HomeMy WebLinkAbout04-0870BUREAU OF TNDZVZDUAL TAXES
TNHERTTANCE TAX DIVTSTON
DEPT.
HARRTSBURG, PA 1712:8-0601
COHMONWEALTH OF PENNSYLVANZA
DEPARTMENT OF REVENUE
NOTZCE OF ZNHERZTANCE TAX
APPRAZSEMENT, ALLOWANCE OR DZSALLOWANCE
OF DEDUCTZONS AND ASSESSMENT OF TAX
REV-15¢I? EX AFP (n1-05)
MZCHAEL L BANGS
q29 S 18TH ST
CAMP HZLL
PA 17011
DATE 09-20-200q
ESTATE OF URZCH
DATE OF DEATH 10-09-Z005
FZLE NUMBER 21 0:3-0870
COUNTY CUMBERLAND
ACN 101
Amount
MARY M
MAKE CHECK PAYABLE AND RENZT PAYMENT TO:
REGTSTER OF ~'I~"~'S
CUHBERLAND C~c~'OURT ~OUSE
CARLISLE, PA '?17015
CUT ALONG THZS L'rNE ~ RETA'rN LOWER PORTZON FOR YOUR RECORDS ~ '
REV-154? EX AFP (01-03) NOTZCE OF '*'NHERZTANCE TAX APPRAZSENENT, AL'LOWANCE"'OR
DZSALLOWANCE OF DEDUCTZONS AND ASSESSMENT OF TAX '**'J
ESTATE OF URTCH MARY MFZLE NO. 21 0:5-0870 ACN 101 ~DATE 09-20-200q
TAX RETURN WAS: ( ) ACCEPTED AS FZLED
(X) CHANGE;)' SEEc. jATTACHED~ NOTTCE
RESERVATZON CONCERNZNG FUTURE ZNTEREST - SEE REVERSE
APPRAZSED VALUE OF RETURN BASED ON: ORTGTNAL RETURN
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
:5. Closely Held Stock/Partnership Znterest (Schedule C) (:5)
q. Mortgages/Notes Receivable (Schedule D) (~)
$. Cash/Bank Deposits/Misc. Personal Property (Schedule E) (5)
6. Jointly Owned Property (Schedule F) (6)
7. Transfers (Schedule G) (7)
8. Total Assets
APPROVED DEDUCTZONS AND EXEMPTZONS:
9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) (9)
10. Debts/Mortgage Liabilities/Liens (Schedule T) (10)
11.
12.
1:5.
lq.
NOTE:
ASSESSMENT OF TAX:
15. Amount of Line lq at Spousal rate (15)
16. Amount of Line lq taxable at Lineal/Class A rate (16)
17. Amount of Line lq at Sibling rate (17)
18. Amount of Line lq taxable at Collateral/Class B rate (18)
19. Principal Tax Due
TAX CREDTTS:
PAYMENT RECEIPT D/SCOUNT (+)
DATE NUMBER ZNTEREST/PEN PAZD (-)
07-21-200q CDOOq189 5.16-
79/000.00
.00
.00
.00
9/701.52
q/801.Sq
.00
6,685.69
.00
Tote1 Deductions (11)
Net Value of Tax Return (12)
Charitable/Governmental Bequests; Non-elected 911:5 Trusts (Schedule J) (1:5)
Nat Value of Estate Subject to Tax (1fi)
NOTE: To insure proper
credit to your mccount,
submit the upper portion
of this form with your
tax payment.
(8) 9:5,50:5.06
Zf an assessment was issued previously, lines 14, 15 and/or 16, 17,
reflect figures that /nclude the total of ALL returns assessed to date.
86,817.:57
.00
86,817.:57
ZF PAZD AFTER DATE ZNDICATED, SEE REVERSE
FOR CALCULATZON OF ADDZTZONAL ZNTEREST.
18 and 19 w.%11
TOTAL TAX CREDZT I q,1:38.65
BALANCE OF TAX DUEl 2:31.87CR
ZNTEREST AND PEN. .00 J
TOTAL DUE Z:51.87CR
( ZF TOTAL DUE ZS LESS THAN $1, NO PAYMENT ZS REQUZRED.
ZF TOTAL DUE ZS REFLECTED AS A "CREDZT" (CR), YOU MAY BE DUE
A REFUND. SEE REVERSE SZDE OF THZS FORM FOR ZNSTRUCTZONS.)
q,1q:5.81
AMOUNT PAZD
· O0 X O0 = . O0
86,817.$7 X Oq5= :3,906.78
· O0 X 12 = .00
· 00 X 15 = .00
(19)= :3,906.78
RESERVATION:
PURPOSE OF
NOTICE:
PAYMENT:
REFUND (CR):
OBJECTIONS:
ADMIN-
ISTRATIVE
CORRECTZONS:
DISCOUNT:
PENALTY:
INTEREST:
Estates of decedents dying on or before December 12, 1982 -- if any future interest in the estate is transferred
in possession or enjoyment to Class B (collateral) beneficiaries of the decedent after the expiration of any estate for
life or for years, the Commonwealth hereby expressly reserves the right to appraise and assess transfer Inheritance Taxes
et the lawful Class B (collateral) rate on any such future Jntmrest.
To fulfill the requirements of Section 2140 of the Inheritance and Estate Tax Act, Act 23 of Z000. (72 P.S.
Section 9140).
Detach the top portion of this Notice and submit with your payment to the Register of gills printed on the reverse side.
--Make check or money order payable to: REGISTER OF NILLS, AGENT
A refund of a tax credit, ehich was not requested on the Tax Return, may be requested by completing an "Application
for Refund of Pennsylvania Inheritance and Estate Tax" (REV-1313}. Applications are available at the Office
of the Register of Hills, any of the 23 Revenue District Offices, or by calling the special Z4-hour
answering service for fores ordering: 1-800-362-Z050; services for taxpayers with special hearing and / or
speaking needs: 1-800-447-3020 (TT only).
Any party in interest not satisfied aith the appraisement, allowance, or disallowance of deductions, or assessment
of tax (including discount or interest} as shown on this Notice must object eithin sixty [60) days of receipt of
this Notice by:
--written protest to the PA Department of Revenue, Board of Appeals, Dept. 281021, Harrisburg, PA 17128-1021, OR
--election to have the matter determined at audit of the account of tho personal representative, OR
--appeal to the Orphans' Court.
Factual errors discovered on this assessment should be addressed in writing to: PA Department of Revenue,
Bureau of Individual Taxes, ATTN: Post Assessment Review Unit, Dept. 28060l, Harrisburg, PA 17128-0601
Phone (717) 787-6505. Sea page 5 of the booklet "Instructions for Inheritance Tax Return for a Resident
Decedent" (REV-1501) for an explanation of administratively correctable errors.
If any tax due ts paid within three (3) calendar months after the decedant's death, a five percent (52) discount of
the tax paid is allowed.
The 152 tax amnesty non-participation penalty is computed on the total of the tax and interest assessed, and not
paid before January 18, 1996, the first day after the end of the tax amnesty period. This non-participation
penalty is appealable in the same manner and in the the same time period as you would appeal the tax and interest
that has been assessed as indicated on this notice.
Interest is charged beginning with first day of delinquency, or nine (9) months and one (1) day free the date of
death, to the date of payment. Taxes which became delinquent before January 1, 1982 bear interest at the rate of
six (6Z) percent per annum calculated at a daiIy rate of .000164. A11 taxes which became delinquent on and after
January 1, 1982 Mill bear interest at a rate which will vary from calendar year to calendar year with that rate
announced by the PA Department of Revenue. The applicable interest rates for 1982 through ZOO4 are:
Interest Daily Interest Daily Interest
Daily
Year Rate Factor Year Rate Factor Year Rate Factor
~ 202 .000548 ~'~'& - 199 X 11Z .OOOSO1 ~ 92 .000247
1983 16Z . 000438 1992 9Z . 000247 ZOOZ 6Z . 000166
1984 112 .000301 1993-1994 7Z .000192 2003 5Z .000137
1985 132 .000356 1995-1998 92 .000247 2004 4Z . O00110
1986 107. .000274 1999 77. .000192
1987 10Z .000274 2000 7Z .000192
--Interest is calculated as follows:
ZNTEREST= BALANCE OF TAX UNPAZD X NUHBER OF DAYS DELZNQUENT X DAZLY ZNTEREST FACTOR
--Any Notice issued after the tax becomes delinquent will reflect an interest calculation to fifteen (15) days
beyond the date of the assessment. Zf payment is made after the interest computation date shown on the
Notice, additional interest must be calculated.
REV-1470 EX (6-88)
INHERITANCE TAX
EXPLANATION
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE OF CHANGES
BUREAU OF INDIVIDUAL TAXES
DEPT. 28O601
HARRISBURG, PA 17128-0601
DECEDENT'S NAME FILE NUMBER
Mary M Urich 2103-0870
REVIEVVED BY ACN
Sandra J Eslinger 101
ITEM
SCHEDULE NO. EXPLANATION OF CHANGES
E 1 The proceeds of life insurance policies on the life of the decedent are not subject to tax in
the decedent's estate.
ROW Page 1
COMMONWEALTH QF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
DEPT. 280601
HARRISBURG, PA 17128-0601
RECEIVED FROM:
PENNSYLVANIA
INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO.
REV-1162 EX(11-96)
CD 00441 7
FUNT DAVID
1865 W LISBURN ROAD
CARLISLE, PA 17013
fold
ESTATE INFORMATION: SSN: 204-05-0973
FILE NUMBER: 2104-0870
DECEDENT NAME: FUNT JOHN R
DATE OF PAYMENT: 09/23/2004
POSTMARK DATE: 09/23/2004
COUNTY: CUMBERLAND
DATE OF DEATH: 06/27/2004
ACN
ASSESSMENT
CONTROL
NUMBER
AMOUNT
101 $29,043.00
TOTAL AMOUNT PAID:
829,043.00
REMARKS:
SEAL
CHECK#
5O8
INITIALS: CCP
RECEIVED BY:
GLENDA FARNER STRASBAUGH
REGISTER OF WILLS
REGISTER OF WILLS
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT o~-~-
DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIN~_)
Jo/, J
DATE OF DEATH (MM-DD-YEAR) DATE OF BIRTH (MM-DD-YEAR)
6 .- ?')-o ,c/ ut- or-P6,
(IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
'I. Original Return
--] 4. Limited Estate
[--~ 6. Decedent Died Testate tAttech cmy
--']9. Litigation Proceeds Received
FIRM NAME
NLA,'IBER
SOCIAL SECURITY NUMBER
THIS RETURN MUST SE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
o3ol - i,~ -
~--] 2. Supplemental Return
[~] 4a. Futura Imemst Compromise (date of death a~,
]~7. Decedent Maintained a Living Trust (Arad~ copy ~Tm~)
--I 10. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-85)
TELEPHONENUMBER ?17 -~5"~-
--]3. Remainder Ratum (date of daath p~or to ~2-~3-82)
i----] 5. Federal Estate Tax Return Required
8. Total Number of Safe Deposit Boxes
i--I1. Election to lax under Sec. 9113(A) (^~a~h ach O)
COMPLETE MAILING ADDRESS
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
3. Closely Held Corporation, Partnemhip or Sole-Proprietorship (3)
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Properbj (5)
(Schedule E)
6. Jointly Owned Property (Schedule F) (6)
r--]Separate Billing Requested
7. ,ntar-Vi os Tra.s,e & Mi l,neoua No.-Probata,ro**
(Schedule G or L)
9. (9)
lO. (10> ~P q7
11.
12. Net Value of Estate (Line 8 minus Line 11)
13. Charitable and Governmental Baquesls/Sec 9113 Trusts for which an election to tax has not been
made (schedule J)
14. Net Value Su~ect to Tax (Line 12 minus Line 13)
Total Gross Assets (total Lines 1-7)
Funeral Expenses & Administrative Costs (Schedule H)
Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I)
Total Deductions (total Lines 9 & 10)
(11)
(13) /00
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15. Amount of Line 14 taxable at the spousal tax
rate, or transfers under Sec. 9116 (a)(1.2) x .0 __ (15)
16. Amount of Line14 taxable at lineal rate (tn ?9 '~q~L.~ x .0V~'- (16)
17. Amount of Line 14 taxable at sibling rate x .12 (17)
18. Amount of Line 14 taxable at collateral rate x .15 (18)
19. Tax Due (19)
Decedent's Complete Address:
CITY
r /
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B, Prior Payments
C. Discount
ZIP
i
Total Credits ( A + B + C ) (2) ~/ ~' o~.-Ot3
lntereal/Penalty if applicable
D. Interest
E. Penalty
Total Interest/Penalty ( D + E ) (3)
If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Check box on Page 1 Line 20 to request a refund (4)
If Line 1+ Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) "~- ~ 6 q ~
A. Enter the interest on the tax due. (SA)
B. Enter the total of Line 5 + SA. This is the BALANCE DUE. (5B) '_~ ~f.(~/3/.~
Make Check Payable to: REGISTER OF WILLS, AGENT
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yea No
a. retain the use or income of the property transferred; .......................................................................................... [] []
b. retain the right to designate who shall use the property transferred or its income; ............................................ [] []
c, retain a reversionary interest; or .......................................................................................................................... []
d. receive the promise for life of either payments, benefits or care? ...................................................................... [] []
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. [] []
3. Did decedent own an "in trust for" or payable upon death bank account or secudty at his or her death? .............. [] []
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation? ........................................................................................................................ ~ []
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN,
Under pa3aT,~ of perjury, I d~.J,=u that I have exanined ~s ~, i~ang a~ng s~ md ~n~, ~ ~ ~ ~ ~ ~ ~p md ba~f, ~ is ~e, m~d ~d ~e~.
~ ~ pm~ ~ ~n fie p~ m~e is b~ on all i~on ~ ~ pm~r h~ a~ ~M~.
SIGNATURE ~ PE~ RES~NSlBLE FOR FILING RE~RN DA~
~D~ ~- ' -
SIGNATURE ~ P~P~ER OTHER TH~ REPRE~NTATIVE DA~
~DRE~ 7 - ' - .
x
For dates of dealh on or alter July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3%
[72 P.S. §9116 (a) (1.1) (i)].
For dates of death on or after January 1, 1995, the tax rate imposed on the net value of lraosfers to or for the use of the surviving spouse is 0% [72 P.S. §9116 (a) (1.1) (ii)].
The statute does not exempt a transfer to a surviving spouse from tax, and the statulory requirements for disclosure of assets and filing a tax relum are still applicable even if
the surviving spouse is the only beneficiary.
For dates of death on or after July 1, 2000:
The tax rate imposed on the net value of lmnsfers from a deceased child Iwen¥one years of age or younger at dealh !o or for the use of a natural parent, an adoptive parenl,
or a stepparent of the child is 0% [72 P.S. §9116(a)(1.2)].
The tax rate imposed on the nel value of transfers to or for the use of Ihe decedent's lineal beneficiaries is 4.5%, except as noled 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 decedenrs siblings is 12% [72 P.S. §9116(a)(1.3)]. A sibling is defined, under Section 9102, as an
individual who has at least one parent in common with the decedent, whether by blood or adoption.
