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HomeMy WebLinkAbout06-16-11`~ pennsylvania DEPARTMENT OF REVENUE INHE RITANCE TAX RETURN ...F~ NUMBER PO 80X280601 HARRISBURG PA 17128-0601 NONRESIDENT DECEDENT ~.~. _ ~ ~ ~ ~ ~~~ , COUNTY CODE YEAR NUMBER DECEDENTS NAME (LAST, FIRST AND MIDDLE IN ITIAL) SOCIAL SECURITY NUMBER Z O'DONNELL, JOAN N. 579-40-8837 W D DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-DD-YEAR) U 05/07/2009 01 /01 /1930 W (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRSTAND MIDDLE INITIAL) SOCIAL SECURITY NUMBER "' a ~, 1.Original Return ^ 2. Su lemental Return PP ^ 3. Remainder Return (date of Beam prior to ~z-is-sz) w a ~ ^ 4. Limited Estate ^ 4a. Future Interest Compromise (date otdeatn aner ~z-~2-ez) ^ 5 Federal Estate Tax Return Re i d ~ a m - ~ ~ 16. Decedent Died Testate (Anacb copy orwu) ^ 7. Decedent Maintained a Living Trust (Anacb copy or T~asc) . qu re 8. Total Number of Safe Deposit Boxes a a ^ 9. Litigation Proceeds Received ^ 10. Spousal Poverty Credit (date of deatn between 12-si-91 and t-i-ss) - ^ 11. Election to tax under Sec. 9113(A) (Anacb scn of z THIS SECTION MUST BE COMPLETED: ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: o NAME COMPLETE MAILING ADDRESS z 0 ~ FIRM NAME (irApp~icabie) w o TELEPHONE NUMBER U METHOD REFER TO METHOD OF COMPUTATION IN THE NONRESIDENT DECEDENT INSTRUCTION BOOKLET (REV-1736) Check One: © Flat Rate ^ Proportionate (Complete Worksheet on Reverse Side) 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) Z a .J H a a U W W ~ Z W Q 2 F;, U ~ W ~ =a VO 2 V U Q Q ~ 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) 4. DAortgages & Notes Receivable (Schedule D) 5. Cash, Bank Deposits 8 Miscellaneous Personal Property (Schedule E) 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G orL) 8. Total Gross Assets (total Lines 1-7) 9. Funeral Expenses & Administrative Costs (Schedule H) 10. Debts of Decedent, Mortgage Liabilities and Liens (Schedule I) 11. Total Deductions (total Lines 9 & 10) 12. Net Value of Estate (Line 8 minus Line 11) (1> 290.000.00 C7 ;:~,;, (2) ^~ ~ ~ -,r ~ ~ i~ _ i ._.. ~ 1 - _r7 ~ ~ (6) 2y G~ 4^ r -- t'T't ~•~ "i'7 (7) (8) 290,000.00 (s) 6,530.00 (10) 6,530.00 (11) 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) 14. Net Value Subject to Tax (Line 12 minus Line 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 2116 (a)(1.2) 16. Amount of Line 14 taxable at lineal rate 283,470.00 17. Amount of Line 14 taxable at sibling rate 18. Amount of Line 14 taxable at collateral rate (12) (13) (1a) 283,470.00 • •: ~• x .0 _ (15) x .0 45 (16) 12,756.15 x .12 x .15 19. Tax Due -Make check payable to Commonwealth of PA 20. ^ • • ra • • (17) (18) (19) .12,756.15 > > BE SURE TO ANSWER ALL''QUESTIONS ON REVERSE SIDE AND RECHECK MATH < < 0 N n. U D m ~~ ~ ~~ I'1''~~^' W ~~ U a L a m yr C. O m d V O W W I-- a 3 z d~ za o~ ya° O ~ J 0 ~~ d = ~" c ~~ d ~ ~~~~ ~ ~ ~ CCCC C C C '~ _~ € 1 e ~ s ~ ~ ~ . ~ ~~~~ ~ .~ .__ .1 .~~ ~'~ ~ ~ ~~ ~; ~~ as a t3 t ~ Q c O C7 W J d ~~ ~~ h h Z ~~ ~~ ~~ ~~ s H LL 0 A~ r r r ~ ~ ~ ti N N r r r ~ s ~ ~ P~ V G ~ ,~~ v j U C ~ E ~ °- a~~ `~ ~C)dC~U T r N U m Q v ~~ ~~ s~ ~ °' ~~~ / N 1 `' ZZSS `-~~ L '~~ [V W O 8 p •I-=VIN ~~~ ~~.~ -~ ~ N ~~ v N co ~ ~~ ~~ ~ .~ ~~ .ri s~ 5 d v ~! .J I.u m ~~ .G LLI ~ ~ °+~ iv = $ ~ ~ t! ~ ~ K o. c o ~ v ~ ~ :~ ~ ~ erg' "~ ~ ,~" ~ $~ ~ g $~m o~ m a ~ ~~ ~~ ~W m o a ~_ ~ ~ y ~ ~~ ~ ~ ~ ex ~ ~ ~ i ~ ~ r ~ E d~ ~o ~ ~ ~ s$ ~-~ W ~~ ~~~ ~.~ ~ ~ s ~~ ~~ ~ ~ ~ .-~ v ~ ~, ~~ ~,~ ~~ ss rri ~ ~~s W a ~ ~ ~ m~ ~$ b~ 3v v '~ c a ffj ~"• LO O N ~ 7 oa ~ a '~ ~ ,S ~ L. a ' j •SB ~ ~ ~ N G c 'o ~~ d~ m =~- ~~ a L m'P ~'~ CC ~ ~ C ~ w ~ ~~ ~ ~~ ~ ~'~ O. ~~ ~ ~ ~N OW/ ~~ ~ y ~ ~~ ~ ~ ~ ~,~ E ~v o ~- ~ ~ ~~ ~ p~g~1~ ~~ ~ L~L ~ LL ~ ~.IB li 5+~. ~ t0 ~ ~O~'+ C II 11 II N W I! i ~~ I I f Z ~ y v~ x x x x t ~ ': € ks 3 o~ ~ ~~ Y ~~~ W ~ ~ ~t nl ~ ~ .~ ~ ~ x ~ ~ ~ W ~.~ ~ ~ ~ ~ ~ ffi ~ ~ d x pp 16 C~ N M W i+7 O ~~ ~ J ~~ ~~ ~~ ~ N ~ • ~- ~~ ~~ ~~X ~~ ~ ~ 3.~ ~ ~ ~~ c~ ~,~~~_ m ~ ~~ a ~~ ~~ ~~ ~N ~~ ~~ ~ a ~ ~ ai c ~i ~c r ac ai REV•1737-1 EX + (6-08) ~ Pennsylvania NONRESIDENT DECEDENT DEPARTMENT OF REVENUE AFFIDAVIT OF DOMICILE PO BOX z8o6oi HARRISBURG, PA 1yiz8-0601 This affidavit must be completed and sworn to by a person having personal knowledge of these facts, preferably by a surviving spouse or member of the decedent's family. Name of Decedent Date of Death JOAN N. O'DONNELL 05/07/2009 Legal Address at Time of Death: Street Address City/Borough State ZIP Code 5301 WESTBARD CIRCLE BETHESDA MD 20817 The following information is submitted in support of the statement that the above individual was not domiciled in the Commonwealth of Pennsylvania at the date of death. 1. Names and addresses of the decedent's surviving spouse and members of his/her immediate family: Name and Relationship to Decedent THOMAS JOSEPH O'DONNELL, SON Street Address City/Borough State ZIP Code 66 CIRCLE COURT MISSION VIEJO CA 92692 Name and Relationship to Decedent MATTHEW P. O"DONNELL, SON Street Address City/Borough State ZIP Code 611 W. NETTLE TREE ROAD STERLING VA 20165 Name and Relationship to Decedent JAMES E. O'DONNELL, SON Street Address CitylBorough State ZIP Code 3708 BRIARS ROAD OLNEY MD 20832 2. Did the decedent ever live in Pennsylvania? ^ Yes !Rf No If yes, during what periods? 3. Did the decedent spend time in Pennsylvania during the five years preceding death ? ^ Yes RI No If yes, during what periods and at what address(es)? 4. What was the nature of decedent's place(s) of residence during the five years immediately preceding death? Indicate whether decedent resided in a house or apartment and whether it was rented or owned by the decedent, andlor whether decedent resided in a hotel or the home of relatives or friends. DECEDENT RESIDED IN MARYLAND 5. Was the decedent employed during the five years preceding death? ^ Yes ~ No If yes, list the name(s) and address(es) of employer(s). 6. Did the decedent leave a will? RI Yes ^ No If yes, state the court that admitted the will to probate and the date admitted, and attach a copy (including all codicils) and a certificate of issuance of letters testamentary. SEE ATTACHED. 7. If the decedent did not leave a will, has an administrator of the estate been appointed? ^ Yes ^ No If yes, state the court that appointed the administrator and the date of appointment, and attach a certificate of the issuance of letters of administration. N/A 8. At any time during the last five years did the decedent execute a will, codicil, trust indenture, deed, mortgage, lease or any other document in which the decedent was described as a resident of Pennsylvania? ^ Yes ~ No If yes, describe such document. 1. Names and addresses of the decedent's surviving spouse and members of his/her immediate family: BRIAN D. O'DONNELL, SON 2031 KENWOOD ROAD WEST PALM BEACH FL 33409 NONRESIDENT DECEDENT AFFIDAVIT OF DOMICILE (continued) Page z 9. Did the decedent pay a tax on income or on intangible property to any state, county or municipality during thToast five years? If yes, where and when was it paid? p~ Y~ ^ FILED MARYLAND STATE PERSONAL INCOME TAX AND FEDERAL INCOME TAX. 10. To what regional otflce of the Internal Revenue Service did the decadent forward his federal income tax returns during the last five years preceding death? . . ...................................... . CINCINNATI 11. At the time of death, did the decedent own, Mdividua~r or johrtly, any irrtsrest in real property, inclucgng lease-holds, or tangthle personal property locator! ~ Pennsylvania? ¢I( Yes ^ No If yes, describe. the.properry in detail. CONVENIENCE STORE WITH FUEL ISLAND LOCATED AT 2001 WEST TRINDLE ROAD, CARLISLE, :PENNSYLVANIA 12. In what twaMess acthdfles was the deoederrt engaged rbrring flte last flue years preceding death? Indreate whether decedent was err~k~yed or otherwise in the business, and state ~e names and the addresses of iha tiorts with which the decedent had .such business aifiliationsoept for employer I~a6ed in ff5). persons, ilrms or corpora- _. _.. . __ _.._. NONE __. _ _ ._. _. 13. What Is the estimated gross value of the decedents estate, exc[uslve of real property and tangible property located outside of Pennsylvania? $585,000 14. At the time of death, did the decedent own or operate an automobile? ^ Yes (~ No If yes,, in which state was it registered?, , _ . _ .... 15. At the time of death, was the decedent a member of a church or any other organization ? ^ Yes 1ED Flo if yes, provide the name and address of the church or any other organization. ,. 96. State the purpose or reason ffie decedent owned real property in Pennsylvania. THE PROPERTY OWNED IN PENNSYLVANIA WAS AN INVESTMENT. 17. include any other hifonnation you wish to submk M support of the contention that the indhrldual was not domkNed in Pennsyhania at the time of death. if more space is needed, use additional sheets of paper of same size. NONE Name of Person completing Affidavit Relarbnship to Decedent THOMAS J. O'DONNELL SON street Address city stare ziP code 66 CIRCLE CT MISSION VIEJO CA 92692 Under penalties of perjury, 1 declare that based on my personal knowledge of the decadent, the Information provided on this form is true, correct and complete. 6- l ~- t Pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE A REAL ESTATE ESTATE OF FILE NUMBER JOAN N. O'DONNELL All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. If more space is needed, insert additional sheets of the same size. ltEV-1511 EX+ (10-09) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS ESTATE OF FILE NUMBER JOAN N. O'DONNELL Decedent's debts must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES; 1. B. i i. 3. ADMINISTRATIVE COSTS: Personal Representative Commissions: Name(s) of Personal Representative(s) Street Address City _ _ State ______ ZIP Year(s) Commission Paid: Attorney Fees: Family Exemption: (If decedent's address is not the same as claimant's, attach explanation.) Claimant Street Address 4. 5. 6. 7. City State ZIP Relationship of Claimant to Decedent Probate Fees: Accountant Fees: Tax Return Preparer Fees: REGISTER OFWILLS -FILING FEE STEVEN W. BARRETT REAL ESTATE - APPRAISAL ON REAL ESTATE TOTAL (Also enter on Line 9, Recapitulation) I $ If more space is needed, use additional sheets of paper of the same size. 5,000.00 30.00 1,500.00 REV-1513 EX+ (01-10) ~ ~ Pennsylvania SCHEDULE ~ DEPARTMENT OF REVENUE INHERITANCE TAX RETURN BENEFICIARIES RESIDENT DECEDENT ESTATE OF: FILE NUMBER: JOAN N. O'DONNELL RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under Sec. 9116 (a) (1.2).] 1~ BRIAN DAVID O'D0NNELL SON 70867.50 2. JAMES EDWARD O'D0NNELL SON 70,867.50 3. THOMAS JOSEPH O'D0NNELL, IV SON 70,867.50 4. MATTHEW P. O'D0NNELL SON 70,867.50 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE. II NON-TAXABLE DISTRIBUTIONS A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: L TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed, use additional sheets of paper of the same size. Stafe of Maryland LETTERS ~F ADMINISTRATIt~N Estate No. W624S12 t certify that administration of the Estate of .fOAN N O'iJON~Lt_ was granted on the 5th day of AUGUST, 2009 tb THOMAS JOSEPH O'pONNELL IV as personal representatives} and the appointment is in effect this 5th day of AUGUST, 2009 L7 Will probated $~? C! Intestate estate. ~ • ~!• OSEPH M GRIFl=1 Register of ~Ils far Mantctomerv County VALII3 ONLY 1F SEALED WITH THE SEAL Olr" THE COURT OR THE REGISTER RW 1120 ~lrF~,co~ Ci "' M V}~ ~ m ~ .... ~ ~~o w ~~~ ~~ oQ. ~ ~~ ~rt~ ~~ ~~~~ ~~ ~~ ., ~~ ~~ a LAST W~L.L AND TESTAMENT aF JQAN N. U'D(~NNELL TABLE F CO ENTS •~ C3 "' ~ ~~~ ~~~~ ~~ . .~ ~°-~ w d o ~ ~ M^ ~ ~ [~. ~ ~+ b © V ~ W raa^ ~ ~ h ' ' Payment of Debts, Expenses and Taxes ..................... ..........1 ICI.E ONE I ~R ' ecific Eequests of Tangible Personal Property....••••. S •-•••••••••3 WO ~RTICI,E T p .. ..........4 ARTICLE 'T~iREE Joint Property .......................................................... .. 5 ,4ItTICLE FOUR Estate ................................... Distribution of Residuary ......... Distributions to Disabled Persons and Persons Under ARTICLE FIVE .................. S ........ Age 21 .................................................... ....... Definitions and Interpretive Rules ....................... ............. b ARTICLE SIX """8 ARTICLE SEVEN Spendthrift Provision ...........................................,. • •••• '• .. $ ARTICLE EIGHT Personal Representative ............................................. ............ f Personal Representative ............................ ......... • • • 11 ARTICLE lUINE Powers o LAST WII.I• AND TESTAMENT OF 30AN N. p'D(yNNELL I, ~01~-N N. O'DONNELL, of Montgomery County, Maryland, do make, publish and declare this instrument to be my Last Will and Testament, hereby revoking all wills and codicils previously made by me. AgTICI.,E ONE: Pa meat of Debts Ex uses and Taxes. (a) Debts. I direct my Personal Representative, as soon as practicable after ~ M -a "' Q ~ ~ ~_ ~~o 4 '~ "~ ~ ~ _-~~++~v .•~ ~NW~ w e °~° ,~ M ~~ G. O ~ ~ W r~ j M v' E~ my death, to pay my enforceable debts in accordance 'with their terms, provided, however, that my Personal Representative shall not be required to pay prior to maturity any debt secured by a mortgage, deed of trust, pledge, or similar encumbrance an property in which I have an interest at my death, and such property shall pass subject to r such mortgage, deed of ~~ pledge, or similar encumbrance. i direct my Personal Representative to pay {1) the expenses of m last illness (to the extent not covered by insurance), (2) the expenses of my funeral Y and burial or cremation, including a suitable marker, monument or urn, in such amount ro r without regard ta.any statutory limits as my Personal Representative may deem p pe and without the necessity of any court order, and (3) the expenses of the administration of my estate. {c) Taxes. (1) Definition of Death Taxes. As used herein, the term "death taxes" 3ha1.1 mean estate and inheritance taxes (including interest and/or penalties, if any), but not including generation-skipping transfer taxes, payable by reason of my death. (2) a ment of Death Taxes. A11 death taxes attributable to property M b ~ -_ ~ 4 t/j ~ M o ~`"~, a ~~$ 't3 `y W . ~ oVpr M ~ ~ C. ~o ~ ~b p V O ~ ~ .~ ti ~ `~ '" rw ~ M `~, ~ p~;;ing under this STVilI shall be paid as a genera! expense of the administration of my est«te, without apportionment, and all death taxes attributable to property passing outside of this Will shall be subject to apportionment. (3) Dea Taxes Resultin from Di laimer. Notwithstanding the forE;going, any death taxes resulting from a disclaimer by anyone other than my spouse, if and to the extent such taxes would not have been payable in the absence of the diss••laimer, shall be borne by the recipient of the disclaimed property. (4} payment' Setoffs. In my Personal Representative's discretion, death taxes attributable to property not passing under this Will may be paid out of my estirte prior to recovering such death taxes from the recipient of that property, and in my Personal Representafive's discretion, as a forth of payment by any beneficiary to my Personal Representative, any entitlement of that beneficiary under this Will may be applied in payment of that beneficiary's share of the death taxes attributable to other property received by that beneficiary. (5) Limitation on Pa ent f Death Taxes. Notwithstanding the forgoing, my personal Represen#ative shall not pay any death taxes from any share of 2 ~ 4:state for which an estate tax marital deduction ar estate tax charitable deduction is Y !sinned. (6) enerati n Ski in Transfer T .Generation-skipping transfer a~cet, (including interest andlor penalties, if any) shall be borne by the recipient of the ro rty generating the tax, notwithstandingthe provisions of Section 26U3(a)(3} of the P 1~ Vb o m ~n (/~~ ~ M `D ~~ ~~o w ~ v~ ~ N W ~ ~a ~~~~ ~~ u •O 8 .r ~ ~ M ~`y F' intel~al Revenue Oode. (~) ~~p~rtionment. The term "apportionment" as used in this ars. aph (c) shall mean, ~~ respect to estate taxes, apportioned to the beneficiary P ~ receiving the property in accordance with the Maryland Uniform Estate Tax ~ottionrnent Act, as amended, or any subsequent statute requiring appa~ionment of App estate taxes, and shall mean, with respect to inheritance taxes, charged' against the ben+~ficiary receiving the property who is subject to inheritance tax. AgTICLE TWO: S ecific Be nests of Tan ible Personai Pro e Din to T I give and bequeath all of my tangible personal (a) pert to my spouse, THOMAS 30SEPH O'OONN~LL, IIi (h~eunafter referred to as pray Y ~~~- spouse"), if my Spouse survives me. If my spouse does not survive me, I request that oval R esentative distribute my tangible personal property in accordance with my Pecs epr an list or other writin8 made by me during my lifetime. To the extent I have not Y ed to intentions in writing, my tangible personal property shall be distributed to express Y 'ldren who survive me in such shares of substantially equal value as my Personal my chi ntative shall determine. I request that my Personal Representative consult with Rep-rese 3 t ... (b) Co ent Distribution. my ~.hildren, if they are of sufficient age and understanding, as to the distribution of my tangible personal property and abide by their expressed wishes; provided, however, that in tine event of disagreement between or among my children as to the distribution of my tangible personal property, the decisions of my Personal Representative shall be conclusive and binding. If there are items of my tangible persona! property that none of my ~~hildren desires to have, my Personal Representative shall sell all such items of value and add the proceeds to my residuary estate, and my Personal Representative shall dispose of items of little or no value in such manner as my Personal Representative may ty j b ~ deern appropriate. ~! M "~! ~ ~ a (c) Determi~., nations. All determinations by my Personal Representative as to A ~ ° $ is a livable and as to the disposition thereof ~ ~ ~ the property to which this Article Two pp ~ bN~ ~ ~ shall be conclusive axed binding upon all persons having ar claiming any interest in such M ~ p, ~r,~ g ~ ~ property or in my estate. M (d) Distribution Expenses. Any packing, shipping, or other charges ~ F (including transit insurance) in connection with the distribution of my tangible personal profxrty shall be paid by my Personal Representative as a general expense of the administration of my estate, with no right of reimbursement from any distributes of such properly. ARTICLE TAREE: 3alnt pro er . I hereby confirm my intention that all property, real ar personal, tangible or intsmgible, which is registered or held at the time of my death jointly (other than as ten,~x-ts-in-common) with my spouse shall pass by right of survivorship or by operation 4 flaw and outside of the terms and provisions of this Will to my spouse if my spouse ~~ ~ ~~ M ~~a A ,~, v ~ 'CN ~~ o~o,~ ~ °° ~ W $a~a H F urtFives me. ARTICLE F4~TR: Dist batian of Residuary Es te. , My residuary estate shall include the rest and residue of the property, both real and ersonal, of whatever nature and wherever situated, belonging to me at my death or P rec~sivable by my estate and remaining after the satisfaction of the foregoing provisions of this Will. My residu-ary estate sha11 not include, however, any prolrerh~ over which I have, at the time of my death, safely a power of appointment. utio Souse. If my spouse survives me, my residuary estate {a) ~~ shall be distributed to my spouse, outright and free of trust. ontin ent Distribution to Childrenllssue. If my spouse does not survive ro) e m residuary estate shall be distributed in equal shares to my children who survive m, y me and to the issue, ~ sti es of each of my children who is then deceased leaving issue who survive me. ARTICLE FIVE: D 11 In the event any portion of my estate is distributable to a disabled person or to a er n under age twenty-one (21)~ my Personal Representative may distribute such P ~o rt either (a) directly to or for the benefit of such person, (b) to the person's 1ega1 prope y - dian who shall nat be required to post any bond with respect to any distribution gu~a' ( der , c) to a custodian (who may be appointed by my personal Representative) hereon ) ntler an applicable Uniform Transfers to Minors Act, {d) to any other person then lu y 5 having custody of or caring far such person, or (e) to the trustee of any revocable living trust of which such person is a grantor. At~y distnibution in accordance with this Article Five,, if made in good faith, shall fully discharge my Personal Representative with respect to such distribution. I authorise any custodian under any applicable Uniform Transfers to Minors Act to transfer any portion or a1i of the custodial property to a . qualified minors trust without a court order. ARTIC]L•E SIX: D finitions and Inter retive itules. For all purposes of this Will, the following definrt~ons and interpretive rules shall V ~ o apply' cy ~ M four sons, BRIAN ~~ M ~ (a) Chi dre .The term "rny children" shall mean my ~ ~ ,.. LL JAMES EDWARD O'r?Ol*1NELL, THOMAS JOSEPH ~ M ~' "" ~~ DAVID p'DONNE ,..