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08-15-11 (2)
J 1505610140 REV-1500 ~` t°'-'°' PA Department Of Revenue OFFICW. USE ONLY Bureau of Individual Taxes County Cade Year Flle Number Po BOx 280601 INHERITANCE TAX RETURN Harciabu PA 17128-0601 RESIDENT DECEDENT 2 1 1 1 0 6 5 4 ENTER DECEDENT INFORMATION BELOW Social Security Number Date Of Death MMDDYYYY Date Of Birth MMDDYYYY 2 0 6 3 2 4 3 4 2 0 5 1 3 2 0 1 1 1 0 2 6 1 9 4 2 Decedent's Last Name Suffix Decedent's First Name HALE J UDI TH E (N Applicable) Enter Surviving Spouse's Inforrnatlon Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW ® 1. Original Retum ~ 2. Supplemental Retum ~ 3. Remainder Retum (date of death prior to 12-13-82) 4. Limited Estate ~ 4a. Future Interest Compromise (date of ~ 5. Federal Estate Tax Retum Required death after 12-12-82) ® B. Decedent Died Testate ~ 7. Decedent Maintained a Living Trust ~ 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death ~ 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTUIL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Tebphone Number J O E L R. Z U L L I N G E R 7 1 7 2 6 4 6 0 2 9 First line of address 1 4 NORTH MAI N Second line of address S U I T E 2 0 0 City or P°St Office C H A M B E R S B U R G S T R E E T State ZIP Code l PA 1 7 2 0 1 REGISTER OF WILLS USE O~ C~ ~a ~ ~ ' h ~~~ ~ ' ~"+ J ~ ~ ~ . ;._ ~c ~" ~ _ ' DATT~ LED ti C7 : "T'1 . ,,~ ,: ~ ~ c,: CorreapondenYs e-mail address: Un~r penallfiea of perjury, I declaro that I have examined this return, induding aabmmpanylnQ scheduba and atatemer~, antl to the best of my kno~MedOe and belier, k is true, mect and cornplete. Dedarae of personal representative ie based on all infonnatlon of rvhiclt cy ~r, ioc n ? preParBr other than the preparer has arty knavAedge. OF j~ - SHI PLEASE USE ORIGINAL FORM ONLY 51de 1 L 1505610140 A 1 257 1 1505610140 J ~~ o~ ' ~~ ~Q ~ ,~ c ~ 1505610240 REV-1500 EX Decedent's Social Security Number DecedenfaName: JUDITH E. HALE 2 0 6 3 2 4 3 4 2 RECAPITULATION 1. Real Estate (Schedule A) ........................................... 1. 2. Stocks and Bonds (Schedule B) ...................................... 2. 3. Closely Hek1 Corporation, Partnership orSole-Proprietorship (Schedule C) ..... 3. 4. Mortgages and Notes Receivable (Schedule D) .......................... 4. 5. Cash, Bank Deposits and Miscellaneous Personal Property (Schedule E)....... 5. 6. Jointly Owned property (Schedule F) ^ Separate Billing Requested .. , , .. , 8, 7. Inter-Vivos Transfers & Miscellaneous N -Probate Property (Schedub G) ~ Separate Billing Requested ....... 7. 8. Total Grams Assets (total Lines 1 through 7) ........................... 8. 9. Funeral Expenses and Administrative Costs (Schedule H) .................. 9. 10. Debts of Decedent, Mortgage Liabilkies, and Liens (Schedule I) ............. 10. 11. Total Deductions (total Lines 9 and 10) ............................... 11. 12. Net Value of Estate (Line 8 minus Line 11) ............................ 12. 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ...................... 13. 3 6 0 0 0 0.0 0 62975.04 85006.76 5 9 6 2 0 6.4 8 1 3 5 1 7 9. 1 9 1 2 3 9 3 6 7.4 7 2 8 2 7 3.0 4 46885.68 75158.72 1164208.75 14. Net Value Subject to Tax (Line 12 minus Line 13) . .............. .... ... 14. 1 1 6 4 2 0 8. 7 5 TAX CALCULATION -SEE INSTRUCTION8 FOR APPLICABLE RATES 15. Amount of Llne 14 taxable at the spousal tax rate, or transfers under Sec, 9116 (a)(1.z>x.o _ 0. 0 0 15. 0 0 0 18. Amount of Line 14 taxable . at lineal rate X .0 0. 0 0 16, 0. 0 0 17. Amount of Line 14 taxable at sibling rate X .12 1 1 6 4 2 0 8. 7 5 17. 1 3 9 7 0 5. 0 5 18. Amount of Line 14 taxabb at collateral rate X .15 0 0 0 18. 0. 0 0 19. TAX DUE ......................................................19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 L 1505610240 1 3 9 7 0 5.0 5 1505610240 REV-1500 EX Page 3 Flle Number Decedent's Complete Address: 21 11 0654 JUDITH E. cITY Tax Payments and Credits: ~ • Tax Due (Page 2, line 19) 2. Credits/Payments A. Prior Payments e. Diswunt 6.985.25 3. Interest 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Flil In oval on Paps 2, Line 20 to request a refund. 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. STATE ~ ZIP (1) 139 705.05 Total Credits (a +s j (2j 6.985.25 (3) (4j 0 00 (5) 132 719.80 n; ygg k?, g akeytmh~e ptgp y ,~~, ~~,,~°I°,~MI~:;~~ i~„;;~~fl~M~~l;s ~Ii:II~~~iMll~~z Ilr;~~ I I~,~,a, G ack a able to: REGISTER OF WILLS, AGENT n,ll N I 91a€.,:~.9gx,k .i6i~ a°91i&IE¢'"III91v~ilBs'~,3C1&t~°e~wh¢p13R19WE~. ~a4~I~:C@~I~'dplrll~d°` slE. evrvil~'?sRs}E~~ia~uGki99~~1~~-~~4~~~'7!~@b&~oap a.6r#l~.d188lsIiP.ddl~'9~a!99rE~pggp"I~°3R I kll~°$'~"p§lli rygyp~~a~"i 4S~' i"t ?r~°~~ppR~;ar ,n i, ai. Fyryry~Y!?,'$ygY',jp~~y}ry Y''^ yy ~73~gppti ~ a ay i +MWI'M B~~T'.~gA'~~N ~a~.T~, i~XXh ,i~ BFI. ,M{~ItIU1 iIIII+A4~II~~A91'illlu~~~~ Ik~~'I~~~~~~~~~` PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Dld decedent make a transfer and: Yes No a. retain the use or income of the propeAy transferred; .......... b• retain the fight to designate who shall use the property transferred or its Income : ............................... ^ c. retain a reversionary interest; or .................. ......................................... .................... ^ ^ ................. d. receive the promise for I'rfe of either payments, benefits or care7 ....................................................... ^ 2. fi death occurred after December 12,1982, did decedent transfer property within one year of death without receiving adequate corlsideraflon7 ..................... . ... Did decedent own an 'in trust for" or payable-upon~ealh bank acx~unt or security at his or her death? ......... ^ 4. Did decedent own an individual retirement account, annuity or other non-probate property, which contains a benefldary designation? .................................................................................................. ® ^ ,'s(F R!~SWR TIfO ANY OF TH ~ 4 ,.g * ,l~pla I I ~ ,a . , x M1, ~ , ' , E G AND FILE IT AS PART OF THE RETURN. E ABOVE QUESTIONS ISppg YES, YOUiEagg91+M§~Up STpg~ CgO¢Ipµ:~ryMPLEry@~~TpPE 3CHYy ~E~ DULpµ .~yy~p`M~' Iy { r~~yr" s, qty; !5~gy p I I tl~ .~^_/Cp4 Cn~~4~Nr. ~.q MMYi ~i.,i~pl'~gp::~ IRYS''.MIN~I Nag~~l:li86~YM N~14e13'tltM~~~+. I~Vlll ~~~,i1'.!~{iI~~IM'Lk'kYla.~~IVM'~~Yry Y1:"~A"~~. .C£~~5@F~IBq~~AIIYR~~iIY~FS .~N~~.iPA4~i`~ ~pq~1~Y1 1Ig25111i~IF~'F~ +'~ ~ s „k M~ r ~ ~W+ For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (ii)J. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only benefidary. For dates of death on or after July 1, 2000: • The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent or a stepparent of the child is 0 percent [72 P.S. §9116(a)(1.2)]. • The tax rate imposed on the net value of transfers to or for the use of the decedents lineal benefidaries is 4.5 percent, except as noted in 72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedents siblings is 12 percent [72 P.S. §9116(a)(1.3)]. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1502 EX+ (01-10) Pennsylvania SCHEDULE A DEPARTMENT OF REVENUE INHEPoTANCETAxRETURN REAL ESfiATE RESIDENT DECEDENT FILE NUMBER: JUDITH E. HALE 21 11 0654 Ail real Properly owned solely or a a tenant in common must be reported at falr 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. Real property that b jolntlyowned with fight of aurvhronhlp must be dlscioaed on Schedule F. Attach a copy of the settlement sheet'rf the property has been sold. ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. NUMBER DESCRIPTION Tract of real estate, together with improvements thereon erected, situate at 321-323 Roxbury Road, Borough of Shippensburg, Cumberland County, Pennsylvania, appraised by Tim L. Ausherman at $158,000.00, with copy attached Tract of real estate, together with improvements thereon erected, situate at 260 Middle Spring Road, Shippensburg, Cumberland County, Pennsylvania, appraised by Tim L. Ausherman at $202,000.00, with copy attached TOTAL (Also enter on Llne 1. RoranAidntinn t VALUE AT DATE OF DEATH 158,000.00 202,000.00 H more space is needed, use add(tional sheets of paper of the same size. REV-1503 EX + (8.98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT OF FILE All property jointly-owned with right of survivorship must be dlacbsed on Schedule F. ITEM DESCRIPTION shares of Allied Irish Banks PLC @2.95 per sh 2. 12400 shares of Orrstown Financial Services, Inc. X25.11 per share VALUE AT DATE OF DEATH 1,548.75 3. Series E Savings Bonds as shown on attached listing (NOTE-the joint holder, Eunice J. Hale predeceased the decedent) SCHEDULE B STOCKS 8 BONDS 60,264.00 1,162.29 TOTAL (Also enter on line 2 Regpitulation) I S (If nwre space ~ needed, insert additional sheets of the same size) REV-1508 FJ(+ (8-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN SCHEDULE E CASH, BANK DEPOSITS, 8 MISC. PERSONAL PROPERTY if 1 ATE OF FILE NUMBER UDITH E. HALE 21 11 0654 Include the of NMgatan and the date the proceeds ware received by the estate, All property owned vrftll right o} survivorship must IN dleebsad on Schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE 1. Checking Account #6100792358, Citizens Bank, including interest accrued to date OF DEATH of death 18,614.14 2. Checking Account #6100793494, Citizens Bank, including interest accrued to date 7,301.76 of death 3. Checking Account #6100796264, Citizens Bank, including interest accrued to date 11,259.21 of death 4. IRA Certificate of Deposit #6140864496, Citizens Bank, including interest accrued to 13,674.35 date of death 5. Personal Property appraised by Gateway Gallery Auction with copy attached 15,629.00 6. 2010 Chevrolet Malibu LTZ, appraised by H8H Chevrolet with copy attached 17,600.00 7. Prorated retirement benefits received 928.30 TOTAL (Also enter on line 5, Recapitulation) S (Ii more space 1s needed, insert additlonal sheets of the same size) REV-1509 EX+ (Ot-10) Pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE F JOINTLY•OWNED PROPERTY (:STATE OF: JUDITH E. HALE FILE NUMBER: 21 11 0654 Man asset wa made Jolydly owned wkhln one year of the decedent's date of death, k must be reported on Schaduk G. SURVIVING JOINT TENANT(S) NAME(S) ADDRESS RELATIONSHIP TO DECEDENT A. Kenneth E. Hale, Jr. P.O. Box 236 brother Shippensburg, PA 17257 B. C. JOINTLY-0WNED PROPERTY: ITEM NUMBER FORJOINT TENANT MADE JOINT ucn.n~riivn~n<urtniY INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR IDENTIFYING NUMBER ATTACH DEED FORJOINTLY•HELD REAL ESTATE. DATE OF DEATH VALUE OF ASSET %OF DECEDENT'S INTEREST DATE Of DEATH VALUE OF DECEDENTS INTEREST 1. A. 3/1980 Tract of vacant real estate situate on Gephart Road in Southampton Twp., Cumberland County, PA, appraised 258,000.00 50. 129,000.00 by Tim L. Ausherman with copy attached 2. A 11/1994 Tract of farm real estate together with improvements , thereon situate in Southampton Twp., Cumberland 929,000.00 50. 464,500.00 County, PA, appraised by Tim L. Ausherman with copy 3. A 8/89 Coins appraised by Carl L. Spidel with copy attached; 5 412 95 5 said coins were held in a jointly owned lockbox title in , . 0. 2,706.48 the decedent and Kenneth E. Hale, Jr. TOTAL (Also enter on Line 6, Recapitulation) ~ j If more space is needed, use additlonal sheets of paper of the same size. REV-1510 EX+ (08-09) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT E. SCHEDULE G INTER•VIVOS TRANSFERS AND MISC. NON-PROBATE PROPERTY This schedule must be completed and filed H the answer to any of questions 1 through 4 on page three of the REV-1500 fs yes. ITEM DESCRIPTION OF PROPERTY NUMBER ~NQUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIPTO DECEDENT AND THE DATE OF TRANSFER. ATTACHACOPY OFTHE DEED FOR REAL ESTATE. 1. IRA Account #35004201703748, M&T Bank, including interest accrued to date of death, named beneficiary on account -Kenneth M. Hale, Jr., beneficiary 2. SEPP Contract #72123609, Prudential Financial, named beneficiary Kenneth M. Hale, Jr., brother of decedent 3. SEPP Contract #E1227183, Prudential Financial, named beneficiary Kenneth M. Hale, Jr., brother of decedent DATE OF DEATH % OF DECD'S EXCLUSION /ALUEOFASSET INTEREST nFAArticae~ 15,838.75 100.00 15, 304.36 ~ 100.00 100.00 _ TOTAL (Also enter on Line 7 If more space Is needed, use addltbnal sheets of paper of the same size. TAXABLE VALUE 15,838.75 15,304.36 104,036.08 1 REV-1511 EX+ (10-09) Pennsylvania SCHEDULE H DEPARTMENT OF REVENUE FUNERAL EXPENSES AND INHERITANCE TAX RETURN ADMINISTRATIVE CASTS RESIDENT DECEDENT ESTATE OF JUDITH E. HALE Decedent's detKs must be reported on Schsdub I. ITEM NUMBER DESCRIPTION A• FUNERAL EXPENSES: 1. Fogelsanger-Bricker Funeral Home, funeral services 2. Spring Hill Cemetery, grave opening 3• Kathy's Deli, meal after funeral 4. Fisher's Florists, flowers for funeral AMOUNT 15,141.47 600.00 762.56 328.60 B• ADMINISTRATIVE COSTS: ~ • Personal Representative Commissions: Name(s) of Personal Representative(s) Street Address Cdy State ZIP Year(s) Commissan Pald: 2. AnomeyFees: Joel R. Zullinger 7,500.00 3. Family Exemption: (If deoedenrs address is not the same as clalmanYs, attach expbnatbn.) Claimant Street Address Ctiy State ZIP Relationship of Claimant to Decedent 4• Probate Fees; Register of Wills -Letters 410.00; will 15.00; short certificates 28.00; 546.50 JCS fee 23.50; automation fee 5.00; filing return 15.00; additional probate fee 50.00 5 Accountant Fees: 6. Tax Retum Preparer Fees: 7• Penelec, utilities at decedent's residence 8• Carl Spidel, coin appraisal 90.64 9. CFJMA, sewer service at decedent's residence 125.00 10. Southampton Township, refuse service for decedent's residence 30.00 11 • Cumberland Law Journal, advertise letters 43.74 12• Ausherman Bros. Real Estate, appraisal of real estate 75.00 13• Penelec, utilities at decedent's residence 1,850.00 14. CFJMA, sewer service at decedent's residence 100.87 15• Penn National Insurance personal liability insurance 30.00 16. Penn National Insurance, fire insurance on 321-323 Roxbury Road 132.00 17. Century Link, telephone service at decedent's residence 762.00 18. News-Chronicle, advertise letters 41.66 113.00 TOTAL (Also enter on Line 9, Recapitulation) s If mo i 28 273.04 re space s needed, use additional sheets of paper of the same size. REV-1512 EX+ (12-OB) Pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE( DEBTS OF DECEDENT, MORTGAGE LIABILITIES, $ LIENS C51AIt VF FILE NUMBER JUDITH E. HALE 21 11 0654 Report daub Inwrred by the decedent prior to death that remained unpaid at the date of death, Including unrolmbursed medical expenses. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1. Borough of Shippensburg, rental license due at death 30.00 2• (Century Link, telephone service due at death I 57.00 3. IPenelec, utilities due at death I 91.39 4. (Ally, balance due on account at death I 5,942.80 5. I HSBC Card Services, balance due on account at death I 69.78 6. ICFJMA, sewer services due at death I 30.00 7• I Manor Care, balance due for nursing care I 254.00 8. ITawnie Mills, balance due on beautician services I 40.00 9. (Franklin County Heart Center, balance due on account at death I 10.77 10. I Borough of Shippensburg, water, sewer and refuse due at death I 474.00 11. WSEMS, ambulance service 83.30 12• Cumberland Vailey Neuro Consultants, balance due on account 39.10 13. Grace Keiter, Tax Collector, real estate taxes due on 260 Middle Spring Road 892.63 real estate 14. Vivian F. Coy, real estate taxes due on 321-323 Roxbury Road real estate 516.67 15. BNY Mellon, N.A., balance due on home equity loan for decedent's residence real 37,827.89 estate, copy of statement attached TOTAL (Also enter on Line 10, Recapitulation) 5 Irmore 46 885.68 space is needed, Insert additional sheets of fhe same size. Continuation of REV-1500 Inheritance Tax Return Resident Decedent JUDITH E. HALE Decedent's Name Page ~ 21 11 0654 File Number Schedule I -Debts of Decedent, Mortgage Liabilities, & Liens ITEM 16. IPSERS, return of retirement benefits paid after death SUBTOTALSCHEDULEI I 526.35 35 GRAND TOTAL SCHEDULE I I s REV-1513 EX+(01-10) pennsyivania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE) BENEFICIARIES NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY I. TAXABLE DISTRIBUTIONS pndude ought I distritwtbre and transfers under Sec. 91 i6 (a (1.2).] 1. Kenneth M. Hale, Jr. P.O. Box 236 Shippensburg, PA 17257 Do Not Llst Sibling ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET 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: 1. OF ESTATE estate TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET I S If more space Is needed, use additional sheets of paper of the same size. Main Rla No I Paoe #1 of 1 I SUMMARY OF SALIENT FEATURES Subject Address 321-323 Roxbury Road Legal Descdp0on Deed Book Vol. 0029U page 00610 Cdy Shippensburg County Cumberland State Pa Zip Code 17257 Census Tract 0132.00 Map fleference 25420 Sale Price $ Date of Sale CIieM Estate of Judy Hale Client Estate of Judy Hale Site (Square Feet) 2,632 Pdce per Square Foot $ LocaOon Average Age q3 Condftlon Average Total Booms 10 Bedrooms 6 Baths 2 Appraiser Tim Aushertnan Date of Appraised Value 5/13/2011 Opinion of Value S 156,000 Form SSD2 - ^wnTOTAL" apprelsal software by a la mode, inc. -1.000-ALAMODE Ausherman Bros. Real Estate Inc. IMain Fie No I Pap aeo pf t APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is gllg of the followlnp types: [] Setl Contained (A written report prepared under Standards Rule 2-2(a) , persuant to the Scope of Work, as disclosed elsewhere in this report.) ®Summary (A written report prepared under Standards Rule 2-2(b) , persuant to [he Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use A wdtten re ort re ared antler Standards Rule 2-2 c ( p p p () , persuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the specified clfem or intended user.) Comments on Standards Rule 2-3 i certify Nat, to the best of my knowledge and belief: - the statements of tact contained in this report are true and correct. -the reported anayses, opinlpns, and conclusions are limited only by me repprted assumptlons and limitlng conditions and are my personal, Impartlal, and unbiased professional analyses, opinions, and conclusions. - I have no (or the specdiedJ present or proapecgve interest in the property that Is the subject pf this report and no (or the specified) personal interest with respect to the parties involved - I have no bias with respeq ro the property that is the subject of this report or to the parries Involved with this assignment. - my engagement in this assignmem was not contingent upon develpping or reppNng pr~etermined results. - my compensatlon for completlng this assignment is npt contlngent upon the development or repoNng of a predetermined value or directlon in value that lavors the cause pf the client, the ampunt of the value opinion, the atlalnment of a stlpulatetl rasuk, ar the occurrence of a subsequent event directly relahtl to the intended use of dtis appmisal. - my analyses, opinions, and conclusions were developed, and this report has been prepared, in cpnformity with the Dndorm Standards of Professional Appraisal Pracace. - I have (or have not) made a personal Inspectlon of the property that Is the subject nt this report. (II mare than one person signs this certigcatlon, me certtlicadan must clearly speclly which Indiwduals did and which individuals did not make a personal Inspactlon of the appraised property.) - no one prpNdetl signaicant real property appraisal assistance to the person signing this cenfficatlon. (d there are excaptlons, the name b each individual providing significant real properly appraisal assistance must he stated.) Signature: Name: Tim ~ Dah Signed: ~ pit State CertAicatlon #. GA000149L or State license #: State: PA - Explratlon Date of Certalcagon pr License: 8/30/2013 Effectlve Date of Appaisal: Name: Date Signed: Stale Cerdiicatlon #: _ or State License #: -- State: Expiratlon Date of Cerdficatlon or License: Supervisory Appraiser inspection of Subject Properly: ^ Oltl Not ^ Exterior-only from street ^ Intedor and Exterior Form ID06-"WInTOTAL' appmisal software by a la mode, inc. -1-800•ALAMODE Ausherman Bros. Real Estate Inc. IMain Flle Ne I Paae # of 111 2-4 UNIT RESIDENTio~ eaaQelewl ce a....,..,., .,~....~_ ~• _ _ . ~ ..,,,~,~ vve^n^eraai a attar Vl[ 1 Flk Na: Pra Address: 321-323 Roxbu Road C ~~ :Shi ensbu Coun :Cumberland Stale: Pa L Code: 172 7 Le al Desctl tln: Deed Book Vol. 0029U a e 0061 A ' N ssessor s Parcel #: 34331865001 Tax Year: 2011 R.E. Taxes: S 3 254 B eclat Assassmems~ Currem Owner of Record: Estate of Judhh Hale - $None Borrower fry applicable): Occu ant: Owner Tenant Vacant Pro ectT e: PUD Other describe Estate of Judith Hele ,~ . Market Area Name: Shl nsbur HOA: S 0 er r. er mo. Ma Reference: 25420 Census Tract: 0132.00 The se d this 'sal is to develo an o t t f . r .. ri on o : Market Value as defined or other a of value describe This re reryects the followin value B not Curre see cpmmems : Cunent the Ins action Date is the Effecti D t ' W ve a e Rehos active Pros dive A roaches devele for this a isal: Sales Co adstln A roach Cost A mach Income roach See Recpnclllaryon Comments and Sco a Pro RI hts A i f W k d o or se : ka Sim b Leasehold ^ Leased fee ^ Other (describe) Intended Use: Estim t k a e mar et value for estate of Judith Hale N a Imendetl Users b name or e : Roane E '~ Chant Estate of Jud Hale Address: p.O. Box 236 Shi ensbu Pa 17257 relser. Tim Ausherman ~,~,~ ,, Address: 22g N 2nd Street Chambersbur PA 17201 Location: Urhan an `;. ^Untler 25% POcpupsncnt 2-EUnit Houeing Present Lend Ux Change In Lend Use ^25 ~5% Built up: ®Over ]5% V o . PRICE AGE One-Untt Growttl rah: ^ Rapid ®S[abla ^ Slow 70 % ®Nat Likely ®Owner 95 $(000) 1 = (yrs) 2-0 Unit 10 % ^ Likely' ^ In Process " Property values: ^ Increasing ®Stable i It 10 ' To. _. Demand/supply: ^ Shortage ®In Balance O Over Supply ®Vacant (0- %) 200 HI h ' 'q % 150 omm I Marketln 6me: Under 3 Mos. 3-6 Mos. Over 6 Mos. Vacant >5% 140 Pred 100 Market Area Boundaries, Descdptlon, and Market CondMons (indudin su ort f th y g pp or e above characteristics and trends): Subject propert s located within the west end of the born of Shi nsbu bounded Earl St to the east Park Place to th west Thornwootl Rtl t t ~ o he north and Kin St to the south. ub ect ro art is within eas accea t sho in and em to merit in th Shi H e nsbur area. Overall market conditions continue to be slow with little demand for rental erties within the area. Shi ensbu historidall has h d Y a ve low vacancies until recent) there have been several new apartment comolexs added in the rea and this has pushed vacancy rates to ll ti h a me iehs for the area Demand for rental oreoerties has weaken due to them ase in vacanicles in the area. Dimensions: 85x150 "i Zonln Classification. Site Area: 9 residential 12 750 oescripdon: Residential ~. Are CC6RS applicableT Yes No Zonin Com Ilance: Le al Le al noncomormm mndlathered Ills al No mnin ^ Unknown Have the documents been reviewed? ^ V es Na Ground Rem (A applicable) $ / Commems: Highest 8 Best Use as improved: ®present use, or ^ Other use (explain) Actual Use as of Eryechve Date: residential use relsed in this report: id S s res ential ummary of Highest & Best Use: Hiohest and best use would be for aoartment rentals z O - F s UUlltba Public Other Provider/Descripdon Ofl-site Improvements Type Public Private fromage T ical ElecOtclry ® ^ ~ ~ Street Asphalt ® ^ Topography Rattan ular Gas ® ^ w Width T ital ® ^ Size Warer t ice) t Surtace as halt Sha e p R clan ular Sanitary Sewer ® ^ Curb/Gutter ' ro concrete ^ Drainage ad uate Storm Sewer ® ^ ~ Telephone ® ^ Sidewalk concrete ® Q View Avers e Soeet Lights street MuMmedia Alle as halt Other site elemems: Inside Lm Comer Lot ^ Cul de Sac Untler round Utilitles Other describe FEMA B cY Flood Hazard Area: Yes No FEMA Hood Zone: x FEMA Ma #:42041C0342E FEMA Ma Date: 3/16!2009 Site Com t Si men s: te is level with sidewalk curb and two aved drivewa s A Generel0eamipdon Exterior Deacrlption Foundation Beeement None Heating Rad # 01 Units 2 ^ Accessory Untt Foundaryon Bl ock Slab a # Stories 2 # Bldgs. 1 Exterior Walls Brick Crawl S ace no Area Sq. Ft. Type Rad D % Flnished 0 Fuel elec Type ®Oet ^ Att. ^ Rool Surtace as halVav Basement es Ceiling 'piste w Design (Style) du la G x utters 8 Dwnspts. alumn/av Sump Pump ^ Walls G~i ®Epsting ^ Pre peed blade Cooling none p ^ Und Cons Yfntlow T . . ype Dbl huh Dampness ^ Flotlr concrete Central Actual Age (Yrs.) 43 StomUScreens s/av Settlement none obs Outside Entry es Other EdeMveA a rs. 20 Inlestatlpn Intulortkeodpdon Appllancee # Attie ^None Amenidea unknown ~" Hoare C tvin/av Reftlgerator 2 Stairs Car Storage ^None ^ Fireplace(s) # Woodsmve(s) # G Walls arage # of cars ( 2 Tat.) _ a )aster/av Range/Oven 2 Drop Stair ^ Patio Attath. _ O Tri~nlsh wood/av Disposal Scuttle ~ Deck Detach. G Bath floor vin I/ av Dishwasher Doorway ^ Parch porch Blt; In Bath Wainscot Cerm/av Fan/Hood Fl oor ^ Fence -- Doors hour/av Microwave Heated Caryod 2 ^ Pocl Driveway Washer/D er Finished ^ Sudace as halt t, Unh # 1 canalns: 5 Rooms; 3 Bedrooms; 1 Baths ; 1 316 S .Ft. GLA Above Grade -. Unit # 2 camains : 5 Rooms; 3 Bedrooms; 1 BaN s ; 1 316 S .Ft. GLA Above Grade The Total Gross Building Area - Unk # 3 camains: Roams; Bedrpams; Baths ; S .Ft. GlA Above Grade for the SubJect Property is: €-:°, Unit # 4 camains: Rooms; B edrooms; Baths ; S .R. GLA Above Grade 2.632 Sq.Ft. 1YF I 1 NIT CO~~' YUU7 by a la mode, Inc. Ptls loan may M reproduced unnroaYled wHHOUt waM pamiasion, However. e n mode.Inc. must n. ammaw,,.e,,,n...n».e unn urz•a --win 1 u I AL^ appraisal soryware by a la made, Inc. -1-800•ALAMOOE 4/2007 -_ _ _- IMeln Flle No I Pase #4 of 1 I 2r,dl1NITRFSInGNTie1 ntootowl~e~ a±a.^.......~.. ~. _ _ _ __ _- _ _ . ~, „~,~~ .....,.n.u-v~ a r~~r Vrt 1 Flle No.: AddNOnal features: Sw to ai N = Descdbe the condMon M the property (Including physical, funetlonel and eMemal obsolescence): Overall condition is average no I tli ~ w mme ate repairs appear to be needed. trees in front of the house need to be trimed - O K a ~ _ "The fallowing properties are representative current, similar, antl pronmate rerdal propertles campamble to the sub)ect ro ert Thi l t p p y. s ana ys s Is Intended to suppod the o Inlon of fhe market rent fa the sub' t ro e FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTAL # 3 ,Address 321-323 Roxbury Road 12 North Queen St 28-261/2 South Queen St 109 North Penn St Shi nsbur Pe 17257 Shi ensbu PA 17257 Shi nsbur PA 17257 ShI ens u PA 17257 PrOZimi to Sub ct 0 93 miles E . 1.00 mile E ? Cumem Momhl Rem $ p 0.81 miles E " S 1 500 $ 1 350 ', ' ~~ , "„s-;: $ 1 170 Less: Utllities -$ ' ~,~ , Furnishings -$ - ~ $ ~ u ~ - $ Plus: Rent Concess. +$ . +$ , ~ - Ad.Monthl pent $ $ ' 1500 ~^ a ~ $ 1350 ~ii * ,'-n.~ Ad'. Ma. Rem/GLA $ /s tt s ,, $ 1170 $ 0.55 /s .tt k $ 070/s tt ...k~~, zth'N ',' Data Sources _ Inarxction MI R , „ .. $ 0.89ls .tt. ._••••-•-• ••^~~~~w .yymmei sm[rva~n uyaia mope,inc.-l-aUO-ALAMODE 4/2007 PaOe #s m 13 2-4 UNIT RESIDENTIAL OPPRelcel C6 ae~uawtev r,.-.,.,.,~. - - - -- - -- - • •• .....r.~ ..vr.anu-sr~ a RCrvIC ~ Rre Np.: My research did did nm reveal any ptlor sales or transfers m the subject propedy for the three e i ~ y ars pr or t0 Ne enecbve date of this appraisal. Data Sources : Coun Courthouse 1st Pdor Sub em Sale/Transler Analysis m saleRransfer history and/or any currem agreement of saleAisang: Th b T e su iem orocertv has not transfered Oam~ Famil transfer within the oast 36 months - ,A r~i _ Pdce: famil Transfer Soume s :Courthouse 2nd Pdor Sub'ect Sale/Transler Date: Pdce: `F Sources -.-; SALES COMPARISON APPROACH TO VALUE n develo The Sales Com ad son A oath was not deveb d far this a sal ,' FEATURE Address 321323 Ro SUBJECT xbury Road COMPARABLE SALE # 1 15 COMPARABLE SALE # 2 . COMPARABLE SALE # 3 Shi nsbu r Pa 17257 .17 North Queen Street 217-219 North Linden Ave 635 Stanley Ave Proxim to Suh act ~ ~•• ~ Shi ensbu Pa 17257 Greencastle Pa 17225 Chain rsbu PA 17202 Sale Pdce ~ . , $ ,93 miles E . ; c: 20.64 miles SW 10.99 miles SW Sale Poce/GBA $ /S .tt. ~ , , $ 138 D0 $ 51 34 /s h 0 •,.tw*:-,. ~,n ; $ 15000 0 :~` t++~+s„` i.. 150000 ', Gross MOmh pent $ 1450 . , . , 1800 t $ 70.49 /s ft ,..:. ~ . $ 70.49 /e ,n ` a .-~ %~ v Gross Rem Muld ler ~ ~ $ 1100 a sx,{x ,.~ - -, -,_$ a 4 9001- ^1~'s,.~ . Pdce er Unil $ 7887 $ 69 00 sr ..~, 136 $ :i +~ ^, 166.67 . ?.yLL,'~, ,€3 Pdce er ROOm g 75 000 T" -,, ~ - Pdce er Bedroom $ 13800 $ a ,i.$ 15000 s.