at a time, in alternating style, staring with my son. Any items not distributed shall be sold, and the proceeds added to my residuary estate to pass as hereafter described. FIFTH: If my wife does not survive me, I give, devise, and bequeath all the contents of my primary personal residence not covered by the paragraphs above and all of the contents of any and all other residences to my son, Kenneth S. Brown. SIXTH: If my wife does not survive me, I give, devise, and bequeath all of my real estate, except the real estate known and numbered as 348 Sample Bridge Road, Silver Spring Township, Cumberland County, Pennsylvania, to my son Kenneth S. Brown, provided, however, that my said son shall sell the real estate known and numbered as 351 Sample Bridge Road, Silver Spring -2- Township, Cumberland County, Pennsylvania, to my daughter, Tara Brown Novosat, at her option, at fair market value of said property as of the time she exercises said option. SEVENTH: If my wife does not survive me, I give, devise, and bequeath any and all interest I may own in LL Brown., Inc., and the real estate known and numbered as 348 Sample Bridge Road, Silver Spring Township, Cumberland County, Pennsylvania, to my daughter, Tara Brown Novosat. EIGHTH: If my wife does not survive me, I suggest, but do not require that my children give ten percent (l00) of the net cash left at the time of my estate settlement to the church where I was a member at the time of my death. NINTH: If my wife, Judith A. Brown, shall survive me, T bequeath to my Trustee, hereinafter named, IN TRUST NEVERTHE- LESS, cash, securities or other property in the amount specified below, to be known as the "Bypass Trust." (1) The bequest shall be $675,000, subject however, to Paragraphs ( 2 ) and ( 3 ) below . (2) The bequest shall increase or decreasE°, based upon the availability of my federal unified credit for estate and gift taxes and the maximum allowable federal estate tax ,3 credit for state death taxes (but only to the extent that the use of such state death tax credit does not increase the death tax payable to any state), whether due to statutory changes, lifetime gifts in excess of the federal unified estate and gift tax exemption-equivalent amounts, or any other transfer which affects the availability of my federal credits aforesaid. (3) The bequest shall decrease, even to zero, if necessary to reduce federal estate tax payable as a result of my death to zero, considering that my intention is to fund the Bypass Trust by using my available federal unified credit for estate and gift taxes and my federal estate tax credit for state death taxes and to eliminate federal estate tax on the balance of my federal taxable estate by using the federal estate tax unlimited marital deduction. TENTH: I give, devise, and bequeath the rest, residue and remainder of my estate, real and personal, to my wife. Should she not survive me, I give, devise, and bequeath such rest, residue and remainder to my children, Tara Brown Novosat and Kenneth S. Brown in equal shares, per stirpes. ELEVENTH: The Bypass Trust shall be held, administered and distributed as follows: -~ ~-3 - (1) My Trustee shat l pay to or apply for the benefit of my said wife, until division into shares pursuant to Paragraph (5), all of the net income from the Bypass Trust in convenient installments, but not less than quarterly, in such shares and proportions as my Trustee in its sole discretion shall determine primarily for the medical care, education, support and maintenance in reasonable comfort of my said wife, taking into consideration to the extent my Trustee deems advisable, any other income or resources of my said wife known to my Trustee, considering that my wif e is the primary object of my bounty. (2) Prior to division into shares pursuant to Para- graph ( 5) , my Trustee may pay to or apply f or the benefit of my said wife such sums from the principal of the Bypass `Trust in such shares and proportions as in its sole discretion shall be necessary or advisable from time to time for the medical care, education, support and maintenance in reasonable comfort of my said wife, taking into consideration to the extent my Trustee deems advisable, any other income or resources of my s<~id wife known to my Trustee, considering that my wife is the primary object of my bounty. ~~ (3) In addition to the income and discz-etionary payments of principal from this Trust, there shall be paid to my said wife during her lifetime from the principal of this Trust upon her written request during the last month of each fiscal year of the Trust an amount not to exceed during such fiscal year the amount of Five Thousand Dollars ($5, 000) or five percent ( S o ) of the aggregate value of the principal of the Bypass Trust on the last day of such fiscal year without reduction for the principal payment for such fiscal year, whichever is greater. This right of withdrawal is noncumula- tive, so that if my said wife does not withdraw, during such fiscal year, the full amount to which she is entitled under this Paragraph, her right to withdraw the amount not withdrawn shall lapse at the end of that fiscal year. (4) My wife shall have a special power to appoint all or any portion of the Bypass Trust during her lifetime by written document, delivered to my Trustee, referring expressly to this Article, or by Will, validly executed and attested, referring expressly to this Article, among such other person or persons hereinafter named or described absolutely or in trust, as she may indicate. This special power of appointment is -6- exercisable only in