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Home My WebLink About01-03-111505610143 REV-~ goo ~ 01_,0) ~FICIAL USE ONLY PA Department of Revenue palnsyivanla couney code Year Flrs Number Bunsau of individual Taxes °B'"""-1f0F1~-"'e Po gox.2eos0~ INHERITANCE TAX RETURN ~ 10 06?4 Harristwrg, PA 1 T128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 013 18 1650 04 03 2010 08 17 1921 Decedent's Last Name Suffix Decedent's First Name MI ~,.vss TBRESA E {If Applicable) Enter Surviving Spouse's information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Soda) Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE RE+~~~TER QF w«.~.~ FILL IN APPROPRIATE OVALS BELOW Q 1, Original Ftetum ^ 2. Supplemental Reborn ^ 3, Remainder Rehm (lots of death prior tD 12.13.82) ^ 4. Lk-Nted Estate ^ 4a. (~ d~~) ^ 5. Federal Frstats Tax Return Required ^ 8• tAe° a~ kcop°y dor ~i ® 7• (~nxa+ copy d" n~)e ~ j~ ~ 8. Total Number of Sa6e Deposit Bo~aes ^ 9. Litipsti0n Proceeds Received ^ 10. ~~~~~ d°°s' ^ 11.Electlon t4 tax under Sec. 9113(A) (A11acfi Sch. O) CORRESPONDENT - TW18 SECTION MUST BE COMPLETED. AI,L, COIDtE8PONDENCE l1MD COl~IFMEM TW. TAX I~IfORYATION SHOULD BE DIRECTED TO: Name Daytime Titephone Number BAR=E=.I.E, g gAZEN 717 54~ 4332 ~, __ ~ .,~ ~- ~'~':7 REGISTER (~' USL!~iNLY ~ ~ ~. a r,r,,. ~Im..... _ C .. ~, "~ t First line of addnse f _ _:. 4.r ~ ~ C-"~ - ' : -~ 2 0 0 0 L INGLE s'1'OWN RQAD 3 ~-_; r_ ~ _ 8scond line of address __ _~~ „.•q> ._ ~.. Y r-1--t T~ ;~ ; --- ~= CJ a ~" `~ ~ DATE FILED City or Post Office Stags ZIP Cods SARRISBtTRG PA 17110 Corhspondeat's a-mall addross: ~. r~1 it is true, oon+sct arW~yoaY~pieM. tasdwaUon of proprsr other tt~ tl~e aooomponylnp sdrsdules and ~tNernsn4. ar~d to the hest at my knoMAsdps and belief, ~pa~ f~ ie based on a1 atlOR Of YIR1iCt1 pfepafer has any iCflOiMlied~ll• QV'..Y~77 ~C K OG CY MVS DC?110i1 ry-t~ Pearl E. Tucker /~ / ~v / l v 37 Gr ~fl~ld Drhro. C~lisle, PA 17015 _ SK3PU1TlJRE OF P'REPARER O17~R TFIMI NfTA?1VE [a111Ef Marielle F. Hazea- ~2/~ b / r o 2000 Lln~ n Road. Suite 202, Harrisburg, PA 17110 Side 1 1505610143 150561U143 J c~' .~ J 15D561D243 REV-1500 EX Decedent's Name: KraUSS, Teresa E Decedent's Social Security Number 013 18 1650 RECAPITULATION 1. Real Estate (Schedule A) ....................................................................................... 1. 2. Stocks and Bonds (Schedule B) ............................................................................. 2. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C)......... 3. 4. Mortgages & Notes Receivable (Schedule D) ........................................................ 4. 5,494.30 5• Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ............... 5. 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested............ 6. 7. Inter-Vivos Transfers & Miscellaneous I~q Probate Property uested Billin Re t S 7 3 9 6 ,14 4.3 5 ............ g q epara e (Schedule G) ^ . 4 01 , 6 3 8. 6 5 8. ( ) ..................................................................... Total Gross Assets total Lines 1-7 g, 27,383.64 9. Funeral Expenses & Administrative Costs (Schedule H) ....................................... 9. 2, 852.98 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) .............................. 10. 30,236.62 11. Total Deductions (total Lines 9 & 10) ................................................................... 11. 371 , 402.03 12. ........................................................ Net Value of Estate (Line 8 minus Line 11) 12. 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ............................................... 13. 371. , 4 O2 . 03 14. Net Value Sub'ect to Tax (Line 12 minus Line 13) 14. TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 15. (a)(1.2) X .00 16. Amount of Line 14 taxable 0 . 0 0 16. at lineal rate X .045 17. Amount of Line 14 taxable 0 • 0 0 17. at sibling rate X .12 18. Amount of Line 14 taxable 3 71, 4 0 2.0 3 18. at collateral rate X .15 19. Tax Due .............................................................. ................................................... . 19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. 0.00 0.00 0.00 55,710.30 55,710.30 Side 2 L 1505610243 1505610243 J REV-1500 EX Page 3 Decedent's Complete Address: File Number 2110-0674 DECEDENT'S NAME Krauss, Teresa E STREET ADDRESS 37 Greenfield Drive CITY Carlisle STATE PA ZI P 17015 Tax Payments and Credits: 1. Tax Due (Page 2, Line 19) 2. Credits/Payments A. Prior Payments B. Discount 52,000.00 2,736.84 3. Interest 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 2 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (1) Total Credits (A + B) (2) (3) (4) (5) 55,710.30 54,736.84 973.46 Make Check Pa able 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 :............................................................................... ^ 0 b. retain the right to designate who shall use the property transferred or its income :.................................. ^ c. retain a reversionary interest; or ............................................................................................................... ^ 0 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? .................................................................................................................... x 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?....... ^x ^ 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which II~~11 contains a beneficiary designation? .................................................................................................................. ^ u IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. i 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. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (ii)J. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: • The tax rate imposed on the net value of transfers from a deceased child 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. §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. §9116 1.2) [72 P.S. §9116 (a) (1)]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 P.S. §9116 (a) (1.3)]. A sibling is defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. Rev-1508 EX+ (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF FILE NUMBER Krauss, Teresa E 2110-0674 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with the right of survivorship must be disclosed on schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1 AMA Insurance Agency -refund of premium 13.23 2 Hoffman-Roth Funeral Home -reimbursed for overpayment of funeral costs 100.00 3 Readers Digest -refund of subscription 188.07 4 US Treasury refund from 2009 personal Income Tax return 250.00 5 USAA -refund from subscriber savings 1,028.00 6 Personal property of decedent - as per attached appraisals by Ibis Appraisal Services and 3,915.00 Auctions ~ Appraisals by Hunt TOTAL (Also enter on Line 5, Recapitulation) I 5,494.30 (If more space is needed, additional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule E (Rev. 6-98) Rev-1510 EX+ (6-98) SCHEDULE G INTER-VIVOS TRANSFERS & MISC. NON-PROBATE PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Krauss, Teresa E FILE NUMBER 2110-0674 This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes. ITEM NUMBER DESCRIPTION OF PROPERTY THE DATE OF TEROANSFERSATTACIi A CO Y OF THE DEED OR REAL ESTATE. DATE OF DEATH VALUE OF ASSET %OF DECD'S INTEREST EXCLUSION (IF APPLICABLE) TAXABLE VALUE 1 110 shares of Host Hotels 8~ Resorts -Teresa E. 1,635.70 100.000% 1,635.70 Krauss Revocable Trust, owner 2 774.047 shares of Marriott International, Inc. -Teresa 24,881.74 100.000% 24,881.74 E. Krauss Revocable Trust, owner 3 Members 1st Bank -checking acct. #138375.0011 - 83,526.97 100.000% 83,526.97 Teresa E. Krauss Revocable Trust, owner 4 Members 1st Bank -money market acct. #138375.0005 186,544.97 100.000% 186,544.97 - Teresa E. Krauss Revocable Trust, owner 5 Members 1st bank -savings acct. #138375.0000 - 2,054.97 100.000% 2,054.97 Teresa E. Krauss Revocable Trust, owner 6 Real Property at 37 Greenfield Dr., Carlisle, PA - as pe 195,000.00 50.000% 97,500.00 attached property appraisal by Dennis L. Stover, Clauser Real Estate Appraisals; Pearl E. Tucker Revocable Trust and Teresa E. Krauss Revocable Trust joint owners as tenants in common TOTAL (Also enter on Line 7, Recapitulation) 396,144.35 (If more space is needed, additional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Forrn PA-1500 Schedule G (Rev. 6-98) REV-1151 EX+ (10-06) COMM-QN~W~~F~IgLT~EOF PENEN YLVANIA N RN N E~ D Irv R I ESI DE T D E SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER Krauss, Teresa E 2110-0674 Debts of decedent must be reported on Schedule i. ITEM DESCRIPTION AMOUNT A, FUNERAL EXPENSES: See continuation schedule(s) attached B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative(s) Street Address City State Zip Year(sl Commission paid 2. Attorney's Fees Hazen Elder Law 3, Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent 4. I Probate Fees 8,214.73 17,500.00 5. Accountant's Fees 6. Tax Return Preparer's Fees Herbert F. Colenda, E.A. 220.00 7. Other Administrative Costs 1,448.91 See continuation schedule(s) attached TOTAL (Also enter on line 9, Recapitulation) 27,383.64 Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 10-06) SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS continued ESTATE OF FILE NUMBER Krauss, Teresa E 2110-0674 ITEM NUMBER DESCRIPTfON AMOUNT Funeral Exoe,~ uses 1 Hoffman Roth Funeral Home 8,214.73 H-A 8,214.73 Other Administrative Costs 2 Auctions 8~ Appraisals by Hunt -fee for appraisal of collectibles removed from residence 350.00 after death 3 Clauser Real Estate Appraisals, LLC -fee for appraisal of real property 350.00 4 Cumberland Law Journal -estate notice 75.00 5 Hazen Elder Law -disbursements 22.39 6 Ibis Appraisal Services -fee for appraisal of personal property 120.00 7 Office supplies -including faxes and regular postage 121.17 8 Register of Wills, Cumberland County -filing fee for Inheritance tax return 15.00 9 Sentinel -estate notice 208.78 10 Travel expenses for Elizabeth Midgley, Co-Trustee -travel from Germantown, MD to Carlisle, 100.00 PA to assist in administration of the Trust 11 UPS - costs of mailing 86.57 H-B7 1,448.91 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) Rev-1512 EX+ (12-08) scHE~u~E ~ DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Krauss, Teresa E 2110-0674 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1 AAA Visa -Bank of America -credit card #4264296065086594 334.42 2 AMA Insurance -premium payment 295.42 3 PCS Stamps/coins -purchase of statehood quarter -check paid before death and cleared 16.95 checking after death 4 Pearl Tucker -decedent's monthly living expenses for March 978.11 5 Robert Cairns, tax collector -Real Estate taxes for 37 Greenfield Dr., Carlisle 965.08 6 US Treasury - 2009 personal income tax return payment 263.00 TOTAL (Also enter on Line 10, Recapitulations I 2,852.98 (If more space is needed, additional pages of the same size) Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule I (Rev. 12-08) REV-1513 EX+(11-08) COMM~VI~~Q€o~E~.~^~~ANIA SCHEDULE J BENEFICIARIES ESTATE OF FILE NUMBER Krauss, Teresa E 2110-0674 NAME AND ADDRESS OF RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE NUMBER PERSON(S) RECEIVING PROPERTY DECEDENT (Words) ($$$) I TAXABLE DISTRIBUTIONS [include outright spousal • distributions, and transfers under Sec. 9116(a)(1.2)1 1 Mary Janet Burrows Niece 116 of the 16 Hill St. Residue Medway, MA 02053 2 Eugene J. Krauss Nephew 1/6 of the 7 Harris Avenue Residue Milford, MA 01757 3 William C. Krauss Nephew 1/6 of the 24 Sunset Drive Residue Douglas, MA 01516 4 Kathleen M Martin Niece 1/6 of the 21 Penny Lane Residue Milford, MA 01757 5 Elizabeth A Midgley Niece 1/6 of the 19161 St. Johnsbury Lane Residue Germantown, MD 20876 See continuation schedule attached Continuation Total Enter do{lar amounts for distributions shown above on lines 15 throu h 18 on Rev 15 00 cover sheet, as a ro riate. NON-TAXABLE DISTRIBUTIONS: II. A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET Copyright (c) 2009 form software only The Lackner Group, Inc. Form PA-1500 Schedule J (Rev. 11-08) scHEOU~E ~ BENEFICIARIES (Part I, Taxable Distributions) ESTATE OF: Teresa E Krauss 04/03!2010 013-18-1650 Item Name and Address of Person(s) Share of Estate Amount of Estate Number Receiving Property Relationship (Words) ($$$) 6 Pearl E Tucker Friend Life estate interest in 37 Greenfield Dr. 1/2 of real property Carlisle, PA 17015 located at 37 Greenfield Dr., Carlisle, PA Total 1 SCHEDULE J BENEFICIARIES ATTACHMENT ESTATE OF Krauss, Teresa E. FILE NUMBER 21-10-0674 Beneficiary, Dina R. Krauss died on April 10, 2007 and her share passes to her children, Eugene J. Krauss and Kathleen M. Martin in equal shares. ~.. tr' r• i THE TERESA E. KRAUSS LI'~ING TRUST PREPARED FOR: TERESA E. KRAUSS Prepared by: Jan L. Brown & Associates r ~~ M rielle F. Ha en, s re 845 Sir Thomas Court, Suite 9 Harrisburg, PA 17109 {717) 541-5550 .,..~....:~...: ~.r......:.,,.,...,_._.~ .. .... ...... .:.. ,...,.~... .:_. ,•~r.:-.. -.:.irk:, ,:rr'-~.._. r....,~,•~sze..,~,~r~.rn~-.,:, :.. SCHEDULE A INITIAL TRUST PROPERTY The followin ass s ill b S~ ve been transferred to The TERESA E. KRAUSS Livin Trust. Assets g ~~~ 2 ~ E~~~ Tr void Probate. acnuired after will need to be transferred to the ust to a Benefits assigned to this Trust are as follows: Real Property: 37 Greenfield Drive, Carlisle, Pennsylvania ('/z interest) Bank Accounts: Fleet Bank Checking Account Members First Federal Credit Union Andrews Federal Credit Union Account No. 021.351-6200 Account No. 138375 Member No. 13181650 Investment Accounts A.G. Edwards & Sons, Inc. USAA Subscribers Savings Account Account No. 71.-363597-101 Account No. 00039 08 95 is SCHEDULE B SUPPLEMENTAL TRUST PROPERTY The f~l~~w~~p~~~~rty has been added to The TERESA E. KRAUSS Living Trust since it was signed on HH , 1999. Property Added. Date Added f" :..~ SCHEDULE C DELETED TRUST PROPERTY The fo~~-ir~ ~ro~ has been deleted from The TERESA E. K:RAUSS Living Trust since it was signed on , l 999. Property Deleted Date Deleted is TABLE OF CONTENTS ~~ .~... ARTICLE ONE: CREATION OF THE TRUST ........................................... 1 Ir is Section 1.. DECLARATION OF LIVING TRUST AGREEMENT ............................. 1 Section 2. PARTIES TO THE TRUST .................................................. 1. Section 3. NAME OF THE TRUST .................................................... 2 Section 4. DEFIl~tITIONS ............................................................. 2 Section S. MY PRESENT FAMILY .................................................... 3 ARTICLE TWO: FUNDING THE TRUST ............................................... 4 Section 1. TRUST INTENT AND BENEFICIARY CLAUSE ................................ 4 Section 2. THE TRUST PROPERTY ................................................... 4 ARTICLE THREE: ADMII~tISTRATION OF TRUST DURING LIFETIME OF TRUSTOR ........ S Section 1. DISTRIBUTIONS ......................................................... S Section 2. AUTHORITY, POWERS AND RIGHTS OF TRUSTOR ........................... S Section 3. DISABILITY ............................................................. S Section 4. CATASTROPHIC I.LLNESS PROVISION ...................................... 6 ARTICLE FOUR: ADMINISTRATIVE POWERS ........................................ 7 Section 1. POWERS OF TRUSTEE .................................................... 7 Section 2. TRUSTOR'S AUTHORITY TO ENCUMBER TRUST PROPERTY .................. 8 Section 3. AUTHORITY OF SUCCESSOR TRUSTEE TO ADMINISTER THE TRUST .......... 8 Section 4. TERMINATION OF SUCCESSOR TRUSTEE'S AUTHORITY ..................... 9 Section S. AUTHORITY OF SUCCESSOR TRUSTEE TO DISBURSE FUNDS ................. 9 Section 6. INALIENABILITY OF BENEFICIARY'S INTEREST IN TRUST ................... 