~.t ,: 4~r., ,;$ 18750 ~,. ~ ~~$S'~•a Data Sources Ins coon 23 D00 MLS-CB743 7 ~ ~~• $ 37 500 '+s is-''v~ , 37 500 " `~" ~ •~,. ~~,« VemlcaBOn Souma s Courthouse Realtor-A raise! file MLS-FL7338477 MLS-FL7418976 VALUE ADJUSTMENTS ` DESCRIPTION DESCRIPTION +-$Adust Courthouse DESCRIPTION +/-$Ad'ust Courthouse ~ fleet COmrol Yes No DESCRIPTION +/-$Ad ust ' ',: Sales or Financing N/A Conv 43 DOM Yes No Conv 153 DOM Yes No ` : Concessions "` WA Conceas 3200 -3 200 No concess Conv 35 DOM ' Date Ot Sal me " ' 12/7/2010 12/17/2010 No concess , RI his A raised ' Fee Sim le Fe sim le -~ Fee Si l 10/29!2010 '. Lacaaon Avera a I f m e Fee Sim le .,` Gl n erior +7 500 Avera a A te 12 750 .25 acre vere e " ' View Avera a Avera a .27 acre Avera e .17 Acre Oesi n S le du lax du lax Avera e ' •. Oual Of DOnsWCd00 Brkk/av Bncklav du lax Brk el/av du lax e 43 120+ 25 Vin I/av - Condition Avera a Inferior 60 Total GBA +10 000 Avere e averse ~ : Total # m Unns " 2 632 s .1t. 2 2 688 s .n. -840 2 128 s .tt. +7 560 2 128 5 .ft +7 560 q T l G 2 2 ota LA 2 632 s .tt. 2 688 5 tt 2 Unn Breakdown Teta Bdrms Baths Tota Bdrms . . Baths ' 2 128 s tt - 2 128 5 .a °d }diS Unn # 1 Untt#2 5 5 3 3 1 1 5 5 3 3 1 1 ~_ -. Total 5 Bdnns 2 Baths t.5 ' ~ ` •n> a -2 000 TatM a Bdrms 2 Baths 1 w +r° ' Unn#3 5 2 LS -2000 4 2 1 Uni[ # 4 Basement & FiMshed Basement Base ment Rooms Below Gmde Fam rm unfinished No basement + 3,000 Basement FuncnOnal UBII Unnnish d averse N.A Aver unfinished w Heatln Conlin Hw/none Fh / a a avers e C Ene Eniclent nems i l i a none Base/none Fha/none nsu w nd insul wind Insul i d r~ ~~ 2 ca rt w n Sw POmtVPaaO/Deck o Porches on si a Porch +6 000 off street +6 000 2 car Kitchen Std Kitchens Std. Kitchens None Std Kitchen Porch Other None N ne s Std. Kitchens Misc. None None None None None None Net Ad"usfinent oral + - $ 19 4 Adjusted Sale Pnce ' • Nm'. ~~4.1 % 60 + - $ 12 560 +~N et 84" % % + $ 7 560 mCOm arables If Adusted P i f C , Grdss~r211 S 157 460 ~ , T tGNs~eir ;7$.,96 S 162 560 CNe1~.„$. ~ ~5` ~n ~' '•' r ce o om arabl es er GBA $ 58 58 r'.. a $ ., 76 . ^. ~6 $ 167 560 - Ad stad Price of Can arable s er Unn $ 78 730 ' ~ ; $ 39 .•z " $ ' 74 04 ~ .2 ' q.-; Ad sled Pdce of Com arable s er Room $ 15 748 ;f ~ $ 81 280 . ~ -" $ 78 780 ::`` iz~ - Ad steel Price of Com le s er Bedroom $ 26 243 a- ~- $ 16 256 :` ~. $ 19 695 u~`~`?.~ ' Os '' Ind. Val. er GBA S 5e X 2 632 SF GBA = $ 15 2 858 Intl VaI er Untt 4 t 640 8 ,~ n• '~`Z 39 39 ' Ind. Val. er Room $ 16 000 X 10 Rooms = $ 16 . . 0 00 I d V l Units $ 157 000 Summa m Sales Com adso ry D n A roach PD A pr n 0 . a . i er Bedroom $ 27 000 X 6 Badmoms ~ $ 162 000 _. properties exist within S p hiopen b a ser researched sales of multi fam ily In Franklin and Cumbertentl C ounties only 2 sales of rental s ure over th e Dast 12 months Overall market conditions continue to he slow in th e area >. Indicated Value b Sales Com rlson A roach; t 5e 000 lam' 7 7~1 1 TAI IT nePNl7ht~ ~aa7 hY a la rnoda, Ina. iMslarm mrv be reoraduced nmm~nniw Wxn~n..x,...._., i.._ .-.___ -.- _ _. . __...._._..-..............,..~,..o i~1wa, nc. noel ue acupwieceea one cneaW. Farm GP2-4 - "WinTOTAL' appraisal sollware by a la mode, inc. -1.800-ALAMOOE 4/2001 opinion at she common elements and recreational sales or other methods for estlmatlng site -~° uno vase ra resents ou era and sellers within the marketplace Cost approach was considered and utilized as en addrhonal indication to market value su oortinc the value indicated by the sales comoanson approach Isis appmisal is made ®"as is", ^ suhject to completion per plans and spectticagons on the basis of a Hypothetlcal Cdnd'NOn that the improvements have been completed, ^ subjea ro me following repalre or aheradons on the basis of a Hypomeltcal Condltlon that the repairs pr alteretlons have been completed, ^ sub' ct to the following required Inspection hosed on the Ezbaordinary Assumptlon that the contlAicn or deltciency does not requlro alteration a repair # e on tee of inspection of the eubjed property, ea indketed below, defined Scope M Work, Strdement of Aaeumptlona end Limlting Con <. and Appraieer'a Certlfketlona, my (our) Opinion of the Market Value (or other epeNlied value type), as defined herein, of the real ro -. of this report la: S 158,000 wof: 5/13/2011 , whlcA Ie the efie tl d~atel ottthle ap If indicated above, Mla Opinlan of Value la subject to Hypothetical Conditlone and/or Extraordinary Asumptione included in this report See attached ar A true and complete copy of this report contains _ pageg, including exhibtts which are considered an integral part of the report. This appraisal report may W. properly understood wlthout reference to Iha imonnatlon contained in the complete report. _ ^ Scope of Work IE Attached E~diihtls: ®Llmidng CondJCemflcadon. ^ Narrative Addendum ^ Photograph Addenda ~, ^ Sketch Addendum ^ Map Addenda ^ Cost Addendum ^ Flood Addendum ^* ^^ Additlanal Rentals ^ Income/F~ense Analysis ^ Hypothetlcal Contlltlons ^ ExhaoNlnary Assumptions ^ Addltl6nal Sales V1 W K a Appraiser Name: TimA Sherman ~: Company: Ausherman Bros. nc y Poona: 717 264715 x202 Fax: (7171 284-4973 E-Mtil: timeoor~oa.net Date m Report (Signature): 7/7 112 01 1 <. License Or Cerldicatlan #: GA000149L State; pq Designalbn: GAA Expiration Gate of License or CerdOcatlon: 6/30/2013 _ Inspection of Subject: ®Imedor 8 Eztedor ^ Exterior Only ^ None tr'ERVI50RY APPRAISER (ff required) CO-APPRAISER (H applicable) Supervisory or Co-Appraiser Name: Date tlf Report (Signature): License or CerMicatlon #: State: Designatlon: Expiration Date of License 6r Certrficatlon: Inspection m Subject: ^Imedor 8 Exterior ^ Exterior Only ^ None 2-A ~~~ CapyAghtO 2607 ey a la mode, Inc. This Iwm meY ~r reDraOUCetl umpolled wilhurt wMgn permisyun, however, a W mode, Inc. mua ee aclmorAedged aM creelted. Y frorm GP2-4-~WinTOiAL' appraisal software by a la mode, Inc. -1-800-ALAMODE 4/2007 (Main Flle NO I Pao #7 of 1 I ADDITIDNAI CnMPeReR$ C cei ee ' FEATURE SUBJECT COMPARABLE SALE #q COMPARABLE SALE # 5 FlN No.: COMPARABLE SALE # 6 Address 321-323 Roxbury Road 1312 Edgar AVe Shi nsbu Pa 17257 Chambersbur PA 17201 Proem' to Sub' t .,,,, , ,. ~ g,36 miles SW : Sale Pdce S $ /s 1L $ 180 00 S 0 ~a - ` $ Gross Momhl Rent . $ 1 45 56.2515 .ft $ , $ /s 1t >_, ur. t,„ " _. , $ /S h 3~ -~ ,} "; Grass Rem Multi l 0 1 000 $ ~?~ ~,,;~,~ ; v~ .~. i $ ' *~ ~', ~ er Price ar Und $ 180.00 $ ` -:. ,~ a r'~c~ " , , iy ;, - Price er Room $ 90 000 S : $ i, rp.~ ., v ; :. $ t S '' Ptlce er Bedroom $ 18 000 $ , , $ ; ; ~, ~ ly '< Y ~ $ ; ~ ~y,~„ Data $OefCe 5 Ins action 45 DOD: MLS-FL7216272 :: . $ i**:*r'. ,,'^„8' . $ a'',& :Ys.. P Ved6cadon Scuff! S ~ Courthouse Courthouse . VALUE AOJUSiMENTS --" RemCordr l DESCRIPTION DESCRIPTION +/-$Ad ust DESCRIPTION +-$Ad ust DESCRIPTION +/-$Atl ust . o ~'" Sales or Flnancing Yes No N/A Yas No Conv Yes No Yes No ". Concessions N/A COnCeas 3000 -3 000 ::". Date of Sale>rme 3I15I2010 :'- RI hts raised Fee Sim le Fee Sim le `. LocadOn Averane r..,.w -. ~,... 8r -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 goad and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. The future operation of the property assumes skilled and adequate management but are not represented to be !'!" histodcalry based. -The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was nrrt performed. - If so indicated, the appraiser has examined the available flood maps that are provided 6y the Federal Emergency Management Agency (or other data scurces) 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 will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. - If the cast approach is included in this appraisal, the appraiser has estimated the value of the land in the cast approach at its highest and best 'r use, and the Improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an Insurance value, and should not be used as such. -The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property, Or that he or she became aware of during the normal research involved in pertorming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent condhons of the property, or adverse environmental conditi0ns (Including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) That would make the property more or less 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 far any such conditions that do exist or for any engineering or testing that might be required to discover whether such conddlans exist. Because the appraiser is not an expert in the Tield 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 he 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. All information furnished regarding rental rates, lease terms, or projections of income and expense is from sources deemed tellable. No warranty or representation is made as t0 the accuracy thereof. -The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumptlon that completion of the improvements will be performed in a workmanlike manner. - An appraiser's client is the parry (or parties) who engage an appraiser in a specific assignment. Any other parry acquiring this report from the client does not become a party to the appraiser-client relaticnship. Any persons receiving this appraisal report because of disclosure requirements o: applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the tlme of the assignment. -The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed 6y anyone to the public, through advertlsing, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. -An appraisal of real property is not a'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs anon-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses Performed In an appraisal assignment thatls required to produce credible assignment results, given the nature of the appraisal problem, the speclflc requirements of the Intended user(s) and the Intended use of the appraisal report. RNiance upon this repoA, regaMless of how acquired, by any party or for any use, other than those speclAed in this report by the Appraiser, Is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effectlve Date, the Date of Report, the Intended Uaerts), the Intended Use, the stated Assumptions and Limfling CondiNOns, any Hypothetcal Conditions and/or Extraordinary Assumptons, and the Type of Value, as defined herein. The appaiser, appraisal firm, and related parties assume no obligation, liability, or accountablllty, and will not be responsible for anV unauthorized use oT this report or Its conclusions, Atlditlonal Commerda (Scope of Work, Extraordinary Assumptions, Hypothetical Conditons, etc.): -__. __--.-.-.........~..,,,.a,ww.,~.~,~,,.Aaw,~. arm P2-0AD -'WInTOTAL' appraisal software by a la made, Inc. -1-B00-ALAMDDE 1/2007 Certifications IMain File No I Paoe #9 of 1 I Pro Address: 321-323 Roxbu Road Flk No.: C' :Shi enabu Stare; pa ZI Code: 17257 ' - Cllem: Estate of Jutl Hale Address: P.O. Box 238 Shi nsbu Pa 17257 raiser: Tim Aushertnan Address: 229 N 2nd Street Chamhersbur PA 17201 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: - The statements of fact contained in this report are true and correct. -The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited onry by the reported assumptions and limiting conditions and are my personal im artial a d bi , , p , n un ased 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 re t t spec o the parties involved. - I have no bias with respect to the property that is the sublect of this report or to the parties involved with this assignment . - My engagement in this assignment was not c9ntingent upon developing or reporting predetermined resuhs . - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client the amount of the value o inion th tt i , p , e a a nment of a stipulated resuR, or the occurrence of a subsequent event directly related to the intended use M this appraisal. - My anayses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was r d p epare . - I did not base, either partially or completery, my analysis and/or the opinion of value In the appraisal report on the race color religion h , , , sex, andicap, familial staNs, or national origin of either the prospectve owners or occupants of the subject property or of the present , owners or occupants of the properties in the vicinity of the Subject property. -Unless otherwise Indicated, I have made a personal inspection of the property that Is the sublect of this report . -Unless otherwise Indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional CertlOCadons: DEFINRION OF MARKET VALUE *: Market value means the most probable prtce which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and kno l d b w e gea ry, and assuming the price is not affected by undue stimulus. Implicit in this defnition is the consummation of a sale as of a specified date and th i e pass ng of titte from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are welt informed or well advised and acting in what they consider their own best interests; 3. A reasonable time Is allowed for exposure In the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial anangements comparable thereto; and 5. The pdce represents the normal consideration for the properly sold unaffected by special or creative financing or sales co i ncess ons granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and Augus124, 1990, by the Federal Reserve System (FRSI, National Credit Union Administration (NCUA) Federal Deposk Insurance C , orporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC OTS 1l: , , FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evalua0on Guidelines, dated October 27, 1994. E Client Contact Client Name: Estate of Judv Hale -Mall: Address: P.O. Box 238 Shi nsbu Pa 17257 APPRAISER ~ SUPERVISORY APPRAISER (If required) or CO-APPRAISER (if applicable) N W K 7 A ppraiser Name: Tim Ausherman Supervisory ar Co-Appraiser Name: ~ C y P _ ompany: Au hertnan Bros. R st - Company: hone: 7 E 17 264-6715 x202. Fax: (7171264-4973 Phone; M il Fes' - a : timaoor@oa net E-MaiC Date Report Signed: 7/11/2011 Date Report Signed. License or Certdicatlon #: GA000149L Slate: pA ' Designation: GAA License or CemYlcatlon #: - State: Expiration Date of Licens C rtal Designation: e or a catlon: 6/30/2013 Expiration Date of License or Certaicadon: ,., Inspection of Subject ®Irnedor 8 EMetlor ^ Extedar Only ^ None -~ Date of Ins aan: 5/13/2011 __ Inspection of Subject: ^ Intedar 8 EMedor ^ EMetlor Only ^ None a 7_Alll\IIT CopyrlpM02Da7 txaumrde.hc. Mslnrm m."n., Date of Ins ecaon: .,,,,w~.m.~...~...na:.,..........~.__._~__._._ _ ___ _._.__. _..__.......__.,, ...-a."„ a,, ,,,,,,a, „,,. „a,e, m acnwwivoaeo aiw craoao. Form GP2-4AD - °WInTOTAL" appraisal soilware by a la mode, inc. - t-800-ALAMODE t/yg07 Subject Photo Page Sub)ect Front 321-323 Roxbury Road Sales Pdce Gross BANding Area 2,632 AAe 43 SubJect Rear SubJect Street Form PIC3z5.SC - "WInTOTAL• appmisal software by a la mode, Mc. -1-6AA-ALAMDDE Comparahle Phete paen Comparable 1 15-17 North Queen Street Sales Pdce 138,000 Gmss Building Area 2,688 Age 120+_ Comparable 2 217-219 North Linden Ave Sates Pdce 150,000 Gross Building Area 2,128 Age 25 Comparable 3 635 Stanley Ave Sales Pdce 150,000 Gross Bullding Area 2,128 Age 80 Form PIC3s5.CC -'WInTOTAL' apprelsal software 6y a la mode, Inc. -1.800-ALAMOOE Comparable Photo Paoe Comparable 4 1312 Etlger Ave Sales Pdce 180,000 Gross Building Area 3,090 AAe 88 Comparable 5 Bales Pdce Gross BuIIdInA Area Ape Comparable 6 Bales Pdce Gross BuIIdInA Area Aga Form PIC3xB.CC -'WInTOTAL' appraisal somvaro by a la mode, Inc. -1-800-ALAMODE . ........_ . Mai Na Bulidlln~l Sketch n° v 12' ~MM.ra.~ 47' BaM Bedroom Bedroom Betlroom n ~ n KRChen UWnB Room 47' 12' 47' 12' Beth Bedrown Bedroom GrPOrt Bedroom Grpoit m Kitchen ~ Uving Room 12' 12' Pordl N faml SKT.BIdSkI - "WInTOTAL" appraisal software by a a made, Inc. - t-BOO-ALAMOOE Building Sketch Ma I No AREA CALCULATIONS SUMMARY C06i o..aepn~ wean. werar4 07.11 First Floor 1316.0 1316.0 ril.rlY armeM Floor 1316.0 1316 0 F/F Porch 288.0 . F°r'Ch 286.0 FOB 60.0 636.0 Net LIVABLE Arm (rourtd~) First Floor GLA1 26.0 x 47.0 . 1316.0 Area rotas (rourWed) = 1316 Porch pyp 12.6 x a4.o - se6.o Area total (rounded) = 288 Porch P/P 12,0 x 5.0 ~ 60.0 Area total (rounded) = 60 Second Fbor GLA2 26.0 x 4'1.0 1316.0 Area total (rounded) = 1318 Porch pyp 24.0 x 12.0 - 288.0 Area total (rounded) = 288 LIVING ARFA BREAKDp1NN First Floor 26.0 x 47.0 1316.0 exrnnd Floor 28.0 x 4'1.0 1316.0 2632 2 Items (rounded) I 2832 Form SKT.BIdSkI - "WInTOTAL" appraisal software 6y a la mode, Inc. -1.800•ALAMOOE Location Man la mode, ins: ~ iz" I Lovsvllle - °avlac4 A~MC,tcrUurp Dian LanUisUUry gF r, .~,*° 'S Siva: ~'~~ "- New Gcrrl•~awov.~n a>e ~. 5 a N4ti loa Richvdc 12Te' ~ jq ( - UuubNnp Gap 3lairs 4!Ills ' COnCUIti p -. LU'MCI FlRnklprtl McGm alostclvlNO Tosrnshic gu V!ns'dHc OpsletUuly .. e, ~, . ., sipper Nifrin _ ~. _ ..._.DI&iithc(d._. ,~ Jt TpswrJ+ip - z¢' h,~:Wte PN`rM Kcnsville Av Run AmUttson .r ;,;,a Ncawlne Wurel Grove - •Dlqunt Roek ~~"~~ s~ ~~-- Slnlix~ Run W. Glcen Sp+ilp n `g Lurgaa V!w+Uurq ?q YP I yyj ~ Qikvll Ic T ViUN'UeNRIC o-lbu ~ F-U u•.N` .._.._... _.. Dickinson Kinds GaF~ Errvrl dufmiu i. !rvi Clwm burg ,V,"~" o-' Drywnia .e, r 70 ~ - Fallmq `!• $pl inq ~ F OFF` •• A~L`Ib3YinU 01'onwsvipn ~ 30: Cw F n .. CyanU«°L'x9rtn 'tuusmn DuHiNd Munnrlasbueq M.R)ilc Rohs SewreSWls Slwtb h7o°nlain Kau91n: ~ Onsxnna i a1 0ulrxwla Quinq. Nouns I lace gagvn mx uc __ Olrl Fagr 7soc4c~ Gap Falrf~cltl lacks PAOUmain r'[rdan Tamslap WRyne heights Form MAP.LOC -'WInTOTAL' appraisal saflware by a la motle, Inc. -1-BDD-ALAMODE Main Rle No Pane #t 0114 SUMMARY OF SALIENT FEATURES Subject Address 260 Middle Spring Road Legal DescdpBOn Deed Book Vo1.00310 Pege 01072 Clry Shippensburg Coumy Cumberland Stale pa 21p Cade 17257 Census Tract 0131.01 Map Reference 25420 Sale Pdce $ N/A Dale N Sale N/A Cllent Estate of Judith Hale Cliem Estate oT Judith Hale Slze (Square feet) 2,128 Pdce per Square Foot $ Locatlon Average Aga 26 Condidon Average Total Rooms 7 Bedrooms 3 eama z ADDraiser Tim Ausherrnan Gate of Appraised Value 511 312 01 1 Opinion of Value $ 202,000 Form SSD2 - `WInTOTAL' appraisal software by a la mode, inc. - t •B00-ALAMODE - ____. Ausherman Bros. Real Estate Inc. IMain Flle No I Pace #2 of 141 enom File Nc. Pro E Address 260 Middle S rin Road Ci Shi nsbur Cou Cumberland State Pa ZI Cade17257 Client Estate ofJUdith Hale APPRAISAL AND REPORT IDENTIFICATION This AppralW Report Is gtla of the following types: ^ Sag Corftalned (A written report prepared under Standards Rule 2-2(a) , pesuant to the Scope of Work, as disclosed elsewhere in Nis report.) ®Summary (A wdtten report prepared under Standards Rule 2-2(b) , persuant to [he Scope of Work, as disclosed elsewhere in this report.) ^ ResMcted Use (A written report prepared under Standards Rule 2-2(c) ,persuant to the Scope of Work, as disclosed elsewhere In this report, restdcted to the stated intended use by the specified client or Intended user.) Comments on Standards Rule 2-3 I cergiy that, ro the best cl my Imowladge and belief: -the statements of fact comained in Nls report are true and conen. -the reported analyses, opinbns, and conclusions are Ilmtted only by the reported assumptions and IlmPonq conditions and are my personal, ImpaNal, and unbiased professional analyses, opinbns, and conclusions. - I have no (or roe specdled) present or prospective imerest In the property that is the sub)ect of this report and no (ar the specified) personal Intemst wigs respect ro the parties involved. - I have no bias with respect to the property that is the subject of this repod or ro Ne parties involved with Nis assignment - my ergagamem In this assignment was not condngerd upon Oeveloping or reportlng pmdetermined results. - my compensation for campbgng NIs assignmem Is not contingent upon the development or repoding of a Drodetermined value or directlan In value Nat favors Ne cause of Me clierd, the amoum of Ne value opinion, Ne athainmem of a stlpulated result, a the occurrence of a subsequent event direcpy related ro the Intended use of Nis appraisal. - my analyses, oDinbns, and conclusrons were developed, and this report has been prepared, in confomdry wIN the Ungarm Skndartls of Pratessbnal Appralsai Practice. - I have (or have not) made a penonal Inspection of Ne property Nat Is Ne sub)ect of Nls report. (d more Nan one person signs NIs certification, Ne cettfricatlon must cleady speclly which IMINtluals did and which IndMtluals did not make a personal Inspection of Ne appraised property,) - no ono provided sipngroam real property approlsel assistance to Ne person signing Nls ceNNcatlon. (ti there are axceptlons, Ne name ai each indiNdual providing significant mat property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any USPAP related Issues requiting disclosure and any state mandated requiremerds: APPRAISER: SUPERVISORY APPRAISER (Doty H require0t: Signature: _ Signature: Name: Tim Aus n Name: Date Signed: J 2011 Date Signed. State Cerigicatlan : ~GA000149L State CaNficatlon #: or Stan License #: or State Ucense #: _ State: pA State: Expiration Date of Certttlcatlon or License: 6/30/2013 Expiraton Date of Certtllcatlon or License: _ Egectlve Date of Appraisal: 5/13!2011 ~ Supervisory Appmiser inspecticn of Sub(ect Property: _ ^ Did Not n Fxteder-only imm drum (1 imed~..,.n c,nea,.. Form IDO6 -'WInTOTAL' appraisal software by a la made, Inc. -1-B00-ALAMODE Aushemyn Bros. Real Estate Inc. IMaln Flk No I Pao ~ of 141 RESIDENTIAL APPRAISAL SUMMARY REPORT Flb No.: ?;, Address: 260 Middle S do Road CI :Shi nsbu Stale: Pa Zi Code: 17257 CW :Cumberland L el Descd don; peed Book Vo1.0031O Pe a 01072 w Assessor's Pamel #: 39110312001A ~ : Tax Year: 2011 R.E. Taxes: 3 530 S clel Assessments: $ N/A Bortawer tl licabk : Estate of Judith Hale CurteM Owner of flewrd: Estate of Judith N le Occu ant: Owner Tenant Vacant Manutaclured Housl Pro T e: PUD Condominium Cc aretlve Other descdbe HOA: $ 0 ' r ar r rtyntil Madcat Arse Name: Shi nsbu M Reference: 25420 Census Tract: 0131 01 ' . The a of tl6s sal Is m develo an o bn of: Market Value as defined or other of value descdbe - - This re rt reilec6 the followln value d not Curre see commerrts : Cunem the Ins action Date is dte Ettecdve Data fletros ecdve pros ecdve m roaches develo d fa this relsal: Sales Co adson A mach Cost roach Income A mach See geconcillatlan Comments and Sco m Work Pro fli hts A r i d F a se : ee Slm le Leasehold Leased Fee Odler descdbe Imentled Use: The Intended use is for the estate of Judith Hale In Intended Users name a Estate of Judi h Hale ;: CIknC Estate of Judith le Address: P.O. Box 236 Shi nsbu Pa 17257 raiser. Tim Aushertnan Address: 229 N 2nd Street Chamberabu PA 17201 ' Locatbn: Urban Subur6arl RuRI Predominant One-UnN HouNng Preaant Land Use Change (n Lend Use Buitl up: ^ Over 75% ^ 25.75% ®Under 25% upeney PfiICE AGE One-Untl 20 % ®Not Likely Growth rata: ^ Rapid ®Steble ^ Slaw ®Owner sa $ 000 4 U k ( ) bre) 2 ` . n % ^ Likely ^ In Process Property values: ^ Increasin Stable A ® ^ Declining ®Tenant 2 ~ 80 Low 10 MuIU•Unh % ' To: . Demand/supply: ^ Shortage ®In Balance ^ Over Supply ®Vacam (0-5%) 275 HI h 175 Comm'I % Madcetln dme: Under 3 Mos. 3.6 Mos. ^ Over 8 Mos. Vacant >5% 150 Pmd 35 vacant g0 % G Market Area Boundatles, Descdptlon, and Markel Cbnddions (Including support for the shove characteristics antl trends): Area bounded by N b aw uro to the north Shiooenaburo to the south Orrstown Rd to the west and Newbury Rd to the east Subject yrocerty Is located within an area of scattered single ~ family homes and lend In agrmultural use Area is locally known ae Middle Sodng 4` i ' Dimensions: Irre ular Site Area: .g4 acre :=. Zaling Clasaelcatlon: pyd-residential ,, Descdptlon: residential use Zonl Com Ilance: Le al Le al noncordomun rendlamered II al No zonln Are CCBRs Ikablel Yes No Unknown Have the documents been reviewed? Y .`~_ es Nb Gmund Rerrt tl kable S / Highest & Best use as Improved: Presem use, or ^ Other use (explain) .':. Acmal Use as of Edectlve Date: Residential Use as appraised in this repod: Residential Use :Q Summary of Highest 8 Best Usa: wheat end best use presently is residential U UNlltlea Public Other Provider/Descdptlon OlFelts Improvements Type Public Pdvate Too h Level D AreP y w w Electliclry ® ^ Street asphalt ® ^ Slze t ical Gas ^ ^ ti Curb/Gutter None ^ ^ Shape it ter Water ^ ® d a we Sidewalk None O O N ~nage ads uate Sanitary Sewer ® ^ `: Street Lights None AVeraye 6terrrl Sew er Alle none Other sbe elements: Inside Lat Comer Lot Cul tle Sac Unde round Utllltles Omer descdbe FEMA S c'I Flood Hazard Ama Yes No FEMA Flood Zane X fEMA M # 42041C0333E FEMA M Gate 3!18/2009 Si te Comments: Suoied orocertv site is gently rollino. Sr fserrerel0eaortpthn ExtMor Descrlptlen Faundatbn Buemem None HMing H p Pum # of U d _ n s 1 ^ Acc.Und Foundatbn Block/av Slab no Area Sq. Ft. 2 08 Type Hum # of Stodes 1 ':;' Ededor Walls Bdck/av Crawl Space no %Flnished Fuel oil Type ®pel ^ Att ^ R 'c:' . . ocf Sudace As halUav Basement es Ceiling ~oists Design (Style) Ranch Guders & Dwnspts. Alumni v Sump Pump ® W ft .. a s Block Cooting yea ®Edstlng ^ Proposed ^ Wtl.Cons. Window Type Dbl hun /ev Dampness ® Floor ti. A concrete Cerdrel es cmal Age (Yrs.) 26 Storm/Screens ea/av Settlement none observed Outside Endy ea Other z E w ttectlve A re. 15 Intestadon none observed ~. I > Fl ritsdm Daxdptlon Appllaneea Atlle None Amenklea Cer Syonge ^ Nane aore a t vin/av Refdgeremr ~ Stairs ^ Flreplace(s) # 1 Woodstove s # () Garage # of cars ( 2 Tot.) Wads D ll/ R . a av ange/Oven Drop Shir ^ Pado None Attach 2 T . dm/finish wood/av Disposal ®Scume ®Deck none Detach B = . _ am Floor vin I!a Dishwasher ®Daorway ^ Pomh Enc porch Btt In F „ B : __ am Wainscot fibs av FanMood ^ Floor ^ Fence none Carport o O cars wood/av Microwave ^ Heated ^ Pocl none Odveway z F R WasherA) er Flnished ^ Sudace ae halt nished area above reds corrt i a A a ns: 7 Rooms 3 Bedrooms 2 Bam 5 2 128 S uare Feet of Gross Llvin Area Above Grade ddiponal features: Insulated windows heat Dump. U w Oescdbe me cand'Non of me property (Including physical, tunctlonal and eatemal obsolescence): Overall condition of the subject yrooertv is average Int d ~ e or would be considered to be somewhat dated. Roof a ors to be or joie! and is at the end of its useful Ilk evidence of a roof leak. /Biro tra~a a•~rr u.wa ~ • CmMahr,99an]hvaie min. w niermm m,..n.............._-..,_......_.._..._. _ _ ................._,__.-~._-~..........,..~........u~~nmw,ym,~.w,m,~rvpCrV,aaagM, YlC. mun nt aGkllrraleaaM BM y9eela. Farm GPRES2 -'WInTOTAL' appraisal software by a la mode, Inc. -1-600-ALAMODE 32001 __ __ IMaln Flle Nc I Paee #4 of 141 RESIDENTIAL APPROISeI ci nAe~nelov o~onteT ____-_--_- ..... Flk No.: ::' My research did dl0 not reveal any prior sales or transfers of the subject property far the three years prior to me eNectlve tlate of this appraisal. Data Sources : Frenklln Co Courthouse ? 1st Prior Su Sale/irsnsfer Date: 11/1 65 ~: Prke: 1 famll transfer Analysts of sale/Vansfer history and/or any current agreement of saleAlsting: Sources :Courthouse 2ndPdorSub tSale/fransfer ~ Date: . ~ Pdce: , t . _.'~ ';- =YF ~.'- ;~'y ' „1 ~:=i '. ,'. :i: ^. ' -'~. -:'~ ; t SALES COMPARISON A FEATURE Address 260 Middle S Shi nsbu Prod to Suh~ -Sale Pdce =. Sab Pdc GLA I Doh Saurca s VedBcadon Souroe s VALUE ADJUSTMENTS ' Sales ar Rnancleg Concessions Date of SalMlme RI hts raised - Locatlon Sbe View Des' n S e Oua otConshuctlon A e CondKMn Above Grade Room Count Gmss LIWn Aha Basement&Rnlshed flooms BElow Grade fvncdonal UBI Heafin soli Ener Ettlciem b PPROACH TO VALOE N SUBJECT pring Raad Pa 17257 ~ ~ - ~ S N/A S s ,h DESCRIPTION N/A N/A Fee Sim le Averse .84 acre Averse Reneh Brtck/av 8 Averse Taml Bdrms Bahs 7 3 2 2 12 s ,R. Basement Unfinished Averse Hum /ac develo The Sales Co ads COMPARABLE SALE # 1 110 Peer Lane Shi nsbu Pa 5.98 miles S ~ ~.. ~ 205 000 . 122.76 /s .h. >!•' MLS-FL7125674 Courthouse DESCRIPTION + - $ Ad ust. Conv 571 DOm No cencesa 5/212011 Fea Sim le Averse ,9 Acre Averse Ranchla Brk &Vin I/av 23 Su erior -7 000 Tula Bdrms Bams 7 3 2.5 -2 500 1 670 s .ft. +13 740 Basement Part Finished -5 000 Avere a Fha !ac on roach was not devela for this a COMPARABLE SAtE # 2 7474 Cumbedend Highway Orretown Pa 17244 6 46 miles SW t '"`~:~.:^ ' ~ S 215000 $ 119.711s tt ~'~,`"'vC4l,Ct : MLS- FL7544514 Courthouse DESCRIPTION + - S Ad sL Conv 17 DOm No concess 4/29/2011 Fee Sim le Averse 3.66 Acre -17 000 Averse Ranch/ev Brk VINlav 40 Su dor -7 000 Total Bdrms Baths 6 2 2 1 796 s .h. +9 960 Basement Unfinished Averse Fha /ac retest. COMPARABLE SALE # 3 11016 Hickory Run Road Onstown Pa 17244 3,37 miles W ;trsa' fi'" $ 265 000 S ~ 116.79 s .fL < < ~Mhs-~;., ML -IFL7568839 Courthou e DESCRIPTION + - S Adust. Conv N/A 5/31/2011 Fee Sim le Avers e 5.10 acres -25 500 Avers e Ranch Brick/ pod 11 -7 500 Good -15 000 Total Brims Balis 7 3 2.5 -2 500 2 269 5 ,O. -0 230 Basement p Avers e Fha /ac ~ ~, a' eets Gars PororyPatb/0eck Kitchen In ul wind 2 car /oho Enc orch Thermo 2 car Patio/deck Insul wind 2 car Porch deck Thermo 2 ear a fnished Porch deck atl -5 .. : Rre lace Omer Std Kitchen 1 I None Std Kitchen None None +1 500 Std Kitchen None none +1 500 Cust Kitchen woo stove -5 000 ~; amer None None a >E• . '.': ~ Net Ad' smrerd plat + $ 740 + $ 12 540 + - $ -64 730 Ad~ushd Sale Poce - Net F d/ 04;78 ~ 5.8,% ,~;'j-' ., >. . of Co es ,r ~ Gross * +",1 d.5~~ ~ S 205 740 '~r 1 '~ ~ S 202 460 '~ _ a S 200 270 Summary of Sales Comparison Approach Comparable sales exceed 1 mile from the subied orooertv however represent the most recent comparable sales within the same market area as the subject orooertv Few sales exist similar to the subleq orooertv Tha root on the subject property la m need of replacement Indkated Value Selea Com Aeon -S7a~~n.w r• n... ~ ch S 202 000 CoevMMO am M,. ~,,,,w iN. na. ~~.......,.. _.