favor of a child of mine as described in this Will or to the issue of any such child. My aforesaid wife shall have no power to appoint the principal of thi~~ fund or income accumulated thereon to herself, her estate, to her creditors, or to the creditors of her estate. My Trustee may rely upon an attested Will probated in any state that otherwise meets the requirements of this Paragraph. (5) In default of the exercise of such power of appointment by my said wife, or insofar as any pare of the Bypass Trust shall not be effectively appointed, then upon the death of my said wife, the entire remaining principal of the Bypass Trust, or the part of such trust not effectively appointed shall be divided into equal separate shares so as to provide one (1) share for each then-living child of minE= and one (1) share for each deceased child of mine who shall leG.ve issue then living. The share provided for a living child of mine shall be distributed to such child. The share provided for a deceased child of mine who shall leave issue then living shall be distributed per stirpes to such issue. TWELFTH: If any share hereunder becomes distributable to a beneficiary who has not attained the age of twenty-five (25) ~~3 years, then such share shall immediately vest in such benefici- ary, but notwithstanding the provisions herein, my Trustee shall retain possession of such share in trust for such beneficiary until such beneficiary attains the age of twenty-five (25) years, using so much of the net income and principal of such share as my Trustee deems necessary to provide for th.e proper medical care, education, support and maintenance in reasonable comfort of such beneficiary, taking into consideration to the extent my Trustee deems advisable any other income or resources of such beneficiary or his or her parents known to my Trustee. Any income not so paid or applied shall be accumulated and added to principal. Such beneficiary's share shall be paid over and distributed to such beneficiary upon attaining the age of twenty-five ( 2 5 ) years , or i f he or she shat l sooner die , to hi s or her executors or administrators. I recommend that my Trustee consider distributing all income from such share to such beneficiary when such beneficiary attains the age of twenty-one (21) years. My Trustee shall have with respect to each share so retained all the powers and discretions had with respect to the trusts created herein generally. THIRTEENTH: If any beneficiary and I should die under such ~~3 -8- circumstances as would render it doubtful whether the benefi- ciary or I died first, then it shall be conclusively presumed for the purposes of this my Will that said beneficiary prede- ceased me; provided, however, that if my wife shall die with me as aforesaid, I direct that my wife shall be conclusively presumed to have survived me. FOURTEENTH: (1) I name Judith A. Brown as my Executrix. If she is unable or unwilling to serve, I name Tara Brown Novosat as my Executrix. I direct that my Executrix or Executor, herein referred to as my Executor regardless of number or gender, serve without bond in any jurisdiction i.n which called upon to act. (2) I name Tara Brown Novosat of Mechan=icsburg, Pennsylvania as my Trustee. If she is unable or unwilling to serve, I name Howard K. Brown of Enola, Pennsylvania, as my Trustee. I direct that my Trustee, herein referred to as my Trustee regardless of number or gender, serve without bond in any jurisdiction in which called upon to act. (3) Except as otherwise provided herein, if my Executor or Trustee or any successor as herein defined should fail to qualify as Executor or Trustee hereunder, or for any ~~- reason should cease to act in such capacity, t he successor or substitute Executor or Trustee shall be some bank or trust company with trust powers, which successor or substitute Executor or Trustee shall be designated in a written instrument filed with the court having jurisdiction over the probate of my estate or by the court having jurisdiction over such Trust. The situs of the Trust may be transferred to the situs of such successor or substitute Executor or Trustee by designation in the written instrument aforesaid. (4 ) For services as Executor and Trustee, my Executor and Trustee shall receive reasonable compensation. FIFTEENTH : (1) I give to any Executor and to any Trustee named in this Will or any Codicil hereto or to any successor or substitute Executor or Trustee all of the powers enumerated in this Will and all of the powers applicable by law to f id~uciaries in the Commonwealth of Pennsylvania and in particular through the Pennsylvania Probate, Estates and Fiduciaries Code, as effective and as in effect on the date hereof, during the administration and until the completion of the distribution of my estate, and until the termination of all trusts created in this Will or any Codicil hereto and until the completion of the -10- distribution of the assets of such trusts. I direct that all such powers shall be construed in the broadest possible manner and shall be exercisable without court authorization. (2 ) In determining the federal estate and income tax liabilities of my estate, my Executor shall have discretion to select the valuation date and to determine whether any or all of the allowable administration expenses in my estate shall be used as federal estate tax deductions or as federal income tax deductions and shall have the discretion to file a j oin.t income tax return with my wife. My Executor shall have the authority to make a QTIP election or a reverse QTIP election with respect to any trust