~ ~ ~ ~ ~ d MAT`I'f~W P. O'DONNELL. o ~ o ~ O Dgb11~ELL, IV, an ^ ~ ~ ~ b Disabili • Disabled. A person shall be considered "disabled" if under a ~ ~ ~ ~ (} 'sdiction over such person) or if in ~ ° g as determined by a court having Sun ~ ~ ~ le al disability ( ~ F any condition (whether temporary or permanent} which substantially impairs t at on's ability to transact ordinary business or handle his ar her affairs (as determined pens and certified in writing by such person's personal Physician}• (c} ~tfant ~ P.station. An infant in gestation during the lifetime of the nt through whom such infant acquires his or her status as a beneficiary why is later P~ live shall be deemed to have been in being during such period of gestation for the bom a purpose of qualifying such infant, after birth, as a beneficiary of my estate. 6 - (d) Internal Revenue Code. The term "maternal Revenue Cade" and all ences to sections thereof shall mean the Internal Revenue Code of 19$b, as the refer same may be amended or recodified from time to time. - {e) Iss e. The term "issue" shall mean a lineal descendant or lineal descendants ~ the first second or any other degree, whether by blood or by adoption - and whether barn or adopted before ar after the execution of this Will), of the ancestor ( elude a lineal descendant of a living lineal descendant. _ designated, but shall not ~n ' standing the foregoing, with respect to adopted individuals, only individuals Notwrth do ted before attaining age twenty"one {21) shall be treated as "issue" for purposes of M a V ~ ~ m ~O w this Will. ~; --. Le al Guardi .The term "legal guardian" shall mean successively in the ~M8 o li ~ {fl 2 the ~ estate ) ~ o ~ a ~ order named (1}the court-appointed guardian or conservator of the ~ { ~' whether or not ~ anent, or (3) the individual having personal custody 8 ~ ~ ~ natural or adoptive p ~ ~; ointed. ~ ~ M a court appointed g~'dlan}where no guardian of the estate has been app `~ ) Persons Barn Out of Wedlock. A person barn out of wedlock and ose {g laimin through that person shall be deemed to be descendants of (1) the natural G g mother and her ancestors, and (2) if the natural father acknowledges paternity, the ether and his ancestors, in each case unless a decree of adoption termsnates such natural f natural parents' parental rights. h per g • es. The "issue, ~ sti es," of a person shall be determined from {) ration of that person's children, whether or not any child of that person is in fact the gene living at the time of determination. 7 0 (i) ~rvivorshin. If any person is entitled to any benefit under this Will as a and if such beneficiary does nat survive me by thirty (30) days, it shall or of me , s be c nclusively presumed far the purposes of this `Hill that such beneficiary p eased me. ible Persona! Prouerkv. The term "tangible personal property" shall '1' n a ~ ~} silver t is not limited to, household effects (such as furniture, furnishings, b u incl de, b'ects of ark), clothing, yewelY'y, books, cameras, spurting equipment, automobiles, and J ther articles of personal or household use or ornament, together with any 1 o and m ins once thereon. ~_ ~ ~ ~ ARTICLE SEVEN; Send hrif# Provision. ~ M . t to assi transfer, pledge, i of any estate shall have the righ gn> benefic ary w N ~ o ; ~ .~ '~ ~ ° w ~ ° o r otherwise alienate any interest in the income or principal of my estate. . ~ ~ ~ ~ ~ ~ ~ enc ber, o of the income or principal of my estate shall be null and void ttempted alienation A $ ~ ~ ~' ~ ~ n a ~ m Personal Representative. The interest of any t be reco ized by y ~ ~- H an shall no l of my estate shall not be sub}ect to any lega b ficiary in income and/or principa ess levying upon or attaching the same for payment of any Claims against the r p 'This spendthrift provision shall not restrict the exercise of a disclaimer by efici . be ~Y an beneficiary of my estate. ARTICLE EIGHT: Persona Representative. tatives• S ccessors In luded..All references in a Multi 1 Fersonal R. resen (~ « entative" in the singular shall be deemed to include all epres al R . thi Will to my Person Sentatives at any time serving hereunder. All rights, powers, privileges ersonal Tepre c p 8 id discretions herein granted to my Personal Representative shall be deemed to be ted not only to the Personal Representative herein first named, but also to any ran ubstitute ox successor Personal Representative at any time serving hereunder. p~ na1 Re re entative A ointe . I appoint my spouse, THOMAS (b} V~ L~1 • ~ M Vj~ en ~ ~~ ~,~Nw~ f M .q ~ ~ °~° ~, +O A "L~~j O 'a~7 ~ W°~+; t~ M OSEPH O'DONNELL~ III, to serve as the Personal Representative of my estate. If tnY 1 use fails to become or ceases to serve as the Personal Representative hereunder due spo unciation, resignation, disability, or death, I appoint my son> TI~OMAS JOSEPH to ren O'DONNEI-L, N, to serve as substitute or successor Personal Representative. Any onal Re resentative named herein shall have the powers to appoint a co-Personal Pers P eritative to serve with him or her and to remove any co-Personal Representative Repres so appointed. o d Waived. I direct that no bond or other security shall be required of (c) B ° - m Personal Representative for the faithful performance of my personal y resentative's duties in any jurisdiction. In the event bond or other security is Rep re wired by law, I direct that such bond or other security be the minimum amount q permissible. Fin lit .Every election, determination, or other exercise by my Personal (d) ~~~ Personal Representative of any right, Power, privilege, or discretion granted to my senxative in this Will or by law shall be conclusive and binding upon all persons Repre affected thereby. Third Part Reliance. No person dealing with my Personal Representative (e) ro ert aid or delivered to my shall be required to see to the application of any p p y P 9 ~eraonai Representative or to inquire into the expediency or prapnety of ~y transaction ~r the authority of my Personal Representative to enter into or consummate the same ipop~ such terms as my Personal Representative may deem advisable. (f} Limitation of Liability Indemni .Except for willful misconduct or gross U b M ~ ~~ Mr ~M~ ~ N W o~' 0 ~ N ~~ w$~~° a v h H negligence, no individual Personal Representative at any time serving hereunder shall be f able for any mistake in judgment or for any decrease in value of or loss to the prir~cipai or for any cause whatsoever arising from the performance of their duties under this Will, including any mistake m Judgment or for any decrease in value of or loss to the principal or for any cause whatsoever by any agent appointed or retained by my Personal Representative, (g) Com ensation. My estate may pay to my Personal Representative fair and rea3onabie compensation for services performed far my estate. (h) successor Liability. No successor Personal Representative under this Will shall be liable for any act or omission of any predecessor nor shall any such successor be pbligated to inquire into the validity or propriety of any such act or omission. Any such successor Personal Representative shall be entitled to accept as conclusive any acepunting and statement of assets furnished to such successor by any predecessor (or by the personal representative of such predecessor). (i) Determination of Disabilit of Ferson 1 R sentative. Any individual at anyt time serving as a Personal Representative hereunder shall, upon the written request of any successor Personal Representative desigziated hereunder, or upon the written regµest of any beneficiary hereunder, obtain a written determination as to whether such 10 individual is under a disability. Such written determination shall be made by such individual's personal physician {or any other physician who may be principally responsible far such individual's care from time to timed in the form of a certificate or a!~idavit. All expenses incurred by the individual in obtaining such written determination shall be paid by the estate. Upon the receipt by the requesting party of a written determination of disability, i# shall be conclusively presumed as of such date that such individual is disabled for all purposes of this Will. If the requesting party does not receive a written determination stating that the individual is not disabled within thirty r = M ~./ '~ c a~ ~ C~ M ~ `~ O . ~ ~ ~ ~~ ~~ ^~ ~N W o~~~ ~~~~ ~ ,~ ~o ~ y ~~ H (30) days after delivery of the written request, the requesting party shall certify in writing that a written request was delivered to the individual, that no written determination was received within such thirty (30} day period, and that the individual therefore is disabled far all purposes of this Will. Any third party shall rely upon a cogy of the requesting party's certificate as to the disability of an individual fiduciary hereunder and shall not be required to make an independent determination as to such disability. I hereby indemnify and hold harmless any third party with respect to all actions taken in reliance upon any such certificate of disability provided by a successor Personal Representative or beneficiary hereunder. ARTICLE NINE: Powers of Personal Representative. In addition to, and not in limitation of, the rights, powers, privileges and discretivns vested in personal representatives by law, I give to my Personal Representative in the administration of my estate, the fullest right, power, and authority (to be exercised without application to any court, at such time or tinges and upon such 11 erms and conditions as my Personal Representative shall, in the exercise of sole liscretian, deem advisable} to do any and all acts and to execute any and all written documents with respect to any property, real ar personal, held by my estate that Y could f ' M v ~~ 3~~0 r.,, ~ ~ c ~ ~ v ~~~ ~,~~~~ Q o ~; ~a ~~~ g~~ 0 ,~ v ~~'~ Fv do if living. Without limiting the generality of the foregoing, my Personal Representative shall have the following powers: (a} To purchase or otherwise acquire, and to retain, whether originally a part of the estate ox subsequently acquired, any and all common or preferred stocks, bonds, notes ar other securities, or any variety of real or personal property, whether within ar without the United States, including, without limitation, foreign real estate or foreign securities, securities of a corporation in which any Persona! Representative is a director, officer, employee ar shareholder, securities of any corporate Personal Representative or any successor or affiliate corporation, interests in any business venture (incorporated or unincorporated), and interests in entities formed principally for the commingling of assets for investment, such as common trust funds (iacluding, without limitation, common trust funds maintained by any corporate Personal Representative or by any successor or affiliate corporation}, investment companies,~m~~ ~ abtl~, com an t nand other investment trusts, and interests in any partnership, t3' P y other entity, whether ar not such investments be of the character permissible for investments by fiduciaries; to make or retain any suchvnvestment without regard to the proportion any such investment or similar investment may bear to the entire estate, without regard to degree of diversification and without regazd to whether such investment is unproductive or underproductive; to invest in interest bearing deposit accoun#s, or hold fluids in non-interest bearing deposit accounts pending investment or disbursement thereof, in any bank, including any bank that is acting as a Personal Representative hereunder or any bank affiliated with any Personal Representative; to invest in registered mutual funds for which any Personal Representative hereunder, or an affiliate of any Personal Representative, provides investment advisory, custodial or other services for compensation paid fromi s t the dealer port olo ofxand p aSe r securities by, purchase from or sell secuz~ securities from the underwriting position of any affiliate of, any Personal Representative; (b} To sell, lease, pledge, mortgwgh rect to, an angd~all pr p rty ~ aernwyise dispose of, or grant puts, calls or options P ose, time farming a part of the estate, in any manner, at any time or times, for any purp far any price and upon any terms, credits and conditions; and to enter into leases which extend beyond the period fixed by statute for leases made by personal representatives; 12 F = M V ~ '~' .~ cQ~ ~M~ u 'Q O ~i ~~'" ~ w ~v~ ~oA~e ~° ~ ti~~a ~~~~ o ~ g~~ ~ a '". ~ F (c) To borrow money from any lender, including any corporate Personal ' representative, far any purpose connected with the protection, preservation or xnprovement of the estate, and as security to mortgage, margin or pledge upon any :erns and conditions any real or personal property forming a part of the estate; to lend money upon such terms and conditions as any Personal Representative serving hereunder may deem advisable; {d} Ta complete, extend, modify ar renew any loans, notes, bonds, mortgages, contracts or any othex obligations which may be liens or chazges against the estate; to pay, compromise, compound, adjust, submit to arbitration, sell or release any claims or demands of the estate against others or o£ others against the estate upon any terms and conditions, including the acceptance of deeds to real property in satisfaction of bonds and mortgages; and to make any payments in connection therewith; (e} To vote in person or by general or limited proxy with respect to any shares of stock or other security; directly or through a committee or other agent, to oppose or consent to the reorganization, consolidation, merger, dissolution or lib ~dat~n~o'f arch corporation, or to the sale, lease, pledge or mortgage of any property Y Y corporation; and to make any payments and take any steps proper to obtain the benefits of any such transaction; (f) To take part in the management of any business in which investment is retained or made hereunder and to delegate du#ies with re~spe= O~ ~5~1 ~ o ~~chnt~ with the requisite powers, to any employee, manager, p business, without liability for such delegation; to reduce, expand., limit or otherwise fix and~change the operation or policy of any such business and to act with respect to any oth r matter in connection with aay such business; to subject to the risks of any such bus Hess any part or all of the estate for such term or period as the Personal Re esentative, in the exercise of Lo l~ n uch business ~totmake to dstsuba~ dinated or adv ce money or other property Y oth rwise, of cash or securi#ies to any such business and to guarantee the loans of others ma a to any such'business; to borrowomecure such oan orboans by alpledgeoor or with oth r persons interested therein, and t mo~tgage of any part of the estate' to select and vote for directors, partners, associates and~officers of any such business; to act as directors, general or limited partners, associates and officers of any such business either individually or through an officer or offi~ers if any Personal Representative be a corporation, and to receive compensation fro such business for so acting; to enter into stockholders' agreements with co rations in which the estate has an interest and/or with the stockholders of such ea orations; to liquidate, either alone or jointly with others, any such business or any int est in any such business; and generally to exercise any and all powers as the Pe oval Representative may deem necessary with respect to the continuance, management, sale or liquidation of any such business; 13 (g) To manage, insure against loss, subdivide, partition, develop, improve, mortgage, lease or otherwise deal with any real property or interests therein which may faun at any time a part of the estate; to satisfy and discharge or extend the term of any mortgage thereon; to demolish, rebuild, improve, repair and make alterations from time to time in any of the structures upon any such real property; to construct and equip buildings and other structures upon any such real property and to make any and all other improvements of any kind or character whatsoever in connection with the development and improvement thereof; to execute the necessary instruments and covenants to effectuate the foregoing powers, including the granting of options in connection therewith; "~ M M M+~O ~° M ~~~ 09~~ r; ~~~ 8 ~ ~' ~, o a (h) 'To form or cause to be formed, alone or with others, such corporations, partnerships, limited partnerships, limited liability companies, business trusts and other business organizations organized under the laws of any state or country and to transfer and convey to such business organizations all or any Part of the assets, real ar personal, of the estate in exchange far such stoel~s, bonds, notes, other securities or interest of such business organizations as the Personal Representative, in the exercise of sole and absolute discretion, may deem advisable; (i) Vilhenever no corporate Personal Representative is acting hereunder, to place all or any part of the securities which at any time are held by the estate in the care and custody of any bank or trust company with no obligation while such securities aze sa deposited to inspect or verify the same and with no responsibility for any loss or misapplication by the bank or trust company; to have all stocks and registered securities placed in the name of such bank or trust company or in the name of its nominee; and to appoint such bank or trust company agent and attorney to collect, receive, receipt for and disburse any income, and generally to perform the duties and services incident to a sa-called "custodian" account; (j) To employ abroker-dealer as custodian for all or any part of the securities at any time held by the estate and to register such securities in the name of such broker- dealer; to register securities in the name of a nominee with or without the addition of words indicating that such security is held in a fiduciary capacity, ar to hold securities in bearer form, or in uncertificated form; (k) To drill, test, explore, maintain, develop and otherwise exploit, either alone or jointly with others, any and all property in which the estate may have any rights or interests of whatsoever kind or nature with respect to oil, gas, minerals, timber or other natural resources, whether originally a part of the estate or subsequently acquired, and to pay the casts and expenses thereof, together with all delay rentals, bonuses, royalties, overriding royalties, drilling and operating expenses, taxes, assessments and other charges and burdens in connection therewith; to enter into operation, farm-out, 14 M '~ V7 O C/j ea ~O hl ;,~ ~ o~ ~,~ ~. ~.