__....__.._-...-_-..........r_..--~.,,~,....,.,,,..~,„.,..~c.nwu w.cuieewoeeo ono creams. Form GPRES2 -'WInTOTAL' appraisal software by a la mode, inc. -1-8110-ALAMODE 3/2007 Blain Flle No I Pace #5 d 141 Commems on Cost Approach (gross Nving area calculadpns, depreciatlon etc ): S .ft. S _ s , . s .R. a a ed G .Ft. a .. =S e k, -a Gars a/Ca art .R. E .. =3 Total Estlmate of Cast-New =$ Less Ph steal Functional External - De reciatlon =a De redatedCastollm rovemerds ..._. -a "As-Is'" Valued Site Im rovemenfs -----._ .....a =a ',~~- ' Estlmated RemaiMn Ecanomk Ltte tt re aired : =a a5 Years INDICATED VALUE BY COST APPROACH =a x ...........__...__ .............. INCOME APPROACH TO VALUE H devalo The Income ch was not develo d for Ws relsal. ~ a ~ Eslimate0 Mordh Market Rem S X Gross Reru MuPo ter _ . S Indleebd Vslua h Income ch . Summary of Income Approach (including support for market rent and GRM): °d' 0 ' PROJECT INFORMATION FOR PUDs N table The Su ' d Is art of a Planned UnA Develo em l -:. . L al Name of Pro cC Describe common elements and recreatlonal facllPoes: e: .~ S Indicated Vela : Sdes Com Haon ch S 202 000 Cat A raeoh pf develo ) a N/A Income (H dmlo a N/A Rnal Reconciliatlon Emphasis was l d p ace on the sales wmparison aporoaeh to value which is best rcfleMive of market value Cost approach tends to support thrs estimate of value Income approach was not developed due to lade of single family h l ome renta s sold nexessarv to establish a GRM i 9 7 7 This appraisal is made "as is", subject tu campledon per plans and spectticadons an me basis of a Hypothetlcal Condition that the improvements have been completed, ^ subect to the following repairs or aheratlons on the basis of a Hypothetlcal Condition that the i U repa rs or aheratlons have been ca lehd, me following required Inspectlon based on the ExhaoMinary Assumption that tue condltlan or deliciency does not require atteretlon or repair. ~ ^ sub)ect to W (r ' This re rt Is also sub d to other H thetlcal ContlPoons and/or ExbaoNin Assam 'ons ass cttietl in me attached addenda ' ~- . Beeed on the degree of Inspection of fha aub)ed property, a Indlated below, dented Strops of Work, Stetemenl of Auumptlona end Limltlng Conditions, end Apprelaer'e Certlfleetlons, my (our) Opinion of the Market Vala (or th l `.? ~ o er apec fled value type), es defined heroin, of the reel properly that ie the eub)eet of this report ie: S 202000 as of: 5/13/2011 '. -: I which is the effectlve date of thb eppnleel. f indkebed above, Mie Opinion of Value la sub)ect n Nypothetlal Conditions and/or Extraordinary Maumptlone ~irtcluded In Ihb report See aNeched addenda . Awe and complete copy of this report comalns _ pages, including exhibits which are considered an integral part d the report, This appraisal report may not be propedy understood wtthout reference to the Imomegon contained In th l t ' e comp e e report. Attached E>hibhs: ^ Scope of Woik ®Limfing Cond./CeA'rficatlons ^ Narratlve Addendum ^ Photograph Addenda ^ Sketch Addendum ^ Map Addenda ^ Add' ac Nonal Sales ^ Cost Addendum ^ Flood Addendum ^ ManN. House Addendum H etlcal ContliBons ^ Exiraordin Assu bons ^ ;.C .; ^ tlem Coidact Cllem Name: Estate of Judith Hale &Mall: ~'i A Adoress: P,O. Box 236 Shi ensbur Pa 17257 PPRAISER SUPERVISORY APPRAISER (If required) ?% ar CO-APPRAISER (If applicable) W K ~ A '~ Supervisory or ppraiser Name: Tim Aushennan Co-Appraiser Name: ~ C ompany: Au barman Bros. Real ComDeny: yr P hone: 717 204.6715 x202 Fax: 7( 171 264-4973 Phone: F~_ + E- ~ Mail: timaoor@pa.net E-Mall: ` D _ ate of Report (Sgnature): July 1a. 2011 Date d Report (Signature): f,.. Li cense or Certllicatlan #: GA000149L State: pA License or Certtticadon #: State: O esignadon: Designatlon: ' Ex piretlan Date of License or Cartilicatlon: 6/30/2013 Expirsdon Date of License or Cerdficatlpn: ~, In D sDectlon of Subject ®Imenar 8 Extetlar ^ E>Derlor Only ^ None Inspectlan of Subject ^ Interior B Eztetlor ^ Extetlor Only ^ Npne ate al Ins 'o n: 6/5/2010 Date d Ins 'an: ~ 1 A CC a nr uTa w e CopynaMO 2007 by a a rnade.Inc. ml. evm mop n...k,r,,..n ~.~..wa.a....._....J...- _--'--._ .. WaaLJIVLryII/'1L PP y __-•-___.-.,..-....-~.~~.~..... ~,.,.,,..,:.,u.~wyw are cnaneo. Form GPRES2 - NdnTOTAL' a sisal software b a la mode, inc. - t-SDO-ALAMODE 3/2001 Limiting Conditions & Scope of -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 ' I assumes that the title is good and marketable and, therefore, will not render any opinions abcut the title. The property is appraised on the basis `` of ti being under responsible ownership. -The appraiser may have provided a sketch In the appraisal report to show approximate dimensions of the improvements, and any such sketch is Included onry to assist the reader of the report in visualizing the property and understanding the appraiser's determination of tts size. Unless otherwise Indicated, a Land Survey was not perormed. - tl so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (ar other data 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 nc guarantees, express or Implied, regarding this determination. -The appraiser will not give testimony ar appear in court because he or she made an appraisal of the property in question, unless specific `' arrangements to do so have been made beforehand. - If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the Improvements at their conMbntory value. These separate valuatlons of the land and improvements must not be used in conjunction with any other apprelsal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. -The appraiser has noted in the appraisal report any adverse conditions (including, but not limbed to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of doting 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 condtions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more ar less valuable, and has assumed that there are no such conditions and makes no guarantees or waranties, express or implied, regarding the conditlon of the property. The appraiser will not be responsible for any such conditions that do exist or for any englneedng or testlng 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 intormatton, estimates, and opinicns 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. -The appraiser will not disclose the contents of the appraisal report except as provided far in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. - If this appraisal is Indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuatcn conclusion on the assumption that completion of the Improvements will be pertortned in a workmanlike manner. - An appraiser's client is the party (or parties) who engage an appraiser in a spec'rfic assignment. Any other parry acquiring this report from the client does not become a party tc the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements :` applicable to the appraiser's client do not become intended users of this report unless specificaly Identified by the client at the time of the "` assignment. -The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed 6y anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its Inclusion in a pdvate or public database. - An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs anon-invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readiry apparent. The presence of such conditcns or defects could adversely affect the appraiser's opinion of value. Clients with cmncems about such potential negative factors '?, are encouraged to engage the appropriate type of expert to investlgate, The Scope of Work Is the type and extent of research and analyses performed in an apprelsal assignment that is required to produce credible assignment results, given the nature of ffie apprelsel probbm, the speclflc requirements of the intended user(s) and the Intended use o} the appreieal report Reliance upon this repoA, regardless of how acquired, by any paAy or for any use, other than those speblfled in ffiis report by the Appraiser, is prohl611ed. The Opinion oT Value that Is the conclusion of this report is credible onty wkhin the corrlext of th Scope of Work Effectlve Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limitlng Condittons, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, apprelsal firm, and related pertlss assume no obligation, Ilabllity, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Addttfonal Commenb (Scope o1 Work, Extraordinary Assumptions, Hypothetical Condttlona, etc.): .- ___- --_~-_..._.,....,.,.,~.,w~,.e,,,a.,,,u..,m. "WInTOTAL' appralsa soaware 6y a la mode, Inc. -1-80a-ALAMmnE 3/2007 (Main File No I Paae N7 of 141 I tertlly that, to the best W my knowledge and belleY. -The statemerds of fact contained in this report are true and correct. -The credibility of this report, for the stated use by the stated user(s), of the reported anayses, opinions, and conclusions are limited Dory by the reported assumptlons and IlmltlnA conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. - I have no present or prospective Interest in the property that is the subject of this report and no personal interest with respect to the par8es involved. - I have no bias with respect to Vre properly that is the subject of this report or to the parfies involved with this assignment. - My engagement in this assignmerd was not corrgngent upon developing or reporting predetermined resuhs. - My compensa8on for completing this assignment is not contingerd upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event direclty related to the Intended use of this appraisal. - My anayses, opinions, and conclusions were developed, and this report has been prepared, in confartnity with the Uniform Standards of Professional Appraisal Practlce that were in effect at the time this report was prepared. - I did not hose, either partially or completety, my anaNsis and/or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or nafional odgln of edher the praspectve owners or occupants of the subject property, or of the preserd owners or occupants of the properties In the vicinity of the subject property. -Unless otherwise Indicated, I have made a personal inspecfion of the property that is the subject of this report. -Unless otherwise Indicated, no one provided significant real property appraisal assistance to the person(s) signing this cer8ficafion. Addhlonal Certifiptions: DEFINRION OF IdARKET VALUE *: Market value means the most probable pdce which a property should bdng in a campefi8ve and open market under all conditcns requisite to a fair sale, the buyer and seller each acfing prudenfiy and knowledgeabty, 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 8tle from seller to buyer under condi8ons whereby: 1. Buyer and seller are typicalty motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable 8me Is allowed for exposure in the open market; 4. Paymem is made in terms of cash in U.S. dollars or in terms of financial arangements comparable thereto; and 5. The price represems the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the financial Insthutions Reform, Recovery, and Enforcement Act (RRREA) of 1989 between July 5, 1990, and AugusT 24, 1990, by the Federal Reserve System (FRS), Nafional Credit Union Administration (NCUA), Federal Depask Insurance Corporation (FDIC), the Office of Thdft Supervision (OTS), and the I)(fice of Comptroller of the Curency (OCC). This definition is also referenced in regula8ons jolhtry published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and In the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. irenvl~URY APPRAISER (If re CO-APPRAISER (If applicable) Appraiser Name: Tim Auaherm n supervisory ar Co-Appraiser Name: Company: Ausherman Bras. Real Est 1 Company: Phone: X7171264-6715x202 7 264-4973 Phone: Fax: Entail: timaoor~oa net ~ E-Mall: Data Report Signed: Julv 14 2011 Date Report Signed: License or Cerfificatlan #: GA000149L State: PA License or Cenilicatlon #: Designation: State: Oesignatlon: Eryiratlon Date of License or Cedd¢atlon; 6/302013 Espiratlon Date al License or Cerlilicatlon: Inspecticn of Subject: ®Imedor 8 Ealedor ^ E>Qedor Only ^ None Date of Inapectlai: 6/52o1m Inspactlan of Sublact; ^ Imedar & Ezleda ^ Extedor Only ^ None „_.. _.,-- ~_.. __ _ _ _________ _,..._..._ .....,.., ,.,,,,., ya,iwswp ,~uearr, e u moos, no. muq b acgpWedaetl W aeElatl. Form GPRES2AD -'WInTOTAL' appraisal software by a la mode, Inc. -1.900•ALAMODE 32001 167ain Flle N° I Pape #B at 141 ADDITIONAL COMPARABLE Say FS : - fEATURE SUBJECT Address 260 Middle Spdng Road Shi nsbu Pa 17257 COMPARABLE SALE # 4 223 Jedeho Lane Shi nsbu Pa 17257 COMPARABLE SALE # 5 FlN ~~ COMPARABLE SALE # 6 ,:. '` :: !'' ~;.' Proxlm roSub t Sale Pdce Sale Prlce/GLA Data Sources Verglcatlon Sources VALUE ADJUSTMENTS Sales or Flnancing i- $ N/A $ s .K DESCRIPTION N/A 2. miles SE : !: $ 195 000 . $ 103.01 /s .tt. . ,,'f. MLS-CB7481224 Courthouse DESCRIPTION + - $ Ad ust. Co ~ $ - $ /s .it k .%'. ~ ~ a,a` DESCRIPTION + - Ad ust. ~. .,;~.. $ $..~ s .M. ;~, i " DESCRIPTION + - $ Atl ust. ix-' -: Concessbns nv No concess .'. 1- "`" Date M SaM/Ome fll hb "sed Lceah°° N/A F Sim le A 2 /2 512 01 1 Fee Sim le ~ -~ ~ Stie 'i;: View " verse .84 acre Averse Inferior .2B Acre Residential +7 500 +3 300 - - i: -: Des n S "~" Dual of Canstiuctlon -..'` A e ~:~~~ CondNOn Rench Bdck/av 26 Avere a ranch Vin Uav 3 Su erior +7 500 -10000 Above Grade floam Count G 7a1a1 Btlrms 7 3 Balhs 2 Tobl Bdana 6 3 Batlls 2 -7 000 Tohl Bdmss Batas Tolal Bdrms Bahs . rass LM Area Basement 8 Rnlshed 2 128 s .fl. Basement 1 893 5 .tt. Basement +7 050 s tt, ,. s .tt. '-:"' Rooms Below Grade ';'ii Functional Utll Unfinished Averse 0 Avere e '°, Heatin aalin Hum /ae Fha/ac Ener Efliciem tlems ~~': G e/C on !± PomlVPatio/Deck Insul wind 2 car /sho Enc rch Thermo wind 2 car/ Porch +1 500 ">~:' Kitchen -'.''? Flre lace Std Kitchen t I Std Kitchen 1 I "?4'< Other None None ~: olAer a None ~ Net Adiustrnent (Total) AOJusted Sale Pdce - Of DOm ea ¢% Summary of Sales Comparison Approach , + - $ 9 850 + - $ ,. Net ~ i S 1;% ygt ,. ~,;'. Como~# 4 ~is with a~inferior location o the su6iect oro ~ + - $ , .... -~ dp' ~ ~ ,~, $ a Zi W rlT~ D CC 111C AITi A 1 °oVYtlAhim 2007 by a le moss, Inc. Thla fam may he rarmiren mm~wnm wro~n ux.~.....i.~.- .-......- . -,_ _-. . .. . ..... ... ....~ - ~...~-~... ~" •wa w euurv"nauyN YN 4lNIW. ml GPRES2.(AC) - "WInTOTAL" appraisal software by a la nwde, Inc. -1-800.ALAMODE 3/2007 Subject Photo Paloa Subject Front 260 Middle Spring Road Sales Puce NIA Gmss LINng Area 2, 728 Total Rooms 7 ToW Bedrooms 3 Total Bathrooms 2 Laanan Average Haw Average SIIa .84 acre Ouadty Brick/avg Age 28 Subject Rear Subject Street Foim %CSa5,SR -'WInTOTAL' appraisal software by a le mode, Inc. - t-BOO-ALAMODE Phdtdditadh Addwndum water stain ceiling Form GPIC3X5 - •WInTOTAL• appraisal software by a la mode, Inc. - f -BDD-ALAMDDE Comparable Photo Pa®s Comparable 1 110 Pear Lane Prox. to Subj. 5.98 miles S Sales Pdce 205,000 G.L.A. 1,670 Tot. Rohma 7 Tot. Bedrrm. 3 Tat. Batlrrms. 2.5 LOCatlon Average New Average SBe 99 Acre Oaallry Brk dVinyl/avg Age 23 Comparable 2 7474 Cumberland Hlglwvey Prox. to Suhl . 6.48 miles SW Sales PdCe 215,000 G.L.A. 1,788 Tat. Rooms 6 Tot. Bums. 2 Tat. Bathrms. 2 Lacatlon Average New Average Slte 3.60 Acre Oualhy Brk Ynllavg AAe 40 Comparable 3 11016 Hickory Run Roed Proz. to Subl, 3.37 miles W Sales Price 285,000 G.L.A. 2,289 Tat. Rooms 7 Tot. Bedrms. 3 Tot. Bad~nns. 2.5 Locatlon Average Vkw Average SBe 5.10 acres Ouallry Bride/good Aga 11 Porn PIC4x6.Cfl -'WInTOTAL' appRisel saltware by a la mode, Inc. -1 600-ALAMOOE Comparable Photo Page Comparable 4 223 Jedeho Lane Prox. tc Subj. 2.34 miles SE Sales Pdce 195,000 G.L.A. 1,893 Tot. Rooms 6 Tat. Bedrms. 3 Tot. Bathrms. 2 Locatlan Inferior Vlaw Residential Sge 28 Aere Dualtty Vinyllavg Aga 3 Comparable 5 Pmz. m Subl. Sales Ptlce G.L.A. Tot. Rooms Tot. Bedrms. Tot. Bahnns. Locatlan Vkw Stta Quality Age Comparable 6 Prox. to Subl, Sales Pdce G.L.A. Tot. Rooms Tot. Bedms. Tot, Bathnns. Location Vlew Site Quality Age Farm PIC4x6.CR -'WInTOTAL' appraisal saltware Dy a la move, Inc. -1-800-ALAMODE al Bulldina Sketch za' ^~' u' Llvlip Room Family Enciesetl - Bedroom m Pory~ Bath KI[chen a "' RaM Dininq Room Foyer Garage "a emroom aeEroem ^' ~ %' a Z4' 24~ AuI,nMN~~""' Form SKT.91d5k1- "WInTOTAL" appraisal so0wars by a la mode, Inc. -1-800-ALAMOOE IMaln Flle No I Paae #1 of 141 Building Sketch ~ .:AREA. CALCULATIONS SUMMARY LIVING .AREA BRf Cade: " D-e>;.dpgOn. Net Sim. NelTalak ,. .Br~ktlOxer 4f.a1 '81st Plaor 213a.0 3128.0 Firet Ploor P~/- ~~~ 576.0 576.0 9.Ox 24.0 156.0 156.0 3.0 x 46.0 26.0 x 70.0 Nef LIVABLE Area (roundeC) 8Lti0ofaY 216:0 92.0 1820.0 2128 3 Items _ (rounded) 2128 First Floor GLA1 Garage GAR 9.0 x 24.0 2.0 s 46.0 . 216.0 92...0 .39.0. x 24.0 67fi.0 36.0 S 70.0 . Ya20.0 - Area total (rounded) = 2128 Area total (rounded) = 576 Poch P/P 12.o z la.o lss.o Area total (rounded) = 156 Form SKT.BIdSkI -'WInTOTAL' appraisal software by a la mode, inc. - i-800-ALAMODE ~ a la mode inc: ~.wM'e n McCrca ~. .~~` "a Lower Mi/'Ilu T ,d'„ y, uwnfhip ~ ~ .U 12331 µ do ..v rvv 'Jppcr Mi1fm fir, BNe rlaantan Tuwnship ~~~ ~ ~_, <> ~,. _.~ ~i ~s>_.. . r .~. r.. .~eNnvnn ilvl ter.. ~ ~. •.n ~a '..:• ~ ' GreCn $Gnl Wr.:.f 1991. 49 1691 i q :: Lurgan w+"'~"" 1 NGnh Newton Newbury ~ TGwnsMp ~ ,J"~ rW,F u siii 3 ss ,~aa' a~ Cakvlllc y r'v'~ r MG+vcisvinc IN4 p° ~'M1f 4e -- ^"'~ Smughs ~i LurgJn r¢ - J N~ TGwnshlp 9 Mltltlle yY_rr'" BC ~N'eN' Lgn[Jf tel 1533! ShlppenSGUrq _ anM"~1 ---~ Tuwnshlp - ninvmnilpy Pleasan all Shippens6urg. _ - _. ~.r _ es ._ r. Pilrcle -r°, TuscWUm "'~ e,, a=.~`~ 16961 ~~ Suu!hamptcii n'' 7mvyuhin Nycfwhe a ~u.' j. .ypar4>stl +t Gecrrl Yilla rs~,+" •f t" '•=y f ~~a r" ' H~ ~' tJlen, Retl bdpq~~ ~vr se YJilwn y CGllcgc - -,q_ , ham6ersburg ~ LvGOdst«f ~~ Folm MAP.LOC - "WInTOTAL" aDMalsal software by a la mode, Inc. -1.800•ALAMOCE ~:r ~~r,, yv" z s>R~ef ._~ ~1_:~ Allied Irish Banks PLC ADS, AIB Historical Quote - (NYSE) AIB, Allied Irish Banks PL... Page 1 of 1 More Enter KeyWOrtl(a) SEARCH ~aBL-4 ~'^~r• 6 vx...f NllYewal(h FMer Y,'mbol.~%vYwordr Crebni Srnnb~~ILocA~uy~ {~1 AIB Homo OuMaa Nava Iltdutlytaa Markafa Historical poops BlpRaports Tllh Helonpal Quotes tool alkwa you n bok uP ^ sacumY'i exact dminp pike. _..... ......... SImWY tYOS k iM sYntbol aIW a hekMSl oats k New s quob and mMl aha0 for mM aewoty. s .". EnterSymtrol: AIB - EnterDau: 5/13/11 Aliled Irish Banks PLC ADS Fri. May 13 2011 Clos~n8 Pri;,e 2.87 Ober' __.__ 3.84 Nigh. _ _-_ _ 3.04 Lm+ 2.87 vowme. 683,878 Sponeontl Llnb 91 % Accurate Stock System No Guessing - No Hunches - No Missed Trends... EVERT Leam Morel www MarketTrend SOflware.com t3cotoade: a7 7ntlm, Feat Eaaalbns 2011 Market Crosh4 Analyst Dennis Sbthower forosaw 2008 collapse; Issues new warning www stealihstocksonline.com MSFT: Buy, Sell, or Hold9 Don't trade MSFT until you pet our trusted hoe weeky treding advical www.Thet3e stNewsleners. corn HottestPanny Stocks Get our penny akRS entl make huge profile. ntI p'lN'ww. Pennyln v¢at.com r t_------ 30.Dsy Ouanroes. CYdc Han. ,tlDUSe .. ... t z% ~. Tratla wYh FneYy wny PeY Mon9 8wach Froe 30.tNy Tnal. to OptkneHOUae. CYdc Hen. .._ m.... ~.. ax ~.. ..... ... ,~~,,.~,.b:. ll" 4Qa I ~ I Job OoooR IIb I ~rY[d64LS11 I S94Q1~ I y53 ...'•. , m ,..,-~r mnnar.,.m... CopydYm 1011 NarlwMhtch, Ina. All nphb naarvaQ By uNnY the ab, you prx to ms Tarma of Usa entl PrM~zPoll-v (updaNtl 4/elOYl. IMntlry DM pnW atl by 80( Tahkun and sNYaotk firma of use. Hb1Mgl xd cumM idol-0q doh provkad by eIX Tahlwn Intntlay tlm tlabyse par a><tlwnaa nqulnmwda. Dow Jenx Intlxae (8M) horn Dew Jones a Ce mparry, Inc. Ap quotes m M loxl xehapa tkrw. Rul tlma hat xh doh ProvltlW by NASDAQ Mon Inkmwtlen on NA3DAD Indetl svmtwb and malt rumnt enanchl wlue. IntrMry doh tlalayM 13 mblNx kr Neetlaq, and A minuM br olhar eaehanau. Oey. Jmee IndaneaM fnm Dow Jonx 6 Company, Inc tiEH(Imntlq tlah b prowdad by Sdt TaMkun aM b al beet aO+nlnNx tlahyM. Ad quax an k bcal axchxga tlrtn. 5~s` x o2~ ~s = is~~•7s http://bigcharts.marketwatch.com/historicaUdefault.asp7symb=AIB&closeDate=S%2F 13%2... 6/9/2011 Orrstown Financial Services Inc., ORRF Historical Quote - (iJTD) ORRF, Orrstown Fina... Page 1 of 1 /e{.~ More Enter Keyword(5) '.~ SEARCH YeeA~ e-~; .?, cf Wnely~akh Lorry 5lmeeL1(epvords ~i ORRF Gai Ge Sy ,a,t nKm ~. 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Anayats Predict Strong Futuro Slockpick.prp At Quote Get Quotes, Raeearch, 8 Moro To Ksep Up Wllh The Latest Market Trondal money.man. com MSFT: Buy, Sell, or Hold4 DonY trade MSFT umll you get our trusted free weekry trading advice! www.TheBes W ewslellers.m m ~~-.~j ec0arede: f7 Tredee, 30.bry Gwrentee, Fea F~wautlona COdc Here. f ~ ~tra~ » Tretle wah Fideaty w11y pay Mole? ewhctl 90-Dry OuareMee. W optlomHOUea. tack Has. _,.,, a , ~ .~.., ~ ~,n, ~„.~~ ,,.~ xti .~~~~~,a,~ ,.~ .,._ ~ .,.,~ ~ v , ~2a 1 ~ Job OeeaitunnW 144n1eLLVl I &Wlasa tltlF ..._~:~. •,•'~, ~ • •,~, ` • "`.~'..~" ..:.... .~,,, CapytlpM 2011 MerbeMhtdl, Mo. NI !aide weerwd. ey utlnp ai. eM, you pow tq ore Tema el flee end Prlvecv Polkv (updetetl 1/SNbI. HNOw1wl and eumM endoi4ry em Pmrided by 31X Tehkun. IMwde deh Oeb IMwery nab prwldetl by 60( TeMkun ens subject ro brma o1 uea Y Yed o.r ezdwpe rpukarwnb. nawbnee Irke><ee eM ham now Jena a Corteery, Inc. NI goats ew In local mmhenq tlme. B W tlme bk eaM tlae proNtletl by NABOAG. Mow Inlametlon on NNi0R0 twded ermMY entl IMIr wmM IMnaYI ebNe. hbetlry deb dNeyed /6 minute ier NeWeq, entl 20 mMWe bratMr eedwpp. Oow JOMe bltlexeesM from new JeM a Company, Ina SEHN irroetlry daa b pmvked by 8p( TNekun end b et Meet eO+Nnube debyed. AN quote m M kewl exanenpe tlme. a~S, ~ ~ X a `f ©Q ~(aVe v+[tv ~, http://bigcharts.marketwatch.com/historicaUdefault.asp?symb=ORRF&closeDate=S%2F 13... 6/7/2011 Calculated Value of Your Paper Savings Bond(s) Page 1 of 1 Calculated Value of Your Paper Savings Bond(s) Calculator Results for Redemption Date 05/2011 Total Price Total Value Total interest YTD Interest $131.25 $1 162 29 $1 031 04 $0 00 Bonds: 1-3 of 3 Serial # Series Denom Issue Date Next Final Accrual Maturity Issue Price Interest Interest Value NotE __C222525715E Q1268776753E _ E ;_„ $100Y11/1954 E $25 04/1956 11/_1994 04 1996 ~75.OOy 1 7 Rate ___$633.68:_ ! X708,68 MA_ L836581143E , E ,___ $60. 04/1973. _. ;_,_ _ / r '_ 04/2003 $ 8. 5= $37.50 ._$1.75 08 __ „~ $222 28 $193.83 MA __. _ _+ Totals for 3 Bonds , 5131 25 .,_. , ;__. Si 031 04' X259.78,_ MA_ S1 162 29. Notes NI Not Issued _NE Not eligible for payment ............ P5 Includes 3_month Interest penalty MA :Matured and not earnin interest http://www.treasurydirect.govBC/SBCPrice 8/8/2011 June 23, 2011 Law Offices of Zullinger-Davis 14 North Main St., Ste. 200 Chambersburg, PA 17201 Estate of Judith E. Hale Date of Death: May 13, 2011 SSN: 206-32-4342 Dear Sir/Madam: One Citizens Drive ROP112 Riverside, RI 02915 In accordance with your request, the attached information sheets have been provided in the above decedent's name as of his/her date of death For Installment Loans or Line of Credit accounts, contact our Loan Department at 1-800-708-6680. For all other inquiries, please call 1-877-579-2667, option 2. Sincerely, ~~~~ ea er Medeiros Decedent Account Processing REF#: 496158 ~~~~ ~~ Account Number 6100793109 Account Title Kenneth M Hale Jr., Crosswa Farm, or Judith E Hale Date ened 3/29/1980 Account T e Checlcin Princi al Balance as of DOD $4,794.82 Interest from Last Postin to DOD $ .13 Account Balance as of DOD $4,794.95 YTD Interest to DOD $1.30 ~...~ «u~ w~ v~~auu~uvu ~n ii~iilyy~ ~~~ Account Number 6100792358 Account Title Judith E. Hale Date ened 2/9/1984 Account T e Checkin Princi al Balance as of DOD $18,614.06 Interest from Last Postin to DOD $ ,pg Account Balance as of DOD $18,614.14 YTD Interest to DOD $2 88 ~~ ~~~~~~ Account Number 6100793494 Account Title Judith E. Hale Date ed 3/29/1980 Account T e Checkin Princi al Balance as of DOD $7,301.71 Interest from Last Postin to DOD $ .OS Account Balance as of DOD $7,301.76 YTD Interest to DOD $ .96 Citizens Bank° Account Number 6100796264 Account Title Judith E. Hale Date erred 6/1/1982 Account T e Checkin Princi a1 Balance as of DOD $11,259.00 Interest from Last Postin to DOD $ .21 Account Balance as ofDOD $11,259.21 Y'TD Interest to DOD $1.03 Citizens Bank Account Number 6140864496 Account Title Judith E. Hale Date ened 3/9/1992 Account T e Time D osits (IRA Princi al Balance as of DOD $13,645.95 Interest from Last Postin to DOD $28.40 Account Balance as of DOD $13,674.35 YTD Interest to DOD $117.88 John F. Kohler, Jr., Auctioneer/Appraiser July 27, 2011 Mr. Kenneth Hale Jr. PO Box 236 Shippensburg, PA 17257 Re: Judith E. Hale Estate Dear Mr. Hale: Attached is the appraisal of the items specified from the Estate of Judith E. Hale. This appraisal was completed at 260 Middle Spring Road, Shippensburg on July 18, 2011. After review of conditions, my opinion of the fair mazket value is as follows: Fifteen Thousand Six Hundred and Twenty Nine Dollars ($I5, 629.00) Fair market value is the value that property is anticipated to bring in an open market, I.E. auction. In preparation of this appraisal, I have not examined the title to, encumbrance on, or ownership of the property. Sincerely, Micah D. Fowler, CPPA Certified Personal Property Appraiser MDF:hrf Attachments CC: Attorney Zullinger 643 Kriner Road • Chambersburg, Pennsylvania 17201 • Phone (717) 263-6512 • Fax (717) 263-0188 www.gacewayauccion.com • email bid~gacewayauction.com APPRAISAL OF PERSONAL PRQFERTY ~ir~m JUDITH E. HALE ESTATE 260 MIDDLE SPRING ROAD. SHIPPENSBURG, PA 17257 VALUATION DATE: July 18, 2011 ~Df ITEM ...................................................................................APPRAISED VALUE MASTER BEDROOM RCA TV ..............................................................................................................1.00 TV Stand .............................................................................................................3.00 Sony VCR ...........................................................................................................2.00 Cat Print ..............................................................................................................7.00 Downtown Print ..................................................................................................5.00 Lane Cedar Chest ..............................................................................................40.00 Assorted Costume jewelry . ......... .:......................40.00 Fainting Chair ...................:. ......... ....:......65:00 Brass Floor Lamp ............................ .........................35.00 Waterfall Dresser w/Art Deco Pulls ...:.... ....:.....100x00 (2) Flower Prints .......................:............:'.........................;............................:...10.00 14K Yellow Gold Ladies Diamond & Topaz Ring ..................... .,,,.,,,,120.00 14K Yellow Gold Ladies Necklace.. ......... .... :..............350.00 14K Yellow Gold Ladies Bangle Bracelet ................ ........:...:225.00 ..................... (2) Night Stands @50.00 each ......:................... .............100.00 Double Bed ...........................:...:. ...:..90:00 (2) Milk Glass Lights .....:... .......: ......... .....:.. ...:..... ......... ..:.:....65;00 Tall Dresser .......................................................................................................70.00 Collection of Ladies Costume Jewelry (Brooches, Necklaces, Earrings, Bracelets, etc.) .......................................325.00 lOK & 14K Yellow Gold Ladies Necklaces, Rings, Earrings .....................1,000.00 ~e~ Hale APBs al. page 2 Cherry Dresser ..................................................................................................60.00 Vanity Desk ........................................................ .............................................. 40.00 BEDROOM #2 Art Deco Bedroom Suite w/Twin Bed, Dresser, Night Stands, High Chest w/Mirror, Vanity & Bench ........................................................................250.00 Single Bookshelf ...............................................................................................12.00 Corner Stand ..................................................................................................... 40.00 Dresser Set ........................................................................................................25.00 Modern Milk Glass Lamp,,,, ,,,,;,;,; ......... .................................................30.00 STUDY Country Stand ................................... .................................. .....30.00 Misc. Holiday DBcor ............. ......... ., ....................................... ............15'.00 Child's Chair ............. ......... ......... ...............15.00 Glass Front Bookcase ....................... ...................... ..:................. .60..00 Glass Front Double Bookcase ............ .................................. ....................110:00 .:Desk & Chair ............... ..........' .1..00 Bookcase ................................. . .......................................................................... 30..00 .Blanket Chest ........................: ......... ...................... ............:.........175.00 File Cabinet ........................ ..... ......... .........15.00 Collection of Books (mostly modern, cookbooks etc.) ......... 75.00 CLOSET Hoover Vacuum ................................................................................................25.00 n L?F Hg a Appraiser - na~;e 3 HALL (8) Local Mercersburg Prints ..........................................................................120.00 FOYER Shippensburg Walter Wingert Kit Clock ........................................................175.00 Deco Stand ........................................................................................................25.00 Cat Lamp ..........................................................................................................30.00 (3) Llardro Angel Figurines ..............................................................................70.00 Minor ................................................................................................................50.00 HALL CLOSET L~:inps, Vacuum & Miser Contents.. ......:' . ......... ...................... :..~.:......30.00 DINING ROOM Bateman Print .....................................................:................................:...........30.00 Miniature Cupboard ............. ..:...... .................................. .......:..............175.00 Tea Cups &Saucers ..........................................................................................40.00 China Cabinet ..................:......................:........,.........:...................................'.250:00 Wedgwood Agincourt China Srv. (12) including Serving Pcs .......................575.00 (23) Pc. Wedgwood Crystal ..:........... ....,................ ..................................120.00 Depression Glass Pitcher ...... ................................. ...................................40.00 Fostoria, Depression:Glass, Etched Glass-etc ............ :....... ......: ........:...70.00 1939 J. Raymond Smith Comer Cupboard ..................................................... 725.00 Gorham Gossamer Sterling Flatware Srv. (12) including Serving Pcs.......2,300.00 Copeland Spode China, Etched & Cut Crystal & Assorted Glassware..........100.00 Silverware Chest on Legs ................................................................................125.00 ~D~ Hale A r +~~ paF.` Server ................................................................................................................ 70.00 Dining Room Table & (6) Chairs ...................................................................475.00 Eastlake Server ...............................................................................................290.00 Kratz Mallard Print ...........................................................................................30.00 Hall Mirror ........................................................................................................ 50.00 LIVIIVG ROOM Pedestal Lamp ...................................................................................................70.00 Upholstered Chair ..................... .......................................................35.00 Harden Curio Cabinet w/Flame Finial ......... ........1,100.00 Vaseline Opalescent Basket.. ....,.... ...........35:00 (5) Wedgwood Wildlife Plates ........: .........:....... ..70.00 Blue Opalescent Arrow. Vase. ........ .80.00 Fenton Burmese Vase .......................... .....60.00 (20) Animal Figurines Gobel, Llardro etc....:. ...... .........................................65.00 Glassware, Figurines etc ........................ ............................................................ 70:00 One Drawer Dresser ........................... ..............................50.00 J. Raymond Smith Dresser ............................. .......... ....:.......325.00 Flower.Lamp ........................... ....20.00 (2) Anm Chairs........ .... ......... ........ ' ......... .50..00 J. Raymond Smith Candle Stand .................................................. . ...................70.00 Harden Chest w/Seashell Medallion ...............................................................425.00 Harden End Stand ...........................................................................................165.00 Harden Table ..................................................................................................185.00 n~lZ Hale Aporaisal,pa¢e 5 Raymond Smith One Drawer Drop Leaf Table ..............................................570.00 Sofa & Love Seat (damaged) ............................................................................25.00 Glass Top Coffee Table wBrass Frame ...........................................................60.00 Fragrant Fields Print ......................................................................................... 35.00 Cat Print ............................................................................................................30.00 Ward Swan Print ...............................................................................................20.00 Candle Stand .....................................................................................................50.00 Balloon Back Chair ...........................................................................................35.00 Magazine Rack ........ .................... ......... ............................ 20.00 Spinning Wheel ......:, ' ......... .:....... ....::... ......... .....23.00 Dry Sink ................................ .......:. ...........80.00 Spode China & Assorted Dishes ...........................:..........: ...........50.00 Coffee Grinder ........................................:.......... .........:50.00 ..Wash Stand .......................................... 60:00 . ............................................................ Dog Print signed Sculpt ..................... .....50.00 Bassett China Cupboard ......................................... .........225:00 Fenton Glassware, Plates, Sugar Bowl,.. Swans,Bells,. Paste ..........................326.00 Brass Floor Lamp ............................... ....;..........35:00 Recliner ..................... ......... ...:..:.. .........60.00 Drop Leaf Table ................................................................................................ 30.00 Decorated Child's Rocker .................................................................................40.00 Sofa &Chair .....................................................................................................30.00 Coffee Table .....................................................................................................12.00 ~~~ Hale Apvraisal pace 6 Mantle Clock ..................................................................................................110.00 Floor Model TV ......................................................................................... No Value Console Record Player .............................................................................. No Value Smith Spindle Leg One Drawer Stand ............................................................110.00 Night Stand ......................................................................................................... 5.00 (4) Local Prints ................................................................................................. 70.00 Brass Lamp w/Milk Glass Shade ......................................................................30.00 SUN ROOM (2) Wicker Chairs & Stand .. ..: ...:.. ......::. ......... :........ ........................60.00 Wicker Book Shelf . : ........ ...::.... ......:.: ...:...........:..... ..' ::.:...:.............. 30.00 China. Tea Set ..................................: ::..._............... ...................... ....,...:...25:00 Barrel Leg Table & (2) Chairs ................:................. ......... ........................70:00 Exercise Bike ........... ............................:.................................................. No Value Vacuum ............................................~....................... ..:':..................................1'.00 KITCHEN American Limoges Serenade Creamer & Sugar .................... ..:.......................5.00 Coffee Cups, Small Kitchen Appliances, Pots, Pans, PfaltzgraffDshes......:125.00 .....Table & (4) Chairs ....................:.............:........................:................................95:00 Country Modern Shelf .......... ......:.. .......:: ......... ........ ......:.. ..........30.00 Oriental Rug ....................................................................................................225.00 TOTAL APPRAISED VALUE: $15, 629.00 APP' Chevrolet - Cadillac 730 East King Sheet Shippensburg, PA 17257 (717) 532-2121 Fax (717) 532-3658 www.hhcbev.com To: Kenneth M. Hale Jr. June 10, 2011 Executor -Judith E. Hale Estate PO Box 236 Shippensburg, PA 17257 RE: Vehicle Appraisal Dear Mr. Hale, We have conducted an inspection of a 2010 Chevrolet Malibu LTZ, VIN 1GIZESEB6AF139248. It is equipped as follows: 2.4 Liter Engine, automatic transmission, power sunroof, alloy wheels, leather interior trim and has 5,896 miles. The vehicle's external condition is in average shape for the year and miles but has a very heavy smell from smoking in the car. Based on the market conditions as of June 10, 2011, the vehicle has a fair market value of $17,600.00. If we can offer additional assistance in the disposition of the vehicle please feel free to call on us. Sincerely yours, ~~~ W. Mickey Nye Dealer XUwmn/estates/Judith Hale-Malibu 061011 //06/16/111 ~ Paee #11 Cllem- __ Estate of Judith E Naln Pro Ge hart Road a No Shi ensbu C Cumhertand State PA I Cade 17257 Owner Kenneth M. Hale Jr. & Judith E. Hale APPRAISAL AND REPORT IDENTIFICATION Thla Appraisal Report Is gltg of iha following types: ^ Sett Contained (A written report prepared under Standards Rule 2-p(a) ,persuant to the Scope of Work, as disclosed elsewhere in this report ) . ® Summary (A written report prepared under Standards Rule 2-2(b) ,persuant [o Ne Scope of Work, as disclosed elsewhere in this report ) . ^ Rea[rtcted Use (A written report prepared under Standards Rule 2.2(c) , persuant to the Scope of Work, as disclosed elsewhere in mis report, restricted to the stated intended use by the specified client dr Int d d en e user.) Comments on Standards Rule 2-3 I certify that, te me best of my knowledge and belief: -The statements of fact cdntalned In this report are true and cornea. -The reported analyses, opinions, and cdnclusions are limited only 6y the reported assumpgons and Ilmtting condNOns and are my personal, impartial, and unbiased prolessianal analyses, opinons, and conclusions. - I have na (or me specified) present a prospective interest in the property mat is the subjea of mis repod and na (er the specgled) personal (merest with respect to the parties involved. - I have no bias rdm espea m me property mat Is me subject of mis report or me parties Involved with mis assignment . - My engagemem In mis assignmem was not contingent upon developing or repoNnA Predetermined results . - My compensatlon for campletlng mis assignment is na cormngent upon me developmem or reporting of a Pretleterminetl value a directlon In value mat favors me cause of me client, me amoum of me value oDinlon, me attainmem a a stipulated result or ma , occunence a a subsequent event dlrectiy reload to me Intended use a mis appraisal. - My analyses, opinions, and conclusions were developed and mis report has been re d I , p pare , n comormiry wkh me Untiorm Standards a Professional Appraisal Praetlce that were in effect at me time mis report was prepared. - Unless omerwise Indicated, I have made a personal inspectlon of me property mat is me subject of mis repod. -Unless omerwise Indicated, no one provided slgnificam real properly appraisal assistance tc me person(s) sipnlnp mis certification (tt mere are ezcepgons, me name a each Indlvitlual providing signtllcant real property appraisal assistance Is stated l h i e sew ere n mis report). - Unless omerwise indicated, I have pedarmed no services regarding ma subjea property within me prior mree years, as an appraiser or In any other capacity. Comments on Appraisal and Report Identiflcatfon Note any USPAP related Issues requlrinp dlsciosure and any Stets mandated requlremerds: APPRAISER: SUPERVISORY APPRAISER (enty if requlredl: Signature: _ Signatum: Name: Tim Er an Name: DeslAnatron: Oesignaaon: Oats Signed: Date Signed: _ Scare Cemgcatlon #: GA000149L State Certtiication #: or State License #: or State License #: State: PA ~: Expiretion Date a Certification a License: 8(30(2013 Ezpimgon Oate of Cemflcaoon or License: Effective Dale a A Supervisory Appraiser inspectlon a Subject Property: ppreisal: 0 5/1 312 01 1 ^ Old Na n Exterior-only fmm atraet I I unon~. sin cn,.~.,. frortn ID10 -'WinTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE Ausherman Bros. Real Estate Inc. I Paae #31 LAND APPRAISAL SUMMARY REPORT Pro Address: Ge hart Road File Na: C : Shi nsbu State: PA L Cade: 17257 Cou :Cumberland Le al Descd 'on: Cumberland Countv Deed Book V l o ume 002HVJ-Pace 00650 w Assessor's Parcel #: 39-11 A310-001 Tax Year. 2011 R.E. Taxes: 4 826 S lal Assassmems: $ none Markel Area Name: Southam ton T ahi M Rafemnce: 39-11-0310-001 Census Tract Conant Owner m flecord: Kenneth M. Hal Jr. 8 Judith E. Hale Borrower 0 a licable : 0131.01 r n Pro bl T ti icable : PUD Da MIMn~s PUD Other descdbe HOA: S er ear r march Are there any existing Improvements to the property? ®No ^ Yes h Yes, Indlcale current occupancy: ^ Owner ^Tenam ^ Vacam ^ Not h bit bl h Y a a e es, give a bdef descdption: The r se of mis relsal is to tlevelo an o Inion of: Market Value as defined or other a of value descdbe This re ort reflects the followi value rf net Current, see cpmmerrts : Cunem the Ins action Date is me EOectlve Dale Retros active Pros acti P R' ti ve ro ts A rtlsed: Fee Sim le Leasehold Leasetl Fee Other descdbe mtended Use: The intended use is to settle the Estate of Judlth E Hale as of Mav 13 2011 z y (mended User(s) (byname or type): The intended user la also the client the Estate of Judith E Hale Q . . _ Cllent: Estate of Judith E. Hale Atldress: .., A raiser: Tim L. Aushennan Adtlrass: 229 North Second Street Chambersbu PA 17201 Cheracteriadce Predominant One-Unit Houaing Preaerd Lend Uae Change in Land Ua Locatlon: ^ urban ^ Suburban ®Rural Occupancy PRICE AGE One-0nN 20% ®NotLikely Bultt up: ^ Over 75% ^ 25-15% ®Under 25% ®Owner 98 $(OOD) (yrs) 2 4 U h " - n % ^ Likely ^ In Process " Gmwm rate: ^ pep10 ®Stable ^ Slow ®Tenam 2 60 Law 10 Multl-Untl % ' To: Property values: ^ Increasing ®StabPo ^ Declining ®Vacam (D-5%) 275 HI h 175 Cgmm'I 'fii % Dernand/supply: ^ Shortage ®In Balance ^ Over Supply ^ Vacant (> 5%) 150 Pred ~?' 35 vacam 80 % Marketi time: Under 3 Mos. ®3-6 Mos. Over 6 Mas . % o Factpn Affecting Marketablllry ~~ ~ Good Average Fair Pocr N/A Qem G~ Av®ge Fair Poor N/A Employment Stabiltly ^ ^ Ade uac of UOIIti ~ ® O O q y es Convenience tp Employmem ^ ^ P C ~ ~j roperty pmpatlbllity ^ ® ^ ^ Convenience to Shopping ^ P m d t? O ® ^ ^ r ec on from OeMmental ContlNOns ^ ® ^ ^ Convenience tp Schpbls ^ ^ ® ^ ^ Police and Rre Protection Adequacy of Public Transportation ^ ^ ^ a ^ Generel Appearance pf Prpperdes ^ ® Recreational Facilitles ® ^ ^ ^ ^ ^ w. ~ A cal to Market Market Area Comments: Area bounded by Newburo to the north. Borough of Shiopensburo to the south Roxbury Rd to the west and^Newville Rd to the east Sub' ct ro i I d . s pcate within en rea of scattered sIn le famil homes and la Ina Hculturel use. Area is locell know as Middle Spring The subiect is wthin easv access of shopping l emp pvment end schools in the Shippensburo area More specifically the subred Is lwo and half mllea northwest of the Borough f Shi - o ppensburo The Shlppenaburg Unlverslty end Meddle Sgnng Creek are within the subiact s nelghlyorhood The arcs Is locall k y nown as Mltldle Spnnp - ' Dimensbns: I ular eee k al tleacri lion She Area: -: Zoning Classgication: Village Center 36.7251 Acres .. Descdption: Residential and professional once use Do present Improvements comply with exlstlng zoning requirements? ^ Yes ^ No ®No Improvemems Uses allowed under cumin zoning: Single family detached dwellings semi-detached dwellin tt gs a ached dwellings mulUole family dwellings places of worship professional offices finanaal mstrtutrons public or onvate schools municipal buildings or offices Are CCBRs applicable? Yes No ^ Unknown Have me documems been reviewed? ^ Yes ^ No Gmund Rent (0 a li bl pp ca e) $ / Commems: Highest 8 Best Use as improved: Present use, or Diner use (explain) A S ctual Use as m Effectlva Date: vacant agrtcultural land Use as appraised In this report: vacant agrtculturcl land ummary m Highest 8 Best Use: z See attached addendum. O - F a rc y UNlitks Public Other Providerl0escdption lNFshelmprovemente Type Public Pdvate Froma e g 405 talon Ge hart Road o Elecmciry ^ ^ none Street asphalt ® ^ Topography anti rollln Gas ^ ^ none ~ Width ical Size T ical n Water ^ ^ no ne Sudace asphalt Shape I ular Sanitary Sewer ^ ^ n 9ne CuN/Gutter none ^ ^ Drainage ors ad uate Storm Sewer ^ ^ none Sidewalk none Telephone ^ ^ none - ^ ^ Vlew Avers e Street Lights none ^ ^ '' MuPomedie ^ none Alle none ^ Omer sde elements: Inside Lot Comer Lat Cut de Sac Under round UtllPoes Other describe ' ' FEMA S ec'I Flood Hazard Area Yes No FEMA Flood Zone X FEMA Ma # 42041 C0333E FEMA Ma Date 3/1 612 0 0 9 Site Comments: The subject gropertv is a vacant tract that is used for aadcultural purooses The site has Hagerstown soils which have a high potential protlucbvrtv for cultivate crops There are Mro small wooded areas on the orocertv At the time of inspecllon the site was m sov beans ' and corn. e CopydpMO 2007 tA' a la motla Ina. iNS tam may be rpraduced ummdMlM Mierau LAN D r wadn parmsam, howara, a la made, Inc. must ee acbawlsOped aid credlletl. Forth GPLND -'WIn70TAL" appraisal software by a la mode, Inc. -1-600•ALAMODE 3/2007 LAND APPRAISAL SuMnneQV QGlonn'r • .~~. ve~e Flb No.: My research did did net reveal any prior sales ar transfers of the sub)ect property for the mree ri years p or to the aflective date of mis appraisal. Data Sources : Cumberland Count Courthouse O 1st Prior Sub ct Sale/rransfer Analysis of sale/bansfer history and/a any cumem agreement of saleAlstin : T g he subject orooertv has not transferred vr. Date: 3113/1980 within the oast three veers The subied orooert v most recently trensiemed on Memh 13 1980 for Price: 48 000 $48 000 ¢. Spumes :Courthouse H 2nd Poor Su Sale/Transfer Date: r - Price: `.. Sources FEATURE SUBJECT PflOPERTY COMPARABLE N0. 1 COMPARABLE N0.2 COMPARABLE N0 3 Address Gephart Road . Duncan Road Sporting Hill & Rowe Run Road Wenger Road Shi sbu PA 17257 Shi enabu PA 17257 Shi nsbur Pq 17257 Chambersbu PA 17202 : Prozl [o Sub ct ~- 2 44 miles NE ~` -' . 3 97 miles SW 14.51 miles SW Sale Price E ~ ~ ' ~ • E . : ~ . 455 000 11 ,. ` , ~."` E 330 000 -:;:~ r .:~: E 300 000 Pace/ Acre $ $ .;^. 8 454 ~~ E ` ' ' ~ . 4 666 63 ..,. e ;t. E 5 108.12' ^. /.~ Data Sources O Inspection Steb Sheets Stab Sheets Appraisal File V Steb Sheets erAlcatian Sources Courtho se Courthouse Courthouse ' VALUE ADJUSTMENT DESCRIPTION DESCRIPTION +(-) E Atllost DESCRIPTION + - Cou house . Sales or Financing E Ad ust DESCRIPTION + -) E Ad usl x Conv Unk Dom Conv Unk Dom : Concessions No eoncess Conv Unk Dom O cess No oncess Date a Sale/Rme ~ 5/512011 2/15/20 RI hts A sad Fee Sim le Fee Sim le 12/22/2010 a ~ Location Averse Avere a Fee Sim le Fee Sim le _ 5Ae Area n Acres 36.7251 53.82 Avere a Avere e -85 475 70 73 O . -170 025 58.73 -110 0 5 To re h Gentl Rollin Su riot -50 000 Gtl Rollin -Rollin +20 00 Gtl Rollin -Rollin +20 000 Road Fronts a Y y ea Yea Limited +10 000 Yes UtilBles None f ~ None None Soll T e Ha erstown Ha erstown None Alle hen Barks +68 000 W i e kert ednkerton +fiB 000 w Net Ad'usfinerd otal, In S + - '~ a -135 475 + - E -72 025 + - -22 02 ~`~~ 'Eg~ ~ N f ' 5 ,, ! e 2,8,% i,~N6Nyy'"7.5; Ad' sled Sale Price n Gloss ` ~ - ° 319 525 a -0PdS9. , , 8~ E 257 s75 Summa a Sales Co orison T a BB.b'. - 277 97 ry mp Approach Few properties have recently transferred that are similar in size and predomina tl 5 n y vacant land All of the com arable sales are have transferred within he ast ear. Corr reble sale #1 is closest m roximi to the sub'ea ro I : e s the most recent sale and has He erstown soils. However com arable sale #1 was umhased above the market b a nel hbori n ro art owner. Com arable ale #2 is the lar est of the wm arebles used ut has anti rollln t rollin to o re h . om arable sale #2 Iso hoe ve little road fronts e. Com arable sales #2 and #3 have inferior soils and were ad"usted at a rate f 2 000 " ' ~' r acre for oils that are less r ductive. All three comoarables were atli~sted at a rate of es nnn rei acre to make th comparable sale th . : s e same size as the subiect Most welaht was placed on eomoareble sale #2 PflOJECT INFORMATION FOR PUDe N s Ilceble The Sub' ct is art of a Planned Unlt Develo ment o . Le al Name of pro ct: a' Describe common elencents and recreational facllldes: I ` ' ` ndketed Vella by: Selee Can doors A roach E 258 000 . . p Final RecOnclllatlon Emphasis was placed on the Sales Comparison Aoomach to value which reflects buyers in the marketplace Costa mach was nol develo because it i t Il Q. s no a ceble for this asst nment. The income a roach was not a livable for this a sisal re ort. This appraisal Is made "as is", ar ^ sub)ect to the following condlfions: J C1 _ 2 o This re rt Is also suh act to other H oNetical Conditions and/or EMraoMin Assum Bons ass ctlied in the attached addenda S . aved upon en Inepectlon of the subject property, detlned Scope of Work, Statement of Aeaum~tlone end Umitln CondPoo S y (our) OpInIo258 QO Market Value (ar other epecUled value type), ae defined herein o the teat ro 9 "a and Appraleere CerBficatione, art th t i P th .. If , y a s P e subject of this report Is: as of: 05/13/2011 t~ I a epp Indicated above thk 0 Inlon of Value le sub t to etlcal Condltlone and or Extla ral dl A ~ l s ~ a m~t N A d ~ ^tl~ or uum tlona lnelu ded In M le r t e true and complete copy of Nis report comains ~ 1 pages, Including exhibtls which are conslderad an Ime rel art a th p g p e report. TMs appraisal report may not he roperty understood wtlhout reference to the irdomatien cordalned in the complete report which contai m f ll a , ns e a owing attached exhibas: ®Scope a Work ®Limitlng condJCertdlcatlons ^ Namatlve Addendum ®Locatlan Ma p(s) ^ Flood Addendum Phaa Addenda. Parcel Ma ^ Addltlonal Sales H othetical Conditio C ns Exbaardin Assum dons Deed lient DOnMdCII . E Cllerd Name: Estate of Judith E. Hale -Mail: . Address: A PPRAISER ~ SUPERVISORY APPRAISER (If required) ~ or CO-APPRAISER (B applicable) N w ~ A ppraiser Name: Tim L. Ausherman Supervisory or Co-Appraiser Name: C ompany: Aushennan Bros. Rea ~ ' Company: x Ph one: 717 264-6715 202 _ E : ax: 7( 171264.4973 M il Phone: F~ - H a : timaoor@oa net E-Mtil: Da te of Report (Sl naWre): p Date of Report (Signature): License or Certtllcadon #: GA000149L State: Pq -- Llcensa or Certaiea8on #: 31ate: Designatlon: __ Ex iratio D t f L Deslgnatlon: p n a e o icense or CerBfication; fi130/2013 Expiraton Date of License or Ce~catlon: -. Inspection of Sub~ecC ®Did Inspect ^ Dld Not Inspect (Desktop) Inspection of Suhject ^ DIO Inspect ^ Oid Not Inspect Date of Ina action: p7/13/2011 Date of Ins 'on: ~al 1 A /~ 1 a1 CopydOMO 2007 W a a mode. Inc. TNe rmn may 1w, .,,,~n,~..~,,.~.,..xr.a...:x....., ..~ ~ .-__. . -__._ _..._-_..-......-. ......... ...........~..,,,,,o,... ie n,we, nc. mars o. aoawwedpee BM oreabd. Form GPLND - ^WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE 32007 Supplemental Addendum File No. Client state of Judith E. Hale Pro Address h rt Road C Shi nabu Csu Cumbedand State Pq ZI Code 17257 Owner Kenneth M. Hale Jr. & Judith E. Hale - -• -•• •• - u~ ar nr n e Use The subject property is a vacant tract that is currently used for agricultural purposes. The subject has Hagerstown soils which have a high potential produdiviry for cultivated crops. Zoning does not state that agricultural uses are permitted, however the property is a legal non-conforming use. The subject could eventually be subdivided Into single family residential homes sites. However, subdividing into residential lots the subject at this time IS not financially feasible on account of a slow real estate market and the costs associated with infrastructure. Therefore, the highest and best use is as the current use for agricultural purposes. Form TADO -'WinTOTAL• appraisal software by a la made, inc. -1-800-ALAMODE -The appreiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tftle to it. The appraiser assumes that the tltle is good and marketable and, therefore, will not render any opinions about the fltle. The property is appraised on the basis of fl being under responsible ownership. -The appraiser may have provided a plat and/or parcel map in the appraisal report to assist the reader in visualizing the lot size, shape, and/or ortentatlon. The appraiser has not made a survey of the subject property. - If sa indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is 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 will not give testimony or appear in court because he ar she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. -The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of fhe 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 (Including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, etgrress ar implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions chat 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 tumished by other parties. -The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any aDPgcable federal, state or local laws. - An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquirfng this report from the client does not become a party to the appraiser-client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specgically identified by the client at the tlme of the assignment. -The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, tltrough advefising, public relations, news, sales, or by means of any other media, or by its Inclusion in a private or public database. Possession of this report or any copy thereof does not carry with it the rtght of publication. - Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available data concerning the market and are subJect to conditions of economic uncertainty ahcut the future. The Scope of Work la the type and extent of research and analyses performed in an appraisal assignment that Is required to produce credible assignment resufls, given the nature of the appraisal problem, the speNflC requiremems o} the ImerNled uaerys) and the Intended uae atthe appraisal report. Reliance upon this report, regardless o} how ecqulred, by any party or kr any use, other than those speclfled in this report by ~ APpreiser, le prohibited. The Opinion of Value that Is the concluafon of this report is credible only wHhin the crordext of the Scope of Work, ERective Date, the Date of Report, the Intended User(s), tha Intended Use, the stated Assumptlona end Limitlng Conditons, any Hypottredcel Condidona end/or Extraordinary Assumptlona, and th Type of Value, as deflned herein. The appraiser, appreisal firm, and related pertles assume no obligadon, liability, or accountabllHy, and will not be responsible for any unauthorized use of this report or Its conclusions. Additional Commems (Scope o1 Work, Extreordinary Assumptbns, Hypotheflcal Conditions, etc.): - --..