REV-1502 EX+ (6-98~
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE A
REAL ESTATE
ESTATE OF FILE NUMBER
All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which is jointiy-Gwned with right of survivomhip must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1.
TOTAL (Also enter on line 1, Recapitulation) $ ~ ~" 6 ~ 0.00
(If more space is needed, insert additional sheets of the same size)
REV-1503 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
SCHEDULE B
STOCKS & BONDS
FILE NUMBER
All pmparl~ jolntly-oweed wifh ~ of ~u~vomhip m,,-t be dl~ck~ed en Scl~dule F.
DESCRIPTION
ITEM
NUMBER
1.
TOTAL (Also enter on line 2, Recapitulation)
VALUE AT DATE
OF DEATH
~73 7g~, 7~
$ ~-/d'/s-~'o.oo
(If more space is needed, insert additional sheets of the serne size)
REV-1508 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF .
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
FILE NUMBER
ITEM
NUMBER
Include the proceeds of litigation and lhe dale the proceeds were received bythe estate.
All pmpert~ Joinlly.~wned ~ ri~t of sun~omhlp must be disclo~xl on Schedule F.
DESCRIPTION
TOTAL (Also enter on line 5, Recapitulation) $
VALUE AT DATE
OF DEATH
/~6, 40
o.oo
(If mom space is neede(t, insefl additional sheets of lhe same size)
REV-1510 EX+ (6-98)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPER'r?
FILE NUMBER
This schedule must be completed and filed if the answer to any of questions 1 through 4 off the reverse side of the REV-1500 COVER SHEET is yes.
DESCRIPTION OF PROPERTY
ITEM INCLLIOE'I~EN/~OF'II-E~,N~,~-IEIRRB. ATIONSH~PTODEC~N~ DATE OF DEATH %OFDECD'S EXCLUSION TAXABLE
NUMBER Tt'EDATEOF'IRAN~FER. ATTACHACOPYOFTHEDEEDFORREN. ESTATE VALUE OFASSET INTEREST ltFAPPLICABLE) VALUE
1.
-
TOTAL (Also enter on line 7 Recapitulation) $ / ~ ~'/' tP,~ 0.00
(ff more space is needed, insert additional sheets of the same size)
REV-1511 EX+ (12-99)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
2.
SCHEDULE H
FUHEP, AL EXPENSES &
FILE NUMBER
Oel~s of ~ must l~e mll~t~l o~ 8e#egule L
DESCRIPTION AMOUNT
ITEM
NUMBER
1.
5.
6.
7.
FUNERAL EXPENSES:
ADMINISTRATIVE COSTS:
Personal Representative's Commissions
Name of Personal Representative(s)
Social Security Number(s)/EIN Number of Personal Representative(s)
Street Add mss
City . State
Year(s) Commission Paid:
Attomey Fees
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City State
Relationship of Claimant to Decedent
Probate Fees
Accountant's Fees
Tax Return Prepamr's Fees //~'~0.' ~ '~
Zip
Zip
TOTAL (Also enter on line 9, Recapitulation)
$ ~0'2_ o.oo
(If mom space is needed, insert additional sheets of the same size)
REV-1512 EX+ (12-O3)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE I
DEBTS OF DECEDENT,
MORTGAGE LIABIUTIES, & LIENS
FILE NUMBER
Re tort debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unmimbursed medical expanses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1.
TOTAL (Also enter on line 10, Recapitulation) $ ~ 7-/'~-~ 0.00
(ff mom space is needed, insert additional sheets of the same size)
REV-1513 EX'*- (9-00)
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE J
BENEFlaARIES
FILE NUMBER
NUMBER
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
AMOUNT OR SHARE
OF ESTATE
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
$ 0.00
(ff more space is needed, insert additional sheets of the same size)
THE
JOHN R. FUNT FAMILY
REVOCABLE TRUST
THIS TRUST AGREEMENT is executed in triplicate on this/~/day of June, 2000, by and
between JOHN R. FUNT, now of 18 Raylen Drive, Boiling Springs, Cumberland County,
Pennsylvania 17007 (hereinafter called "Settlor"), and JOHN R. FLINT, now of 18 Raylen Drive,
Boiling Springs, Cumberland County, Pennsylvania, 17007 (hereinafter called "Trustee").
ARTICLE I.
PARTIES, PERSONAL DATA AND TABLE OF CONTENTS
1.01. Parties and Personal Data.
The Settlor is married to ARLENE M. FUNT. The Settlor has no children of this marriage.
The Settlor's children from his first marriage are DAVID C. FUNT and JACQUELYN R.
KREITZER Throughout this Trust Agreement: (a) JOHN R. FUNT will be referred to as the
Settlor; (b) ARLENE M. FUNT will be referred to as the Settlor's spouse; and (c) DAVID C.
FUNT and JACQUELYN R. KREITZER will be referred to as the Settlor's children.
1.02. Disclaimer. The Trustee shall have the right to disclaim, in whole or in part, prior to
its acceptance by the Trustee, any interests in property for any reason, including but not limited to
a concern that such property could cause potential liability under any federal, state, or local
environmental law.
ARTICLE H.
TRUST ESTATE
2.01. Transfer to Trust. Settlor does hereby assign, transfer and deliver to the Trustee and
its successors and assigns the property described in Schedule "A" attached hereto and made a part
hereof, or as Schedule "A" may be amended. As further evidence of such assignment, the Settlor has
executed or will execute or cause to be executed such other instruments as may be required for the
purposes of completing the assignment or transfer of title to such property to the Trustee. The
Trustee accepts such transfer and assignment to itself as Trustee, and the Trustee undertakes to hold,
manage, invest and reinvest the assets of this Trust, and to distribute the income and principal of the
Trust in accordance with the provisions of this Agreement.
2.02. Additional Transfers to Trust. The Settlor, and any other person, with the consent
of the Trustee, shall have the right at any time to make additions to the corpus of this Trust or any
shares thereof hereby established. All such additions shall be held, controlled, and distributed by the
Trustee in accordance with the terms and conditions of this Agreement.
ARTICLE lll.
LIFE INSURANCE POLICIES
3.01. Transfers of Life Insurance to Trust. If any insurance policies are transferred into
this Trust, the Trustee shall be vested with all right, title, and interest in and to the transferred policies
of insurance, and are authorized and empowered to exercise and enjoy, for the purposes of the Trust
herein created and as absolute owner of such policies of insurance, all the options, benefits, rights and
privileges under such policies, including the right to borrow upon and to pledge them for a loan or
loans. The Trustee takes all rights, title, and interest in and to such insurance policies subject to any
prior split-dollar life insurance agreement which may be in effect at the time of the transfer. The
insurance companies which have issued such policies are hereby authorized and directed to recognize
the Trustee as absolute owner of such policies of insurance and as fully entitled to all options, rights,
privileges, and interests under such policies, and any receipts, releases, and other instruments
executed by the Trustee in connection with such policies shall be binding and conclusive upon the
insurance companies and upon all persons interested in this Trust.
3.02. Payment of Premiums. It is the intention of the Settlor to pay any and all premiums,
assessments or other charges necessary to keep each policy included in the Trust in force unless such
premiums shall be paid by the insured thereunder (where the insured is someone other than the
Settlor) or in some other manner, but the Settlor shall be under no duty in this respect and shall incur
no liability to the beneficiaries of the Trust or to any other person if the Settlor shall permit any such
policy to lapse for nonpayment of premiums, assessments or charges, or otherwise permit any such
policy to become uncollectible.
The Trustee shall be under no obligation to pay the premiums which may become due and
payable under the provisions of any policy of insurance which may be transferred or assigned to this
Trust, or to make certain that such premiums are paid by the transferor of such policy, or to notify
any persons of the nonpayment of such premiums, and the Trustee shall be under no responsibility
or liability of any kind in case such premiums are not paid, except that the Trustee shall apply any
dividends received by the Trustee on such policies to the payment of premiums thereon.
Upon notice at any time during the continuance of this Trust that the premiums due upon such
policies are in default, or that premiums which will become due will not be paid, either by the
transferor or by any other person, the Trustee, within its sole discretion, may apply any cash values
attributable to such policy to the purchase of paid-up insurance or of extended insurance, or may
borrow upon such policy for the payment of premiums due thereon, or may accept the cash values
of such policy upon its forfeiture. In the event that the Trustee receives the cash value of such policy
upon its forfeiture for nonpayment of premiums, the amount received shall be added to the corpus
of this Trust, and shall be administered according to the terms of this Agreement. If the insured under
such policies of insurance, becomes totally and permanently disabled within the meaning of any
policies and because thereof the payment of premiums, or any of them, shall, during the pendency of
such disability, be waived, the Trustee, upon receipt of such knowledge, shall promptly notify the
insurance company which has issued such policies, and shall take any and all steps necessary to make
such waiver of premium provision effective.
3.0:5. Rights in the Life Insurance Reserved to Settlor. The following rights, exercisable
without the consent of the Trustee or the beneficiaries of the Trust, are expressly reserved by the
Settlor during the Settlor's lifetime with respect to each policy included in the Trust insuring the
Settlor's life and owned by the Settlor and made payable to the Trustee hereunder: (i) to exercise all
options, elections, rights and privileges accorded to the Settlor under the terms of any such policy,
(ii) to obtain all or any part of the loan value of any such policy, (iii) to use any such policy as
collateral for a loan, (iv) to sell, assign or pledge any such policy, (v) to receive any dividends,
distributive shares of surplus earnings, disability benefits, surrender values or the proceeds of matured
endowments, (vi) to change the named beneficiary to whom the proceeds of such policy are payable
on the insured's death, and (vii) to convert any or all policies into other forms of insurance or
annuities or to permit the same to lapse. The Trustee agrees to execute any and all instruments that
may be necessary to permit the exercise of any such right by the Settlor, without liability to anyone
for so doing. Upon the maturity of any life insurance policy included in the Trust, whether at the
insured's death or at any other time, the Trustee shall collect the proceeds thereof.
3.04. Duties of Trustee Regarding the Life Insurance. The Trustee shall be under no
obligation or duty whatsoever except with respect to the safekeeping of such policies of insurance
and the duty to receive such sums as may be paid to it, in accordance with the requirements of this
Trust, by the companies issuing such policies, and to hold, manage and disburse such proceeds subject
to the terms of this Agreement. Upon the death of the insured, the Trustee shall make reasonable
efforts to carry out the provisions of this Agreement, including the maintenance or defense of any
suit, provided, however, the Trustee shall be under no duty to maintain or enter into any litigation
unless its expenses, including counsel fees and costs, have been advanced or guaranteed in an amount
and in a manner reasonably satisfactory to it. The Trustee may repay any advances made by it or
reimburse itself for any such fees and costs from any corpus or income of this Trust.
ARTICLE IV.
DISTRIBUTIONS FROM TRUST
4.01. Distributions During Settlor's Life. The Trustee shall pay to, or apply for the benefit
of, the Settlor: (1) so much of or all of the income and so much of or all of the principal as the
Trustee deems desirable for the most comfortable care, support, maintenance, welfare, education,
happiness, luxuries and any needs arising from illness, accidents or other emergencies of the Settlor,
and (2) so much of or all of the income and so much of or all of the principal as the Settlor shall
request.
4.02. Distributions to Settlor's Spouse and Children. Upon the death of Settlor, the
Trustee shall make the following distributions to the Settlor's spouse and children:
(A)
The Settlor's wife, ARLENE M. FUNT, shall receive the camel back antique trunk
which was given to Settlor and his wife by Kay and Glenn Funt as a wedding gift;
(B)
The Settlor's wife, ARLENE M. FUNT, shall receive the antique three (3) drawer
dresser with the teardrop pulls.
(c)
The Settlor's children, DAVID C. FUNT and JACQUELYN IL KREITZER, shall
receive all of the tools, if held in Trust, to be divided equally between them, per
stirpes;
(n)
The Settlor's children, DAVID C. FUNT and JACQUELYN IL KREITZER, shall
receive the real estate located at 265 Company Farm Road, Aspers, Tyrone
Township, Adams County, Pennsylvania, per stirpes, to either be shared equally
between them, one of them may purchase the other's interest in the property for the
fair market value at the time of the sale, or the property may be sold and the proceeds
divided equally between them.
(E)
The remaining trust estate up to the sum of FOUR HUNDRED THOUSAND
DOLLARS AND NO CENTS ($400,000.00) shall be divided into separate and
equal shares and one such share shall be distributed to each of the Settlor's children,
DAVID C. FUNT and JACQUELYN R. KREITZER, per stirpes. If any of the
Settlor's children predecease the termination of this Trust, the predeceased child's
share shall be distributed equally to the predeceased child's issue, per stirpes, provided
that if any of Settlor's children predecease the termination of this Trust without
leaving issue, then such predeceased child's share shall be distributed equally to the
then-living child of Settlor.
4.03. Additional Trust Distributions. After and upon distribution per Paragraph 4.02 of
this trust, any assets of the trust in excess of FOUR HUNDRED THOUSAND DOLLARS AND
NO CENTS ($400,000.00) shall be distributed as follows:
(A)
SAINT PAUL'S UNITED CHURCH OF CHRIST, located in
Mechanicsburg, Pennsylvania, shall receive the sum, in cash, of FIVE
THOUSAND DOLLARS AND NO CENTS ($5,000.00), to be used in the
discretion of its governing body;
(B)
THE MASONIC CHARITIES, shall receive the sum, in cash, of FIVE
THOUSAND DOLLARS AND NO CENTS ($5,000.00), to be used in the
discretion of its governing body;
(c)
THE MASONIC HALL ASSOCIATION OF MECHANICSBURG, shall receive
the sum, in cash, of FIVE THOUSAND DOLLARS AND NO CENTS ($5,000.00),
to be used in the discretion of its governing body;
(D)
THE HARRISBURG CONSISTORY HERITAGE BUILDERS FUND, shall
receive the sum, in cash, of FIVE THOUSAND DOLLARS AND NO CENTS
($5,000.00), to be used in the discretion of its governing body;
Any remaining trust balance shall be distributed equally to the Settlor's children,
DAVID C. FUNT and JACQUELYN R. KREITZER, per stirpes.
If any of the charitable organizations named above should go out of existence or should
substantially change its charitable purpose, then the Trustee, in its sole discretion, shall have the fight
to select another charitable organization with similar purposes to the organization that went out of
existence or substantially changed its charitable purpose. If there is no such charitable organization
with similar purposes readily available, in the sole discretion of the Trustee, then the Trustee shall
divide the income between the other remaining charitable organization(s) named above, or its
successor organization.
ARTICLE V.
POWERS OF TRUSTEE
5.01. General Powers. In addition to such other powers and duties as may have been
granted elsewhere in this Trust, but subject to any limitations contained elsewhere in this Trust, the
Trustee shall have the following powers and duties:
A. In the management, care and disposition of this Trust, the Trustee shall
have the power to do all things and to execute such deeds, instruments, or other
documents, as may be deemed necessary and proper, including the following powers,
all of which may be exercised without order of or report to any court:
(1) To sell, exchange, or otherwise dispose of any property,
real, personal or mixed, at any time held or acquired hereunder, at
public or private sale, for cash or on terms, without advertisement,
including the right to lease for any term notwithstanding the period of
the Trust, and to grant options, including: an option for a period
beyond the duration of the Trust.