~~ ~ ~~~ 0 [~'~~'~ y u v ajy ti H coaling or utilization agreements in connection with any or all of such rights or nterests; and to extract, remove, process, convert, retain, store, sell ar exchange such fights and interests and the production therefrom, in such mann~a~ hoes the exerc se of such terms and for such consideration as the Personal Repres ;ole and absolute discretion, may deem advisable; (l) To make distributions in kind and to cause any distribution to be composed of cash, property or undivided fractional shares in property different in kind from any other distribution vvtthout regard to the income tax basis of the property distributed to any beneficiary or any trust; (m} ~ Tv allocate receipts and expenses between income and principal as the Personal Representative, in the exercise of sole and absolute discretion, may determine; (n) To make such elections under the tax laws as the Personal Representative, in the exercise of sole and absolute discretion, may determine to be appropriate, regardless of the effect thereof an any interests in the estate, and to detemnine whether or not any adjustment of such interests shall be made by reason of any such election; (a) To make any application of principal or income for the benefit of any beneficiary by payment to such person or persons (including, without limitation, other estates or trusts, individuals and institutions) as the Personal Representative, in the exercise of sale and absolute discretion, may determine (including, without limitation, ~ estate or trust of which any Personal Representative hereunder is also acting as personal representa#ive or trustee}; (p} To appoint, employ and remove, at any time and from time to time, any investment counsel, accountants' depositaries, custodians, brokers, consultants, attorneys, expert advisors, agents, clerks and ernployees, irrespective of whether any person, firm or co~poratian sa employed sllael b Sew t ~ heeunder andt irrespectiveeof r shall be a corporate affiliate of a Personal R p whether any firm or corporation so employed shall be one in which a Personal Representative hereunder shall be a partnera S ~ ~5~~ r~mpensat on for such services affiliate or shall have any interest; and t p y out of principal or income as the Personal Representative may deem advisable. 15 'i`i~ESS aTHERE~F, Y have subscribed and do publish and declare this IN RTI m fast Will and Testament in the presence of the witnesses attesting the instrument as y s ~' day of June, ZaQ7 same at my request, this Y1J •~ 70 N.0'DO LL . 'nstn,Ynent was at the date thereof subscribed, Published and declared by This i pNNELL as and for her Last Virill and Testament, ~ the presence of us 3OAN N. O D at her request, in her Presence and in the Presence of each other, all and each of us, who, L,j '° o at the same dine, have hereunto subscribed our names as witnesses this ~;, ~ M present together ~ ~ day of Tune, 2007 , ~ 'O C u ~~ v ~ $ w " '~ O ~ o ~V ~ES9 ~' ~ ~ 773 5 Old Georgetown Road $ ~ ~ ~ Bethesda, MaxYland 20814 ~~~ .~ ° etown Roa ~ ~ ~ 7735 Old Georg '~ ~ Bethesda, Maryland 20814 21-i.EP~FOC~~°~~°~~~ J' will, 6.2Q97.dce K:~~ 1~ SUMMARY REAL ESTATE APPRAISAL REPORT CONVENIENCE STORE WITH FUEL ISLAND 2001 WEST TRINDLE ROAD CARLISLE, PA 17013 "AS OF" November 18, 2010 PREPARED FOR ~. Douglas G. Miller, Esquire `' Irwin and McKnight Law Office 60 West Pomfret Street Carlisle, PA 17013 PREPARED BY Steven W. Barrett, SRPA, SRA, ASA PA State Certified General Appraiser Office File # 10-0306C S.W. Barrett Real Estate and Appraisal Services S.W. Barrett Real Estate and Appraisal Services S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES Appraisals Brokerage Couaseling 505 S. Hanover St. Carlisle, PA 17013 Phone (717} 243-6646 or (71?)-243-1800 FAX 717-243-8627 appraisals~a swbarrett.com November 29, 2010 Douglas G. Miller, Esquire Irwin & McKnight, P.C. Law Office 60 West Pomfret Street Carlisle, PA 17013 Convenience Store with Fuel Island 2001 West Trindle Road Carlisle, PA 17013 Dear Attorney Miller: In accordance with your request, we have inspected and appraised the captioned property and have prepared the attached summary appraisal report. This appraisal is intended to comply with the reporting requirements set forth under '~ Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice (USPAP) for a summary appraisal report. As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the Appraiser's opinions of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the Appraiser's file. The Appraiser is not responsible for unauthorized use of this report. The value estimate applies to the land and improvements as physically constituted on the valuation date, and the estimates reflect prevailing trends of the real estate market in the general Carlisle and South Middleton Township areas, located in the central region of Cumberland County. The Appraiser has made a careful inspection, study, and analysis of the property, and has considered all factors which, in my opinion, would tend to influence the market value of the subject. Should you care to discuss this report, please do not hesitate to contact our office. Thank you for allowing us to be of service. Respectfully submitted, S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES s_~.~.~ Steven W. Barrett, SRPA, SRA, ASA PA State Certified General Appraiser i GA-000298-L 2001 W. Trindle Road, Carlisle TABLE OF CONTENTS Letter of Transmittal Table of Contents 3 ..................... Purpose and Intended Use of the Appraisal .•••••••••••••••••~-~•••••••••-••••• ••~••-••~•••••••••-~~•• .....3 Identification of Client ........................................................................................... .................. 3 ~ Identification and Ownership of the Subject Property ••••••••••••-•-• ••••••-~~-••••••••••~-• Reason and Hypothetical Condition of the Appraisa ............................................ ....................... 3 .............. Lease Conditions .......................................... .... 3 ......... .................. 1 Address Change .............. ................................................... ..................................... General Assumptions and Limiting Conditions Considered in Appraisal Assignment ..................4 k Used to Develop Credible Appraisal Assignment Result ..:..................................6 f W or Scope o d Definition of Value Required for this Appraisal Assignment ................ ........................7 Type an Real Property Interest and Rights Appraised in this Assignment ......................... ........................9 ...............g Marketing Time.... ..................................................................................... .......... Neighborhood and Location Data .......................................... City Market Area ~ ......... ........................ , , , ....10 Neighborhaod Description ................................................................................... .................. 1 a Highest and Best Use ............................................................ ............................. .. .................. .... ......................10 Zoning .............................................................................................................. ....................11 Real Estate Assessment ....................................... .. ................11 • ................................. Site Description .................. ................................... ............ ....... ................. Site improvements ........................................................... ............................. . . ...... 11 ....................... Utilities .............................................................................................................. .........11 ~ ............................... Flood Zone Information ....................................................... .............. .............12 Building fmprovements .................................... .................................................. .......... ••••••••••••.12 ' Method of Valuation •""••• ••'•""•• .13 Sales Comparison Approach ............................. ...................... 18 ............................... income Capitalization Approach .............. ............................ ....................... ..........23 ~ Reconciliation of Value .................... ... .............. ........................ 24 Certification .................................................................................................... ADDENDA Page 2 S.W. Barrett Real Estate and Appraisal Services 2001 W. Trindle Road, Carlisle 1 PURPOSE AND INTENDED USE OF THE APPRAISAL The objective of this report is to estimate the market value of the subject property's leased fee ~ estate "AS OF" November 18, 2010. We understand that this appraisal will be used by the client in conjunction with establishing current market value for the subject property. The client also intends to use this appraisal for estate planning and inheritance tax purposes. 1 ~ IDENTIFICATION OF CLIENT 1 The client in this assignment is Douglas G. Miller; Esquire -Irwin and McKnight Law Offices i IDENTITY AND OWNERSHIP OF THE SUBJECT PROPERTY ~ The parcel currently is owned by Thomas J. O'Donnell and Joan N. O'Donnell. Recorded in Deed Book P-26, Page 718, dated June 2, 1976, far a consideration of $63,000. Tax Parcel # i 40-22-0489-019. A copy of the legal description is included in the addenda of this report. I J { REASON AND HYPOTHETICAL CONDITION OF THE APPRAISAL ~ This analysis is based on market conditions that were in effect on the "AS OF" date this appraisal. There are NO hypothetical conditions that were considered for this analysis. LEASE CONDITIONS } The subject property is encumbered by a long term lease with LEEMIT'S PETROLEUM, lnc. un#i! August 15, 2011 with (3} additional periods of 5 years each. See addenda for lease and lease conditions. ADDRESS CHANGE The subject property's address was previously 1070 Trindle Road, Carlisle, PA 17013. The address was changed in the 3`~ quarter of 2009 to its current address, which is 2001 West Trindle Road, Carlisle PA 17013 by the United States Postal Service. The change was made to ' alleviate confusion experienced by emergency services. Various legal documents show the previous address. S.W. Barrett Real Estate and Appraisal Services Page 3 2001 w. Trindle Road, Carlisle GENERAL ASSUMPTIONS AND LIMITING CONDITIONS CONSIDERED IN THIS APPRAISAL ASSIGNMENT This appraisal report has been prepared considering the following general assumptions and limiting conditions as well as other specific assumptions and limiting conditions otherwise described in this report. These are critical to the analysis and conclusions contained in this report. General Assumptions Considered in This Appraisal Report: • Title to the subject property is assumed to be good and marketable unless otherwise stated. The subject property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. • Responsible ownership and competent property management are assumed. • The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. • All engineering studies are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader visualize the property. • It is assumed that there are no hidden or unapparent conditions of the subject property, subsoil, or structures that render it mare or {ess valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them. No soils or geologic reports were made available to provide further input in this area unless previously discussed in this report. • It is assumed that the subject property is in full compliance with all applicable federal, state and local environmental regulations and Laws unless the lack of compliance is stated, described and considered in the appraisal report • It is assumed that the subject property conforms to all applicable zoning and use regulations and restrictions unless non-conformity has been identified, described and considered in the appraisal. • 1t is assumed that all required licenses, consents and any legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any such use on which the opinion of value contained in this report is based. • It is assumed that any use of the land is confined within the boundaries ar property lines of the property described and that there is no encroachment or trespass unless noted in the report • Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the subject land, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on the subject land. The appraiser, however, is not qualified to detect such substances. The presence of hazardous materials may affect the value of the subject land. This appraised value estimate is predicated on the assumption that there is no such hazardous material on the subject property that would cause a loss in value. No _ responsibility is assumed for such conditions or for any expertise ar engineering knowledge required to discover them. The intended user is urged to retain an expert in this field, if desired. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise or rescind any of the value opinions based upon any subsequent environmental impact studies, research or - investigation. S.W. Barrett Real Estate and Appraisal Services Page 4 2Q01 W. Trindle Road, Carlisle The legal description, survey or the county tax plat was used to ascertain the physical dimensions and land area of the subject property. Should a new or additional survey prove this information to be inaccurate, it may be necessary far this appraisal to be adjusted to reflect the change in property conditions. The current purchasing power of the U.S. dollar is the basis for value estimates "AS OF".the date of the appraisal. No extreme fluctuations in economic cycles are anticipated. General Limiting Conditions Considered in This Appraisal Report: • Possession of this report, or a copy thereof, does not carry with it the right of publication. The appraiser, by reason of this appraisal, is not required to give further consultation or testimony or to be in attendance in court with reference to the property in question unless prior arrangements have been made. Neither all nor any part of the contents of this report especially any conclusions as to value, nor the identity of the appraiser(s), shalt be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other state sources} and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. The appraiser has noted in the appraisal report any adverse conditions (such as needed repairs, depreciation, the presence of hazardous or 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 _ conditions that would make the property more or 4ess 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. 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. Any changes to this report required by the client must be addressed within thirty days of receipt of written appraisal. Acceptance of andlor use of this appraisal report constitutes acceptance of the foregoing assumptions and limiting conditions. Page 5 S.W. Barrett Real Estate and Appraisal Services 2001 w. Trindle Road, Carlisle SCOPE OF WORK USED TO DEVELOP CREDIBLE APPRAISAL ASSIGNMENT RESULTS The appraiser is required to determine and perform the scope of work necessary to develop credible appraisal assignment results that are .supported to the degree necessary for the intended use of the assignment. It is important that both the appraiser and the client fully understand the scope of work to ensure that it is appropriate for the intended use of the appraisal report. This process requires that the appraiser must identify the problem to be solved, determine the type and extent of research and analyses necessary to develop credible appraisal assignment results and disclose this scope of work in the appraisal report. USPAP requires the appraiser to complete the research and analysis necessary to produce credible assignment results requiring support, by relevant evidence and logic, to the degree necessary for the intended use. It is the intent of this assignment that al{ appropriate data regarded to be pertinent to the development of this appraisal be collected, confirmed and reported in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) and the Code of Professional Ethics of the Appraisal Institute and the American Society of Appraisers in conformity with the intended use of the appraisal. The Scope of Work used to develop credible appraisal assignment results for the subject property is described as follows: 1. The basic problem(s) to be solved associated with achieving credible appraisal assignment results are identified as: (1) Produce an opinion of value supported by an analysis of comparable market data; (2) The highest and best use of the comparable sales will focus on building uses. 2. An inspection of the subject land and improvements is required for this assignment. ~ Characteristics of the subject property relevant to value are obtained from the combination of (the . property inspection, site plans, survey, plat map, photographs, public records, asset records, property sketches, recorded media, site condition reports prepared by other professionals including environmental and soil bearing conditions, other). The property inspection is conducted by Steven W. Barrett. 3. Discussions between the client and appraiser resulted in agreement that the appropriate report option for this assignment is a Summary Appraisal Report with a narrative report format subject to a current valuation premise. 4. The appraisal client and any other intended users, intended use of the appraiser's opinions and conclusions, type and definition of value, effective date of the appraiser's opinions and conclusions and subject of the assignment and its relevant characteristics are described in detail f previously in this section of this appraisal report. 5. Client agency or special legal instructions provided to the appraiser are described as follows: None considered. 6. Acceptable atypical assignment conditions, Extraordinary Assumptions, Hypothetical Conditions or Jurisdictional Exceptions considered in this appraisal assignment: None considered. 7. Information concerning the subject property was obtained from the representative of the property owner, 8. Municipal contacts consisted of Mr. Bill Reath, Cumberland County Assessment Office, as welt as - water, sewer authorities for subject and comparable municipalities. 