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HomeMy WebLinkAbout09-18-12-~ REV-1500 Ex(°'-'°'' PA Department of Revenue Pennsylvania Bureau of Individual Taxes °E""""""""OFR~""" Po Box.zfiosol INH Harrisburg, PA 17126-0601 F OFFICIAL USE ONLY County Cotle Vear File Number TAX RETURN 21 12 00103 1F(`t=IIFNT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 01 17 2012 08 17 1921 Decedent's Last Name Suffix Decedent's First Name GALE JULIE (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS MI F MI FILL IN APPROPRIATE OVALS BELOW 1. Odginal Return ^ 2. Supplemental Re[urn ^ 3. p o a'ondZr13eBtZ)n (date of death ^ 4. Limited Estate ^ qa, Future Interest C°mppromiae (data or death after 72-02-a2) ^ 5. Federal Estate Tax Return Required Decatlent Died Testate 8' (Attach Copy o(NAIp ^ pacedennt Mel~4ined a Living TNSI T (Attach G°py rust) 0 a. Total Number of Safe De Sit BDXea ~ ^ 9. Litigation Proceeds Received ^ 10. ~°Muaen1~3191 e^d~I,~d~~eSW daetn ^ t t'(Attach SchaxO' nder Sec. g113(A) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDIENCERND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Telephone Number RICHARD W STEWART (717) 761 4540 First line of address 301 MnRKF.T ST Second line of address PO BOX 109 City or Post Office LEMOYNE Correspondent's a-mail address: DSW.COM State PA ZIP Code rr LY REfiISTER S USE ~ N !+'1 ~ : 'O ~ r, R ~ N DA FILED iT 170430109 nr !:.7 ~i i T ~AA 'Fi Under penalties of perjury, I deGare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge antl belief, i e, correct and complete. Declaration of preparer other than the personal representative Is basetl on all infonnatlon of which preparer has any knowledge. I TUR ERSON ESP NSIBLE FOR FILING RETURN DATE Leisa J Karcher ~'~~• ~o~ ADDRESS 138 Kathleen Lane Readlng PA 19610 SIGNATURE OF P EPARER OTHER THAN REPRESENTATIVE DATE ~_D /3/ . ~lt~/ RICHARD W. STEWART 9-/~ - ~ L ADDRESS 301 Market St. Lemoyne PA 17043 Slde 1 L 1505610143 1505610143 J 1505610143 REV-1500 EX o~aarn~errama: Gale, Julie F Decedent's Social Security Number KCI:APITULATION 1. Real Estate(Schedule A) ..................................................................................... .. 1. 600,000.00 2. Stocks and Bonds (Schedule B) ........................................................................... .. 2. 3 , 987 , 261.70 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C)....... .. 3. 1 , 742 , 19 6.14 4. Mortgages & Notes Receivable (Schedule D) ...................................................... .. 4. 5. Cash, Bank Deposits 8 Miscellaneous Personal Property (Schedule E) .............. . 5. 31 , 37 O . 68 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested............ 6. 165 975 4 6 7. Inter-Vivos Transfers & Miscellaneous f~{aq-Probate Property , . (Schedule G) u Separate Billing Requested............ 7. 8. Total Gross Assets (total Lines 1-7) .......................................... .......................... . 8. 6.52 6.803 _ 9R 9. Funeral Expenses & Administrative Costs (Schedule H) .................................... ... 9. 169 , 852.4 0 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ........................... ... 10. 44 , 951.82 11. Total Deductions (total Lines 9 & 10) ................ ................................................ ... 11. 214 , 804.22 12. Net Value of Estate (Line 8 minus Line 11) ........ . 13. . ....................... ....................... Charitable and Governmental Bequests/Sec 9113 Trusts for which .. 12. 6 , 311 , 999.7 6 an election to tax has not been made (Schedule J) ............................................. .. 13. 14. Net Value SubJect to Tex (Line 12 minus Line 13) ...... ....................................... .. 14. 6 , 311 , 9 99.7 6 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal taz rate, or transfers under Sec. 9116 (a)(1.2) X .00 15. O . OO 16. Amount of Line 14 taxable at linealratex .o4s 6,286,999.76 1s. 282,914.99 17. Amount of Line 14 taxable at sibling rate X .12 ~ 0.00 17. 0.00 18. Amount of Line 14 taxable at collateral rate x .15 2 5 , 00 0.00 1 B. 3 , 750.00 19. Tax Due ................................................................................................................. . 19. 286, 664.99 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. Side 2 L, 1505610243 150'5610243 1505610243 J REV-1500 EX Page 3 Decedent's Complete Address: Flle Number 21-12-00103 DECEDENT'S NAME Gale, Julie F STREET ADDRESS 105 Fairway Drive CITY Camp Hill - STATE PA ZIP 17011 Tax Payments and Credits: 1. Tax Due (Pager 2, Line 19) (1) 286,664.99 2. Credits/Payments A. Prior Payments 200,000.00 B. Discount 10,526.32 Total Credits (A + g) (2) 210,526.32 3. Interest (3) 4. If Line 2 is greaker than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. (4) Check box on Page 2 Llne 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 76,138.67 Check Payable to: REGISTER OF __ _. PLEASE ANSWER THE' FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the uses. or income of the property transferred :.............. ........ b. retain the right to designate who shall use the property transferred or its income;.......... ~ ....................... n r,. retain a reversionary interest, or ............................................................................................................... t~u~q ri. receive the premise for life of either payments, benefds or care? ....................... 2. If death occurred after December 12, 1982, did decedent transfer roe ~ x receiving adequate consideration? .............. p P rtY within one year of death without 3. Dirt decedent own an "in trust for" or payable upon death bank account or security at his or her death?....... 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which 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. For dates of death on or after July 1, 1$94 and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate Imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: • The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is 0 percent [72 P.S. §9176 (a) (1.2)]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in 72 P.S. §9116 1.2) [72 P.S. §9116 (a) (1)]. • sibling is defined under Section 9102, as en Individual who has at least one parrent in oommon wi hf he decedent whether by blood or adoption. Rav-1502 EI(t (71-0eJ COMMONVYEALTH OF RENNSYLVANIA INHERITANCE TAI( RETDRN RE6IDENT pECEDENT SCHEDULE A REAL ESTATE ESTATE OF Gale, Julie F FILE NUMBER 27-12-00103 All real property owned solely or as a tenant In common must bereportetl st fair market valuo. Fair market value is tlefinetl as Ina price at which property woultl be erzchergetl behveen a willing buyer and a willing seller, neither being compelletl to buy or sell, boN havin8 reeaonable knowletlga of the relevant rape. Wei propery which la Jointlyownad with right of survivorship moat be tliaclosetl on schetlula F. Attach a copy of the settlement sheet If the property has bean soltl Include a copy of the deatl shawing tleeetlenrs interest If ownetl as tenant in common. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 Real Estate locatbd at 105 Fairway Drive, Camp Hill, Cumberland County, PA -Appraised by 420,000.00 George Ulsh. A cbpy of the Appraisal is attached this Return 2 Real Estate located at 57 Circle Drive, Camp Hill, Cumberland County, PA -Appraised by 180,000.00 George Ulsh. A copy of the Appraisal is attached this Return ti TOTAL (Also enter on Line 1, Recapitulation) I 600,000.00 (If more space is needed, atltlifional pages of the same size) Copyright (c) 2009 fomn software only Tlpe Lackner Group, Inc. Form PA-1500 Schedule A (Rev. 11-08) Rev-1507 EXt (g-9g) SCHEDULE B STOCKS & BONDS COMMONV,eALTH CF PENNgYLVANIA INHERITANCE TA%RETURN RESIDEM OECEOEM - ESTATE OF Gale, Julie F FILE NUMBER 21-12-00103 All property Jolntlygwned wIM daht of survivorship must betllaclosetl on gchetlMle F. ITEM OUSIP NUMBER NUMBER DESCRIPTION ~ UNIT VALUE VALUE AT DATE OF DEATH MonganStanley Smith Barney Account No. 54J-05558 IndiNidual Account - A Copy of the Date of Death value of this Account is attached to this Return. 1 016672108 7,17)2.49 shares of AllianceBernstein Municipal Income - Natibnal Portfolio A 10,3y 74,123.36 2 245909106 26,286.05 shares of Delaware Group Tax Free Fund I nc - USA Fund CL A 11,gg 312,278.38 3 2a5909ao3 112.6 shares of Delaware Group Tax Free Fund Inc -USA 11 87 Fund CL B . 1,336.66 4 o01a19555 14,729.49 shares of Invesco Van Kampen Municipal Fund - 13 64 Class A . 200,910.32 5 74441U705 45,600.12 shares of Prudential National Municipal Fund - Fund A 15„ 27 696,313.87 6 746872308 20,957.01 shares of Putnam Tax Free Income Trust -Insured 15 41 Fund' CL A . 322,947.64 7 019642108 46,368.18 shares of Alliance Bernstein Municipallnc Fund 10 32 Natiohal Port CL A . 478,529.94 8 19765Le50 Columbia Tax Exempt Fd A 13.93 451,986.71 9 245909106 14,324.48 shares of Delaware Group Tax Free Fund I nc - USA Fund CL A 11.88 170,174.89 10 26201y107 Dreyfus Municipal Bond Fund A 12.81 40,367.55 11 27826L290 Eaton Vance Pennsylvania Municipal Inc Fd A . 9,09 454,500.61 Total of Continuation Schedule See attached page TOTAL (Also enter on Line 2, Recapitulation) 3,987,261.70 (If more space Is nestled, adtlitional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Ina. Form PA-1500 Schedule B (Rev. 6-98) Rev-1503 E%+)B-93) SCHEDULE B STOCKS & BONDS continued COMMOMAEALTH OFPENNSYLVANIA INHERITANCE TAX 0.ENRN RESIDENT DECEOEM ESTATE OF Gale, Julie F FILE NUMBER 21-12-00103 ITEM CUSIP NUMBER NUMBER DESCRIPTION VALUE AT DATE UNIT VALUE 12 007419555 Invesco Van Kampen Municipal Inc Fund CL A OF DEATH . 13.64 160,170.98 13 616982104 Morgan Stanley Tax Free Dailyl-Shares Benlnterest 1 , 149,364.58 14 MortganStanley Smith Barney Account No. 54J-05780' IndiNidual Account - A Copy of the Date of Death Value of the Account is attached to this Return. 15 74441U105 Prudential National Municipal Fund A 15.27 188,953.72 16 746872308 18,5114.11 shares of Putnam Tax Free Income Trust -Insured 15 01 Fund CL A . 285,302.49 TOTAL (Also enter on Line 2, Recapitulation) 3,987,261.70 Copyright (c) 2002 form software only The Lackner Group, Inc. 1-orm PA-7500 Schedule B (Rev. 6-98) Revd50J EX+ (6-e6) SCHEDULE C CLOSELY-HELD CORPORATION, PARTNERSHIP OR LOMMONWEALNLEOTN%RETURNANIA SOLE-PROPRIETORSHIP RE610ENr DELEpENi ESTATE OF Julie FILE NUMBER 21-12-00103 :ichatlule C-7 or C-2 (Including ell euppoding Information) must bB ettechetl for each closely-haW corrppoora[ioNpadnerahip interest or the decetlent, other then a sole-proprietorship. See inabuctions fw the auppoding infonnetion to be submittetl for sole-proprietorships. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH Howard C. Gale Qevelopment Co., inc. -Value based upon Fair Market Value of it Assets . Corporetion will be dissolved and Assets Distributed. 1 MB:T Bank Corporate Cash Account 7,196.14 2 Real Estate - 22 Country Club Place W, Camp Hill, Cumberland County, PA -Appraised by George R. Ulsh: A copy of the Appreisal is attached to this Return. 160,000.00 3 Real Estate - 49 Circle Drive, Camp Hill, Cumberland County, PA -Appraised by George R. Ul h A 180 000 00 s . copy of the Appreisal is attached to this Return. , . 4 Real Estate' 530 Fairway Drive, Camp Hill, Cumberland County, PA -Appraised by George R. Ulsh. A copy of the Appraisal is attached to this Return. 170,000.00 5 Real Estate - 55 Circle Drive, Camp Hill, Cumberland County, PA -Appraised by George R. Ulsh. A copy of the Appreisal is attached to this Return. 175,000.00 6 Real Estate - 6 Fartgreen Road, Camp Hill, Cumberland County, PA -Appraised by George R. Ulshi. A copy of the Appraisal is attached to this Return. 180,000.00 7 Real Estate -Lot known as Land West of Fargreen Road, Harrisburg, Dauphin County, PA- 80 000 00 Appraised by George R. Ulsh. A copy of the Appraisal is attached to this Return. , . 8 Real Estate -Lot No. 004 Fargreen Drive, Harrisburg, Dauphin County, PA - Appreised by George R. Ulsh. A copy of the Appraisal is attached t thi R 80,000.00 o s eturn. 9 Real Estate -Lot Nb. 394 Fairway Drive, Camp HiII, Cumberland County, PA - Appreised by George R. Ulsh. A copy of the Appraisal is attached to this Return. 60,000.00 10 Real Estate located at 47 Old Farm Road, Camp Hill, Cumberland County, PA -Appraised by George R. Ulsh. A copy of the A r i l i 200,000.00 pp a sa s attached to this Return Total of Continuation Schedule See attached page TOTAL (Also enter on Line 3, Recapitulation) 1,742,196.14 to more space Is neetle4 adtlitional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule C (Rev. 6-98) Rev-7603 EX+ (6-96) SCHEDULE C CLOSELY-HELD CORPORATION , PARTNERSHIP OR COMMOMN£ALTH OP PENNSYLVANIq INHERITANCE TPX RETURN SOLE-PROPRIETORSHIP REfiIOEM DECEDENT ESTATE OF Gale, Julie F FILE NUMBER 21-12-00103 ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 11 Real Estate locatld at 517 Gale Road, Camp Hill, Cumberland County, PA -Appraised by 190 000 00 George R. Ulsh. A copy of the Appraisal is attached to this Return , . 12 Real Estate locat@d at 522 Colony Drive, Camp Hill, Cumberland County, PA -Appraised by 190 000 00 George R. Ulsh. A copy of the Appreisal is attached to this Return , . 13 Real Estate Lot No. 247' Little Run Road, Camp Hill, Cumberland County, PA -Appraised b y 70 000 00 George R. Ulsh. A copy of the Appraisal is attached to this Retum , . TOTAL (Also enter on Line 3, Recapitulation) I 1,742,196.14 Copyright (c) 2002 form software only T,he Lackner Group, Inc. Form PA-1500 Schedule C (Rev. 6-98) REV-1505 EX+ (11-13) ~ Pennsylvania _. DEPARTMENT OF REVENDE INHERITANCE TAX RETURN RESIDENT DECEDENT OF SCHEDULE C-1 CLOSELY-HELD CORPORATE STOCK INFORMATION REPORT FILE .._..._-., Gale, Julie F. 21-12-0103 1. Name of corporation Howard C. Gale Deyelopement Co., Inc. state of Incorporation Pennsylvania Address 138 Kathleen Drive Date of Incorflomfion 03/18!60 City Wyomissing State PA ZIP Code 19610 Total Number of Shareholders 1 2. Federal Employer ID Number 23-1621204 Business Reportin Year 3. Type of Eusiness a. - 9 ProducVService Residential Real Estate Rental STOCK TYPE ~ TOTAL NUMBER OF VotinglNon-Voting SHARES OUTSTANDING PAR VALUE NUMBER OF SHARES OWNED BY THE D VALUE OF THE ECEDENT DECEDENT'S STOCK Commoin Voting 98 7.00 gg $ Preferred Provide all dghts and restdctions pretaining to each class of stock. 