(2) To invest ail monies in such stocks, bonds, securities,
investment companies or trust shares, mortgages, notes, choses in
action, real estate, improvements thereon, and other property as the
Trustee may deem best, without regard to any law now or hereafter
in force limiting investments of fiduciaries; except that the Trustee
may not invest in any stock or securities issued by the corporate
Trustee or issued by a parent or affiliate company of such Trustee.
(3) To retain for investment any property deposited with the
Trustee hereunder; except that the Trustee may not retain for
investment any stock or securities in the corporate Trustee or in a
parent or affiliate company of such Trustee.
(4) To vote in person or by proxy any corporate stock or
other security and to agree to take any other action in regard to any
reorganization, merger, consolidation, liquidation, bankruptcy or other
procedure or proceedings affecting any stock, bond, note or other
security held by this Trust.
(5) To use lawyers, real estate brokers, accountants and other
agents, if such employment is deemed necessary or desirable, and to
pay reasonable compensation for their services.
(6) To compromise, settle or adjust any claim or demand by
or against the Trust and to agree to any rescission or modification of
any contract or agreement affecting the Trust.
(7) To renew any indebtedness, as well as to borrow money,
and to secure the same by mortgaging, pledging or conveying any
property of the Trust, including the power to borrow from the Trustee
(in the Trustee's individual capacity) at a reasonable rate of interest.
(8) To retain any business interest transferred to the trustee,
as shareholder, security holder, creditor, partner or otherwise, for any
period of time whatsoever, even though the interest may constitute all
or a large portion of the trust principai; to comply with the provisions
of any agreement restricting transfer of the interest; to participate in
the conduct of the related business or rely upon others to do so, and
to take or delegate to others discretionary power to take any action
with respect to its management and affairs which an individual could
take as outright owner of the business or the business interest,
including the voting of stock (by separate trust or otherwise regardless
of whether that separate trust will extend for a term within or beyond
the term of the trust) and the determination of all questions of policy;
to execute and amend partnership agreements; to participate in any
incorporation, reorganization, merger, consolidation, sale of assets,
recapitalization, liquidation or dissolution of the business, or any
change in its nature, or in any buy-sell, stock restriction, or stock
redemption agreements; to invest in additional stock or securities of,
or make secured, unsecured, or subordinated loans to, the business
with trust funds; to take all appropriate actions .to prevent identify, or
respond to actual or threatened violations of any environmental law
or regulation thereunder; to elect or employ with compensation, as
directors, officers, employees, or agents of the business, any persons,
including a trustee of any trust held under this instrument, or any
director, officer, employee, or agent of a corporate trustee of any
trust held under this instrument, without adversely affecting the
compensation to which that trustee would otherwise be entitled; to
rely upon reports of certified public accountants as to the operations
and financial condition of the business, without independent
investigation; to deal with and act for the business in any capacity
(including in the case of a corporate trustee any banking or trust
capacity and the loaning of money out of the trustee's own funds) and
to be compensated therefor; and to sell or liquidate the business or any
interest in the business.
(9) To register any stock, bond or other security in the name
of a nominee, without the addition of words indicating that such
security is held in a fiduciary capacity, but accurate records shall be
maintained showing that the stock, bond or other security is a trust
asset and the Trustee shall be responsible for the acts of the nominee.
(10) To merge this Trust with any other trust created in my
Will or otherwise, with similar provisions and purposes and the same
beneficiary or beneficiaries, but only to the extent that the merger of
the trusts will not cause the imposition of git~ tax, estate tax, or
generation-skipping tax, federal or otherwise.
(11) To set aside as a separate trust, to be held and
administered upon the same terms as those governing the remaining
trust property, any interests in property, for any reason, including but
not limited to a concern that such property could cause potential
7
liability under any federal, state, or local environmental law.
B. Whenever the Trustee is directed to distribute any trust principal in fee
simple to a person who is then under twenty-one (21) years of age, the Trustee shall
be authorized to hold such property in trust for such person until he becomes twenty-
one (21) years of age, and in the meantime shall use such part of the income and the
principal of the Trust as the Trustee may deem necessary to provide for the proper
support and education of such person in the standard of living to which he has become
accustomed. If such person should die before becoming twenty-one (21) years of age,
the property then remaining in trust shall be distributed to the personal representative
of such person's estate.
C. In making distributions from the Trust to or for the benefit of any minor
or other person under a legal disability, the Trustee need not require the appointment
of a guardian, but shall be authorized to pay or deliver the distribution to the
custodian of such person, to pay or deliver the distribution to such person without the
intervention of a guardian, to pay or deliver the distribution to the legal guardian of
such person ifa guardian has already been appointed, .or to use the distribution for the
benefit of such person.
D. In the distribution of the Trust.and any division into separate trusts and
shares, the Trustee shall be authorized to make thedistribution and division in money
or in kind or in both, regardless of the basis for income tax purposes of any property
distributed or divided in kind, and the distribution and division made and the values
established by the Trustee shall be binding and conclusive on all persons taking
hereunder. The Trustee may, in making such distribution or division, allot undivided
interests in the same property to several trusts or shares.
E. If at any time after Settlor's death the total fair market value of the assets
of any trust established or to be established hereunder is so small that the Trustee's
annual fee for administering the trust would be equal to or less than the minimum
annual fee set forth in the Trustee's regularly published fee schedule then, in effect, the
Trustee in its discretion shall be authorized to terminate such trust or to decide not
to establish such trust, and in such event the property then held in or to be distributed
to such trust shall be distributed to the persons who are then or would be entitled to
the income of such trust. If the amount of income to be received by such persons is
to be determined in the discretion of the Trustee, then the Trustee shall distribute the
property among such of the persons to whom the Trustee is authorized to distribute
income, and in such proportions, as the Trustee in its discretion shall determine.
F. The Trustee shall be authorized to lend or borrow, including the right to
lend to or borrow from the Settlor's estate, at an adequate rate of interest and with
adequate security and upon such terms and conditions as the Trustee shall deem fair
and equitable.
G. The Trustee shall be authorized to Sell or purchase, at the fair market value
as determined by the Trustee, any property including any property to or from Settlor's
estate, or any trust created by Settlor during life or by will, even though the same
person or corporation may be acting as executor of Settlor's estate or as trustee of any
such other trusts and as the Trustee of this Trust.
H. The Trustee shall have discretion to determine whether items should be
charged or credited to income or principal or allocated between income and principal
as Trustee may deem equitable and fair under all the circumstances, including the
power to amortize or fail to amortize any part or all of any premium or discount, to
treat any part or all of the profit resulting from the maturity or sale of any asset,
whether purchased at a premium or at a discount, as income or principal or apportion
the same between income and principal, to apportion the sales price of any asset
between income and principal, to treat any dividend or other distribution on any
investment as income or principal or to apportion the same between income and
principal, to charge any expense against income or principal or apportion the same,
and to provide or fail to provide a reasonable reserve against depreciation or
obsolescence on any asset subject to depreciation or obsolescence, all as the Trustee
may reasonably deem equitable and just under all of the circumstances.
I. The Trustee is hereby authorized and empowered to purchase such
insurance policies as it deems appropriate.
5.02. Votine by Trustees. When the authority and power under this Trust is vested in two
(2) or more Trustees or Co-Trustees, the authority and powers are to be held jointly by the Trustees
or Co-Trustees. A majority of the Trustees or Co-Trustees may exercise any authority or power
granted under this Trust or granted by law, and may act on behalf of the Trust. Any attempt by one
such Trustee to act for the Trust on other than ministerial acts shall be void. The action of one such
Trustee on behalf of the Trust may be validated by a subsequent ratification of the act by a majority
of the Trustees or Co-Trustees.
5.03. Trustees Power to Deal with Environmental Hazards. The Trustee shall have the
power to use and expend the trust income and principal to (i) conduct environmental assessments,
audits, and site monitoring to determine compliance with any environmental law or regulation
thereunder; (ii) take all appropriate remedial action to contain, clean up or remove any environmental
hazard including a spill, release, discharge or contamination, either on its own accord or in response
to an actual or threatened violation of any environmental law or regulation thereunder; (iii) institute
legal proceedings concerning environmental hazards or contest or settle legal proceedings brought
by any local, state, or federal agency concerned with environmental compliance, or by a private
litigant; (iv) comply with any local, state or federal agency order or court order directing an
assessment, abatement or cleanup of any environmental hazards; and (v) employ agents, consultants
and legal counsel to assist or perform the above undertakings or actions. Any expenses incurred by
the trustee under this paragraph may be charged against income or principal as the trustee shall
determine.
ARTICLE VI.
SPENDTHRIFT PROVISION
6.01. General Provisions. No beneficiary shall have the power to anticipate, encumber or
transfer his interest in the Trust Estate in any manner other than by the valid exercise ora Power of
Appointment. No part of the Trust Estate shall be liable for or charged with any debts, contracts,
liabilities or torts of a beneficiary or subject to seizure or other process by any creditor of a
beneficiary.
ARTICLE VH.
CONSTRUCTION OF TRUST
7.01. Choice of Law. This Trust shall be'administered and interpreted in accordance with
the laws of the Commonwealth of Pennsylvania.
7.02. Code. Unless otherwise stated, all references in this Trust to section and chapter
numbers are to those of the Internal Revenue Code of 1986, as amended, or corresponding provisions
of any subsequent federal tax laws applicable to tliis Trust.
7.03. Other Terms. Unless the context otherwise requires, the use of one or more genders
in the text includes all other genders, and the use of either the singular or the plural in the text
includes both the singular and the plural.
7.04. Captions and Table of Contents. The underlined captions set forth in this Agreement
at the beginning &the various divisions hereof and the Table of Contents appearing at the beginning
of this Agreement are for convenience of reference only and shall not be deemed to define or limit
the provisions hereof or to affect in any way their construction and application.
7.05. Situs of Trust. The Trust shall have its legal' situs at Cumberland County,
Pennsylvania.
l0
ARTICLE VIII~
COMPENSATION OF TRUSTEE AND
APPOINTMENT OF SUCCESSOR TRUSTEE
8.01. Compensation. The Trustee shall receive as its compensation for the services
performed hereunder that sum of money which the Trustee normally and customarily charges for
performing similar services during the time which it performs these services.
8.02. Removal of Trustee. Settlor, during Settlor's lifetime, or Settlor's spouse, after
Settlor's death, may remove the Trustee at any time or times, with or without cause, upon thirty (30)
days written notice given to the current Trustee. Upon the death of Settlor, a majority of the current
income beneficiaries may remove the Trustee at any time or times, with or without cause, upon thirty
(30) days written notice given to the current Trustee. Upon removal of the Trustee, a successor
Trustee shall be appointed in accordance with the terms set forth in Paragraph 8.03.
8.03. Successor Trustee. The Trustee may resign at any time upon thirty (30) days written
notice given to the Settlor if Settlor is living, or in the event of Scttlor's death, upon thirty (30) days
written notice given to the current income beneficiary or beneficiaries (including a beneficiary's
natural or legal guardian or legal representative), hereunder. Upon the resignation or incapacity of
the Trustee, the Settlor's children, DAVID C. FUNT and JACQUELYN R. KREITZER, are
hereby granted the general power to appoint some or all of the principal of this Trust to themselves,
their estates, their creditors, the creditors of their estates, in such proportion amd upon such terms
(in trust, outright gifts, or in any other manner) as they jointly deem advisable. This power shall not
be exercisable under their Wills. Upon the death, resignation, removal or incapacity of Settlor's
children, DAVID C. FUNT and JACQUELYN R. KREITZER, or the survivor of them shall
exercise the general power of appointment under this provision. A successor trustee may be
appointed by the Settlor during Settlor's lifetime.
8.04. Exoneration of Trustee. No Trustee shall be liable for any loss or depreciation in
value sustained by the Trust as a result of the Trustee retaining any property upon which there is later
discovered to by hazardous materials or substances requiring remedial action pursuant to any federal,
state, or local environmental law, unless the Trustee contributed to the loss or depreciation in value
through willful default, willful misconduct, or gross negligence.
8.05. Indemnification of Trustee Upon Distribution. Notwithstanding any contrary
provision in this Trust Agreement, the Trustee may withhold a distribution to a beneficiary until
receiving from the beneficiary an indemnification an agreement in which the beneficiary agrees to
indemnify the Trustee against any claims filed against the Trustee as an "owner" or "operator" under
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as from time
to time amended, or any regulation thereunder.
ARTICLE IX.
REVOCATION AND AMENDMENTS
9.01. Reservation of Powers. The Settlor expressly reserves the powers to: (i) revoke this
Agreement by an instrument in writing delivered to the Trustee while the Settlor is alive, (ii) to alter,
amend or modify this Agreement at any time or from time to time by an instrument or instruments
in writing delivered to the Trustee while the Settlor is alive, but no such alteration, amendment or
modification shall increase the duties nor change the basis for compensation of the Trustee without
their written consent, and (iii) withdraw from this Trust anY life insurance policy or other property
forming a part of this Trust, which property or the prOceeds therefrom was added to this Trust by
Settlor. Any such withdrawal by the Settlor shall be considered a revocation of this Trust solely with
respect to the policy or other property withdrawn.
9.02. Effect of Settior's Incapacity.
A. If Settlor Incapacitated. If at the time of any attempted exercise of(a)
powers reserved to the Settlor or (b) any other powers to demand and receive the
principal of this Trust (if any are granted in this Agreement), the Settlor is
incapacitated (as defined below in subparagraph (C)), through illness, age or other
cause, then the Trustee shall disregard any instructions from the Settlor which have
the effect of remaking, altering, amending or modifying this Agreement in whole or
in part or enabling the Settlor to withdraw from the Trust any life insurance policy or
any other property forming a part of this Trust.~
B. Settlor's Retained General Power of Appointment. Notwithstanding
the above provisions, the Settlor shall always have the right to exercise a general
power of appointment, by a will, specifically referring to the reservation of this
general power of appointment in this subparagraph (B), to appoint all of the Trust
property to the estate of the Settlor, the creditors of the Settlor, or the creditors of
the Settlor's estate.