10 Section 7. BENEFICIARY'S PROPORTIONATE LIABILITY FOR ESTATE TAXES ........... 10 Section 8. LIMIT ON TRUSTEE'S DISCRETION , ....................................... 10 Section 9. NONLIABILITY OF THIRD PARTIES ........................................ 10 Section 10. EXTENSION OF TRUST POWERS ......................................... 10 Section 11. NO BOND REQUIREMENTS .............................................. 10 Section 12. GOVERNING LAWS OF THE STATE ....................................... 11 Section 1.3. SAVINGS CLAUSE ...................................................... 11 Section 14. TER1ViINATION OF TRUST ............................................... 11 Section 1 S. COMPENSATION ....................................................... 11 Section 16. NO COURT SUPERVISION ............................................... 11 Section 17. SPENDTHRIFT CLAUSE ................................................. 11 -i- ARTICLE FIVE: LIFE INSURANCE .................................................. 12 Section 1. POLICIES COVERED ..................................................... 12 Section 2. ADDITIONAL POLICIES .................................................. 12 Section 3. TRUSTOR'S RIGHTS IN POLICIES .......................................... 12 Section. 4. TRUSTEE TO EXECUTE NECESSARY INSTRUMENTS ....................... 12 Section 5. PAYMENT OF PREMIUMS ................................................ 12 Section 6. SAFEKEEPING OF POLICIES .............................................. 13 Section 7. PROOF OF LOSS AND RECEIPT OF PROCEEDS .............................. 13 Section 8. CONTESTED POLICY ................................................ .. 13 Section 9. REIMBURSEMENT FOR ADVANCES AND EXPENSES ........................ 13 Section 10. DISCHARGE OF INSURANCE COMPANY .................................. 13 ARTICLE SIX: ADMINISTRATION OF THE TRUST UPON THE DEATH OF THE TRU STOR 14 Section. 1. DISCRETIONARY PAYMENTS ............................................ 14 Section 2. TRUSTEE'S AUTHORITY TO MAKE ELECTIONS ............................ 14 ARTICLE SEVEN: DISTRIBUTION OF PERSONAL PROPERTY .......................... 15 • Section 1. TANGIBLE PERSONAL PROPERTY ........................................ 15 .~ _ ., ARTICLE EIGHT: DISTRIBUTION OF REAL PROPERTY ................................ 16 Section 1. Distribution. of Real Property Upon Trustor's Death .............................. 16 ARTICLE NINE: THE COMMON TRUST ............................................. 1.7 Section 1. CREATION OF THE COMMON TRUST ...................................... 17 Section 2. DIVISION INTO SEPARATE SHARES ....................................... 17 Section 3. DIST:RII3UTION OF THE SHARES .......................................... 17 ARTICLE TEN: DISTRIBUTIONS TO THE BENEFICIARIES AND THEIR DESCENDANTS ... 18 Section 1. DISTRIBUTION TO EACH OF THE LIVING BENEFICIARIES ................... 18 Section 2. SHARE OF A DESCENDANT OF A DECEASED BENEFICIARY ................. 18 Section 3. DISTRIBUTIONS TO UNDERAGE OR DISABLED BENEFICIARIES .............. 19 ARTICLE ELEVEN: DISTRIBUTION IF NO DESIGNATED BENEFICIARIES ............... 21 -11.- THE TERESA E. KRAUSS LIVING TRUST MAY 2 4 1999 DA1 EU: ARTICLE ONE: CREATION OF TI-IE TRUST Section 1. DECLARATION OF LIVING TRUST AGREEMENT This Agreement is made anal entered into by and between. TERESA E. KRAUSS of Cumberland County, Pennsylvania, as Trustor, and TERESA E. KRAUSS as Trustee. The Trustor wishes to establish a Revocable Living Trust which will receive real and personal property, the proceeds of certain life insurance policies on the Trustor's life, and certain- other assets as may from time to time be added. The initial Trustee is willing to carry out the duties enumerated in this Agreement. NOW, THEREFORE, in consideration of the mutual covenants set forth and other good and valuable consideration, the Trustor and Trustee agree as follows: Section 2. PARTIES TO THE TRUST ~~:..,. The parties to this Trust are: A. TRUSTORJTRUSTEE: TERESA E. KRAUSS 37 Greenfield Drive Carlisle, PA 17013 B. SUCCESSOR CO-TRUSTEES (to act jointly, not individually): 1. PEARL E. TUCKER 2. ELIZABETH A. MIDGLEY 37 Greenfield Drive and 19161 St. Johnsbury Lane Carlisle, PA 17013 Germantown, MD 20876 C. ALTERNATE CO-TRUSTEE: To be used in the event either of the above Co-Trustees is unable or unwilling to serve. 1. JENNIFER A. FERRY 3851 Mark Avenue Harrisburg, PA 1.7110 is -1- D. ' BENEFICIARIES: Name Relationship 1. TERESA E. KRAUSS Trustor/Trustee 2. DIVA. R. KRAUS.S Sister-in-Law 3. EUGENE J. KRALJSS Nephew 4. KATHLEEN M. MARTIN Niece 5. MARY JANET BURROWS Niece 6. ELIZABETH A. MIDGLEY Niece 7. WILLIAM C. KRAUSS Nephew This is a complete list of my intended beneficiaries of this trust. Section 3. NAME OF TI3E TRUST The formal name of the Trust is "The TERESA ;~;.~,U p~' stee or her successors intrust, under ~AIY ~ ~~~~~ ~ h reto.~' the TERESA E. KRAUSS LIVING TRUST dated and any amendments t e The informal name of the trust is THE TERESA E. KRAUSS LIVING TRUST, dated Section 4. DEFINITIONS The following definitions shall apply throughout this Trust, unless the context in which a term is used clearly implies another meaning. A. Trustor -The .individual or individuals who created this Trust and transferred the assets into the Trust. B. Trustee -The individual who handles the administration of the Trust Estate. This term includes the original Trustees, Co-Trustees as well as any Successor Trustees. C. Trust Property or Estate -All of the assets and property owned by or titled in the name of the Trust. D. Evidence of Death -The death of a Beneficiary or of an original Trustor shall be evidenced by presentation of a certified copy of such person's death certificate to the Trustee. E. Disability - "Disability" or "disabled" shall include any physical or mental condition of a person including minority, which renders him unable to conduct his regular affairs. A condition of disability as just defined (other than. minority) shall be evidenced by the written certificate or statement of two licensed physicians filed with and accepted by the Trustee, or in the case of a disabled Trustee, filed 1~rith and accepted by the Successor Trustee. is -2- F. ' Singular to Include Plural -Whenever used herein, and to the extent appropriate, the masculine, ,,,.. feminine or neuter gender shall include the other two genders, and the singular shall include the plural and (~ the plural shall include the singular. The teen Trustor shall include the plural Trustors. G. Expenses of Education -Costs of tuition and other fees charged by an educational institution, books and other education materials and related expenses involved in pursing to advantage a course of studies at any recognized educational institution, whether private or public, elementary, secondary, college, university, graduate school, trade school or institute. H. Spendthrift Trust - A trust of which. no part of the income or principal shall ever be transferred or assigned by any Beneficiary, or subjected to any judicial process against any Beneficiary. No part of the interest of any Beneficiary shall be subject to sale, hypothecation, assignment, or transfer, nor shall the principal or income be liable for the debt of any Beneficiary, nor shall income be seized, attached, or in any manner taken by judicial proceedings against any Beneficiary on account of the debts, assignments, sale, divorce, or encumbrance of any Beneficiary. In accordance with these provisions, the Trustee shall pay to the Beneficiary the sum payable to the Beneficiary according to the Trust terms, notwithstanding any purported sale, assignment, hypothecation, transfer, attachment, or judicial process, exactly as if the same did not exist. Nothing contained in this Section shall be construed as restricting the exercise of any Power of Appointment which may be granted in this Living Trust Agreement. I. Catastrophic Illness - An illness or an accident which .renders the affected Trustor incompetent or unable to care for himself so that frill-time care is needed, and it is reasonably anticipated that such care shall extend for a period of si-x months or longer. ~~- J. Chi ldren -Children as used in this Trust shall include lawful children of the body of the person referred to as well as children. adopted by said person. Section 5. MY PR~S~NT rAMILY My present family consists of the following: A. Trustor: TERESA E. K~AUSS DOB: August 17, 1921. SSN: 013-18-1650 is -~- ' ' ARTICLE TWO: FUNDING THE TRUST ,,..-- ~5ection 1. TRUST INTENT AND BENEFICIARY CLAUSE The Trustor has caused the transfer of all of her right, title and interest in anal to the property herein described in Schedule A of this Living Trust Agreement, to the above named Trustee to be head In Trust for the use, benefit and enjoyment of the above named Beneficiaries. Section 2. THE TRUST PROPERTY A. The Trustor declared that she has transferred to and holds in the TERESA E. KRAUSS Living Trust all of her interest in the property described in Schedule A which. is attached hereto and incorporated herein, by reference. This Trust Property will include any real and personal property of every kind anal nature which the Trustee may, pursuant to any of the provisions herein, at any time hereafter acquire, hold or cause to be made payable to this Trust, and the investments and reinvestments which are made for the benefit, purposed and used of the Trust. ~ . This property will be listed on Schedule B which is attached hereto anal incorporated herein by reference. - .. ~,., ;- Any property which has been deleted from the Trust will be listed on Schedule C which is attached hereto and incorporated herein by reference. B. Use of Trust Prouertx. The Trust Property shall be used for the benefit of the Trust Beneficiaries and shall be administered and distributed by the Trustee in accordance with this Living Trust Agreement. C. Additional Assets. The Trustor or any other person may be instrument in writing, by Will, or by naming the Trustee as Beneficiary, deliver to the Trustee additional assets acceptable to the Trustee. These additional assets shall be held, administered, anal distributed pursuant to this Living Trust Agreement. -4- ~,,,._. ARTICLE THREE: ADMINISTRATION OF TRUST DURING LIFETIME OF TRUSTOR Section 1. DISTRIBUTIONS The Tnistee shall pay the net income of the Trust Estate to the Trustor during her lifetime, and such portions of the principal as the Trustor from time to tune requests according to the provisions of this Trust. The Trustor shall have absolute control over the distribution of the Trust Estate, including principal and interest, during her lifetime. Upon the request of the Trustor, the Trustee shall. pay all mortgage payments, taxes, insurance, repairs, and any other expenses necessary with regard to the residence of the Trustor. Section 2. AUTHORITY, POWERS AND RIGHTS OF TRUSTOR A. The Trustor reserves unto herself the authority, power and right to amend, modify or revoke the Trust hereby created. No prior notice to or consent of any Beneftciary or the Trustee shall be required. After the death of the surviving Trustor, this Trust or any trust created by this agreement shall be irrevocable and not subject to amendment. B. The Trustor may at any time appoint, substitute or otherwise change the person designated to act as ~~. ~~= Trustee or Successor Trustee under this Trust hereby created. No prior notice to or consent of any Trustee or Successor Trustee shall be required. The Trustee so removed shall promptly transfer and deliver to Trustor, or Successor Trustee all property of the trust under its possession and control. C. All amendment, modifications, notices, revocations or other instruments affecting or furthering the purposes of this Trust, shall be in writing and delivered to the then Trustee. Section 3. DISABILITY The Trustor shall be deemed disabled during any period when, in the opinion of two licensed physicians, the Trustor is incapacitated or disabled because of illness, age or any other cause which results in_ the Trustor being unable to manage his property or financial affairs effectively. The Co-Trustor may act alone during that period of disability or with the named Successor Trustee(s). During such time that the Trustor maybe disabled, the Co-Successor Trustees shall provide as much of the principal and income of this Trust as, in their sole discretion is necessary or advisable for the medical care, support and maintenance in reasonable comfort of the Trustor. The Co-Successor Trustees shall also have sole discretion to use the principal and income of the Trust for the medical care, support and maintenance in reasonable comfort of the Trustor's spouse, if any, and any minor children dependent upon the Trustor for his or her. support. C -5- `'~ The Co-Sucessor Trustees may make such distributions to the disabled Trustor, the spouse and the ~~ ... dependent minor children in equal or unequal shares, as their respective needs may require, based upon the Trustee's discretion as to need. When making such decisions, the Trustee shall consider all other income and assets available. If at any time there is no Trustee acting under this agreement and there is no person or institution designated and qualified as a successor Trustee, a majority of the beneficiaries then eligible to receive distribution of income or principal under this agreement or their personal representatives shall appoint a successor Trustee. If any trust existing under this agreement lacks a Trustee and no successor is appointed pursuant to this Section, the vacancy shall be filled by a court of competent jurisdiction. i~ -~ 6 - ARTICLE FOtTR: ADMINISTRATIVE POWERS Section 1. POWERS OF TRUSTEE A. In the event this Living Trust Agreement provides for more than one Successor Co-Trustee, the exercise of any and all authorities, powers and rights accorded to said Trustees under this Trust shall require the Trustees to act in unison in order to exercise any Trust Power. In the event of physical or mental incapacity or death of one of the successor Co-Trustees, the survivor shall continue as the Sole Trustee with full authority to exercise all of the powers accorded to a Trustee under this Trust. B. The Trustee has the power to make distributions of the Trust Property as required, pursuant to the provisions of this Trust and the Trustee shall be fully authorized to pay over or disburse to the Trustor, any amounts requested by said Trustor from. the income or principal of the Trust, from time to time. C. The Trustee has the power to retain and to continue to hold any property that becomes a part of the Trust Estate and to sell, dispose of, exchange, partition, convey, divide, repair, manage, control, lease, rent and grant options and rights of refusal on property that becomes a part of the Trust Estate for cash, credit, deferred payments or exchange. D. The Trustee has the power to insure, at the expense of the Trust Estate, the Trust Property, with insurance of any kind and in. amounts as the Trustee deems advisable. E. The Trustee has the power to invest all. or any part of. the Trust Estate in every kind of property, whether real or personal, including securities and to manage same as if she were an owner. The Trustee may manage investments in securities; open and close brokerage accounts; buy and sell securities, mutual funds, commodities, put and call.options, long short or on margin; assign and deliver security certificates; and deal with any dividend reinvestment, checking or credit card account. F. The Trustee has the power to litigate and compromise claims with respect to the Trust Estate as the Trustee deems advisable. G. The Trustee has the power to allocate to principal or income all monies and properties received on behalf of the Trust Estate. H. The Trustee has the power to employ and pay any custodian, investment advisor, attorney, accountant, consultant, or other professional deemed necessary. I. 1. The Trustee may retain, continue, sell, or liquidate any business in which. the Trustor has or had an interest as a shareholder, partner, sole proprietor or as a participant in a joint venture, even though that interest may constitute all or a substantial portion of the Trust Property. The Trustee lnay directly participate in the conduct of any such business or employ others to do so on behalf of th.e Beneficiaries. C -7- _ 2. The Trustee may execute partnership agreements, buy-sell agreements, and any amendments ~ to them. i ~~ C 3. The Trustee may participant in the incorporation. of any Trust Property, any corporate reorganization, merger, consolidation, recapitalization, liquidation., dissolution., or any stock redemption or cross purchase buy-sell agreement. 