5. Was the decedent employed by the corporation? .................................. ^Yes ®No If yes, Position Annual Sala rY $ Tme Devoted to Business 6. Was the corporation indebted to the decedent? ................................... ®Yes ^ No If yes, provide amount of intlebtedness $ 7. Was there life insurance payable to the corporation upon the death of the decedent? ..... ^Yes ®No If yes, Cash Surrender Value $ Net proceeds payable $ Owner of the policy -- 8. Did the decedent sell or transfer stock in this company within one year prior to death or within two yE:ars if the date of death was prior to 12-31-827 ^ Yes ®No I} yes, ^ Transfer ^ Sale Number of Shares _ Transferee or Purchaser Consideration $ _ Date Attach a sEparate sheet for additional transfers and/or sales. 9. Was there Er wdtten shareholder's agreement in effect at the time of the decedent's death? ....^ Yes ~ No If yes, provide a copy of the agreement. 10. Was the decedent's stock sold? ..... ....................................... ^Yes ®No If yes, provide a copy of the agreement of sale, etc. 11. Was the corporation dissolved or liquidated after the decedent's death? .................... ®Yes ^ No If yes, provide a breakdown of. distributions received by the estate, including dates and amounts received. Will be dissolved and distributed to the Estate. 72. Did the corporation have an interest in other corporations or partnerships? ............. ^Yes ®No If yes, report the necessary information on a separate sheet, including a Schedule C-1 or C-2 }or each interest. A. Detailed calculations used in the valuation of the decedent's stock. B. Complete copies of financial statements or federal corporate income tax returns (Form 1120) for the year o1' death and four preceding years. C. If the corporation owned real estate, submit a list showing the complete addressres and estimated fair market values. If real estate appraisals have been secured, attach copies. D. List of principal stockholders at the date of death, number of shares held and their relationships to the decedent. E. List of officer.;, their salaries, bonuses and any other benefits received from the corporation. F. Statement of dividends paid each year. List those declared and unpaid. G. Any other information relating to the valuation of the decedent's stock. (If more space is needed, insert additional sheets of the same size.) Ravd8p8 E%+(e-86( COMMONV.EpLTH OFPENNSVLVANIA INHERITgNCE TRX RETDRN RIeSIDENi DECEDENT Include the proceeds of litigation entl the tlete the proceeds were receivatl by fha aerate. All property JDlnlly-ownetlwlth the right orsurvivonhip moat be tllacloastlon achetlula F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 MorganStanley SMithBarney Account No. 54J-05558 -Individual Account -Bank Deposit 16 812 85 Program -Date df Death Value of Account is attached to this Return. , . 2 2000 Mercedes-Benz CLK Class Automobile -Valued using Kelly Blue Book website 7,446.00 3 Personal Property Valued and Appraised by Chuck Bricker Auctioneer , 6,830.00 4 AMA Insurance -Refund on Account 5.30 5 DS Waters -Refund on Account 2.41 6 Mutual of Omaha .Refund on Account 9 88 7 Progressive Specialty Insurance Co -Refund on Account 169.00 8 ServiceMaster -Refund on Account 32.99 9 The Patriot News Company -Refund on Account 62.25 TOTAL (Also enter on Llne 5, Recapitulation) ~ 31,370.68 SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF FILE NUMBER Gale, Julie F 21.1~_nnana (il more space Is neetled, additional pages of the sanre size) Copyright (c) 2002 foron software only T;he Lackner Group, Inc. Form PA-1500 Schedule E (Rev. 6-98) Rev-7509 E%+ (8-88) COMMONNEALTH OF PENNSYLVANIA INHERRgNOE TAX RETURN RESIDENT DECEDENT else ,archer 138 Kathleen Lane Daughter Reading, PA 19810 B. Anthony E Rossignoli 138 Kathleen Lane Grandson Reading, PA 19810 C. SURVIVING JOINT TENANT(S) NAME ADDRESS RELATIONSHIP TO DECEDENT A L ' J K' SCHEDULE F JOINTLY-OWNED PROPERTY ESTATE OF FILE NUMBER Gale, Julie F 21-12-00103 If an asset waa made Joint within one yearaf the decadence data o/death, it must be reported on achetlule G. JOINTLY OWNED PROPERTY: ITEM NUMBER LEl'TER FOR JOIN TENANT DATE MADE JOINT DESCRIPTION OF PROPERTY INCLUDE NAME OF FINANCIP.L INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR IDENTIFYING NUMBER. ATTACN DEED FOR JOINTLY-HELD REAL ESTATE. DATE OF pEATH VALUE OF,ASSE % OF DECD'S INTEREST DATE OF DEATH VALUE OF DECEDENT'S INTEREST MorganStanley Smith Barney Account No. 54J -03974 -Joint Account - A copy of the Date of Death Value of the Account is Attached to this Return. 1 A 12/01/1996 Morgan Stanley Tax Free Daily I -Shares Ben 825.17 50.000% 412 59 Interest, CUSIP #616982104 . 2 A 12/01/1996 Putnam AMT Free Insured -Municipal Fund 149,233.73 50.000% 74 616 87 A, CUSIP #748872308 , . MorganStanley Smith Barney Account No. 54J -04013 -Joint Account - A Copy of the Date of Death Value of the Account is Attached to this Return. 3 B 12/01/1996 Morgan Stanley Tax Free Dailyl-Shares Ben 2,524.15 50.000% 1 262 08 Interest, CUSIP #818982104 , . 4 A 12/01/7986 Prudential National Municipal Bond -Fund 148,891.83 50.000% 74 345 92 Class A, CUSIP #74441U105 , . 5 A 1 2101/1 9 98 Wells Fargo Individual Checking Account 30,676.00 50.000% 15,338.00 TOTAL (Also enter on Line 6, Recapitulation) (If more space is needed, adtlitional pages of the same size) Copyright (c) 2002 form software only The Lackner Group, Inc. i 165,975.46 Fonn PA-1500 Schedule F (Rev. 6-98) REV-7151 EX+(10-08) COM ~~F,ypX ANIA ID C~E:(;I~ ESTATE OF Gale, Julie ITEM NUMBF A. SCHEDULE H FUNERAL EXPENSES & Debts of decedent must be reported on Schedule I. DESCRIPTION FUNERAL EXPENSES: See continuhtion schedule(s) attached AMOUNT B. ADMINISTRATIVE COSTS: 1. PelSOnal Representative's Commissions Name of Personal Representative(s) Leisa J Kerchdr Street Address 138 Kathleen Lane city _Reading state PA zip 19610 Year(sl Commissian Daid 2. Attorney's Fees Johnson Duffle 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zio Relationship of Claimant to Decedent _ 4_ Probate Fees 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs See continuation schedule(s) attached TOTAL (Also enter on line 9 R 19,858.30 83,000.00 48,750.00 688.50 1,000.00 16,557.60 ecapttulatlon) 189 852 Copyright (c) 2009 form software only The Lackner Group, Inc. .40 Farm Pq-7500 Schedule H (Rev. 10-06) FILE NUMBER 21-12-00703 SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS continued ESTATE OF F NUMBER 12-00103 ITEM NUMBER DESCRIPTION AMOUNT Funeral Exnen~ac 1 Funneral Expenses 1,337.80 2 Furneral Expenses -Snow Removal at Gravesite 200.00 3 Funeral Home 14,318.50 4 Headstone 4,000.00 H-A Other Admini trativ o te 19,858.30 5 s Chuck Bricker, Auctioneer 175.00 6 Cumberland County Recorder of Deeds -Recording cost -Certificate of Merger 24.50 7 Cumberland County Recorder of Deeds -Filing fee -Certificate of Merger 23.00 8 Cumberland County Register of Wills Office -Additional Probate fees 2,750.00 9 Cumberland County Registerof Wills Office -Filing Fees for Inheritance Tax Return and Inventory 30.00 10 George Ulsh, Appraiser - Appreisal for 522 Colony Drive, Camp Hill, PA 350.00 11 George Ulsh, Appraiser-Appraisal for Lot No. 247 Little Run Road, Camp Hill, PA 300.00 12 George Ulsh, Appraiser -Appraisal for 105 Fairway Drive, Camp HIII, PA 350.00 13 George Ulsh, Appraiser -Appraisal for 57 Circle Drive, Camp Hill, PA 475,00 Copyright (c) 2002 forrn software onry The Lackner Group, Inc. I°ann PA-1500 Schedule H (Rev. 6-98) SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE COSTS continued ESTATE OF FILE NUMBER Gale, Julie F 21-12-00103 ITEM NUMBER DESCRIPTION AMOUNT 14 George Ulsh, Appraiser -Appraisal for 6 Fargreen Road, Camp Hill PA , 350.00 15 George Ulsh, Appraiser -Appraisal for 517 Gale Road, Camp Hill, PA 350.00 16 George Ulsh, Appraiser -Appraisal for property known as West of Fargreen Road , Harrisburg, Dauphin County, PA 200.00 17 George Ulsh, Appraiser -Appraisal for Lot No. 004 Fargreen Drive, Harrisburg Dauphin C , ounty, PA 200.00 18 George Ulsh, Appraiser -Appraisal for 22 County Club Place W, Camp Hill PA , 350.00 19 Gearge Ulsh, Appraiser -Appraisal for 55 Circle Drive, Camp Hill PA , 350.00 20 George Ulsh, Appraiser -Appraisal for49 Circle Drive, Camp Hill PA , 350.00 21 George Ulsh, Appreiser-Appraisal for 530 Fairway Drive, Camp Hill PA , 350.00 22 George Ulsh, Appraiser -Appraisal for Lot No. 394 Fairway Drive, Camp Hill, Cumberland County, PA 200.00 23 George Ulsh, Appraiser -Appraisal for 47 Old Farm Road, Camp Hill PA , 350.00 24 Hartman and Associates -Survey of Real Estate 7,250.00 25 Reserves: Miscellameous Costs and Expenses 1,500.00 26 The Cumberland Law Journal -Notice of Estate Administration 75.00 27 The patriot News -Notice of Estate Administratio n 151,10 28 Vital Records -Additional Death Certificates for Estate of Howard Gale 54.00 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) SCHEDULE H FUNERAL EXPENSES AND ADMINISTRATIVE continued FILE NUMBER ITEM NUMBER DESCRIPTION H-B7 AMOUNT 16,557.60 Copyright (c) 2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H (Rev. 6-98) Rev-1572 EXa (itA9y SCHEDULE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS COMNgNV.EALTH OF PENNSriVANIA INHEIRRANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Gale, Julie F FILE NUMBER 21-12-00103 Report tlebte incurretl by iha tlacetlent prior to tleaM that remafnetl unpaltl at the date M death, Including unreimbureetlmetlical axpenaec. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1 2011 Real Estate Taxes - 105 Fairway Drive, Camp Hill, PA 4,241.31 2 C.F. Acri and Son Inc. 313.11 3 Comcast Cable -105 Fairway Drive Account 456.01 4 Cumerland County Taxes 2,802.31 5 Dailey Eye Associates 10.00 6 Debbie Lupoid, Treasurer - 2012 Real Estate Taxes 717.84 7 East Pennsboro Township - 4th Quarter 2011 Taxes/1st Quarter 2012 taxes 229.50 8 East Pennsboro Township - 2012 Real Estate Taxes/Schodl & County Taxes 12,042.63 9 Eas[ Pennsboro Township -Sewer and Refuse 367.50 10 Goodville Mutual Casualty Insurance -Policy for 57 Circle Drive 446.00 11 Hampden Township -Sewer & Refuse/105 Fairway Drive Account 310.10 12 Hampden Township - 2012 Real Estate Taxes/School & County Taxes 9,000.00 13 Holy Spirit Hospital 246.50 14 Jeffrey Lauver - 1015 Fairway Drive -Lawn maintenance 1,468.50 15 Jeffrey Lauver - 57 Circle Drive -Lawn maintenance 486.00 16 Melife Auto/Home Insurance 1,563.00 17 Michael Langan, Treasurer - 2012 Real Estate Taxes -105 Fairway Drive, Camp Hill, PA 1,071.15 Total of Continuation Schedule TOTAL (Also enter on Line 10, Recapitulation) See attached page 44,951.82 (If more space is needed, atlditional pages of the same size) Copyright (c) 2009 fomn software only The Lackner Group, Inc. F'onn PA-1500 Schedule I(Rev. 12-08) Rev-1872 E%i (BS8) COMMONI WEALTH OF PENNSYLVANIA INHf:RITgNCE Tq%RETURN RESIDENT DECEDENT SCHEDULE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS continued ESTATE OF FILE NUMBER 1 AIL-V ITEM NUMBER DESCRIPTION 18 PAS American Water Utilities -105 Fairway Drive 19 PA, American Water Utilities - 57 Circle Drive 20 PA Department of Revenue - 2011 Personal Income Tax Return Payment 21 PA Department of Revenue - 2011 Personal Income Taxes 22 PPB:L Utilities -105 Fairway Drive Account 23 PP81L Utilities - 57 Circle Drive Account - 2 Unit Apartment 24 Sunaco, Inc. Account -105 Fairway Drive Account 25 Tom Smith -105 Fairway Drive -Snow Removal 26 UGI -Residential Account -105 Fairway Drive Account 27 Verizon - 105 FariVvay Drive 28 William Heffner- Meffner Construction -Repairs to real located at 57 Circle Drive, Camp Hill, PA 29 Winding Hill Windows VALUE AT DATE OF DEATH 292.58 112.84 105.22 2,465.00 279.63 98.34 200.00 645.32 373.71 4,513.11 94.61 TOTAL (Also enter on Line 10, Recapitulation) 44,951.82 Copyright (c) 2002 form software only The Lackner Group, Inc. Fonn PA-1500 Schedule I (Rev. 6-98) REV-7573 EX+117-OBIS ,t~ ,,ee SCHEDULE J coM N~~rn`o~€~E~ANIA BENEFICIARIES ESTATE OF Gale, Julie F FILE NUMBER 21-12-00103 NUMBER NAME AND ADDRESS OF RELATIONSHIP TO SHARE OF ESTATE AMOU PERSON(S) RECEIVING PROPERTY DECEDENT (Words) I• TPJCABLE DISTRIBUTIONS [include outright spousal See aittached schedule Enter dollar amounts'for distributions shown above on lines 15 throw h 18 on Rev 1500 o~easheet, as a to NON-TAXABLE DIS RIBUTIONS: II. A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS OF ESTATE - - - - - - vv ~n anccr Copyright (c) 2009 fomn software only The Lackner Group, Inc. Form PA-7500 Schedule J (Rev. 11-08) SCHEDULE J BENEFICIARIES (Part I, Taxable Distributions) ESTATE OF Julie F Gale 07/17/2012 045-16-5000 Item Name and Address of Person(s) Number Receiving Property R l ti h Share of Estate Amount of Estate e a ons ip (Words) ($$$) 1 Leisa J Karcher Daughter 738 Kathleen Lane 1/2 of property located Reading, PA 19610 at 705 Fairway Dr, Camp Hill; 1/2 of Personal Property; 1/2 of Residue 2 Marie Maxymuik Friend c/o Rebecca Norgren $25,000 Specific 30 Bayshore Drive Bequest Newtown, PA 18940 3 Anthony E Rossignoli Grandson 138 Kathleen Lane Property located at 57 Reading, PA 19610 Circle Dr, Camp Hill; 1/2 of property located at 105 Fairway Dr, Camp Hill; 1/2 of Personal Property; 1/2 of Residue 1 ESTATE OF JULIE F. GALE SCHEDULE OFEXHIBIT4~ PA TNFIFRITd7V/'F' Tdy RETURN E'XHIBITA Copy of the Last Will and Testament for Julie F. Gale signed and dated on September 22, 2008. Copy of the Codicil to the Last Will and Testament of Julie F. Gale signed and dated June 9, 2011. EXHIBIT B Copy of Receipt of Prepayment from Cumberland County Register of Wills Office. E.XIIIBIT C Real Estate Appraisal for property located at 105 Fairway Drive, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule A E.XIIIBIT D Real Estate Appraisal for property located at 57 Circle Drive, Camp Hill, Cumberland County, Pa by George Ulsh. ScheduleA E;YHIBIT E MorganStanley SmithBarney Date of Death Letter for Individual Account No. 54J-05558. Schedule B E,'~HIBIT F MorganStanley SmithBarney Date of Death Letter for Individual Account No. 54J-05780. Schedule B EXHIBIT G Real Estate Appraisal for property located at 22 Country Club Place W., Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C E~.HIBIT H Real Estate Appraisal for property located at 49 Circle Drive, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C E~HIBITI Real Estate Appraisal for property located at 530 Fairway Drive, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C EXFIIBIT J Real Estate Appraisal for property located at 55 Circle Drive, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C EXHIBIT K Real Estate Appraisal for property located at 6 Fargreen Road, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C EXHIBIT L Real Estate Appraisal for property known as Land West of Fargreen Road, Harrisburg, Dauphin County, Pa by George Ulsh. Schedule C EXHIBIT M Real Estate Appraisal for property known as Lot 004 Fargreen Drive, Harrisburg, Dauphin County, Pa by George Ulsh. Schedule C EXHIBIT N Real Estate Appraisal for property known as Lot 394 Fairway