-.....-.-.........,,._,,.-.,...,,.,aw.~,,.,,,,.w,o,~a.~w. arm PLNOAD -'WInTOTAL' appraisal software by a la mode, Inc. -1-800-ALAMODE 3/2007 __ I Page #ll I certlty that, to the best of my knowledge and belief: -The statements of fact contained in this report are We and correct -The credibility of this report, for Ne stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only 6y the reported assumptions and limiting conditons, and are my personal, impartlal, and unbiased professional anayses, oplniens, and conclusions. - I have no present or prospective interest in the properly 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 tD the parties involved with this assignment. - My engagement in this assignment was not contingent upon developing or reporting predetermined results. - My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the ameunt of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the Intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were In effect at the time this report was prepared. - I did not base, either partially or completely, my anatysis and/or the opinion Df value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupards of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. - Unless otherwise Indicated, I have made a personal inspection of the property that Is the subject of this report -Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing th(s certification. Addiflonal CertlflceHons: DERNRION OF MARKET VALVE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeabty, and assuming the pdce is not affected by undue stimulus. Implicit In this definltion Is the consummation of a sale as of a specltled date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well irdormed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure In the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The pdce represents the normal consideration for the property sold unaffected 6y special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is Pram regulatons published 6y federal regulatory agencies pursuant to Tige XI of ti1e Financial Institutions Reform, Recovery, and Etrforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), Nattonal Credft Union Administrattan (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrtff Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jDIMry published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. APPRAISER ~j SUPERVISORY APPRAISER (ff required) or CO-APPRAISER (ff applicable) Appraiser Name: Tim L. Ausherman ~upemsory or Co-Appraiser Name: ___ Company: Ausharmen Bros Red ~ e c Company: Phone: (7171264715 x202 n171 ~s!-~g~a Phone: E-Mail: timaopr~va net E-Mail: Data Report Signed: Date Report Signed: icense or Cedlficafion #: GAf)00149L State: PA License or Certtlieadon #: Fax: State: _ Expiration Date of License or Celtificatlon: 6/30/2013 E~Iratlon Date of Llcensa or CerMlcaeon: Inspection of Sub~ec[ ®Dld Inspect ^ Oid Not Inspect (Desktop) Inspectlon of Sub(ect: ^ Dltl Inspect ^ Dld Not Inspect Date of Ins ctlon: 0 7 /1 312 01 1 Date of Ins ecean: ' LAND ~~~~ 2007 try a V mode, Inc. iNa farm mry M ragoduced wmoBneA Wltllwe rdpen pemxedan, however, a la move, Inc. mup ae xcgpwkdeed ant neared corm GPLNDAD - WinTOTAL" appraisal software by a la mode, inc. -1.800-ALAMODE 3J2007 Prior ale: The sub' d ro rt reviousl trensferced for 6 000 on March 13 7960. osure:Tlme/%MarkethS Tknea Based. on current market trends the estimated marketln timeis three to six months. Peraoeali non- :Tfattaferm~ None. AddltldAafCanmbrt~ +~ . ~~:;. Sea attached re ort. GeltlDcntlOn:Su Ontan[d,a' 1. This g ~ - D :' :.., u,a appraisal asai nmem was not based on e r nested minimum valuatlon, a s ecgic valuatlon, or an approval of a loan. ~ ~ ~ ~ .., r ~ ~ `~ `~+ 2. My csmpensatldn is nm cantlngent upon the ~reportlng or a predetempned value or directlen In value that favors the cause of the client, the amount of the value estimate, the attainment of a stlpulated result or the occumance of a subsequent event. p '/ ~ Supervisory ppraiser: Tim L. Aushe an Appraiser: Signed Date: Signed Dad: CeNticadon a License #: 4 L Cergficatlon or License #: Cerfiticatlon a Lkense State: L,, E>mires: 6/30/2013 Certlfcadon or License State: Expiros: Effective Gate al Appraisal: 0 N 312011 Inspection b Subject: ^ DW Not ^ Ederior Onl y ^ Irltarlor antl Extedor Form FllA_LG2 -'WInTOTAL' appraisal sattware by a la motle, Inc. - t-600-ALAMODE Subject Photo Page Subject Front Gephart Road Sales Price G,L.A. Tot. Rooms Tot. Badrrns. Tot. Bathrms. LacaNon Average View Stte 38.7251 Oualgy Age Subject Street Farm PIC4a6.SR -'WInTGTAL• appraisal sonware Dy a la made, Inc. -1•B00•ALAMGGE __ LoCatlen Man Srvuc New GrrIYa11SONP Waic!!oo Olplrs Mirls ~~ CUIx(Ild 4~ °~ c k',. ~~i' _- 4tssW!le Dwlesbmy pC ~. ¢§ .. Dlv RUn Artbn'son MrNytrn Launl Grarc y~-~ $N1rIM RUn ryya \g~G a Y~w~sYt'•~ .. 19971 Vfil!bsv I IBI DoubNny Gap Low McGca AlossnviNe T Vpptt MifPin _. ~. ... __.__.. - Krrrsvll Mount I Tt i 75 ' fan, Sprig4 .., n'"^ .. warm. w!tsburg Onstmwl Pleasant Hall Shippensburg, Chestnut (_I'gSl'padS r~ Pinola leuakenno Arn`y Depot ~o ~> d/en>,> id'' €' IWn~Inoo Red 7riuni~ Sce[land • ]npkCtO+'nl - hambersbury a, ,r~ •'. 301 Falling a+~ Sprinq as Wuanlsi•iL'c :'301 ' f~Arib+:EUro.Rrl Mew Frmtkgn Du'NMtl ~ IOUSLI`I Guilford Wlkrc ROCks 'dJill(arvlsr,n ~~ 5 AIICn\yalJ Mpn Atlo Spu!h Mpuntaln Knufiman Orrtaiao quinsa+ia "nau Lai'. C: L•p:at ~ W1rxrlYn ' Uuinc; MpuY. Ilq% Grcra¢asdc __ Old felye I t6 ! Oimttk~ Gap takfiertl 4Vaynr<asdu ~lictlan ^' '. t,xks Mountain Md nd Waynesboro orlr~ I n6 i NSngcrtoo Wayne Heights Fpnvain Dak 4v~y, Cmr}rto-rcn Itouzerville `'bO„ Hi~hfleld-Cascade `r^ ~ ~ 3 miles - „ n .. rl-'Sv~a .ad'P.'.JA Lehnans Ndill lakeside ItIn59pIC [Of !a•C *liel U-'Jl: ti:+'r.>F.':n}-. ~':il i+:J-'."!1('la4fJ~y~ Fonn MAP.LOC -'WInTOTAL~ appraisal sgfbvare by a la mode, Inc. -1-800-ALAMOOE Tax map Pomt SCNLGL -'WInTOTAL' appraisal sotlwam by a le mode, inc. -1-800•ALAMODE Legal Descrlotlon 1112T-warranty Oee~ Two Acknowle0¢menH Henry Hell, Ina., InOlenn, Pe. ~ i~ ~1n~~e~ctu~e MADE THE ~,~~~!~ day of '"',°i s,~ f ~ in the year of oar Lord. one thousand ni~xe htrndred eighty (1980). BETR'F. F.N PAUL Z. BURKHDLDER and LEAH W. BURKHOLDER, his wife, of R. R. 172, Ephrata, Pennsylvania, parties of the first part, AND Grantors, JUDITH E. HALE, of Star Route 2, Shippensburg, Pennsylvania, and KENNETH M. HALE, JR., of 12 West King Street, Shippensburg, Penns;~l- vania, as joint tenants with the right of survivorship and not as tenants in common, parties Grantees, of the seoond part, WITNESSETH, that the said part iea of the fret part, for and in con~ider- ation Of the sum of Forty-Eight Thousand and no/100 ______________________________ _ / -------------------hem -($48,000.00)--- Dollars, latuful money of the United States o America unto t welt and truly paid by the said part ies of the second part, ¢t and before t7ce se¢ding and delivery of these preaante, Ghe receipt wheroof is hereby aelcnowledged, have grnntad, bargained, sold, aliened, enfeo$ed, rateased, conveyed and aonhrmed, and by these presents do grant, bargain, salt, alien, enfeo$, release, ronney and confirm unto the said parties of the second part, their heirs, and asaipns, ALL that certain tract or parcel of land situate in Southampton Township, Cumberland County, Pennsylvania, hounded end described as follows: BEGINNING at a post Bast of L.R. 264A at land now or formerly of Nettie kf. Mellinger and land now or formerly of Jacob Z. Heisey; thence along lands now or formerly of Nettie M. Mellinger North fourteen (14) degrees thirty-seven (37) minutes thirty-two (32) seconds West eight hundred fifteen and twelve hundredths (815.12) feet to a past a[ land now or formerly of James W. Allen; thence along lands now or formerly of James W. Allen North twelve (12) degrees thirty-two (32) minutes twenty- three (23) seconds West five hundred ninety-nine and fifty-seven hundredths (599.57) feet Co an existing iron pin at land of Kenneth M. Hale; thence along land now or formerly of Kenneth M. Hale North eighty-nine (89) degrees fifteen (15) minutes forty-three (43) seconds East two thousand eighty-two and twenty-five hundredths (2082.25) feet Co a railroad spike in Township Road T-313; thence along land now or formerly of Dvid Gephart Estate [o be conveyed to Paul Burkholder South twelve (12) degrees fifty-six (56) minutes twenty-two (22) seconds West seven hundred three and sixty-eight hundredths (703.68) feet to a post at land of Jacob 2. Ikeisey; thence by land now or formerly of Jacob Z. Heisey North sixty-four (64) degrees fifty- four (54) minutes forty-eight (48) seconds West one hundred seventy three and seventy- eight hundredths (173. Jg) feet to a post; thence by same North fifty-five (55) degrees six (06) mtnu[es forty-six (46) seconds WeaC Cwo hundred twenty and sixty-seven hundredths (220.67) feet to an iron Pin at a post; thence by [he same South eighty-six (86) degrees twenty-four (24) minutes fourteen (14) seconds West one hundred thirty-three and ninety-nine hundredths (133.99) feet to a post; thence by land of same South fifty (50) degrees fifty-five (55) minutes twenty-eight (28) seconds West one thousand four hundred thirty-eight and siz hundredths (1438.06) feet to the point of BEGINNING. Containing 36.7251 acres in accordance with a survey in April, 1.978 by Carl D. Bert, Registered Surveyor. AEING a portion of the premises conveyed unto the Grantors herein, Paul Z. and Leah W. $urkhelder, by The First National Bank of Shippensburg as Administrator C.T.A. of the Estate of David Gephart by its Deed dated May 12, 1978, and recorded in the Office of the Recorder of Deeds in find for Cumber- land County, Pennsylvania, in Deed Book "V", Volume 27, Page 15. uuur~;~8 1'nr.~ 850 „nn~ eo,.w~- nnuu Inr apprmsal smnvare sy a la moue, Inc. -7•BBO•ALAMODE • SUMMARY APPRAISAL REPORT • Of 25 Hale Road Shippensburg, PA 17257 As of May 13, 2011 PREPARED FOR The Estate of Judith E. Hale 25 Hale Road Shippensburg, PA 17257 PREPARED BY Ausherman Bros. Real Estate Inc. Tim L. Aushennan PA Certified General Real Estate Appraiser Certification #GA000149L Grant T. Ausherman PA Certified General Real Estate Appraiser Certification #GA003829 Client Estate of Judith E. Hale File No . Pro a Address 25 Hale Rd Ci Shi ensbur Coun Cumberland t PA Zi Code 17257-8616 Owner Kenneth M. Hale Jr 8 Judith E, Hale APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is grte or the fopowing types: ^ Sefl Contained (A written report prepared under Standards Rule 2-2(a) , persuant to the Scope of Work, as disclosed elsewhere in this repon.) ®Summary (A wriden report prepared under Standards Rule 2-2(b) , persuam to the Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) , persuant to the Scope of Work, as disclosed elsewhere in this report , reshicted to the stated intended use by Me specrfied client or intended user.) Comments on Standards Rule 2-3 I ceniy that, to the best at my knowledge and belief -The statements of fact contained in this repon are true and coned. - The repaded anayses, opinions, and conclusions are limited onry by the repoded assumptions and gmhing condAiens and are my personal, impartial, ant unbiased professional anayses, opinions, and conclusions, - I have no tar the specified) present or prospective interest in the property that is the sublect of this repon and no (or the specified) personal interest with respect to the parries invoHed. - I have no bias with respect to the property that is the subject of this report or the ponies invoHed with this assignment. - My engagement in this assignment was not contingent upon developing ar reporting predetermined results. - My compensafion for compktirg Mis assignment is not congngem upon the development or repoNng of a predetermined vaWe or direction in value that favors the cause m the diem, the amount nt the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directy related to the intended use of this appraisal. - My analyses, opinions, and conclusions were devebped, and this repon has been prepared, inconformity with the Undorm Standards at Professional Appraisal Practice that were in effect of the time this repon was prepared. -Unless otherwise indicated, I have made a personal inspection of the property that is the suhjxt of this repon. - Unless mherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this ceddication (A there are exceptions, the name of each individual providing significant real progeny appraisal assistance is stated elsewhere in this repon). - Unless mherwise indicated, I have Denormed na services regarding the subject property within the prior three years, as an appraiser or in any other capacity. Comments on Appraisal and Report Identification Note any USPAP related Issues requiring disclosure and any State mandated requirements: APPRAISER: Signature: „y `"'"4~~ ~1,~iK../~tf.:~~~u~t Name: Grant T. Aushemian Despnation: Oate Signed: 07/2212017 State Cergficafion #: GA003829 or State License #: State: PA F~iration Date of Cendkation or License: 8/3 012 0 1 3 Eifeunive Date o1 Appraisal: SUPERVISORY APfRA1SEtj~(pa{ly I1 raqulred): Signature Name:, Tim l{AQsherman Desipnahon: Dah Signed: 07122/2011 Slate Certifketan #: GA000149L or State License #: State: PA Expiration Date of CerMication or Ucense: 6/3 012 0 1 3 Supervisory Appraiser inspection of Subject Property: ^ Did Not ^ Ezterbr-ony from street ~ Intedor and Ededar Form ID10 - `WinTOTAL"appraisal software tr! a b mode, inc. - 1-800-ALAMODE 2 TABLE OF CONTENTS TITLE PAGE USPAP IDENTIFICATION 2 TABLE OF CONTENTS 3 LETTER OF TRANSMITTAL 4 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS 6 APPRAISAL SPECIFICS APPRAISAL SCOPE LIMITING CONDITIONS & ASSUMPTIONS AREA ANALYSIS PROPERTY DESCRIPTION ASSESSMENT AND ZONING HIGHEST AND BEST USE VALUATION METHODOLOGY SALES APPROACH TO VALUE RECONCILIATION AND FINAL ESTIMATE CERTIFICATION STATEMENT ADDENDA LEGAL DESCRIPTION BUILDING SKETCH SOIL MAP FLOOD MAP TAX MAP ZONING MAP FIRREA/USPAP ADDENDUM MULTI-PURPOSE ADDENDUM STATEMENT OF LIMITING CONDITIONS & CERTIFICATION QUALIFICATIONS OF APPRAISER AND CERTIFICATION 7 8 10 I1 15 26 27 28 29 39 40 3 Ausherman Bros. Real Estate Inc. 229 North Second Street www.aushe-Tnanbros.com 717-264-6715 Chambersburg, PA 17201 717-264-4973 July 22, 2011 Kenneth M. Hale, Jr. 25 Hale Road Shippensburg, PA 17257 Re: 25 Hale Road Shippensburg, PA 17257 Dear Mr. Hale: Pursuant to your request, we have prepared an appraisal for the above referenced property. The purpose of this appraisal is to estimate the market value of the subject property's fee simple interest for the estate settlement of Judith E. Hale as of May 13, 2011. This appraisal is intended for the use of the client only. The summary report of a complete appraisal has been completed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) and applicable Federal regulations. The attached report details the scope of the appraisal, level of reporting, definition of value, valuation methodology, and pertinent data reseazched and analyzed in the development of this appraisal. We certify that we have no present or contemplated future interest in the property beyond this estimate of value. Your attention is directed to the Limiting Conditions and Assumptions, located on page 10. Acceptance of this report constitutes an agreement with these conditions and assumptions. 4 July 22, 201 ] Page 2 In my opinion, the value of the subject property, as of May 13, 20l 1, was as follows: 25 Hale Road $929,000 Respectfully submitted, Ausherman Br e~l Estate Inc. ~, ~ ;. /;' / , / ~ ~m I/A Sherman PA State Certified General Real Estate Appraiser Certification #GA000149L ~~ ~ ~Z~ ~~~1~ r~T. Ausherman PA Certified General Real Estate Appraiser Certification #GA003829 5 Summary of Salient Facts Subject Property: 25 Hale Road Shippensburg, PA 17257 Property Overview: Agricultural Farm Interest Appraised: Fee Simple Interest Highest and Best Use Agricultural Use As Improved: Zoning: Agricultural/Conservation & Village Center Effective Date: May 13, 201 l Inspection Date: July 13, 2011 Assessment, Ratio and Equalized Assessment: $1,460,750 Sales Comparison $929,000 Approach: Reconciled Value: $929,000 Important Considerations This appraisal report is 40 pages in length and includes addenda. This page is a synopsis of the appraisal results and is not considered to be the appraisal report. Should any page be removed from the 40 page report the results and analyses are considered to be null and void. 6 Appraisal Speciires Appraisal Purpose The purpose of this appraisal is to estimate the market value of the subject property as of May 13, 2011 for the estate settlement of Judith E. Hale. Intended Use The intended use of this appraisal is for estate settlement. Intended User(s) The intended user of this appraisal is also the client, the Estate of Judith E. Hale. Market Value Definition The term "market value" is defined as "the most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: A. Buyer and seller are typically motivated; B. Both parties are well informed or well advised, and each acting in what he/she considers his/her own best interest; C. A reasonable time is allowed for exposure in the open market; D. Payment is made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and; E. The price represents a normal consideration for the property sold unaffected by special or creative financing of sales concessions gained by anyone associated with the sale."~ Three-Year Sale History Subject property has not transferred within the previous three years. According to the Cumberland County Courthouse, the most recent recorded transfer was on July 11, 1994 in a family transfer of $1. This transaction was recorded in Cumberland County Deed Book Volume 108, Page 540. Current Listing/Pending Contracts According to the MLS and the property owner, the subject property is not currently listed nor under contract. ~ Title XI of FIRREA, 1989. 7 Appraisal Scope According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to determine the appropriate scope of work. USPAP defines the scope of work as: The amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to, the following: • the degree to which the property is inspected or identified; • the extent of research into physical or economic factors that could affect the property; • the extent of data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. SCOPE OF WORK Appraisal Type: Summary Appraisal Property Identification and The subject has been identified and inspected by the Inspection: appraiser(s) as follows: An inspection of the subject was made, and photographs were taken. Analysis of Physical All pertinent physical factors were analyzed. Factors: Analysis of Economic All pertinent economic factors were analyzed. Factors: The Extent of Data The appraiser(s) maintain a current and comprehensive Research: database of commercial sales and listings for the subject's market area. ]n addition to market data developed in the course of previous appraisal work and retained in the appraiser(s) work files, other sources of information include: • Courthouse • MLS • Property Owner • Property Inspection Where warranted, market data has been confirmed by a party to the transaction, or other reliable source. 8 The Type and Extent of Cost Approach: This approach is not applicable and has Analysis: not been developed. The cost approach was not developed due to the age and condition of the subject. Sales Comparison Approach: This approach is applicable, necessary and has been fully developed. Income Approach: In this case, the income approach is not applicable and has not been developed. 9 Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed; this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s) maybe communicated to the public through advertising, public relations, media sales, or other media. All files, work papers and documents developed in connection with this assignment are the property of Ausherman Bros. Real Estate Inc. Information, estimates and opinions are verified where possible, but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property, subsoil or structure, which would make the property more or less valuable, were discovered by the appraiser(s) or made known to the appraiser(s). No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated, this limited appraisal assumes there is no existence of hazardous materials or conditions, in any form, on or near the subject property. Unless stated herein, the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps, but no responsibility is assumed for misinterpretation. Good title, free of liens, encumbrances and special assessments is assumed. No responsibility is assumed for matters of a legal nature. Necessary licenses, permits, consents, legislative or administrative authority from any local, state or Federal government or private entity are assumed to be in place or reasonably obtainable. It is assumed there are no zoning violations, encroachments, easements or other restrictions which would affect the subject property, unless otherwise stated. The appraiser(s) are not required to give testimony in Court in connection with this limited appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to pay the appraiser(s) our regular per diem rate plus expenses. Appraisals are based on the data available at the time the assignment is completed. Amendments/modifications to limited appraisals based on new information made available after the limited appraisal was completed will be made, as soon as reasonably possible, for an additional fee. ]0 Area Analysis Town of Shippensbur¢ Shippensburg's attributes are its central location and small-town appearance. Shippensburg is located in south central Pennsylvania and is situated in two counties. Franklin County is a small rural area of farming and business. Cumberland County has more of a "big city" atmosphere. Shippensburg is influenced more by the Chambersburg, Franklin County area. The neighboring towns/cities are Chambersburg to the south and both Carlisle and Harrisburg to the north. Philadelphia and Pittsburgh regions are to the east and west. The central location and proximity to major cities offers a wide variety of choices to the people living and working in the community. Shippensburg is also the home of Shippensburg University, a large multi-structure, higher-education institution with approximately 7,600 students. Location Shippensburg is located near the hub of interstate highways and the Pennsylvania Turnpike. Interstate 81 running north and south is about one mile east of town with two exits serving the area. The main street in Shippensburg is King Street, which is also known as U. S. Route 11. The Pennsylvania Turnpike is a distance of approximately nine miles from the area. Interstate 70 running east and west parallels U. S. Route 40 and flows through Hagerstown, Maryland, a distance to the south of 45 miles. The area is conveniently located to rail, air freight and trucking terminals. Harrisburg International Airport is 38 miles away and Washington County Regional Airport is 45 miles. Both provide air parcel and cargo service to major airports. Shippensburg has four trucking firms and major terminals are located in Hagerstown, Greencastle, Chambersburg, and Carlisle. Rail transportation is serviced by ConRail and the Western Railway Co. (CSX) with freight offices just outside Chambersburg. One-third of the major U.S. markets in the Northeast, Midwest, and South can be reached within one-to-two days travel time using the trucking industries available or the rail network system. Major markets include: Pittsburgh l80 miles, New York 210 mils, Philadelphia 130 miles, Baltimore 84 miles, Washington, DC 102 miles and Detroit 480 miles. The location of Shippensburg allows the town to partake in a network of shipping and distribution which creates an unemployment rate under the state average. The area has a diversified terrain with topography ranging from level and gently rolling to steeply sloping mountains. This varied terrain has provided a mainstay for agriculture, as well as, industrial and manufacturing opportunities. The largest concentrations of employment are in machinery, apparel, and other textile products, printing, and publishing. Additionally, the area supports food and kindred products, lumber, wood, leather, stone-clay glass products and transportation equipment. POPULATION The population of the Shippensburg area drastically changes based on whether or not Shippensburg University is in session. However, based on the census of 2000 the population of Shippensburg was 5,586 people. During the non-summer months the area population increases due to students attending the university. 11 HOUSING Styles of housing within the county are diverse and prices are below the national average. Housing supply has increased significantly during the past five years with new single-family residential developments established in most areas. The average sales price for single family homes sold in 2007 that were located in Shippensburg area was $170,947. While in 2008 the average sales price for single family homes sold and located in the Shippensburg area was $160,404. In other words, the average sale price for single family homes in the Shippensburg area decreased during 2007 to 2008 by a factor of 6.17%z. However, in 2009 the average sale price for single family homes in Shippensburg was $ ] 55,467. Meaning that the average single family home sale price from 2008 to 2009 decreased by 3.08%~. In 20] 0, the average single family home sale price was $150,871 which is a 2.96% decline. Shippensburg has a large volume of rental properties that are utilized as student housing. More recently, there has been development of new town houses and apartment complexes for students and area residents. EDUCATION Educational opportunities within the Shippenburg area begin with numerous pre-school facilities operated by private companies and by many local churches. In addition, there is an operating Montessori school in Chambersburg. The public school districts consistently score above national and state averages on standardized tests. Over half of the graduates continue their schooling at college or technical schools. The Franklin County Area Vocational Technical School offers 25 three-year programs and provides on-the job training opportunities at businesses and industries. In addition, there are several church sponsored schools having kindergarten through twelfth grade classes. The Mercersburg Academy is a private preparatory school, which offers classes for grades 9-12. Wilson College in Chambersburg is a private, liberal arts college committed to educating women. However, a Continuing Ed Studies Division offers degree, intern programs, certificate and professional development courses to both men and women. The Pennsylvania State University offers degree programs, graduate courses and professional development at its campus in Mont Alto. The largest college level facility within the area is Shippensburg University, which maintains an enrollment of over 7,600 students. EMPLOYMENT The area's diversified terrain with topography ranging from level and gently rolling to steeply sloping mountains has provided a mainstay for agriculture, as well as, industrial and manufacturing opportunities. The largest concentrations of employment are in machinery, printing and publishing, food products, lumber, wood, leather, stone-clay glass products and transportation equipment. Major employers include Grove Worldwide, G.S. Electric, Regency Thermographers Inc., Ingersoll-Rand Co., Corning, T.B. Woods Inc., Food Lion Inc., Letterkenny Army Depot, Shippensburg University, JLG Industries, Volvo Road Machinery Inc., local hospitals and school districts. The area has shown recent growth with the opening of new motels and restaurants. z Figures and statistics were generated manually for Shippensburg zip code (17257) from the MLS database. 