4. The Trustee may hold the stock of any corporation as Trust Property, and may elect or employ directors, off cers, employees, and agents, and compensate them for their services. 5. The Trustee may carry out the provisions of any agreement entered into by the Trustor prior to his death for the sale of any business interest or the stock thereof. 6. The Trustee may exercise all of the business powers granted in this Agreement regardless of whether the Trustee is personally interested or an involved party with respect to any business enterprise forming a part of the Trust Property. J. The Trustee has the power to pay with funds from the Trust Estate any tax, charge, or assessment against the Trust Estate which the Trustees is required to pay. K. The Trustee has the power to deposit and withdrat~v funds in commercial, savings, or savings and loans accounts, subject~to the usual restrictions upon withdrawal i.n effect at that time. L. The Trustee may execute, deliver, and grant to any individual or corporation a revocable or irrevocable power of attorney to transact any and all business on behalf. of any trusts created in this Agreement. M. The Trustee may enter into a lease or other agreement which may have a duration that the Trustee deems reasonable, even though extending beyond the duration of any trust created in this Agreement. Section 2. TRUSTOR'S AUTHORITY TO ENCUMBER TRUST PROPERTY The Trustor, in her capacity as Trustee shall be empowered with the discretionary authority to mortgage, pledge, hypothecate or otherwise encumber with a lien any or all of the Trust Property. Said lien(s) may be satisfied, settled or discharged from the income, rents or profits accruing from the Trust Property, or any other non-trust property owned by the Trustor, if she so elects. Section 3. AUT~IORITY Or SUCCESSOR TRUSTEE TO ADMINISTER. THE TRUST A. The Successor Trustee shall, upon the death of the Trustor; or upon the death of the Surviving Co- Trustor, assume the active administration. of this Trust, and forthwith, transfer all right, title and interest in and to the Trust income and/or property unto the Beneficiaries, pursuant to Articles Seven, Eight, Nine, Ten and Eleven herein regarding distribution. -8- B: ' The Successor Trustee shall assume the active administration. of this Trust during the lifetime of the _. Trustor when either of the following conditions are present, namely: ~,.. 1. The Trustor is unable to actively and competently exercise any of the authorities, powers or rights so accorded under this Trust by reason of a sustaining disability or catastrophic illness, as certified by .two licensed physicians, or 2. The Trustor expresses her desire in writing, for tivhatever reason, to temporarily relinquish those authorities, powers and rights as Trustee under this Trust to the Successor Trustee. C. If any named Successor Trustee refuses to serve, or fails to continue to service for any reason, the next named Successor Trustee shall serve in the order listed in Article One, Section 2. This section. shall not apply to Co-Successor Trustees serving concurrently. D. If at any time there is no Trustee acting under this agreement and there is no person or institution designated and qualified as a successor Trustee, a majority of the beneficiaries then eligible to receive distribution of income or principal under this agreement or their personal representatives shall appoint a successor Trustee. If any trust existing under this agreement lacks a Trustee and no successor is appointed pursuant to this Section, the vacancy shall. be filled by a court of competent jurisdiction. Section 4. TERMINAT:tON OF SUCCESSOR TRUSTEE'S AUTHORITY °~°~~ The Successor Trustee's authority and power as provided under Article Four, Sections 3(B)(1) and (2) may be subsequently terminated by the Trustor without the consent of or prior notice to said Successor Trustee when: A. The Trustor is sufficiently recovered from the disability or catastrophic illness as described under Article Four, Section 3(B)(1) above, as certified by t~vo licensed physicians and thus, fully anal competently capable of actively administering this Trust. B. The Trustor desires to reassume those authorities, powers anal rights as Trustee in the active administration of this Trust relinquished under Article Fottr, Section. 3(B)(2) above. The termination of the Successor Trustee's authority to actively administer this Trust in accordance with either Article Four, Section 3(B)(1) or (2) shall be effective immediately upon the Successor Trustee's receipt of the Trustor's notice terminating all such authorities and powers previously granted by the Trustor. Section S. AUTHORITY OF SUCCESSOR TRUSTEE TO DISBURSE FUNDS The Successor Trustee shall be fully authorized to pay or disburse such sums from the income or principal as may be necessary or advisable for the medical care, support and maintenance in reasonable comfort of the Trustor when either of the two conditions described herein in Article Four, Section 3(B) prevails. 'C -9- Section 6. INALIENABILITY OF BENEFICIARY'S INTEREST IN TRUST (`~ _ The interest of the Beneficiaries under this Trust shall. be inalienable. Said Beneficiaries can not assign, sell, pledge, encumber or otherwise transfer their interest in and to a third party. Nor can such interest be attached, garnished, levied upon or otherwise subjected to any proceedings whether at law or in equity. Section 7. BENEFICIARY'S PROPORTIONATE LIABILITY TOR ESTATE TAXES Each. Beneficiary hereunder shall be liable for their proportionate share of any estate taxes that may be levied upon the total taxable value of the Trust Property distributed to said Beneficiaries upon the death of either the Trustor or the survivor of the Trustors. Section 8. LIMIT ON TRUSTEE'S DISCRETION Notwithstanding any language purporting to confer absolute, sole or unrestricted discretion on my Trustee in exercising any discretionary power with respect to this trust, my Trustee shall at all times act in accordance with fiduciary principles and shall not act in bad faith or in disregard of the purposes of my trust. Section 9. NON-LIABILITY OT THIRD PARTIES A. This Trust is created with the express intent and understanding that any third parties, including their agents, employees or vendors, who, upon the written request of the Trustor, or under the color of authority granted to the Trustee -in this Trust, performs any duties or renders any services in the furtherance of the purposes and intents of this Trust, absent any showing of fraud, shall be under no Liability for the application or proper administration of any assets or properties being the sub'ect of the said third art 's acts. J P Y B. This limitation. of liability gives specific protection to any third party who acts, performs or renders any services pursuant to any notice, instrument or document believed anal represented to be genuine, and to have been signed and presented by the proper party(ies}. C. It is further the express intent of this Trust that the non-liability of all third parties be given broad and prospective application. In particular, a depository, custodial agent or financial institution, including (but not limited to): banks, brokerage firms, credit unions, savings and loan associations, transfer agents, thrift associations, or any other person or entity acting in a fiduciary capacity with regard to any assets or property comprising the Trust, shall suffer no liability, nor incur any express or implied obligations when acting in the capacity of a transferor, upon proper request, of any assets or property either sought to be, or constructively comprising the Trust. Section 10. EXTENSION OF TRUST POWERS This Trust shall extend to and be binding upon the Heirs, Executors, Administrators and Assigns of the undersigned Trustor and upon the Successor Trustees. Section 1.1. NO BOND REQUIREMENTS The Trustee under this Trust and any Successor Trustees shall. serve without Bond. -10- Section 12. GOVERNING LAWS OF THE STATE ~~ The laws of the State of Pennsylvania govern the validity and construction of any administrative or disposition provision of this Trust or any act implementing it or right conferred thereby. Section 13. SAVINGS CLAUSE If a State Court of competent jurisdiction shall at any time invalidate any of the separate provisions of this Trust, such invalidation shall not be construed as invalidating the entire Living Trust Agreement, but only that separate provision in controversy. All of the remaining provisions shall be undisturbed as to their legal force and effect. Section 14. TERMINATION OF TRUST Unless sooner terminated in accordance with other provisions of this Agreement, the Trusts created by this Agreement shall terminate twenty-one years after the death of the last life in being at the time of the death of the Surviving Trustor. Section 15. COMPENSATION The Successor Trustee shall be entitled to reasonable fees commensurate with his duties and responsibilities taking into account the value and nature of the Trust Estate anal the time anal work involved. If any licensed attorney-or certified public accountant shall provide services to the Successor Trustee, such person shall be compensated for reasonable services rendered on the basis of such person's customary charges for legal or accounting services. The Successor Trustee shall be reimbursed for the reasonable casts and expenses incurred in connection with. his .fiduciary duties hereunder. Section 16. NO COURT SUPERVISION No Trustee or Successor Trustee shall be required to qualify before, be appointed by, or in the absence of breach of trust, account to any court or obtain the order or approval of any court in the exercise of any power or discretion enumerated within this Trust. Section 17. SPENDTHRIFT CLAUSE All trusts created in this Agreement shall be spendthrift trusts. -11- ARTICLE FIVE: LIFE INSURANCE Section 1. POLICIES COVERED The Trustor has caused or may cause the Trustee to be named as Benef ciary of the insurance policies listed in Schedule A attached hereto and incorporated herein by reference. The Trustee accepts such designation in Trust for the purposes and on the conditions set forth in this Agreement. The Trustee shall not be responsible, however, for making such change of Beneficiary desi~mations. Section 2. ADDITIONAL POLICIES The Trustor or any other person may at any time and from time to time add any additional policies of insurance to any Trust established herein by assigning such policies of insurance to the Trust, by assigning such policies to the Trustee or by causing the Trustee to be named as Beneficiary thereunder. Such policies, and the proceeds thereof, shall be subject to the terms and conditions of this Agreement. Section 3. TRUSTOR'S RIGHTS IN POLICIES The Trustor reserves during the Trustor's lifetime, and may receive or exercise without the consent or approval of the Trustee or any Beneficiary hereunder, all benefits, payments, dividends, surrender values, options, rights, powers; anal privileges with respect to such polices, including, but not limited to, the ,,~, following: _, A. Payments. The right to receive all disability benefits, dividends, payments, loan values, or surrender values. B. Loans. The power to borrow on, surrender, or pledge any of the policies. C. Options. The power to exercise any option, such as the power to convert to a different kind or amount of insurance or the power to select the method of settlement of the proceeds. Section 4. TRUSTEE TO EXECUTE NECESSARY INSTRUMENTS The Trustee agrees to execute, upon request of the Trustor, any releases or any other instruments necessary to assist the Trustor in exercising the reserved powers. Section 5. PAYMENT OF PREMIUMS Neither the Trustee nor the Trustor shall be under any obligation, during the lifetime of the Trustor, to pay any premiums, assessments, or other charges necessary to keep the policies in force, nor shall either be under any obligation to ascertain. whether the same have been paid or to notify any Beneficiary. of this Trust of the non-payment of such premiums. -12- Section 6. SAFEKEEPING OF POLICIES ~~~~~ The Trustee shall keep safely all policies deposited with it at not cost to the Trustor, but shall not be responsible for policies which do not come into its possession. Section 7. PROOF OF LOSS AND RECEIPT OF PROCEEDS Upon the death. of the Trustor, the Trustee promptly shall furnish to the insurance companies proof of loss, and shall collect and receive the proceeds of the policies, less so much of said proceeds as shall be required to pay or provide for the payment of any liabilities or obligations to the insurer in respect of said policies. The net amount so received by the Trustee may be referred to herein as the "net proceeds" of the policies. In the collection of such proceeds, the Trustee shall have the power to execute and deliver receipts and other appropriate instruments, and to take such legal action as is appropriate. Section 8. CONTESTED POLICY If the payment of any policy is contested, the Trustee shall be under no obligation to institute legal action for the collection thereof unless it is indemnified to its satisfaction for all costs including attorneys' fees. Section 9. REIMBURSEMENT FOR ADVANCES AND EXPENSES The Trustee may pay to itself out of the funds in its hands the amount of any advances made by the Trustee for expenses incurred in collecting or attempting to collect any ruin from. any insurance company by ~, suitor otherwise. Section 10. DISCHARGE OF INSURANCE COMPANY No insurance company shall be responsible for the Trustee's application. or disposition of the proceeds of any policy payable to the Trustee. The liability of an insurance company shall be discharged upon payment of such proceeds to the Trustee. -13- ARTICLE SIX: ADMINISTRATION OF THE TRUST UPON THE DEATI~ OF THE TRUSTOR Section 1. DISCRETIONARY PAYMENTS Upon the death of the Trustor, the Trustee is authorized, but not directed, to pay the following: Expenses for medical services, funeral and burial; Legally enforceable claims against the Trustor or her estate; Reasonable expenses of administration of this Trust and probate estate, if any; and Federal and state taxes occasioned by the death of the Trustor. The payments authorized under this Section are discretionary, and no claims or right to payment by third parties may be enforced against the Trust by virtue of such discretionary authority. The Trustee shall be indemnified from the Trust Property for any damages sustained by the Trustee as a result of exercising, in good faith, the authority granted the Trustee under this Section. The payments authorized under this Section shall only be paid to the extent that the property in the Probate Estate, if any, is insufficient to make these payments. Section 2. TRUSTEE'S AUTHORITY TO MAKE ELECTIONS ~.... ~~~- The Trustee may exercise any available elections with regard to state or federal income, inheritance, estate, succession, or gift tax law. A. Alternate Valuation Date. The authority granted to Trustee in this Section includes the right to elect any alternate