C. Definition of Incapacity. For purposes of this Trust, the Settlor or a
Trustee shall be deemed to have become incapacitated upon the happening of either
one of the following events:
(1) Admission of Incapacity. Delivery, by hand, or by mail
to the Trustee then serving, of a written instrument from the Settlor
or a Trustee declaring that said person no longer considers that he or
she should possess the power (as Settlor) to exercise any of the
powers reserved by the Settlor in this Article IX or any other powers
to demand and receive the principal of this Trust, except the general
12
power of appointment reserved above in subparagraph 9.02(B), or the
power (as Trustee) to continue to serve as Trustee, or
(2) Medical Certification of l,nck of Capacity. Delivery,
by hand or by mail, to the Trustee then serving, of written instruments
by two physicians licensed to practice medicine, one of whom must be
a board certified psychiatrist and the other of whom must be a board
certified internist, that the Settlor or a Trustee no longer has the
capacity, as a result of illness, age or other caUse: (i) in the case of
the Settlor, to exercise any powers reserved by the Settlor over the
Trust under the terms of this Article IX or any other powers to
demand and receive the principal of this Trust, except that
notwithstanding any other provision to the contrary, the reserved
general power of appointment of the Settlor, as set forth in
subparagraph 9.02(B) above, shall always be exercisable bythe Settlor
or (ii) in the case of a Trustee, to continue to serve as a Trustee.
(3) Powers Personal to Settlor. The powers reserved by and
to the Settlor in this Article IX shall be personal to the Settlor and
shall not be exercisable by any conservator, committee, guardian or
like fiduciary, except a valid Power of Attorney, nor shall they be
assignable to nor extend to the executor or administrator of the
Settlor's estate, nor to any beneficiary named herein. Upon the death
of the Settlor this Trust shall be deemed irrevOcable.
ARTICLE X.
ACQUISITION OF UNITED STATES TREASURY BONDS
ELIGIBLE FOR TAX PAYMENT; PAYMENT OF TAXES,
FUNERAL EXPENSES, AND EXPENSES OF ADMINISTRATION
10.01. Acquisition of Bonds. The Trustee may, at any time, without the prior approval or
direction of the Settlor and whether or not the Settlor is able to manage his own affairs, acquire
United States Treasury Bonds selling at a discount, which bonds are redeemable at their par value
plus accrued interest thereon for the purposes of applying the proceeds to the payment of the United
States estate tax on the Settlor% estate; and the Trustee may borrow from any lender, including itself,
with or without security, to so acquire these bonds.
10.02. Payment of United States Estate Tax by Bond Redemption, The Settlor directs
that any United States Treasury Bonds which may be ~edeemed at their par value plus accrued
interest thereon for the purpose of applying the proceeds to the payment of the United States estate
tax imposed on the Settlor's estate, and which are held by the Trustee, shall, to the extent of the
3_3
amount determined to be required for payment of the estate tax, be distributed to the legal
representative of the Settlor's estate to be used by the legal representative ahead of any other assets
and to the fullest extent possible to pay the estate tax.
10.03. Payment of Death Taxes and Other Estate Settlement Costs~ After the Trustee
has complied with paragraph 10.02, above, and ascertained from the legal representative that all such
bonds have been redeemed in payment of the United States estate tax, the Trustee shall also ascertain
from the legal representative whether the legal representative has sufficient assets to pay the
remaining legacy, succession, inheritance, transfer, estate and other death taxes or duties (except the
additional estate tax imposed by Section 2032(c), or corresponding provisions of the Internal
Revenue Code of 1986 applicable to the Settlor's estate and imposing the tax), levied or assessed
against the Settlor's estate (including all interest and penalties thereon), all of which taxes, interest
and penalties are hereinafter referred to as the death taxes, interest and penalties. If the legal
representative advises the Trustee that insufficient funds exist to pay all the death taxes, interest and
penalties, the Trustee shall then pay to the legal representative fi.om the trust property, an amount
equal 'to all the death taxes, interest and penalties in excess of the funds available to the legal
representative for this purposes, which payments are to be made without apportionment. In making
the payments, the Trustee shall use only those assets or their proceeds which are includable in the
Settlor's gross estate for purposes of the United States estate tax. If the Settlor's legal representative
advises the Trustee that there are sufficient funds available to pay the death taxes, interest and
penalties, then the Trustee may nonetheless pay to the legal representative from the trust property,
all or any portion, as the Trustee in its sole discretion deems advisable and in the best interests of the
Settlor's beneficiaries named in this Trust, of(a) any such death taxes, interest and penalties, whether
or not on property held in or payable to the Trust, said payments to be made without apportionment,
(b) the Settlor's funeral expenses, (c) claims and other debts of the Settlor, whether allowed against
the Settlor's estate or not, (d) expenses of administering the Settlor's estate, and, (e) bequests under
any will or codicil executed by the Settlor. In making any such payments, other than to satisfy
bequests under any will or codicil executed by the Settlor, the Trustee shall use only those assets or
their proceeds which are includable in the Settlor's gross estate for purposes of the United States
estate tax.
IN WITNESS WHEREOF, the Settlor and Trustee have hereunto set their hands and seals
as of the day and year first above written.
WITNESS:
JOHN IL FUNT, SETTLOR
(SEAL)
14
COMMONWEALTH OF PENNSYLVANIA :
: SS:
COUNTY O~ ~ o ~ ~5~q ~ :
On this, the ~ 4-~ day of June, 2000, before me, a Notary Public, the undersigned officer,
personally appeared JOHN IL FUNT, known to me (or satisfactorily proven) to be the person '
whose name is subscribed to the within Trust Agreement, and acknowledged that he executed the
same for the purposes therein contained.
IN WITNESS WHEREOF, I have set my hand and official Seal.
Notary Public
My Commission Expires:
Notarial Seal
Teri L. Walker, Notary Public
Lemoyne Boro, Cumberland County
My Commission Expires Jan. 20, 2003
Member, Pennsylvania Association ot Notaries
The foregoing Trust Agreement was delivered, and is
~..e_a, tt~~ _ , Pennsylvania, on June [z/, 2000.
ATTEST:
hereby
accepted,
JO~ IL FUNT, TRUSTEE
(SEAL)
15
SCHEDULE "A"
SCHEDULE
REFERRED TO IN THE ANNEXED
TRUST AGREEMENT
DATED jUNE ,2000
FROM JOHN IL FLINT, SETTLOR
TO JOHN IL FUNT, TRUSTEE
PROPERTY DESCRIPTION:
3.6
Leon D. Gerlach, Appraiser
Commercial, Industrial & Residential
FUNT-265 Company F
Fie No. H0407192B
APPRAISAL OF
LOCATED AT:
265 Company Farm Road
Aspers, PA 17304
FOR:
FUNT, John R.
265 Company Farm Road
Aspers, PA 17304
BORROWER:
John R FUNT
AS OF:
July 27, 2004
BY:
Leon D. Gerlach, MSA, MFLA, GAA, CCRA
Pa Certified General Real Estate Appraiser Certification Number GA-000368-L
305West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
Leon D. Gerlach, Appraiser
Commercial, Industrial & Residential
FUNT-265 Company
File No. H0407192B
08/05/2004
David Funt
FUNT, John R.
265 Company Farm Road
Aspers, PA 17304
File Number: H0407192B
Dear David :
In accordance with your request, I have personally inspected and appraised the real property at:
265 Company Farm Road
Aspers, PA 17304
The purpose of this appraisal is to estimate the market value of the subject property, as improved.
The property rights appraised are the fee simple interest in the site and improvements.
In my opinion, the estimated market value of the property as of July27,2004
is:
$96,000
Ninety-Six Thousand Dollars
The attached report contains the description, analysis and supportive data for the conclusions,
final estimate of value, descriptive photographs, limiting conditions and appropriate certifications.
Respectfully Submitted,
Pa Certified General Real Estate Appraiser
Certification Number GA-000368-L
305 West Shady Lane, Enola, PA 17025-2240
Phone 717-732-5052 Fax 717-732-6646 email: gerlachl@verizon.net
305 West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
:ion
SUMMARY APPRAISAL REPORT
UNIFORM RESIDENTIAL APPRAISAL REPORT
FUN I'-265 Company F
File No. HO407192B
r Address 265 Company Farm Road City Aspers
DEED REF: 2076-0187 (ATTACHED) Tyrone Township
Assessor's Parcel No. 40-H06-0039-B0-000
Borrower John R FUNT
lborhood or Project Name Tyrone Township
Sale Price $ OPINION VAL Date of Sale N/A
Lender/Client FUNT, John R.
Leon D. Gerlach~ MSA~ MFLA~ GAA~ CCRA
Location [] Urban X[~ Suburban [] Rural
State PA Zip Code 17304
County Adams
Tax Year 03/04 R.E. Taxes $ 1,603.00 Special Assessments $ N KNOWN
Current Owner SAME Occupant: [] Owner [~ Tenant J~ Vacant
Project Type [] PUD [] Condominium (HUDNA only) HOA$ N/A /Mo.
Map Reference FranklinMap-326408 Census Tract 0302.00
Description and $ amount of loan charges/concessions to be paid by seller N/A
Address 265 Company Farm Road, Aspers, PA 17304
Address 305 West Shady Lane, Enola, PA 17025-2240
I Predominant
Built up [] Over 75% [] 25-75% [] Under 25% occupancy
Growth rate [] Rapid [] Stable [] Slow [] Owner 92
Property values J~ Increasing [] Stable [] Declining J~ Tenant 8
Demand/supply J~] Shortage [] Inbalance [] Oversupply [] Vacant(0-5%)
Under3mos. J~ 3-6mos. [] Over6mos. J~ vacant(ow5%)
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundaries and characteristics: See Attached Addendum.
I Single family housing I Present land use % Land use change
PRICE AGE . o
$ (0o0) (~s) One family 33% [] Not likely [] Likely
40 Low 5 2-4 family 6% [] In process
180 Hi,qh 90 Multi-family ~ To:
Predominant Commercial 11%
115 I 55 I(INDUST ) 2%
Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
~rone Township neighborhood is comprised primarily of properties reflecting similar quality, maintenance, design and appeal,
and marketability to the subject property. Availability for this neiqhborhood, of most public services combined with average access to
,ment, and schools ives it a similar appeal to the market as other nearby neighborhoods. No unfavorable factor was
observed which would adversely affect marketability.
Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time
-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):
See Attached Addendum.
Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HCA)? [] YES
Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project
Describe common elements and recreational facilities:
[] NO
Dimensions SEE ATTACHED DEED
Sitearea 12.91 Acres M/L CornerLot [] Yes [] No
Specific zoning classification and description RESIDENTIAL
Zoning compliance [] Legal [] Legal nonconforming (Orandfathered use) [] Illegal [] No zoning
Utilities
Electricity
Gas [] BOTTLE
Water [] PRIVATE TYP
Sanitary sewer [] PRIVATE TYP
Storm sewer [] NONE TYP
improved: [] Present use
Public Other
[] 100 AMP
[] Other use (explain)
Off-site Improvements Type Public Private
Street ASPHALT [] []
Curb/gutter NONE TYP [] []
Sidewalk NONE 'PCP [] []
Streetlights NONE TYP [] []
Alley NONE TYP [] []
Topography
Size
Shape
Drainage
View
Landscaping
Driveway Surface
Apparent easements
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.):
Addendum.
GENTLE ROLLING
LARGER THAN TYPICAL
I RREG U LAR
APPEARS ADEQUATE
TYPICAL OF NEIGHBOR
TYPICAL FOR NEIGHBOR
GRAVEL
NOTED TYPICAL UTILITY
FEMA Special Flood Hazard Area [] Yes [] No
FEMA Zone C Map Date 06/01/1989
FEMA Map No. 421163 0003B
See Attached
GENERAL DESCRIPTION
No. of Units
No. of Stories
Type (Dat./Att.)
Design (Style)
Existing/Proposed
Age (Yrs.)
ROOMS
Basement
Level 1
Level 2
EXTERIOR DESCRIPTION
1 Foundation CON BLK
1: 5 Exterior Walls LOG HOME
DETACHE Roof Surface SHINGLE
1.5-STOR Gutters & Dwnspts. NONE
EXISTING Window Type WOOD INGL
12 Storm/Screens INGL/YES
6 Manufactured House NO
Kitchen
Finished area above ,grade contains:
INTERIOR Materials/Condition
Floors CAP-W D-VI N/AG
Wails LOG-DWL-PNT/AG
Trim/Finish WD-STAIN/AVG
Bath Floor VINYL/AVG
Bath Wainscot FIBERGLASS/AVG
Doors W D-STAI N/AVG
5 Rooms;
HEATING
3 Bedroom
Type SPACE
Fuel WOOD
ConditionAVERG
COOLING
Central NONE
Other NONE
ConditionN/A
KITCHEN EQUIP.
Refrigerator
Range/Oven []
Disposal []
Dishwasher []
Fan/Hood []
Microwave []
Washer/Dryer
Additional features (special energy efficient items, etc.):
heat.
FOUNDATION
Slab NO
Crawl Space YES
Basement NO
Sump Pump N/A
Dampness N/A
BASEMENT
Area Sq.Ft. 0
% Finished N/A
Ceiling N/A
Walls N/A
Floor N/A
Settlement NONE NOTED
Infestation NONE NOTED
Bedrooms
2
1
Outside Enl]y N/A
# Baths1 Laundry
INSULATION
Roof __ []~
Ceiling R-30 +/-
Walls R-19 +/- [~
Floor R-19 +/-
None __ ~
Unknown
STANDARD AGE
Other Area Sq,Ft.37272000
s); 1
ATTIC
None
Stairs
Drop Stair
Scuttle
Floor
Heated
Finished
Bath(s);
AMENITIES
Fireplace(s) # __
Patio
Deck WOOD
Pomh COVERED
Fence
Pool
WOOD STOVE
1,092 Square Feet of Gross Living Area
CAR STORAGE:
None []
Garage
[]~ Attached
Detached
[] Built-In
[] Carport
Driveway 8
# of cars
The subject property is Icg home with covered front porch and lot area and no central
Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: See Attached
Addendum.
Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the
immediate vicinity of the subject property: See Attached Addendum.
Freddie Mac Fo~m 70 6-93 PAGE 1 OF 2 Fannie Mae Fa'm 1004 6-93
Produced using ACI soEware, 800.234.8727 www.aciweb.com
Valuation Section
SUMMARY APPRAISAL REPORT
UNIFORM RESIDENTIAL APPRAISAL REPORT
File No.
FUNT-265 Company
H0407192B
ESTIMATED SITE VALUE..REPL~CErV]E.NT..C.OS.T.U.S.E[; = $ 46,000
ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS:
Dwelling 1,092 Sq. Ft. @ $ 68.20 = $ 74,474
Bsmt. 0 Sq. Ft. @ $ = 0
PRIVATE SEWER & PRIVATE WATE = 6,700
Garage/Carport 0 Sq. Ft. @ $__ = 0
Total Estimated Cost New = $ 81,174
Less 60 Physical Functional I External Est. Remaining Econ. Life: 54
Depredation $8,117 J = $ 8,117
Depreciated Value of Improvements ................... = $ 73,057
"As-is" Value of Site Improvements ................... = $
INDICATED VALUE BY COST APPROACH ........... = $ 1
ITEM
Comments on Cost Approach (such as, source of cost estimate,
site value, square foot calculation and for HUD, VA and FmHA, the
estimated remaining economic life of the property):
SEE SKETCH ADDENDUM
Marshall & Swift Cost Service combined with the appraisers
experience have been used to arrive at replacement cost
figures. Land value is an estimate based on the limited
number of lot sales in the area.
SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. $
265 Company Farm Road
Township
; ;;
Sales Price OPINION VAL
Price/Gross Liv. Area 0.00
Data and/or
807 Chestnut Hill Road
,rone Township
1.7 MILES SOUTHWEST
MLS/STEB
1286 Bull Valley Road
ship
1.8 MILES WEST
160 Lobaugh Road
P
2.1 MILES NORTHWEST
$ 138 $ 133,000
80.37 ~ $ 100.76
MLS/STEB MLS/STEB
TAX ASSMT RECORDS TAX ASSMT RECORDS
DESCRIPTION + (-) $ Adjustment DESCRIPTION + (-) $ Adjustment
Verification Sources TAX ASSMT RECORDS
DESCRIPTION DESCRIPTION
+ (-) $ Adjustment
Sales or Financing CASH ', 0
Concessions NONE KNOWN ', 0
Date of Sale/Time N/A 11/2002
Location Suburban SI MI LAR
FEE SIMPLE FEE SIMPLE ', 0
Site 12.91 Acres MIL 4.40A/INFERIOR; +4,300
View TYPICAL/NEIG TYPICAL/NEIG
1.5-STY/DETA 1 -STY/DETACH
of Co~ GOOD/LOG SIMILAR/SIDING',
CONVENTIONAL
SELLER HELP
Condition
0 CONVENTIONAL
-4,000 NONE KNOWN
08/2003 0 08/2002
SIMILAR 0 SIMILAR 0
FEE SIMPLE 0 FEE SIMPLE 0
3.25A/I N FERI OR
TYPICAL/NEIG
0 1-STY/DETACH
0 SIMILAR/SIDING
12A/6E 16/16 i +11,000
Basement & Finished CRAWL SPACE
Rooms Below Grade NONE
23/6
AVERAGE AVERAGE/INFE : 0
Above Grade Baths
RoomCount 51 3', 1.00 3', I ' 0' 0
.Ft. -1
ON SLAB 0
NONE 0
Functional Utility AVERAGE
AVERAGE/SIMI
Baths
7', 4: 2 ' 0
+4 4.72A/INFERIOR
0 TYPICAL/NEIG
WOOD SPACE
0 1-STY/DETACH
0 SIMILAR/SIDING
0 15/6
0
CRAWL SPACE
NONE
0
-1,400
AVERAGE/SIMI
Baths
5', 2', 2 ' 0
1,320 Sq. Ft.
FULL
H. BATH
0
0
0
+4,200
0
0
-2,700
-4,800
-400
AVERAGE/SIMIL 0 AVERAGE/SIMIL 0 AVERAGE/SIMIL 0
EBB/NONE -1,700 EBB/CENTRAL -4,200 OIL H.AR/NON -1,700
STANDARD/AGE 0 STANDARD/AGE
NONE 0 l-CARPORT -900
0 STOOP-PATIO
-1 LIVING-BEDRM
0 IN GROUND
Effident ItemsSTANDARD/AGE
None
Porch, Patio, Deck, Porch,Deck STOOP-PATIO
NONE LIVING ROOM
Fence, Pool, etc. NONE NONE
KITCHEN-BATF
KIT-BATH/STAN KIT-BATH/STAN 0
;;:: !$ 10,400
Adjusted Sales Price
$ 75,400
STANDARD/AG E 0
5-CAR GR/DE -5,400
STOOP-DECK 0
LIVING ROOM -1,300
METAL -900
KIT-BATH/STAN 0
iS 13,000
KIT-BATH/STAN
Comments on Sales Comparison (including the subject property's compatibility to the
-3,800
$ 1 $ 120,000
neighborhood, etc.): See Attached Addendum.
ITEM SUBJECT COMPARABLE NO. 1
Date, Price and Data
Source for pdor sales
LAST:2000
TAX ASSESSME/
YEAR OF PRIOR SALE -1989
TAX ASSESSMENT
COMPARABLE NO. 2
NONE KNOWN WITHIN 3 YR
TAX ASSESSMENT
COMPARABLE NO. 3
YEAR OF PRIOR SALE -1999
TAX ASSESSMENT
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:
THE SUBJECT PROPERTY WAS NOT LISTED FOR SALE AT THE TIME OF THE VIEWING.
INDICATED VALUE BY SALES COMPARISON APPROACH ..................................................... $ 96,000
INDICATED VALUE BY INCOME APPROACH (If Applicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Multiplier N/A = $ 0
This appraisal is made [] "as is" [] subject to the repairs, alterations, inspections or conditions listed below [] subject to completion per plans and specifications.
Conditions of Appraisal: See Attached Addendum.
Final Reconciliation: See Attached Addendum.
The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised 06-1993 ).
I (WE) ESTIMATE THE MARKET VALUE,.AS DEFINED, OF THE REAL PROPERTY THAT iS THE SUBJECT OF THiS REPORT, AS OF 07/27/2004
(VVHICH IS THE DATE O.,F,'II~PECTION AND THE EFFECTIVE DAT. EOF THIS REPORT) TO BE $ 96,000 .
Signature ,_~"~ ~.~"~.- C// ,~ / Signature
Name Leon D. Gerlach, MSA, MFLA, GAA, CCRA
Date Report Signed 08/05/2004
State Certification# GA-000368-L
Or State License #
Freddie Mac Form 70 6-93 Pa Certified General Real
Estate Appraiser
Name
J~J Did [~Did Not
Inspect Property
Date Report Signed
State PA State Certification # State
State Or State License # State
PAGE 2 OF 2
Produced using ACI sottwa'e. 800.2348727 w'ew.aciweb.c~m
Leon D. Gerlach, Appraiser
Fannie Mae Form 1004 6-93
)lemental Valuation Section
SUMMARY APPRAISAL REPORT
UNIFORM RESIDENTIAL APPRAISAL REPORT
FUNT-265 Company F
File No. H0407192B
ITEM
265 Company
'rone
Sales Price
Rice/C~oss Liv. Area
Data and/or
Verification Sources
VALUE ADJUSTMENTS
Sales or Financing
Concessions
Date of Sale/Time
Location
Site
View
of Constn~J~
Condition
Above Grade
Room Count
Basement & Finished
Rooms Below Grade
Functional Utility
~ Effident Items
Porch, Patio, Deck,
Fence, Pool, etc.
KITCHEN-BATH
Adjusted Sales Price
~arable
Comments on Sales
I SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
arm Road 185 Yellow Hill Road 901 Brysonia-Wenksville 1076 Bendersville-Wenksvi
c ¢/nship Menallen Township Menallen Township Menallen Township
; 7.2 MILES WEST 7.4 MILES NORTHWEST 7.2 MILES WEST
$ OPINION VAL $ 64,900 $ 98,000 $ 125,000
$ 0.00 ~ $ 120.19 ~ $ 62.30 ~ 125.00 ~
MLS/STEB MLS/STEB MLS/STEB
TAX ASSMT RECORDS TAX ASSMT RECORDS TAX ASSMT RECORDS
DESCRIPTION DESCRIPTION I +(-)SAdjustment DESCRIPTION I +(-)SAdjustrnent DESCRIPTION J +(-)$Adjustment
N~A ;; :: CONVENTIONAL', 0 CONVENTIONAL', 0 CONVENTIONAL: 0
NONE KNOWN i 0 NONE KNOWN i 0 NONE KNOWN ', 0
09/2002 ', 0 12/2002 : 0 10/2003 : 0
Suburban SIMILAR ; 0 SIMILAR : 0 SIMILAR : 0
FEE SIMPLE FEE SIMPLE I 0 FEE SIMPLE ,, 0 FEE SIMPLE ; 0
12.91 Acres M/L 4.59NINFERIOR', +4,200 11.07NSIMILAR ', 0 10.88NSIMILAR i 0
TYPICAL/NEIG TYPICAL/NEIG ; 0 TYPICAL/NEIG : 0 TYPICAL/NEIG ; 0
1.5-STY/DETA l-STY/DETACH : 0 1.5-STY/DETA ', 0 l-STY/DETACH ', 0
GOOD/LOG SIMILAR/SIDING', 0 SIMILAR/SIDING ', 0 SIMILAR/SIDING i 0
12A/6E 29/16 i +11,000 100/12,; +6,600 30/6 i 0
AVERAGE AVERAGE/INFE ', 0 AVERAGE/INFE ' 0 AVERAGE/INFE ', 0
Total Bdrms ~1 Baths Total '~ Bdrms : Baths : 0 Total Bdrms i Baths [ 0 Total Bdrms" Baths : 0
5i 31 1.00 2! 11 1:0i 0 5i 21 1'0i 0 5i 2! 1:0i 0
1,092 Sq. Ft. 540 Sq. Ft. i +6,600 1,573 Sq. Ft. ! -5,800 1,000 Sq. Ft. i 0
CRAWL SPACE CRAWL SPACE ', 0 PARTIAL ', -1,600 CRAWL SPACE ', 0
NONE NONE ', 0 NONE KNOWN ; 0 NONE ', 0
AVERAGE AVERAGE/SIMIL ', 0 AVERAGE/SIMIL ,, 0 AVERAGE/SIMIL , 0
WOOD SPACE WOOD SPACE ', 0 OIL H.WT/NON ', -1,700 EBB/NONE ', -1,700
STANDARD/AGE !STANDARD/AGE i 0 STANDARD/AGE i 0 STANDARD/AGE i 0
None NONE ', 0 2-CAR GR/DE ', -2,100 2-CAR GR/DE ', -2,100
Porch,Deck FRONT-DECK ', 0 STOOP-REAR ', 0 FRONT-DECK ', 0
NONE LIVING ROOM ', -1,100 NONE ', 0 LIVING ROOM ', -1,300
NONE NONE , 0 NONE , 0 NONE , 0
KIT-BATH/STAN KIT-BATH/STAN : 0 KIT-BATH/STAN : 0 KIT-BATH/STAN : 0
[]+ [~- iS 20,700 (~+ [~- iS 4,600. [~- iS 5,100
Gross, 82~
~i ~i9°/° $ 85,600 ";i ~% $ 93,400 ~et ~ $ 119,900
;omparison (including the subject property's compatibility to the neighborhood, etc. ): SEE ATTACHED ADDENDUM
SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6
LAST:2000 YEAR OF PRIOR SALE -1988 YEAR OF PRIOR SALE -1992 YEAR OF PRIOR SALE -1969
TAX ASSESSMEI' TAX ASSESSMENT TAX ASSESSMENT TAX ASSESSMENT
ITEM
Date, Price and Data
Source for prior sales
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:
ADDENDUM
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
Lender: FUNT, John R.
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
Neighborhood Boundaries
SUBJECT PROPERTY COMMENTS
The DEED/LEGAL description was furnished by the client of the subject property, so the appraiser utilized the DEED/LEGAL
for the physical dimensions and/or site area of the property. Should a survey prove these characteristics inaccurate, it may
be necessary for this appraisal to be adjusted.
NEIGHBORHOOD BOUNDARIES
The neighborhood boundaries per this appraiser's report include the whole township. Only using a few blocks for a
neighborhood boundaries an appraiser can pick the best blocks for the report, but with a township which includes
neighborhood amenities. This appraiser's belief is that the neighborhood must include neighborhood amenities like: schools,
shopping, place of worship, employment, normally expected public services and so forth.
Neighborhood Market Conditions
The supply and demand for this neighborhood is normal at this time. Also the marketing time is normal at this time. Market
and property values appear to be relatively stable at this time with a wide variety of financing available. Buydowns and
concessions do not seem to be a major factor in todays market.
PRESENT LAND USE PERCENTAGE - This form does not require the reporting of vacancy percentage because it could be
interpreted as being discriminative to an area as per FANNIE MAE underwriting class. So the vacancy is not being reported
on this report. Per FANNIE MAE Class instructor if FANNIE MAE wants the information they will put it on the form and with
vacancy removed this column can not equal 100.
Site Comments
For this neighborhood the subject property's site; has similar site improvements, landscaping and has had similar
maintenance. The site also is some larger in size, and enjoys similar topography to the other sites in this neighborhood. The
present use of the site is legal as per the appraiser's interpretation of the the local zoning. No apparent adverse easements
(except standard utility), encroachments or other adverse conditions exist on the subject's site or in the neighborhood.
Subject property has a private on site well as a water supply system and a private on site septic system which is typical of
the neighborhood, and both systems appear to be functioning properly to the best of the appraiser's knowledge and expertise
with no tests made by the appraiser and does not adversely impact marketability.
The lack of storm sewers, curbs, gutters, sidewalks, and/or street lights is typical of the neighborhood and does not adversely
impact marketability.
Condition of Improvements
INTERIOR COMMENTS
The property's plumbing and electrical systems appear to be functioning properly to the best of the appraiser's knowledge
and expertise. There has not been any operational inspection on any of the subject property's systems by the appraiser or
and warranty or guarantee by the appraiser.
CONDITION COMMENTS
(PHYSICAL, FUNCTIONAL AND EXTERNAL, REPAIRS NEEDED, MODERNIZATION)
THIS APPRAISAL REPORT IS NOT A PROPERTY INSPECTION OR GUARANTEE OF CONDITION.
There was no evidence seen or observed of termites or settlement by the appraiser at the time the subject property was
routinely viewed.
Property reflects normal physical depreciation for age and no deficiencies noted.
Floor plan provides average utility, design, and appeal for the neighborhood, and should receive average acceptance in the
market place.
Adverse Environmental Conditions
The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions.
Appraiser's routine viewing of and inquiries about the subject property did not develop any information that indicated any
apparent significant hazardous substances or detrimental environmental conditions which would affect the property
negatively. It is possible that test and inspections made by a qualified hazardous substance and environmental expert would
reveal the existence of hazardous material and environmental conditions on or around the property that would negatively
affect its value.
Comments on Sales Comparison
After a thorough search of all available market data the six sales used are considered to be the best indicators of value. All
six sales were considered to be weighted similarly in the final reconciliation of value. Comparables used are closed sales.
CONCESSIONS - Sales comparable #2 the seller paid some of the buyer' cost so an adjustment was made for the cost paid
by the seller.
SITE - The subject property and sales comparables #5 & #6 are similar and sales comparables #1, #2, #3 & #4 are smaller
so adjustments were made for the difference in site size and usable area.
AGE - For this report the first number is the actual age of the property as known from information available to the appraiser
and the second number is the effective age +/- of the property at the time of the viewing for the subject property and for the
comparable properties as of the sales date and estimated from the information available to the appraiser MLS, Tax
Assessment etc.
Addendum Page 1 of 2
ADDENDUM
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
Lender: FUNT, John R.
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
AGE & CONDITION - There is a difference in effective age and condition between the subject property and the comparable
properties so adjustments were made for the differences in effective ages as from the information available to the appraiser
from the MLS, Tax Assessment and etc. and adjustment for condition only if the difference can so warrant an adjustment
from information available to the appraiser or the appraiser has inspected both properties.
ROOM COUNT - Adjustments on this line are only for bathrooms in the gross living area. The other bathrooms are adjusted
in the rooms below grade line. The other room count difference is normally adjusted in the square foot adjustment for this
report. The difference in room count for bedrooms like, from two bedrooms to three bedrooms, does not have any noticeable
affect on market value because of the number of single parents today in the market place.