12 The agriculture and dairy industries remain a stable base in the local economy. Local farmers have a strong work ethic and maintain up-to-date technology. Local orchards produce apple and peach crop yields that rank second in the state. The labor poll has a diversified workforce that is productive, dependable and experiences very few strikes or work stoppages. Traditionally, the unemployment rate for the county is lower than the state average. The Cumberland County May 2011 preliminary unemployment rate was 6.4%, which is lower than the preliminary state wide unemployment rate of 7.4%. REGIONAL DEVELOPMENT Within the Shippensburg area there has been a substantial amount of commercial development, particularly in the retail sector. There is a new shopping center on Conestoga Drive that has the anchor store Wal-Mart Super Center. Also, located within the shopping center is a Lowe's Home Improvement store. Attached to the Wal-Mart Super Center is a strip shopping center containing CATO, Shoe Show, Holiday Hair, Subway, and a state liquor store. Located within the shopping center are EB Games, Tanning Salon, Citi Financial, a vacuum store, Mattress Warehouse, a Chinese Restaurant, and Video Warehouse. Within close proximity of the Conestoga Drive shopping center is a Rutter's Convenience Store and Gas Station. Just south of the Conestoga Drive shopping center is Baltimore Road, which has seen fairly recent commercial development as well. Located within the shopping center along Baltimore Road is a Giant grocery store, a Chinese Restaurant, Blockbuster, a pizza shop, and a nail salon. Neiehborhood Description The subject property is located in Southampton Township, Cumberland County off Hale Road, which is a no outlet street. The subject has Village Center and Agricultural/Conservation zoning. Surrounding properties included scattered single family homes and land used for agricultural purposes. The subject is within easy access of shopping, employment, and schools in the Shippensburg area. More specifically, the subject is two and half miles northwest of the Borough of Shippensburg. Single family homes in the subject's neighborhood have a sales price range of $60,000-$275,000. The Shippensburg University and Middle Spring Creek are within the subject's neighborhood. The subject is bounded to the north by Newburg, to the east by Newville Road, to the south by Borough of Shippensburg, and to the west by Roxbury Road. The subject property is located in census tract 0131.01. Conclusion Generally speaking, the economy of the area, because of its wide array of industries coupled with the agricultural base, has been stable during the past decade. However, the area is starting to feel the impact of recent closings and downsizing of some local industries as unemployment rates ~ have increased, home sales have slowed as marketing times have increased, and fewer new homes are under construction. The economic forecast still appears to be stable. 13 Market Conditions Market conditions at present are sluggish due to the current economic situation affecting most of the country. Many businesses in the area have been laying off workers and the demand for commercial properties has declined dramatically. Current marketing time for most properties is 6-12 months. It is common for sellers to assist with closing costs. Many farms listed for sale are listed at public auction. 14 Property Description SITE Site Size: The subject property is known as parcel 39-] 1-0312-OOl and according to tax records the parcels has a total acreage of 145.07 acres. However, subject's deed states a total acreage of 148.003 acres less 0.849. After this most recent deed, two other parcels were subdivided off: According to one of the property owners the two building lots that were subdivided off were 0.598 acres and 0.692 acres. Therefore, the total acreage of the property is 145.86 acres. The appraiser uses the site size of 145.86 acres as indicated by deed less the three tracts that were subdivided off. Site Shape: Irregular Site Topography: Gently Rolling to Rolling Road Frontage/Access: The subject property has nearly 1,600 feet of road frontage on two sides Newburg Road which is locally known as PA Route 696. The subject also has over 2,600 feet of road frontage along the northern side of Gephart Road and approximately 2,500 feet of frontage along the southern side of Gephart Road. The subject is situated along Hale Road which does not have an outlet. The subject has roughly 1,100 feet of frontage along Hale Road. The subject has approximately 850 feet of frontage along Middle Spring Road. Utilities: Subject has public electric available, well water, and a septic system. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). According to the flood map a portion of the subject property is in the flood hazard zone. However, the subject's improvements are not in the flood zone. FEMA Map No.: 42041 C0333E FEMA Map Date: March 16, 2009 FEMA Zone Classifications: X, AE Other: The subject property has 145.86 total acres, which is primarily tillable. Approximately 30% of the site is non-tillable or wooded. Based on the soil map and aerial imagery there are approximately 102 acres of tillable land. The appraiser observed lime stone outcroppings and according to the soil map there are rock outcroppings on the property. The soil map indicates that approximately 12 acres of the subject is in flood plain. Much of the flood plain area is wooded. The subject's western property 15 boundary is the Middle Spring Creek. On the north-western side of the property there is also wet weather stream. The subject is improved with two concrete soils, one is 18'x50' and the other is 20'x50'. According to tax assessment records, the subject is not a clean and green property. The subject is located within two zoning districts, Village Center and Agricultural/Conservation. The subject's improvements are located within the Agricultural/Conservation district. Farming of the acreage in the Village Center district would be legal non-conforming use. Soil Type: The subject property has various types of soils including Hagerstown silt loams (HaA, HaB), Hagerstown silt loams rocky (HcB, HcC), Bedington shaly silt loam (BdB, BdC), Melvin silt loam (Me), and Edom silty clay loam (EdD). According to the soil map the subject has Hagerstown soils which have a high potential productivity for cultivated crops. These soils formed in material weathered from relatively pure limestone. Hagerstown silt loam soils are moderately permeable and high to moderate in available moisture capacity. The erosion hazard, underground solution caverns, and sinkholes are the main limitations. Bedington shaly silt loams are hills that are well drained and concave. Bedington shaly silt loams are suited for most common crops for the area. This soil type has coarse fragments and slope limitations. Melvin silt loams are a poorly drained soil that has frequent flooding. This soil has a medium potential for productivity for cultivated crops. Melvin silt loams have a flood plain landform. Edom silty clay loam soil type has a hillslope land for and is well drained. The Edom silty clay loam soils have a medium productivity for cultivated crops. Easements/ At the time of inspection the appraiser observed a power line Encroachments: easement that goes through the property. However, this is not considered to be an adverse factor affecting marketability. Improvements Age, Effective Age & According to tax assessment records the two story dwelling was Condition: constructed in 1820. Generally speaking the majority subject's outbuilding improvements were constructed circa 1950. The subject's dwelling is in average condition and the outbuildings are in fair to average condition. Improvements: Style/Room Count # Units Unit Size Total SF Area Dwelling 1 Irregular 2,784 Sq. Ft. Porch 1 10'x15' 150 Sq. Ft. Basement 1 24'x46' 1,104 Sq. Ft. Block Barn 1 38'x100' 3,800 Sq. Ft. Block Storage Shed 1 10'x12' 120 Sq. Ft. 16 Open Pole Building 1 28'x90' 2,520Sq. Ft. Pole Building 1 64'x57' 3,648 Sq. Ft. Free stall barn l 45'x50' 2,250 Sq. Ft. Open Pole Shed 2 30'x30' 1,800 Sq. Ft. Block Wagon Shed 1 36'x62' 2,232 Sq. Ft. Frame Wagon Shed 1 24'x32' 768 Sq. Ft. Manure Pit 1 75'x14' 400,000 gallon Concrete Silo ] 18'x50' - Concrete Silo 1 20'x50' - Foundation/Basement: The subject property has a partial basement that has a stone foundation and a dirt floor. The crawl space is under the subject's one story section of the home. The subject's barn, storage shed, frame wagon shed, and block wagon shed are constructed on a concrete block foundation. The milk house, milk parlor, and shop building are of concrete block construction and have a concrete block foundation. The subject's free stall barn, open pole sheds, and open pole building are of pole construction and have a dirt floor. The subject's pole building has a poured concrete foundation. The manure pit and silos are of poured concrete construction. Exterior: The exterior of the subject's dwelling is limestone. The subject's barn, storage shed, and block wagon shed all have a concrete block exterior. The open pole building, pole building, free stall barn, and open pole sheds have a metal siding exterior. The subject's frame wagon shed has a wood siding exterior. Roof: The subject's dwelling has a metal roof that appears to be in average condition. The subject's outbuildings all have a metal roof. Interior Description: The subject's dwelling has seven rooms, three of which are bedrooms, one and half bathrooms. On the first floor of the home there is a living room, kitchen, dining room, half bathroom, and a summer kitchen. The summer kitchen has minimal finish and a concrete floor. There are three bedrooms and a full bathroom on the second floor of the dwelling. The interior finish of the dwelling includes plaster walls and ceiling. The floors are finished with pine, vinyl, and carpet. The subject has an attic that has a stairway. The attic is floored for storage. The subject's partial basement has stone walls, joist ceiling, and a dirt floor. The subject's outbuildings have minimal finish that is typical for older farm improvements in the area. MECHANICAL SYSTEMS Heating/HVAC: The subject's heat is furnished by an oil hot water boiler. The subject ]7 does not have central air conditioning. Electrical Service: The subject property has an electrical service that adequately services the property. STfE IMPROVEMENTS Drainage: Appears Adequate Landscaping: Average PROPERTY ANALYSIS The subject property's improvements are off Hale Road in Southampton Township, Cumberland County. The subject has a significant amount of road frontage along Gephart Road and Newburg Road. Neighboring properties include scattered single family homes and land used for agricultural purposes. Approximately 30% of the subject property is wooded or non-tillable. The majority of the wooded portion of site is in flood plain. Over 50% of the subject's site has Hagerstown soils which have a high potential productivity. However, there are lime stone outcroppings. Subject has gently rolling and rolling topography. Most of the rolling areas of the site are wooded or non- tillable. The subject is western property boundary is the Middle Spring Creek which would allow for crop imgation. Functionally the property has an average utility with the property being used for agriculture use. The design and appeal to the market is considered average with the property having a significant amount of road frontage, a dwelling, and several outbuildings. The subject is in two zoning districts which are Village Center and Agricultural/Conservation. The improvements are in the Agricultural/Conservation district. Several residential building lots within the Village Center district have been subdivided off the farm along Middle Spring Road. The subject also has road frontage along Newburg Road and Gephart Road which are primarily in the Village Center district. Functionally the property has an average utility with a two story dwelling for a residence, barn, and several farm outbuildings. The subject's dwelling is in average condition and the outbuildings are considered to be in fair-average condition. The design and appeal to the market is average with the property having a Hagerstown soils and good tillable acreage. Due to the large amount of road frontage the subject could eventually be subdivided into single family residential homes sites. However, subdividing the subject at this time is not financially feasible on account of a slow real estate market and the costs associated with infrastructure. Overall because of the subject's soil types, location, improvements, and topography; the highest and best use is for agricultural use. Functional Utility: Average Design & Appeal: Average Highest and Best Use: Agricultural Use 18 Subject Front Subject Reaz 19 Subject Photographs Subject Street Subject Concrete Block Barn 20 Subject Silos Subject Pole Building 21 Subject Free Stall Bam Subject Open Pole Sheds 22 Subject Concrete Block Wagon Shed Subject Frame Wagon Shed i ~.....- ~~. ~~ ---~~ ~~. ,: ,i„~. ~ ~.: ._ . . w -., 23 Subject Open Pole Building r. __... +~!= Subject Concrete Block Storage Shed 24 Subject Topography '~ 25 Assessment & Taxes Tax Parcel ID# Tax Year: Assessed Value Land Assessed Value Improvements: Total Assessed Value: Tax Rate: Real Estate Taxes: Equalization Ratio: Implied Market Value Assessment Analysis 39-11-0312-OOl 2011 $918,200 $250,400 $1,168,600 0.01612900 $18,848 1.25 $ l ,460,750 Equalization ratio is based off the 2010 common level ratio for Cumberland County developed by the Pennsylvania Department of Revenue and is applicable from July ] , 2010 through June 30, 20l 1. Based upon the assessment data obtained the implied market value: $1,460,750. Zoning Analysis District: Village Center (VC) & Agricultural/Conservation (AC) Conforming: The subject's improvements are located within the Agricultural/Conservation district. Farming of the acreage in the Village Center district is considered to be legal non-conforming use. However, the subject property's improvements are a conforming use. Applicable Permitted Uses: -Under the Village Center zoning- s Single-family detached dwellings • Semi-detached dwellings • Attached dwellings • Multiple family dwellings • Places of Worship • Professional Offices • Financial Institution -Under the Agricultural/Conservation zoning- s General and specialized farms, that include animal husbandry • Crop and tree farming, pasturing, horticultural, greenhouses, nurseries, and hatcheries • Single-family detached dwellings • Public conservation areas • Public parks or recreational areas 26 Highest and Best Use Highest and best use may be defined as: the reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.3 • Permissible Use. What uses are permitted by zoning and other legal restrictions? • Possible Use. To what use is the site physically adaptable? • Feasible Use. Which possible and permissible use will produce any net return to the owner of the site? • Maximally Productive. Among the feasible uses which use will produce the highest net return, (i.e., the highest present worth)? Highest and Best Use As Improved After reviewing the property, I have determined the highest and best use would be for its current use as an agricultural farm. 3 The Appraisal of Real Estate l 1`h Edition, Page 297, Appraisal Institute 27 Valuation Methodology Three basic approaches maybe used to arrive at an estimate of market value. They are: • The Cost Approach • The Income Approach The Sales Comparison Approach This appraisal includes the following: Cost Approach: In this case, the cost approach is not applicable and has not been developed. • Sales Comparison Approach: This approach is applicable, necessary and has been fully developed. Income Approach: In this case, the income approach is not applicable and has not been developed. 28 Saies Comparison Approach The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principals of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. 1. The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. 2. The most pertinent data is further analyzed and the quality of the transaction is determined. 3. The most meaningful unit of value for the subject property is determined. ', 4. Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. 5. The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. We have researched and analyzed 4 comparable sales to analyze in this approach. All sales have been researched through numerous sources, inspected and verified by a third party to the transaction. 29 COMPARABLE SALE NO. 1 GRANTOR: Mazk & Linda Brandt GRANTEE: John & Elaine Nolt i LOCATION: 315 Turnpike Road, Hopewell Township Newburg, PA 17240 PARCEL NO.: 11-07-0495-044 DATE: August 19, 2010 DEED REFERENCE: Cumberland County Deed Instrument 2010-22888 CONSIDERATION: $890,000 SITE SIZE: 149.96 acres DESCRIPTION: The property is improved with a vinyl sided ranch house that has 1,652 square feet with abuilt-in garage. This ranch house is a modulaz home that was built in 2008. The property is used as a small dairy operation. The property has a free stall barn, concrete silo, milk house, milk parlor, utility shed, and a small block barn with an attached three bay open shed. The property's improvements are in average condition. Property has a generally level to gently rolling topography. The soil type include Berks shaly silt loams and Blairton silt loams. This property has approximately 9 acres in flood plain as designated by the soil map. The property has a site that is primarily cleazed farm ground and very little wooded azea. Property has onsite utilities. Sold for $5,935 per acre. ~- 30 COMPARABLE SALE N0.2 GRANTOR: Naomi Stambaugh et al GRANTEE: Rowland On Properties LOCATION: 6175 Long Road, Montgomery Township Greencastle, PA 17225 PARCEL NO.: 17-OJ19-008 DATE: January 10, 2011 DEED REFERENCE: Franklin County Deed Instrument 2011-002047 CONSIDERATION: $1,034,314 SITE SIZE: 178.33 acres DESCRIPTION: Property along located along Long Road having 178.33 acres of gently rolling to rolling topography with Weikert channery silt loam, Weikert very channery silt loam, and Berks channery silt loam soil types. Approximately 1 l6 acres are tillable, 50 acres of woods, and 12 acres of pasture. The property is improved with a 2,700 square foot two-story brick and vinyl house that is in average condition. The property is also improved with various farm outbuildings that include a bank barn with loafing area and two utility buildings. Property has on site utilities and road frontage. Sold for $5,800 per acre. ~` v.,, JE •Y. , n ~.Y'S.va. r._.. . 31 COMPARABLE SALE N0.3 GRANTOR: Rodney & Dazlene Stuff GRANTEE: Carl & Darlene Diller LOCATION: 7521 Lemar Road, Peters Township Mercersburg, PA 17236 PARCEL NO.: 18-OK27-017 DATE: June 30, 2010 DEED REFERENCE: Franklin County Deed Instrument 2010-12515 CONSIDERATION: $1,000,000 SITE SIZE: 154.38 acres DESCRIPTION: Property is a dairy farm that has a free stall barn with 72 stalls, two loafing barns, three silos, milk house, a 4,020 square foot brick dwelling, and various outbuildings. The milk parlor is a double six herringbone configuration. The property's dwelling is in average- good condition. This property has Hagerstown silt loam and Clarksburg silt loam soils. The property's acreage is approximately 140 tillable acres and ] 5 acres in pasture. Property has on site utilities and has an agricultural easement. Property sold with $10,000 in sales concessions. Sold for $6,478 per acre. 32 I COMPARABLE SALE NO. 4 GRANTOR: George & Candice Clopper GRANTEE: Edwin Martin et al. I LOCATION: 12497 Gearhart Road, Antrim Township Greencastle, PA 17225 PARCEL NO.: O1-OA23-11 DATE: April 19, 2011 DEED REFERENCE: Franklin County Deed Instrument 20 1 1-008279 CONSIDERATION: $1,000,000 SITE SIZE: 146.17 acres DESCRIPTION: Two-story stone house having 3,384 square feet. The property has a bank barn, machine shed, garage, silos, dairy barn, shed, and loafing shed. Sold for $6,841 per acre. Property has a considerable amount of road frontage along Gearhart Road and Hagerstown soils. This property transfer was as a result of a distressed sale. 33 Comparab/es Map ]~ " a Ia mode Inc. a ~ e•r, 1 r,. • 4 ~ 35 r r '~' d I ..,. a ..f- 522 ~ .. :I.1 ..':I.rL ~53i ...J 1.. ,h. ..r a ~,. ,.p %1 ..e . .:. _ IA :I .. L,~ee ~. ~ I . n ... r. `A-..... +:Ira,. ~_. r. J. a `Ii lONtu .. I ~.. :rar vbp: , y,:..., ,.... , .,..... r .l •.. 322 _... . , !~I~ Ill rl:l'I(]~ll _'. a. • 4 ':.I.' II ~ I. .t~ 1 .....:.. - 2b .,. .I. I I • I. 79 .... ... I. ..tl CI~~I Iv'~r..: ~ a r i•.I .. eI:..IrAi. 655 ~ .....,,, ~... `.1, .I.... - ~:riJ~ll_•r.l~ ... ... ~~, ..~. ... 279 .ta. . r - . I. ~., 'I.~, t a I .. r. 8$~ Lv a r ::a Y ! . l 74 .__ ~rr...Yl .r, .,.I V :.I..,.,. . . '.1 .'.I..r~. . '.. vl_I. .. I. 1'.IieJl; ac 441 522 ~ r .. C. il, c .~. ..yI,L ~ w J ` ~'. '9 ~ y., r + lt ~ `4'$dn ' f ._. .Lry rl 1 f1 ` _ ~ i t l iv 34 ___'rr lL : L+ n.... ,$ J r F .F . _ _ '1~. ~ -.. II'. :.. '.:1~ ~.~. ,r-` .. .I .: 975 .. ~~ ..a'` .. I. _ Y;14::unL'u4 , . ;: to .. Jlr ....Ir.. V'..ri I II.. ~_r~~ ., _ .t[r.. _. .. . i ~ ~-a. r.l.- .. . I ~ eu _ .. •L a .. ..I. 17i 30 ..~. .In. 16 r.l _r _ IS _.. o..., u .. ' 1~ I r . ... ~~I. ... Ipl 522 _ ~'tr Get'v' fal rry Yv Jil"s ~JI'VIJ\ blrl~, rC~a mcu'y , . p.i . '.lu ......__ ~^~U4'1'er ..r _ r'U:rl 77 15 °- '. Ill `rll Ul': il_.\1 i '.1:.. r'1 i _ ._ ~ rJ~n~.ll l' 5$0 V w J_lilr... ....., ~L !0 aides r rl Jll :U'.yl .ill ~u:::.':': iJ ~ .. .. .. 34 Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of: • Property Rights Sold • Financing • Conditions of Sale • Economic Trends (time) • Location • Physical Characteristics On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. 35 ELEMENT Sub'ect Com #1 Com #2 Com #3 Com #4 25 Hale Road 315 Turnpike 6175 Long 7521 Lemaz Rd 12497 Geazhart ADDRESS Shippensburg Road Road Mercersburg Road Newbur Greencastle Greencastle PROXIMITY 4.86 miles NW 27.70 miles SW 23.80 miles SW 22.98 miles SW SALES PRICE $890,000 $1,034,314 $1,000,000 $1,000,000 PRICE/ACRE $5,935 $5,800 $6,478 $6,841 FINANCING Conventional Conventional Conventional Conventional Concess. -10,000 SOURCE Ins ection Courthouse Courthouse Courthouse Courthouse DATE OF SALE 8/19/2010 1/10/2011 6/30/2010 4/l9/2011 DEVELOPMENT Yes Yes Yes No Yes RIGHTS Average Average Average Average Average LOCATION 145.86 acres 149.96 acres 178.33 acres ] 54.38 acres 146.17 acres SIZE -18,450 -146 115 -38 340 Well, Septic Well, Septic Well, Septic Well, Septic Well, Septic UTILITIES TYPE 2 sty/stone 1 sty/frame 2 sty/frame 2 sty/brick 2 sty/stone +5 000 +5,000 2,784 Sq. Ft 1,652 Sq. Ft. 2,700 Sq.Ft. 4,020 Sq.Ft. 3,384 Sq.Ft. DWELLING +22,640 +1680 -24,720 -12,000 OUTBUILDINGS Barn, pole Barn, milk Bank Barn, Bank Barn, Bank barn, bldg, open pole house, milk loafing shed, milk hse and machine shed, sheds, open parlor, open utility bldgs parlor, loafing garage, silos, pole bldg, shed, utility +15,000 barns, silos, shed, dairy barn, wagon sheds, shed, free stall various milk house, free stall barn, barn, silo outbuildings shed, loafing shed, silos -10,000 shed CONDITION Average Good Average Avg-Good Average House Fair-Average Average Average Average Average Outbld s -20,000 -5,000 -15,000 -5,000 TOPOGRAPHY Gently rolling- Level-gently Gently rolling Gently rolling Gently rolling Rolling rolling -25,000 SOIL TYPE Hagerstown, Berks, Blairton Weikert, Berks Hagerstown, Hagerstown Melvin +75,000 +75,000 Clarksburg ADJUSTMENTS +39,190 -54,435 -98,060 -17,000 INDICATED VALUE $929,190 $979,879 $901,940 $983,000 MARKET VALUE: $929,000 36 Adjustment Notes Conditions of Sale Comparable sale #3 sold with $10,000 in sales concessions and is adjusted for the concessions that were paid by the seller. Development Rights The subject property does not have an agricultural land preservation easement. Comparable sale #3 sold with a land preservation easement. However, no adjustment is warranted for development rights because of the current real estate market. Agricultural farms are currently purchased for agricultural use and not residential development use. There is currently a surplus of residential building lots available on the market. Site Size Adjustments Size adjustments were utilized to make the comparable sales the same size as the subject at a rate of $4,500 per acre. Type The subject property is a stone house and comparables #1 and #2 are frame houses that are of inferior construction. Therefore, the appraiser uses positive adjustments to account for the differences in the type of dwelling. Dwelling The dwelling adjustment is utilized to account for differences in size on a per square foot basis. This adjustment is made based on the market at a rate of $20.00 per square foot. Outbuildings Comparable sale #2 sold with inferior outbuildings and is given a positive adjustment. Comparable sales #1 and #4 sold with several outbuildings which are similar to the subject's outbuildings; therefore no adjustments are required. in comparison to the subject, comparable sale #3 sold with superior outbuildings because it is a large dairy operation. A negative adjustment is used to account for comparable sale #3's superior outbuildings. Condition All four comparable sales sold with superior conditions. Comparable sale #1 sold with the dwelling in good condition and the outbuildings are in average condition. Comparable #1 has a dwelling that is less than five years old. Comparable sale #1 is given a substantial adjustment to account for the differences in condition. Comparable sales #2 and #4 sold with outbuildings that are in average condition, which is better than the subject's outbuildings that are in fair to average condition. A minimal negative adjustment is use to account for the differences in condition of the outbuildings. Comparable sale #3 sold with a dwelling in average to good condition and outbuildings in average condition. Therefore, comparable sale #3 is given a negative adjustment for improvements that are in a superior condition. 37 Topography Comparable sale #1 sold with a topography that was generally level to gently rolling. Therefore, comparable sale #] is given a negative adjustment for having acreage that is generally level which is superior to the subject's gently rolling to rolling topography. A greater portion comparable sale #l is gently rolling, thus a nominal adjustment is used for topography. Soil Type The subject property has Hagerstown soils which have a high potential for cultivated crops. comparables #3 and #4 also sold with Hagerstown soils. However, comparables #1 and #2 sold with inferior soils that have a potential productivity that is less than the subject's Hagerstown soils. Therefore, the appraiser gives comparables #1 and #2 a positive adjustment at a rate of $500 per acre to account for the differences in soil types. Sales Comparison Approach Conclusion Due to the limited number farm sales with a location, acreage, improvements, and road frontage similar to the subject, we have considered the sales utilized as the best comparables available. All four comparable farm sales occurred within one year of the effective date of this appraisal. Comparable sale #1 is the closest sale in proximity to the subject property and sold with the most similar outbuildings. Comparable sale #1 also has the most similar utility as the subject. Comparable sales #2-#4 in closer proximity to Greencastle and Mercersburg but would have a similar appeal to the market as the subject. Comparable sale #2 sold with the most similar sized dwelling but had fewer outbuildings and a larger site size than the subject. Comparable sale #3 is a larger dairy operation that sold with superior outbuildings and dwelling. Comparable sale #3 is also improved with a home that is in superior condition. Overall, comparable sale #3 is considered to be a superior farm because of the outbuildings and tillable acreage. Comparable sale #4 sold with the most similar site size as the subject. Comparable sale #4 is the most recent sale used but sold as a distressed sale for bankruptcy. The appraiser placed most weight on comparable sale #l . Based on the above analysis, we have reconciled to a value of $929,000, as of May 13, 2011 subject to the Limiting Conditions and Assumptions of this appraisal report. 38 Final Reconciliation The process of reconciliation involves the analysis of each approach to value. The quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. In this appraisal, only one approach to value was applied. Value Indication Cost Approach ............................................................................N/A Sales Comparison Approach ............................................................