9. This assignment permits a summary analysis and description of the subject region, community, neighborhood, land, zoning, and highest and best considerations sufficient to accommodate the . decision making processes involved in the appraisal process. 10. Comparable property sales or lease data have been and/or will be obtained from in-house appraiser data files; public property records; assessor's office; and other data sources available to the appraiser data and are submitted for review in the Addenda section of this report. S.W. Barrett Real Estate and Appraisal Services rage a 2001 W. Trindfe Rvad, Carlisle 11. Appropriate research was conducted pertaining to current market conditions relating to the specific market demand for the subject property. The geographic area searched for market data generally is limited to the South Central PA region, within a past time span of about 4 years with the type of market data considered. 12. The opinion a# value conclusion for the subject real estate involves a reconciliation of indications of value obtained kiy use of the following valuation methods, which are regarded to meaningfully contribute to this appraisal assignment: Sales Comparison Approach to Value Using Improved Comparable Sales and Income Capitalization Approach to value. The valuation analysis is described in detail subsequently in this report. Consideration of these valuation analyses along with professional judgment forms the basis for an opinion of value. 13. No one provided significant real property appraisal assistance to the appraiser signing this appraisa4 report. TYPE AND DEFINITION OF VALUE REQUIRED FOR THIS APPRAISAL ASSIGNMENT The intended use of this appraisal assignment together with the scope of work necessary to complete this assignment requires the following type and definition of value: ~ Market Value The major focus of most real property appraisal assignments is market value. Both economic and legal definitions of market value have been developed and refined. T 1. he most widely accepted components of market value are incorporated in the following definition: The most probably price that the specified property interest should sell for in a ' competitive market after a reasonable exposure time, as of a specified date, in cash, or in terms equivalent to cash, under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeable, for self-interest, and assuming that neither is under duress. Market value is described in the Uniform Standards of Professional Appraisal Practice (USPAP) as follows: A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. (USPAP, 2010-2011 ed.) USPAP also requires that certain items be included in every appraisal report. Among these items, the following are directly related to the definition of market value: • identification of the specific property rights to be appraised. Statement of the effective date of the value opinion • Specification as to whether cash, terms equivalent to cash, or other precisely described financing terms are assumed as the basis of the appraisal. • If the appraisal is conditioned upon financing or other terms, specification as to whether the financing or terms are at, below, or above market interest rates and/or contain unusual conditions or incentives. The terms of above- or below- market interest rates and/or other special incentives must be clearly set forth; their contribution to, or negative influence on, value must be described and estimated; and the market data supporting the opinion of value must be described and explained. 2. The following definition of market value is used by agencies that regulate federally insured financial institutions in the United States: The most probably price that a property Page 7 ~ S.W. Barrett Real Estate and Appraisal Services 2001 W. 7rindle Road, Carlisle should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • 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. (12 C.F.R. Part 34.42(8); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994) 3. The International Valuation Standards Council defines market value for the purpose of international standards as follows: The estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion. (lnternationa! Valuation Standards, 8th ed., 2007) 4. Market value is the amount of cash, or an terms reasonably equivalent to cash, for which in all probability the property would have sold on the effective date of the appraisal, after a reasonable exposure time on the open competitive market, from a willing and ' reasonably knowledgeable seller to a willing and reasonably knowledgeable buyer, with neither acting under any compulsion to buy or sell, giving due consideration to all available economic uses of the property at the time of the appraisal. (Uniform Standards for Federal Land Acquisitions)' USPAP requires when reporting an opinion of market value that the appraiser must state whether the opinion of value is: _ . in terms of cash or of financing terms equivalent to cash, or • based on non-market financing or financing with unusual conditions or incentives." ' This appraisal assumes a value based on payment made in terms of cash in United States Dollars or of financing terms equivalent to cash. 'Appraisal lnstitute, The Dictionary of Real Estate Appraisal, 5~' ed. (Chicago: Appraisal Institute 2o1a Page 8 S.W. Barrett Real Estate and Appraisal Services 2001 w. Trindle Road, Carlisle REAL PROPERTY INTEREST AND RIGHTS APPRAISED IN THIS ASSIGNMENT The subject property consists of "specified property rights" which must be defined for the purpose of this appraisal assignment. The three common property right ownership rights are defined as follows: • Fee Simple Estate: "Absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmenfal powers of taxation, eminent domain, police power, and escheat." • Leased Fee Estate: "Landlord's (lessor's) interest in fee estate, bound by a stated term and other conditions of a lease or leases conveying rights, usually use and occupancy, to one or more tenants ("lessee's}." . • Leasehold Estate: "Tenants (lessee's} property rights, usually use and occupancy, conveyed by a lease establishing a stated term and other conditions." The subject property is not a fractional interest, is not a physical segment is not a partial holding. The subject property rights appraised in this assignment consist of a 100% undivided ownership interest in the Leased Fee Estate. A preliminary title report has not been reviewed by the individual completing this assignment. MARKETING TIME The USPAP definition of Marketing Time is "the seasonable marketing time is an opinion of the amount of time if might take to se!! a rea! or personal property interest of the concluded market value level during the period immediately after the effective date of an appraisal."The estimated reasonable marketing time for the subject property is estimated to be 6 months to 2 years, based on the following reasoning: Statistical information about days on market for past recent sales suggests 6 months to 2 years. • Information gathered through comparable sales verification suggest 6 months to 2 years. • interviews of market participants suggest 6 months to 2 years. • Anticipated changes in market conditions suggest 6 months to 2 years. 1 MARKET AREA CITY NEIGHBORHOOD AND LOCATION DATA Regional and City Description: Regional and community information influencing the subject market area is summarized as follows for the subject Commonwealth of PA, County of Cumberland and South Middleton Township. Demographic Data Overview: Demographic information considered is available to the public as reported by federal, state, county and city levels of government. Market Area Information: The subject market area type is identified by the relative size of the subject area, city or region in relation to a Metropolitan Statistical Area (MSA}. A MSA is a city of at least 50,000 people or an urbanized area of at least 50,000 with a total metropolitan population of at least 100,000 designated under standards set in 1980 by the Federal Committee on MSA. The subject location MSA market area type is estimated to be Sma11, which is defined as a level C and D MSA with populations of less than 250,000. The subject sub- S.W. Barrett Real Estate and Appraisal Services Page 9 2001 W. Trindle Road, Carlisle market type is described as a suburban neighborhood located within South Middleton Township ~ in the central region of Cumberland County. Regional Data: Regional data is maintained in the appraiser's office files and can be provided upon request. NEIGHBORHOOD DESCRIPTION Neighborhood Overview: The subject neighborhood is generally described as an established suburban mixed use neighborhood, approximately 75% developed. The stage of the neighborhood is rated as being stable. South Middleton Township is predominately residential in character with scattered community commercial and industrial usages. Subject Property Approximate Neighborhood Boundary: The Borough of Carlisle, South Middleton, North Middleton, and Middlesex Townships ' HIGHEST AND BEST USE ~ The highest and best use of a property is the mast profitable, likely, and available use to which a j property can be put. The use must be legally permissible, physically possible, financially feasible, and provide the maximum income to the land. Consideration was given to all potential uses, and each was analyzed in light of the controlling zoning, physical adaptability of the property, market demand, and the nature and trend of neighborhood development. Based on ' these considerations, it is my opinion that the highest and best use of the subject "as vacant" is for same form of neighborhood commercial development, or o#her accessory uses permitted by zoning in the Village District {V). The highest and best use of the subject "as improved" is for continued use of the existing improvements as a convenience store. The current market for the subject can be characterized as average, due to its iocation in a suburban neighborhood, as well as the current state of the ' economy. ~ ZONING The site currently is zoned Village District (V). The Village District is intended to preserve the quality and character of existing community environments; provide for the filling-in of land within built up areas by permitting a mix of compatible uses; encourage stability and preservation of existing residential communities and community values; allow flexibility in planning and promote compatible land uses in established neighborhoods. The zoning ordinance will provide setback requirements, minimal lot size, permitted, non- - permitted, and exception usages, and other requirements. Refer to the addenda of this report for a copy of the current zoning regulations. S.W. Barrett Real Estate and Appraisal Services Page 20 2001 W. Trindle Road, Carlisle j REAL ESTATE ASSESSMENT Land $ 67,950 ~ improvements 193 950 j Total $261,900 _ The current common level ratio in Cumberland County is .793, indicating an implied market ,~ value of $330,264.32. ~ We are currently in a new reassessment period for the year 2010. The property has been ~ reassessed as follows: Land $113,300 Improvements 21$ 7,100 Total $330,400 1 The county will be on a 100% implied market value for the 2010 tax year. Based on this ~ appraisal, the subject is over assessed. ~ SITE DESCRIPTION The subject is a 0.52 acre parcel of land. The site is irregular in shape and predominantly level. ~ The site has road frontage of 186.44 feet on Trindle Road and 177.46 feet on Valley Street. There is a minimal amount of green space. An aerial photograph is included in the addenda of J this report. SITE IMPROVEMENTS There are minimal site improvements. Approximately 80% of the site is asphalt covered. There are no concrete curb cuts. There is grass coverage to the rear and side of the site with some ' tree and shrub coverage to the rear of the site. UTIL._.__ STIES The subject currently is serviced by public water, sewer, and electric. Gas is available but not connected to site. There is also a well head to the rear of the site, which appears to be inactive. FLOOD ZONE INFORMATION Your appraiser has examined flood maps that are available through the Federal Emergency Management Agency. It was determined that this is a non flood zone district. ' raisal Services Page 11 S.W. Barrett Real Estate and ApQ 2001 W. Trindle Road, Carlisle BUILDING IMPROVEMENTS 1 Description Type Structure Dimensions Total Size Foundation Roof Exterior walls Exterior doors Loading Docks Frame Ceilings Walls Floors Windows Actual age Effective age Condition 1 J MECHANICAL SYSTEMS Electrical ~ Lighting HVAC Plumbing Miscellaneous The subject currently is being used as a convenience store with a gas island. The front of the structure is brick faced with glass display windows, with two entry doors. The remainder of the building is block with two service doors. 1 story convenience store 40' x 55' plus 40' x 8' front overhang 2200 square feet Reinforced concrete slab Rubber Concrete block/brick facing on front (2) glass customer doors, (2) steel personnel doors None Concrete blocks and steel studs Steel structured, drop ceiling panels Painted concrete block and wood paneling Concrete Glass display, front only 1974 according to assessment records 20-25 years Average 400 amp main 3 phase Fluorescent suspended fixtures Roof mounted electric unit PVC (2) under ground storage tanks - (1) 3,000 gallon, (1) 12,000 gallon SPECIAL NOTE No current environmental information was provided for review. There is a steel environmentai correction container to the right of the store. Manager of store would not provide details, stated only that tanks were replaced approximately 2008. Appraiser assumes there had been a past problem, and that it was addressed and corrected. . , METHOD OF VALUATION Real property valuation utilizes three widely accepted analytical techniques: the Sales Comparison, income, and Cost Approaches. While supply and demand, contribution, anticipation, and other valuation concepts are significant in the valuation process, the theory of substitution is perhaps the mast basic. All of the approaches to value were considered. The Sales Comparison and income Approaches were developed and presented in this report. Page 12 S.W. Barrett Real Estate and Appraisal Services 2001 W. Trindfe Road, Carlisle SALES COMPARISON APPROACH The Sales Comparison Approach is based on the premise that a property's market value is directly related to prices established by buyers and sellers in the market place for reasonably similar and competitive properties. Development of the Sales Comparison Approach involves: 1. Researching the market for arm's length sales of reasonably similar and competitive properties. 2. Verifying the physical information, terms, and conditions of each sale as completely as reasonably passible. 3. Converting the sales into a unit or units ofi comparison that is or are consistent with the property type that is being appraised. 4. Comparing the subject and the sales considered most appropriate and adjusting sale prices for differences which exist between the subject and sales selected. 5. Estimating a final market value after thoroughly analyzing the adjusted sale prices and all factors affecting market value. Real estate trades in market areas whose geographical boundaries are delineated by buyers and sellers. Property types which have standard physical characteristics and exist in large quantities tend to have relatively small market areas which might encompass a neighborhood, community, or one or more counties. Conversely, property types which possess atypical physical features and exist in smaller numbers have broader markets which might be statewide or regional in scope. Based on the size and physical characteristics of the subject, the investigation for recent sales of properties which were judged to be reasonably similar to and competitive with the subject covered the eastern and central Cumberland County market. Each sale was converted to a sale price per square foot by dividing the sale price by the square footage. I have reviewed the greater Cumberland County Market Area and have found thirteen sales transactions that have similar building utility. From the data gathered and analyzed, four conveyed transactions were selected as being most appropriate for use in estimating the market value of the subject. Adjustments were considered and made, when necessary, to reflect differences between the subject and sales relative to property rights conveyed, cash equivalency, conditions of sale, market condition changes since the date of sale, location (zoning, public utilities, access to highways, supply and demand, neighborhood development, etc.), site characteristics (configuration, topography, road frontage, tree coverage, etc.), relative building size, building improvements (age, condition, level of finish, etc.), functional utility, and land-to-building ratio. Presented on the following pages are an improved sales summary and an analysis of the sales in comparisan with the subject. S.W. Barrett Real Estate and Appraisal Services Page 13 2001 W. Trindle Road, Carlisle 1 # Parcel # Situs 1 . 49-08-0579-015 1007 Ritner Hwy 2 _. 34-34-2415-039 92 W King St 3 -- 19-23-0567-075 302/304 N York St 4 38-07-0461-021A-U2 Carlisle Pike _ 5 ..... __ 21-07-0465=019 1550 Harrisburg Pi _. 6 __ . __ 21-07-0467-034 1150 Harrisburg Pi 7 05-20-1800-003 330 N Hanover St 8 17-23-0563-139 612 E Simpson St 9 18-23-0565-120 101 N Walnut St 10 46-07-0481-041 C_ 63 Carlisle Rd _. _. ......... . 11 29-17-1585-211 _ 1700 Spring Rd 12 12-21-0265-398 _ 216 Third St 13 17-23-0561-117 200 W Main St Market Indicators -All Sales Range _. vera Value Sale rice ~ P $275,000 to $1,625,000 Value {Sale price) $682,077 ~ Price Per Square Foot $96.49 to $677.08 Price Per S uare Foot q $237.57 Square Footage/GBA 1,586 to 5,144 Square FootagelGBA 3,156 Market Indicators -Selected Sales _ ' Range _. Average _.. __.._ Value (Sale price) $275,000 to $600,000 Value (Sale price) $414,250 ,! .. Price Per S uare Foot q $120 69 to $126.58 _ _ Price Per Square Foot $124.44 Square Footage/GBA 2,200 to 4,740 e Fo BA Squar otage/G 3 315 , 1 from the above charts vrill..be,utlizedfoi analysis purposes.wi#hin the d 10, and Market Sales ~ 3,:7 irect sales ' . , comparls.on approach of..thls appr..aisal andwill be re-numbered... ales # 1, 2, 3 and 4, respectively, Sales Sorted by Sale Date I SFI Store - GBA CurrentlPrevious __. 2,200 Former High's Stare 1,586 Sunoco C-Store 4,000 1=xpress Mart _.... - 3,936 Turkey Hill _. ke 2,400 Citgo ke 5,144 Rutters _.. Hanover Springs 4,740 Market/ Exxon 4,249 Uni-Mart to Restaurant 2,108 On the Run ,Mart High's to C & G 2,320 Convenience Store 2,420 Kwik-Way 2,470 Uni-Mart __ 3,452 Family Owned Price/ Sq Sate Date Sale Price Ft 1/3/2010 $275,000 $125.00 12/30/2009 $375,000 $236.44 5/8/2009 $502,000 $125.50 1!23!2009 $985,000 $250.25 _,. 