GROSS LIVING AREA - The adjustments are for the difference in Gross Living Area between the subject and the
comparable sales. The amount of adjustment is from the market of the comparable sales used in this report.
HEATING & COOLING - The subject property and sales comparable #4 have space heating, sales comparables #1, #3 #5 &
#6 have central heating and sales comparable #2 has central heating and central a/c so adjustments were made for the
difference in heating and a/c.
GARAGE/CARPORT - The subject property and sales comparables #1 & #-4 have no garage, sales comparable #2 has a
one car carport, sales comparable #3 has a five car garage, sales comparables #5 & #6 have a two car garage so
adjustments were made for the difference in a garage.
PORCHES, PATIOS, DECK - Sales comparable #2 has an in ground pool and sales comparable #3 has a fence so
adjustments were made for the differences.
All other adjustments are self explanatory. If there was no adjustment made it is because the market did not show an
adjustment should be made. The amount of the adjustments are from the information from the market.
COMPARISON COMMENTS
It is noted that comparable No(s).._4,5,6__ are located more than: ( ) One mile for urban location.
(X) Three miles for suburban location.
( ) Five miles for rural location from the subject.
These comparables sales were selected after a thorough search of the area. They are located in a neighborhood similar
to the subject, and are considered to be the best comparable sales available at the time of this report.
It is noted that comparable No(s). _1,2,3,4,5,6_ occurred over six months prior to the appraisal date. These comparable
sales were selected after a search of the area and are considered to be the best available at the time of this report. It is
better to go a little further back in time sometimes than to go further away from the subject property.
Insufficient market sales in close proximity to subject required appraiser to extend search parameters.
In order to find comparable sales, appraiser was required to use less recent sales.
Conditions of Appraisal
COMMENTS AND CONDITIONS OF APPRAISAL
This appraisal report has been prepared with the property in "as is" condition. No repairs noted or known. No personal
property is included in this opinion of value.
THIS REPORT WAS PREPARED FOR THE CLIENT LISTED IN THIS REPORT AS A GUIDE FOR AN OPINION OF
MARKET VALUE ON THE PROPERTY LISTED IN THIS REPORT AND NOT TO BE USED BY THE CLIENT FOR ANY
OTHER PURPOSE AND NOT TO BE USED FOR A LENDING DECISION.
Final Reconciliation
The Market Approach is considered to be the best indicator for an opinion of market value for this type of property and is
given greatest weight in this report. The comparable sales are felt to provide reasonably good support for a final opinion of
market value. The Income Approach was not used due to the lack of similar type properties rentals and reliable data. The
Cost Approach received little weight because it is more reliable on new or nearly new properties.
Addendum Page 2 of 2
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road Case No.: FUNT-265 Company Farm Road
City: Aspers State: PA
Lender: FUNT, John R.
Zip: 17304
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date: July 27, 2004
Appraised Value: $ 96,000
REAR VIEW OF
SUBJECT PROPERTY
STREETSCENE
· SUBJECT PROPERTY INTERIOR ,
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road Case No.: FUNT-265 Company Farm Road
City: Aspers State: PA
Lender: FUNT., John R.
Zip: 17304
SUBJECT PROPERTY
INTERIOR PHOTOS
PHOTO OF: KITCHEN
PHOTO OF: BATHROOM
PHOTO OF: LIVING ROOM
FLOORPLAN
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
Lender: FUNT, John R.
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
18.0'
B.Room
13.0'
Second Floor
30.0'
B.Room F.Bath Kitchen
B.Room
Eat in
Living
Covered Porch
First Floor
Comments:
AREA CALCULATIONS SUMMARY
Code Description Size Net Totals
GLA1 First Floor 720.00 720.00
GLA2 Second Floor 372.00 372.00
TOTAL LIVABLE (rounded) 1092
LIVING AREA BREAKDOWN
Breakdown Subtotals
First Floor
24.0 x 30.0 720.00
Second Floor
13.0 x 24.0 312.00
5.0 x 12.0 60.00
3 Calculations Total (rounded) 1092
305 West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
FLOORPLAN
Borrower: John R FUNT File No.: H0407192B
Property Address:265 Company Farm Road
City: Aspers
Lender: FUNT, John R.
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
First Floor GLA1
24.0 x 30.0 = 720.00
Area total (rounded) = 720
Second Floor GLA2
13.0 x 24.0 - 312.00
5.0 x 12.0 = 60.00
Area total (rounded) = 372
305 West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
LOCATION MAP
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road Case No.: FUNT-265 Company Farm Road
City: Aspers State: PA
Lender: FUNT, John R.
Zip: 17304
305 West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
COMPARABLE PROPERTY PHOTO ADDENDUM ,
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road Case No.: FUNT-265 Company Farm Road
City: Aspers State: PA
Lender: FUNT, John R.
Zip: 17304
COMPARABLE SALE #1
807 Chestnut Hill Road
Tyrone Township
Sale Date: 11/2002
Sale Price: $ 65,000
COMPARABLE SALE #2
1286 Bull Valley Road
Tyrone Township
Sale Date: 08~2003
Sale Price: $138,000
COMPARABLE SALE #3
160 Lobaugh Road
Tyrone Township
Sale Date: 08~2002
Sale Price: $133,000
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
Lender: FUNT, John R.
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
COMPARABLE SALE #4
185 Yellow Hill Road
Menallen Township
Sale Date: 09~2002
Sale Price: $ 64,900
COMPARABLE SALE #5
901 Brysonia-Wenksville
Menallen Township
Sale Date: 12/2002
Sale Price: $ 98,000
COMPARABLE SALE #6
1076 Bendersville-Wenksvi
Menallen Township
Sale Date: 10/2003
Sale Price: $125,000
FUNT-265 Company
File No. HO407192B
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised,
and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment
is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal
consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the
sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for
those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property
by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The
appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised
on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data
sources) and has noted in 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.
4. 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.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous
wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal
research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden
or unapparent conditions of the property or adverse environmental conditions (including 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 for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the
appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment
of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she
considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such
items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion,
repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the
appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to
any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrower; the
mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally
approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia;
except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s)
without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before
the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93
FUNT-265 Company
File No. H0407192B
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate
to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than,
the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a
comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted
sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the
appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my
knowledge, that all statements and information in the appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject
only to the contingent and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal
interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the
estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of ~ither the
prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the
subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party,
the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a
specific valuation, or the need to approve a specific mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal,
with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section.
8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables
in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the
subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these
adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented
about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on
significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal
report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in
the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it.
ADDITIONAL CERTIFICATION AND LIMITED CONDITIONS ON THE NEXT PAGE
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies
and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the
statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking
full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 265 Company Farm Road, Aspers, PA 17304
APPRAISER:
Signature: ~~'~'~~
Name: Leon D. Gerlach, MSA, MFLA, GAA, CCRA
Date Signed: 08/05/2004
State Certification #: GA-000368-L
or State License #:
State: PA
Expiration Date of Certification or License: 06/30/2005
Pa Certified General Real Estate Appraiser
SUPERVISORY APPRAISER (only if required)
Signature:
Name:
Date Signed:
State Certification #:
or State License#:
State:
Expiration Date of Certification or License:
[] Did [] Did Not Inspect Property
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93
FUNT-265 Company
File No. H0407192B
ADDITIONAL CONTINGENT - LIMITED CONDITIONS - CERTIFICATIONS
-- This report was prepared for the client named in this report and the fee charged was for the preparation of this report only. If the client
named in this report gives a copy of this report and/or gives written consent to a third party and the third party of this report wants a
consultation of this report, with the appraiser, there will be a consultation fee to the third party which must be paid prior to any
consultation with the appraiser.
-- The comparable properties data relied upon in this report is believed to be from reliable sources, however, it was not possible to
inspect the comparable properties completely, and it was necessary to rely on information furnished by others as to said data, condition,
therefore, the value conclusions are subject to the correctness and verification of said data.
-- The appraiser has inspected, as far as possible, by observation, the land and the improvements thereon, however, this is not to be
considered a property inspection and it was not possible to personally observe conditions beneath the soil or hidden structural
components within the improvements, therefore, no representations or guarantee of condition are made herein as to these matters and
unless specifically considered in this report, the value estimate is subject to any such conditions that could cause a loss in value.
Condition of heating, cooling, ventilation, electrical, plumbing and other equipment is considered to be commensurate with the condition
of the balance of the improvements unless otherwise stated.
-- All furnishings and equipment, except those specifically indicated and typically considered as a part of real estate, have been
disregarded by the appraiser. Only the real estate has been considered.
-- The appraiser has provided a sketch in this report to show approximate dimensions of the improvements, and the sketch is included
only to assist the reader of this report in visualizing the property and understanding the appraiser's determination of the size. 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 guarantee, express or implied, regarding this determination.
-- I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal
Practice of my current memberships.
-- I certify that the use of this report is subject to the requirements of my current memberships relating to review by its duly authorized
representatives.
-- As of the date of this report, I Leon D. Gerlach have completed the requirements of the continuing education program of my current
memberships.
-- AVERAGE, SIMILAR, STANDARD &/OR TYPICAL as used in this report, is that the property is standard for the style, type, size and
value for the subject property and/or the comparable sales properties.
-- Every subject property cannot always be compared to "ideal" comparable sales. The appraiser must choose the best sales available
from the search of market information, which meet the best underwriting standards possible. The appraiser has made every adjustment
of line items on the grids as per the information available from the market data, according to the guidelines established by the
professional appraisal association, of which this appraiser is affiliated, the Appraisal Institute.
-- NOTE - The electronic Digital Photos in this report have not been altered in any way as to change the information of the photos. There
is sometimes a need to lighten or darken the photo for clarity only.
-- NOTE - The Digitalized Signature on this report, allowed by USPAP, is a password protected digital signature. The appraiser excepts
no reasonability or liability for any change(s) made to the appraiser's original report sent by electronic means in any format.
This fa'm was Ixoduced on the ACI Development RapidForms system (800) 234-8727
Leon D. Gerlach, Appraiser
SUMMARY APPRAISAL REPORT
MULTI-PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALLY RELATED TRANSACTIONS
FUNT-265 Company F
H0407192B
Borrower/Client John R FUNT
Property Address 265 Company Farm Road
City Aspers
Lender FUNT, John R.
County Adams State PA Zip Code 17304
This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a con-
venient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC),
the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC)
and the Federal Reserve.
This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those
statements which have been checked by the appraiser apply to the property being appraised.
[] The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the
subject property and neighborhood and selection of comparable sales within the subject market area. The original source of the com-
parab es s shown in theData Source section of the market grid along with the source of confirmation, if available. The original source
~s presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most
reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion.
[] The Reproduction Cost is based on MARSHALL & SWIFT COST ESTIMATING
supplemented by the appraiser's knowledge of the local market.
[] Physical depreciat on s based on the estimated effective age of the subject property. Functional and/or external depreciation, if
present, s specifically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on
personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site
values from sales of improved properties.
[] The subject property is located in an area of primarily owner-occupied single family residences and the Income Approach is not consi-
dered to be meamngful. For this reason, the Income Approach was not used.
E~ The Est mated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the
subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent
Multiplier is based on prior and/or current analysis of prices and market rates for residential properties.
{~ For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to pro-
ject future rents, vacancies and expenses.
According to
THE LOCAL MULTI LISTING SERVICE
has not been offered for sale in the past: [] 30 days [] 1 year [] 3 years [] Other
is currently offered for sale for $
was offered for sale within the past: [] 30 days [] 1 year [] 3 years [] Other
Offering information was considered in the final reconciliation of value.
Offering information was not considered in the final reconciliation of value.
the subject property;
for $
Offering information was not available, The reasons for unavailability and the steps taken by the appraiser are explained later in
this addendum.
According to TAX ASSESSMENT & LOCAL MULTI LISTING SERVICE the subject property;
[] has not transferred in the past [] 1 year [] 3 years [] Other
{~ has transferred in the past [] 1 year [] 3 years [] Other
[] All prior sales which have occurred in the past __ months or __ years are listed below and reconciled to the appraised value,
either in the body of the report or in the addenda.
Date Sales Price Document # Seller Buyer
{~ Subject property is not located in a FEMA Special Flood Hazard Area.
[] Subject property is located in a FEMA Special Flood Hazard Area.
Zone FEMA Map/Panel# Map Date
C 421163 0003B 06/01/1989
Name of Community
Tyrone Township
[] The community does not participate in the National Flood Insurance Program.
[] The community does participate in the National Flood Insurance Program.
[] It is covered by a regular program.
[] It is covered by an emergency program.
Produ~d using ACl soEware, 800.234.8727 w~ew.aciweb.com rnpsa03
FUNT-265 Company F
H0407192B
SUMMARY APPRAISAL REPORT
[] The subject property is currently not under contract.
[] The contract and/or escrow instructions were not available for review. The unavailability of the contract is explained later in the addenda section.
[] The contract and/or escrow instructions were reviewed.The following summarizes the contract:
Contract Date Amendment Date Contract Price Seller
[~ The contract indicated that personal property was not included in the sale.
[] The contract indicated that personal property was included. It consisted of
Estimated contributory value is $
[] Personal property was not included in the final value estimate.
[] Personal property was included in the final value estimate.
[] The contract indicated no financing concessions or other incentives.
[] The contract indicated the following concessions or incentives:
[] If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable,
so that the final value conclusion is in compliance with the Market Value defined herein.
I to 6 months is considered a reasonable marketing period for the subject property based on THE LOCAL MULTI LISTING
SERVICE
The Appraiser certifies and agrees that:
(1) Their analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not apply.
(2) Their compensation is not contingent upon the reporting of 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.
(3) This appraisal assignment was not based on the requested minimum valuation, a specific valuation, or the approval of a loan.
The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental
environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental
environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated
any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated
in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of
hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value.
Appraiser's Signature
Appraiser's Name (print)
State PA
Leon D. Gerlach, MSA, MFLA, GAA Phone # (717)732-5052
[] License [] Certification # GA-000368-L
Effective Date 07/27/2004
Date Prepared 08/05/2004
Tax ID # 25-1684027
[] The co-signing appraiser has personally inspected the subject property, both 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 the co-signing appraiser. The
co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms
that the certifications apply fully to the co-signing appraiser
[] The co-signing appraiser has not personally inspected the interior of the subject property and:
[] has not inspected the exterior of the subject property and all comparable sales listed in the report.
[] has inspected the exterior of the subject property and all comparable sales listed in the report.
[~} The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for
the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing
appraiser with the exception of the certification regarding physical inspections. The above describes a level of inspection performed by
co-signing appraiser.
[] The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda section
of this appraisal.
Co-Signing
Appraiser's Signature Effective Date
Appraiser's Name (print) Phone # ( ) Date Prepared
State [] License [] Certification # Tax ID #
Produced using ACI software, 800.234.8727 w'*w.aC4Web.com mpsa03
DEED
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
Lender: FUNT, John R.