valuation date for federal estate or state estate or inheritance tax purposes. B. Deduction of Administration Expenses. The authority granted to Trustee in this Section shall include the right to elect whether all or any part of the administration expenses of the estate are to be used as estate tax deductions or income tax deductions. Any administration expenses claimed as income tax deductions shall be charged against the Living Trust. No compensating adjustments need be made between income and principal. as a result of such elections unless the Trustee, in his sole discretion, shall determine otherwise, or unless~recluired by law. C. Taxes and Returns. The Trustee shall: Pay any necessary taxes, interest, or penalties with regard to taxes. The Trustee inay also: Sign joint tax returns. Apply for and collect tax refunds and interest thereon. ~w,~.., -14- ARTICLE SEVEN: DISTRIBUTION OF PERSONAL PROPERTY Section 1. TANGIBLE PERSONAL PROPERTY Upon. the death of the Trustor, the Trustee shall distribute tangible personal property held by the Trust as follows: A. Use of Gift Lists The Trustee shall distribute jewelry, clothing, china, silver, photographs, works of art, books, boats, antiques, artifacts, needlepoint, sporting goods, hobby items, and all other tangible articles of household or personal use in accordance with the household inventory left by the deceased Trustor and said household inventory shall be incorporated by reference into this Trust, whether or not said list is attached to this Trust or to the deceased Trustor's Last Will and Testament. If multiple written lists exist which conflict as to the distribution of any item of tangible personal property, the list which is last dated shall control as to those items which are in conflict. B. Pro..perty Not Dis~~osed of By Gift Lists ~ -The tangible personal property not disposed of by gift lists or by the above instructions shall be distributed to the surviving Beneficiaries in substantially equal shares as they shall agree within sixty (60) t~~,•~ da s after m death. To the extent that the Beneficiaries fail to a ee the Trustee shall, in his sole discretion, Y Y ~' either divide the property among the Beneficiaries, use the property for them, or sell the property and divide the proceeds among the Beneficiaries. Any decision made by the Trustee with respect to either the selection or sale of tangible personal property shall. be final and binding on all Beneficiaries. The Trustee inay select property for any Beneficiary who is under any form of legal disability, considering the desires of a Beneficiary when making a selection. C. Distribution. on the Death of a BeneficiarX If a Beneficiary should die before the complete distribution of the Beneficiary's share of tangible personal property, the Trustee shall distribute that Beneficiary's share to the Beneficiary's then living descendants, per stirpes. ~~. ~, _. -15- ARTICLE EIGHT: DISTRIBUTION Or REAL PROPERTY Section 1. Distribution of Real Property Unon Trustor's Death My Trustee shall make the following distribution of trust property upon my death. If at the time of my death I have any interest in that real property located at 37 Greenfield Drive, Carlisle, Pennsylvania, I give, devise and bequeath my interest in said real property such that Pearl E. Tucker shall receive a life estate interest. Pearl E. Tucker shall be entitled to the use and enjoyment of such real property for so long as she lives. At such time as Pearl E. Tucker no longer resides at 37 Greenfield Drive, Carlisle, Pennsylvania, or upon the death of Pearl E. Tucker, whichever event is earliest in time, I direct that the property be sold and. my share Less any outstanding mortgages, be divided in accordance with the following schedule and distributed in accordance with the Article that follows: The proceeds shall be equally divided among the following individuals, per stirpes: Dina R. Krauss Eugene J. Krauss Kathleen M. Martin Mary Janet Burrows Elizabeth A. Midgley William C. Krauss The separate shares created under this Article shall be administered and distributed as provided in the Articles that follow. This property was purchased jointly or by Pearl E. Tucker and Teresa E. Krauss. -16- ' ARTICLE NINE: THE COMMON TRUST Section 1. CREATION OF THE COMMON TRUST It is not the Trustor's desire to create a Common Trust for her beneficiaries. All of the Trust Property which. has not been distributed under prior provisions of this Trust shall be held, administered, divided and distributed according to the provisions of the Article and the Articles that follow. Section 2. DIVISION INTO SEPARATE SHARES Immediately upon the death of the Trustor, the remaining Trust Property shall be divided according to the following schedule and distributed in accordance with the Articles that follow: The remaining trust property shall be divided in equal. shares for the following: C Dina R. Krauss Eugene J. Krauss Kathleen M. Martin Mary Janet Burrows Elizabeth A. Midgley William C. Krauss SSN: 018-OS-1254 SSN: 024-30-7538 SSN: 017-32-1478 SSN: 014-28-3471. SSN: 013-30-3351 SSN: 029-32-9911 DOB: 12/12/15 DOB: 08/27/39 DOB: O 1/20/41 DOB: 02/18/36 DOB: 04/1.1./38 DOB: 03/14/43 If any of the above beneficiaries fail to survive my death by thirty (30) days but leave descendants who survive me by thirty (30) days, those descendants shall. receive, per stirpes, the share the beneficiary would have received had he or she survived me by thirty (30) days. section 3. DISTRIBUTION OT THE SHARES The separate shares created under this Article shall be administered and distributed as provided in the Articles that follow. -17- ARTICLE TEN: DISTRIBUTIONS TO THE BENEFICIARIES AND THEIR DESCENDANTS Section 1. DISTRIBUTION TO EACFI OF THE LIVING BENEFICIARIES L'or each of the named beneficiaries, the distribution of their shares are to be made outright, per stirpes. Section 2. SHARE OF A DESCENDANT OF A DECEASED BENEFICIARY Each share set aside for the deceased Beneficiaries, if any, who have then living descendants shall be divided, administered, and distributed as follows: A. Division into Separate Shares Each share set aside for a deceased Beneficiary who has then living descendants shall be divided into as many equal shares as shall be necessary to create one equal share for the deceased Beneficiary's descendants, per stirpes. B. Outright Distribution If any descendant of a deceased Beneficiary is over twenty-one years of age and is not legally incapacitated, the Trustee shall distribute that descendant's share outright to that descendant. C. Re~,enti.on of a Minor's or Incapacitated Descendant's Share In Trust If any descendant of a deceased Beneficiary is under twenty-one years of age, the Trustee shall retain that descendant's share in a separate trust for that descendant until he or she is twenty-one years of age. ~~+'. If any descendant of a deceased Beneficiary is incapacitated, regardless of age, and the Trustee determines, in his sole discretion, that the descendant is unable to properly manage his or her financial affairs, then the Trustee may retain that descendant's share in trust until his or her disability has ceased. Each share set aside for a descendant of a deceased Beneficiary shall be held in a separate trust for each of such descendants, and shall be administered by the Trustee as follows: 1. Distribution of Trust Income and Principal The Trustee shall apply to or for the benefit of each. of the descendants of a deceased Beneficiary, so much of the net income and principal for the descendant's share in trust as the Trustee, in his sole discretion, deems advisable for the descendant's education, medical care, support and maintenance in reasonable comfort. In making any distributions of income and principal under this Article, the trustee shall consider, to the extent she deems necessary, any additional sources of income anal principal available to a descendant from any source outside of any trust created under this Agreement. -18- ' 2. Distribution When. A Descendant Attains Twenty-One Years of Age When a descendant of a deceased Beneficiary reaches twenty-one years of age, and is not incapacitated, the Trustee shall distribute the balance of his share intrust to that descendant, per stirpes. 3. Distribution. Upon Descendant's Death. If a descendant should die before the complete distribution of her share, the trust shall terminate and all of the share shall be distributed to the then living descendants of the descendant, per stirpes. If the descendant has no then living descendants, the Trustee shall distribute the remaining. share in trust to my then living descendants, per stirpes. Section 3. DISTRIBUTIONS TO UNDERAGE OR DISABLED BENEFICIARIES Notwithstanding any other provision in this trust agreement, if any person otherwise entitled to receive a distribution of crust property is under 22 years of age or is mentally disabled or legally incompetent as defined in Article One, my Trustee shall retain and administer that person's trust property for his or her benefit as follows: A. My Trustee's Discretion My Trustee may pay to or apply for the benefit of such beneficiary so much of the net income and principal of the trust as my Trustee in its discretion deems proper considering all other sources of income and ~n ~ resources available to such beneficiary and known to my Trustee. B. Payments Made to Beneficiary or Personal Representative My Trustee is authorized to make payments under this Section either directly to the beneficiary, to the beneficiary's personal representative or to any other person my Trustee may deem proper to be used for the benefit of the beneficiary. C. Trustee's Decisions are Final All decisions by my Trustee as to those it makes payments to, the purposes for which these payments are made and the amounts to be ,paid out of the trust are within my Trustee's sole and absolute discretion. D. Undistributed Net Income All undistributed net income shall be accumulated and added to the principal of the trust. E. Termination and .Distribution My Trustee shall distribute the trust property to a beneficiary under this Section when such beneficiary reaches age 22 or when he or she is no longer disabled as determined by a court of competent -19- jurisdiction or upon certification by two licensed physicians that such beneficiary is able to properly care for his or her property and person, or at a later date if other trust provisions in this Article direct. ,. F. Death of Disabled or Undera.~e Beneficiary Upon the death of. a beneficiary under this Section, my Trustee shall. distribute all of such beneficiary's remaining trust share, including the trust principal and accrued anal undistributed income, to any person or entity, and upon any trust, terms, and conditions, or to or in favor of the estate of such deceased beneficiary, as he or she may direct by his or her last will or living trust agreement. No exercise of this general. power of appointment shall be effective unless it refers to this trust agreement and expressly indicates an intention to exercise this general power of appointment. -20- ARTICLE ELEVEN: DISTRIBUTION IF NO DESIGNATED BENEFICIARIES NONE -21 - I certify that I have read the foregoing Revocable Living Trust Agreement and that it correctly states the terms and conditions under which my trust property is to be held, managed and disposed of by my Trustee(s). I approve this Revocable Living Trust in all particulars and request the Trustee(s) to execute it. IN WITNESS WHEREOF, the Trustor has hereunto subscribed her name, this ~~(~ ~' day of • ~ , ].999. ~~ Witness /~~~o-~ TERESA E. KRAUSS, TRUSTOR ,. Witness ,~~... ~~ STATE OF PENNSYLVANIA ~ ~~~~.~ TERESA E. KRAUSS, TRUSTEE SS: COUNTY OF DAUPHIN On this day of , 1999, before me, the undersigned Notary Public, personally appeared TERESA E. U , Trustor/Trustee, known. to me to the individual whose name is subscribed to the within instrument and acknowledged that she executed the same as her free act and deed and for the purposes therein contained. In Testimony Whereof I have subscribed niy name and affixed my official seal in the County and State aforesaid., on the day anal year above written. t ~ No ry Pub is Notarial Seal Marielle F. Hazen Notary Public Lower Paxton Twp.~ Dauph(n County My Commission Expires Sept. 23.2002 - 22 - Main File No. 10-07 29 R-2 Pa a #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 37 Greenfield Dr Deed Book 201 Page 185 Carlisle, PA 17015-7628 FOR: Pearl E. Tucker 37 Greenfield Dr. Carlisle, PA 17015 AS OF: 413!10 BY: Dennis L. Stover PA Certified Residential Real Estate Appraiser Certification Number RL 138906 Clauser Real Estate Appraisals PO Box 777 Camp Hill, PA 17001-0777 Form GAt - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07!29 R-2 Page #2 Main File No. 10-07/29 R-2 Paae #3 Client Pearl E. Tucker Five No. 10-07129 R-2 Pro a Address 37 Greenfield Dr C' Carlisle Coun Cumberland State PA Zi Code 17015-7628 Owner Pearl E. Tucker Livin Trust & Teresa E. Krauss TABLE OF CONTENTS Cover Page ..................................................................................................................................................... Letter of Transmittal ........................................................................................................................................ Table of Contents ........................................................................................................................................... Summary of Salient Features ........................................................................................................................... USPAP Identification ....................................................................................................................................... GP Residential ................................................................................................................................................ Subject Photos ................................................................................................................................................ Subject Photos Interior .................................................................................................................................... Subject Photos Interior .................................................................................................................................... Building Sketch Page -1) .............................................................................................................................. Comparable Photos 1-3 .................................................................................................................................. Location Map .................................................................................................................................................. Appraisal Addendum -Special Conditions ....................................................................................................... Statement of Limiting Conditions ................................................................................................................... Electronic Signaturre Compliance .................................................................................................................... Certificate ....................................................................................................................................................... Oual~cations .................................................................................................................................................. ~ual'rfications .................................................................................................................................................. Invoice ........................................................................................................................................................... ............................................................... 