Drive, Camp Hill, Cumberland County, Pa by George Ulsh . Schedule C EXHIBIT O Real Estate Appraisal for property located czt 47 Old Farm Road , Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C EXHIBIT P Real Estate Appraisal for property locatecl at 517 Gale Road , Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C EXHIBIT Q Real Estate Appraisal for property located at 522 Colony Drive , Camp Htll, Cumberland County, Pa by George Ulsh. Schedule C E.XHIBITR Real Estate Appraisal for property known as Lot No. 247 Little Run Road, Camp Hill, Cumberland County, Pa by George Ulsh. Schedule C E,YHIBIT S EXHIBIT T EXHIBIT U EhIIIBIT V EXHIBIT W MorganStanley SmithBarney Date of Death Letter for Individual Cash Account No. 54J-05558. Schedule E. Kelly Blue Book Valuation for 2000 Mercedes -Automobile. Schedule E. Personal Property Appraisal by Chuck Bricker, Auctioneer. Schedule E. MorganStanley SmithBarney Date of Death Letter for Joint Accounts with Leisa Kercher and Anthony Ros.rignoli. Schedule F. Federal Estate Tax Return ~ Form 706 Last Will and Testament OF JULIE F. GALE I, JULIE F. GALE, of the Township of Hampden, County of Cumberland, Comrcionwealth of Pennsylvania, declare this to be my last Will and revoke any Will previously made by me. ITEM I. I direct that my funeral expenses be paid from the assets of my estate as soon as practical after my decease and that my Executrix erect a suitable head stone, on my grave. ITEM II. I bequeath the sum of Twenty-Five Thousand ($25,000.00) Dollars to MARIE MAXYMUIK if she survives me. ITEM III. I bequeath my household goods and personal effects and other tangible personalty of like nature to my daughter, LEISA J. KERCHER, and my grandson, ANTHONY E. ROSSIGNOLI, to be divided among them by my Executrix in accordance with their preferences in as nearly equal shares as is practical. ITEM IV. I devise my real estate known and numbered as 57 Circle Drive, Hampden Township, Cumberland County, Pennsylvania., to my Grandson, ANTHONY E. ROSSIGNOLI, if he survives me. ITEM V. I devise my real estate known as 105 Fairway Drive, Hampden Township, Cumberland County, Pennsylvania, to my daughter, LEISA J. KERCHER, and my grandson, ANTHONY E. ROSSIGNOLI, or the survivor of them, if at least one of them survives me. ITEM VI. I devise and bequeath the residue of my estate, of whatever nature and wherever situate, as follows: 1 ExiiieiT A A. One-half thereof to my daughter, LEISA J. KERCHER, if she survives me. If she fails to survive me, her share shall be added to and treated as a part of the share created in Paragraph B, below. B. One-half thereof to my grandson, ANTHONY E. ROSSIGNOLI, if he survives mle. If my grandson fails to survive me, his share shall be added to and treated as part of the share created in Paragraph A, above. ITEM VII. Should neither my daughter nor my grandson survive me, I make the following dispositian of my estate: A. I bequeath the sum of Twenty-Five Thousand ($25,000.00) Dollars to my nephew, RAYMOND WILLIAMS, if he survives me. B. I bequeath the sum of Twenty-Five Thousand ($25,000.00) Dollars to JOHN McGIUIGGAN, if he survives me. C. I bequeath the sum of One Hundred Thousand ($100,000.00) Dollars to THE BLESSED VIRGIN MARY CHURCH, Centralia, Pennsylvania, in memory of the late Peter Felix Family. D. I bequeath the sum of One Hundred Thousand ($100,000.00) Dollars to SAINT ANNPS BYZANTINE CATHOLIC CHURCH, Harrisburg, Pennsylvania in memory of the late Pdter and Josephine Felix Family of Centralia, Pennsylvania. E. I devise and bequeath the residue of my estate of every nature and wherever situate in equal shares to such of the following named persons who survive ime: NICHOILAS MAXYMUIK, MICHAEL MAXYMUIK, RONALD MAXYMUIK, MARIE MAXYMUIK, REBECCA MAXYMUIK, ALEXA MAXYMUIK, and CHRISTINE MAXYMUIK. It is my intent to create a class gift so that the share of any deceased rnember shall augment the share of the others and if only one of the above-named iindividuals survives me, that person shall receive the entire amount. 2 ITEM VIII. I direct that all taxes that may be assessed in consequence with my death, of whatever nature and by whatever jurisdiction imposed, shall be paid from my residuary estate as a part of the expense of the administration of my estate. ITEM IX. I appoint my daughter, LEISA J. KERCHER, Executrix of this my Last Will. Should my daughter, LEISA J. KERCHER, fail to qualify or cease to act as Executrix, I appoint my grandson, ANtHONY E. ROSSIGNOLI, Executor of this my Last Will. ITEM X. I direct that my Executrix or her successor shall not be required to give bond for the: faithful performance of her duties in any jurisdiction. IN WITNESS WHEREOF, I have hereunto set my hand and seal to this, my Last Will and Testarent, this a~ti~ day of Se p-~,,.,b<-.- 2008. i . ~_(SEAL) LIE F. GAL Signed, sealed, published and declared by the above-named Testatrix, as and for her Last Will ar:d Testament, in the presence of us, who at her request, in her presence and in the presence of each otlher, have hereunto subscribed our names as witnesses. 2/P ~~ 3 AFFIDAVIT AND ACKNOWLEDGMENT COMMONWEALTH OF PENNSYLVANIA SS COUNTY OF CUMBERLAND We, JULIE F. GALE, _ '~ ~cC,,,.,~ (.~ St`c ..,. - and DP~GI /~, ~P,f•'P/tin>r~ ,the Testatrix and the witnesses, respectively, whose names are signed to the attached or foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the Testatrix signed and executed the instrument as heir Last Will and that she had signed willingly and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testatrix, signed the Will as witness and that to the best of his/her knowledge the Testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. ~. ~ Witness ~.~ ~, 3~ez, <~ Witness Subscribed, sworn to and acknowledged before me by JULIE F. GALE, Testatrix, and subscribed and sworn to before me by (~~CH p llJ ~ Pr2T and Q. ~~Y~f2htof~' ,witnesses, this.~~ay o` ~,~1p,~,yrc,~~_, 2008. c.e N tary Publ ALTH OF PENNSYLVANIA Nobutel Beal :294506v2 Nine June Davb, Notary Public Bono, CumberlarW County My E~Mas Oct 31,2010 Member, Penneylvanla Aeeoelallon Nol® 9a ~• Codicil to Last Will and Testament OF JULIE F. GALE I, JULIE F. GALE, of the Township of Hampden, County of Cumberland, Commonwealth. of Pennsylvania, declare this to be the. first Codicil to my Last Will and Testament dated September 22, 2008. ITEM I. I hep~eby revoke Pazagraph B of Item VII of my Will. ITEM II. In all other respects, I hereby ratify, confum and republish my Last Will and Testament dated September 22, 2008, together with this Codicil as and for my Last Will. IN WITNESS WHEREOF, I hereunto set my hand and seal this ~%f!, day of _~~.h~- .zol1. ~-'~~ ..~'~r-~e--{=~ (SEAL) JUI~'~ F. GALE Signed, sealede published and declazed by the above-named Testatrix, as and for her Codicil tc~ her Last Will and Testament, in the presence of us, who at her request, in her presence and in the presence of each other, have hereunto subscribed our names as witnesses. (GJI /, rj,// 11 AFFIDAVIT AND ACKNOWLEDGMENT COMMONWEALTH OF PENNSYLVANIA SS COUNTY OF CUMBERLAND , `yVe, JiJLIE F. GALE, K,c~-~~ Ct~ J~feuo~'-'"''land ~-C~'Y~:L L. CC.YU the Testatrix and the witnesses, respectively, whose names are signed to the attached or oing instntment, being fast duly sworn, do hereby declare to the undersigned authority that the Testatrix signed and executed the instrument as her Codicil to her Last Will and that she, had signed willingly and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the Testatrix, signed the Codicil as witness and that to the best of his/her knowledge the Testatrix was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. ~ F. GALE G Witne s ` Witness Subscribed, sworn to and acknowledged before me by JiJI.IE F. GALE, Testatrix, and subscribed and sworn to before me by ~'„~~iu«,,,.C 6~ ~~t'ei,,xr` and T" ~' c~ L ~'~z ~ o ~~" witnesses, this ~ day of /, jN,P. , ?011. ~-~_~'ALTN OF PEfyN VpryfA ~pnan M. R °~arlal Seal Lem°)me ~~esJr., N°Wry pc6lic My ~~o° berla~q ~~, Nember. P°^^s'n'aNa 7u m14 A~tlatl°a °rNWariga :444789 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF FIEVENUE BUREAU OF INDIVIOUAL TAXES DEPT. 280601 HARRISBURG, PA 1]120A601 RECEIVED FROM: KERCHER LEISA J 138 KATHLEEN LANE WYOMISSING, PA 19610 ram REMARKS: RECEIPT TO ATTY CHECK# 73933 SEAL PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT NO. CD 015862 DUPLICATE ACN ASSESSMENT AMOUNT CONTROL NUMBER REV-1162 EX(11-961 S 200, 000.00 TOTAL AMOUNT PAID: INITIALS: HMW RECEIVED BY: TAXPAYER GLENDA EARNER STRASBAUGH REGISTER OF WILLS EXHIBIT B T C Reahy, Inc. Georye R. Ulsh Uniform Residential Appraisal Report Fk# MOOO66tate The puroose of Ih - - w~~~ an aawaw, ono ao oak su orteQ o Inion M Ne market value of the sub~aT ro Pro Address 105 Fairwa Dr Ci Cam Hill Skte pq - Code 17011 Borrower Client : Julie F Gale Estate Go Dick Stewart Owner of Public Record Julie F Gale Estate I Desctl lion Referenced in Record Book 35Y Pa a 626 Cou Cumhenand Assessor's Parcel # 1 -20-1848-393 TaY Year 2012 R.E. Tares $ 5 998 Nei MoNOOO Name Ham en Townshi Ma Reference 10-20.1648-393 Census Trad 0113.04 Ocw am Owner Tenant Vacant $ eclat Assessments $ N/A FUD HOA $ N/A r ar er month " Pro Ri hts rslsetl Fee Si k Leasehok ONer desc+lbe Asst mleN7 a Purchase Transamlpn Reilnance Trsrrsac0on ONer desctlbe Establishthe market value cf the sub'ect"AS IS" Leruler/Clierrt Client : Julie F Gale Estate Go Dkk Slew. Address 301 Market Street Lemo a PA 17043 Is the soh' t ro cuReM odered for sale or has h heen o6ered for sale In Ne IwaVe momhs tlor to the e0ecfive date M tNS a rsisah R on data sources us , oRe'i tlce 5 antl dak 5 . Public Record and Area MLS Ved6ed 02113/2012. Sub ecl has not bean otlered® Nsale in the last 12 months. I ~ ditl ®ditl not analyrze the contract for sak for Ne subject purchase transacpon. Explain the resuhs of Ne anaysis of the contact tar sob or why the anatysls was not edomxetl. Public Re band Area MLS Ved6ed 02/13/2012. Sub'ea has not bean oReretl for sale in the last 12 months. ' Cpntract Poce $ MrketValue Dak of Contract N/A IS the ro e Seller ilae owner of blc record? Yes No Data Spurce s Public Record Is Nem any flnaxlal assl9tance Qoan charges, sale cpncesslons, giX w downpaymeM asslsknce, etc.) tp be paid by any party on behah of the borrower? ~ d Yes, roport the total dollyr amount and describe Ne parrs to be paid N/A Publb Re band Area MLS Venfletl 02/13Y2012. Su^b act ha®rat been oRered for sak m the last 12 months. Note: Race end tfK nd cum eitlon of the nei hborhopd erenote rekel facture. Localbn Uman Suburban Rural Prp a Vabes I~reasin Stable OeckN PRICE AGE One-Unh Bold-U Over 75% 25-75% Under 25% Demand/Su SMrtae In Balance Over Su 80% $ DDO rs 2-4 Unit % GrowN Ra Id Stable Slow Marketln Time UMer 3 mlhs 3-6 mNS Mar fi mlhs 150 Law 5 Muts-Ferri Nd hborhood Boundaries I North and West is the Cora ouinet Creek Easl Is Brenhvater Drive SoNh is 450 HI h 125 Commercial % .' 'Walnut Street 10 % 250 Prod. 40 Other 10 % W hborhootl Descdpfion " See Su pie ental Add du with co me is The P ado na t sin k f Ilv twos value is better re orted in a ran a of 8175 000 t $400 000 Predom am e 5 belt re orted as 20 ve rs t 50 veers Olhe re es is v cant rourxl. Market CpntlNpns (Indutling support for Ne above concluslpnsl Se att ched Suoolem ntal Add Ou wdh co me is CMmensions g3'x 95' x 180' x 128' x 140' mA Area 36 c e Shape M stly Recta outer New Suburtan S~mc Zonnp Classiilcahdn Resld Mial knlnp Desctlppon AJb na for s note famlN ho s na se ZoNnp Compkance 6ZI Legal ^ Legal Nonconlarminp (Granmalhersd Use) [~ No Zpnnp rl Dle^ i rdescrihel Is the hlphest and best use Qf subject proceM as Improved br as proposed per Dlare antl specrticatlonsl the present used ~ Yes f Np a No, tlesctlbe Udlitlea PuMk OmaYltleuribe) Publk phe (dexdbe) lMFede YnOmvememe- Elecbic 200 am Watw Publk Prkak Gas ~ rl SaMkW Sewer ~J n Street Paved AS halt AIkV Nore R MA Special Fbod Hazard Area rl Yes ~ No FEh1A Fbotl Zone X FEMA Mao # x20360-0114E FEMA Ma Dak 03/16/2009 Ne Ne Wlltles antl oN slk Improvemems typical for Ne market aroa~ ~ Yes ^ No h No describe Ale tllere am atlw;rse she cdnditlons or exlemal factors (easements encroachments emlronmeMal coMipons land uses etc 1+ I Yes No M Yes, descdbe The ware no noted aboarent adverse or unfawr ble a semeM enc oa hm nts oted Unds One Ore with ccesso Unit Concrete Slab Crawl S ace Fountlapon Walls ConcreteBbck/Avera Fbors C t CrmTile Wd/Av # of Stptles 2 Full Basemem Partial Basement Fxktlor Watls T e Det. Att. -ON1End Unlt Basement Area Bnck6Freme/Avera Walls D IUAVera e Edstl Pro used Under ConsL Basement Finish 1 542 5 .tt. Roof Surface Com Shin UAVera a TrIrryFlNSh Wood/AVere e De:sl n S e 0 % Gutters 8 Dawns Dols Aluminum/Avera a BaN Floor CrtnlcTile/AVere e 2 Sto Outside Ent ~t Sum Pu WiMOwT a DoubieHun /Avera eBath Wainscot CeramicTile/Avere YGR BUId 1989 ENtlence pi Intestatlon Storm SasMreukktl lnsuiatedWNAvera eCar$torae None Ettikllve A e rs -15 ^ Da tress Sedkmad Screens Yes/Avera a Drivewa # al Cars ANC N ne Head FWA HWBB Radiant AmenNes 2 Dro Stair ST lrs Woodstove s # Otlvawa Sunace paved AS halt ONer Fuel Gas Flre laces # 1 Fence Gars e # o/Cars 2 Fbor S e Coot Central Alr Conditlonln PatlvOeck Porch 1 FlMShed H fed Ndiwtlual ONer Pool Car ort # of Cars iaances ^ Reid erstor Ra r/Oven ONer Ak. Dnt. Bulh-in ® Dishwasher Dis osal Mlerowave ^ Washer/D er ONer dsscribe Flnished area ebow pmtle cpr~talns: g Rpoms q Bedrooms 2 1 BaNls) 4 092 Stluare Feet of Gross Llvin Area Above Grsde . AtldPoOnal features (special en roy eplclent hems eb I Fm t oo ch ea our h ns tat d windows 2 ca o fi ola Oescdhe the coMtlipn of Ne propeM (iroludinp neetle0 repairs tlekdomtlon mnovatlona romotleMnp etc 1 The subl ct xten is in avers a coMition vnth ical m rove ants N0 dv me contl t ons were oted tlu th s b ec[ Dro tong t on Floo ola nd emend es are tvo cal of th s style h e d hold ° N wi The Int no ~i the sub'eG is in avers e conat ns led The basement of the sub ea is 87% of the 1st floor GLA antl at~esent 0% finished. Ui ih market area. No adverse Are Ihere spy physical deficiencies pr adverse cpndPoOns that affect die INabllgy spmxlness ar structural IMeorliv of Ne propoty Yes No If Yes, describe Oaes Ne property penemly conlorm to the neiphhorlwotl Ifunctlolal Willy sMe contlhlon use coretmctlon etc )~ ~J Yes No B Np, descrbe Fredtlir, Mac Form 70 March 2005 "s" ' "' " Fannie Mae Fomn 1004 March 2005 Farm 1004 -'WinTOTA1° appraisal software by a la mode, i EXHIBIT C Farm 1004- •WinTOTAL' appraisal software 6y a la mode, Ina-1-804ALAMOOE " "' " Fannie Mae Fonn 1004 March 2005 Form 1004-'WInTOTAL' appraisal soMiara by a la mode, Inc. -1-800.A1AM00E ' °"" V1 ° Fannie Mae Form 1004 March 2005 