8/11/2008 $'1,625,000 $677.08 611 312 0 0 8 $1,150,000 $223.56 3/31/2008 $600,000 $126.58 1/18/2008 $410,000 $96.49 1 2/1 1120 07 $900,000 $426.94 11/29/2007 $280,000 $120.69 11/5/2007 $675,000 $278.93 5/4/2007 $740,000 $299.60 3/5/2007 $350,000 $101.39 S.W. Barrett Real Estate and Appraisal Services Page 14 j 2001 W. Trindle Road, Carlisle i The following is a Relative Comparison Analysis and a ranking analysis for the valuation of the subject property via the Sales Comparison Approach. Relative com parison analysis is defined by the Appraisal Institute as a qualitative technique for analyzing comparable sales; used to determine whether the characte ristics of a compa rable property are inferior, superior, or ~ similar to those of the subject property.2 ~. . ` `• Subject Sale 1 Sale 2 Sale 3 Sale 4 1 Address 2001 West Trindle Rd 3021304 N York St 330 N Hanover St fi3 Carlisle Rd 1007 Ritner Hwy Muniapality Carlisle Mechanicsburg Carlisle W.Pennsboro Twp. Carlisle County Cumberland Cumberland Cumberland Cumberland Cumberland Date of Sale N1A 5!8!2009 3!3112008 11129/2007 113!2010 ' Sale Price NIA $502,000 $600,000 $280,000 $275,000 Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Terms of Sale/Financing Cash to Seller Gash to Seller Cash to Seller Cash to Seller Cash to Seller ' ~ Conditions of Sale Arm's Length Arm's Length Arm's Length Arm's Length s Length Arm lmprovements One Story One Story One Story One Story One Story Utilities Public Public Public Public Public Zoning V-Village CG-Com. C4-Neig. Com. C-Com. C3-Gen. Com. Lot Size 1.21 Ac. .30 Ac. 1 A2 Ac. .38 Ac. .90 Ac~ Road Frontage Yes Yes Yes Yes Yes of Im rovements Ft 2,200 4,000 4,740 2,320 2,200 . . Price Per uare Foot NA $125.50 $126.58 $120.fi9 $125.00 Property Rights Leased Fee Similar Similar Similar Similar ~ Terms of Sale/Financing Cash to Seller Similar Similar Similar Similar Conditions of Sale Arm's Length Similar Similar Similar Similar Market CandiiionslTime TypicallNone Similar Slightly Superior Superior Similar _ Location Average Slightly Superior Similar Inferior Similar lmprovements Convenience Store Similar Similar Similar Similar Condition of improvements Average Similar Similar Similar Inferior Utilities Public Similar Similar Similar Similar Zoning V-Village Slightly Superior Similar Slightly Superior Slightly Superior Lot Size Typical Inferior Similar Inferior Siightiy Inferior Road Frontage Adequate Similar Similar Similar Similar Fuel Island 4 Pumps Similar Similar Inferior Inferior Sq. Ft.lEcon. Of Scale Typical Similar Similar Similar Similar Overall Comparability NIA Similar Similar Inferior Inferior Sale PricelAcre (rounded NIA $126.00 $127.00 $121.00 $125.00 2Appraisal Institute, The Dictionary of Real Estate Appraisal, 5ih ed. (Chicago: Appraisal Institute), 209 O Page 15 S.W. Barrett !teal Estate and Appraisal Services 2001 W. Trindle Road, Carlisle _~ Ranking of the Comparable Sales A Ranking analysis is now performed. The Appraisal Institute defines ranking analysis as an ordinal technique for analyzing data, commonly used in the analysis of comparable sales; a variant of relative comparison analysis in which comparable sales are arrayed in descending or ascending order of desirability and each is analyzed to determine its comparability relative to the subject.3 3 $121.00 Inferior 4 $125.00 Inferior 1 $126.00 Similar 2 $127.00 Similar 1 i $121 $266,240 $122 $268,400 $123 $270,600 $124 $272,800 $125 $275,aoo $126 $277,200 $127 $279,400 The comparable -sales indicate unit rates ranging between $121.00 per square foot and $127.00 per square foot with a mean of $124.75 per square foot. Sales # 1 and 2 are the most similar overall to the subject, other than building size. Chosen value indicator is $126.50 per square foot. Therefore, applying this unit rate to the subject's gross building area of 2,200 square foot yields a market value of $278,300, say $278,000. CONCLUSION Ot+ SALES COMPARISON APPROACH Based on the market sales analysis and other pertinent data, it is my conclusion that the resulting value from the Sales Comparison Approach is $278,000. 3Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010) S.W. Barrett Real Estate and Appraisal Services Page 1b 2001 W. Trindle Road, Carlisle INCOME CAPITALIZATION APPROACH The Income Capitalization Approach is based upon the premise that an investor who purchases income producing real estate is essentially trading present dollars for the right to receive future income. This is the Principle of Anticipation. The Principle of Supply and Demand is also fundamental to this approach in that changes in supply and demand will have an effect on market rents. The Principle of Substitution holds that market rents and capitalization rates tend to be set by prevailing rates and rents at equally desirable substitute properties. Forces outside of the property will also have an effect upon the income attainable at the property. The state of the economy, political environment, crime rates, and new development are just a few of the outside factors, which may influence rents and rates. This is the Principle of Externalities. In general, the Income Capitalization Approach involves the estimation of net operating income. This net opera#ing income is then capitalized at an appropriate rate based upon that particular property's risk and return profile. Estimating the net operating income involves the analysis of market rents as well as contract rents. This involves analyzing leases and rents for similar competing properties as well as the i encumbering leases far the subject property if applicable. From this analysis, a potential gross income is derived, that is, income prior to vacancy and collection losses. Once an appropriate vacancy rate is derived from the market, the effective gross income of the property may be ~ derived by subtracting this vacancy from the potential gross income. Expenses involved in the operation of the property are analyzed, stabilized, and subtracted from J the effective gross income to arrive at the net operating income. The next step involves the derivation of an appropriate capitalization rate. There are numerous methods for devebping capitalization rates. Three of the most common include Direct Capitalization, Band of Investment technique, and Yield Capitalization. Direct capitalization uses overall rates and monthly or annual gross income multipliers. Overall rates capitalize stabilized annual net operating income before debt service into market value. Because most properties are purchased with a combination of .debt and equity capital, overall rates used in direct capitalization must reflect the weighted effects of financing costs and the equity return that is commensurate with the risk associated with ownership in real estate having characteristics similar to the property being valued. The best quality real estate, also known as investment-grade properties, is often purchased with all cash. Overall rates of all cash acquisitions tend to be lower than leveraged purchases, as market participants perceive the latter to be more risky. Multipliers are appropriate when lease terms, i.e., ownership's expense responsibilities, are similar far the subject and comparables from which multipliers are obtained. Band of {nvestment Technique is a{sv considered to be a Direct Capitalization method. This method of determining an overall capitalization rate assumes the acquisition of the appraised property with the use of a combination of debt and equity funds. Mortgage assumptions used in this analysis were based on discussions with bankers and mortgage brokers, and a review of trade publications. The first year equity return, also known as equity dividend rate, associated with owning real estate having similar characteristics value change expectations, and alternative investment returns. was predicated on the risk to the subject, income and From our discussions with bankers and mortgage brokers, the most likely financing available to the subject would be a loan equal to 60% to 80% of market value, and having an effective interest rate of 6% to 9%. Payments would be based on a 10-30 year amortization schedule; S.W. Barrett Real Estate and Appraisal Services Page 17 2001 W. Trirtdle Road, Carlisle however, a 15 to 20-year loan term would be common. Loan terms are typically renegotiable after year 5, with 10 years being the typical holding period. The remaining 20%-4Q% of value normally consists of equity funds. Real estate competes with alternative investments, such as mutual funds, government securities, corporate bonds, and the stock market. Real estate tends to be less liquid and more management in#ense than many other investments, but does have some tax advantages compared to these alternative investments. Typical equity returns under current market conditions range between 5% and 10%, depending on risk and desired return. Yield capitalization discounts future cash flows into present value at a rate that is competitive with alternative investments and sufficient to procure investor participation, given the perceived risk of property ownership. This process requires knowledge of financing terms available to the property being appraised, and projecting quantitative shifts in net operating income and value over a time period which is commonly selected by market participants to examine an investment's performance. Discounted cash flow analysis and/or an overall capitalization rate can be used in yield capitalization. Discounted cash flow analysis converts each year's ne# operating income over the performance term and reversionary proceeds at the end of the performance term into present value at an appropriate yield or discount rate. Overall capitalization rates, which are applied to first-year net operating income before debt service, are adjusted for equity build-up through loan amortization, property appreciation or depreciation, and income changes over the performance term. The conclusion of the Income Approach requires the selected capitalization rate to be divided into the net operating income to arrive at a market value per the Income Approach. J Income (NOI)1 Rate (RO} = Vatue ($) Methodology selected for Analvsis of Subiect The direct capitalization method has been selected as my principal indicator supported by the mortgage equity band of investment analysis. Income Approach Analvsis The subject property currently is leased by LEEMILT'S PETROLEUM, Inc. until August 15, 2011. Lessee has the option to extend the term of the lease for three (3} additional periods of five (5) years each. Copies of the original lease with extension are included in addenda of this report. Lease types, such as gross lease, modified gross lease, percentage lease, net lease, triple net lease, absolute net lease, and sales overage lease adjustments, affect lease conditions. Length of lease, expense pass throughs, common area maintenance, and renewal options have different effects on landlard/tenant responsibilities as far as income and expense items. This building is suited for single tenant occupancy. The typical tease for this property would be a triple net lease. S.W. Barrett Real Estate and Appraisal Services rage ie 2001 W. Trindle Road, Carlisle Potential 1lncome The subject property currently is leased at a monthly rent of $2,050.00. The annual gross income equals $24,600, or $11.18 per square foot. Qperating Expenses The subject property is presumed to be leased on a triple net basis with the tenant(s) responsible for either direct payment of or reimbursement of all operating expenses and utilities. However, there are a few expenses that remain the responsibility of the landlord. These expenses include the cost of management and leasing of the subject and a reserve charge far structural repairs and replacements. If necessary, other miscellaneous expenses would be any unaccounted expenses such as the landlord's share of real estate taxes for the stabilized vacant space, accoun#ing, legal fees, etc. Expense Landlord Tenant Electric X Heating X Water and Sewer X Janitorial X Maintenance & Repairs X Supplies X Management & Leasing X i Miscellaneous X Real Estate Taxes X J insurance X Structural Repairs X i _Management Fee This fee varies depending on the level of services. If a property manager is required to collect monthly rents and do on site management, fees are generally higher. 1f a leasing fee is required, expense will also be higher. The customary fee range within the general market area ranges from 3% to 10%, depending on services. A 5% fee was estimated for this analysis. Re lacement Reserves It is the responsibility of a landlord to provide for the structural integrity and major mechanical - components of the property in order to ensure continued rental of the subject over time. Long- term maintenance reserve for the replacement items include roof, plumbing fixtures, water heater, HVAC, driveways and parking lot. For the subject property, this expense is projected at ~~ $467.00 or 2% of EGl annually. Page 19 S.W. Barrett Real Estate and ApprAisal Services 2001 W. Trindle Road, Carlisle Net Operating Income (NOI) The actual or anticipated net income that remains after all operating expenses are deducted from effective grass income but before mortgage debt service and book depreciation are deducted. Nate: This definition mirrors the convention used in corporate finance and business valuation for EBITDA (earnings before interest, taxes, depreciation, and amortization) a Gross income has been estimated at $24,800. 5% deduction far vacancy and credit foss was taken to arrive at an effective gross income of $23,370. A further deduction is made for fixed, operating, and reserve expenses of $1,636, to arrive at a net operating income of $21,734 for the subject property. Supporting Data Refer to the following page for the math calculations for the Direct Capitalization Process, and . ~ The Band of investment Technique. If applicable, refer to the addenda of this report for supporting documentation such as "Realty Rate" and "Korpacz Real Estate Investor Survey". These surveys provide overall capitalization rates, equity dividend rates, and other data pertinent to this analysis. i Conclusion $11.18 per square foot is the annual rental indicator, resulting in a gross income (GI) of $24,600. A deduction of 5% for vacancy and credit loss results in an effective gross income (EGl) of $23,370. Utilizing combined operating expenses equals an expense ratio (ER) of 7%, resulting in a net operatingvaue ranNe lof $310,486 t $255,694. tE timated value per°the81/z% was selected, arrlvmg at a 9 Income Approach is $300,000, equaling 7.2% capitalization rate. Page 20 S.W. Barrett Real Estate and Appraisal Services 2001 W. Trindle Road, Carlisle Property Address: 2001 W. Trindle Rd. Carlisle ,I Income and Expense Summary RatelAnnual Income Square Footage Size # Units Ancillary/Other Income Gross Income (GI) Minus Vacancy & Credit Loss (V & C) Effective Grass lncome (EGI} Minus Operating Expenses Minus Miscellaneous Expense Minus Reserves for Replacement Net Operating Income (NOI) Capitalization Rates Value indicators Value Estimate Overall Rate (OAR) Gross Income Multiplier (GIM} Effective Gross lncome Multiplier Price Per Square Foot Price Per Unit Expenses/Square Feet Expenses/Per Unit Fxoense Ratio (ER) 0.07 0.075 o.Os 0.085 0.09 0.095 0.10 $11.18 2,200 1 $0 $24,600 -$1,230 $23,370 -$1,169 $0 -$467 $21,734 $310,486 $289,787 $271,675 $255,694 $241,489 $228,779 $217,340 -5% -5% 0% -2% $300,000 0.07244667 7 12.20 12.84 $136.36 $300,000 $0.74 NIA 7.0% Page 21 S.W. Barrett Real Estate and Appraisal Services 2001 W. Trindle Road, Car3isle Advanced Mortgage Equity Calculation Input Variables Projected Holding Period 10 Years Loan Ratio 1 75.00% Interest Rate 7.50% Loan Terrn 20 Years Balloon Payment in Year 10 Investor Equity Portion 25.00% Required Investor Yield (IRR) 8.000% CALCULATION Loan 1 x Constant (.75000 x 0.096671) 0:0725034 Equity x Required Yield (.25000 x 0.080000) 0.0200000 0.0925034 LESS Credit for Equity Build-up RATIO x % PAID OFF x SINKING FUND Loan 1 75.00 0.3213 0.069029 -0.0166359 BASIC RATE OA758675 CAP RATE AT STABLE OPERATION 0.0758675 OVERALL RATE -ROUNDED TO VALUATION lncorne (NOI) !Rate (RO) =Value ($) $21,734 .0759 $289,787 Value Estimation (Rounded) $290,000 7.59% CONCLUSION The advanced mortgage equity analysis arrived at a value estimation of $290,000. This methodology supports the Direct Capitalization process. S.W. Barrett Real Estate and Appraisal Services page 22 2001 W. Trindle Road, Carlisle i G RECONCILIATION OF VALUE The valuation approaches developed in this report indicate the following market value 1 estimates: SALES COMPARISON APPROACH $278,000 INCOME APPROACH $300,000 COST APPROACH Not developed due to the nature of the property After considering all the facts and circumstances in connection with the subject, 1 estimate the market value of its fee simple interest "AS OF" November 18, 2010 to be TWO HUNDRED NINETY THOUSAND DOLLARS ($290,0001 In arriving at a final estimation of value, most weight was applied to Income Approach to value. The Sales Comparison Approach provided recent sales transactions that provided good insight into the actions of buyers and sellers in the marketplace and selling prices that reflect all farms of depreciation. ~ The Income Approach provided recent, reasonably comparable and competitive rental and operational data, further supported by available trade publication data that provides capitalization and return on investment information that supports this methodology. The subject property currently is leased at market rent. The Cost Approach has little significance in valuing properties improved with somewhat older improvements similar to those located on the subject due to the difficulty in precisely estimating accrued depreciation. Therefore, the Cost Approach was not developed. S.W. Barrett Real Estate and Appraisal Services Page 23 2001 W. Trindle Road, Carlisle CERTIFICATION I cerfifiy 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 is 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. i • My engagement in this assignment was not contingent upon developing or reporting predetermined results. 1 . 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 value opinion, the attainment of a stipulated result, or the occurrence of a subsequent 1 event directly related to the intended use of this appraisal. • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 1 • I have made a personal inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person signing this certification. i • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute and American Society of ~ Appraisers. • The use of this report is subject to the requirements of the Appraisal institute and American Society of Appraisers relating to review by its duly authorized representatives. 1. As of the date of this report, Steven W. Barrett has completed the continuing education programs of the Appraisal Institute and American Society of Appraisers. • Ail contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the undersigned affecting the analyses, opinions and conclusions contained in ' the report). • All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the appraiser whose signature appears on the appraisal report, unless ' indicated as "Review Appra'rse~'. No changes of any item in the appraisal report shall be made by anyone other than the appraiser, and appraiser shall have no responsibil"dy for any such unauthorized change. S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES Steven W. Barrett, SRPA, SRA, ASA - PA State Certified General Appraiser GA-000298-L /~° as - aa~o Date S.W. Barrett Real Estate and Appraisal Services Page 24 2001 W. 'frindle Road, Carlisle ADDENDA Page 25 S.W. Barrett Real Estate and Appraisal Services L Y A~ CI/C# Y S 'i ",' ~i. <gg4 5'• 8,N7 17,11. [M,. Ja~~4~ori Yaam. Aat a[ 7YOi. :; . • 1 • ~ J .