1 ............................................................... 2 ............................................................... 3 ................................................................ 4 ............................................................... 5 ................................................................ 6 ................................................................ 9 ................................................................ 10 ................................................................ 11 ............................................................... 12 ............................................................... 13 ................................................................ 14 ................................................................ 15 ................................................................ 16 ................................................................ 18 ................................................................ 19 ................................................................ 20 ................................................................ 21 ................................................................ 22 Form TOCNP - "WinTOTAL" appraisal software by a 1a mode, inc. -1-800-ALAMODE Main File No. 10-07/29 R-2 Paae #4 SUMMARY OF SALIENT FEATURES Subject Address 37 Greenfield Dr Legal Description Deed Book 201 Page 185 City Carlisle County Cumberland State PA Zip Code 17015-7628 Census Tract 42041-0125.00 Map Reference 25420 Safe Price $ NA Date of Sale NA Client Pearl E. Tucker Owner PeaA E. Tucker Living Trust & Teresa E. Krauss Size (Square Feet) 2,136 Price per Square Foot $ Location Suburban Age 16 Condition Avg Total Rooms 7 Bedrooms 4 Baths 3 Appraiser Dennis L. Stover Oate of Appraised Value 8/3/10 Final Estimate of Value $ 195,000 Form SSD - "WinTOTAL" appraisal software by a la mode, inc. -1-S00-ALAMODE GEORGE CLAUSER Main File No. 10-07/29 R-2 Page #5 Client Pearl E. Tucker File No. 10-07/29 R-2 Pr a Address 37 Greenfield Dr C' Carlisle Coun Cumberland State PA Zi Code 17015-7628 DWnef Pearl E. Tucker Liv' Trvst 8 Teresa E. Krauss APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is 4~8 of the following types: ^ Self Contained (A written report prepared under Standards Rule 2-2(a) , persuant to the Scope of Work, as disclosed elsewhere in this report.) ®Summary (A written report prepared under Standards Rule 2-2(b) , persuant to the Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) , persuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are bue and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. • I have no (or the spec'rfied) present or prospective interest in the property that is the subject of this report and no (or the specrfied) personal interest with respect to the parties involved. • I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. • My engagement in 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 Un'rform Standards of Professional Appraisal Practice. • I have made a personal inspection of the property that is the subject of this report. • No one provided signidicant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real properly appraisal assistance is stated elsewhere in this report.) Comments on Appraisal and Report Identlflca#lon Note any USPAP related issues requiring disclosure and any State mandated requirements: SCOPE OF WORK The sco of work for this a sisal is defined the com lexi of this a sisal assi nment and the re rtin re uirements of this a sisal form includi the definition of market value a statement of assum lions and limitin conditions and certifications. The a raiser has at a minimum: 1 rformed a com lete visual ins lion of the interior and exterior areas of the su 'ect o 2 ins ed the ne' hbofiood 3 ins ed each of the com arable sales from at least the street 4 researched verified and anal ed data from reliable ublic and/or rivate sources and 5 has re rted his anal is o 'nions and conclusions in this a sisal re rt The a sisal is based on the information athered b the a raiser from ublic records other identified sources ins lion of the sub•ect o and nei hbofiood and selection of com rable sales within the sub'ect market area. The on final source of the com ambles is shown in the Data source section of the market rid alo with the source of confirmation if available. The on final source is resented first. The sources and data are considered reliable. When conflicti information was rovided the source deemed most reliable has been used. Data believed to be unreliable was not included in the re rt nor used as a basis for the valuation conclusion. "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" APPRAISER: SUPERVISORY APPRAISER (only If required): Signature: ~.~- ~ ~C3~"" Signature: Name: Dennis L. Stover Name: Date Signed: August 10 2010 Date Signed: State Certification #: RL 138906 State Certification #: or State License #: or State License #: State: PA State: Expiration Date of Certification or License: 6/30/2011 Expiration Date of Certification or License: _ Supervisory Appraiser inspection of Subject Property: Effective Date of Appraisal: 413/10 ^ Did Not ^ Exterior-only from street ^ Interior and Exterior Form IDO6 - "WinTOTAL" appraisal software by a la mode, inc. - i -800-ALAMODE GEORGE CLAUSER RESIDENTIAL APPRAISAL SUMMARY REPORT Main File No.10-07 29 R-2 Pa a #6 Summary Report File Nay 1 n-n7/99 R-~ Pro Address: 37 Greenfield Dr Ci :Carlisle State: PA Zip Code: 17015-7628 Cou :Cumberland Le al Descri lion: Deed Book 201 Pa a 185 Assessor's Parcel #: 40-24-0748-066 Tax Year: 10-11 R.E. Taxes: $ 2 549 S cial Assessments: $ NA Borrower 'rf a licable : Pearl E. Tucker Current Owner Of Record: Pearl E. ru~ker i_iv Trust & Teresa E. Krauss Occu ant: Owner ^ Tenant Vacant Manufactured Housin Pro' t T PUD Condominium Coo rative Other describe HOA: S NA er ear er month Market Area Name: South Middleton Tw . Ma Reference: 25420 Census Tract: 42041-0125.00 The u ose of this a sisal is to develo an o 'nion of: Market Value as defined , or other of value describe This re reflects the followin value 'rf eat Current, see comments : Current the Ins ction Date is the Effective Date Retros ctive ^ Pros active roaches develo d for this a sisal: Sales Cam rison roach Cost roach Income roach See Reconciliation Comments and Scope of Work Pro Ri hts raised: Fee Sim le Leasehold Leased Fee Other describe Intended Use: The intended use of this appraisal report is for the client to evaluate the property that is the subject of this appraisal to establish a fair market value. Intended Users b name or The intended user of this a sisal re rt is the client and the attome for the Estate of Teresa Knauss. Client: Pearl E. Tucker Address: 37 Greenfield Dr. Carlisle PA 17015 raiser: Dennis L. Stover Address: P. O. Sox 777 Cam Hitl PA 17001-0777 Location: Urban Suburban Rural Predominant One-Unit Houaing Present land Use Change In Land Use Built up: ^ Over 75% ®25-75% ^ Under 25% Occupancy PRICE AGE One-Unit 85 % ^ Not likely Growth rate: ^ Rapid ®Stable ^ Slow ®Owner $(000) (y~) 2-4 Unft 5 % ^ Likely * ®In Process Property values: ^ Increasing ®Stable ^ Declining ^ Tenant 70 Low 0 Mufb-Unit 5 % * To: vacant land to Demand/supply: ^ Shortage ®m Balance ^ Over Supply ®Vacant (0-5%) 1 000 Hi h 150 Comm'I 5 % residential development Marketin time: ®Under 3 Mos. ^ 3-6 Mos. Over 6 Mos. Vacant > 5% 165 Fred 35 % Market Area Boundaries, Description, and Market Conditions (including support for the above characteristics and trends): The subject neighborhood is the Carlisle area of Cumberland County Shopping schools and churches are located within 10-15 minutes of the property. Full service shopping is available in Carlisle approximately 5-10 minutes. Public school students attend the South Middleton Twp. School District. Employment centers are located in Harrisburg Camp Hill York and Mechanicsburg Market conditions in the subject neighbofiood are considered moderately active with low mortgage interest rates being the primary catalyst Sales in recent weeks have been moderately active. Typical financing for residential properties includes 80% to 9D% loan 1-3 points 5 5-6 5% mortgage interest rates for up to 30 nears. Typical marketing time is between 30 and 90 days. Dimensions: From Coun Records Site Area: .17 Acres Zoning Class'rfication: RH Description: Residential High Density Zoni Com !lance: Le al Le al noncontortnin randfathered III I No zonin Are CC&Rs a icable? ^ Yes No ®Unknown Have the documents been reviewed? Yes ^ No Ground Rent 'rf a icable $ / Highest ~ Best Use as improved: ®Present use, or ^ Other use (explain) Actual Use as of Effective Date: Residential Use as appraised in this report: Residential Summary of Highest & Best Use: The highest and best use of the subieet is the present use. Utllltles Public Other Provider/0escription Electricity ® ^ PPL Gas ® ^ UGI Water ® ^ Public Sanitary Sewer ® ^ Public Stone Sewer ® Yes Off-:fte Improvements Type Public Private Street Macadam ® ^ Curb/Gutter Concrete ® ^ Sidewalk Concrete ® ^ Street Lights Yes ® ^ Alle None Topography Avg Site Avg_ Shape Irr ular Drainage Av View Av Other site elements: Inside Lot ^ Comer Lot Cul de Sac ^ Under round llGlities Other describe FEMA S 'I Flood Hazard Area ^ Yes No FEMA Flood Zone X FEMA Ma # 42041 C0240E FEMA Ma Date 3!16/2009 Site Comments: There are no apparent easements encroachments special assessments slide areas or illegal or legal nonconforming uses known. General Desafption # of Units One ^ Acc.Unft # of Stories 2 Type ^ Det. ®Att. ^ Exterior Desrxlptlon Foundation Slab Exterior Walls BrickMn I Roof Surface Shi le Foundation Slab 100% Crawl Space 0 Basement NA Basement None Area Sq. Ft. NA % Finished NA Ceiling _NA Heating Type FWA Fuel Gas Design (Style) Townhouse/End ® Epsting ^ Proposed ^ Und.Cons. Actual Age (Yrs.) 16 Effective A rs. 10 Gutters & Dwnspts. Aluminum Window Type DbIHu StorrnlScreens Existi Sump Pump ^ Dampness ^ No Evidenc Settlement No Evidence Intestation No Evidence Walls _NA Floor NA Outside Entry NA Cooling Central CA Other Interior Descrlptlon Floors Hardwood/C t/Ct Walls Drywall Appliances Refrigerator ^ Range/Oven ® Aitlc ^ Nane Stairs ^ Drop Stair ^ Amenities Fireplace(s) # Woodstove(s) # _ Patio Patio Car Storage ^ None Garage # of cars ( 4 Tot.} Attach. 2 Trim/Finish Wood Disposal ® Scuttle ® Deck Detach. Bath floor Vin I Dishwasher ® Doorway ^ Porch Bft.-In Bach Wainscot Fibe lass Av FaNHood ® Floor ^ Fence Carport Doors Wood Microwave ^ Heated ^ Pool Driveway 2 Washer/D er ^ Finished Surface Macadam Finished area above rade contains: 7 Rooms 4 Bedrooms 3 Baths 2 136 S uare Feet of Gross Livi Area Above Grade Additional features: Dwelling appears to be well maintained with good housekeeping. Describe the condition of the property (including physical, functional and external obsolescence): Subject is a townhouse style dwelling in average condition with a two car garage Physical' Depreciation due to age and condition Functional: None External: No adverse locations! features noted. This report is NOT a home inspection and the appraiser only pertom~ed a visual inspection of accessible area and that the appraisal cannot be relied upon to disclose conditions and/or defects in the property. m R ES I D E NTIAL Copyright® 2007 by a la mode, inc. This form maybe reproduced unmodnied wimout written permission, However, a is moue, inc. must ce acKnowieagea ana creane°. Form GPRES2 - "W;nTOTAL` appraisal software by a la mode, inc. -1-800-ALAMODE 3!2007 ~Maln File No. 10-07!29 R-2 Page #7 Summary Report RFSII"~FNTIAL APPRAISAL SUMMARY REPORT FilaNe~ 1r1-r17/79R-7 My research did did not reveal any prior sales or transfers of the subject property far the three years prior to the effective date of this appraisal. Data Sources : Cumberland Coun lax Assessment Office 1st Prior Sub' t Sale/Transfer Analysis of sale/transfer history and/or any current agreement of sale/listing : Date: Not in the last Price: three ears. Sources : CCTAO 2nd Prior Sub' ct Sale/iransfer Date: Price: Sources SALES COMPARISON APPROACH TO VAL UE K si eve The Sales Com arison A roach was not Bevel d for this a r aisal. FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 37 Greenfield Dr Carlisle PA 17015-7628 10 Briariy Dr. Carlisle 31 Liberty Ct. Carlisle 8 Liberty Ct. Carlisle Prorarn' to Sub' t ;~ ~~ ~ :_ °~z° ' ~ 0.11 miles SW 2.85 miles E 2.88 miles E Sale Price $ NA $ 175 000 ~ ~ •-.` $ 187 000 ' "` ' ~' `- '.`~ $ 185 000 Sale Price/GLA $ /s .ft. $ 94.49 /s .ft. ,. ~`; _ T .. ~, $ 119.26 !s .ft. 3s.- : `~ $ 124.33 /s .ft ' ~~ - Data Sources Ins coon CPML Courthouse Realtor CPML Courthouse Realtor CPML Courthouse Realtor Verification Sources NA Tax Assessment Records Tax Assessment Records Tax Assessment Re cords VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + - $ Ad'ust. DESCRIPTION + - $ Ad'ust. DESCRIPTION + - $ Ad' st. Sales or Financing Concessions NA NA Conventional None Known Conventional None Known Conventional None Known Oate of Sale(fane NA 7!21/10 MT 136 5/1410 MT 10 3/15/10 MT 50 Ri Ms ised Fee Sim le Fee Sim le Fee Sim fe Fee Sim le Location Suburban Suburban Suburban Suburban Site .17 Acres .12 Acres .18 Acres .1 Acres View A E ual E ual E ual Desi n S le Townhouse/End Townhouse/Int +2 500 Townhouse/End Townhouse/End Oual' of Construction Av A Av Av A e 16 15 14 19 Condition Av E ual Av Av Above Grade Total Bdnns Baths Tohel Bdrtns Baths Total Bdrms Batl-s Total Bdrms Baths Room Count 7 4 3 6 2 2.5 +3 000 5 3 2 +6 000 6 2 2 +6 000 Gross Livin Area 2 136 s .ft. 1 852 s .ft. +4 260 1 568 s .ft. +g 520 1 488 s .ft. +9 720 Basement & Fnished Rooms Below Grade NA Slab NA Slab NA Slab NA Slab Functional Util' Av Av Av Av Heati Conlin GFWA/CA GFWA/CA GFWA/CA GFWA/CA Ener Efficient Items Insulation Insulation tnsutation Insulation Gana e/Ca rt 2 Car Attached 2 Car Attached 2 Car Attached 1 Car Attached +2 000 Porch/Patio/Deck Patio Patio Deck 3 Season Rm. -2 000 Fre lace NA NA NA NA Net Ad' stment otal Adjusted Sale Price of Com lee Summary of Sales Compa ison Approach Sal + - $ 9 760 $ 184 760 es used were all reasonably simila + - $ 14 520 + - $ 15 720 `- ..:w $ 201 520 ~~,~ $ 200 720 r style dwellings in the same neighborhood and subject to reasonably similar amenities Adjustmen extends from $184 760 to $201 520 The ts were based on market extraction and/or judgment. The indicated value range on the above grid indicated market value is estimated to be less than the upper end of the value range and at $195,000. After an extensive search of available data bases, all three comparable sales used were deemed "BEST AVAILABLE" Indicated Value tw fsalas f:omDarisOn ApproBCh Z 195.000 m RES l D ENTI AL Copyright® 2007 by a la mode, Inc. This form maybe reproduced unmodified without wdmen permission, however, a la mode, Inc. must be acimowtedged and creates. Form GPRES2 - "WinTOTAt' appraisal software by a fa mode, inc. -1-800-ALAMODE 3/2007 Main File No. 10-07/29 R-2 Pa a #8 RESIDENTIAL APPRAISAL SUMMARY REPORT Summary Report File Nn.: 10-07129 R-2 COST APPROACH TO VALUE If Bevel The Cost A roach was not develo ed for this a sisal. Provide ode uate information for re lication of the followin cost fi ures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value): MarkeUCCTAO ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE ......................................___.___...___._..___...__ _$ 32 000 Source of cost data: NA DWELLING S .Ft. @ $ .__.... _$ Qual' ratin from cost service: NA Effective date of cost data: NA S .Ft. @ $ ._____. _$ Commertis on Cost Approach (gross living area calculations, depreciation, etc.): S .Ft. @ $ ....... _$ S .Ft. @ $ ... _$ -- _$ Gars e/C ort S .Ft. @ $ __ _$ Total Estimate of Cost-New . _$ Less Ph sical Functional External De reciation =$ De reciated Cost of Im vements _________ ................................ _$ "As-is" Value of Site Im rovemerds ____._._ .............._..._.__._..______. _$ _$ _$ Estimated Remainin Economic Lded re wired : 40 Years INDICATED VALUE BY COST APPROACH ..................................... =S INCOME APPROACH TO VALUE if Bevel The Income roach was not Bevel d for this a sisal. Estimated Mordhl Market Rent $ NA X Gross ReM Mutti ter NA = $ Indicated Value by Income roach Summary of Income Approach (including support for market rent and GRM): PROJECT INFORMATION FOR PUDs H a Icable The Sub' t is art of a Planned Unft Devel meat. L al Name of Pro' ct: Describe common elements and recreational facilities: Indiated Value :Sales Co rison h S 195 000 Cost h (H Bevel S ND Income Approach (If devebped) S ND Final Reconciliation Insufficient market data was available to process the Income Approach. The Sales Comparison Approach is deemed most reliable and given greatest weight. This appraisal is made ®"as is", ^ subject to completion per plans and specifications on the basis of a Hypothetical Condfion that the improvements have been completed, ^ subject to the following repairs or alterations on the basis of a Hypothetical Condition that the repairs or alterations have been completed, ^ subject to the following required inspection based on the Extraordinary Assumption that the condition or deficiency does not require atieration or repair: If property is sold, subject to satisfactory termite and radon certifications with appraised value based on clear test results. This re rt is also sub' to other H eticai Conditions .and/or Extraordina Assum 'ons assrfied in the attached addenda. 13aaed on the degree of Inspection of the a~Jecl properly, as htdicated below, defined Scope of Work, Statement of Assumptions and Limiting Conditiara, and Appraiser's CertlHcatlon:, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the real properly that is the subject of this report ia: 3 195,000 , as of: 4/3/10 ,which is the etfectlve date of this appraisal. ff indicated above, ttris Opinbn of Value is aub)ect to Hypothetical Conditions and/or Extraordinary Assumptions included In this report. See attached addenda. A true and complete copy of this report contains 22 pages, including exhibits which are considered an integral part of the, report. This appraisal report may not be properly understood without reference to the information contained in the complete report. Attached Exhibits: ® Scope of Work ®Limiting CondJCertifications ^ Narrative Addendum ®Photograph Addenda ®Sketch Addendum ® Map Addenda ^ Addfional Sales ^ Cost Addendum ^ Flood Addendum ^ Manuf. House Addendum ^ H etical Conditions ^ Extraordina Assum lions ^ ^ Client Contact: Client Name: Pearl E. Tucker E-Mail: Address: 37 Greenfield Dr. Carlisle PA 17015 APPRAISER ~C~""" Appraiser Name: Dennis L. Stover Company: Clouser Real Estate Appraisals SUPERVISORY APPRAISER (If required) or CO-APPRAISER (If applicable) Supervisory or Co-Appraiser Name: Company: Phone: X717) 737-7300 Fax: (717) 730-0922 E-Mail: dstovermax(r~comcast.net Phone: Fax: E-Mail: Date of Report (Signature): August 10, 2010 License or Certification #: RL 138906 State: PA Designation: Date of Report (Signature): License or Certification #: State: Designation: Expiration Date of License or Certdication: 6/30/2011 Inspection of Subject: ®Interior & Exterior ^ Exterior Only ^ None Date of Ins ction: 813110 Expiration Date of License or Certification: Inspection of Subject: ^ Interior & Exterior ^ Exterior Only ^ None i Date of Ins action: (~ R ES I D E NTIA L Copyrlght® zoo? Dy a la moue, Inc. tms tom, may ce reproaucea unmoacea wmiou~ wn0en pemnss~on, nowever, a w nnrae, IIIG. IINJI Ue AGRIIV7110USJISV CIIU I:IGUIIGY. Form GPRES2 - "WinTOTAL" appraisal softvrare by a la mode, inc. - t -800-ALAMODE 3/2007 Main File No.10-07 29 R-2 Pa a #9 Subject Photo Page Client Pearl E. Tucker Pro a Address 37 Greenfield Dr C~ Carlisle Cou Cumberland State PA Zip Cade 17015-7628 Owner Pearl E. Tucker Livin Trust & Teresa E. Krauss Subject Front 37 Greenfield Dr Sales Price NA Gross Living Area 2,136 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 3 Location Suburban View Avg Site .17 Acres Qualify Avg Age 16 Subject Rear Subject Street Form PICPIX.SR - "WinTOTAL" appraisal software by a la mode, inc. -1-S00-ALAMODE iMain File No.10-07 29 R-2 Pa a #10 Subject Interior Photo Page Client Pearl E. Tucker _ Pro a Address 37 Greenfield Dr C~ Carlisle Cou Cumberland State PA Zip Code 17015-7628 QWner Pearl E. Tucker Livin Trust 8 Teresa E. Krauss Subject Interior 37 Greenfield Dr Sales Price NA Gross Living Area 2,136 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 3 Location Suburban dew Avg Site .17 Acres Quality Avg Age 16 Subject Interior Subject Interior Form PICPD(.SI - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMOOE iPviain File No. 10-07129 R-2 Paoe #11 Subject Interior Photo Page Client Pearl E. Tucker Pro Address 37 Greenfield Dr C' Carlisle Cou Cumberland State PA Zip Code 17015-7628 QWner Pearl E. Tucker Livin Trust & Teresa E. Krauss Subject interior 37 Greenfield Dr Sales Price NA Gross Living Area 2,136 Total Rooms 7 Total Bedrooms 4 Total Bathrooms 3 location Suburban View Avg Site .17 Acres Quality Avg Age 16 Subject Interior Subject Interior Form PICPIX.SI - "wnTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07/29 R-2 Paae #12 Building Sketch Client Pearl E. Tucker Pro a Address 37 Greenfield Dr C' Carlisle Cou Cumberland State PA Zi Code 17015-7628 Owner Pearl E. Tucker Livin Trust & Teresa E. Krauss 37 GREENFIELD DR. PATIO NOT EXACT MID NOT TO SCALE Sk~1M by Ayol IV° COrtirTl6rlt5: FIRST FLOOR SECOND FLOOR zz.oo• x.ao PATIO $ FAMILY ROOM BEDROOM BATH MASTER ~~'~ $ BEDROOM BREAKFAST = AREA $ LAUNDRY g ~ KRCNEN $ $ m DMOJG ROOM BEDROOM MASTER 18.00' BATN $ 18.00' $ LNM1G ROOM $ 4 n 2J.00' $ ~ z CAR GARAGE $ 6.00 AREA CALCULATIONS SUMMARY ~~ QescrlptNon Nit Slse Net Totals dId\1 First Floor 1038.00 1038.00 dL712 Secoad Floor 1098.00 1098.00 (iAR ]lttached f3arage 396.00 396.00 Net LIVABLE Area (Rounded) 2136 LIVING :AREA BREAKDOWN Breahdovim 8utkotals First Floor 2.00 x 9.00 18.00 22.00 x 24.00 528.00 4.0o x 1e.oo ~a.oo 14.00 x 30.00 420.00 3ecoad Floor 2.00 x 9.00 18.00 30.00 x 36.00 1080.00 6ltems (Rounded) 2136 Form SKT.BIdSkI - "~nTOTAI" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07 29 R-2 Pa a #13 Comparable Photo Page Client Pearl E. Tucker Pro a Address 37 Greenfield Dr Ci Carlisle Coun Cumberland State PA Zi Code 17015-7628 Owner Pearl E. Tucker Livin Trust & Teresa E. Krauss Comparable 1 10 Briarly Dr. Prox. to Subject 0.11 miles SW Sale Price 175,000 Gross Living Area 1,852 Total Rooms 6 Total Bedrooms 2 Total Bathrooms 2.5 Location Suburban dew Equal Site .12 Acres Quality Avg Age 15 Comparable 2 31 liberty Ct. Prox. to Subject 2.85 miles E Sale Price 187,000 Gross Living Area 1,568 Total Rooms 5 Total Bedrooms 3 Total Bathrooms 2 Location Suburban View Equal Site- .18 Acres Quality Avg Age 14 Comparable 3 8 Liberty Ct. Prox. to Subject 2.88 mites E Sale Price 185,000 Gross Living Area 1,488 Total Rooms 6 Total Bedrooms 2 Total Bathrooms 2 Location Suburban View Equal Site .1 Acres Quality Avg Age 19 form PICPIX.CR - "WinTOTAL" appraisal software by a 1a mode, inc. -1-800-ALAMODE Location Mao Main File No. 1O-07/29 R-2 Paae #1~4 Client Pearl E. Tucker Pro Address 37 Greenfield Dr C~ Carlisle Cou Cumberland State PA Zi Code 17015-7628 Owner Pearl E. Tucker Livin Trust 8 Teresa E. Krauss ly _... _. a la mode inc: ... ,. _..~- .. _, .. .~ nle lase. N ror naee ~ ............. .......... ~ ,..r .:.. ,., - ~ ~ ~ a rr+~ ~ crew ~~ ~ ~ d°'µ0 ~ r v~ ~ ~~~ ~ ~ ~ o ~ ~ 8 ~ ~ ~ ""a""O` xl ~ a ~~,~. . ~ _ ~ w"ban""u,. ~ P E N N 3 Y L V A N I A ~ y «,",h,p~Ry ~ P W 7I ...~ .......,. Cwrao"~ . ;r ~h '{p. ~ .. ~ Q C U M B'E R L A N 0 L~ ~.. ~ a µ ~ ~~~ .# ~~ ~l ~' .._. g~ .~ ,,, ~. - ~ ~ ~ ~ w ~~ . l+M.p ~` s ,~ ' ~ ~ g ; ~ ~ sr v~;b . 4 .. ,, t\3 $Q 'o«, a r ~ ~ 8 ,.. ~ K& ~ , ~MOIYn ' h~ ~ ~7p ;A ~ ... ~":.' pp O>ttE~ A H p d. US /Nmy 'MaM°~gl ~ ~!~ .. ..~~. Stinon ~~~D ] ~` ~ 8 ~ 9t ~r~ Cp4CaAay ,. ~ ~. hj~~~_~.... -._. . 6~entlct ::'.:. - P _ - .. r::; NhshnMnu ~ _.. {~ ~- ~~y . f " E~IM !1 E~OIhM N~Mi'~MNM1 `-' COY _ F ~./~ ~N~ * E ~~ & - a 6~ f""' a ~tr Y Y ~,,y~~ ® ~O ~". r~ Y ~. .i . w801r11M $ - R '- 6 ~ 9 R 'MWt"rM~ - ~ ~ ~ ~ M1 r~~ "HkJmlytow~ a4 n r ~YRp ~ w ~ ~ ~ _.. ~ D .^V ~ ~ .d~ 'Q,^ - ~ Y3' ' -.. ~m __ . Mw~ha :Wmy~ ~ .: m,,,dg0µ0 e~ s , 8 ~ ~ ~ ~ c ~ ~ ~ i ..~s ~~."" ~~ sWwt" ~. ~ i ~ w ~ P4 , ~,,,pr ~ ~ ~111~ E ~ rant 1b W 9P^" ~~ lo7fnC W+N~P w '6 ~ /~w ~ Sp+IN ~ ~ ~~ ~ ~ -~- .tom :.,,. t -... E. ral"~ CoyN ti~ 91 ~ 8~ ~ M g C U ~~ ~ ~ Na~an ~~iW "~ ~~~ ~ ~MOOnAw w OI" reni /10 P 4 ~ ~ 4 C ~ ~ V"1" or ~ C~V a ~• 1 ~' ~-~ ~. 1 . _.... ~ +~ ~ . ~ ~ P._.. E---N N 8 Y L V- "A ~ N 1 A fy w 1, ., 4 ~ ~-' , BMa+iwn C U... M. .. 64 E~..R.. L A N 0 g~~ ~ ~.~ $ ~~ ~~ 8~ ~ P ~Q 7 NunMhM Qo KMI/~aP.. _. ~ < ,Y ~ ~ ~ ~~a~ ~ ^~Ian~ I. f/1MIN11W1~Y ~ Eeuc~lloo _. ~ Imo' M - %' ~ c.,,... - ~~ ~ ,% ~~ a ~ ~ ~~ ~ o F ~p " ~ ' MunIN" Rv+ ~ par."~o+l N" ~ ~ ~..., p r h .~ ~ t ~ ~ ~,,? ~` ~ ~ tae . ~~ ~ .....r~4 , e• li", i l rtes ~ am,r" ~. ~ ~ ~-.~~+:eYba:n.,c>o s/ia'~~+°e,..~sl Form MAP.LOC - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07129 R-2 Page #15 Special Conditions File Nn 10-07/29 R-2 i Pearl E. Tucker Pro a Address 37 Greenfield Dr Ci Carlisle Coun Cumberland State PA Zip Code 17015-7628 A n f Pearl E. Tucker Livin Trust & Teresa E. Krauss SPECIAL CONDITIONS ADDENDUM The following checked items are specific special conditions that were identified by the appraiser during the inspection of the subject property, the incomparable sales, and their neighborhoods and locations. 1. The subject is located in a rural area and is less than 25% built-up. The condition is typical and common for the area and DOES NOT affect the market value. X 2. Commercial uses are located within the subject's neighborhood. These uses are typical of similar neighbofioods and DO NOT affect the market value. X_ 3. Industrial uses are located within the subject's neighbofiood. The presence of industrial uses, is typical for the neighbofiood and DOES NOT affect the market value. X_ 4. Vacant and underdeveloped land uses are located within the subject's neighborhood. These uses are typical for the area and DO NOT affect the market value. X_ 5. The predominant value in the neighborhood is less than that of the market value of the subject property. This condition DOES NOT have an adverse affect the market value. 6. The subject property is located in a F. I. A. Ident~ed Flood Zone. 7. Dampness is noted in the basement of the subject. Standing or running water was not present on basement floor. X_ 8. The subject is older than five(5) years old. All mechanical systems including the heating, electrical and plumbing system appears upon a visual exterior inspection to be in working order. No warranties are implied in this statement. 9. The electrical system was not connected during inspection. 10. The water service was not connected during inspection. 11. The heating system was shut down during inspection. 12. Well and septic are common to the area. 13. Repair items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The repair items are cosmetic in nature and DO NOT affect the market value. 14. Subject is new construction and was 90% completed on date of inspection. Compliance and completion inspections suggested prior to settlement. 15. Should property be sold, termite and radon certifications are suggested, with appraised value based on clear results. 16. The land value exceeds 30°l° of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighbofiood and DOES NOT affect the market value. 17. The land value exceeds 30% of total value. This is due to the large size of the site. this condition is considered to be typical and common and DOES NOT affect there market value. 18. Individual adjustments were required that exceed 10%. These adjustments were required due to the lack of more similar comparables on that individual rating. All three comparables are the BEST AVAILABLE. 19. Total adjustments exceed 15%. This is due to the lack of comparables on that individual rating. All three comparables are the BEST AVAILABLE. 20. One or more comparable sales are older than six(6) months old. Although there are comparable properties in the subject area, none have sold recently, therefore, sales in excess of six (6) months old had to be used. X 21. One or more of the comparables used were in excess of one(1) mile from the subject property. Although there are comparables in the immediate area, none have sold recently. Therefore, it was necessary to use comparable safes outside of the immediate area. All comparables used are located in similar neighborhoods and within the same marketing area. All three comparables used were the BEST AVAILABLE. 22. Roofing certification is suggested. 23. Plumbing certification is suggested. 24. Electrical certification is suggested. 25. Heating certification is suggested. 26. Flood Hazard Insurance is suggested. 27. Seller is paying part or all of closing cost. This DOES NOT affect the market value. X_ 28. All comparable sales are closed sales. _X_ 29. The subject property has not transferred in the past three years.. _X_ 30. This appraisal is a Summary Report with complete data retained in appraisal file. Form SUP - "WinTOTAL` appraisal software by a la mode, inc. -1-800-ALAMODE •Main Fife No.10-07 29 R-2 Pa a #16 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this defini4on is the consummation of a sale as of a spec'rfied date and the passing of titre from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in temts of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. * Adjustments to the comparables must be made for special ar creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special ar creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party instithtional lender that is nat already involved in the property or transaction. Any adjustment should nat be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should appro>amate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING COND1TiONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the titre to ti. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show appro>amate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualiang the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is {ocated in an ident'rfied Special Flood hazard Area. Because the appraiser is nat a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will nat give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.} observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditons (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or Vess valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Unrform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client spec'rfied in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm wrth which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial instihrtion; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/cflent may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, ar other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 10048 6-93 GEORGE CLAUSER Form ACR - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE .Main File No. 10-07!29 R-2 Pa a #i7 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation, tt a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, 'rf a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any signficant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. {stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this repod, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and nedher my current ar future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a spec'rfic result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a spec'rfic valuation, or the need to approve a spec'rfic mortgage loan. 7. I perfomred this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketabil'dy of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. tt I relied on signficant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specrfic tasks performed by them in the reconciliation section of this appraisal report. I certrfy that any individual so named is qualrfied to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore,rf an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: tt a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certfications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 37 Greenfield Dr Carlisle PA 17015-7628 APPRAISER: Signature: Name: Dennis L. Stover Oate Signed: August 10 2010 State Certification #: RL 138906 or State License #: State: PA Expiration Date of Certification or License: 6/30/2011 SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: State: Expiration date of Certification or License: ^ Did ^ Did Not Inspect Property Freddie Mac Form 439 8-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Form ACR - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE iMain File No.10-07 29 R-2 Pa a #18 Signature Compliance File Aln 10-07!29 R-2 CI' Pearl E. Tucker - Pro Address 37 Greenfield Dr C' Carlisle Coun Cumberland State PA Zip Code 17015-7628 Qyynef Pearl E. Tucker Liv' Trust & Teresa E. Krauss ELECTRONIC SIGNATURE COMPLIANCE Wintotal and Project 2000 are fully ASE4 (Appraisal Standards Board) compliant in their security. The signatures on this report have not been altered in any way and the digital signatures are to be considered as original. Form SUP -'WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07/29 R-2 Page #19 Certificate Client Pearl E. Tucker Pro a Address 37 Greenfield Dr C' Carlisle Coun Cumberland State PA Zi Code 17015-7628 ~Wfler Pearl E. Tucker Livin Trust ~ Teresa E. Krauss Com~aawesihtih of Fcnnsylv~ania d 8 Q 5 8 9 5 2~ ~e~tlrtc~lent of Starts Barenip of Pratessfontl ~rrd (3acap~rtional Al~~irs Pi) iBox Zi~9 Harrisb~r~ P4 iS!~1y5-2649 Certiliieate Type C:ertli'lcaax Status Csriifis~d RssidonUaA /4ppnisar Aatlve laitial CertilTies4ion pate 111~JZ043 t~tn8 ~ ~~ Certif`itate 835 ADEItA ST Namber r~xltrowM RA 1TAS7 RL13$9~6r Expliratill~ Qate 4JQ1'3tN2011 ~ ~ r ~, ~..~.-,. /.-• a~gnarurr Crmts~nrnrc+aer a(Pmfirau+an~: anQ OKUpr+lrarp{ Atlun Farm MAP.PLAT - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07/29 R-2 Paae #20 Qualiftcattons Client Pearl E. Tucker Pro Address 37 Greenfield Dr C' Carlisle Cou Cumberland State PA Zi Code 17015-7628 Owner Peart E. Tucker L' Trust 8 Teresa E. Krauss Dennis L. Stover, GRI, CSP PA Certified Residential Real Estate Appraiser Certification Number RL 138906 CLAUSER REAL ESTATE APPRAISALS, LLC PO Box ??7 Camp Hill, PA 17001-0777 Phone (717) 737-7300 Fax (717) 730-0922 E-mail address: dstovermax@comcast.net www.clauserappraisals.com QUALIFICATION SHEET EDUCATION: Harrisburg Area oommumty College Associate in Business Administration Graduate Realtor Institute GRI Designation New Home Sales Professional Course CSP Designation Institute of Real Estate Studies USPAP- March 1998 USPAP- January 2002 Basics of Residential Valuation & Sales Comparison Approach-Apri12002 Basic Income Property Valuation-January 2002 Advanced Income Property Valuation-January 2002 Residential Construction-September 2002 National USPAP-September 2003 All courses to complete Pennsylvania State Residential Certification- All continuing education courses to maintain current license PROFESSIONAL MEMBERSHIP/DESIGNATION: Pennsylvania State Certified Residential Real Estate Appraiser #RL 138906 Pennsylvania Real Estate Salesperson- License #RS 150605A National Association of Realtors® Pennsylvania Association of Realtors® Greater Harrisburg Association of Realtors® form MAP.PLAT - "wnTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Main File No. 10-07/29 R-2 Page #21 Qualifica#ions Client Pearl E. Tucker Pro Address 37 Greenfield Dr C' Carlisle Coun Cumberland State PA Zi Code 17015-7628 Owner Pearl E. Tucker Livin Trust 8 Teresa E. Krauss REAL ESTATE EXPERIENCE: 2003-Present PA State Certified Residential Real Estate Appraiser, George C. Clausen Real Estate Appraisals 2004-Present Realtor, Union Realty, Inc., Middletown, PA 1997-2003 Assistant to the Appraiser, George C. Clausen Real Estate Appraisals 1991-2004 Realtor, RE/MAX Realty Professionals, Harrisburg, PA 1986-1991 Realtor, The Homestead Group Realtor, Middletown/Harrisburg TYPES OF APPRAISALS COMPLETED RESIDENTIALr Single Family Residences, Multi-family 1-4 units, and land. Appraisal samples upon request. APPRAISALS HAVE BEEN COMPLETED FOR: Adams County National Bank Allied Home Mortgage Capital Corp. Americhoice Federal Credit Union Centric Bank Community First Fund First Natkxral Bank Flrst National Bank of Marysville Fulton Bank Graystone Bank Harbortown Mortgage Integrity Bank Jonestown Bank Legacy Bank M&TBank Melkm Bank Members First Federal Credit Union Mki Penn Bank Members First Federal Credit Unbn Metro Bank National City Mortgage Natlonai Penn Bank Northwest Savings Bank Omega Bank Orrstawn Bank Pennsylvania State Bank PNC Province Bank Pnidential Relocation PSP Financial Sovereign Bank St~11ng Financial Corp. Wachovia Wells Fargo Form MAP.PLAT - "wnTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE ~----= . St send inquires to: .Statement of Accounts 5000 Louise Drive PO Box 40 Mechanicsburg, PA 17055 Mar 25, 2010 thru Apr 24, 2010 www.membersl st.org Main Switchboard: (800) 283-2328 ' EZ Call: (717) 697-4372 or (8ooj 283-4372 Account Number : 138375 ® TDD: (717) 697-5312 or (800) 283-2328 ext. 5312 MEMBERS 1st TeleBranch: (800, 237.7288 Balances at a Glance FEDERAI,CRfiDIT UNION Checking : $2,048.91 2849 1 AV 0 .335 5697-2849 Savings : 2, 054.02 I~~~III~~~III~~~~~~II~I~I~I~~~I~II~~~~I~II~~I~~~II~I~~~I~~II~I Certificates: 0.00 ~ TERESA E KRAUSS LIVING TRUST Loans : 0.00 ~ C/O TERESA E KRAUSS Money Management : 186,544.97 37 GREENFIELD DR CARLISLE PA 17015 SWlpe 5 YTD Reward : 0.00 Page : 1 of 2 Your aggregate balance as of April 1st is $272,125.96. An aggregate balance of $2,500 and having 3 products will place you in the Silver MLR level. Want to earn some extra cash? Take advantage of our CASH4U referral program. Ask an associate foF details. CHECKING ACCOUNTS 0011 • ~ktfCt(#1~1t3 Date Transacirion D~~on Ad+ditrQnis S~btr>"t+~ticros Ba#~tnce Mar ~S f~~anae Ic~e-~va~I 80 ,110.18 Mar 31 Deposit Q'ivrderrd 0.1QO°~b 6.8~ $0,.116..97 .4nnu~/ Pe~.7~ttagie Y, ~ ~: ~ Q3ftI7/~f~ tl»rot~i t~/31/~~fl Basam~ an A ~rsgre '' 6r Qf 80, ~4'B. B7 Apr 01 Depcsit Transfer From Share 0000 Apr 16 C-heck 002137 Trac r 00011fi7245 3,'410.00 . ,. e ~.~ 83, . Apr 19 Check 00213$ Tracer 00036T,"1 ,~'~.~f3~~,~~r~~ w .. 83,7.42 Apr 22 Check 00213Q Tracer 00017 _ ~e.~.a,-~ 7.u- ~. Ka.~ ~ ~ 8~ , . Apr 24 Check 0©2136 Tracer 0001131147 TRAI~fSACTfGN DATA - 04/23 '010 ~~ 82,048.91 /. d . { ~g- ,ncae ~~ Apr 2~ En . ; 82 ,04;5.91 , . tC SUtri~tMARY CIS # n "` to ~ ~ t 002T~ 2~O.OfJ Apr 24 ~ .4 ~ ~ 402'138 2~i.OQ Apr ~# 002137 16.9 Apr- 16 ~ ~ pQ2139 978.11 Apr 22 4 Cheer CYO ibr 1, 478: (~16 SAVtfi1 ~ S ~CCO~l~+I TS ;~~ 0000 - ~I~ mat - t ..Rapt .: .. lN~-T ~ Ertaila/ui'B "'~'N~`IC+~ ~ ~ e.... L _ r~ G , .~I Mar 31 Deposit Di~ridend t3.3(?A°Y© 0.82 2 , 054.02 Atlriuaf PntRg~e ~'~dyid Eared Q. ~ A~/0 ~J~ ~0 dinz~gh ~18~~,,~7~f~ _ ~° Apr 01 Deposit ACH C7FAS-CL~V~A~(b. 3 , 410:..00. 5 ,464.02 TYRE: RAT NET lp, ~i#t'Ib3C004 DATA:. DO SYt1~'t~«L ~2-RET C4; DFAS-CL~1/ELAND Apr 01 NVithdrawal Transfer To Share `0011 3,4'ti©.OD- ?;,.=:t Apr 02 Qeposit ACH St?C SEC 792.04:.. ~ ~, 846 • E)1 iD : 3039036030 CO : SAC SEC - - - Continued on following page - - - 12/09/.2010 12:45 7177310620 GRADY FERRY PC PAGE 03/11 ~ ~ ~ Send Inquires i0: 5000 I.oulge Drive AAain Syy~tchboertl: (800) 283-2328 ~ CaII: (717) 897-42 Or (800? 283-4372 Mg • 2rj , 2010 thN Apr 24, 2010 Pb Box ~o PA 17055 TDD: (717) 897-5312 or (8U0) 283-2328 P,J(t• 5312 MWylB~RS 1~ INA~hanlCShurg ceps-::a. A,cc~ur~i Number : 138375 , ""`°'"ia0"' w.rw.memberslst.org T~IeSrench: (800) 2$7-7288 Page: 2 pf 2 mate Transactiaon 'otion Additions Subt~etions .,.. Balance ~' Apr 02 Wrthdrawa! Transfer To Share OQOa 792 • ~- ' ~ 054 • ~ App' 24 Ehd~g B~s/ence 2 • ~ • ~ 0005 ~ MQNEY MANAGEMENT Date 1'rxnsadionDtion _ Additions ,_ Subtractions Oatar+ce ~- Adar' s~ ~Bateixas Fdr'~rd ~ 85 ,x42.63 -~' s Mar 31 peposit Dividend Tiered Rate 110.34 1$5,752.97 ~'~" ~.~ Annt~J Per+~n~e YAe~ld Earned O. TA~61i~vnt Ott/~'1/2010 d mlmsug~h Q~/31/2010 s~ Apr 02 Deposit transfer From Share 0000 792.00 1,544-97 ~~ Apr 24 Endue Be~nca -~ 186,544.97 - ~ YTD SUMMARIES TdTAL DIVIDENDS PAID ...... . _... _._.....---..._ . ..._...,.~ ..,... ......,... - 1.00........ _ ..... 0005 MONEY MANAGEMENT 327.12 0011 CHECKING 19.33 Total Year To i']dte Dividends Paid 348.05 NOTE : Total includes closed shares Don't forget ~iblout our new Mamber Layaity Rewards Praglram. The more products you gave with us, the more i~enef~ you'll receive. Ask air associate for details ar visit our website at www.i~embers9st.~otFg far details. ~ ~,• ~~ ~" ~~ ~ fk ~ ` • ~ t ~ .~. f .~ • ~ , 1' . "? w ~~ ': •~ t ; ~ .~ ,~ * ' / , ~ ~ ~, • ~ ' . ~. ~ ' ~ ~ ' , S ~ ~ • ~ .. ; .. . , ~ ` ' ~ •. , SUMMARY APPRAISAL REPORT PERSQNAL PROPERTY of Personal Property of the Estate of Edith Krauss, deceased 37 Greenfield Dr. Carlisle, PA 17013 Client: Pearl Tucker 3 7 Greenfield Dr. Carlisle, FA 17013 affective Date of Appraisal: September 8, 2010 Date of Report: September 8, 2010 by: Ibis Appraisa.~ Services z¢SN. Haftor~erS~ P.O. B~oac' 2¢ isle, PA z~oz3 (717) 243-3474 info@ibts~ppraisale. com ww>cvfb~8appraieal8. com ~6is APPraisal`J' ervices f a¢e 1 of i 6 TABLE OF CONTENTS Table of Contents 2 Appraisal Scope of Work 3 Appraisal Extraordinary Assumptions 4 Appraisal Hypothetical Conditions 4 Appraisal Summary 5 Digital Photograph & CD-ROM Instructions 6 Personal Property Listing 7 Appraisal Summary (Copy) 10 Glossary 11 Appraisal Certification 12 References 13 Privacy Notice 14 Statement of Qualifications 15 ~6~s APPraisa~jervices Pale 2 0~ 1 6 APPRAISAL SCOPE OF WORK I hereby certify that, upon the clients' request for the appraisal of the estate personal property of Edith Krauss, deceased, 37 Greenfield Dr. Carlisle, PA 17013, that I have appraised the estate personal property to determine the Fair Market Value for the purpose of the estate. The effective date is, as of, September 8, 2010 and reported on September 8, 2010. The client in this estate appraisal is Pearl Tucker. The intended users of this appraisal are Pearl Tucker, the family of Edith Krauss, and any other person(s) authorized by the executors, executrixes and administers of this estate. The date of inspection was August 30, 2010. I have personally and physically inspected the listed personal property. The personal property was found to be in good to excellent condition, unless otherwise noted. The information and values contained in this report are based upon my experience as an appraiser and other reliable sources using a Sales Comparison Approach to determine Fair Market Value. [Fair Market Value is used in divorces and estates in the state of Pennsylvania.] A market data analysis with comparable sales transactions was used to reconcile the quality and quantity of data. Values are reported piece-by-piece, and/or as a whole. All values reported have been determined with consideration to the condition of the item, market conditions, and salability factors. All analyses, notes and paperwork are found in the workfile. pis Appraisal ,cervices ~i G.A. Director ~6is APPraisaljervices Page 3 0~ 1 6 T ~ i ~ APPRAISAL EXTRAORDINARY ASSUMPTIONS c~a No extraordinary assumptions were used in this report. APPRAISAL HYPOTHETICAL CONDITIONS cap No hypothetical conditions were used in this report. ~6is A~Praisa~jervices Pale 4 0~ 1 6 APPRAISAL SUMMARY It is in my opinion, that as of September 8, 2010, the Fair Market Value of the personal property of Edith Krauss, deceased, 37 Greenfield Dr. Carlisle, PA 17013: (Nine Hundred Twenty Five Dollars and Zero Cents) ($925.00) pis A~praisa~ vices ~v~ssa on v~~ C.A. Director The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report. -6~s A~~raisaljervices Page 5 0~ i 6 DIGITAL PHOTOGRAPH & CD-ROM INSTRUCTIONS Ibis Appraisal Services has provided you with a CD-ROM that houses all of the digital photographs of all of the items appraised. The CD-ROM also contains a saved copy of the appraisal report. This CD-ROM may be kept with the paper copy of the appraisal report or kept off-site, such as a safety deposit box. The photographs are saved in the JPEG picture format, meaning that all of the file names end with a ".JPG". The file names correspond to the written appraisal report's Corresponding Photograph File that is included at the end of each item appraised. Getting started with your CD-ROM 1. Insert the CD-ROM into your computer's CD-ROM Drive. If you do not have a computer or access to a CD-ROM Drive--a copy store, office supply store, or public library will be able to help you view and/or print your pictures. 2. Your computer may contain one or several different software programs that will allow you to view your pictures. Examples of these programs are Draw, Photo Editor, Picture It! Express, Photo Suite, My Photo Center, Photo Studio Lite, Photo Shop Pro, Picture CD, or Photo Deluxe. The program that is included with a digital camera is another way to view 1Cp tures• • Select the program for viewing photographs and open the program. 3. Click FILE, and Click OPEN. 4. Use the Pull-Down, "Look in" Menu and select the D Drive (D:) or whichever drive is designated as your CD-ROM (sometimes this may be the E Drive (E:) on your computer). ~ NOTE • Your CD-ROM Drive is designated with a small CD-ROM graphic Icon or a cartoon representing the drive. • The drives of your computer can be found under My Computer section of the Pull-Down "Look in" Menu. Common Drives are: A Drive (floppy disc drive), the C Drive (hard disc drive), the D Drive (CD-ROM Drive), and the E Drive (sometimes CD-ROM Drive; sometimes an external drive, like a CD-ROM Writer, Zip, or Jazz Drive). 5. Double-click on the photograph you wish to view. ~~is AP~raisa~jervices Pale 6 0~ 1 6 PERSONAL PROPERTY LISTING 1 BuffetlServer.lVtid-twentieth century walnut $55.00 buffet/server with spoon-carved with four drawers over two doors flanking two single drawers. Maker: Unknown, chest unmarked. Corresponding Digital Photograph File: img 9739 jpg 2 ~' ~ . `" ~ ~~~ ------~ End Tables. Two mid-twentieth century hardwood end tables. Maker: Unknown, end tables unmarked. $10.00 Corresponding Digital Photograph File: img 9740 jpg 3 Coffee Table. Mid-twentieth century maple coffee .