urniorm rseslaenttal A sisal Re ort Gale Estate Flb# M00088 This report form is tlesignetl to report an appraisal of a one-unit property or a one-unit property whh an accessory unN; including a unN in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a contlominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definhion of market value, statement of assumptions and limiting conditions, and certifications. Modifications, adtlitions, or deletions to the imendetl expznltlitheascoper~ofworlc to inc ude any addNiornal resezrichsor analysis gnecessairynbased on the complexity of~his appraisal assignment. Modifications or tleleNons to the certilications are also not permitted. However, additional cerfifications that do not constitute material alterations to this appraisal report, such as those requiretl by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permittetl. SCOPE OF WORK: The scope aF work for this appraisal is defined by the complexity of this appraisal assignment antl the reporting requirements of this appraisal report form, including the following tlefinition of market. value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pertorm a complete visual inspection of the interior and eMerior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, antl analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, antl conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/cliem to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. (INTENDED USER: The intended user of this appraisal report is the lender/client. DEFlNITION OF MARKET VALUE: The most probable price which a property shoultl bring in a competitive and open market under all c nd'Rions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affdctetl by undue stimulus. Implicit in this tlefinition is the consummation of a sale as of a spac'diad date and the passing of title'.from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both reasonable Nmle isf 911owed for exposuretln the open mairket;n 4 hat he or she considers his or her own best interest; (3) a of financial arrangefnents comparable thereto; antl (5) the price represents mhe enormal cosideration tforsthe~parOperty s Id s unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparebles must be made for special or creative financing or sales concessions. No atljustments are necessary for those costs which are normally paitl by sellers as a result of tratlition or law in a market area; these costs are noadily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing a~tllustments can be made to the comparable property by comparisons to financing terms offered by a thirtl 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 rs~action to the financing or concessions based on the appraiser's jutlgment. STATEMENT OFAS$UMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and IimNing conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tNle to N, except for infoNnation that he or she became aware of tluring the research involvetl in pertorming this appraisal. The appraiser assumes that the tiNe is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is includatl only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available Hoed maps that are provided by the Federal Emergency Management Agency tlantN etl Specia~ Flood Hazartl Areate Because the rappre sePO s not taesurveyorrthe ort she makeet noeguaranteestl express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she matle an appraisal of the property in question, unless spec'rfic arrangiements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser hasnotetl in this appraisal report any adverse contlhions (such as needetl repairs, tleterioration, the presence of hazartlous wastes, toxic substances, etc.) observed tluring the inspection of the sublect property or that he or she became aware of tluring the research involved in pertorming the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical tleficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, tleterioration, the presence of hazartlous wastes, toxic substances, adviarse environmental contlhions, etc.) that would make the property less valuable, and has assumed that there are no such con~tlitions and makes no guarantees or warranties, express or implietl. The appraiser will no[ be responsible for any such conditions that tlo exist or for any engineering or tasting that might be required to discover whether such condlNOns exist. Because the appraiser is not an expert in the fieltl of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. l'he appraiser has based his or her appraisal report antl valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be pertormetl in a professional manner. Fredtlie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Fonn 1004 March 2005 Fonn 1004-'WnTOTAL' appalul software by a la moue, Inc. -1-800.ALAMODE Gale Estate APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reportetl this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I perormed a complete visual inspection of the interior antl exterior areas of the subject property. I reportetl the condftion of the improvements in factual, specific terms. I identified and reported the physical deficiencies that coultl affect the livability, soundness, or structural integrtty of the property. 3. I performed this appraisal in accordance with the requirements of the Un'rfortn Standards of Professional Appraisal Practice that were atlopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appmisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost antl income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreemem for sale for the subject property, any offering for sale of the subjectproperty in the twelve months pdor to the effective date of this appraisal, and the prior sales of the subject property fora minimum of three years prior to fhe effective date of this appraisal, unless otherwise indicated in this report. 6. I researchetl, vedfietl, analyzed, and reportetl on the prior sales of the comparable sales far a minimum of one year prior 'lo the date of sale of the comparable sale, unless otherwise indicatetl in this report. '7. I selected antl used comparable sales that are locationally, physically, and functionally the most similar to the subject property. B. I have not used Comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. fl. I have reportetl 8tljustmems to the comparable sales that reflect the market's reaction to the differences between the sublet[ property and the comparable sales. 10. I verified, from a tlisinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private tlata sources, such as multiple listing services, tax assessment records, public land records antl other such data sources for the area in which the property is located. 1.3. I obtained the information, estimates, and opinions famished by other parties and expressed in this appraisal report from rsdiable sources that I believe to be tme and correct. 1 ~f. I have taken intp consitleration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse imluences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limitetl to, needetl repairs, detedoration, the presence of hazartlo0s wastes, toxic substances, adverse environmental conditions, etc.) observetl during the inspection of the subject property or tlhat I became aware of tlurtng the research involvetl in pertorming this appmisal. I have considered these atllverse condtions in', my analysis of the property value, antl have reported on the effect of the conditions on the value and marketability of the Subject property. 15~. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appmisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which aril subject only to the assumptions antl limiting contlhions in this appraisal report. 17.. I have no present. or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias wdh respect to the participants in the transaction. I tlid not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employmem and/or compensation for performing this appraisal or any future or anticipatetl appraisals was not conditionetl on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a pre~tleterminetl specific: value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relieid on significant real property appraisal a55istance from any individual or individuals in the pertormance of this appraisal or the preparation of this appraisal report, I have nametl such individual(s) and disclosed the specific: tasks perormed in this appraisal report. I certify that any individual so named is qualified to pertorm the tasks. I have not authorized anyone to make a change to any item In this appraisal report; therefore, any change made to this appraisal is unau[horizetl and I will take no resp~onsibiliry for it. 20. I identifietl the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2on5 Fannie Mae Form 1004 March 2005 Fortn 1004-•WinTOTAl• apprzlsal software ey a la motle, Inc. -1-900AlAMODE Gale Estate 21. The lender/client may disclose or tlistribute this appraisal report to: the bortower; another lentler at the request of the borrower; the mortgagee or its successors antl assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instmmerrtality of the Uni[etl States; antl any state, the District of Columbia, or other jurisdictions; wghout having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appmisal report may be disclosetl or distributed to any other party (inclutling, but not limited to, the public through atlvertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distrbution of this appraisal report by me or the lentler/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The bortower, another lentler at the request of the borrower, the mortgagee or its successors antl assigns, mortgage insurers, government sponsored enterprises, and other secondary market participarrts may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmittetl as an "electronic record" corrtaining my "electronic signature," as those terms are tlefined in applicable federal andor state laws (excluding audio antl video recordings), or a facsimile transmission of this appraisal report cohtaining a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valitl as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional. or negligent misrepreserrtation(s) contained in this appraisal report may result In civil liability and/or criminal penal8es ipcluding, but not IimRed to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. BUPERVISORYAPPRAISER'SCERTIFICATION: The Supervisory Appraiser certifies and agrees that: 'I. I tlirectly supervised the appraiser for this appraisal assignment, have reatl the appraisal report, arld agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. £!. I accept full respgnsibility for the contents of this appraisal report inclutling, but not limited to, the appraiser's analysis, opinions, statements, concluslions, and the appraiser's certfication. 3~. The appraiser id6ntified in this appraisal report is either asub-cordractor or an employee of the supervisory appraiser (or the appraisal firm), is gdal'rfied to pertorm this appraisal, antl is acceptable to pertorm this appraisal untler the applicable state law. promolgatetl bly the Appra saPlStanda dsh BOardoomThenAppraisafl Foundat on landpthatawerecin place atetheadmeedth sn appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic recortl" containing my "electronic signature," as those terms are definetl in applicable' federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representa8on of my signature, the appraisal report shall be as effective, enforceable and rtlid as if a paper version aF this appraisal report were delivered containing my original hand written signature. APPRAISER urge R. ulsh ' Siginature~`')rfn~;. ~ /.(./dam Name G ru~rji(sx~,4rStateC rt R s Real ESt to or Company Name T eam~. Ira. Connpany AtldresS 807 East park Drive Suite 706 Hamisbu PA 77.111 Telephone Number (7171441-2794 Email Address rulshraT¢omcast et Date of Signature and Rd•port 02/20/2012 EffeoBve Date Of Appraisal 02173/2012 State Certification # RLOO040sL or Sate License # or Ollher (describe) State # State PA Expil'atlon Date of Certification or License 06/30/2073 ADDRESS OF PROPERTYAPPRAISED Cam Hill PA 17017 APPF?AISED VALUE OF SUBJECT PRO LENDEWCLIENT Namf: Company Name Client : Julie F Gale Estate cJo Dick Stewart Company Address 301 Market St et Lem n A 17043 Email Address Fretldie Mac Form 70 March 2005 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Adtlress Telephone Number _ Email Adtlress _ Date of Signature _ State Certification # _ or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior M subject property from street Date of Inspection ^ Did inspect interior and exeror of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of comparable sales from street ^ Did inspect exterior of compaable sales from street Date of Inspection Page 6 of 6 Fannie Mae Form 1004 March 2005 Fertn 1004-'WnTOTAL• appraisal software by a la mode, inc. -1-006ALAMOOE Fannle Mae Fomn 1004 March 2005 Farm 1004.