TYRONE TOWNSHIP
TAX PARCEL NO. HO6-39B
DEED
THIS DEED is made the,'Ql>k day of June, in the year two thousand (2000).
BETWEEN JOItN R. FUNT, now of 18 Raylen Drive, Boiling Springs, Cumberland County,
Pennsylvania, 17007, party of the first part, GRANTOR,
AND
JOHN R. FUNT, a married man, Trustee of THE JOHN R. FUN'F FAMILY REVOCABLE
TRUST dated June 14, 2000, party of the second part, GRANTEE.
WITNESSETH, that said party ofthe first part, for and in consideration of the sum of One ($1.00)
Dollar, law~l money of the United States of America, well and truly paid by the said party of the
second part to the said party of the first part, at or before the sealing and delivery of these presents,
the receipt whereof is hereby acknowledged, has hereby granted, bargained, sold, aliened, enfeoffed,
released, conveyed and confirmed, and by these presents does grant, bargain, sell, alien, enfeotT,
release, convey and confirm unto the said party of the second part, his heirs, successors and assigns,
ALL THAT TRACT of land situate, lying and being in Tyrone Township, Adams County,
Pennsylvania, bounded and described as follows:
BEGINNING for a corner at a gum tree and land orA. O. Stevens; thence by land of same and land
orE. K. Heikes, North 72 ~,4 degrees East, 55 perches to a post or stone; thence by land ofJ. D.
Gochenour, South 15 degrees East, 24.2 perches to a post and stones, near a hickory; thence South
34 degrees West, 38 perches, more or less, to an iron pin in public road; thence West along center
of said road 40 perches, more or less, to a corner or an iron pin; thence North 24 perches, more or
less, to the place of BEGINNING. '
CONTAINING 12.91 acres according to Adams County Mapping Department Records (erroneously
stated in prior deeds as 15 acres).
BEING the same premises which Alice R. Shelleman, Executrix of the Last Will and Testament of
Alton D. Townsend, by deed dated April 18, 1980 and recorded April 29, 1980, in the office of the
Recorder of Deeds of Adams County, Pennsylvania, in Deed Book 351 at Page 612, granted and
conveyed to John R. Funt and Ruth T. Funt, husband and wife. Ruth T. Funt having passed away
granted and conveyed by operation of law complete and sole title in John R. Funt, Grantor herein.
THIS 1S A TRANSFER FOR NOMINAL CONSIDERATION TO A TRUSTEE OF A
LIVING TRUST AND IS THEREFORE EXEMPT FROM THE PAYMENT OF REALTY
TRANSFER TAX.
8t{2076Pt;0 ! 87
305 West Shady Lane, Enola, PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
DEED
Borrower: John R FUNT File No.: H0407192B
Property Address: 265 Company Farm Road
City: Aspers
State: PA
Case No.: FUNT-265 Company Farm Road
Zip: 17304
Lender: FUNT, John R.
TOGETII ER with all and sing. lar tile buildings and improvements, ways. streels, alleys, driveways.
passages, waters, watercourses, rights, liberties, privileges, hereditamcnts and appurtenances,
whatsoever u.lo thc booby granted prcmi:ics bclo.ging, or in any wise appertaining, and th~
reversions alld remainders, ...... ,'¢,q % issues, and pro!its thereol~ .~nd ..... ,...nil ~hp..,~ ~<~1¢,~,_,,,.,~, ch,bt. 'o'", ~i~lp, in!cres{,
properly, claim, and demand whatsoever of the said Grantor, as well at law as in equity, ol] in.. and
to the same.
TO IIAVE AND TO IIOLD,mc" said Iol o~ piece ¢ .... ' :
. 11 ll-- ' tli~iCO:i CL~tCU, liclCUlta~lltaand prcmlscS hereby granted, or
thc bu.a.,gs and ;mprovcmcnts *~ ............ a ~---~: ....... -
....... ~on~d.ad,n.e .... d so to bc ....... thc ...... ' ................ '~'" ..... ;a ~ .... '~
tn ...... and [Ur tho only. t-'"-~'~°' ~,--r usc and hdmof of ....................... d~,. said Gramce, his bolt. and nq~mn;
AND the said Grautor. £or ifimseif, his ileirs, executors and administrators, docs covenant, promise
and agree, to and ~ith ti~e ' ' Grantee, his heirs and assigns, by" [}icsuitia. ' .........
Grantor, and his' -' .... " '
ilciJ~ rill and -:' -,- .,-- l .... ~'. ...... .- .-~
lhem, the said Gramor and his ~-.-;,'-,,.,,,.., and agains4 al! and ~,,,sry person ~md po,-~,.n. ............... ....
la~flly claiming ....... or to claim the ;amc ar any., pan th~rcnF_ _. , hr_,. t~nm nr andre' him her, them or any
of lhem, shall and will. subject as atbresaid, SPECiALL% ~ANNANi AND FOREVER
DEFEND.
~ ,,iT,,=oo ** ~.~,.E,o,'. t.c said party
clay ~-~ .....
...... y~.,, first ~ ........... : ......
$1(;NEI), SEAl,El) ANI) I)E!
iN Tile PRESENCE OF
.!O1!)4 R. F!
9665
FEES ~i3. ()O
flFFORD HOUS $! I., 59
WRIT TAX $0.50
RECORDS H~T. $2. ~0
ST ~7~ O0
CHK ~51- O0
CG ~. O0
RECORDER OF OEE~S
¢~D~MS CO i~!
PATSY S, SOCHENRUER
CHK $31, O0
27--~ II;59JRMMIE U118683~7
305 West Shady Lane, Enola. PA 17025-2240 Phone 717-732-5052 Fax 717-732-6646
FUNT-265 Company
File No. H0407192B
********* QUALIFICATIONS *********
APPRAISER RESUME
NAME OF APPRAISER: Leon D. Gerlach FIRM NAME: Leon D. Gerlach, Appraiser
BUSINESS ADDRESS 305 West Shady Lane, Enola, PA 17025-2240
PHONE 717-732-5052 FAX 717-732-6646 email gerlachl@verizon.net
PROFESSIONAL MEMBERSHIPS, DESIGNATIONS AND CERTIFICATIONS
Pennsylvania CERTIFIED GENERAL REAL ESTATE APPRAISER
Certification Number GA-000368-L (PaCGREA-#368) 10/10/101991
National Association of Real Estate Appraisers in 01/1989
CCRA ¢F27317 Certified Commercial Real Estate Appraiser
National Association of REALTORS Real Estate Appraisal Section in 07/1994
GAA General Accredited Appraiser
National Association of Independent Fee Appraisers in 1998
Master Appraisers in 05/1999
MSA Master Senior Appraiser
MFLA Master Farm & Land Appraiser
Greater Harrisburg Association of REALTORS in 1983
Associate Broker AB-048052-L in 12/1955
Greater Harrisburg Association of REALTORS - Appraisal Council 1991 to Present
Pennsylvania Association of REALTORS in 1983
EDUCATION
PROFESSIONAL & TECHNICAL (APPRAISAL) COURSES SATISFACTORILY COMPLETED
COURSE TITLE (tested)
Real Estate Law0
Real Estate Appraising
Real Estate Management
Appraisal
Standards of Professional Practice
Appraisal of Income Producing Property
Appraisal Course #3-Sales Comparison
Appraisal Course #1-Basics of Appraisal
Appraisal Course #5-Appraisal Standard/Ethics
Appraisal Course #4-Cost & Income
DATE (Hours)
06/1986 (30)
12/1986 (30)
06/1987 (30)
09/1988 (30)
02/1991 (15)
03/1991 (30)
05/1991 (16)
05/1991 (16)
08/1991 (16)
08/1991 (16)
Appraisal Course #2-Real Estate Analysis 09/1991 (16)
Uniform Standard of Professional Appraisal Practice (USPAP) 02/1993 (16)
Appraisal Course #7-1ntro to Commercial 04/1992 (16)
1410 Standards of Professional Practice Part A
I110 Appraisal Principals
I120 Appraisal Procedures
11420 Standards of Professional Practice Part B
1210 Residential Case Study
11500 Advance Residential Form & Narrative
1310 Basic Income Capitalization
1510 Advance Income Capitalization
Marshall & Swift Cost Approach Residential
Marshall & Swift Cost Approach Commercial
1410 Standards of Professional Practice Part A
1420 Standards of Professional Practice Part B
Farm & Land
02/1993 (16)
02/1993 (39)
03/1993 (39)
05/1993 (11)
05/1993 (39)
07/1993 (39)
09/1995 (39)
10/1995 (39)
10/1995 (7)
10/1995 (7)
03/1997 (16)
03/1997 (11 )
08/1998 (16)
SPONSORING ORGANIZATION
Harrisburg Area Community College
Harrisburg Area Community College
Harrisburg Area Community College
The Institute of Real Estate Studies
York County Real Estate Training Center
The Institute of Real Estate Studies
National Association of REALTORS
National Association of REALTORS
National Association of REALTORS
National Association of REALTORS
National Association of REALTORS
Appraisal Institute
National Association of REALTORS
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
York County Association of REALTORS
York County Association of REALTORS
Appraisal Institute
Appraisal Institute
Lincoln
FUNT-265 Company
File No. H0407192B
********* QUALIFICATIONS *********
EDUCATION Continue
APPRAISAL CONFERENCES, SEMINARS, CLINICS AND CONTINUE EDUCATION ATTENDED
ACTIVITY OR COURSE TITLE DATES (Hours)
Exam Prep-Residential Appraisal Certification 05/1991 (15)
Exam Prep-General Appraisal Certification 06/1991 (15)
USPAP Update 01/1995 (4)
Environmental Risk Management 04/1995 (16)
Commercial Investment Real Estate Analysis 12/1996 (7)
The FHA Appraisal 12/1996 (3)
Appraiser's Legal Liabilities 04/1997 (7)
Alternative Residential Reporting Forms 05/1997 (7)
Valuation of Leased Fee Interests 09/1997 (7)
Valuation of Leasehold Interest 09/1997 (7)
Rates, Ratios & Reasonableness 10/1997 (7)
Automated Valuation Models 10/1997 (7)
Basic Residential HUD Appraisal Requirements 10/1999 (7)
A Closer Look at Home Construction 12/1999 (7)
Going, Gone- Understanding Depreciation 09/2000 (7)
USPAP Update 10/2000 (7)
Calculating Gross Living Using ANSI Standards 12/2000 (7)
Appraisal Forms & Reports 02/2001 (7)
$ and Sense: Introduction to Income Approach 02/2001 (7)
Appr. Beware Environmental & Stigma Issues 04/2001 (7)
Litigation Valuation (Expert Witness) 08/2001 (15)
Uniform Appraisal Standards for Federal Land Acquisitions 07/2002 (16)
Appraising Real Estate Fraud 09/2002 (7)
USPAP Update 09/2002 (7)
Appr. Beware Environmental & Stigma Issues 03/2003 (7)
Limiting Appraiser Liability Exposure 04/2003 (7)
Distressed Property Appraisal 04/2003 (7)
USPAP Update 05/2003 (7)
Investment Property: Income & Expense Analysis 10/2003 (7)
SPONSORING ORGANIZATION
Appraisal Institute
Appraisal Institute
Greater Harrisburg REALTORS Institute
Greater Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
School of Real Estate Appraising, Inc
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
Appraisal Institute
National Association of Independent Fee Appraiser
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
National Association of Independent Fee Appraiser
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
National Association of Independent Fee Appraiser
Appraisal Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
Harrisburg REALTORS Institute
EMPLOYMENT HISTORY
NAME
ADDRESS OF EMPLOYER
Miscellaneous Real Estate
Harrisburg Area
Miscellaneous Real Estate
Harrisburg Area
RE/MAX Realty Associates, Inc
Camp Hill, PA
Leon D. Gerlach, Appraiser
Leon D. Gerlach, Appraiser
Enola, PA
TITLE DUTIES
Sales Sales
Sales/Appraiser Sales & Appraiser
Sales/Appraiser Sales & Appraiser
Appraiser/Owner Appraiser
Appraiser/Owner Appraiser
% DEVOTED
DATES TO APPRAISING
12/1983 to 12/1985 5
12/1985 to 02/1990 10 to 30
02/1990 to 02/1995 20 to 45
12/1985 to 02/1995 20 to 45
02/1995 to Present 100
FUNT-265 Company
File No. H0407192B
********* QUALIFICATIONS *********
EXPERIENCE SUMMARY
EXPERIENCE
Presently: PA Associated Broker / PA Certified General Real Estate Appraiser
Real Estate Sales Agent (1983-1985) Real Estate Associate Broker 1985 to Present and Appraisals 1985 - Present
Over 15 years in the building industry - Owner of construction company for 10 years and worked for other construction
companies in management, as an estimator, and I personally performed all types of work on residential and
commercial properties.
Appraisals for the purpose of first and second mortgage loans, buyers, sellers, property settlements, litigation, estates,
employee transfers, eminent domain, tax appeals, divorce, partners buy out, easements, partial interest, value for
owner,
Appraisals for different types of properties like: vacant land, special purpose, apartments, multi-family, single family, offices,
school, part of an island, mixed uses, laundry mat, car wash, sub-divisions, health clubs, day cares, churches,
restaurants, bar/taverns, warehouses, retails, retail sales and services, motels, farms, gas stations, mini marts, car
lots, strip mall, medical office or use and others.
Being as commercial, industrial, agriculture as well as single family residential, have been made in the following counties on
a regular basics: Dauphin, Cumberland, Perry, York, Lebanon, Adams and Lancaster. Also do some work in Franklin,
Juniata and Snyder county on time permitting basics.
Did eminent domain in these additional counties: Franklin, Fulton, Mifflin, Snyder, Berks, Lehigh, Northampton and Monroe.
Other Counties only on special request.
Review of various appraisals.
PARTIAL APPROVED AND COMPLETED ASSIGNMENT LIST
Internal Revenue Service
U.S. Department of HUD / Property Disposition Branch
Commonwealth of Pennsylvania Department of Transportation
Small Business Administration
NAMI Pennsylvania
Resolution Trust Corporation
Pennsylvania Housing and Finance Agency
United Way of the Capital Region
Harrisburg City
Annville Township
Mt Holly Springs Borough
Township of Derry
Susquehanna Township
Serratelli, Schiffman, Brown & Calhoon Attorney
Cunningham & Chernicoff PC Attorney
Morgan Hallgren, Crosswell & Kane Attorney
Knupp & Kodak Attorney
James G. Morgan Esquire
Mette, Evans & Woodside Attorney
Messiah College
Fulton Precision Inc.
Her, Rowland & Grubic, Inc. Engineers
Wolfington Body Company
Fulton Industrial Development Association
Legacy Bank
Community Bank
Commerce Bank
Farmer Trust Bank
Mid Penn Bank
Blue Ball National Bank
PNC Bank
First National Bank of Marysville
Fulton Bank
Vartan National Bank
National City Bank
Washington Mutual Bank
Pennsylvania National Bank
Juniata Valley Bank
M & T Bank
First Union Bank
Sovereigh Bank
Pennsylvania State Bank
AIIfirst Bank
First Union Bank
Citizens Bank
Gratz Bank
Eastern Savings Bank
F & M Trust Company
Prudential Bank
Drovers Bank
Halifax National Bank
Orristown Bank
Susquehanna Valley Federal Credit Union
Members 1st Federal Credit Union
Belco Credit Union
Utilities Employee FCU
Equity One, Inc.