~r S MADE TFfFI ~ ~~~`• day of in the year of our Lord one thousavid fti~{e hundred •seventy-sfx (1878). i BETyyEEbT ROBERT P. NJ£T7HPatJSER of Emmitsburg,• b~iarylaad, and 1~'RANK B, . ~ _.. l DARCEX, •1R•, of irairfield, Adams County; Pennsylvania, Trustees •---, for Carlisle Joint Venture "'AT', parties of the Pirat part, . s . ~ ' (iranto+s , n ~j ~ ; • : THOMAS J. O'DONNETt~I, and JOAN N. O"DONNELL, husband and j ,,vife, oP 4123 Wisconsin Avenue, N.W. , Washington, D• C., 20618, Paxtiss of the second part, . k Gmntse s : ~ . .1 ~ WYTN,I~S5E1^I>r, that in fwnsiuleration of Ssxty-three Thousand---°-------""-'""_"- . --°--------^-----°---.»..»,.-------_-^----»..-»..-----Dollars, &3, 00 00 ----., W I~pa,>}d, ties reae+.pt wksraoJ to 7israby aclmiowkdped, the said prasttors do h.ersby !!rant r and convey to the aadd p~y/,egs , their heirs and assigns, as tenants by the entireties. ALL that certain lot or piece of ground situate in South Middleton Tvwnsbip, Cumberland County, 1'etu-sYl°anta, and described acoording to a Plan end Survey thereof made by A ~'• R.affensperger, -dated January 9, 1961 as•follows, to wft: ~~ BEGINNING at a pin in the bed of Trindle Road, L.R. #305, (50 feet wide), said pofrYt of beginning being at the intersection of the tide in said bed of Trindle Road with the Westerly right-of-way line of 'Valley Street and.befng located the distance ° of Nine Hundred (900) feet from'the intersecticn of the Southerly right-of-way 1xne ' of firindle Road with the Easterl}f right-of^way line of Carleton Avenue: thence from said poitrt of beginning (1) south 45 degrees 03 minutes West, One Hundred Seventy- ! seven and Forty-six Hundred#hs (177.48) Peet to a pine thence (2) North 77 degrees 15 minutes West, Eighty-nine and sixt3`-one Hundredths (89.81) ,feet to.a post; thence ° ~ (3) North 13 degrees 46 minutes East, One Yiundred F'iPiy (150} feat to a pin in the { title line of Trindle Road; thence X41 South 77 degrees 15 minutes East, One Hundred Eighty-four and Forty-four Hundredths (184.44) feet along the same to the first i mentioned point and place of BEGINNING. :1 ~ BEING'one-half of Lot No. 22 and all of Lots Nos. 28, 24. and 25 of Section "D" of Carlisle Manor Extension, as recorded in Plan Book 3, page 99, and having thereon >s ~ erected a store building. . •~ B1r;lNG a portion of the premises which Exxon Corporation, by deed dated September 26, 1973 and recorded October 4, 1973 in the Office of the Recorder of ° Deeds in and for Cumberland County at Carlisle, Pennsylvania, in Deed Rook "'J", Vol. 2b, Page 500, granted and conveyed to Robert P. Neuhavser and k'rank B. Darcey, Jr., who by Declaration of Trust recorded in said Recorder"s OPPice in ilRiscellaneons Record Book 208, Page 832, hold,the same as Trustees for the ~ 'benefit of Carlisle 3oint Venture "A", Grantors herein. ~/Jp~ N COMMONWEALTH QF PENNSYLVANIA -' 5~ ' a DEPAR7MEt~i OF REV ~~m6. C,o., Pa. • . w AEA[TY IAANSFfRfA!(~•.76 b' 3 Q. { % Roal 6Ja~o Trancf,r T„ '- 7qk • i .7.~`r 6 3Q•~ v ~ P.9,IIIb2 Daio ~ .~Aml. ... cv~b. ce. ii. col. ~s+• ~ : OOOi(~ ~ FAGS 718 ~ I • a Q ~d° ~! 1 ., •,; r`.° a• CUMBERLAND COUNTY !2612010 2:59:04 PM Inst,# 197601929 -Page 1 ,.. AND the said grantors hereby eoveaan~E and agree. the-. .they with woMrant . generally ~ the p7'oPeYbU hereby conveyed. ' ga~ 6~s roW~b ~Mar~w ,~ oq tV ~ ~~ y ~oF~ • ~Q~M fi~v~ ' _V • D9 iU IN WI?NEgS WIiER,EOF, said grantors have hereunto eet their' 'hands and seats the day an8 year ftrat above tpritten. . 141pned. ~erkt~ DoE ~ieiiUeitD . •^. Vre, Yttie undersigned, being a116t the rove ons withinsaonveyRnaoiale 3oint Voature .A ,hereby consent to and app ~h~ ~ , IA ~ J L. "Yi.G ~ ... B, arcey,' Jr. " n~!~- ~.---,_ ~ ~re~~ , I do hereby certify that the precise residence and complete post offic8 address of the 'within C}rantees is 4123 'UVisconsin Aveanje~.,N~.W. , Washington„ D. ' C.. 24026. f ~"'J1"'~' . • ~ "' JA,ttorney For the rantees , i. i grate of Pennsylvania ~sa. , Co:tre#y of Cumberland ~,.~-.+-- ~ day of ' , to 76 ,before me, `1 ~, ~ On this, the , personally aypemred Robert P. Neutsauser and Frank B. DarceY, d n~toer { , prte the undera Jr., Trustees Por Carlisie•Joiat Venture "A". . ' knawo~ to me (or satisf~toriiy p+roroeoal to be fhe pereorss whose na~xss ecuted the same f are subscribed to the or the purposes therein :vithirn. iatatr5tnneer~t, aatd aaknowtedgod that ,they ex contained. ~r yylTNlsgg yyliER7sOF, I here:atto seE my hand and o~toiat seat, ff(((((//((~r~~~~ ~ ~r_~_~~,~,ww ~. Nasry nrwio dni.~. cume,mna coWUr' i ' .~~,u;n i? ~ ~;~~;in, Kr Comml._ Wn••• ws y~3fu..19~$_ ~ r?.•,~ ~---~,~'` t~+ f ~cerr• i +. "': r!~n NW `.i~•. . ~no~ f'2S FACE. 719 ` J CUMBERLAND CQUNTY !26/2010 2:59:04 PM Insi-# 1976Q1929 -Page 2 M. PA Zi :1701 Gas island facing south west Side of convenience store facing west showing exit to Valley Street ~ Front of convenience store facing south Side of convenience store facing west Borrower: Joan N. O'DONNE~~ estate ' "" """ - --"- - Pro ert Address:1070 Trindle Road Case No.: Ci :Carlisle State: PA Zi :17013-2630 Gas isiand facing west Rear of convenience store J Environmental pump container on west side of convenience store Borrower: Joan n. UvVnn~~~ F3.a« Case No.: Pro er Address:1070 7'rindle Road State: PA Zip' 77013-2630 West Trindle Road facing east West 1 rlna~e rwau ~a.....y •------ Valley Street facing south Cumberland County PA umberland County PA Unincorporated Towns D Roads -Ally -Minor Road -State Road Interstate jParcefs 0 Minor Hydro Major Hydro i..''• Water Bodies Counties a NEW 2008 Orthophotography Red: Band_i ®Green: Band_2 Blue: Band_3 2007 Orthophotography Red: Band_1 ®Green: Band_2 Blue: Band_3 rayc i ~i i 8/27/2010 Cumberland County PA NEW 2008 Orthophotography Commercial Parcels Red: Band_1 Minor Hydro ®Green: Band_2 ~ Unincorporated Towns __, Blue: Band_3 Major Hydro 2007 Orthophotography • Roads E"'~ Red: Band_1 -Ally '• x:..::: Water Bodies ®Green: Band_2 -Minor Road 3,,„ ; Blue: Band_3 -State Road ~='-' Counties Interstate 8/27/201 Cumberland County PA ARTICLE X V -VILLAGE DISTRICT j 1000. Purpose ~ The Village District is intended to preserve the quality and character of existing ~ community environments; provide for the filling-in of land within built up areas by permitting a mix of compatible uses; encourage stability and preservation of existing residential communities and community values; allow flexibility in planning ' and promote compatible land uses in established neighborhoods. i s 1001. Permitted Uses Ina (V) Village District, no building ar premises shall be used and no building shat( be erected, which is arranged, intended or designed to be used in whole or in part, fior any purpose except those listed below, and all such uses with the exception of (1)single-family detached dwellings, {2) single-family semi-detached dwellings, (3) iwa-family detached dwellings and (9) accessory uses and structures shall be subject to Land Development Plan approval in accordance with the South Middleton Township Subdivision and Land Development Ordinance and those regulations specified elsewhere in this Ordinance. (1 .) Single-Family Detached Dwellings. {2.) Single-Family Semi-Detached Dwellings. (3.) Two-Family Detached Dwellings. (4.) Churches or similar Places of Worship subject to Article XVI. (5.) Schools subject to Article XVI. (6.) Bed and Breakfasts subject to Article XVt. (7.) Boarding Houses subject to Article XVI. (8.) Family and Commercial Day-Care Centers subject to Article XVI. (9.) Hospitals, Nursing, or Convalescent Homes subject to Article XVI. (10.) Greenways and trails. South Middleton Township 68 (11.) Municipal Buildings and Services. (12.) No-Impact Home Based Business subject to Article XVI. (13.) Accessory structures and uses customarily incidental to the permitted use. 1 1002. Conditional Uses Sub'ect to Article XX (1.) Single Family Attached Dwellings (Townhouses}. (2.) Garden Apartments {3.) Large Scale Residential Development- defined as development or subdivision of one or more parcels with residential dwellings totaling 25 or more dwellings, or exceed a cumulative total of 25 ar more dwellings since January 1, 2007 (4.) Retail saves and business, personal and repair services, restaurants without drive-through service facilities, professional offices, and medical and dental clinic facilities subject to the provisions of Article XX. Adult bookstores andlor adult theaters are excluded. Additional criteria include the following: (a.) Area dimensional and requirements: (i.) Minimum Area 15,000 sq. ft. (ii.) Minimum Width 100 ft. (iii.) The maximum permitted building coverage shall be 40% of the lot area. (iv.) The maximum area of impervious coverage, including buildings, parking areas, access drives and other improvements shall not exceed 60% of the lot area. (b.) All permitted activity, including administration, storage and related activities shall be conducted within the main building{s}. No accessory buildings shall be permitted except those needed for trash management and outdoor maintenance equipment. (c.) Parking facilities shall be provided in accordance with Article XVI 11 of this Ordinance. South Middleton Township 69 (d.) Outdoor illumination shall be designed to provide adequate lighting without producing glare or illumination of adjoining residential properties. The height, placement and type of outdoor lighting shall be designated on the conditional use application. (e.) All such uses and/or businesses shall comply with all generally applicable and Supplemental Regulations of this Ordinance including, but not limited to the provisions of Articles XVI; XVII; XV111. {f.} Outdoor trash dumpsters, collection areas and receptacles and mechanical equipment not enclosed in the main structure shall be screened in a manner compatible with the proposed architecture and landscaping. Said screening shall be designed to reduce the visibility of said facilities and prevent the escape of waste, debris or litter from the site. Said facilities and screening shall be designated on the conditional use application. (g.) Maximum Gross door Area (single or multiple buildings on an individual lot) ...........................................30,000 square feet (h.) Pre-existing structures and buildings: Buildings and structures in existence or substantially complete as of December 6, 1990, shall not, for purposes of conditiona! use in accordance with this Section, be subject to the provisions of Sections 1002 (4.)(a.}(i.), {ii.), (iv.) and (v.) related to lot area, width and ° coverage. All other provisions of this Ordinance shall be in effect as to pre-existing buildings and structures and conditional use thereof shall not be permitted except in compliance therewith. (5.) Mixed Use Development- Defined as any group of permitted uses in Section 1001 above and/or conditional uses in this Section, totaling not more than 30,000 square feet of gross floor area, planned and designed as a common entity with commercial and/or residential units planned and designed to be located either in single or multiple buildings pursuant to the provisions of Section 1612 and subject to Sections 1002(4)(a) - (h). {6.) (7.) ($ ) Essential Services subjec# to Article XVI. Group Homes subject to Article XVI. Life Care Communities subject to Article XVI. (9.) Cemeteries subject to Article XVI. South Middleton Township 70 (10.) Wireless Communications Facilities on existing towers or other structures without increasing the height of the tower or structure subject to Article XVI, Section 1638. (11.) Innovative Design Development Subject to Article XV1. 1003. Area Regulations t Area and Dimensional Standards, except as in Section 1004 (5.) L o Minimum (1 ,) Single-Family Detached Dwellings (a.) Lot Size 10,500 square feet (b.) Lot Width 75 feet (c.} Front Yard 30 feet (d.) Rear Yard 20 feet (e.) Side Yard 10 feet (See also Section 1602) {2.} Single-Family Semi-Detached Dwellings (a,) Lot Size 8,000 square feet {b.) Lot Width 60 feet (c.) Front Yard 30 feet _ (d.) Rear Yard 20 feet (e.) Side Yard 10 feet (See also Section 1602) (3.) Two-Family Detached Dwellings ' (a.) Lot Size 10,500 square feet (b,) Lot Width 75 feet (c,) Front Yard 30 feet (d.) Rear Yard 20 feet (e,) Side Yard 10 feet {See also Section 1602) (4.) Attached Dwellings -Townhouse or Row House 71 South Middleton Township (a,) Minimum Lot Area: A tawnhause or row house project must contain a minimum area of one-{1) acre of contiguous, undeveloped property in single ownership. (b,) Maximum Gross Density 6 dwelling units per acre (c.) Interior Lot Width 20 feet (d.) Front Yard Setback 30 feet {e.) Side Yard for End Units 20 feet (See also Section 1602) (f.) Rear Yard Minimum 20 feet (g.) Along the perimeter boundary line of the project, screening shall be provided where no public road is located. (h,) No less than three (3of {~ nhousest oa row house dwellingsS shall be permitted m a group (5,) Apartment Buildings (a.) Maximum Gross Density 10 dwelling units per acre (b.) Front Yard Setback 30 feet (c.) Side Yard Setback 15 feet (See also Section 1602) (d.) Rear Yard Minimum 20 feet (e.) Along the perimeter boundary tine of the project, screening shall be provided where no public road is located. (6.} Uses other than those in {1.) through (5.) above ;i.) Lot Size ;ii.) Lot Width (iii.) Front Yard {iv.) Rear Yard {v.) Side Yard (See also 25,000 square feet 100 feet 50 feet 30 feet 15 feet Section 1602) 1004. General Re uirements for ail Uses: All uses shall be served with central water and sewer. South Middleton Township 72 40 feet (1 ,} Building Height (maximum) 40 ~/o (2.) Building Coverage (maximum) 60 % (3.) impervious Area {maximum including buildings) (4.) Off-Street Parking shall be in accordance with Article XVIII. (5.} For lots existing on the effective date of this Ordinance, set back and yard requirements: For lots existing on the effective date of this Ordinance, set back and yard requirements (a.) Front yard: 30 feet or in accordance with Article XVl (b, Rear yard: 10 feet (c.) Side yard: 5 feet {See also Section 1602) 1005. Spec al Exce tions (1 .} Customary Home Occupations in accordance with Section 1609 and Article XXlll. (2.} Conversions Apartments subject to Arficte XVI. 73 South Middleton Township v , ~, ~~.. i `: !~ k r ', )' ~ w, ~ ~ ti ,qtr t '} ' ~ ~ ~ Y~ ~ ~ r ~ ~ &~. i ' „~ :i ~` „` I y '; ~ lid I I 4. }'~` f ,y l 1 F..~ F ~. ,Y~~~,~. ;~ ~>:~ I `I J ., _.... , - ..5.. ,~ 1 i I .T V j i~ ~rn~~ ~rYn Vrn/ Y FloadMep~ Legend Flood Zones loess inwtdateA qr GOO~yssr Qaoding Areas wrSetde of 1M 10a enA 50t1•yeu ReadpWlnt: wr<as r~wadeloA Dy tCayeer rrooNng Neat txgtdeled Dy t60•yearlloodiltg wNtt vdloday tte7Ard Fla06r/iy aYOaa Fteadlvayuaa3t,+utvakwyRaeara Ness ar tlAASlormYtotl a+t poss~is IMOA hatartlt . ~ uQaf n61 alap~ed On any tit~shatl FIRbI Flaorf Ic~forroattan Community 420371 - SOVIH MIDDLETON, TOWNSHIP AF Prapeny Is not in a PEMA spacial flood hazard aroa_ MapNutrtber:42041C0233E hlapt}ate:03f16/2009 Panel: 8233E FiPS: 42041 Zane' X NRahM rrgn9amenCn FIRMt hlaZArd Certllla9Wtn (TPHC) nar /tCl rnafce rmy rr<presentadons or vrarraMres to any patty eancermng the content, accuracy or wmpleteness oftftis f4ood report, including any warrant/ of merchantaSRi!y er tltnr:es im q parlirwru purposa. NniRter TFNC not hCt nnr Inn seem GI th~+ Rood report sneh have any ItabiOty to any ihrrtf party !ar any use or mlause of this Rood raparl. 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'1"~ W z ~ a a a t-~--- ~n i i s i i to i i I 1 1 i0 t~ i I 1 1 I I I I I i i I ri ~ I \ ll1 1~ i ~ ~ i ~ i ~ i ~ ~ ~ i e ~ w ~ i ~ i ~ ~ ~ ~ ~~ I I ~ i I O i O O ~ i ~ i ~ i ~ i ~ I 4 ~ I P ~ I f I ~ 1 ~ 1 ~ I ~ t ~ tN ~ i~ ~ IN p ~ J r~ o o ~- ~t o r-- N M O '~'_ LL N U a a~ L N o o .~ .~ c ~ a ~~ ~ ~ Z ~ N co ~ ~ ~~ O ~~ L V U C N f4 N 'ro a a Q c a~ U N ?+ .o a a~ L '~ V/ Ra~atwin Screen Print for pub1ic04, from "CAMA_Login" 9/21/2010 1:48:32 PM CUMBERLAND COUNTY ASSESSMENT OFFICE 2COOITROLE#EA40002535 i 1 1 ~ NEIC3HHORHOOD: 4023 40 SOUTH MIDDLETON TWP SD' B T9-019. s~• 40-22-~4 R - DISTRICTz 0 ID SPEC ~ t- ---~ Tbacks ' Short Name O'DONNELL, THOMAS J & JOAN N ~ i ~ pROPERTX TXPE: CS ~ C LAST NAME O'DONNELL i ~ ( FIRST NAME : THOMAS J & JOAN N ~ SALES I C/0 NAME C/0 GETTY PROPERTIES #69685 DE~ ~PQ, .0026p_00718 lp4DDRESSI 125 JERTCHO TURNPIKE #103 i I DATE OF SALE...06/03/1976 ,ADDRESS2 i ~ SELLINC3 PRICE; 63000 (POST OFFICE: JERICHO ~ i STATE & ZIP: NY 11753 Situs: 2001 VQ TRINDLE ROAD Prop Deacrip.: LAND DESC: LAND LESS TEiAN 1 ACRE LAND USE TYPE: 348 DEEDED ACRES: .52 ~---------C[7RRENT VALIIES---~ ~ Assessed Fair Market FMV - 261900 L - 67950 C&Ci~ - B - 193950 approved? -> T - 26].900 Enter Selection > Record: 33538 Screen 1 Mode, F -Forms, I -Image Number -Switch Screens, X -Exit, J -Jump Down Arrow -Next Entry, Up Arrow -Previous Entry, ? -Screens, B -Browse Cumberland County Tax Reassessment Value Lookup:Details k'age I oI ~ Detailed Results for Parce140-22-0489-019. in the 2010 Reassessment i Database Municipality' 44 -SOUTH MIDDLETON TWP Property Type: School District: $ 'SOUTH MIDDLETON SD Owner: Parcel TD: 4o-zz-o4a9-o19. CG Status: House 2oa1 Taxable Status: Number: Street: W TRINDLE ROAD cv O'DONNELL, THOMAS 3 & JOAN N Taxable Property Old Assessed -Land: 67950 New Assessed -Land: 50 New Assessed -Buildings: Old Assessed -Buildings: 1939 0 New Assessed -Total: Old Assessed '- Total: 26190 Old CG Assessed -Land: NoT New CG Assessed -land: Old CG Assessed ' APPLICABLE New CG Assessed - Buildings: Buildings: Old CG Assessed -Total: New CG Assessed -Total: ~, ., 113390 217100 330400 NOT APPLICABLE 9/20/2010 ~,++„•//~~«~ah rrna nPt/tax l~~kun/Details.asvx?pid=40-22-0489-019. Cumberland County Tax Estimator Pagelofl Cumberland County Tax Estimator Current Value ~T. 2s~~oo .~ Reassessed Value __ s3o4ao Municipality SOUTH MIDDLETON TWP Q (South Middleton SD) Estimated Estimated current(zoio) taxes Tax Rate % of total taxes County tax 0.0025790 18% $ 675.44 Municipal tax 0.0002200 2% $ 57.62 School tax 0.0113800 80% 2,980.42 $ 3 713.48 Estimated Estimated new(2ox1} taxes Tax Rate % of total taxes County tax 0.0020740 19% $ 685.25 Municipal tax 0.0001674 2% $ 55.32 School tax 0.0085588 79% $ 2,827'84 $ 3,568.41 Net Difference $ ~r -145.07 (Lower taxes) DISCLAIMER Tax estimates provided by the Tax Estimator are the County's best estimate of County, municipality and school district revenue neutral tax rates for 2011 as of March 1, 2010 . ~ The Fnai rates cannot be determined before certification of new assessment values by the Cumberland County Commissioners on November 15, 2010 . Final total revenue neutral tax rates for taxing entity will be adjusted (usually) upward by successful appeals and corrections prior to certification. This information should be used for informational use only and does not constitute a legal document. Every effort has been made to insure the accuracy of this data; however, this material may be slightly dated which would have an impact on its accuracy. Cumberland County disclaims any responsibility or liability for any - direct or indirect damages resulting from the use of this data. :; .~ htta://ccweb.cc~a.net/tax tool/default.aspx 9/20/2010 AGi2EE1~PIT Op LEASE 1. EJCECUTED this ~ ~' u'U day of ri~~ , by and between Robert P. 4iQUhauser and Fra c arcey-dx•. ~i'rustees for Carlisle Joint Venture "A" party of the .first part, hereinafter referred to as "Lessor", and High's Uaixy Products Division of Capitol Milk Producers Cooperative, Inc., a Maryland Corporation, party of the second part, hereinafter referred to as "LeSSee". WITNESSSTFI: 2. Th$ Lessor doe; hereby grant, lease and demise unto the Lessee the store premises known and described as High's Store ams~}rg~ fa~adsgxp~sf located 1070 Trindls Road South Middletot~rn Townshi Curul~erland County, Penns lvania ee ega escr pt on a a e iereto an ma e a par ereo for a period of twenty (20} yeavs, at and i'or ttte sum of'One Hundred tvinety Eight Thousand Dne.