(AC) -'WinIDiAL' appraisal soilware by a la moAe, Inc. -1-80PALAMOOE The Cost Approach to Value for homes with an age greater then a maximum of 5 years, the lack of available verifiable land sales or having gootl available closetl sales for comparison to the subject creates a condition that muses the Cost Approach to Value to be considered inappropriate for use In this appraisal report. This is based on the fact that a cost analysis /ore subject Property is generally subjective, based on the appraiser estimate of tlepreciatlon, cest manuals general analysis for an area, subjective statements from area centradore. The general analysis of all supports the statement that this generally leads to the inaccuracy of the Cost Approach to Values antl leads the client b improper conclusions. For this reason, although considered, The Cost Appmach to Value is Inapproprtate for use In this appraisal report. The Income Approach to Value is considered inappropriate for use in this appraisal report. This is based on the fact that a typical purchaser for the subject property has an interest In the purchase for their primary residence. opposetl to the concern of the value generatetl, through investment, from the possible income produced value. In adtlition, the veritable information available Is note matter of public record and accuracy is at best consideretl limited in nature. For this reason, although considered, the Income Approach to Value is considered inapproprate for use in this appraisal report. Neighbomood .Description The subject is Ipcated in a resitlen[ial neighborhood. Major routes of bevel are locetetl within a reasonable distance of the subject. Employment for the area is rated as good. Major employers in the Camp Hill Area include large manufacturing companies, bcel government facilities and many smaller service companies. The subject neighborhood Is in a primarily stable phase of its' litecycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appeails in balance. Property values are stable and have been for a time period exceeding one year. This is after a sustainetl increase for several prior years. Buyer demantl appears typical for this time of year in the neighborhood and is supported by continued low interest rates. Information is supported through public record Information and Central Penn MLS System. Neighborhood -Market Conditions There are no foryeseeable economic trends which might significantly Influence market conditions in this area. The current mortgage market offers a wide variety of conventional loans with competitive rotes. As a result, the terms of financing have little, if any, impact on sales prices. If interest rates remain reasonable, property values and marketabliltty should be good. Current supply and tlemand are in balance. Marketing time is typically over 6 months for reasonably priced properties. Interest rates are rangin NP cal of5a lI trensactlo~0-6 points typically being paid for origination or tliscount. Seller concessions, although evident, are not APPRAISAL COMMENTS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed any services regarding the subject property within the three year period immediately preceeding acceptance of the assignment, as an appraiser or irl any other capacity. Farm TADD - •WInTOTAL• aDDralsal software 6y a la mode, Inc. -1-8g0.AlAMggE APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is agfl of iha fallowing types: ^ Self Corltalne0 (A wrNen report prepared under Standards Rule 2-2(a) , pumuamto the Scope of Work, as disclosetl elsewhere In this report.) ®Summary (A witten report prepared antler Standards Rule 2-2(b) , pursuam to the Scope of Work, as disclosetl elsewhe2ln this report) ^ Reatrlctad Use (A written report prepared antler Slandartls Rule 2-2(c) , pursuam to the Scope of Work, as disclosetl elsewhere In mis report, reslrtgetl to the stated intended use byme specdled client or Irdendetl user.) Comments on Standards Rule 2-3 I ceNty that re tte hest al my knowledge and belief: - The staumenls of fact comained in This report are true and correct. - The reported anayses,'opinions, and cpemlusions are Ilmde0 any by me reported assumptlons and Ihdting contlltlans aM are my per,~onal, Impartial, and unbiased prefesslanal awyses, oDidans, and conclusions. - Unless alferwise Indicated, I have ro present or prospecsve Imoest in the property that Is me subject of Ilys report and no personal Interest wlm respect to the parties InvaNetl. -Unless otherwise Indicated, I have performed no services, as an appraiser or In any other capacity, regarding the Draperry that Is the subject of mis report within the Ihree-year pedatl immetliaoy precetlllq acceptance of this assignment - I have m bias with respect to me property that is the subject of this report or the DaNes Irnolved with mis assignmem. - My enpagemem In mis issipnmem was not comingem upon developing or reportlnA predetermined resutls. - My compensatlon for c0mpkh'ng this assignment is not comiegem upon me devdopmem or repoNnp of a predetermined value or direch'on in value that favors the cause of me diem, tlo amoum al tlee value opinion, me attalnmem of a stlpulmed resutl, orme occunence of a subsequent evem directly related to the Intended use of mis apPralsal. -- My anayses, oplniens, end calDlusions were devdopeq and iNS report has been prepare4 In comorMry wim the Undpnn StaMartla cd Professional Appraisal Practice that vuere in eNect at me time mis report was prepared. -- Unless mherwlse IMIcam4 I have made a personal inspecdan of me property that Is me subject of Nis repod. --Unless otherwise Indicated, no one pmvitled significam real property appraisal asslsunce to the pereonis) signing mis cemflcatlon ff Here are Deceptions, tte name of each individual proNtling sigdficam real property aDprelsal assistance is states elsewhere In this report). APPRAISER: Signrture: ~~ Nam;: Geome Ulsh Stal C rt R R I E r t A Designation. Date Signed: 02/20/2012 State Certlficatlon#. RL000409L ar State License #: SYate'. PA E~irltian Dale of Certgmauon or License: 06/30/2013 Effective Date of Pppaisal: 02/13/lm ~ SUPERVISORY APPRAISER (only II required): Sigwtlue: Name: Designation: Date Sigeetl: State Certiilcation #: or Sime License #: Sate: E~iratlon Date o/ Cetliilcatian Or License: Supervisory Appraiser inspection of Subject Property: ^ Did Not ^ Exletloo-mty from street ^ Interior and Exletlor Form ID10- ^WnTOTAL• appraisal software by a U made, Inc. -1-WPALAMODE Form MAP.Traflic - M1YInTOTAL• appraisal software by a la mode, Inc. -1-BDbAUMODE Appraisers 201Y-?ma r_e..:.s.....:__ Subinrf Phnrn lo~..e Subject Front 105 Fairway Clr Sales PoCe MrketValue Gross LiNng Area 4,092 Total Booms g Total Bedrooms a Total Bamraoms 2.1 Location Surburban ~~ Suburban Site .36 Acres Ooaliry Brk&Frame/Gd pAe 23 Yrs Est Subject Rear Subject Street Form PICPIX.BB -'WInTOTAL• appraisal sallware by a la mode, Inc. -1~&10.ALAMODE Comparable 3611 Wanstord Road Prax. W Subject t31 miles N Saks Prlce 464,000 Gross LlNrp Area 3,602 Total Rooms 70 Total Bedrooms 5 Total Bathrooms 3.1 Location Surburban MeW Suburban Slte .36 Acres Quality Brk6Virry1/Gtl AAe 35 Vrs Est Comparable 3 Brandy Cimle Prox. ro Subject 1.45 miles N Sales Pace 600,000 Gross LlNnA Area 3,723 fatal Booms 10 Total Bedrooms 5 Tohl Bathrooms 4 Locaton Surburban MeW Suburban Sde .77 Acres Duality BrkBVirryVGtl AAe 17 Yrs Est Comparable 3 12 Charisma Orrve Prax. Po Sublect 1.08 miles NE Saks Ptlce 472,OOp Gross LINnA Area 2~,agg Total Roams 8 Total Bedrooms q TMaI Bathrooms 3.1 lacatlon Surburban Mew Suburban Site .42 Acres Quality Brk&Vinyt/Gd AAe 41 Vrs Es[ Fcan PICPIX.Cfl -'Win10TA1' appraisal sallware by a la motle, Imo.-1-8AOgLAMODE COmaarabla Phnfn o9..e Comparable 4 SOS Sprint Lane Prox. to Subject 3.94 miles SE Ba'dS Prlce 351,500 Gross LMnA Area 2,912 Total Booms 9 Total Bedrooms a Total Bathrooms 2.1 Locatbn Suburban Mew Suburban Stte .31 Acres Oualiry BrkBVinyUGd Age 17 Yrs Est Comparable 5 645 Mandy Lene~. Prox. b Subject 0.49 miles NW SaMs Prlce 425,000 Gross LINrp Nea 2,997 Total Rooma 10 Total Bedrooms 4 TAWI BaNrooms a Locadon Surburhan Vlew SubmNCreek Slte .64 Acres Oualiry BrkBVirryUGd AAe 22 Yre Est Comparable 6 678 SL Johns Drive Prox. M Subject 0.80 miles NW Bales PdCe 500,000 Grass LlNnA Area 3,812 Total Booms 10 Total Bedrooms 4. iolal Bdmroeme 2'.i Lacatlan Subburban Mew SubrbNCreek Site 1.3 Acres Ouallty BrkBVinyUGd AAe 32 Vrs Est Form PICPIX.CR -'WInTOTAL• appmisal sotlware by a la mode, Inc. -1-BDOALAMODE Comoarabla Phnrn os..e Buildino Sltn}eh Form SNi.01USkl-"NInTOTAL• appraisal software by a la maae, Inc. -1-SOPALAMOOE Building Skefch Form SKT.BIUSkI -'WInTOTAL• appraisal software by a la moae, Inc. -1-800-ALAMODE sera-inn M9.. Form MAP.LOC -•WInTOTP1' appraisal sofGVare by a la mode, inc. -1-BOIFALAMOOE Form 1025 - °WInTOTAL" appmisai soMxare by a la mode, inc. -1-800-ALAMODE EXHIBIT D Freddie Mac Form 72 March 2005 Page 2 of 7 Small Residential Income Property Aooraisal Rannrl _.... Gale Estate 2 ----.... 0 camnarahla caiac h »,e .,~hi.M .,a.....,..__.. FEATURE ... ... . SUBJECT ........... ............. ...~ a„ ,rye„~,,,v nms ion m m sale nce from $ 0 to $ p Address 57 Circle Dri va COMPAAABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE # 3 Cam Hill P A 17017 1294 Brandt Road Mechanic b P 223 Bosler Avenue 200 Forge Road Proam' to $ub'ect - ' "- s u A 17055 Lemo ne PA 17043 Boilin S do s PA 77007 Sale Pdce $ MarketValu = 9.41 miles SW srt tti~u„$ e~~. 2.59 miles E 1198 miles SW Sale Pdce/Gross Bld .Area $ 64.08 s . 21750 ft. $ 67 97 s h ~` 0. ,qq $ 169 900 ~"fi . ':Br $ 154 000 Gross Manihl Aem $ 1 53 . 0 $ $ 7349 s .R.° ,~ $ 67.63 s ft k ' ~?7Q ~ Gross qem Muld tier 2 300 rs~ $ 1 640' ~' $ 1 400u .#~':a1' Pdce er Unit $ 94 57 $ 103.80.. `~,P 110.00 $ ~~ ~ Ptlce er Room , $ 108 750. $ ' $ 84950 - ' $ 77000 ~`i ; Pdce er Bedroom 6 21 750 . $ 38 250 ~rV ~ $ 15 445 a ' $ 15 400+{ , ~;? ® Ren[ Conbal Yes No Yes No 33 980. „ ~. $ 38 600E ' e<"' ' Data Sources "A~~a',itgq$; . M S PubRec A i Yes No Yes No Verificatlon Sources vncaa~U:;73 ra sersFiles D to Bank MLS PubRec A reisersFiles MLS PubRec A ralsersFiles VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +- Ad ustmen[ Data Bank Data Bank DESCRIPTION ' Sale ar Flnandn9 ~. " =;z A Cash +- Atl usMeM DESCRIPTION +- Atl'uslment Concessions $ < FHA $9000 Conv $1350 Date of Sale/pme ~e. e bl'fF 4. w„" i 187 WM 02/28/2011 5 DOM 117 DOM Locatlan Suburban Su burban 03/02/2011 04/13/2011 Leasehold/Fee Sim le Fee Sim le Fe Sim le SubrbNlnfedor + S OOO Subrbn/Inferior +5 000 Sbe 10 350 S .Ft. 27 878 S FL Fee Sim le Fee Sim le New Suburban . -2 000 Su urban 4 792 S .Ft. +2 000 9 147 S .Ft. Oesi n S le 2 Sto 1 to Suburban Suburban - Dual' of Construcgon A N l A Stn&Alum/Av Br BVin I/Av 2 Sto 2 Sto BrkBVin I/Av F &Vi c a e 53 Vrs Est 9 Vrs Est nn n I/Av 82 Yrs Est CondNan Averse GNSaIeU dates -20000 112 Vrs Est Averse Gross Builtlin Area 2 80 3 20 Avers e Unit Breakdown LNaI Bdrms Baths -3 900 Total Bdrms Baths 2 31 +5 000 2 27 +5 300 : Una#1 5 2 1 1 Tohl Bdrms Baths TONaI Bdrms Baths ' una # 2 . 4 5 3 2 -z o0o s z i +z o0o s z 1 7 'Unit # 3 2 1 5 3 2 ~ 0~ . 6 3 1 5 2 1.1 -2 000 Unit # 4 . Basemem Descd don Ur~nished. Un nished. Unfinished Basemem Finished ROOms 100%/0% 1 00%/0% . Unfnishetl. Functlonal Utll Ave a Ava 100%/0% 100%/0% Hearin Conlin CntdHVNOCraCI a CrnnIHVCn1rICl -B OOO Averse Aver e Cn1dHVCnhICI Ene Eiflcient lhms T ical forA e T iwlforA a -6000 CntrIHVNoCn1Cl Patldn ONOft Sih 2 Car Gare e 2 - 1 Car Gara a T iwlforA e T ical for e PoroYyPadoNeck P orches P or has On Street Parkin +6 000 Off Street Parkin +5 000 Amenities 2 Fire lace N on Porch WdDk Patio Porches AmenNes N one +6 000 N one +6 000 None +g 000 AmenNes N one N on N one Nane Net Atl ustrnem oW ' d ~ „p + N - $ one None Adluste0 Sale Pdce " h, x "wr, - sr` N -31 900 et Atlj. 14 7 % N + - $ 20 000 + - $ 19 300 of Com ambles ' ~~Au, v ~ ° G . ross Ad'. 20.2 % $ 185 600 G e[Adj. 11.8 % Net Adb 12.5 % ross Ad 18 8 % $ Ad usted Ptlce Per UnR 1a4. sr coma/r~ mcomy unml $ g2 800 $ . . 189 900 Gross Ad. 15.1 % $ 173 300 Ad usted Pdce Per Room (eW.w caos/:wcomp aoom:I $ 94 950 , ' $ BB 650 S E,yjk: Ad'usted Pdce Per Bedrminq sa cm" /zmc e a $ 1g 560 ~ $ 17284 . $ 17330+~. +~' . "_,..-_.~._.. p omo a mom: 30933..,...... $ ., av pan p .____~....,.. ~,........ - ~~~-~-~~ ---- rage 3 of 7 Fannie Mae Form 1025 March 2005 Fblm 1025 - ^WinTOTAI"appraisal software by a la mode, inc. -1-800-ALAMOOE Porm 1025 - ~WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE --- -- rage a m / Fannie Mae Farm 1025 Nlarch 2005 ~iircri nosmenuaf income F'rODertv Aooraical Rannrt _... ~d1e tsra18- This report form is designed to report an appraisal of a twe- to four-unit property, including atwo- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report ~or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appraisal report is~ subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting condittons, and certifications. Modifications, additions, or deletions to the Intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modificatons or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appmisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is definetl 6y the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement o1' assumptions and limiting conditions, and certifications. The appmiser must, at a minimum: (f) pertorm a complete visual inspection of the intedor and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or pdvate :sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: Ttie intended use of this appmisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable pace which a property should bang 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 spec'rfied date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivatetl; (2) both parties are well informeii or well advised, and each acting in what he or she considers his or her 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 far the property sold unaffected by spaniel or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the coinparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those casts 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 teons 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will nol: be responsible for matters of a legal nature that affect either the property being appraised or the title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader in visualizing the property and untlerstandirig 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) aind has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood hlazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this d~eterrnination. 4. The appraiser will not give testimony or appear in court because he or she made an appmisal of the property in question, unless specific arrangeme~~nts to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, tletedoration, the presence of hazardous wisstes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in peroorming this appraisal. Unless otherwise stated in this appraisal report, the appmiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, detedoration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and maktls no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do e:Kist or for any engineedng 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion far an appraisal that is subject to satisfactory completon, repairs, or aheratiens on the assumption that the completion, repairs, or alterations of the subject property will be pertortnetl in a professional manner. Fretltlie Mac c~....» u...,.~, o~,..~ raya o or r Fannie Mae Form 1025 March 2005 Form 1025 -'MlinTOTAL" appraisal sofhvare by a la made, inc. -1.8W-ALAMggE ~wm1 nesmennal InCOIDE F'f0D@rtV ADnraical Rannrt _. _ Baia ts,ate z APPRAISER'S CERI-IFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. reported t e co ditlon laoftthelsimprovements Inf factualte specfc terms.rladentified handubeported ~he physlcualt def cllienrites that could affect the livability, soundness, or structural integrity of the property. PracdPe thatewe eisadopted nand promudlgated blyh thee Appraisal eStandardse Boardrof TthedAppraisaiP Foundation andr th t were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales ncomen approachescto valuepforc his apps lsal assignmenteQlufurthea certify tth t I cons tiered the costsappmachste value but did not develop it, unless otherwise indicated in this report. 