$10.00 table. Maker: Maplelux. Corresponding Digital Photograph File: img 9741.jpg 4 , En T 1 .Mid-twentieth century hardwood end $5.00 :,d ~,~ table. Maker: Unknown, end table unmarked. Corresponding Digital Photograph File: img 9742.jpg ~6is,~PPraisaljervices page 7 of ~ 6 5 L" B~iroom Suite. Mid-twentieth century chest, $125.00 mirror and bed. Maker: Stanley. Corresponding Digital Photograph File: img 9743 jpg 6 Chest. Mid-twentieth century chest-on-chest. $100.00 Maker: Sumter Furniture. Corresponding Digital Photograph File: img 9744 jpg -' 7 Bedroom Suite. Mid-twentieth century bedroom $185.00 suite. Suite includes: chest, two end tables and mirror. Maker: Unknown, suite unmarked. Corresponding Digital Photograph File: img 9745 8 ~~' ` ~ ' D k. Mid-twentieth century cherry leather top $350.00 desk. Line: Georgian Court. Maker: Ethan Allen. Corresponding Digital Photograph File: ;:;~i ~, . ~ img 9747.Jpg 9 File Cabinet. Modern late-twentieth century particle $5.00 board file cabinet. >~ Corresponding Digital Photograph File: img 9746 jpg ~bis APPraisal ~jervices j'age a of i 6 10 Bookcase. Modern late-twentieth century hardwood bookcase. Maker: Unknown, bookcase unmarked. Corresponding Digital Photograph File: img 9748; jpg $20.00 11 ~ ,. Chest. Modem late-twentieth century particle board chest with five drawers. Corresponding Digital Photograph File: img 9749 jpg $25.00 12 Corner Displav Shelf. Mid-twentieth century corner display shelf. Maker: Unknown, shelf unmarked. Corresponding Digital Photograph File: img 9750 jpg $35.00 Total $925.00 ~bis APPraisaljervices Page 9 of ~ 6 APPRAISAL SUMMARY (COPY) It is in my opinion, that as of September 8, 2010, the Fair Market Value of the personal property of Edith Krauss, deceased, 37 Greenfield Dr. Carlisle, PA 17013: (Nine Hundred Twenty Five Dollars and Zero Cents) ($925.00) pis Appraisal e vices ,, ~v~ss L one , C.A. Director The report must be read in its entirety. The Appraisal Summary ONLY is not the appraisal report. ~bis APPraisa~jervices Page t O of 1 6 M ~' GLOSSARY Extraordinary Assumption. An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions [USPAP]. Fair Market Value. The price at which a property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts [IRS Regulation Section 1.170A-1(c)(2)]. Hypothetical Condition. That which is contrary to what exists but is supposed for the purpose of analysis [USPAP]. Replacement Value. The term replacement value refers to the amount that an entity would have to pay, at the present time, to replace any one of its assets [Wikipedia]. Sale Comparison Approach. This approach compares an object property's characteristics with those of comparable objects that have recently sold in similar transactions [Wikipedia]. ~6is A~~raisa~jervices Pale t i o~ t 6 CERTIFICATION OF APPRAISAL I certify that, to the best of my knowledge and belief: - The statements of fact contained in this 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, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. - I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. - My engagement in this assignment was not contingent upon 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. - I have made a personal inspection of the property that is the subject of this report. - No one provided significant personal property appraisal assistance to the person signing this certification. This appraisal was based upon the following assumptions, limitations, and conditions: 1. The information contained in this report was gathered from sources considered reliable, personal examination, research of authenticity and comparable sales and/or auction prices. 2. No responsibility is assumed for matters that are legal in nature, including, but not limited to: the representation of others concerning the value, authenticity, condition, origin, or provenance of an item appraised. 3. The appraiser assumed that a normal and careful examination of the property was sufficient to determine its quality and condition and that no extraordinary examination procedures were to be utilized, unless these were specially requested and the expenditure of funds therefore authorized. 4. The appraiser's court attendance and expert testimony report, if required, are not included as part of this report. The appraiser does have the right to refuse testimony. It is the firm belief of the appraiser that the information furnished in this appraisal report and the conclusions drawn from this information are true and correct, but they are not guaranteed. Ibis A~~raisa vices L A ass L. ev~~ C A. Director ~6is APPraisaljervices Pa e i 2 0~ 1 6 APPRAISAL REFERENCES Alderfer's Auction. 501 Fairground Rd. Hatfield, PA 19440.215-393-3003. http://www.alderferfinearts.com/ Conestoga Auction Compan.~ 768 Graystone Rd. Manheim, PA 17545. 717-898-7284. http://www.conestogaauction.com/auctions/ Cordier Antiques & Auctions. 2151 Market St. Camp Hill, PA 17011. 717- 731-8662. http://www.cordierantiques.com Crai 's~List. http://wwvv.craigslist.com eBay. http://www.ebay.com Elmer Murray Auctions. Richard P. Murray. 717-790-2240. http : //www. richardmurryauctioneer. com/ Gottshall, Jr., Roy Auctions. 113 Forge Rd. Boiling Springs, PA 17007. 717-258-6222. Hershey, Dan Auctioneerin~ Service. 3 Brown Rd. Shippensburg, PA 17257. 717-532-4647. Hess Auctions. John M. Hess Auction Service, Inc. 1667 Cider Press Road Manheim, PA 17545. 717-664-523 8. http://www.hess-auction.com/ I.R.S. Publication 561: Determining the Value of Donated Property. http://www.irs.gov/pub/irs- pdf/p561.pdf Morphy Auctions. 2000 N. Reading Rd., Denver, PA 17517. 717-335-3435. http://www.morphyauctions.com/ Ocker, Carl E. Auction. 4401 Philadelphia Ave. Chambersburg, PA 17201. 717-264-6578. http://www.kennysauction.com/ Pook &Pook. 463 East Lancaster Ave. Downingtown, PA 19335. 610-296-4040. http://www.pookandpook.com U.S. Treasury Regulations Section 1.170A-1(c)~2): Charitable, etc., Contributions and Gifts; Allowance of Deduction. http://www.taxalmanac.org/index.php/Reg._1.170A-1 Uniform Standards of Professional Appraisal Practice. http://www.appraisalfoundation.org Wikipedia. http://en.wikipedia.org/wiki/Replacement value ~6is AP~raisa~jervices Paget 3 of t 6 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained by strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic, and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. ~6is /-~PPraisa~jervices Pale 14 0~ i 6 v ~ + STATEMENT OF QUALIFICATIONS Alyssa L. Loney, C.A. PRESENTLY Founder of Ibis Appraisal Services. Owner and Director. October 2001-Present. Responsible for the management and direction of Ibis Appraisal Services. Conducts extensive on-site and in- house appraisals, valuations, assessments, and analyses of personal and cultural property. Conducts research on all objects considered personal and cultural property. Performs appraisals for divorces, estates and insurance. Performs in the service of law firms, banks, insurance agencies, universities, library, museums, churches, non-profit agencies and the general public. Responsible for the development of policies, guidelines, public programs, and standards for Ibis Appraisal Services. Takes an active role in promoting ethics in appraising. Works with local, state, national and international agencies to prevent and uncover appraisal and personal/cultural property fraud. Member of Institute of Appraisal of Personal Property, American Society of Appraisers, International Society of Appraisers, and Professional Coin Grading Service. PROFESSIONAL COURSE COMPLETIONS ISA Course Completions - Core Course in Appraisal Studies - Antiques & Residential Contents USPAP Completions - 2002 Uniform Standards of Professional Appraisal Practice - 2009 Uniform Standards of Professional Appraisal Practice (takes 15hr course, rather than update course) Archaeological Resources Protection Act Course - American Antiquities Act of 1906. - National Historic Preservation Act of 1966 - Archaeological Resources Protection Act of 1979 - Native American Graves Protection and Repatriation Act of 1994 PROFESSIONAL ACCOMPLISHMENTS ~ State Historical and Underwater Archaeologist for the State of Louisiana. ~ Attended the Conservation of Indian Artifacts Symposium sponsored by the Smithsonian Institution and the Tunica-Biloxi Indian Reservation, Marksville, Louisiana. ~ Director of the West Virginia University Historical Costume Museum. ~ Research Archaeologist/ Artifact Instructor for CADW (Welsh Historic Monuments)/ University of York, England. ~ Research and Preservation Specialist for the Maryland Historical Trust. ~ Presented and published works for national and international organizations including the Society for Historical Archaeology, Middle-Atlantic Archaeology Conference, Southeastern Archaeological Conference, Louisiana Archaeological Society, and the Maryland Historical Trust. ~6is APPraisaljervices Page 15 0~ 16 EDUCATION B.Sc. Historical Textiles and Clothing, 1992, West Virginia University, Morgantown, West Virginia, United States. M.A. Archaeology, 1995, University of York, York, England. C.A. Certified Appraiser of Personal Property, 2001, Institute of Appraisal of Personal Property, York, Pennsylvania, United States. A.R.P.A. Archaeological Resources Protection Act, 2000. S.B.D.C. Entrepreneurial Series, 2001, Kutztown University of Pennsylvania, Small Business Development Center. II ~6is APPraisaljervices Pale 16 0~ 16 Certificate of AppraisaM TWIS 18 Tp CERTIFY that {, ~~c C. Hunt ,~ of the firm of Auc~inns ~ AJ~~a~~iy Hunt located at 19521 field ~,_„ ,~_ city/town Gaithersburg state eland ..1~ z1p 20879 phone 1-301-~~,~~~~_ am a member of the INTERNATIONAL SOCIETY OF APPRAISERS, I~TD., and am a qualified appralaer of the articles fisted below; that 1 have carefully examined said articles ot~'l property at the request of Name ELIZABETH MIACLEY FpR ESTATE OF TERESA EDITH tiRAU3S Address 1916' St Johns ur Line Germantown M17 20876 and in my judgment their current market values for the purpose of Estate are as follows: Numclber Article sand Desoription A ~~~ Sse page 2 for listing of Persona]. Property moved•to 19161 St Jhvnsbury Lane Germantown MD 20876 from Penn>sy~.vania $2, 990.00 The undersigned .Appraiser & Auctioneer has conducted over 50 auctions annually for the past 30 yea=<rs and appraising for 35 years. Attends other auct~.ans, appraisal & aaction sealinar:s on a regular betels and frequents the shop a»d market places handling personal property in the eastern area. With this extensive experience and price research a true market value is readily and accurately obtained Total Appraised Value This TEAM! ANO t)ONOITIt)N3 Thla ~er(IlkseN of RpprelalM le plven eubleCt to tNR tonne and tx>ndlllane Nwineftor oet 1orNt. MI Of wh10h ef0 a pert hereof unleaa erlpnsoly sot eeldo In wrltlnp either on the papa oft tMla c~onlitcah a by a wrNlnp ettaohed !o IM Oert111oeq a(pn^d by eM peMlp oonoerned. t , tJ»den otherwtes stated Mreln, IMa aertltloate W beeod only on the roaduy epperent Wenltry of the INm(o) appreteed, and no futtMr oplMon nor puereMN d euthentl• ahy. tlwt. ettrlbulton or atnhoreMp k made. 2. Unlw efhnwlaa aUNed iM apprebed rakNtd le based on the wholo owntKehlp and poseoeeory Interest undNnlnlahad by avl- (lone, f/e011one11nMA1dle or enY otn« town of enoumbnnee orlon. S. ThlsosHlNCat0lamadoallharequeelottheparty farhte/ladNsuN.IIIar101M11apoetlenoroarlMldlealfHleorownereMO.TheldeMNlsatlonolgtaM/eraetol ~~ parry le almplY that reproeentod 10 Ills ~~ by euoh pM1Y and no IhqukY or IttrtlellplAlon hN bMn made not k any Opinion qMn M Id tIM 1rY1h M aueh I. tfN MalYelel exPtaaeetl IMreMI N booed on IM sppraleore boot ludomsnl and opM~bn eed (e not a n~pnfeaMMlon or wwnmtY ihet tM hom(e) wNl raatNgr Thal aloe If olfarod for ~p el tan or otlterlWae, the MnIW(s) e~pre~MO le On aun~ant information oh the dat• Wade end no oplnbn h ncK, unMb othNwbe wKp~eMh ala1W, u b enY p~ ~w• hwbY explNead ae to M-y 1Wun1 vMua d. 9leled 1Mlneo ereoiven Ibm by Item unMtea olNrlY eteted es bNnp por lot. Tha Ie1M of IndlW0ua1 hem vetoes ahW not ba eaatrued ae an rNIW wdue br the whofn Io6 buf merelf~ ae tho eddltlen bf airgt-s vsluee. tNhnne ahtp are pitielt OY af. the wMue per lot a for th• wAole eed no ol~+nbn la gwen ae le Indl~iiN a vrooortlonwte w~u.e within tIN e. ueMeee Otherwise staled hereto, t+elu~a(s) exprwaed w based on the Ncprfflw and que11fl0etion of Iha a leer ae to the eppropAate rnarltN end wik~Mbn for the ilw(s1 and purpose Imolvsd. Where perltoular dNa11W veNMtbn nylon 1a n11ad on, it wN! be eo s1Med In wrhlno. 7. WhMe sppralssi la beeetl on a eelnph of a Ier0o- wttoN,11 will be eo etatsd and k b bated on the ~surnptlvn thM) the sample WNreled b repreeenlydlve end felt. No. opinbn or YMIMrenly M hersbY made a• to the taMnase a oaptetentettve nature of enY ~ whON from wl-bh th0 Onlltpll- wet drawn. 6. WMw all apprelsat la band nW 0n1y On tlw Mem(Ml. but also on data or dooumentetlon auppNtd therowkh, fhb oerlMbtle shall ad state by mNtlnp rolerenee theroto end, wlMre approprMto, ettaCftinp aoplat Mrel0. 4. Unites exproeNY eteted, the oondHlon of tho Ilemlel M Yovd for Ile type, wNh eerlouti defloNnoht and repeln Holed. ordlnerY wear and Isar common to thlt type o) Item la not netsd, I hereby accept these terms and conditions and order the appraisal to be made. Date 19 Signature of ownerlfiduclary This report consists offi~tlL_ pages. Total appraised value Two Thousand Nine Hundred Ninetx Dollars and No Cents ~ 2r 990.00 dollars. e. ~Np~~ Signed at p ~--~ 2l AAembor- Asaot:iatA 8lgnature ~ Intern~t;ional Society of Appraisers Appraiser's Name Georg, C _ Hunt AIt Aaro~xiatiun of t~es+vn~l t~ivPerry A~rai~+er:~..., page One o f Four Pages Fo'~m Ir'w~ otaz In TNpne~te ORIaINAI. AND CANARY CpPfES TO CUATOMEFi, PINK COPY TO APPRAISER ra CoPVnIaHT itteo IPITERNATIONAL SOCIETY t)f APPRAISERS, LTD. P.C. E30X ~~$ hIQFFMAN fSTATtZ3, IL 60196 (312)882-0706 ~~t~o~s B~ pPr~rs~ ~ Hunt s 1952 I Vlxoodfield Load ~ Gaikhersbur~. Maryland ~b879 l -3U 1-948-3937 ES'I'AmE QF TE~tESPs 'EDZ7,'II IC'Et,AUSS pERSQN.AL PRC~PE'l~TX ~1,PPRAISAL PAG:S 2 Cettifird in ~ . ReatEstateand 191 G1 St ~'ohnsbury T,a Germantown MD 20876 p~rsanat Ptop~rty [Jation:~, ITEMS MOVED 7'p 'I'RIS LQCk~TION OF' PENNSYLVANIA A4SOCiation of pal ~3t~tC ~-QP~~~C~'S . DYn~.n~_-~,ivzng Room unnt'd st8tp~ a~,i~~ n~nd~rgn. irtc. 2 ~'ra.med 1~?: ~I7I'~S @ 2 0.0 0 each ~ 0.00 Amexi.ca.n Flag 10.00 ~ ire Maga.~ine Mack 15.00 ~rn;atia~ Group o f ~bs ~ z 5~ O p s-a Nest of Tables (damaged j ~ 35.00 A~praise~s 2 Fzamed Oils @0.00 each 60.00 M~ Group of Clear Glassware 75.00 Marytarid and National Lame 1 5.0 0 Auaidnl+e~Assodation 5~,~ ~ ~ Ch ~ ~a 6 5 . 0 ~ I_icenseeartd G~'ou~ o~ Aecaratf ve Plates 85 , 00 8ondadin 4 pcs .Lladre~ ~ ~QO.Op ~~'~~'~~~'''"~''''~";~~ Box of Sterling Flatware 750.00 Maryland Set Q~ Lenox Ci~ina 275.00 Kitchen bishes, Pots, fans & Utensa.ls 65.00 Den _._.__.. wail shelf ~s.oo Gxou~a o~ Figuxiz~es tQ include same Hummels 600.00 Basement Chx~stmas Oxua~ner~ts 40.00 Large ~'abl+~ Full o~ Glassware, k'~.gurines & Call.ectables 150.00 Sma11 Table Fu11 of Lenox China & a few Fenton 175.00 Table Fu11 a~ Costume Jewelry and a few framed pr~.nts 1 60.00 Lamb 15.00 Few Misc Collectibles SO,pO EN'~'~TF Off' '~'FFE~A EIaZ'1'H KRAUSS FERSOI.YA~ FROFERTX t~FPRA,I i~iL PAGE 3 Suppor~c~g ~~i~~~t.ti~ lhventoryC~~~t~Ot TERESA EDITH RRAUSS w 1 ' .'1. _ __ _ _ •w ~~i..i/tj L.L. {i~ ~~~_` ~ L'lesctidtio~ ~ a e _ See gage 2 ~o~ ~ ].~sta.ng Qt: Persona. rixopert~y moved ~ fxom - Pennsylvania to 19161 St Johnsbury La Germantown NlY7 2087Fi Total $ 2 ~ 990.00. ~WC7 THQtJSAND NINA Ht~b~tED NIN~~'X .DOLLARS AND NQ CENTS ' Werfftcation o~ raiser rrther than personal representativre, if net s~piled separately: 1 satamuriy a ut'rd~r ilta penalties ai perjury that I appr~aigsed the p~apehy fisted on lhis s~cheduie pan the .~.~~ - dear of .~~ .~. and ihet iheappraisel was cion~ imparii~y the test a~ ~ 't`II end jement. ~ . ~ Printed Marne X9a2~, -iP~ocY~~.~.7.d Road Gel ~1~erslYnrcl. I~1 2 d Adrlt~s ~ -. (rt~LRtrtEons; l~mtt b Code. Fstaies and Trust llwcle. ~?-a~i. ~. 0 ~ iA rater ¢. ~ ia~wle ~ r~-aekat value as d the dare d d~la Q! the deaedetu, . 2. ~t an ~m ~s ena~aaR~red. stioe~ MIS and amount o1 any rtwnitce iA Mhe tlea~Gan. ~. ~ +r:~ and hold p~op~ny, glra a demon ~ b ident~y ~ prottarhr ~ the t~ ral+er~tae by errand taco. a. In ~tng Bible P P4r it is.nvt ney 10 fist wearln~ other Moan hus and ~~.etry. ' '9w 2~ Iaeviegt! 7ig2 1'S~~'79 ./ i . -~i'' +sr~r~~ 1'~i21 aft ~d + C~t3~~sb~a-s~. 111[aryl~xtd ~ ~~~ ~ •94~E~-393? ES~'A~~ OF ~'~R~$A EUT~T~ IiRAUSS PERSONAL QROPFR~Y A,PPRAZSXIL PAGE 4 ~~ rme with the tai ~~ociati in 'the C~a~t~`~ Pre~o~lP,av«gr " fia,~lE~,~mApots . --~Certifi~d ~.n Pe~~ ~'x~y . • 1Me+1+ir a .-'Lo~e~' ti~t~ . ~~ae~ it3 '~~-#i~na~. ~.ntd Lot~a. ~ha~~-xe . N'*~ . -~~nti~ ~ ga-e~ ~~a : ~;r~~S3.Q.~t ~ncl ~v~r~ t~ ~ir+~~t~~s ~a,~ -Con+dnets ~ncicia~ " Fund Agp~a3.eals on ~ ft~t.~.l t3.~e ba91s ~. u~.th ~- ~s~ge ~~ i~t of +~f ent~e tof i~cie Manx ~t~oL'a. Ming & 3to~~ag~iay.~~~is~aa gad amy~q,~~,t3tn8n .+~~ ~.t~~.y~'~. ` in~f~rid~ss . ~~~r ~+~ n~Q~ iSiiil~ ~~ ~~i 4~~~ ~i ~..~u~~ ~M • f•