created under this Will and shall have the discretion to allocate the $1,000,000 Generation Skipping Tax exemption as he deems appropriate. (3) If at any time any trust created hereunder (or any share thereof if the trust shall have been divided into shares) shall be of such value that, in the opinion of my Trustee, the administration expense of holding the assets contained therein in trust is not justified, my Trustee, in its absolute discretion, may terminate such trust and distribute the trust property to the person or persons then entitled to receive ~~~ -11- or have the benefit of the representative of such person. beneficiary, my Trustee shall income beneficiaries in the beneficiaries or if no proport to such beneficiaries. income therefrom or the legal If there is more than one income make such distribution to such proportion in which they are ion is designated in equal shares (4) My Executor and Trustee are authorized and em- powered to acquire and to retain, either permanently or for such period of time as my Executor or Trustee may determine, any assets, including the capital stock of any closely held corpora- tion, whether such assets are or are not of the character approved or authorized by law for investment by fiduciaries and whether such assets do or do not represent an overconcerztration in one investment. (5) My Executor and my Trustee are authorized and empowered to disclaim any interest, in whole or in part, of which I, my Executor, or my Trustee, may be the beneficiary, devisee, or legatee, by executing an appropriate instrument (in accordance with section 2518 of the Internal Revenue Code of 1986, as amended and supplemented, or such similar section as may then be in effect) . -12- (6) My Executor and Trustee are authorized and em- powered to sell at public or private sale, or exchange, and to encumber or lease , f or any period of t ime , any real or personal property and to give options to buy or lease any such property. Additionally, my Executor and Trustee are authorized and em- powered to compromise claims, to borrow from anyone (including a fiduciary hereunder) and to pledge property as security therefor, to make loans to and to buy property from anyone (including a fiduciary or beneficiary hereunder) ; provided that any such loans shall be adequately secured and at a fair interest rate. (7) My Executor and Trustee are authorized and em- powered to allocate property, charges on property, receipts and income among and between principal or income, or partly to each, without regard to any law defining principal and income. SIXTEENTH: No person who at any time is acting as a Trustee or co-trustee (if any) hereunder shall have any power or obligation to participate in or to exercise any discrf~tionary authority that I have given to my Trustee to pay principal or income to such person, or for his or her benefit or ir1 relief of his or her legal obligations. Such discretionary authority shall be exercised solely by a disinterested co-trustee. -13- SEVENTEENTH: No interest of any beneficiary ur.~der this Will, any Codicil hereto, or any trust created herein, shall be subject to anticipation or to voluntary or involuntaz-y alien- ation. EIGHTEENTH: All estate, inheritance, succession and other death taxes imposed or payable by reason of my death and interest and penalties thereon with respect t o all property comprising my gross estate for death tax purposes, whether or not such property passes under this Will, shall be paid out of the residue of my estate, as if such taxes were expenses of administration, provided, however, that such taxes shall be apportioned or reimbursed. I authorize my Executor and Trustee to pay all such taxes at such time or times as deemed advisable . [INTENTIONALLY LEFT BLANK] G~ '~~~ -14- IN WITNESS WHEREOF, I have set my hand and seal on this my Last Will and Testament this 10th day of September 2001. C /,~ ~ v jj/ ~---- AWRENCE W. BROWN % ~, SIGNED, SEALED, PUBLISHED, and ~ ;;. DECLARED by LAWRENCE W . BROWN, ! %~' '~ i` ;~~ , ~' ~~! . i ".~ ~ i / as and f or hi s Last Wi 11 and ,~~/f ~'/_, ,%~/ '~ ~=~-y,.i :%~ Testament, on the day and year ° ~/ last above written, in the ~ presence of us, who, at his -- ~ request, in his presence, and . in the presence of each other, all being present at the same time, have hereunto subscribed ;',,, our names as witnesses: -15- SELF-PROVING AFFIDAVIT COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND SS. WE, Lawrence W. Brown and Patricia D. Olyarnik Wayne M. Pecht , and Elizabeth J . Goldstein , the Testator and the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being fs_rst duly sworn, do hereby declare to the undersigned authority that the Testator signed and executed the instrument as his Last Will and that he had signed willingly (willingly directed another to sign for him), and that he executed it as his free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testator, signed the Will as witness and to the best of his or her knowledge the Testator was at that time eighteen (18) years of age or older, of sound mind, and under no constraint or undue influence. ~~ - awrenee W. Brown, testator ~~ / ,tip' ~ L ; r/~/ ~. Witnes 1 , Witness Witness Subscribed, sworn to, and acknowledged before me by Lawrence W. Brown, the Testator, and subscribed and sworn to before me by Wayne M. Pecht_____ Patricia D. Olyarnik and Elizabeth J. Goldstein witnesses, this 10th day of September 2001. ~, ~~ ~_...~ Not ry NOTAF3iAL SEAL CYNTHIA J. SULE, Notary f'ut~lic -16 - Camp Bill E3orr~., Cumbertancl Cc~~~nty M Comrni~~ian expires J an. ?4, 2004