~iundred Seventeen and 60/100 ,Payable, Dollars ($198 117.60:} in .monthly installments of Four Hundred Twelve and 75/100 Dollars ($412.75) fox'. the period ~rom•June 1G, 1974 through July 31, _ ~. __ ,,. _,:y .s,,,,,~,-ova mwpnty-Five and 49/100 Do]:lar. ($$25.49} day of each. and every month. The terms of this in advance, on the let ,~ lease shall commence o~'~ a --day o'' 0 1 July 19 74 and shall end on t e 15th aY _ ~, 19, 9 4 0n or before commenc ng Sep er , of each year. of this lease, Lessee shall deliver to Lessor a correct state- ment, certified by an officer of Lessee, showing the amount of gross sales, as herein dafined,.mads in, upon or from the demised premises during the entire prior lease year. Si~hultaneously with the delivery of such statement, Lesson shall pay to Lessor as additional rental hereunder an amount Equal to three•pex cent (3~k) of all sueh gross sales for the prior lease year less t}ie amount. of minimum rental already paid by Lessee in such year. "Gross Sales" shall be~deemed to mean all sales m~debartment Lessee or~by any other person, firm or corporation operating any p or concession in said premises, whether for cash or on credit, and regardless of the collection thereof. Sales and/or use tax as collected from. the customer as a separate itemoandsales.toReturns and retfunds sha~alsoabshority sha3,1 not be included in gr deducted if the amount of such returns shall havo been included in gross sales. It is expressly understood and agreed that the proyisian herein for percentage rental is not intended to create a partnership or joint venture af.any kind whatsoever. .J .. 2 .. ,; 3. It is covenanted and 'agreed by and between the parties hereto that the Losses takes°and holds the•said promises as tenant For said term, subject to the. turns heeirt provided; and the said Lessen agrees to•pay the rent specified as aforesaid at the Limo and in the manner above provided for without previous demand. 4. It is further covanaztcd and agreed that the Lessee shalt pay the sewer and water bills and all bills far gas and electricity, as the saran may respectively become due and payable during the terra of this agxe~;r,..:nt, the said Lessen to make the necessary deposits at the xaspectivv utility companyor goverflmental agency offices to secure the sa~:v. I 5. The Lessee vrill allay the Lessor, its agents or assigns, to have access to the promises'dem3sed herein at any and all reasonable times for the purpose of inspection and protection. 6. It is further covenanted and agreed that the Lesson, during the term of this lease, or during Lessees occupancy of said premises, wil: at Lessee's own expense make ell interior, exterior, roof and parking lot repairs, and all maintenance costs whatsoever. The Lesson is also to by responsiblo•for a-ly glass breakage due to building settlement during 2ho first year Oz this 1©as®. i. It is further tovenanted and agreed than the Lessee s}gall be :Fully responsible for aI3 plate glass vrindotvs and that if the Lessee is se if insured on Plata Glass, then shall s°urnish a latter to this effect., if not, the Lessen shall sorry insurance Ca cover the same, and shall carry public liability insurance in the sum of $250,000 for one parson pot occurreaca, $500,000 par octurrence, and $25,000 for•lrroporty damage per occurrence, to protect both the Lessee and the Lessor as an additional insured frets the claims of aII persons arising out o€ the use, lease or ownership of said property. It is further covenanted and agreed that Lessen shall pay as additional runt a13 premiu3ns to keep the building and impxovemvnts on she' demised premises insured against loss or damage by fire and the hazard.. included in the sxandard extended coverage endorsement, with vandalism and• malicious mischief included, in any amount not loss than ninety per cent (90$~ of the insurable value; Lessor shall by named as Insured. ~... 8. Tna Lessee shall not p~xmit refuse to-accanulate upon ::he demised premises nor so as to make the exterior thereof unsightly, lout all rofvse shall bo removed therefrom at ;.;le Lessee's expense, and the Lessee will comply with all local and county regulations in connection thvrewit;l. 9.' The Losses .Further agrees that if the above mentioned trash, garb ago and refuse is not moved, the Lessor, a£tor a reasonable length of time, May Nava the same removed and charge the expense Lhus incurred to the Lessee. • 10. 'The Lessor agrees that Lessen has taken the premises in•its present condition, and Lessee agrees to do all things necessary ac Lessee's own expense to decorate said premises, when needed, and at all times to seep the premises attractive and the show windovrs clean and neat. Ii, Tho Less..:a Further agrees that upon the termination of this agreement all alterations, additions and iR.provements, except trade :c"ixtures and signs, shall be the property of LvssoSr, and Losseo will deliver up, without ~urthex notice, tl`so said promises, in good order and condition, ordinaxy and roasos~able wear and tear excepted. 12. It is further covenanted and agreed by and between the pa;^ties hereto that in the event of the dastructiori of the said demised premises by • ~ 3 ~ ; f fire, the rent herein keserved Eo be paid; ox a just proportion thereof, shali~ cease until said premises shall have been substantially restored, and then said rent shall be resumed, subject to all covenants herein contained; zrzd, i£ impractical to restore, trio Lessor may cancel this lease. I3, It is further covenanted and agreed that the Lessen s~~a11 not sublet or assign this lease, or any part thereof, except with the wxittt consent of the Lessor first had and obtained. In event of assign;nent; i.essaa agrees that it sha~.l remain liable to Lessor for all obligations hex~.znzc:. I4. The Lessee hereby covenants to indemnify and save harmless the Lessor from any and all clai;as, demands, suits, actions, judgments, and recoveries, for or on account of damage or injury to prnperty or persons, including isijury causing death, of the Lessee, Losseo's fama.iy, servants, agents, employees, customers, and any and all other persons, caused by or due to the Condition of the demised promises ox anything pertaining o: related to the ~Lessee~s business therein on the demised premier; aril insurance as specified in paragraph 7 above shall bo carried by zhe Lessen which shall protect the Lessen and the Lessox, and said insurance ssya:x ba paid for~'by the Lessee. 15. AlI'signs proposed to be erected by .the Lessee upo; tna demised premises shall be approved by the Lessor•befoxe such erection, whioh consent will not ba unreasonably withheld. 16. It is further covenanted and agreed by and between th:: parties hereto that if the Lessen shall fail to pay the rent heroin roservv4, or u31y installment thereof, when and as the sane shall fall due and bccone payable, or shall fail to keep and perform any other covenant or agreement• beta:.;: o:i - Lesseo~s part to be performed, then the team hereby created, at the op~t.on ^` of the Lessor, shall cease and datexr~ixno, and said non-payment of rrrt a: broach of covenant shall operate as a~Notiee to Quit, all and evek~y oti:e~ kind of notice to quit being hereby expressly wale©d, and said Lessox cr izs assigns shall have the right to distrain for rent in arrears, or take such other action as the Lessor may be advised, ar~d such re-..entry by the :.~:~.ar shall not operate to cancel this lease, but all liability herein im;~os~d upon and assumed by the Lessee shall rc3main and cgitl;inue; and said L.:s5o. shall have the right also to recover possession of said pxomisos in such form of judicial proceeding as may then be available £or such puxpos~. 17. It is fuxthor.cavenanted and agreed that this lease aid a;: rights of the Lessen theroin or thereunder shall be expressly subject and subordinate in all rospeets to the lien of any present or future :ro~Acg4ge, or deed of trust which may bo.placed upon said property by the Lessor and its assigns, and to alI and ovary of the rights thereby acquired by aty such mortgagee or trustees, and this subordination is to be effective wi~hout any other or further action on ti:e part ,of the tosses htdrein; but, Baia Losseo shall execute any and all papers necessary to carry nut the provisions haxeof, including but not limited to any~and all current financial information relative to Lasses or any of its affiliates as Lessor may request of them at any time. 18. A waiver of ono or mare bxaaches~of any covenant or agreerent herein contained shall not be considered as a waiver of any subsequent ax other breach of the same or any other covenant ox agreement. Should any part, term, or provision of this contract be held by the courts to be illoga2 or in conflict with any lane of the state where made, the validity of the remaining portions or provisions shah not.bo affected thereby, and this Agreement shall be construed according to and. under the Laws of the Comm_ onvrQ~a~lth of Penns~r vani ' • 4 19. Should the property bo taken by Cho United States Govisrnment or by any State thexoof, or•any company ox any political subdivision thereof, for public purposes under the•xaght of eminent domain or under any statutory authority of a similar natuxe, •then and in that event this lease and all tine farms thereof shall cease and deteivi:ine, and the Lessee sha21 have no rights ir. any award made .on account of such taking except such damage or losses which might be incurred in regard to the Lessee's fixtures, should they be Eros from any lien or claims by the Loss or. 20, It is furthex agreed that the Lessee shall not use tI:c said premises or allow the saws to be used fm any disorderly or unlawful Purpose, ox for any puxposo other than for the solo of all daixy products and all other items usually carried in the High's Stores in the Greatex ~Ntetropulitan Washington Area. 21. Lessee shall throughout the term of this loose pay all real estate taxes or other taxes now or hereafter assessed against the proper~y hexeby demisod. Nowithstarding anything herein to the contrary, ~t i:. understood and agreed that Lessee .will pay all taxes, maintenance, repairs, azd other costs or ehaxgos pr,rtaining to the land and subject building du.z:.g the pendency of this lease, • • 22, It is further agreed'that the Lessee shall not substarit:.ally xemodvl the premises nor do any substantial construction work without ~`re consent of the Lessor first had and•obtained in writing., 23. Lessee, upon Lessor's consent first had and obtained :r: writing, shall have the right at any time during the term hexco£, and also at t:c expiration of the term of this lcase,to remove any and all properrty £i.xtnres, and other equipment placed or installed by it on the demised prc;~iiscs, provided Lessee shall not at such 'time be in default under any covera:zt Dr agreemenC contained fn this lease; otherwise Lessor shall have a liC:: on said fixtures or other equipment as security against foss or damage resulti~.g from defaults by Lessee. Any damage caused the demised promises 'oy t.;<e bringing into Cho premises•of any such fixtures or equipment or Choir reroval shall bo repaired by the Lassos at its expanse. It is understood ~'ad~agreed that ahg Lessor shall have a first and valid lien•(which is hereby giva. them) on all the rights, interests, money or property of Cho Lessee ~o :;ecu-re payment of any and all moneys at any tame becoming duo to the Lessor under the provisions of this lease, and to secure Cho prompt pexformanr..; and fulfillment by the Lessee of each and awry one of their engagements end undertakings•hergunder, 24. Lessor may sell or assign the demised premises and/c: this lease fie anyone at any time; if at any time during Cho term of this lease, Lessor receives from a ready, ivillirtg.and able purchaser an acceptable bona fide offer to purchase, Cho promises or any part thoroof or any property which. includes all or paxt o£ the promisor, tho' Lessor shah. give the Lessee notice setting forth Lhe name and address o€ the purchaser and the price and tor;ns of the offer and accompanied by Lessor's affidavit that, on inforna~ion and belief, the proposed offer to purchase is in good .faith. The Lessee sh~il thereupon have the prior option to purchase the promises or part therec or the entire property covered by such offer, at the price and on tl;e te~mu of the offer, which option Lessor raay exercise by giving Lessor notice 4lithin, but not latex than, twenty {20) days after Lessee's receipt of Lesscx's notice of the offer, Lessee's failure, at any time to exercise its option ur~dox this paragraph shall not affect this lease ox Cho continuance of , Lessee's rights and options under any paragraph hereof. Title to bet conveyed shall bo merchantable and subject only to zoning rsgulatio:•ts, covenants, restrictions, easements of record, building~restricticns, building ,tines, accrued taxes net yet payouts, and special assessments, at any, as well as this lease. • l 1 1 t i 1 J l i 5 ,- ls. AZI notices. to the Lessee are to be forwarded to any officer ox director thereof or its home office, 9U Whiskeys Bottom Road, Laurel, Maryland, 2U8iU. All notices to the i.essor are to be sent to P.0 Box 11.3 'Emmitsbixr Aia land 2172'7. until iuxthsr notice in writing, ~t . ;' ' ~; ~~ r r~c~ .n>AscFUrmxala J AIL, that certain lot ar piece of ground situato in South Middletgn '.Cown>•~hipr, C~amUcrlculd C<nasrly, l'Cnnsylvania and c#osc:ril~rcT n.cc~.rcli.rrFr tr> a •n7:tn uncl r~nrr'vc~y i,hrrrc,i' tu;+clr by 1). 17. :lurd'1'c,nr+ltc?xrfnr, cl;ti;ar] ;Cttt7t.tn'r,y i}, 7.fif{'l. rxn l'r,ll+rwrt I,r, v,,il:: i1I~,(1.INNl1Vt~ ni. n Itin itt 11ta l~utl c+l"I'rintll.c, ti.nrirl, f.,. il~, 11:5!}ii, (l;l! f'L. wi+i,~j, r:nicl lx,lu6 +i l' Ix•f!lrtttltiK 1~~!+i+tf{ nl: I,ltr, 3til'nt^Nt,+:Ci.at) crC 1.1a+r 1.illc.a line Str 41u+ lrnri uC 't`3•itul:lu Ibaatl wil.It the Wurslax`iy x'if;ltt~of-wity li.rzu taf: Va+}.'lr;y ~a4r'ru:6 r~rrci l+~~Jr+J; lacalecl tlao disfi:xncr, of OOU %ec•k i'•rota't the intorsort$on of tho Soutllarly ri.k}rC- of~tvay line of 7!rindlc lZoad wiiii alto Easterly right~of-way 73nc of L''arl,v:ton Avenue; thence from said poiz)t of bei;inxiixtg (1) South 45 degrees 03 minutes i West 177.48 feet to a pin; thence (2) North•77 degrees 15 minutes West 2G4.61 fc<:t to s post; thence (3) Narth 12 degrees 45 minutes East 150 foet to a pin in ~i the. title line of Trindle Road; thence (~) Soutlx 77 degrees 16 minutes S~ast 35J. ~~ fco•I: +zlong •lhc pantio to Clio first moazi:ion.od point and place o2 73L++ Cy1NNiiVG. CONTAININCY AG, 803 squaro feet, more or less. f3E1lV"G lot numbers 19, 20, 21, 22, 23, 24, and 25 of Section D of Ga'r1i~~Ic; Mttinar` Extension, as recorded in Plan 73oolc 3 page 99. ]1LlNG'the same property described in a conveyance from E. L. Adapts and 7~7~T2abetii L. Adams, his wi.Fc, to Humble Oil R~ Refining Company, a Dcla.w:ar4 corporation, by deed ds.ted April 21, 19G1 ari.d recorded April. 'L 1, . 1f1G1 in tlao Oi"lice oiC tla.c ltccordar of ]~ecdt~ for Cumberland Gouni,'y at C:urli.Hlu, ~ 'Pennsylvania in Decd 13oolc ":C1°, Vol. 20. Page 140, ' 1 EXXON COR'PORATXON, a New Jersey corporation, is a successor by merger to Humble OiI & Refining Company, a Delaware corporation, see Certificate of Merger recorded in said R~order's Office. Miscellaneous Record Look 202, page 436. iibOK ~ ~i3P~6E J~Es N .6- 2fi. Wi7F1ESS, the !lands and seals .o£ the said paxties, this day and yeax~~irst above wx3,tten.' CARL~LE JOINT ~NTUI2E "S.. ATT&ST: . By ~ { lr tee ay \~ (SkAL) • Trustee S I~ ATTEST: '' } HYGH~S DAIRY PRODUCTS DIVISION OF CAPITOL MI~.K PR(}UU(.'ERS COOPERATIVE C., LESSEE ,mac"~ g~, ~G~l"li~-ems. (SL'AL) ca xesi vnt & eraral ~ anagor STATE OF COUNTY OF To wit: C~ Un this the day of , _ / l9 before me, ~ ~~ c L_r +~~~!' N~~L , ' j ' o the undoxsignad officer, pvrsonQlly appea,xed RoU.ert P. Tdeu`tauser and Frank D. DaresX, Jr., Trustees of. Carlis7:e Joint Ventur.~ "3" ~' and that 3;~,. as suck Trustees being authoxized to so do, executed the foregaing..iDstrument for the purposos thorein contained, by signing Udmac~~c;o~etxs~xpos~a,:ticonc:bacxbd;ms~3;x~~.~sc ,their names as Trusties .~ •j .IN WITNESS WHERaOF, I have ~li • My Commissi STATE OF MARYLAND _ ) COUNTY 0]~; ~ ) To wio: ._.... T On thi//s~~ thelday o£ t a un ersigne o - ca'r, persanaiTy app who acknowledge: of Capitol Mi,ik Producers Coopers e, inc. of FxadoricK, Maryland, and t-hat hv, ~ such ~~.~__ ~ ,being authoxized to so do, execute t e ..oregozng nstrument or t e poses the~~}n contained, by signing the name of the corpoxation by himself as '~,~:,~,"ZYC~-ate IN WITNESS 6YHEREOF•; T have hereunto set my hand and p9:'fi~iak seal. My Commission exp3.xes Notary Pub xc - •: ~ • i9 ~~ ,befor© me, ,; We, Robert P. Neuhauser and Frank B. Darcey, Jr. , Trustees for Carlisle Joint Venture ".A", with mailing address of Post OPf3.ce Dox 113, Emmitsburg, Maryland 21727, hereinafter called Assignor, in consideration of the terms and conditions herein+•s+et~'fo~th, do hereby assign, transfer and set over to Thomas J. O'Dannell and Joan N. O'Donnell, husband and wife, of 4123 Wisconsin Avenue, N, W. , Washington, D. C. , 20016, hereinafter called the Assignee, All their right, title, and interest in the following; 1. Lease for the premises known as 1070 Trindle Road in South Middleton Township, Cumberland County, Pennsylvania on which there is erected a "High's" coxtvenience store, which lease agreement vas entered into with Capitol Milk Producers Cooperative, Inc., of Frederick, Maryland, dated July 16, 1974. On the following terms and conditions: ~,~ ~ A. The'Price for the land, building re {*~--+~~ at the premise referred to in Paragraph Number 1 above is Ninety-six Thousand Six Hundred Eight Dollars ($98, 808.00}, from which should be deducted the first mortgage held by Farmers Trust Cs~mpany under which said premises are being conveyE which first mortgage is in the dust sum of Sixty-three Thousand Dollars, ($63, 000.00) on which there is an unpaid principal balance of Sixty-Thousand Eight hundred Eighty-One Dollars and Ninety-four Cents ($60, 881.94} plus interest at Nine and one-half (9 T/2%) per cent per annum accrued Prom May 28, 1976 through June 2 1976 oP One Hundred Twenty Six Dollars and Fort} two Cents ($128.42) for a total of Sixty-one Thousand Eight Dollars and Thirt•~ sig Cents {$81, 008.36). B. The within Assignor by the acceptance of this Assignment hereby agrees to assume and pay the Mortgage and its accompanj*ir~g bond referred to in Paragraph A, shave. Intending to be legally bound hereby this instrument is executed this 2nd day of June, 1976. G~ ,. ,~ 3 ~, . . ~~ ~.. r-• :o ct gin `~ o~~~ ~... x"r~.'7 ~ ci. '_ 'C? . x. COMMONWEALTH OF PENNSYLVANIA 1 SS. . COUNTY OF CUMBERLAND } Before me, the undersigned officer, personally appeared I ROBERT P. NEUAAUSER and FRANK B, DARCEY, JR. , Trustees for Carlisle Joint Venture "A", known to me to be the persons whose names are subscribed to the attached assignment and who acknowledged that they executed the same for the purposes therein setforth and in the capacities therein stated. IN WITNESS WHEREOF, I have hereunto set my hand and official seal this 2nd day of June 1978. ' Notary Pubile: CaHisla CumboHand County = ~~~ ~•. ~rr. ~ •.