$929,000 Income Approach .........................................................................N/A Cost Approach In this case, the cost approach is not applicable or necessary for a credible appraisal and has not been developed due to the age and amount of depreciation that has accrued on the improvements, the cost approach is ineffective. Sales Comparison Approach In the Sales Comparison Approach, the Appraiser researched sales over the past several years that would be considered comparable to the subject property and through a series of plus and minus adjustments to the comparable sales, arrived at the indicated value. This approach best represents the action of buyers and sellers in the market place. Income Approach The Income Approach was considered, however not utilized due to the lack of rental information available necessary to establish the income approach. All income from the land would be derived from operator; however the income from the property would depend upon management and crops cultivated on the property. Value Conclusion There based on the data and analyses developed in this appraisal, we have reconciled to a value estimate of $929,000, as of May 13, 20] 1, subject to the Limiting Conditions and Assumptions of this appraisal. 39 Certification Statement I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. • I have no present or contemplated future interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. • My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. • My analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). • I have made a personal inspection of the property that is the subject of this report. • No one provided significant professional assistance to me in the development of the conclusions contained in this report. • The Appraiser has established sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. • My value conclusion and other opinions expressed herein are not based on a requested minimum value, a specific value or approval of a loan. Grant T. Ausherm 1U ? .G 40 i~ a ~, 4 D$BD OF DIS'!'RIBIITION ~.: ]~IDB this ~~ day of ~G~.f , 19~, Between _ Kenneth M. Hale, Jr. and Judith Elaine Hale, Executors of the =stare of Eunice J. Hale, a/k/a Eunice G. Hale, late of, Southampton ='~•~i}~, Cumberland County, Pennsylvania, deceased, hereinafter ~a•aet'2~er ~ cr sate referred to as ^SR~'O8,•• ~f -., '~-~~ e'~- "-- Ra-e, J=. of 700 ?:ewburg Road, Shippensburg, -==-~~ - ~a.ia, an3 Judith Elaine Hale of 260 Middle Spring Road, =ppe-'~sburg, Pennsylvania, hereinafter whether one or more referred to as ^GRANTEE,~' 1PHBREAB, Eunice J. Hale, a/k/a Eunice G. Hale, died on April ~3, 1994, a resident of Southampton Township, Cumberland County, Pennsylvania, having first made a last will and testament dated 'T~ch 7, 1990, with said will being admitted to probate and letters ~estan-entary issued thereon to the above-named Grantor by the Pegister of Wills of Cumberland County, Pennsylvania, on May 9, -~94, and NBEREAB, at the time of death decedent died seized in fee of ~e hereinafter described real estate, and WHEREAS, Paragraph THIRD of the decedent's will, a copy of ::aich is filed with the Register of Wills, directs that the residue of the decedent's estate be divided equally between her children, -'u3ith Elaine Hale and Renneth M. Hale, Jr. The hereinafter ~~~=be3 real estate is-part of the residue of the decedent's ss~,..~s ~ . ~d ~' -- _s '-te =r-e::~ of this deed to distribute to the sa~z Gra-'%tee, as joint tena~^ts with the right of survivorship and "`'t as tenants in common, the hereinafter described real estate. NOW, THEREFpRE, WITNESSETH that the Grantor herein does hereby grant and convey in fee simple to said Grantee ALL the following described real estate lying and being situate in Southampton Township, Cumberland County, Pennsylvania, more particularly described as follows: a ""~ ~ ~!? : " ~ ~,_1~ ~__~~ ±~~~,..~~ ~:=_ _- ~_ ~:_~~ •-_; `^-e-:ce. aZorg said _ _ r _ ~.« , ~ ~ ~ v ; _ - _ ~ey ess~i+est, 7.6 perches to __~ -s= _~ -~__ ce-~erw cf said public road; thence South __-_ 4 e~^ees west, 43.8 perches to a cedar; thence by _~_ds n~} cr fcrzerly of Shippensburg Gas & Electric Co. , ';c^^ 5-3/4 degrees East, 23.3 perches to a fallen oak; -:=E_':^e by the same, North 3-1/4 degrees West, 24 perches `.c a buttonwood; thence by the same, North 18-1/4 degrees rest, 17.8 perches to a post; thence by the same, North ~,-1/2 degrees West, 45 perches to a post; thence by the sable, South 71-1/4 degrees West, 45 perches to a post; ~~e.^.^e b} t'he same, North 68-1/4 degrees West, 17.3 ~..-yes ~:. a host at line of land now or formerly of ;,ea,::~ E, :e~~r'~~ ~u~e rg sair aF3s, !:^.rth 18-1/4 =r• _-.~-~_ ^,: sate, `;cx-:~ 3y-i/4 degrees East, 44.1 -src'~es ~~ a -:hite aak; thence by lands now or formerly ~r ~e1en J. Stuart, South 48-1/4 degrees East, 70 perches tc a post; thence by the same, North 27-1/4 degrees East, 3.8 perches to a post; thence by the same, South 77 degrees East, 213.7 perches to a stone on line of land now or formerly of John L. Barnet; thence by land now or formerly of Barner, South 24-3/4 degrees West, 44.8 perches to a stone on line of lands of Elizabeth Highlands; thence South 85-1/4 degrees West, 180.2 perches to the place of beginning. CONTAINING 150 acres and 110 perches, neat measure, LESS, HOWEVER, a small tract containing 2.358 acres which was retained by Eva Wylie Polk, widow and S. Duncan Wylie, single, leaving a balance of 148.003 acres. BEING THE SAME TRACT OF REAL ESTATE which Eva Wylie Polk, widow, formerly Eva M. Wylie, and S. Duncan Wylie, single, by deed dated March 17, 1962, recorded in Cumberland County Deed Book "L", Volume 20, Page 872, conveyed to Kenneth M. Hale and Eunice J. Hale, his wife. ~e said Rer_et_': is!. Fate deed o-: :ove:.~aer 9, 1991, i,ESS, HOWEVER, 0.849 acres conveyed by Kenneth M. Hale and Eunice J. Hale, his wife, to Judith E. Hale. AND the said Grantor does covenant, promise and agree to and with said Grantee, the heirs, executors, administrators and assigns, by these presents that Grantor has not heretofore done or committed any act, matter or thing whatsoever whereby the premises hereby granted or any part thereof is, are, or shall be or may be impeached, charged, or encumbered in title, estate or otherwise howsoever. • r l~~8 PAGE ~~'~, Building Sketch Bummer atcnen IOtchen Porn 28' Half Bad living Raom Dlning Room 46' Bairoom BaM Bedroom e BMroom I6' sumq Meium~e^ Carnnents: AREA CALCULATIONS SUMMARY Code Owa1W+n pt 9Ia fiM Tehb CIJ11 Fir+t Floor 1680.0 1680.0 6i.+2 S.cond Flmr 130.0 330x 0 P/P ForeJ~ 150.0 . 150.0 LIVING AREA BREAKDOWN nr.t door 15.0 x 36.0 50.0 22.0 x X6.0 1012.0 2.0 x 6~.0 128.0 Second Floor X6.0 x 2~.0 130.0 Net ENABLE Area (rounded) 2784 4 Items (roundtad) I 2784 Form SKT.BIdSkI -'NlinTOTAC appraisal software by a la mode. inc. - i-800-ALAMDDE ,~ r Y , r vM '~~ ~e, 1 yi '_ je Tip t~ r D;: y~/w4 ~ ~.. t ~9 Custom Soil Resource Report Map Unit Legend Cumberland County, Pennsylvania (PA041) Map Unit Symbol Map Unit Name Acres in AOI Percent of AOI ^ao --- .,~,,,,,y,,,~, ,,,a,y am ~~ani, a w a percenr slopes 6.1 4.1% BdC Bedington shaly silt loam, B to 15 percent slopes 8.8 5.8°h BeC - -- Berks shaly silt loam, 8 to 15 percent slopes 0.0 0 0% BrB -_ _ Brinkerton silt loam 3 to 8 percent slopes --- 5.1 3.4% u - _ Duffield silt loam, 3 to 8 percent slopes __ _ _ _ _ _. 0.8 - -- 0.5°k d --- - - Edom silty clay loam 15 to 25 percent slopes - -- -- - - -- -. ___.. 8.5 - ----- 5.6% HaA Hagerstown silt loam 0 to 3 percent slopes __ p,p - - -- 1 4% Ha8 -- Hagerstown silt loam, 3 to 8 percent slopes 71.1 47 2°~ HcB -- - Hagerstown silt loam, rocky, 3 to 8 percent slopes - 11.9 ~ god cC __-- - _ - - _ - Hagerstown silt loam, rocky, 8 to 15 percent slopes 9.0 - - 12.6°h uA --- _ - Huntington silt loam 0 to 5 percent slopes .1 __ __ ---- 3.4°~ Me Melvin silt loam 12 0 8.0°k Subtotals for Soil Survey Area - -- _ - - __ 150.6 ---- 100.0% Totals for A-ea of Interest __ _ 150.6 _ 100.0% Franklin County, Pennsylvania (PA055) Map Unit Symbol Map Unit Name Acres in AOI Percent of AOI ~~e Subtotals for Soil Survey Area 0 0 U U% - - - -- Totals for Area of Interest 150.6 100.0% Map Unit Descriptions The map units delineated on the detailed soil maps in a soil survey represent the soils or miscellaneous areas in the survey area. The map unit descriptions, along with the maps, can be used to determine the composition and properties of a unit. A map unit delineation on a soil map represents an area dominated by one or more major kinds of soil or miscellaneous areas. A map unit is identified and named according to the taxonomic classification of the dominant soils. Within a taxonomic class there are precisely defined limits for the properties of the soils. On the landscape, however, the soils are natural phenomena, and they have the characteristic variability of all natural phenomena. Thus, the range of some observed properties may extend beyond the limits defined for a taxonomic class. Areas of soils of a single taxonomic class rarely, if ever, can be mapped without including areas of other taxonomic classes. Consequently, every map unit is made up of the soils or miscellaneous areas 10 i m ug 3 t~'a A XC C S~G~i mg~~w ~~!! 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'+ ._A4 ~ `~ ~3. d r~.:K.. ~ °k ~+~ tom. -d:. ~ .. w +~e. ` ' }~ ~"'' i '~ 1~ } "~ h ~" ' yr .. i:. ~' .:: " ' ~4'~ 47.,ts .~,lil~ t-~ . ~ „ry ti~ ii ~ ?.S^7a k t r ~.~~ ~ ~ ~R~ ~ti"~ sy ~ ~ y ' i4 4. d ~ ', ' ~ . . y ' 0. L l , .°S- • r J°_?r+ +. y . ~ ,'~°,~~. : tl' < ~i > -E~„~a ,~~ ~ y. a ' ` ,: r l ~ ~ i 7%' ~i.~ ~~ „~ ~ . . , > ~ v.tM s ~ r e ~' T . ~ ~ ~ . _ 4 !. ~ ' ti "~` r ~~~ r ;'h Fyn .N: ) .? ~~ 'Spy _ Y J k t V• ~ ~ ~ r Y ~~ r~ y .,, r ~" ,~ N ~ 5 ~ '~~ ~ '9 ~}' Fy OL p . ~ 1'°~ '~r ~ , n C k~ sy"^+T ~ Y .gyp,. ~-. v ~' ~',r w~ a U&'~a i "~' ~ 4 '~.: b ~ ~y ~~ ~ 7 . F . ~ 4 ~ i ~ . '. F r ~ ~ ~ ~ ~` ,a S'~~.. . Y 'F ~ s .. ~ Y+~`' ~ eR , v `~ $% a . *. 9 .~ Hopewell N rl ,1 \ ~ • ~.'r ~Y. l~ Y I Shippensbury ~ J/TO~wn~ship/ Snippensburp Borough ~ y\ .~ North Newton Soule Newton ~{~ ~ Southam ton p ~ ~w~~; ~~~~~~~ ,~~. -~ Township ~ , .~ , -. ~~~ /~, Zoning Map °~~~ Legend Minor RO•es - Sr•U Roed• - ropmvn O Munclp•I Baunwries - Hy6dOQ) - RWro•os - - Tu P•rcN• Zoning AplCUlbnIlGM6eN•Oen ~AC Comm•rcW-C 1:24, 000 Cammerr~wnJ•nul~cWnnp"CM hu.p. c.~m-vc 0 0.250.5 1 1.5 2 waael•nea Cc~•wvaan.ovC Miles y ~"` ~. ~ z ~ '1. Penn V ~~4=~'r \, < .,/ I `! i^0.... `. . ..i,er~" y ~ r ~ ~"'Y ~ ~, e ~ y ~,t ~u'5a r~~ ' ~ cooxe ~~' I ~ ~~ ~ ~.r . t. , Flt v~ _ i~ 1 - _. _`~,. s, ,, L.',G vd p~~~ w ti: A y~ ~~ ~~. F} i c ~` ~,s ~ 7 r ..i", ~ \ ' )" - ~ r .... ~.. %~~ r ~i . ~. ~~~'- / ~ ir. ro- t~ ~ `\ % ,• ` ~ ~~_ -= ;_ ~~. ~ ,y ;. ~~ 1 `J y t ii~.~_. \ ~I .. ~. i Ma•MW wnew4M GOUnp W e•p•mNr 20g6 R•vrA'. Jdy 20.16 O NTY Di. As•••R ~nrvpieur u.wtMMlbcuur.ln~nl. r. veq Opp,n~•epersnu4..nr~4Mk~A~,Rs~vpvp~ Icy m~p.m~q~,vu 'ryunR~CU,AyIr{P~nlr~Ne.m Wm~.~ux~~nglti,n., vv~.nsxni el .n~e.eariw, ~~..._Mr,~l,•u Y^11Nnes~ rnww~inn~.~n..~iYe` w u.,wvaaw~.° s .n....~u,... ~m.on:+~s ~w~'.~""..~~:ICw.n.a an.u•.,.ebv,..,o..., r,..,.w,.a. o.,.....w,......,..~,....,....~.. ARTICLE 4. AGRICULTURAL'DISTRICT 4.01 Purpose The Agricultural District includes areas of prime agricultural soils, active farms, and other predominately agricultural uses. These regulations are designed to help protect and stabilize the chazacteristics associated with productive agriculture, and to permit, with exceptions, those uses and activities which are agricultural in nature, while allowing limited residential activity. The Agricultural District encourages the preservation of the Township's most productive farmland; encourages farm and related uses of the type that do not create infrastructure demands; and discourages large scale residential development and other incompatible land uses. ]n an Agricultural District the regulations set forth in this article and referenced by this article shall apply. 4.02 Permitted Uses In an Agricultural District, no structure or land shall be used, and no structure shall be erected which is arranged, intended or designed to be used for other than one or more of the following uses. A. General and specialized farms, including the raising, keeping and breeding of livestock for gain (including cattle, hogs, horses, ponies, cows, sheep and similar livestock) in accordance with Section 4.07 of this Ordinance. B. Crop and tree farming, pasturing, truck gardening, horticulture, greenhouses, nurseries, aviaries (keeping of birds), hatcheries, apiaries (keeping of bees) and similaz enterprises. C, Raising and keeping of poultry, rabbits, goats and similar animals. D. Single family detached dwellings. E. Public conservation areas and structures for the conservation of open space, water, soil, forest and wildlife resources. F. Public park and recreation areas, forest reserves, camps, game refuges and similar non-intensive public uses. G. Public or private schools and municipal buildings and other municipal uses. SOUTHAMPTON TOWNSHIP ZONING OTtDINANCE PAGE 4-I ARTICLE 4. AGRICUL'T'URAL DISTRICT H. Essential Services - as defined by this ordinance. Y. Places of Worship and Cemeteries J. Veterinarians and Animal Hospitals K. Accessory Apartment (13.18) L. Home Occupations (13.17) M. Forestry and Lumber Mills 4.03 Accessory Uses The following customary accessory uses and buildings incidental to any permitted uses shall be permitted: A. tJses and structures which are customarily associated with the permitted uses such as storage buildings, outdoor storage areas, yards, gardens, play areas and parking areas, including private garages. B. T'he keeping of a reasonable number of customary household pets or domestic animals but excluding the commercial breeding of same. All such household pets or domestic animals shall not be penned or housed in areas which are closer to the residence of an adjoining property than the applicable minimum yard requirements of the lot. C. Roadside stands not exceeding two hi:uidred (200) square feet for the sale of edible produce grown on the premises when located not less than twenty (20) feet from the right-of--way of any street or highway. D. Signs, as provided in Article 13 of this ordinance. 4.04 Conditional Uses The following uses and activities may be permitted by Conditional Use upon approval of the Board of Supervisors after a public hearing and recommendation by the Planning Agency. Uses by Conditional Use shall be subject to the requirements specified in Article 11 and elsewhere in this ordinance. A. Uses which, in the opinion of the Board of Supervisors, are of the same general character as those listed as permitted uses and which will not be detrimental to the intended purposes of this district. PAGE 4-2 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE ARTICLE .7, VR, VILLAGE'CENTER DISTRICT 7.01 Purpose The Village Center District is intended to provide a variety of housing opportunities, along with a mix of service oriented and limited retail uses, in areas where public utilities are, or could be extended. It is designed to encourage more dense development relative to other zoiung districts within this ordinance, and provide for retail and service facilities which primarily serve the needs of the immediate surrounding neighborhood. In a Village Center District the regulations set forth in this article and referenced by this article shall apply. 7.02 Permitted Uses In a Village Residential District, no shucture or land shall be used, and no structure shall be erected which is arranged, intended or designed to be used for other than one or more of the following uses. A. Single-family Detached Dwellings. B. Semi-Detached Dwellings (duplex). C. Attached Dwellings (townhouses j. D. Multiple Family Dwellings (apartments). E. Places of Worship. F. Day Care Centers. G. Boarding HouseslBed and Breakfast. H. Professional Offices. I. Financiallnstitutions. J. Retirement Housing. K. Home Occupations. L. Accessory Apartment. PAGE 7-1 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE ARTICLE 7. VILLAGE CENTER llIS1'RICT M. Public or Private Schools and Municipal Buildings and other Municipal lJses. 7.03 Accessory Uses The following customary accessory uses and buildings incidental to any permitted uses shall be permitted: A. IJses and structures which are customarily associated with the permitted uses such as storage buildings, outdoor storage areas, yards, gardens, play areas and parking areas, including private garages. B. Garden House, tool house, playhouse, wading pool or swimming pool incidental to the residential use of the premises and not operated for gain. C. The keeping of a reasonable number of customary household pets or domestic animals but excluding the commercial breeding or keeping of same. All such household pets or domestic animals shall not be penned or housed within the applicable minimum yard requirements of any lot. Commercial kennels shall not be permitted. D. All storage accessory to any permitted principal use, other than off=street parking and loading, or trailer, boat, mobile home and agricultural storage shall be carried on in completely enclosed buildings. E. Signs, as provided in Article 13 of this ordinance. ?.04 Conditional Uses The following uses and activities may be permitted by Conditional Use upon approval of the Board of Supervisors after a public hearing and recommendation by the Planning Agency. Uses by Conditional Use shall be subject to the requirements specified in Article 11 and elsewhere in this ordinance. A. Uses which, in the opinion of the Board of Supervisors, are of the same general character as those listed as permitted uses and which will not be detrimental to the intended purposes of this district. PAGE 7-2 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE wl........,. o.n.. Oeel [el~le Inn FIRREA / USPAP ADDENDUM Client Estate of Judith E. Hale Rle No. Pro Address 25 Hale Rd Ci Shi ensbur Coun Cumberland State PA li Code 17257-8618 Dwner Kenneth M. Hale Jr d Judith E. Hale Pu e Estimate the market value of the suh~ed ro rt for the estate settlement of Judth E. Hale as of Ma 13 2011. sc of work An intedor and exterior ins edion of the sub~ed ro art was made. A com fete review or the rte hborhood arM market corxiilions was com feted. Within the a sisal the a raiser utilized one a roach to value. The costa roach was rot deveb d due to the a and condition of the im rovements. The sales com arison a roach was dove ed and is considered to be the best a roach a licatale as a reilads current market conditions. The income a roach was considered however was not utilized in this a sisal due to the lack of data rteccessa to deveb a cretlible income a roach. The a raiser utilized current Cumberand count courthouse transfers and MLS data to establish cumenl market bends. The a raiser a ended search aramelers into nei hborin Franklin Count . Itrtanded Use / Intended User rn ed The intended use of this a sisal re ort is for the estate settlement of Judith E. Hale es of Ma 13 207 t. Intended Users : The intended user is also the client the Estate of Judith E. Hale. W of Cunent 65tl irdtxmaeon: Accordi to the MLS the sub'ed ro art is not current listed for sale. thi r a ~ Suti act ro art has not trenstemed within the revious three ars. Accordi to the Cumberland Coun Courthouse the most recent recorded transfer was on Jul 11 1994 in a tamil transfer of St. This lrensaction was recorded in Cumberland Count Deed Book Volume 108 P 540. ure TMte / Marketl Time Based on current market irerxrs the estimated marketin time is six to twelve months. Recent) there have been sales of a ricunural farms in ublic audions. Personal non-re Taansters None. Additional Ctammorrts See attached re rt. CordficaHon Su bmeltt 1. This appaisal assignment was not based on a requested minimum valuation, a specific valuation, or an aDDraval of a ban. 2, My canpensation is not canUngefa upon the repoRirq of a predetermined vaWe a diredron in value that favors the cause of die client, the amourn of the value estimate, the attainment of a stipubte0 resup or the occurrence of a subsequent event. i i~ i ~ /~. ~. ;'.' " / ~ ~1 Supervisory G Appraiser. ant T. he f, ~ AppraiSer~ barman Signed Oate. 07/22/2011 Sgred Date: 212017 CeNfication or License #: GA003829 Cerfilication m License #: GA000149L Certification or License State, PA Expires. 6130/2013 CertdicaagrJ or License State: PA Expires: 6/3 012 01 3 Effective Date of Appraisal: 05/13/2011 Inspection el Subject: ^ Did Not ^ Exterior Only ®Imedor and Exledor Form FUA LG2-'WinTOTAL• appraisal software by a la made, inc. -1.80t}ALAMODE MULTI-PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Auslrerman Bras. Real Estate Inc Client Estate of Judith E. Hale Pro Address 25 Hale Rtl Cd Shi ensDu Coun Cumberland State PA L Code 17257-8618 Pwner Kenneth M. Hale Jr & Judith E. Hale Ttda Mutti•Purpose Supplemental AddeMum for Federely Related Transactions was designed to provide the appraiser wdh a conveniem way to comply with the current appraisal standards and requirertieMS o1 the Federal Deposit Insurance Corporagan (FDIC), the Office bl the Comptrdler of Cumer~y (OCC), The Orrice of Thdft Supervision (OTS), the Resolution Tmst Carporatlon (RTC), and the Federal Reserve. This Multl-Purpose Sopplamsnhl Addendum b Mr use with anp appralaal. OnIT tlrosa statemeata which haw been checked bF tM appraiser apply to tha property beln~ appraised. PURP08E E FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the aDPreisal is to assist the above-famed Lender in evaluating the subject property for lending purposes. TNs is a Federaly reWled transaction. EXTENT OF APPRAISAL PROCESS g Tfw appraisal is based on dw information gathered by the appraiser from public recoMs, other ideMdied sources, inspection of the Subject property and ra,+ghborlwod, and selection of comparable sales witNn da subject market area. The original source ai the comparables is shown in dre Data Source section of the market gn0 abrg whh fhe source of confimralbn, if available. The original source is presented first. The sources and data are considered rekable. When conflicting information was provided, the source deemed most reliable has been used. Oata believed to be unrekable was no! included In the report nor USed a5 a baSIS 10f the value COIICIUSIOn. ^ The Reproduction Cost is based on supplemented by the appraiser's knowledge of the bcal market. ^ Ptrysical depreciation is based on the estimated egective age of the subject property. functional anNor edema) depreciation, H present, is specdicaly addressed in dle apDaisal repon or other addenda. In estimating tlv: site value, the appraiser has retied on personal knowledge bf the local market TNs knowledge is based on pdor andlar current analysis ai she sales anNa abstraction of site values from sales of improved progenies. ~~ The subject property is located in an area of pdmadyowner-occupied single family residences and dre Income Approach is rwt considered to be meaningful. For this reason, the Income Approach was not used, ^ The Estimated Market Rem and Gross Rem Mudiplier utilized in the Income Approach are based on the appraiser's knowledge al the subject market area. The rental krowledge is based on poor andrar current renal rate surveys of residemial propeNes. The Gross Rent Multiplier is based on poor andrar current analysis bt prices and marled rates for residential prbperies. ^ For income producing properties, actual rents, vacancies and ezpenses lave been reported and anayzed. They have been used to project lubre rents, vacancies aM expenses. ~ SUBJECT PROPERTY OFFERING INFORMATION According to area multi-list service the subject property: g~ ant peen offered tar sale in the past 30 days. ^ is come offered far sale tar S ^ was offered for sale whhin da past 3o days for S ^ Otfenrg information was coniidered in the heal recanciladon elf value. ^ Offering information was not considered in the final reconciFation of value. ^ Ofledng information was riot available. The reasons far unavailabiNty and the steps taken by the appraiser are expWined tutu in iNs addendum SALES HISTORY OF SUB.IECT PROPERTY According to Cumberland County courthouse recoMs the subject property: has not transferred in iM past twelve momhs. ®has rat transferred in the past lhirty3ix months. ^ has traiaterred in the past twelve months. ^ has transferred in the past ttirtysiz months. ^ A7 poor sales which have occurred in the past twelve months are listed habw and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Prlee Deeument N Seller buFer ® FEMA FLOOD HAZARD DATA ® Subject property is not bcated in a FEMA Special Fbod Hazard Area, ^ Subject property is located in a FEMA Special flood Hazard Area. Zone FEMA MaManel N Map Data blame M Cemmualry X 42041 C0333E 3116/2009 Southam ton Townshi ^ The community goes rim panicioate in ells National Fbotl Insurance Program. ® The community dda5 oanicioate in the National Food Insurance Program. ® his covered by a [agWa[ program. ^ his covered by an em¢[De6CY program. Page 1 of 2 Form MPA -'W nTOTAL' appraisal software Dy a la mode, inc. - i-R00-ALAMODE ® CURRENT SALES CONTRACT ~yl The subject ProDertY is currentM rat under coriract. ^ The contract and/or escrow insimctiora were rat available for review. The unavailability of the cdmract is e~lained later In the addenda section. ^ The conbact and/or escrow instructions were reviewed. The following surrxnadzes the contract: Contract Date AmerMment Date Contract Price aaller Kenneth M. Hale Jr & Judith E. Hale ^ Tfle conract indicated that personal property was rat incuded in the sale. ^ The contract indicated that personal property was included, h consisted of Estimated contributory value is S ^ Personal property was not included in the final value estimate. ^ Personal property was included in tliE final value esdmalE. ^ The contract indirated no firencino cdricessidns or other incentives. ^ The contract indicated the Idllowbo coneessians or incentives: ^ It concessions ar incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, ii applicable, so that the liml value conclusion is in compliance with the Market Value defined herein. ~' MARKET OVERVIEW NcbManexplarutbnolcummlmadtetclaMCbroentltnmMs. 6-t2 months is considered a reasonable marketing perbd for the subject property based on statistics obtained from area multi-list and deed transfers several of the recent farm sales have been public aucl"ion sales QI ADDITIONAL CERTIFICATION The Appraiser certifies aM agrees that: (1) The anayses, opinions and conclusions were devddped, and tMs report was prepared, in confamiry with the Unilomi Standards dl Professional Appraisal Practice ('USPA('), except that the Departure Rovislon o1 the USPAP does not appy. (2) Their compensation is not conlingetC upon the reporting of predetermined value or directlon in value Nat favors the cause of tM client the amount of the value estimate, Cie attainment of a stipulated resuC, or the occiarerxe al a subsequent event. (3) This appraisal assignment was not based an a requested minimum valuation, a specific valuation, or the approval 01 a loan. ~' AODRIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on Cie assumptbn that the property is not negativey alfecled by the existence of hazardous substances or deMmental ernironmental coMrtions udess otherwise stated in Nis reDOd. The appraiser is not an expert in the benlRCation of hazardous substances or detrimental emironmemal condigons. The appraiser's routine inspection of and inquiries about the subject propeM did not devebp any inlormabon that indicated any appareri significant hazardous substances or delnm&ital ernironmemal coMAions which woub afect the property negaavety uMess otherwise stated a Nis report. q is possible that tests and bspections made by a quailied hazardous substance and emiranmemal expert woub reveal Ne existence of hazardous subsances a detrmemal envirdnmemal coniitons an or around the propery Cwt would negativety affect its value. ^ ADDITIONAL COMMENTS Q' APPRAISER'S 81GNATURE 8 LICENSE/CERTIFICATION Appraiser'sSignatw ~z../tuc ~ ~!Ar '"~„ EflectiveDate 05n3f2o11 DateRepared 07y22i2011 Appraiser's Name (print) Grant T. Ausherman Plane # t'17 1 264.6715 State PA ^ License ~I Cergfication # GA003829 Tax ID # 25-1552766 ~' CO-SIGNING APPRAISER'S CERTIFICATION ~''~ The co-signing appraiser has hersnnaev insoeaRM the subject property, bdN inside and out, and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of Ne co-signing appraiser. The co-signing appraiser accepts responsibility for Ne convents of the report including the value conclusions and the limiting conditions, and confirms that Cie certCications apply tufty to the co-signing appreisa. ^ The co-signing appraiser has ndtyersona inspected tM imedor of the subject property and: ^ has rat irusoected the exterior of the subject property and all comparable sales listed in the report. ^ has inspected the eberiar df the subject property and all comparable sales listed in the report. ^ The rei'rat was prepared try ma appraiser under drect supeniaidn al as co-signing appraiser. The co-signing appraiser acceptor reaponsihiliry to tAe convents of the report, including Ne value concbsidns and the limiting condhbns, and coMirms Nat the certifications apply tufty to the co-signing appraiser wiN the exception of the certdica[ion regarding physical inspecfions. The above describes the level pf irspeclbn perfpnnetl by Cie cp-sigrdng appraiser. _ [~ The co-signing aDPraiser's level of inspecbon, invo -m lCe appraisal Dmcess and ceRitication are covered elsewhere in the addenda section of Nis appraisal. ~I CO-SIGNING IS SIG TORE & LICENSE/CERTIFICATION .:~ Co-Signing !. Appraiser's Si lure Edeceve Date 05/13/2011 Date kepared 07/2212011 Co-Signrg rat 's~ a Drin Tim L. Ausherman Plane # p17 ) 264-6715 State PA '~~ /. ^ License ~I CeNlicagon # GA000149L Tax ID # 25-1552788 Page 2 012 Form MPA -'WinTOTAL` appraisal software by a la mode, inc. - 1.80aALAMODE DEFINITION OF MARKET VAWE: The most prbbaDle price which a property sroub bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and sealer, each acting prudemty, knowledgeably and assuming the price is not attecled by undue sdmuks. Implcit in this delinhion is the consummation al a sale as of a specdied date and the passing of tAle from seller to buyer under condibons whereby; (1) buyer and seler are rypicalty motivated; (2) both parties are web iAormed or well advised, and each acting in what he considers Ns own best interest; (3) a reasonable tlme is albwed tar exposure in tlne open marker (4) paymem is made in terms of cash in U.S. dollers a in terms of financial arrangements comparable thereto; and (5) tla price represents de normal consideration for the properly sold unaffected by special or creatve financing or sales concessidre• granted by anyone associated with the sale. ' Adjustments to the comparabks must be made for special or creative financing ar sales concessions. No adjustments are necessary for those costs which are normaNy paid by sellers as a resud of tradition or kw in a market area; these costs are readiry ideMifiabk since the seller pays these costs in virtually all sales tranaclians. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a Ihird party instiWtiorol lender that is not akeady invaNed in the property or transaction. Any adjustmem shoed mt be cakukted on a mechanical dogar for dbNar cast of the financing or concession but Ne dolkr amount of any adjustment should approximate the market's reaction td the financing or concessions Dosed on the appraiser's judgemem. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMRING CONDITIONS: The appraiser's certification that appears in the appraisal repon is subject to the lolbwing conditions: t. The appraiser will not be responsible far matters of a legal nature that affect either tle property being appraised or the title to il. The appraiser assumes that the tide is goad and marketable and. therefore, will not renter arty opinion about the tide. The proDeM is appraised on the basis of n being under responsible ownership. 2. The aDOmiser has provided a sketch in the aDDraisal repon to slaw aDProximate dimension of the improvements and the sketch is included only tc assist the reatler of the report in visualizing the properly and understanding the appraiser's determination of as size. 3. The appraiser nos examined the available fbod maps that are provided by the Federal Emergency Management Agency (or other data sources) and has nosed in the appraisal repon whettxx the subject ske is baled in an identified Special Food Hazartl Area. Because the appraiser is not a surveyor he or she makes ra guarantees. express dr implied, regartling tots dekrmination 4. The appraiser wit not give testimony or appear in court because he or she made an appraisal of the property in question. unless specific arrangements to do so have been made beforehand. 5. The appraiser has estlmated the value of the lend in the cost approach at its highest and best use and de improvemems at their conMbmory value. These separate valuations of the land all improvements must not be used in conjunction with any other appraisal and are invalid it they are sc used. 6. The appraiser has noted in the appraisal report any adverse contlilion (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that lie or she became aware m during the romal research imoNed in penorming the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no krowledge dl arty Ndden a urepparent conditions of the property or adverse emironmemal conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make me property more or less valuable, and has assumed that there are no such coMition and makes nc guarantees or warramies, express ar impled, regarding de condition of the property. TM appraiser wia not be msponsibk far any such condNons that rid edst or for any enginetxirg or testing that might be required tc discover whetter such conditions exist. Because the aDDreiser is rat an expert in the IieW of ernironmenlal hazards, de appraisal repon must not be conidered as an emirormental assessment df the properly. 1. The appraiser obtained de inlonna[ioq estimates, and opinions that were expressed in the appraisal repon from sources that he or she coniders td be reliable and believes them to be the all correct. The appraiser does riot assume responibitity for de accuracy of such hems That were furnished by other parties. 8. The aDPreiser will not disclose the conlems of die appraisal repon except as provided far in de Uniform Standards df Professional Appraisal Practice. 9. The appraiser has based his or her appraisal repon and valuation concksion for an appraisal that is subject to satisfactory completlan, repairs, or aherations on die assumptbn that completion of the improvemems will be pedanned in a workmaNike manner. 10. The appraiser must provide Ms or her poor wnden consent before the lendedctiem specified in the appraisal report can distribute the appraisal repon (including conclusion about the property value, the appraiser's identity and Drofesslonal designation, and references m any professional appraisal orgaNzation dr the firm wiN wAich the appraiser is associated) to anyone Oder than the borrows; the mortgagee or its successors and assign; the nartgage tourer; consukants; professional appraisal organ¢ation; any state or federally approved financial instiWtion; or any depanmem, agency, or instmmemaety d the Untied States or any state or the District of Columbia; except Ihat the lender/cliem may distribute the property description section of Me reprt ady to data coaecticn or reporting service(s) without having td obtain the appraiser's prior written cosenl. The appraiser's written conent and approval must also be obtained before the appraisal can be conveyed by anyone to the public mrough advertising, public relations, news, sales, or other media. Freddie Mac Porn 439 6.93 Page 1 of 2 Fannie Mae form 19048 &93 Ausherman Bros. Real Estate Inc. Porn ACR -'WinTOTAL' appraisal software by a la mode, inc. - t-800-ALAMDDE APPRAISER'S CERTIFICATION: The Appraiser certities and agrees that t. 1 have researctred the subject market area and have selected a minimum of throe recent sales ar properties most similar and proximate to the sublect progeny far consideration in the sales runparison areysls and have made a dotlar adjustment when aDDropriate to rellecl the market reaction to those items of sgdticam variation. p a significam nem in a comparable property is superior to, or nave favaable than, the subject property, I have made a negative adjustmerd to reduce the adjusted sales price at tlw comparable and, II a significant ttem In a conganbk property is interior to, or less favorable than the sublet! properly, I have made a positive adjustmem to increase the adjusted sales price of die comparable. 2. I have taken into corrsideradon the factors mat have an impact on value in my development of the esdmate of market value in the appraisal report. I have not krowingty withheld any significam irdwmation from tlne appraisal report and I bepeve, tc the bast of my knowledge, shat all statements and information in dw aDPraisal reparl are true and coned. 3. I stated in the appraisal report Doty my own personal, unbiased, and professional analysis, opinions, and conclusions, wtich are subject ody to the contingent and limiting condkions sDecgied in this form. 4. I f~ave ro present or prospective interest in the proDeny mat is the subject to tots report, aM I have ro present or prospective personal interest ar bias wnh respect b the panicipams in the Transaction. I did not base, either partiapy or completely, my anatysis anNa [he estimate of market vabe b the appraisal vegan on the race, cobr, repgion, sex, haMicap, familial status, or national origin of either the prospective owners or occupants of the subject property w of Vre present owners or occupans of the properties in the vicinity of the sublect property. 5. I have ro present or contempbted fuNre interest in the subject property, orb rwidier my currem or tuWre employment nor my compensa6bn for penortring ttis appraisal is condngeM on the aDDreised vabe of the DroDeny, 6. I was rat required to report a predetermined value w direction b value mat favors the cause of die ckent or any reWled parry, me amoum of the value estimate, the attaircnert of a specific result, or die occurrence or a subsequent event in order to receive my compensation ariNor empbyment for performing the appraisal. I did oat base the aDDraisal report on a requested minimum valuation, a spectlic valuation, or me need to approve a specdic mortgage ban. 7. I penomied mis appraisal in commrmiry wim the Udtorm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards fioartl o1 Tne Appraisal FouMa6mn and that were in place as of the eNective date of this appraisal, wim the exception o1 the departure provision of those Standards, which does not apply. I ackrowledge tlrat an estimate of a reasonable dme for exposure in the open market is a coMibon in the definidon of market value antl me estimate I devebped is corwistent wim me marketirq time rimed in me neigtbmdiood section of dis report. unless I have omerwise stated in the reconciliation section. 6. I have parsonapy irxpecte0 the interior and exterior areas of the sWject property and the ederior of aN progenies ksted as comparables in de appraisal report. I former certlry mat I bane rated any aDDarem w known adverse conditions in the subject improvements, on the subject site, or on any site widin the immediate vicinity of the subject property of which I am aware and have made adjuslmems br mese adverse conditions in my areysis mf the progeny value to the edem that 1 hatl market evlderoe tc support them I have also commented about me eflecl of the adverse conditions on me marketability of tlce subject property. 9. I pwsonapy prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. p I relied on significant prmtessionaf assistance Tram any iMivdual or individuals in tM pedormarae of me appraisal or die preparation of the appraisal reDOn, I have mmetl such iMividualjs) and discbsed the sDecdic tasks pertomred by them in the reconciaatan section of INS appraisal report I certity that any individual so named is qualified tc perlortn dw Usks. I have not audarized anyone to make a change tc arty hem in me repoR merelore. it an unautlarized charge is made to tlw appraisal vegan, I wig take ro responsibility for a. SUPERVISORY APPRAISER'S CERTIFICATION: h a supervisory appraiser signed ttw appraisal report, rte or she certifies and agrees that: I directty supervise the appraiser who prepared the appraisal report have reviewed the appraisal report, agree with the statements and corobsions of die appraiser, agree to be bouts by the appraiser's certpkatians numbered 4 through 7 above, and am taking top responsibility for the appraisal and the aDDraisa~ ADDRESS OF PROPERTY APPRAISED: APPRAIS{E/!qJ//A` ~ _~~v Signaure: .~Llfi"L/I I.I.L~.N.~ ~~'f'~ Name, Granr T. Ausherman Date Signed: 07!22/201 ~ State Certificadon #: GA003829 or Sute License #~. State: PA Expirabon Date of CerMicaaon or License: 6 /3 012 0 1 3 Signature: Name: T Date Sl~ w Stat~Lideose #: State: PA If required: Ezpiration Date of Certification or Llcense: 6/3 012 0 1 3 ~ Did ^ Did Nat Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6.93 Fam ACR - `WinTOTAC appraisal sohware by a la made, inc. - 1-800-ALAMODE ~~,,~~$erving qll of rranAlm County P¢nnsybama $mce 1975 ~ ` -~~-~ ~J PA Certilied and Licensetl Reel -- ~~~~" ~~~'A'r~ ,~~'• Estate Appraisers aEAtrolr 229 fV. 2nd StreeQ c Chambersburg, PA 17201-1641 717-264-6715 =~ FAXq 717-264-4873 Federal Tax M25 - 1552788 Qualifications of Grant T Ausherman Grant T. Ausherman has been involved in the real estate appraising profession since 2001. He became an assistant to a Certified General Real Estate Appraiser in August of 2005. He obtained his Pennsylvania State General Real Estate Appraiser Certification in August of 2010. The following represents a partial list of the clients serviced by Nfr. Ausherman: d First National Bank of Mercersburg Orrstown Bank E Community State Bank of Orbisonia Patriot Federal Credit Union M & T Bank a Graystone Tower Bank F & M Trust Co. F Corning Federal Credit Union Franklin County Teachers Credit Union F United States Department of Agriculture, Rural Development e Attorneys Private Appraisal Clients Earned Desiiznations Certified General Real Estate Appraiser, Licensetl GA003829 (August 2010) Professional Affiliations ~ Member of the Appraisal Institute Education Duquesne University (Graduated May 2007) 0 Bachelors of Science in Business Administration a Concentration in Economics Graduated Magna Cum Laude Appraisal Education Courses 15 hour USPAP (Summer 2005) F 30 hour Basic Appraisal Principles through the Appraisal Institute (Summer 2005) F 30 hour Basic Appraisal Procedures through the Appraisal Institute (Summer 2005) 15 hour Finance, Statistics, and Valuation Modeling through the Appraisal Institute (Summer 2007) r 15 hour Residential Site Valuation and Cost Approach through the Appraisal Institute (September 2007) 15 hour Residential Market Analysis and Highest & Best Use through the Appraisal Institute (October 2007) 30 hour General Appraiser Income Capitalization Part I through the Appraisal Institute (October 2007) s 30 hour General Appraiser Sales Comparison Approach through the Appraisal Institute (November 2007) e 30 hour General Appraiser Income Capitalization Part II through the Appraisal Institute (October 2008) 4 7 hour Ethics Course through the Appraisal Institute (October 2009) 30 hour General Appraiser Report Writing and Case Studies through the Appraisal Institute (November 2009) 15 hour USPAP through the Appraisal Institute (February 2010) I ~/'7/'/J~Se(rv(in~g ~A/'U/7!Franliin Co~un^t}y/Pe7nn)s'y}lvan~p 5~n/t/etj1~j99{5-'~ [~ ~~~ DEAL ESTATE 1f~G. RE.n~TOa` 229 f9. 2nd Street ~ Chambersburg, PA 17201-1641 717-264-6715 r FAX# 717-264-4973 Federal Tax #25 - 1552788 4LJl~.LIFIC~i.T'IQHS GF TIli~I L.. A.LISFIER)dIAN Tim L Ausherman has been engaged in the general real estate practice since 1970. He is experienced in the sale, management, and appraisal of real estate. He obtained his Pennsylvania State General Real Estate Appraiser Certification in 1991. The following represents a partial list of appraisal clients serviced by Mr. Ausherman. - First National Bank of Greencastle - A4&T Bank - Orrstown Bank - Lenders Service, Inc. - F & M Trust Co - Associates Relocation - Patriot Federal Credit Union -Corning Credit Union - Attorneys - GreenLink - TransUnion - GAC - National Real Estate Information Services - Valuelt - United States Dept. of Agriculture, Rural Development - Franklin County Teachers Credit Union - FHA Certified Fee Appraiser (Certification #2210) EARI~EII BESIGNATIOIeS G R.1. -Graduate of Pennsylvania Realtors Institute, 1972 C.R S -Certified Residential Specialist, 1979 G A.A -General Accredited Appraiser, National Association of Realtors, 1995 PROFESSIQI~AL A.FFILI,~TIQNS Member of Realtors Marketing Institute Member of National and State Association oI~ Realtors Member of Franklin County Board of Realtors Pennsylvania Broker License No. RM-026544-B Pennsylvania General Appraiser Certification #tGA-OOOl49I_ Past President of Franklin County Board of Realtors Senior Member of National Association of Review Appraisers Past President of Greater Chambersburg Area Multi-List Association Member of Pennsylvania Council of Real Estate Appraisers Member of National Association of Realtors, Real Estate Appraisal Section Member American Guild of Appraisers PA Certilied and Licensed Real Estate Appraisers ED UCrt.'FI(3R',4,L GQURSES Commercial Appraisal Course, Lincoln Graduate Center, November 1988 Advanced Real Estate Appraisals, Rea] Estate Institute, December ] 988 Applied Residential Property Valuation, Course 102, Society of Real Estate Appraisers, Spartansburg, SC, March 6-13, 1989 I~ Marshall Swift Calculation Seminar for Commercial Properties, Philadelphia, PA, 4/17/89 Market Extraction Seminar, Society of Real Estate Appraisers, Harrisburg, PA, 5/18/90 Small Residential ]ncome Property Report Seminar, Fannie Mae 1025 by Henry Harrison, Rockville, MD, June 26, ] 990 Appraisal of Residential Property, Institute of Real Estate Studies, New Cumberland, PA February 1991 Condemnation Appraising, National Association of ]ndependent Fee Appraisers, Cumberland, )\~LD April 24-25, 1992 PHN Homequity Seminar, Atlantic City, NJ, 3une 1992 Principles of Farm, Ranch, & Rural Appraisal Course 3.1, Millville, NJ. October 28-31, 1992 Advanced Farm, Ranch & Rural Appraising, Millville, NJ, February ] 0- ] 3, 1993 Practical Overview of Evaluations and Other Limited Scope Assignments, Nelson-}pummel Seminars, May 10, 1994 Subdivision Analysis, Appraisal Institute, Harrisburg, PA September 16, 1994 Valuation of Landscape, Improvements, "timberland, and Orchards, NAIFA, Cumberland, MD, May 19-2U; ] 995 Fair Housing and License Law, Fennsylvania State University, September 13, 1995 Residential Appraiser Review Course, Real Estate School of fork, PA April 4, 1996 A Closer Look at Home Construction, Harrisburg Realtors Institute, April 17, ] 998 Concepts, Terminology, & Techniques: An Overview of the Appraisal Process. NAIFA, Allentown, PA January 29-30, 1999 Basic Residential HUD Appraisal Requirements, NAIFA, September 9, ] 999 U.S. Dept of Housing and Urban Development Appraiser Examination, Sept. 15, l 999 NAIFA Tri-State Conference, April 6, 2000 PA State Mandated Course, McKissock Data Systems, January 15, 2001 Current Issues in Appraising. McKissock Data Systems, April 22, 2001 The Appraiser as Expert Witness, McKissock Data Systems, February 25, 2002 Second Annual Eastern Reg Conference, American Guild of Appraisers, 7 5 hrs, ] 0/24/02 Real Estate Damages: Assessment & Testimony, McK.issock Data Systems. 12/8/02 Formfilling Essentials, NAIFA, 2/22/03 Taking A Closer Look at Home Construction, Harrisburg Realtors Institute, 5/10/04 Fannie Mae Update, NAIFA, 8/18/04 Small Income Property Appraisals, NAIFA, 8/] 8/04 National USPAP Update, American Guild of Appraisers, 10/13/04 and 10/19/05 American Guild of Appraisers, 4't' Annual Conference Recertification, 10/19/2005 FHA Issues, Appraisal ]nsiitute, 3/15/2006 PA State Mandated Law, McKissock Bata Systems, 2/14/2007 CARL L. SPIDEL BUY * SELL * APPRAISE COINS AND OLD BOOKS 1423 Brechbit! Rd. Chatnbersburg, PA. 17201 Ph. 717-263-4257 ANA r113213 Address/a c%~'7 ~L~I~.L1 N~,;~IL Cite-e.7ur-~-a.=cc•=1-3~S~~~P / ~~ 1 R~PP2RI 5RL ~o. ~ t-~a~ ~~~~ 8a ~ ~ - ~a d i i!G. ~ .a t ,~ • ~ ~ 0~2 `T'U = ~ a M+r ~/r~ .. st .. , o a ~ ~ 7,00 S - J b~. 0 D ~ , ~ ~ Z 2 ~ ,tl V - `~ i F~ ~ ~ ~e,00 ~ c ~ r ~ . , r ~~ ` , v ~ 1 ~ I w o V ? ~ L i~d , a v l ~ !~'~ $ ~ Q -- ,v~ A~+l~ h'~. ~ ~ a ~ ~ .d d Q - ~, Sk o 8 9'd`~I - tv~' ~ n o lz! ~~ ~ Q ~ 'n.. ` z. ~ 7 0 . o 0 / /- ~~ /~.~i ~ ~lv . 6 0 '$~s~- P Scu ~ s- b, l4 - ~ ,E ' L ~` aw ~ b, D o ~ ~ ~ cusu~ ': S b L.L~ ~~ o • if 0 /^~ r ' j ti h • -- ------- ~-~ . _Q Q E-_93y'-s __ (~~~'c~-~ D~c'1-~i!2_._rw__h~6:.At?'tr - ----- _____._ - . ~~~ y ~ ~ o_ ___ _.__ >` _ _ __. ^ ~ = 7T3 ~4D~ "' P u a 2-- _ __----tea *-~-~ -- - - ~. ; ~~ -5_~_.--__A~~t~ ------ -._- ____ _- ~/- 2orc _(~,~.o etiiw) ~~6~l~c ~It.=~-4 __ _T~,c,~ W1t~9P~'~ _ _ ---_--~ ~ 5 ~~. - 7 a. o_~ ¢ ----- _ _ ---- -1 __l~tlz~~~ ~ k,o a '~ C~ n a A!~-- _ _ _ _~~~ ~,~~ ~~ ~~ ~~:~~ __ y!, n • r ~ - l_~i -__-- __--_._. ~__~csz _1Z _on~~ __--- / ,~D D 1.5~9~' ~~.~--~=-00-° -------- 6 0, 6 c wt.. 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D ,_.__~~ ..w-------------------- _ ---------- -- _-------------~ a ------. --- _ ____.._ ___.__ -_~-_- -- 3 • ~ s0 ~ ._~_ ------------ ------- ---~ ~~~ r~_~. 2~n; ~~i< e ~tL~`-' - • 8 ba ~~_~ N ~~ t' _ / ~ /-,l__14s73~ F{~1 /v-~-y/`~ //M) ~~"+I .. y ~~~ Ki96Y ~~ i.t. ~ I c!'Z'~3 3 _ ~~o .~ a, C ~5 ,~ d, c Es~~c~ ~ ~ j~ A,=Tt~ K . ~tAc~ .,, ~! q2.~ 7~atr~ 6~_-.-~1 --------_-- . _.__ 3.So~_ - .. - - ,~y,o~ ~+I•a I~ _ ~~n7. ~-1'2~-3- -- - - ------- _ -~- -- /2.60 __ ~; ~: _- © ~"-"" i.~A1J.~ 499 Mitchell Street, Millsboro, DE 19966 June 16, 2011 Law Offices of Zullinger-Davis 14 North Main Street, Suite 200 Chambersburg, PA 17201 RE: Estate of Judith Hale Date of Death: May 13, 2011 Social Security Number: 20&32-4342 Dear Mr. Zullinger: In response to your request, please be advised that at the time of death, the above- named decedent had on deposit with this bank the following accounts. 1. Accowtt 7tjpe ........................... Individual Retirement Acrnunt Account Number ....................... 35004201703748 Ownership (Names o, fl .............. Judith Hale Kenneth Hale Jr. (beneficiary) Opening Date ...........................08/07/89 Balance on Date of Death..........$15,828.12 Accrued Interest $ 10.63 Total ....................................... $15,838.75 The above named decedent did not have a safe deposit box. • If upon reviewing the information above, you believe there are additional accounts not referenced, please provide us with an account number and/or the name of any possible joint account holder. For any additional information on the above accounts, including ownership and any changes, closures and/or reimbursement of funds, please contact our Walnut Bottom branch at 28 Walnut Bottom Road, Shippensburg, PA 17257 or # 717-532-2414. Sincerely, . Charlene Warrington, Adjustment Senrices 1-888-502-4349 08/08/2011 09:41 2156585616 PAGE 04/06 Total Contract F®nd Value: 516,056.26 Surrender Value as of 5/13/2011 Conrract Value 576,056.26 Miss. Fecs 50.00 5uaender Charge 5597.05 Recaptured Bomis $154.85 Cseh Surrender Value as of 05/13/2011: 515,304.36 Amoant Available for WitLdrawd Withoat Sarrender Charges as of OS/13!'2011.: 52,021.91 Beneficiary Information Prirttary BeneSeisries KENNCTH M. HALE JR Please sec the beneficiary designation infoRnation in your contract ibr mpro details. Received Time Auq. $. 9:52AM 08/08/2011 09:41 2156585616 Prudentiaa I'ndnnlinl Anm,ni.! A an~inw MPnMrMinl llnnuMl. Inr. P.O. lee. r%e PM4dnlphin, M iP~7.~•'AQp (AM) 7711.2aAe JUDITH E. HALE 1UDiTH E HALE 260 MIDDLE SPRING RD SHiPPENSBURG PA 17257-8623 August 5, 2011 Owner: JUDITH E. HALE Annuitant: JUDITH b, HALE Contract Nombcr: 92123609 Contract Date: 04/10/1992 Market: Simplified Employee Pension Plan lfyou have mry quesHonr, pJeore contact your,Jt~ancial profearional, or the Prxd~ndalAnrzukets Service Center roll jrae ai (888) 778-1888. The values provided on this statement arc calculated as of 05/13/201 ] . Any activity after Chia date is not reflected in thin statement. If you surrender this contract you will Lose the right to future annuity benefits under the contract. In addition, all Or part of the distribution may be subject to federal and/or state inetmrc tax. You may also be subject to a ] 0 percent penalty tax for early withdrawal. Yov may want to consult with your tax adviser if you have any questions concerning the applicable tax treatment, as Prudential oannat offer tax advice. Although great care has bean taken in preparing this statement, we rcserva the right to amend rho statement as needed, For additional information about the benefits available to you, pleaac refer to your original contract. Account Summary as of OS/13/ZOl l lovostment Optlon Namber of Units Unit Va}ne 1)o}lar Amoant Prudential Equity 313.17905 10.510610 53,291.70 Ptvdential Flexible Managed 552.32049 6,812680 53,762,78 Prudential High Yield Bond 639.57430 4,149310 52,fi53,79 Prudential Stock Index 1.155.42850 5.494060 $6,347.99 BCH936. HARX Annultia ere lesued by The Prudential insu*nnce Company of America end Pruco Life Insurence Company (in Ncw Yerk, by Prato Lire Insurance Company oP Ncw Jersey), oll located In Nnvxrk, NJ, t1r by Prndent;al Annttilice Life MFtrranee Corporarion, Shelton. CT. Annuidoe ore distriyured by Ptudcntial nnnuitics Dutributors, Ina, Shelton, CT, nll are Prndentiel Flnoncinl, Inc. ctmepaniCa and each is solely Rsponeiblc for its own finanaiel epnAition and controcnml obligatipns, •Pyremis is a rogisterpd sprvioo mark of FMR LLC. Used under license. PAGE 03/06 Values Stateme»t VelueState 92009 Received Time Aug. 8. 9:52AM 08/08/2011 09:41 2156585616 Total Contract Faad Vaiae: 5113,541A1 PAGE 06/06 Surrender Value as of 5/13/2011 Contract Value $113,54!.41 Misc. Feas $26.74 5urrcnder Chargc $9,478.59 Recaptured Bonus 50.00 Cash Surrender Valae ss of OS/13/2011: 5104,036.08 Amount Avallat~te for Withdrawal Wlthouf Surrender Charges sa of OS/13/2011t 510,531.T1 ileneficiary laformatlon Primary Beneficiariea KENNETH M. HALE 1R Plcaae sae the beneficiary designation information in your conRact for mono details, Received Time Aug. $. 9:52AM 08/06/2011 09:41 2156585616 PI'ndentisl. PaNxmW AmN,_• A alWne,c of hadeN W FinnnnN, Iti P.O. sex 79AD rMY,kMda Pw ivl~r«796D IAaA)77A•raAp JUDITH 1r. HALE 260 MIDDLE SPRING RD 5HIPPENSBURG PA 17257 August S, 2011. pwner: JUDITH E, HALE Aneuitant: JUDITH E, HA[.>r Contract 1Vumber: E1227]83 Contract Date: 02/03/2011 Market: Simplified Employee Pension Plan If yaar have nny qusattortr, plsr~ee contact your EQUITY SERVICBSINC finanefal professional, or the PradengtrJ Artnni4iss Service Ctntar toll free at (888) 778•?888. The values provided on this statement are caleulatcd as of OS/t3/2011. Any activity after this daft is not rcflcetad in this statement. If you suttender this ermtract you will lose the right to future anrruity bencFts under the contract. In addition, all or pert of the distribution may be subject to federal and/or state income tax. You may also be subject to a 10 percent penalty tax for Carly withdrawal. You may want to consult with your tax adviser if you have any questions concerning the applicable tax treatment, as Prudential cannot offer tax advice. Although groat cart has barn taken in preparing this statement, we reserve the right to amend the statement as needed, For additional information about the benefits available W you, ptesae rofor to your original contract, Account Summitry as of OS/13/2011 Iuveattrtent Option Number of Uolts Uttlt Yilae Dollar Arooont AST Prcacrvation Asset Allocation Porrf 1p,405.826R1 10.91!330 $113,541,41 ,87RSLL, Z~OX7 Armuitin ere issued by The Pnldcntlal Ineurenea Company or nmerica and Plvep l,ifc Innurence Company (in New York by Prueo Li Fe Inarsnee Company Or New Jersey), all located in Nnwerl6 NJ, or by Prudentlnl Annuities Life Acaurancc COrponrion, Shelton, CT. Annuities arc diavibinsd by Ptudontlel Annultks LNattibutorp, Inc., Shelton, CT, qll ore Prudential FinOneial, Ina, compenice and each is solely mponaible for ice own Rneneial Condition and eontreetual obligations. 'Pyrnmia is a rcgiatered service mark of FMA LLC. Uxed tmder licenni. PAGE 05/06 Values Statement Value$bte 92009 Received Time Aug. 8. 9:52AM ...~A. m~ ~~ ~ l~ g ~S ~? ~ C ~ :". T p ~ S 7 ~ C'Z S9 n p ~ q ~ ~ m o, c ~ o~ ~ S ~ ~ w O ~'~~ ~~ ~y -_.., °o 0 v go S 8 0 u N ~~' m a 2 0 c m m a m -a -i 0 0 m w ~m mN m ~~ OSi m m °- a~ ~o o' 0 m a O O1 O -a O ~ m ~ ~ S m ~' A ~ N 1 O 2 y m z O O m m f0 O a -i S m ~_ 0 ~' a O] N O ~_ W w ~ 4. ~ ~ ~ a m3 m m ~- ro ~w ~ 0 o ~ m ?: ~ w m m m 7 f~ ~ A ~ m ma ~ ~ ~! A A O N A O N O E» ~ ~ 0 0 ! !. O W ~' ~; N W O i; ~~ ~m v v mw O ~'1 ~~ p 00 A w n a 0 3 7 d a o ~g ~ o a a ~ A~ S a w n a_ ~~ 0 3 m ~ m ~~ ~ .~. (n D w8 ~o m ^ 3z ~ C .~.. O' N m O 0 m O N m o~ .o ~° m ~.. O c m 0 m v w °mm wo W r m N m m c -Z m c v v m O O 2 a 2 t O C v m a 0 D_ 2 S m 1 m m -~i Z m O O C A m n A N