5. I researched, verfiedi, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property fora minimum of three years prior to the effective date of this appraisal, unless otherwise indicated In this report. 6. I researched, verfie[, analyzed, and reported on the prior sales of the comparable sales far a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used compamble sales that are Iocationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price oY a home that has been built or will he built on the land. 9. I have reported adju:;tments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property In this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is lo[:ated, 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighhorhood, subject property, and the proximity of the subject property to adverse Influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are tme and cored. 16. I stated in this appraisal report my own personal, unbiased, and professienal analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of he subject property or on any other basis prohihited by law. 16. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understantling, written or otherwise, that I would report (or present analysis supporting) a predetermined specific vaUUe, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared gall conclusions and opinions about the real estate that were sat forth In this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appmisal or the preparatien of this appraisal report, I have named such individual(s) and tlisclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to pertorm the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change matle to this appraisal is unauthorized and I will take no responsibility for i~f. 20. I identified the lender/[;Ilent in this appmisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie nn~. v....., vn n._ ---- rage n or r Fannie Mae Farm 1025 March 2005 Farm 1025 -'nNnTOTAL° appraisal software 6y a la made, Inc. -1-800-ALAMODE Small Residential Income Property Appraisal Report Flle# M OOAgtate:2 2f. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors antl assigns; mortgage insurers; govemment sponsored enterpdses; otYler secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instmmentality of the United States; and any state, the District of Columbia, or other jurtsdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must he obtained hefore this appraisal report may be disclosred or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that Involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable antl valid as if a paper version of this appraisal report were delivered containing my original hand wrttten signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result In civil liability aniUor criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, ell seq., or similar state laws. SUPERVISORY APPFIAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraisers certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to pertorm this appraisal under the applicable stake law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation antl that were in place at the time this appraisal report was prepared. 5. If this appraisal repo) was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in appiicahle federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER rge R. Ulsh Signature Name s :irate Cert Res ReaV Estate Aoo Company Name T eaNy. inc. Company Address 801 East Park Drive Suite 106 Harrisbum PA 17111 Telephone Number 7( 17t eW1-2794 Email Address rolsht~comcast.net Date of Signature and Report 02/25/2012 Effective Date of Appraisal 02/13/2012 State Certification # RLOOD409L or State License# _ or Other (describe) State# State PA Expiration Date of Certification or License Osl3o/2013 ADDRESS OF PROPERTY APPRAISED Como H'll PA 17011 APPRAISED VALUE OF SUBJECT PROPERTY$ 180.000 LENDER/CLIENT Name Company Name Client: Julie F Gale Estate Go D'ck Stew rt Company Address 301 Market Street Lemov PA 17011 email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subjectproperty ^ Did inspect eMedor of subject propertyfrom street Date of Inspection ^ Did inspect interiorand exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect eMerior of comparable sales from street ^ Did inspect exterior of comparable sales from street Oate of Inspection Freddie Mac Form 72 March 2D05 Page 7 of 7 Fannie Mae Farm 1025 March 20D5 Pone 1025 - °WInTOTAL"appraisal software by a la mode, inc. -1800-ALAMOOE Operating Income Statement M00089 One- to Four-IFamily Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 57 Circle Dnve Sheet Hill PA 17011 ' State Zlp Code General Instructlons: This farm is to be prepared jointly complete the following sr:hedule Indicadng each unit's n er, antl the lender's underwriter. The current rent, market rent, and the re~. Currently Rented Expiration Current Rent Date Market Rent Pald Paid Unit No.f Yeses Ne~ Per Month Per Month Utility Expense By Owner By Tenon[ Untt No.2 Yeses No~ $ 650 $ 700 $ 800 $ 750 EIecVletty ___,_ G ^ Untt No.3 Yeses Na~ $ as .____ _ __ Unh No.4 Yeses NoIl $ $ $ Fuel Oil ~ ^ Total $ 1350 $ 1550 Fuel (Other) _ ~,.._ _ Water/Sewer ,_____,. . ^ ^ ^ Trash Removal ..__,. . ^ The applicant should complete all of the income and expense projecflons and for existing properties provide acNal year-end apereflng statements for the past two years (fornewpropemes theapp//cam'spro/ectedincameandeapensesmustbepmv/dedJ Thls Operating Income Statemen%and any previous operating statements the applicant provitles must then be sent to the appraiser for review, comment, and/or adjustments next to the applicant's flgures(e.g. App/icarrt/Appra/ser2BB/300/ If the appmiseris retained to complete the form instead of the applicant, the lender must provide to the appraiser the aforementioned operating statements, mortgage insurance premium, HOA tlues, leasehold payments, subordinate financing, and/or any other relevant Information as to the income and expenses of the subject property received from the applicant to substanflate the projecflons. The untlerwMershould carefully review the applicant's/appraisers projecdans and the appraiser's comments canceming those projections. The undenvd[er should make any flnel adjustments }ha[ are necessary to man; accurately reflect any income or expense Items that appear unreasonable for thsi market (Rea/estatetares and/nsurance on these types afpmped/es areinc/uded/nP/T/andnot ca/cu/atedas.an annua/emenseeemJlncomeshouldbebasedonthecumentrents,butshouldnotexceedmad<etrents. When there are no current rents because the property is proposed, neiw, or currently vacant, market rents should be used. and Expense Projection for Income (DO not/nc/ude /nccme torowne~ occupied un/1sJ Gross Annual Rental (Jrom un/t(s)to berontedJ ____ (Market) Otherlncame (inc/ude sources) _, Total _._..._.._._._.....__......... Less Vacancy/Rent Loss -- ~~ - ~~~--~~~~~----~~~ Effective Gross Income Expenses (Do notinc/ude e~oenses forowner-acaup/edun/!s) ElecidcM ....._....._.....__..._....._............__ Gas _....._._.._......__... Fuel Oil ~~ ----~ Fuel .._. _.. _._ (TYPe- ) Water/Sewer __, Trash Removal ----~~~----~~~"-- PestControl __..........__........ _...._.....__.._.___ Other Taxes or licenses asual Labor ...._._._.__...._......_...._.....__... __.. This includes the costs Porpublic area cleaning, snow removal, etc., even though the applicant may no[ elect to contract for such services. IMedar PainVDecoreting This inclutles the costs o'~f contract labor and materials that are required to maintain the interiors of U1e living unit. General RepalyMaintenance This inclutles Me costs of contract labor and matedals that are required to maintain the public conidore, stairways, roofs, mechanical systems, grounds, etc. Management Expenses These are the customer expenses that a professional management company would charge to manage the property. Supplies ____. This includes the costs of Items Ilke light bulbs, janitonal supplies, etc. Total Replacement Reserves -See Schedule on Pg. 2 Miscellaneous .._..... By ApplicanVAppralser Lender's Underwriter $ 18 600 $ + 0 + $ 18 800 $ - 558 ( 3 %) - ( %) $ 18 042 $ Total OPeraGng Expenses __.___.___„..__..._....._...._.._.._._..._ $ 2537 $ Freddie Mac Thls Form Mus[ Be Reproduced By Seller Form 998 Aug 88 Page f of 2 Fannie Mae Farm 21 fi Aug 88 T C Realty, Inc. George R. Ulsh Form INC2 - "WInTOTAL"appraisal software by a la mode, Inc. - t-800-ALAMODE Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operagng statements or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more [horn one year- such as refrigerators, stoves, clothes washers/dryers, hash compactors, furnaces, roofs, and carpeting, etc. -should be expensetl on a replacement cast basis. Equipment Replacemem Remaining By Appllcam/ Lender Cost Life Appraiser Atliustmems $toves/Ranges __....._.._ la $ 500 ea. -. 1o Yrs. x 2 Units = $ 700 ~_ Refrigerators ,, ______. loo $ 500 ea. 70 Vrs.x 2 Units=$ 100 ~ Dishwashers __........._ (a $ 350 ea. + 10 Yrs.x 2 Units=$ 7p A/C UnNS ............._ (oa $ ea. - _ Yrs. x Units = $ ~- C.Washer/Dryers _______ (~ $ ea. +_Yrs.x Untts=$ ~ HW Heaters _._.__..._ (a $ ea. _Yrs. x Untts=$ Furnace(s) ______„ (~ $ 5000 ea. + 15 Yrs. x 2 Unhs=$ 667 (Other) ...........,_ <a $ ea. . _ Yrs. x Untts = $ ~- Roof ._____.._____.,.__ Q~ ~_ 5_000 + 10 Yrs. x One eld9~= $ 500 ~__ Carpetlng (Wall to Wall) Remaining Life (Untts) Total Sq. Yds. @ $_ Per Sq. Yd. + _Yrs. _ $ ~_ (Public Areas) Total Sq. Yds. Q ~_ per Sq. Yd. + _Yrs. _ $ ~__ Total Replacemem Reserves. (Finer on Pg. 1) $ 1 437 ~__ Operating Income Reconciliation $ 18042 - $ 2 537 $ 15 505 + 12 = $_ 1 292 Effactlve Gross Income Total Operatlng &penses Operatlng Income Monmly Ope2dng Income $ $ 1 292 - $ _ $ Momhly Operatlng Income Momhly Housing Expense Net Cash Flow (NOh: Monthly Housing Fxpense Inclutles principal and interest on the mortgage, hazard insuance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Underwmer's insimctions for 2-4 Family Owner-Occupied Properties • If Momhly Operating Income is a posi8ve number, enter as "Net Rental Income" in the "Gross Monthly Income" secdon of Freddie Mac Fonn 65/Fannie Mae Fonn 7003. If Manihly Operating Income is a negative number, h must he Inclutled as a liability for qualification purposes. • The borrowers momhly housing expense-to-Income rafic must be calculated by compadng the toMW Momhly Housing Fxpense for the sublem propertyto the borrower's stable momhly Income. nrsuucuuns ror 7-a ramify investment Properties • If Net Cash Flow is a pmsttive number, enter as "Net Rental Income" in the "Gross Monthly Income" sacfion of Freddie Mac Form 65/Fannie Mae Fonn 1003. If Net Cash Flow is a negative number, h must be includetl as a Ilabilityfor qual'rficadon purposes. • The borrower's monthly housing expense-to-Income ratio must be calculated by comparing the total monthly housing expense For the borrowers pdnnary residence to the borrowers stable monthly income. •~rw~~+=~ • ~~~ ~ ~~ ~ mnm puciuumy sources ror Odra aA0 /at/Oy2/a fp/!he/1/O~aCtIOOSf Cost Manuals, personal interviews antl appraisers general knowledge of the subject area were used in the tletermination of developing tYie Operating Income Statement. George R Ulsh PA State Curt Res Real Estate I ~ 02/25/2072 Appraiser Name ppre gnaWre Date un0erwmer's Comments and Rationale for Underwriter Name Freddie Mac Fortn 998 Aug 88 Underwriter Signature Page 2 of 2 Date Fannie Mae Form 216 Aug 88 Form INC2 - "WinTOTAL" appraisal software by a la mode, Inc. - i-800-ALAMODE __ __ _ _. ..w. r.,v~. in„vimc /irrrcVHUM I;UMMhNfS The Cos[ Approach to Value for homes with an age greaterthen a maximum of 5 years, [he lack of available verifiable land sales or having good available closed sales far comparison to the subject creates a contlition that causes [he Cost Approach to Value [o be considered inappropriate for use in this appreisal report. This is based on the fact that a cost analysis fora subject property is generally suhjective, based on the appraiser estimate of depreciation, cost manuals general analysis for an area, subjective statements from area contractors. The generel analysis of all supports the statement that this generally leads to the inaccuracy of the Cos[ Approach to Values and leads the client to Improperconclusions. For this reason, although considered, The Cost Approach to Value is inappropriate for use in this appraisal report. The Income Approach to Value is considered inappropdate for use in this appraisal report. This is based on [he fact that a typical purchaser for the subject property has an Interest in the purohase for their primary residence opposed to the concern of the value generated, through Investment, from [he possible income produced value. In addition, [he verifable infortnafion available is not a matter of public record and accuracy is at best considered Ilmitetl in nature. For this reason, although considereQ the Income Approach [o Value is considered inappropdate for use in this appreisal report. Neighborhood -Description The subject is located in a residential neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employms~nt for the area is rated as good. Major employers in the Camp Hill Area include large manufacturing companies, local government facilities end many smaller service companies. The subject neighborhood is in a primarily stable phase of its' life cycle with properties in: the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable antl have bean for a time periotl exceeding one year. This is after a sustained increase for several prior years. Buyer demand appears typical for this time of year in the neighborhood and Is supported by continuetl low interest rates. Information is supported through public record information and Central Penn MLS System. Neighborhootl - Mailce[ Conditions There are no foreseeable economic trentls which might significantly Influence market conditions in this area. The current mor[lgage market otters a wide variety of conventional loans with competitive rates. As a result, the terms of financing have little, if any, impact on sales prices. If interest rates remain reasonable, property values and marketablillty should be good. Current supply and demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest rates are ranging Gam 3.5 % to 8% with 0-8 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactions. APPRAISAL COMMEMS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed asny services regarding the subject property within the three year period immediately preceeding