~ 1 M Commbston rep 3'~ ~ 'i -~` - ~i a Y Expi AuQUat iCr, 1879 r.. ::a;; ~ t ~~ 1 , ... ~u~_ ~, 1. ~~, 1YF'r~~rIDA,:i"N7,5 ';~ i„+ab:C4l `;"~ a+~~7aT•.Nls]6?+.:G a~. '~~t :~.7ST,.tcP-.' ~it°:''j7, .i~i-:ti.'~;>i'4?1.~! ~.+a~yq.~ tu•, ~• L.rS q~uc• +~:s;:r,?~:~xt~+aa ~"i~il'.@+•~y i f/ t,yYy,~,~0 s:4q[ Mq' iit2 y,~- ~ ~ ~ ~ Y~ •x>:~ .. . . t #69685 i LEASE EXTENSION AND MODIFICATION AGREEMENT THfS ACREENIENT, made and entered into this ~ ~' day of ~,~~ , 2006, between THOMAS J, O'DONNELL AND JOAN N. O'DONNELL, with a mailing address at 5301 Westbard Circle - #340, Bethesda, Maryland 20816, hereinafter referred to as "Lessor" and LEEMILT'S PETROLEUM,INC.,with amailing address at 125 Jericho Turnpike, Suite 103, Jericho, NY 11753 hereinafter referred to as "Lessee". WITNESSETH: WIiEREAS, by Lease dated July 16,1974 (hereinafter referred to as the "Lease".}, Lessor, as successors in interest to RoberE P. Neuhauser and .Frank B. Darcy, Jr., Trustees for Gafiiisle Joint.~Venture "A", leases to Leemiit's Petroleum; inc., as Lessee, via mesne assignmentfi'om High's Dairy Products Division of Capitol Milk Producers Cooperative, the premises (orated at 1070 Tr+indle Road, Carlisle, Pennsylvania; and WHEREAS, said Lease has heretofore been extended and amended from time to time; and WHEREAS, said Lease as extended and amended is in fu(I force and effect and shall expire on August 15, 2006; and WHEREAS, the parties are desirous of modifying and extending said Lease for an additional period with cerfain options as set forth herein. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is mutually~_agieed as follows: 1. That the parties agree that fine term of the Lease is hereby extended to expire on August 15, 2011 and that the ren#al to be paid by Lessee during the period of August 16, 2006 through August 15, 2411 shall be a monthly rental~of $2,050.00. The rent is payable in advance an the first day of each calendar month. For any period less than a full calendar month, said rent sha[I bepro-rated. 2. That provided the Lessee ,(x~ is not in default under the Lease in payment of ' monthly rental or additional rent or (y) in.the pertorma~nce of any~of Lessee's non- monetary obligations under the Lease beyond applicable grace periods, Lessee has the option to extend the term of the Lease for three (3) additional periods of five (5) ~~ years each. The rental to be paid by Lessee far each of the renewal periads shalt be as.follows; From August 16, 2011 through August 15,2016 - $29,700.00 per year paid in equal monthly installments pf $2,475.00 per month; i From August 16, 2016 through August 15, 2021- $35,640.00 per year paid in equal :~ . j G.lDOC51REAL E6'FATE DOCS160001.70~OOW9B85tLEMA 69B85.DOC monthly ins#allments of $2,970,00 per month; and From August 16, 2021 through August 15, 2026 _ $42,76$.00 per year paid in equal monthly ins#allments of $3,564.00 per month. Lessee shall notify Lessor, in writing, of its election to extend~the term of this Lease for each of the above renewal periods at least one hundred twenty {120} days prior to the expiration of the term described in Paragraph 1 above or of the immediately preceding flue (5) year renewal period, as applicable. 3. That subject to the Lease being in full force and effect and Lessee not being in default hereunder and Lessee having validly exercised i#s renewal option hereunder; Lessee shall have the option, during the second and third renews( options, to purchase the premises herein teased, in its "AS IS" "WHERE IS" condition, with improvements thereon erected for a cash purchase price equal to ten (1 Q) times the then current annual rental. 4. That except as hereinabove modified and extended, aU of the other terms, covenants, provisions and conditions of the Lease shall remain unmodified and in full farce and effect and shall inure to the benefit of the parties hereto their respective heirs, legal representatives, successors and assigns. IN WITNESS WHEREOF, Lessor and Lessee intending to be legally bound hereby have executed this Lease Extension and Modification Agreement as ofthe data firstwritten above. Lessor: ~~~~ ` ~~ THOMAS J. 'DONNELL ° JO N N. O'DONNELL Witness: Lessee: LEE T'S PETR LEUM, INC. By: Andrew M. Smi ,President G:1DOC&IREAL ESTATE DCCS180001-79000189685U.EMA 68885.000 F STATE OF ~~/~--~- ) ss: COUNTY OP ) n On this escribed •in a which executed the s me. k~,~ ~~ before me personally came to me known to be the individual(s) above instruments and acknowledged that helshe i STATE OF NEW YORK ) ss: COUNTY OF NASSAU Notary Public 4 t.ina E. i3ailo NOTARY•AUSUC Mo[tigomery County, Maryland My Gommisslon Expires 12/1/07 On the. i~~ day of ~~,,~ in the year Z~ before me personally came Andrew M. Smith; tome known, w o, bung by me duly sworn, did depose and say that his address is 125 Jericho Turnpike, Suite 103, Jericho, NY 11753; that he/she is the President of Leemiit's Petroleum, inc., the corporation described in and which executed the above instrument; that helshe knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by authority of the board of directors of said corporation, and that helshe signed his/her name thereto by like authority. ~.~.. ~i~ Notary Public CHRISTINA~OF.JESUS Notary NCbQ1 X18062344 w York duaiified In Nassaa Cacnty • CommigBian Expires August 6.20„ . ~I t O;tippCSlftEAti EBTATE ~OC5180DOi T0000189B85V-EDAA 888BS.ROC i s J IMPROVED SALES SUMMARY TABLE No, Location Sale Date Price Building Size Price/ SF (SF) 1 ,eet 302-304 N York Str OS/08/2009 $502,000 4,000 $125.50 . 2. , 330 North Hanover Street 03/31/2008 $600,000 4,740 $126.58 3 63 Carlisle Road 11/29/2007 $280,000 2,320 $120.69 . 4. 1007 Ritner Highway 03/01/2010 $275,000 2,200 $125.00 Improved Sale IVo. 1 Property Identification Record ID 1528 Property Type Retail, Convenience Store Property Name Convenience Store 302-304 N York Street, Mechanicsburg, Cumberland County, Address Pennsylvania Location Mechanicsburg Borough Tax ID 19-23-0567-075 Sale Data Grantor Unknown Grantee Express Mart Inc Sale Date May 08, 2009 Deed Boolc/Page 20091 127 Safe Price $502,000 Cash Equivalent $502,000 Land Data Land Size 0.300 Acres or 13,Ob8 SF Zoning CG, Commercial General Topography Level sewer & electric Public water Utilities , Shape Irregular General Physical Data Building Type Single Tenant SF 4,000 Stories 1 Parking Asphalt off street Indicators Sale Price! SF $125.50 Remarks Convenience food market improved Sale No. 2 Property Identification Record 1 D 1529 Property Type Retail, Convenience Store/Gas Station Property Name Convenience Store/Gas Station Carlisle, Cumberland County, Pennsylvania 330 North Hanover Street Address , Location Carlisle Borough Tax ID OS-20-1800-003 Sale Data ~ Grantor Unknown Grantee Choudries Inc. Abdul Akhter ' Sale Date March 31, 2008 Deed Book/Page 0200809bi2 Sale Price $600,000 ~ Cash Equivalent $600,000 Land Data j Land Size 1.020 Acres or 44,432 SF Zoning C4, Neighborhood Commercial ' Topography Level Utilities Public water, sewer & electric Shape Irregular Landscaping Mature General Physical Data Building Type Single Tenant Construction Type Masonry ~ Stories Indicators Sale Price/ SF $126.58 Remarks Hanover Springs Market and Exxon station improved Sate No. 3 Property Identification Record ID 1530 Convenience Store Retail Property Type , Convenience Store Property Name 63 Carlisle Road, Newville, Cumberland County, Pennsylvania Address West Pennsboro Township Location 46-07-0481-041 C Tax 1 D Sale Data Grantor Unknown Grantee Alajlouni, Nadar F. Sale Date November 29, 2007 Deed Book/Page 2007441.5 Sale Price $280,000 Cash Equivalent $280,000 Land Data 380 Acres or 16,SS3 SF 0 Land Size . Commercial C Zoning , Topography Level sewer and electric Public water Utilities , Rectangular Shape General Phvs'rcal Data Building Type Single Tenant Stories 1 Indicators Sale Price/ SF $120.b9 Remarks Convenience Food Market Improved Sale No. 4 Property Identification Record lD Property `T'ype 1532 Commercial ,Commercial Retail Property Name Convenience Store 1007 Ritner Highway, Carlisle, Cumberland County, Pennsylvania Address Location Carlisle Borough Tax ID 49-08-0579-015 Sale Data Grantor Frey, Robert Et AI Grantee Barry, Douglas L. & Deborah E. Safe Date March 01, 2010 Deed Boolc/Page 2010004b Sale Price $275,000 Cash Equivalent $275,000 Land Data Land Size 0.900 Acres or 39,204 SF Zoning C 3, Commercial General Topography Level Utilities Public water, sewer, electric and gas Shape Irregular General Physical Data -Building Type Single Tenant S F 2,200 Stories Indicators Sale Price/ SF $125.00 Remarks Former Highs Store converted to restaurant. Gas island removed. Railroad to rear of site. No concrete curbing. B P C 1 } 1 1 1 J I J 1 i J J J Car SevYta, ELL dle lI ®Y919 Mk1ox~3Cap J . ,, i ~~23 r` Spread Over 10-Year Treasu Debt CoverageRatlo ___ Interest-.Rate . ~~~,^_ ____ Amortization Mortgage Constant ~__~, Loan•to-Value Ratio Fauiru Dividend Rate ___ Debt Coverage Rat~,__ ~o,,~„_. Interest Rate Amortization ~_ Mort a e Constant Loan-to-Value Ratio. _•_,._ E uRtYDividend Rate Spread Over 10•Ye~ar Tre~su Debt Coverage Ratio _ _ , interest RateM _~_______. _Amortizaton ~ •,~_„__ Mortga a Constant ,_, Loan•to •Value R~,~ at~io __,... E uit Divkiend Rate '3rd Quor tar 2010 Data 1 150 0.054657 I u.r-o 0.90% OCR 7e~haiaue 1.50 Baad of Investment Technique_.._. _.._.._......._.__......_._..._._.. y'+~3.60% Mortgage ~~ ,~__ .-~^ ..._ 65% _0.054567 0.036462 '_~^ 34 ~ E uity .. "~.36% 0.074740 0.026159 0.054657 OAR ~_.._ .._._,.~_..____. .__.... ______.-._._..___......__. _.._ aril Sttrveaed Rates ----r-----~- 6.92% OCR Teohnii u_~~ ",~,,, ~~ L60 Band of Investment 1 9.62% Mort~a~e _,~_._ ____.. 15 E uit 0.126141 OA~ R .^___ _,,...,.__. 50% Surveyed Rates ___„ 16.90`/. 3.91% pCR Teohni ue~~ ~„r, a. ~. _......, ~, ~... __ 1.56 Band of investment A _ 6.61'/. Mortgage ~ _~_ 23 Equity ~,,,.. .~...__ 0.085484 OA.~ R ,,,,_,~, 58'/. Surveyed Rates QAR 6.16 0.126141 O.bO 10.09 3 6 0' 71 0.12614~1-~0.0 __ ~_ ~V ~- ~ ~ ~ 0.16$9601 0.0~9a75 .~ _~ T _ 14.25 . ___......... ...___. 13.54 0.085484 __. 0.58 7.62 __._T._._.__.__..._... _ ._....__ 0.086484 ~_ 0.04_9163 _.,_.,._.__._ _ _ 0.112635 0,0478?0 _ 9.70 __.._..._..- _. Y. $.8~ CopyrlgAt 2010 RnaltyRatos,com TM 33 RealtyRates.com~" l i 1 J ~I ~J ( l ., ~, ClardentSuburban TH ~__ ...__Hi-RIselUrban THN' _5tudent HausLt~___,_____.._._ Golf ~_~ Pubreo Daly Fae Courses Semi-Prlvate Clubs Prlvate Clubs Health Carea'Senior Hovaing Acute Care Facilities .___ ~put•Patfent Care Facilities Gon9repate Cade FaoNktes Assisted Living Facilities Industria{ _Wuehous _ R&DfFlex FuliServloeFaoiiitles Limited Servioe f aollities Mobile HomefRV Parxr Mobile Homes s. _Manufactured Housi _ RV ParkstCam yroi Offioa __________...__..__.. Suburban_~_~ ~ CBD___.~,._.__._._. . 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' ` ~ ~ C' :f Vat :j L ' Fas e .r} ' ~~,~j<3..t..:: s•ry( '~.j,.:~:.•i'.2 , y'~. ~:{ n~ t` 4 ` x ' ~ .. ,a r M at (~~ti ;\4'~ • ,.sir. >. 7 ~')•i ~•,'•',:,i.a ., i . • `~.° ':erg.. lrt,I :.LM ~~ ,, ;s'• ''`b`rbt Ltl O ~` 'r`. ~M ,4, '~;:w.,,~, ~~;, 3 ~ f ~ °y~ti:r.. . ~~>ta?-", . ~ F`i~s. ~'`!(r L}" Y,",^~~,.,f. fv. ~. ~} itio,Y ~Z°" "` ~Y } ;i:'r ;ya S`i H r .~ a K G ~E 0 V STEVEN W. SARRETT Steven W. Barrett Real Estate & Appraisal Services-Established 1976 505 South Hanover Street, Carlisle, PA t 7013 Phone 717-243-6646 FAX 717-243-8627 E-Mail -Steve@swbarrett.com PROFESSIONAL LICENSES: PA State Certified General Appraiser, GA-000298-L PA Rea! Estate Broker, RB-02692.1-A Certified PA Evaluator, AV-000034-L :PROFESSIONAL DESIGNATfONS EARNED: SRPA, Senior Real Property Appraiser, 11/90 Appraiser Institute -General Member SRA, Senior Residential Appraiser, 9/83 Appraisal Institute-Residential Member ASA, Accredited Senior Appraiser, Real Property Urban, 7/90, American Society of Appraisers GAA, General Accredited Appraiser, 11/94 Realtors Appraiser Section ASSOCIATION MEMBERSHIPS: Appraisal Institute Assessors Association of Pennsylvania CPE, Certified Pennsylvania Evaluator, 11/88 Assessors Association of Pennsylvania CRB, Certified Reai Estate Brokerage Manager, 2/86, Realtors National Marketing Institute CRA, Certified Review Appraiser, Senior Member 4/81, National Association of. Review Appraisers American Society of Appraisers REALTORS -National, State & Local Organizations OFFICES HELD: 2006 Board Member, Greater Na~Yisburg Assoc. of Realtors 2003-2005 Board Member, Carlisle Board of Realtors 2001 President, Appraisal fnstitute, Cenn•al PA Chapter 1998 Chair, Appraisal Section, 1-tarrisburg Association of REALTORS 1989-90 Vice Governor, District 20, Society of Reai Estate Appraisers 1984-86 President, Chapter 70, Society of Rea] Estate Appraisers 1982-83 Vice President, Chapter 70, Society of Real Estate Appraisers 1981 Vice President, Carlisle Board of Realtors 1982 President, Carlisle Board of Realtors APPRAISAL AND REAL ESTATE EDUCATION: pens State University -Courses Appraisal Institute/SREA -Courses SREA Course 101, An Introduction to Appraising SREA Course 102, Applied Residential Property Valuation SREA Course 201, Principles of Income Property Valuation SREA Course 202, Applied Income Property Valuation SREA Course 301, Specia) Application -Appraisal Analysis Ai Course 510, Advanced Income Capitalization. Residential Demonstration Report Income/Commercial Demonstration Repot of Business Valuation Appraisal Institute/SREA Seminars: Online Business Practices and Ethics `04 Real Estate Appraising l Real Estate Appraising II Real Estate Appraising-Right of Way Real Estate Theory and Practice Real Estate Finance Real Estate Administration. & Ivlanagement Real Estate for the Small Investor Greening Historic Bldgs. 21St, Century `09 Keep Yourself Safe &: Legal `09 USPAP ?009 Internet Search Strategies for R.E. Appraisers `07 Appraisal Review & the Processed 1 Pro essr g PA `07 Tax Assessment law & Tax App Review of PA Appraiser Certification Act `07 Penn Dot Right of Way Procedures '06 Professional Guide to the Uniform Residential Appraiser's Report 'OS Review of PA Appraiser's Certification Act `OS Appraiser's in the Ring '05 Tax Free Like-King Exchanges 'OS Appraiser°s in the Ring `OS 7 Hour Elective Continuing Education Course 11 '03 7 Hour Elective Continuing Education Course X `03 Inform Standards of Professional Appraisal Practice '03, '05, `07 Residential Construction `03 Appraising the Oddball: Nonconforming & Difficult Properties Other Seminars. Veterans Administration Training `OS Veterans Administration Training '03 Brokerage -Kell '00 Agency Changes, Choices and Fonns Realtors Institute '99 Law and Order: USPAP and PA Realtors Institute '99 Elective Brokerage -Shearer '97 Mandatory Brokerage -Shearer '97 Appraising High-Value Residential Properties 2005 WORK EXPERIENCE: Real Estate Property Manager, l 979 Real Estate Appraiser, 1975 EXPERT WITNESS: Cumber]and and Dauphin Counties Court of Common Pleas and Domestic Master Hearings TYPES OF PROPERTIES APPRAISED: Residential Commercial Multi-Family Mixed Use Easements Eminent Domain Feasibility Studies Cash Flow Analyses PA State Mandated Course '03 Uniform Appraisal Standards for for Federal Land `08 Appraising Environmentally Contaminated Properties `09 Appraiser Liability '03 Appraising from Blueprints and Specifications 'Ol Regression Analysis in Appraisal Practice '0 i FHA Appraisal Inspection from the Ground Up '01 Narrative Appraisal Report Writing Partial Interest Valuation -Undivided `00 Technology Form •- Parts I and 2 `99 Litigation Skills for the Appraiser `98 Dynamics of Office Building Valuation `98 Loss Prevention `98 Unifot•rn Residential Appraisal Report e9aisal `97 Smal] Residential Income Property App • Valuation of Leasehold Interest '97 Valuation of Leased Fee Interest `97 Underwriter's Guidelines to Real Property Appraisal `97 Appraisal of Mixed Use Property Types `96 Appraisal of aFor-Profit-Cemetery -AAP '96 Mandatory Appraisal of an Operating Landfill -AAP '96 Nursing Home Valuations -AAP '95 Realtors National Marketing Institute Course 302, Marketing Management '86 HU.D-FHA Training Seminar Pennsylvania Appraisal Statutes Two to Four Family Finesse -Appraising Multi-Family Properties 3005 Real Estate .Broker, 1974 Real Estate Salesman, 1971 Penn DOT Board of View Various Municipal Zoning and Planning Boards [ndustrial Investment Agricu Itural Retail Right of Ways Subdivisions Assessment Appeals Consulting REAL ESTATE BROKERAGE: Listings, sales, leasing and consulting of all types of real estate in south-central PA S. W. 9arrett Real Estate 8~ Appraisal Services N +****~'*** IIV V O IC E e*es*e*** File Number: 10-03060 Irwin & McKnight 60 West Pomfret Street Carliale, PA 17013 Borrower : Joan N. O'DONNELL (Estate) Invoice # : 10-03060 Order Date : 08/2712010 ReferencelCase # PO Number: 1070 Trindle Road Carlisle, PA 17013-2630 Appraisal Services Invoice Total State Sales Tax Q Deposit Deposit Amount Due Terms: Payable Upon Receipt -Please, reference the file number Please Make Check Payable To: g, W. Barrett Real Estate & Appraisal Services 505 South Hanover Street Carlisle, PA 17013 12!02!2010 $ 1,500.00 $ 1,500.00 $ o.oo ($ ) $ 1,5oa.oo Fed. I.D. #: 236646-804 YOUR S1NCii_E SOURCE...Professional, Efficient Service THANK YOU LAW OFFICES IRWIN F~ MCKNIGHT, P. C. WEST POMFRET PROFESSIONAL BUILDING 60 WEST POMFRET STREET HAROLD S. IRWIN (w2s-I v77) ROGER B. IRWIN CARLISLE, PENNSYLVANIA 17013-3222 HAROLD S.IRwiN,/R. IRWIN, LRWIN &LRWIN (IVS~-IVS6) (1956-79H6) MARCUS A. MCKNIGHT, 111 (7 1 71 249-2353 IRWIN, IRWIN &MCKNIGHT (7986-199J) DOUGLAS G. MILLER FAX (7 1 71 249-6354 IRWIN, MCKNIGHT & H UGHES /! 99J-20o3~ STEPHEN L. BLOOM MATTHEW A. MCKNIGHT WWW.IRWINMCKNIGHT.COM IRWIN &MCKNIGHT /2003-2008) June 16, 2011 r-..> ~' __ ~, ~; r~'v ~ ~ J ~ r-t C7 Z ~%::. ~T7 COMMONWEALTH OF PENNSYLVANIA ~ ~ Q, E=°f " "' DEPARTMENT OF REVENUE ? . ~ , _ DEPT. 280601 on ~ t ' =T c~ '_ HARRISBURG, PA 17128-0601 ~ ~~ r ~ c.,.. RE: THE ESTATE OF JOAN N. O'DONNELL ~~. INHERITANCE TAX RETURN NONRESIDENT DECEDENT Dear Sir or Madam: I am filing the Pennsylvania Inheritance Tax Return on behalf of the Estate of Joan N. O'Donnell. Joan N. O'Donnell died on May 7, 2009. Letters of Administration were granted to one of the Decedent's sons, Thomas Joseph O'Donnell, IV on August 5, 2009 by the State of Maryland. The Administrator is a resident of California and hired legal counsel in Maryland to assist in the administration of his mother's Estate. The Administrator of the Estate was not aware of the 9-month filing deadline in Pennsylvania, and only recently has been able to finalize the Estate in Maryland. Given the delay in notice regarding the Decedent's real estate in Pennsylvania, we elected to have a current fair market value appraisal performed, rather than an appraisal retroactive to 2009. Furthermore, the proposed tax payment accompanying the filing of the Return is based upon this current valuation of the property. Please consider this a request for a waiver of any penalties associated with the late filing for the reasons outlined above. If you have any questions regarding this matter or require any additional documentation, please do not hesitate to contact me. Thank you for your assistance and consideration. Very truly yours, IRWIN &MCKNIGHT, P.C. /"¢~i'V Douglas .Miller DGM/ksn Enclosure