Select Business Services
Agents Mortgage
American Express
Chase Manhattan Mortgage Corp.
National City Mortgage
GMAC
Windsor Financial Mortgage Corporation
Allstate Appraisal Review Service
Wells Fargo Financial
For other attorney, cities, borough, townships, churches, companies, schools, clubs, government agencies and lenders not listed
also for many property owner for different reasons and needs.
BUREAU OF INDIVIDUAL TAXES
TNHERTTANCE TAX DTyTS/OH
PO BOX Z80601
HARRISBURG, PA 17128-0601
COHHONWEALTH OF PENNSYLVANIA
DEPARTNENT OF REVENUE
NOTICE OF INHERITANCE TAX
APPRAISEMENT, ALLO#ANCE OR DZSALLDNANCE
OF DEDUCTIONS AND ASSESSMENT OF TAX
REV-1547 EX AFP ¢09-0q)
DAVID C FUNT
1865 W LISBURN RD
CARLISLE
PA 17015
DATE
ESTATE OF
DATE OF DEATH
FILE NUMBER
COUNTY
ACN
11-ZZ-ZOOq
FUNT JOHN
06-Z7-ZOOq
21 ~A;'* 0870 -.
CUH'~*ER LAND ~_~~'
101': ~
Amount Remit te~:i:!
MAKE CMECK PAYABLE AND R~ZT PAYHENT TO=
REGISTER OF HILLS ....
CUH~ERLAND CO COURT ~SE
CARLISLE, PA 17015
CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~
REV-15&? EX AFP (01-03) NOTTCE OF INHERITANCE TAX APPRAISEHENTs ALLOWANCE OR DISALLOWANCE OF DEDUCTTONS AND ASSESSHENT OF TAX
ESTATE OF FUNT JOHN R FILE NO. 21 0~-0870 ACN 101 DATE 11-22-200~
TAX RETURN NAS: ( ) ACCEPTED AS FILED (X) CHANGED SEE ATTACHED NOTICE
RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE
APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B)
$. Closely Hald Stock/Partnership Interest (Schedule C)
4, Mortgages/Notes Receivable (Schedule D) (4)
5. Cash/Bank Daposits/Nisc. Personal Property (Schedule E) (S)
6. Jolntly Owned Proparty (Schedule F) (6)
7. Transfers (Schedula G) (7)
8. Total Assets
APPROVED DEDUCTIONS AND EXEHPTIONS:
9. Funeral Expansas/Adm. Costs/Misc. Expenses (Schedule H) (9)
10. Debts/Mortgage Liabilitias/Liens (Schedule I) (10)
11. Total Deductions
12. Net Value of Tax Return
96~000.00
~81;550.00
.00
.00
66;590.00
.00
1qq;880.O0
(8)
NOTE: To insure propar
credit to your account,
submit the upper portion
of this form with your
tax payaant.
789,020.00
8,020.00
8q7. O0
(11)
(12)
8.867.00
780,153.00
1:3.
14.
NOTE:
Charitable/Governmental Bequests; Non-elected 911:3 Trusts (Schedule J) (1:3)
Not Value of Estate Sub.~act ~o Tax (14)
If an assessment was lssued previously, 11nas 1~, 15 and/or 16, 17,
ZO,O00.O0
760,155.00
18 and 19 ~ill
reflect figures that include the total of ALL returns assessed to date.
(15) 80,805.72 x O0 = .00
(16) 679,$R7.28 x Oq5 = 50,570.62
(17) .00 x 12 = .00
(18) .00 X 15 = .00
(19)= :50,570.62
AMOUNT PAID
Z9,0q~.O0
ASSESSMENT OF TAX:
15. Amount of Line 14 at Spousal rate
16. Amount of Line 14 taxable at Lineal/Class A rate
17. Amount of Line 14 at Sibling
18. Amount of Line 14 taxable at Collateral/Class B rate
19. Principal Tax Duo
TAX CREDITS:
PAYMENT RECEIPT DTSCOUNT
DATE NUMBER INTEREST/PEN PAID (-)
09-25-200q CDOO~q17 1,528.
ZF PAID AFTER DATE INDICATED, SEE REVERSE
FOR CALCULATZON OF ADDITIONAL INTEREST.
TOTAL TAX CREDIT ] 30,571.53
BALANCE OF TAX DUEl .91CR
INTEREST AND PEN. . O0
TOTAL DUE .91CR
( ZF TOTAL DUE ZS LESS THAN $1, NO PAYMENT ZS REQUIRED.
ZF TOTAL DUE ZS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE
A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) ~,
RESERVATION:
PURPOSE OF
NOTZCE:
PAYMENT:
REFUND CCR):
OBJECTIONS:
ADMIN-
/STRATIVE
CORRECTIONS:
DISCOUNT:
PENALTY:
INTEREST:
Estates of decedents dying on or before December 12, 1982 -- if any futura interest in the estate ls transferred
in possession or enjoyment to Class B (collateral) beneficiaries of the decedent after the expiration of any estate for
life or for years, the Commonwealth hereby expressly reserves the right to appraise and assess transfer Inheritance Taxes
at the lawful Class B (collateral) rate on any such future interest.
To fulfill the requirements of Section ZlfiO of the Inheritance and Estate Tax Act, Act 13 of ZOO0. (71 P.S.
Section 91qO).
Detach the top portion of this Notice and submit with your payment to the Register of Hills printed on the reverse side.
--Make check or money order payable to: REGISTER OF HILLS, AGENT
A refund of a tax credit, which was not requested on the Tax Return, may be requested by completing an
"Application for Refund of Pennsylvania Inheritance and Estate Tax" (REV-1313). Applications are available
online et www.rovonuo.stato.ma.us, any Register of Hills or Revenue District Office, or from the Department's
Z4-hour answering service for fores orders: 1-800-361-Z050; services for taxpayers with special hearing and/or
speaking needs: 1-800-fiq7-3010 (TT only).
Any party in interest not satisfied with the appraiseent, allowance or disallowance of deductions or assessment of tax
(including discount or interest) as shown on this Notice may object within 60 days of tho date of receipt of this notice
by filing one of the following:
A) Protest to the PA Department of Revenue, Board of Appeals. You may object by filing a protest online at
www.boardofappaals.state.pa.us on or before the expiration of the sixty-day appeal period. Xn order for
an electronic protest to be valid, you must receive a confirmation number and processed date from the
Board of Appeals wsbsite. You may also send a written protest to PA Department of Revenue, Board of Appeals
P.O. Box Z81011~ Harrisburg, PA 17128-1021. Petitions may not be foxed.
B) Election to have the matter determined at tho audit of tho account cf the personal representative.
C) Appeal to the Orphans' Court.
Factual errors discovered on this assessment should be addressed in writing to: PA Department of Revenue,
Bureau of Individual Taxes, ATTN: Post Assessment Review Unit, P.O. Sox Z80601, Harrisburg, PA 17118-0601
Phone (717) 787-6503. See page 5 of the booklet "Instructions for Inheritance Tax Return for a Resident
Decedent" (REV-1501) for an explanation of administratively correctable errors.
If any tax due is paid within three (3) calendar months after the decedent's death, a five percent (5Z) discount of
the tax paid is allowed.
The 15Z tax amnesty non-participation penalty is computed on the total of the tax and interest assessed, and not
paid before January 18, 1996, the first day after the and of the tax amnesty period. This non-participation
penalty is appealable in the same manner and in the the same time period as you would appeal the tax and interest
that has been assessed as indicated on this notice.
Interest is charged beginning with first day of delinquency, or nine (9) months and one (1) day from the date of
death, to the date of payment. Taxes which became delinquent before January 1, 1981 bear interest at the rate of
six (61) percent per annum calculated at a daily rate of .000164. All taxes which became delinquent on and after
January 1, 1981 will bear interest at a rate which will vary from calendar year to calendar year with that rate
announced by the PA Department of Revenue. Tho applicable interest rates for 1982 through ZO0~ are:
Interest Daily Interest Daily
Year Rate Factor Year Rate Factor Year
1982 2OX .OOO5q8 ~'~- 1991 117. .DOGS01 ~
1985 167. .000438 1991 9;: . O00Zk7 ZOOZ
1984 117. .000301 1993-1996, 77. .000191 Z00:5
1985 1:57. .000:556 1995-1998 97. .000247 2004
1986 107. .000274 1999 77. .000191
1987 107. .000174 ZOO0 77. .000192:
--Interest is calculated as follows:
INTEREST = BALANCE OF TAX UNPAID X NUNBER OF DAYS DELINQUENT X DAILY INTEREST FACTOR
Interest DaiXy
Rate Factor
9Z
61 .00016q
51 .0001:57
47. .000110
--Any Notice issued after the tax becomes delinquent will reflect an interest calculation to fifteen (15) days
beyond the date of the assessment. If payment is made after the interest computation date shown on the
Notice, additionaI interest must bo calculated.
REV-1470 EX (6-88) ~
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BUREAU OF INDIVIDUAL TAXES
PO Box. 280601
HARRISBURG~ PA 17128-0601
INHERITANCE TAX
EXPLANATION
OF CHANGES
DECEDENT'S NAME John R. Funt FILE NUMBER 2104-0870
REVIEVVED BY Bill Lyons ACN 101
ITEM
SCHEDULE
NO.
G 7
EXPLANATION OF CHANGES
The IRA is taxed outright to the surviving spouse.
ROW Page 1
BUREAU OF TNDZVZDUAL TAXES
TNHERZTANCE TAX DIVISION
DEPT. 280601
HARRTSBURG, PA 17128-060!
MICHAEL L BANGS
qZ9 S 18TH ST
CAMP HILL
COMMON#EALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
INHERITANCE TAX
STATEMENT OF ACCOUNT
'Ozi "':'~' o :23
17011
DATE
ESTATE OF
DATE OF DEATH
FILE NUMBER
COUNTY
ACN
REV-i&I? EX &FP Cnl-O$)
10-12-2004
URICH MARY H
10-09-2005
Z1 05-0870
CUMBERLAND
101
Amoun~ Remitted
MAKE CHECK PAYABLE AND REMIT PAYMENT TO:
REGISTER OF WILLS
CUMBERLAND CO COURT HOUSE
CARLISLE, PA 17015
NOTE: To insure proper credit to your account, submi~ the upper portion of this form with your tax payment.
CUT ALONG TH'rS LINE ~* RETAIN LONER PORT'rON FOR YOUR RECORDS ~
REV-1607 EX AFP (01-03) ~-# INHERITANCE TAX STATEMENT OF ACCOUNT ..~
ESTATE OF URICH MARY M FILE NO. 21 05-0870 ACN 101 DATE 10-12-2004
THIS STATEMENT ZS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACM ZN THE NAHED ESTATE. SHO#N BELOW/
ZSA SUHHARY OF THE PRINCIPAL TAX DUE,. APPLICATION OF ALL PAYMENTS, THE CURRENT BALANCE, AND.. ZF APPLICABLE,
A PROJECTED INTEREST FTGURE.
DATE OF LAST ASSESSMENT OR RECORD ADJUSTMENT: 09-15-2004
PRINCIPAL TAX DUE: ...........................................................................................................................................................................................................................
PAYMENTS (TAX CREDITS):
3,906.78
PAYMENT RECEIPT DISCOUNT (+)
DATE NUMBER INTEREST/PEN PAID (-) AMOUNT PAID
5.16-
07-21-2004
09-24-2004
CD004189
REFUND
.0O
4,145.81
231.87-
ZF PAID AFTER THIS DATE, SEE REVERSE
SIDE FOR CALCULATION OF ADDITIONAL INTEREST.
( ZF TOTAL DUE ZS LESS THAN $1,
NO PAYMENT ZS REQUIRED.
ZF TOTAL DUE ZS REFLECTED AS A 'CREDIT' (CR),
TOTAL TAX CREDIT 3,906.78
BALANCE OF TAX DUE .00
INTEREST AND PEN. .00
TOTAL DUE .00
YOU NAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.
PAYMENT:
Detach the top portion of this Notice and submit with your payment made payable to the name and address
printed on the reverse side.
-- If RESIDENT DECEDENT make check or money order payable to: REGISTER OF NILLS, AGENT.
-- If NON-RESIDENT DECEDENT make check or money order payable to: CONMON#EALTN OF PENNSYLVANIA.
REFUND (CA): A refund of a tax credit, which was not requested on the Tax Return, may be requested by completing an
"Application for Refund of Pennsylvania Inheritance and Estate Tax" (REV-IS15). AppLications are available at
the Office of the Register of Hills, any of the 25 Revenue District Offices or from the Department's Z4-hour
answering service for forms ordering: 1-800-562-ZOS0; services for taxpayers with specie! hearing and / or
speaking needs: 1-800-447-3020 (TT only).
REPLY TO: Questions regarding errors contained on this notice should be addressed to: PA Department of Revenue, Bureau
of Individual Taxes, ATTN: Post Assessment Review Unit~ Dept. 2SO6OL, Harrisburg, PA 17128-0601, phone
(717) 787-6505.
DISCOUNT: If any tax due is paid within three (3) calendar months after the decedent's death, a five percent (SZ) discount
of the tax paid is allowed.
PENALTY: The 1SI tax amnesty non-participation penalty is computed on the total of the tax and interest assessed, and not
paid before January 18, 1996, the first day after the end of the tax amnesty period.
INTEREST:
Interest is charged beginning with first day of deLinquency, or nine (9) manths and one (I) day from the date of
death, to the date of payment. Taxes which became delinquent before January 1, 1982 bear interest at the rate of
six (62) percent per annum calculated at a daily rate of .000164. All taxes which became delinquent on and after
January 1, 1982 will bear interest at a rate which will vary from calendar year to calendar year with that rate
announced by the PA Department of Revenue. The applicable interest rates for 198Z through Z004 are:
Interest Daily Interest Daily Interest Daily
Year Rate Factor Year Rate Factor Year Rate Facter
198~ ZOX .00054B 1988-1991 112 .000301 Z001 9Z .O00Zq7
1983 162 .000458 199Z 92 .000247 ZOOZ 62 .000164
1984 112 .000501 1995-1994 72 .00019Z 2003 52 .000137
1985 152 .000556 1995-1998 92 .000Z47 2004 42 .000110
1986 102 .000274 1999 72 .O0019Z
1987 92 .000247 ZOOO 82 .000219
--Interest is calculated as follows:
INTEREST = BALANCE OF TAX UNPAID X NUNBER OF DAYS OBLTNItUENT X DALLY INTEREST FACTOR
--Any Notice issued after the tax becomes delinquent will reflect an interest calculation to fifteen (15) days
beyond the date of the assessment. If payment is made after the interest computation date shown on the
Notice, additional interest must be calculated.