acceptance of the assignment, as an appreiser or in arty other capacity. The subject is over:l0 years old but had. been motlemized as necessary and Is marketable in its present condition. Tha effective age is significantly less than 30 years. Fonn TA00 - "WInTOTAL' appraisal software by a la mode, inc. -1-800-AIAMOOE APPRAISAL ANq REPORT IDENTIFICATION This Appraisal Report isgLlC of the following types: ^ Sett Contained (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work, as disclosed elsewhere in this report.) ® Summary (A written report prepared under Standards Rule 2-2(b) , pursuan[to the Scope of Work, as disclosed elsewhere In this report.) ^ Restricted Use (A written report pmpared under Standards Rule 2-2(c) , pursuant to the Scope of Work, as disclosed elsewhere In this report, restricted to the stated intended use by the specilfetl client or intended user.) Comments on Standards Rule 2-3 I certify that, N the best of my Inowledge and belief: -The statements of fact contained in NIS report aze we and coned -The repoRed analyses, opinions, and conclusions are limited only by the reported assumptlons and Ilmitlng conditions and are my personal, ImpaNal, and unbiasec professional analyses, opinions, and conclusions. - Unless athenvise indicated, I have no present ar prospectlve interest in the propeRy that is the subject of Nls report and no personal Interest with respect to the paNes Involved. -Unless oNerwise indicated, I have pedoimetl no services, as an appraiser or In any other capacdy, regarding the property that Is the subject of this report withinthethree-year pedad immediately preceding acceptance of this assignment, - I have na 61as with respect to the property Nat is the subject of this repoR or the paNes involved wlth this assignment. - My engapemem in Nis assignment was not contingem upon developing or repaNng predennnined results. - My compensation for completing Nis assignment Is not contingent upon Ne development or repoNng of a predetelminetl value or directlon In value Nat favors Ne rouse of Ne client, Ne amoum of the value opinion, Ne atlainment of asdpulated result, or the occunence of a subsequent event directly related to the Intended use of this appraisal. - My analyses, opinions, and conclusions were developed, and Nis repoR has been prepared, in conformity wiN Ne UnAorm Standards of Professional Appraisal Practice Nat wer in effect ar Ne time Nis report wes prepared. - Unless oherwise indicated, I have made a personal Inspection m Ne property Nat is Ne suhject of Nls repoR. -Unless oNenvise Indicated, no one provided significant real property appraisal assistance to Ne person(s) signing Nis ceNficafion (tl them are exceptlons, Ne name of each individual providing signrflcant re~sl property appraisal assistance is stoma elsewhere in Nis report). APPRAISER: SignaNre: ~ d~ Name: Geor a R. Ulsh State Cert Res Real Estate Aoo Oeslgnatlon: Date Signed: 02/25/2072 State CettiOcaaon #: RL000409L or Slate Ucense #: SUte: pq Expiration Oate of CeNficadon or License: 06/30/2073 Effective Date of Appraisal: SUPERVISORY APPRAISER (onty If required): SignaWre: Name: - Desipnatlon: - Oate Signed: - Shm CeRhicatlan #: - orState License #: - Sute: - ERriratlan Date of CerhNcadon or License: Supervisory Appraiser Inspection of Subject Property: ^ Oid Nat ^ Exledorvonly from sheet ^ Inmriar and Exterior Porn ID70 - "~nTOTAL° appraisal sofhvare by a la mode, Inc. -1-800-ALAMODE Subiect Photo Paoe Subject Front 57 Circle Drive Sales Poce MarketValue Gross Buil0ing Area 2,809 Aga 53 Yrs Es[ SubJect Rear SubJect Street frorm PICPU(.SC- "WNTOTAL" appraisal sofhvare by a la mote, inc. -1-800-ALAMOCE Subject Photo Page Subject Front 57 Circle Drive Sales Pdce MarketValue Gross Building Area 2,809 AAe 53 Vrs Est Subject Rear Subject Street Form PICPIX.SC- "wnTOTAL° appraisal sofhvare by a la mode, Inc. -1-BOO~ALAMODE ___ _. Comparable Photo Page Comparable 1 1294 Brantlt Road Sales Prlce 217,500 Gross Building Area 3,200 Age 9 Yrs Est Comparable 2 223 Bosler Avenua Sales Price 169,900 Gross Building Area 2,312 Age 82 Vrs Est Comparable 3 200 Forga Roatl Sales Price 154,000 Grass Building Area 2,277 Age 112 Yrc Est Porm PICPIX.CC - "WinTOTAL"appraisal soFhvare 6y a la made, Inc. -1-BOO~ALAMOOE Building Sketch ,~~ o.. ..~ u w~ ,~,..,, ~ a """'. wM~ ~ ~~n mrusm~p~~nme. rc LINOO M~. _ i. UnR 1 1s[ Flr Untt Y214 Fb TObI ONn84ea (ROUntlWfc Rorl-IMno MY Pordi easement Port62 16p1.6 6q R 1366.>6 Sq ft 2858 Sq R 6a6 Sq R 295q R 1501.5 Sq R 60 SqR Foen SKT.BIdSkI - "WnTOTAL' appraisal software by a la mode, inc. - 7800-ALAMOOE Building Sketch roru O'fY1, We a imee nc Rma CakuiatlOtm Bummary 1lvinp Nea. ~ L _•... UnIt11R Flr GlOUlatlon Deplls 15p1.55gR 33 xg5.5 = 1501.5 UnR #21A Flr 1356.]5 5q R _ 10x3 _ 30 18x3 = ?0 28.5 z 45.5 = 1296.)5 Total l1Wnp Mtl (ROUmNM): 2858 Sy R Non-Ilvinp Ama 2Car Garage Sgfi SqR 26221 = 546 Porch 28 SOR ]x4 = 28 Basemen[ 1501.5 Sq R 45.5 x 33 1581.5 Porch2 685gR 18x6 = fi0 Farm SKF.BItlSkI - "wnTOTAL" appraisal spllware by a la mptla, Inc. - 7.800-ALAMOBE Appraisers 2011-2013 Certification ,,` „ ~; ~ Commonwealth of ~ ~\ J De went ,P Bur`esu of Pr o Diu PO Bo ~6 'YIarr O Certificate Type R' a Certified Residential Appraiser w ~ ~, ~ ~.,~„ ~a ~ n 10 0 6 4 8 8 9 D~ nsylvania ~e ~4 ttonal Affairs ~ ~ 2649 ~~g ~ T y IO lilt Certificate S[atas i ~, ~r r} ` Active ''M r To/tai Certdicafio`dDate ~ 10/11/1991 ~~:~' GEORGE RANOALL 11L5H Cer[itiCa[e " a0 gDerrx.Straet Number 4HA~15(3URG wA 77711 :;i RLOOO4O9L -.Expiration Date 06/30/2013". ~ t vC P elid[ n eYl ~p(cGiungl viW Ottuoa oivl AOvn Signm~r c Fonn MAP.Tra(fic - °WInTOTAI"appraisal software by a la mode, inc. -1-800-ALAMODE Location Map v«,~a . ~,,,, ,~._. ' .. Kcys(onc -YSIIey Nd 85p _.. .. .. ...., . qq A .. ~t ~jyrep~ % > 8 '" r• f Dnnncllq[awn _.:.. .... - .`:~ ®Wu w~'"~ Ef 4; v~ ~ ' '` Hampden o ~. shy 4 ~ i, se( Tpauship au 3 z f. `~ a~ t ~~ .~$i~ ~, v4 ~ ~ ] az 1 i' 0 f '.: r~f~ Y a y. Hl- eC Monroe Tosvn~hip i x°' ~RY Boil ng W'I'ne Sp vq Tn ~ Spr ngs%--~- ~ Lcid`9hs. ... van.n` i ~~~ ~--~ i ~ "~ , i~~ "~pp Olllsl <;<~°` ~i _Sw[w Nead NmM ~r !' f ~ Frni l - Chestnut N II a5 ' [I~r Spring i bi _ iaeinorc ~r~ ~~ +T~.~, . t Y Naevoo -~ a Antlers"ntown Sidtlonsburg Monaghan Tnvnship _. .. ^no rt N ~~;;FqOr[ney Wamngtan GiROrd lL'D "L Township, Pircpot ggl AI 5 sndpi s ~~~ Form MAP.LCC- "WInTCTAL" appraisal software by a la mode, inc. -1-BOC-ALAMOCE _ __ _. _. 214 Senare Ave 7rh Floor Camp Hill, PA 17011 direct 717 730 1800 fax 717 730 1894 toll Free 800 237 1700 February 2, 2012 Johnson, Duffle, Stewart & Weidner Attorneys at Law Attn: Richard Stewart 301 Market Street Lennoyne, PA 17043 Re: Estate of Julie F. Gale (deceased 01/17/2012) Dear Mr. Stewart: MorganStanley SmithBarney At the request of Leisa J. Kercher, Executrix of the Estate of Julie F. Gale, please find the following date of death values: Svmbol Cusio Descrlotlon uantf Prlca Total ALTHX 018642108 Alliance Bernstein Muni 7,182.49 10.32 $74,123.36 Inc Fd Nafional Port CL A BDP 123992711 Bank Deposit ProBam 16,812.70 1.00 $16,812.85 (Money Market) DMTFX 245909106 Delaware Tax Free USA Fd A 26,286.05 11.88 $312,278.38 DTFC:K 245909403 Delaware Taz Free USA Fd B 112.60 11.87 $1,336.66 VKMMX 001419555 Invesco Van Kampen Muni 14,729.49 13.64 $200,910.32 Inc Fd CL A PRNAQX 744410105 Prudential National Muni Fd A 45,600.]2 1527 $696,313.87 PPNAJC 746872308 Pumam AMT-Free Insured 20,957.01 15.41 $322,947.64 Muni Fd CL A Tuts[ $1,634,723.09 rl l~l.rC ~V~U FEB 0 7 2012 JOHNSON OUFFIE THE RJfORIvtATION HEREIN HAS BEEN C°TAfNED FRUM SOURCES WE SEl.Ik~E ~~ BE kELfABI[, &ut Gq NOT GUARANTEE IMPS ACCURACY OR COMPLETENESS, EXHIBIT E _ ~ _ _ nrt,,.,,,., o,.,i„, cm~.t, n,..,,,, t t r nrt.mt,,, cmr• 214 Senate Ave 7th Flocr Carne Hill, PA 17011 direct 717 730 1800 fax 717 730 1894 roll &ee 800 237 1700 S ~ of Cusio~ Descrlotion uanti Price ALTHX 018642108 Alliance Bernstein Muni 46,369.18 10.32 Inc Fd National Port CL A COLlR 19765L850 Columbia Tax Exempt Fd A 32,447.00 13.93 DMTFX 245909106 Delawaze Tax Free USA Fd A 14,324.48 11.88 PTEEIX 26201Y107 Dreyfus Muni Bond Fd A 3,151.25 12.81 ETPA,X 27826L280 Eaton Vance Penna Muni SQ,000.06 9.09 Inc Fd A VKMMX 001419555 Invesco Van Kampen Muni 11,742.74 13.64 Inc Fd CL A tlITFI 616982(04 Morgan Stanley Tax Free 149,363.86 1.00 Daily Inc Tms[ (MM) PF.NMX 744410105 Pmdential National Muni Fd A 12,374.18 15.27 PPNAX 746872308 Putr~am AMT Free insured 18,514.11 15.01 Muni Fd A Total If you have any questions, please call me at (717) 730-1816. Thank u, L la R. Was burn R gistered Client Service Associate to: MorganStanley SmithBarney Total $478,529.95 $451,986.71 $170,174.89 $40,367.55 $454,500.61 $160,170.98 $149,364.SS $188,953.72 $285,302.49 $2,379,351.48 The Blue Mountain Group 1kE 13`IFQRMATION HtRFliv FiAS BEEN Morgan Stanley Smith Barney r:~7,><tt~Fa FROM ~`at;,tz~ts ~vE 9iliEV_E P~ &~ ~iE~4.6~.E, dUT tl(7 IJfY~ ~3~fAfdhTtEE ~i~s ~~`e~l~la.erf O+~ cO'tiSV'Etr~1~ESS. Lrw enclosure CC:Leisa kercher Exrliair F TA.....-.e Cn~h. C,..bh R.....,, i i r` nA...,M. CiP(` T C Realty, Inc. George R. Ulsh Small Residential Income Prooertu Appraisal Report ~„-. Gaye notate 3 The u se of this summa a misal re art is to rovlde the lender/client wHh an accurate, and ode uatel su ode4 a inlon of the markm value of the suh'ec[ roe Pm a Address 22 Country Club Place W CiN Camp Hill State pq Zp Code 17011 Bortower Client: Julie F Gale Estate No Dick Stewart Owner of Public RecoN Country Club Park Development County Cumberland Le al Descd don Assessor's Parcel # 09-241850-133 Tan Year 2012 R.E. Taxes $ 2 760 Nei hbomood Name East Pe:nnsboro Mau Reference 09-20.1850.133 Census Tract 0113 04 Occu am Owner Tenant [] Vacant Special Assessments $ N/A ^ PUO HOA $ N/A [] per year er month " Pro a RI hts A raised ©Fee Simple ^ Leasehold ^ Other (descrlbel Asst nmemT a Purchsie Tmnsacllon ^ Refinance Transaction ^ Other (describe) LendegClient Client: Julie F Gale Estate No Dick Stews Address 301 Market Street Lemoyne PA 17011 Is the sub ed ro e cupentl offered for sale gr has H been gttered for sale in the twelve mgnms prior tg the ettectlve date of this aoWaisal'+ ^Yes ®Ng Re art data sources used odedng pdce(5) and date(s). Publ'c Records and Area MLS 02/13/2012 Subled prop rty h snot been offered f a sale in the last 12 months. I ^tlid ^tlid not analyze the comract igr sale for the subject purchase transaction. Explain the results Nthe analysis of the contract for sale grwhy the analysis was not edormed. Contract Pdce$ MarketValue Dale of Coldract N/A Is the properly seller the owner of Puhlic recoN7 ®Yes ^Ng Oata Source(s) P bl' Record Is them any financial assistance (loan charges, sale concesslgns, gtlt or downpayment assisance, etc.) to be paid by any party on behalf N the banower7 [] Yes ^ Np HVes re art the tghl dollar amnuM and descdhe the Hem6tg he paid. Note: Hece and the reciel cam Itlon olMe eel hbor " MN hhorhood Charaeterlatlce Locadon Uman Snbuman Rural BuiH-U Over 75% 2:i-75% Under 25%' _ Growm Ra id Stable ^ Slaw pod ere not ep retool lecture. - -: 2-4 Unit Xbusin Trends 2-4 Unlt HOUdn ~ 7 Present lendUceX Pro a Values Increasin Stable Oeclinin PAIGE AGE One-Unit 80 % DemandlSU I ^Shortae In Balance Over Su I $000 rs 2-4 Unit % Markmin Time Under 3 mths 3-6 mms ^ Over 6 mms 150 Law 55 Multl-Famil % Nei hbomood Boundaries North and West is the Cond ouinat Creek East is Brenlwater Drive South is 450 Hi h 125 Commercial 10 % Walnut Street. 250 Pred. 40 Omer 10 % ! Nei hbomood Descd don See Suoolementai Addendum with comments The Predom'nant single fam'IV hous'np value's better recort I in a ren a of 175 000 to 00 000. Pn=dom'nant ape' belEe reported as 20 yea to 60 veers Other rear a is scant ground Market CondPoons includin su ipott far the shove concluSlonsl Sea attached Supplemental Addendum with comments Olmensions 78.5' x 115' as per public record Area 9.028 Sp Ft Shape Mosllv Re:etanpular View Suburbs S ecHlc Zonin Classdicatron Rsitlential Zpnlnq Descriptlon Allowing resitlent'al se 2 to 4 unit oropedes home bus'ness Zonin Cam liance Le al [] Legal Nonconfanning (Grandfathered Use) ^ Ng Zoning ^ Illegal (describe) Is the hl hest and best use of subject property as improve4 (or as proposed per plans and spectlicadonsl the present use? ~ Yes ^ Ng H No describe WlHlee Public Other dexdhe) Public Omer(tlescrlbe) Ott-she lmprovemenb-Type Pubbe Pdvete Elecmci ® 2-'100 amp Water ~ ^ Street Pa etl Asohal[ Gas ^ Npne SanHZrv Sewer ® ^ AlleV None ^ FEMA S octal Rootl Hazard Area ^Yes ®No F$MA flood Zone X FEMA Mau # 420360-0114E FEMA Mao Gate 03/16/2009 Are the utllPoes and/or off-site impmvemenLS NOlcal for me~market areav ~ Yes ^ Ng H No descdhe Are there an adverse she cond'dlons or exlemal factors (adsemems encroachmeids envlrgnmental cgndNOns land uses etc )~ ^Yes ®No If Yes descdbe There were no noted a anent adverse or unfavorable easements or encroachments noted General Descrl on Foundation "*' Exterior Descd don ,. materials/condltlon Interior ' materials condHion Units Two Three Four ConcretE Slah Cmwl S ace Fountlatipn Walls ConcreteBlack/Avere Roars Wtl C t VNAvera Accesso UnH descdbe below Full Bas mom ^ PaNal Basement Exterior Walls Stone&AIUMAVer Walls D all/Avers e # al Blades 2 # of hid s.1 Basemem Aea 1 278 s .H. Roof Surface Com Shin UAvere a TtlrN}lnish Wood/Avem e T e Det Att. S-CIetJEnd Uni[ Fxisdn Pro used IJnder GOn51. Basemem R ish 0 % Outside ExH ^ Sum Pum Gutters & Downs outs Aluminum/Avere a WlndowT a DoubleHUn /Aver Bath Floor Vin I CrmTllAvera Bath Wainscot CemiTilNAvera e Desi n 5 le 2 Sto Evidence of Irdestatlon Storm SasMnsulated StopnUnits/Avere a Car Store e Year Buitt 1956 ^ Oam ne s ^ Settlement Screens Ves/Avere a None Ettecdve A e m 20 " ' Heatln /Coolie AmenHlea ' Orivewa # qi Cars Attlc None FWA ®HWBB ~ Radiam Pire laces # 1 Woodmove s # Ddvewa Surface None ^ Oro Stair ^ Shirs Other Fuel Oil ^ PadoNeck ^ Fence Gars e # N Cars Flpor Scuttle Coolln Central Alr CondPoonin Pool ®Porch 2 ^ C ott # of Cars ,' ^ Rnished ^ Heated ^ Indlvitlu I ^ Other ^ Omer ^ Att. ^ Oat ^ Built-in ' # pf Appliances Refrigerstor 2 Range/Oven 2 0ishwasher 2 Disposal 2 Microwave Washer/Dryer Other (descdbe) UnH # 1 comains: 5 Rooms 2 Bedmoms 1 Bath(s) 1 278 Square Feet of Grass Llying Area UnH # 2 comains: 4 Roams 2 Bedrooms 1 Bah(s) 1 142 Square Feet of Gross Living Area UnH # 3 contains: Reams Bedrooms Bath(sl ~ Square Feet of Gross Living Area UnH # 4 contains: Rooms Bedrooms Bath(s) Squam Feet of Grass Livln Area AddNOnal features 5 octal ener enicient Hems etc.. Front rob rear rch sin le one windows with slope windows unfnished basement area central air conditionin in lst Floor unit. Describe the cand'NOn of the ro ierty (Including needed repairs deterioration renovatlpns remodeling etc) The subl ct tedor is'n a ape condition with icol im rovements. The interior of [he subiecl is in generally average condition K'tchens are dot d' decor and' earl of uodafnp The basement of the sub'ect is 100%of the 1st Floor GLA and at present 0%fnished Bath units ha ess to th b s e t area Fmdtlle Mac Farm 72 March £:005 Page 1 of 7 c....,:e nn~e Fnrm 1g')5 Marrh 7005 Form 102$ - "VJInTOTAL" appmisai software by a la mode, inc. - t-800-ALAMOOE EXHIBIT G Small Residential Income Property Appraisal Report Rlex MDIfeN1a~ ate 3 Are there an h slcal deflclencies or adverse condifions that affect the livabili soundness or structural late r' of the ro e 7 Yes No If Yes describe. Does the roe enemll comorm to the neighborhood (functional utility, style, conditlon, use, construcfien, etc.)? ^Yes ®Ng tl No, tlescdhe. subiect is a 2 unit ~ buildin located in a retlominantl 1 unit sin le famil nei hborhootl. A e antl tlesi n is consistent with icall homes in the area. Is the roe suh'ect to rent control? ^ Yes ~ Np If Yes, descdhe The tollgwing propel0es represent the most cunent, slmllar, and proximate comparable rental propertles tp the subject property. This anatysis is Intended to supPOrt the opinion of the market rent for the subject property. FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE flENTAL # 2 COMPARABLE RF:MAL # 3 Address 22 Country Club Puce W Cam Hill PA 77077 909.911 Allenview Drive M anicsbu PA 17055 2208 Markel Street Cam Hill PA 17011 9 Fargreen Road Cam Hill PA 1701 I Prodm to Sub ea -`. .. ~.,.,.-;r<.~. q,7 miles SW 0.91 miles SE 0.07 miles NE Curtem Momhl Rem $ 1 256 'A` $ 1 850 $ 3 450 . ': $ 7 387 Rem/Gmss Bld .Area $ 0.52 s h '%~z ~ $ 0.61 s fl - - $ 1.11 s .tt. +:lRr!T$ $ 0.57 s .tt. Rem Control ^Yes No Yes No Yes No Yes No Data Sources Pro Vew OwnRe ML PubRec A reisersPiles MLS PUbRec A raisers Files MLS PubRec A reisersFiles ' Date of Leases Not Available Mo th to Month Month [o Month Not Available - Locafian Suburban Sub roan Suburban Suburban . Rckal A e 56'Yrs Est 27 Vrs Est 112 Yrs Est 52 Yrs Est Condkon Avere a Goatl Avere a Avera eto Good • Gross Bulldln Area 242 3030 3100 2474 ~• UnR Breakdown Rm Coum Slze Sq. R. Rm Count Size Sq. R. Mpmhly Rent Rm Coum Size Bq. R. Momhly Ren[ Rm Caum Size Sq. Ft. Monthly Rem • Tot Br Ba 2 420 Tot Br Ba 3 030 1850 Tm Br Ba 3 700 3450 Tot Br Ba 2 474 1 387 Unil # 1 5 2 1 7 278 5 3 1.7 1 515 $ 975 5 3 1 1 000 $ 1 200 4 2 1 1 066 $ 746 Unit # 2 4 2 1 1 142 4 2 2.1 1 515 $ 875 4 2 1 1 000 850 5 2 1.5 1 348 $ 647 Unit # 3 $ 5 3 1 1 700 $ 1400 $ Unit # 4 $ $ $ UfilNes Included None Water Sew eTresh Water Sewa eTrash None AmenNes None 2 C r Gara a Off Street Parkin 2 Car Gar a Fire lace Amenifies No Central Cool Cen rat Cool No Central Cool Central Cool Unit #1 Analysis m renal data and suppod for esfimatetl market rams far the individual sublet[ units repoded helow (including the adequacy of the comparahles, rental concessions, etc. qll of the rentals are located within the subiect market area. Rentals establish the fair market rental of the subiect Un't s'ze of the rentals is estimated hom re rted overall size of the rental and public record footodnt. Both are known to be inaccurate al t'mes but are cons'deretl the most actuate available without actuate measuring the orooerty. Rental #3 is most similar to the subleQ It's sl'ohtly better in contlilion to the sub ec[ but similar in a e location and azlemal influent .Leases are re rtetl similar. Bent Schadub: The appraiser must reconcile the applica$le Indicated mpmhty market rams to provide an oDinlon of the market rem for each unh in the subject property. Leases I '>AcWal flents OPinlon of Market Rent Lease Date Per Und Total Per UDO Total Unh # Be in Oate End Date Umurnlshed Famished Rents Unfumished Famished Rems 7 Not Available $ 650 $ $ 850 $ $ 650 $ fi50 2 Not Available 608 606 606 606 3 4 Comment on lease data Data obtained from Total AcWal Monthl flan[ $ 1 256 Told Gross Monthl Rem $ 7 256 • sub~ect owner re resentative Burin subiect er Monthl Income rake $ Other Monthl Income tlemize $ viewin .Actual leases not. available Total AcWal Monthl Income $ 1 256 Total Estlmated Monthl Income $ 1 256 • UfilNes included in esfimakd rerds ^ ElecVic ^ Water ^ Sewer ^ Gas ^ Oil ^ Trash cpllecfion ~l Cable ^ Other Comments on acNal or estlmated rents antl other mpnthly~income (including personal pmperty) Market rents ra0ect the best rent for the subiect Market rents are su rted from the indicated rentals and the aporeisers general knowledge of the subiect market area Famished un'ts are not typical of this market. I tlid did not research the sale or transfer history m the subiect property and comparable sales. If not explain M research ditl did not reveal env odor sales or transfers of the subiect property far the three years odor to Me ehecfive date of this appraisal Oak Sources Public Record and Area MLS M research ^ did ®did not reveal any odor sales or transfers of the comparable sales for Me year pdorto the date of sale m the comparable sale Dak Sources Public Record and Area MLS Re ort the results of the research and anal sis of the dorsals or transfer histo of the sub act ro e and ca m arable sales re ort addNOnal riot safes on a e 3 . ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARRBI.E SALE # 3 - Dale of Pdor Sale/Fransfer No transfer of t subiect No lrensfer of [he sale No transfer of the sale No transfer of the sale Pdce m Pdor Sale/Fmnsfer in the last 36 m nlhs in the last 12 months in the last 12 months in the last 12 months Oak Sources Public Record Public Recortl Public Record Public Record • EMecfive Oak of Dak Sources 02/27/2072 02/27/2012 02/27/2012 02/27/2012 Anal 515 of dot sale or transfer history of the sublem property and comparable sales No transfer of the sub'ect'n the last 36 months N t ansfer of the sales in the last 12 months. Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005 Form 1025 -'MInTOTAL" appmisal sofhvare by a la made, inc. -1-800-ALAMODE Gale Estate 3 Small Residential Income Property Appraisal Report Fib# M00089 There are 0 com arable propeNes currently okered tar sale In the subled nelghborhootl ranging In price from $ 0 to $ 0 There are D com arable sales in the subject net hbarhoad whin the am twelve months ran In In sale rice from $ o to $ 0 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPAAABLE :SALE # 3 Address 22 Country Cluti Place W Cam Hill PA 17011 1294 Brandt Road Mechanicsbur PA 17055 223 Boller Avenue Lemo ne PA 17043 200 Forge Road Boilin S rin s PA 17007 Praum' to Sub'ed ':' 9.48 miles SW 2.47 miles E 12.08 miles SW Sale Price :i MerketValue " .uh',4'=y7 ': $ 217600 rry~ $ ~ ~~ A $ 189900 "&=- x=r'~:~ i $ 154000 Sale Price/Gross Bld .Area :i 86.12 s .ft. $ 87.97 e k . a+' iN'~~ $ 73.49 s k ^.:l.; ,.~A•SAi1"4 $ 67.63 s .k. xr "^# 3 Oroes Monthl Rent :i 1 256 $ 2 300 ".A.~ o-: $ 1 640 .; v`$'' $ 1 400 r°+ 1v~ :~ Gross Rem MuM tier 94.57 ~:~5's'.* 10360 '^`:'+., P'.~"~~' 170.00 .^rk k+::' Price er Untt :i $ 108750 ° $ 84950 r"w`~e'~i~ $ 77000 ': " ~~L'. Price er Room ;S $ 21750 .1°"_. 7 $ 15445 s:'=a'~°t$"- $ 15400 ("s 'v~v,.ii: Ptlce er Bedroom ;i $ 36250 ^ { ~3,^~' $ 33980 '~" R a~~ '~ $ 38500 ° :`P= Rem Control [ Yes Na Ves No Yes ®No ^ Yes ®No Doh Sources .. t.a ia~t v. :F. M S PubRec A raisersFiles MLS PubRec A raisersFiles MLS PubRec A raisersFiles Vemicatlon Souse s ="ra-r+.~w4.<..'. `~`.u D to Bank Data Bank Data Bank VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +- Ad'ushnent DESCRIPTION +- Ad'ushnent DESCRIPTION +- Ad'ustment Sale or flnancing Concessions 17 '+~,-.'"tiy 'k ~" l '~Sy,.~'- Cash 1 DOM FHA $9000 5 OOM Gonv $1350 117 DOM Date of SaleRme "' -- ~ ~` 0 28/2011 03/02/2011 04/13/2011 Location Suburban S rburban Subrbn/Inferior +S OOO Subrbn/Inferior +5000 LeaseholdrFee Sim le Fee Sim la F Sim le Fee Sim le Fee Sim le Stte 9 028 S .Ft. 27 878 S .Ft. -2 000 4 792 S .Ft. +2 000 9147 S .Ft. View :iuburban S burban Suburban Suburban Deli n le 2'. Sto 1 to 2 Sto 2 Sto - Dual' of Constructlon SitnBAluMAV Br BVin I/AV BrkBVin I/AV FrmBVin I/Av AcWal A e 5b Yrs Est 9 rs Est 82 Vrs Est 112 Vrs Est ~ Conditlon Aver e G /SaleU ales -30000 Avera a Avera e _ Grass Buildin Area 2 42 3 2 -7 800 2 37 -1 100 2 27 -1 400 • Untt Breakdown total Bdrms Baths Tdtal Bdnns Baths Tghl Bdnns Baths Total Bdrms Baths Unit # 1 5 2 1 3 2 -4 000 5 2 1 5 2 1.1 -2 000 ' Unk # 2 4 2 1 5 3 2 -4 000 6 3 1 5 2 1.1 -2 000 • Unk#3 Und # 4 - Basement Descd 'on lJnfnished U fnished. Unfnished. Unftnishetl. Basemen[Rnished Rooms 100%/0% 1 0%/0% 100%/0% 100%/0% Wnctlonal Udl' Avero e A era a Avero a Ave e Hearin Conlin OntrlHtlOntdOIU#1 CntrlHllCntrlCl -3000 OptrtMtlOntrtCl -3000 CntrIHUNoCntCl +3000 Ene Efliciem Items l' Ical for A e T ical for A e T icel for e T ical for A e Paddn ONOH She gnStreetParkin 2 ~ 1 Car Gard a -6 000 On Sireet Parkin Off SUeN Parkin -2 000 PgrcNPatlo/Oeck Porches P rches Porch WdDk Patio Porches AmenPoes Fire lace N ne +3 000 None +3 000 None +3 000 Amenitles hdone N ne None None Amenities None N ne None None Net Ad'ushnem mat .., $,.3s: ;a..,"a-: + - $ -53600 + - $ 5900 + - $ 3600 Adjusted Sale Price m Com ambles ~";" ~. / ' {' Net Atlj. 24.7 % Gr ss Ad . 27.5 % $ 163 700 Net Adj. 3.5 % Gross Ad'. 8.3 % $ 175 800 Net Adj. 2.3 % Gross Ad. 11.9 % $ 157 600 Atl used Price Par Unh Intl. sr awnp/xdCOmp unc) $ 81850 `. ~ ; $ 87900 >~ =. $ 78800 t~ ~+'"' Ad'ustetl Price Per floom (Ad. sP COmv/xacomo swmsl $ 16370 _ , , $ 15982 .. i $ 15760 h "{_~ Ad'usted Price Per BedrmlAA. sP COms/xwcamo eeammnv $ 27283 ~. $ 35160 "ra~sm +V`%'4[i°.- $ 39400 x a"~S'' Value er Unh $ 90 000 X 2 Untts = $ 180 000 Value er GBA $ 68 X 2 420 GBA = $ 1 B4 560 Value er flm. $ 15 000 X 9 Rooms = $ 135 000 Value er Btlrms. $ 35 000 X 4 Bdrms. _ $ 140 000 Summ of Sales Com arson Approach including recon¢iliadon of the above indicators of value. Limited available sales for analysis in the subiect market area caused the use of stales localetl further then and older the typlcally desired. The subiect location provides good appeal caused b the near location of amenities i.e. Travel access. stores and schools. The sales were chosen after a thorough search in the subiect market area which revealetl limitetl 2 unit sales available that rem transferred. The appraiser need to expand his area o(serach for available 2 units for anal sis. The sales establish a range of value for the subiect property. Sales range is adjusted value from $154 600 to $172 800. The subiect is in avers e condition and su rts a value at the mid portion of the established range. Sale #1 is reported to have extensive updating which caused the ad~uslment for the condition of the sale. Indicmed Value b Sales Com orison A roach $ 160 00 Total roll month) rent$ 1 256 X gross rent multiplier (GRM) 100 = $ 125 600 Intlicated value by the Income A roach • Comments on income roach. including recancilia9an of the 6flM The GRM is established from the indicated sales. condition of the subiect roe antl the a raisers enerdl knowledge of the subiect market area. IiMicebd Value Saba Comparison ApproachS 160.000 Income Approech$ 725600 Coet Approeehjll developed IJ/A The Sales Com rison A aproach to Value is tree best of determining the Market Value of a residential property. The Income Aooroach to Value in this situation het to su oport the Sales Comdarison Approach to Value. The Cost Aooroach to Value was consitlered but Is no[ aoorodate for use in this a sisal re rt. Enure tl_me is approximately 180- 200 days. ThIS appraisal is made ®"as is", ^subled to completlon per plans and spectlicadons on the basis of a hypothetical condNOn mat me Improvements havn been • completed, ^ subled ro the following repairs or atteratlans on the basis of a hypothetical condition that fha repairs or alteratlons have keen completed, or ^ subject is Ne followln re aired ins action hissed on the extraordinary assumption that the cond'Non or deficiency deal rat repulra atlemtlon or repair. See attached Supplemental Adtlendum with additionaY comments on the a misal re ort and sub'ed roe Beaed on a compleb vlauel InspeNlon of the Into or end exbrlor areas of the sub)ed property, tleflned scope of work, statement of aeaumptlono end Ilmikng condltlons, and apprelaer's certlgcetion, my (our) opinion of fhe market value, ee deilrred, of the real property that is the sub)ect of this report is $ 160 000 ae of 02/27/2012 which le the date of Ina ctlon end the ehectMe deb of mis a raleal. Freddie Mac Fann 72 March 2005 Page 3 of 7 Fannie Mae Form 1(125 March 2005 Form 1025 - "W nTOTAL" appraisal sokware by a la mode, inc. -1-800-ALAMODE Gale Estate 3 Small Residential Income Property Appraisal Report Flle# M00089 The sub'eG a e is estima fed as 56 years The suhiect use has been s'ngle family 1 to 4 unit residential which appears to be the Highest best use for the ro e Unless otherMSe notstl 'lh' the appraisal r port ALL provided photos a e o 'g' al and were obtained by the app a'ser d dnq the develo ment of the a sisal. All of the les'nd'cate0 have been externally and or'nter'orly v'ew by the appraiser as required by the appraisers guidelines for ertormin a reisals. When a livable within the app I Dort it is assu ed I s noted In the report that th of pl mbing heaf'ng eleG 'c I id air centlitionin s tam wells sepfc tanks or cesspool are'n sat'sfadorv ocerating conditon that the building is structurelly sound and free of termite infestation and free of term'te damage Th ppra'ser su ests th t b v lenders and other interested part'9s obta'n cerlrfications from ro erl ualified rofessionals for theirp t t' n There has not been a t'tle search or v mpleted on the subieG o o rty that would cenfrn or deny env encroachments easements deed restrictions on or a ainst th bieG property I dd't' 'nformation developed f a'lable reported public eco d' b I' ed acrurete unless otherwise noted. Please be ad ' d [hat public record eoort' g' at fines slow or incur eGly rep rted At the fine of the app a'sal 'ewin of the sub'eG ro unless oth 'se noted' the ppra'sal report none of th 't t'oned'n this cereg ooh ' 'blv ot'ced o ~ a Arent. The a sisal is made censitl g the'tems not p ese 1 h g no eHeG on the o erell tvp' I s f the ubieG as valued in this report. If an of these items are resent [h Fa r Ma ket V I a det mined by th's eoort v b d rsely affeGetl Suh'eG Photos are ori~ ' I ph t s taken at the f e f th s bieG property viewing a d ha e t b a altered The di ital si nature used on the agora I r port's the true s' natu a of the pp er and used on all appre'sals D'o't I 'gnat res facilitate the transfer of the a reisal report by EDI EFT or e•ma'I The oflware ut'I'zetl by the appraiser to gen ate [h appraisal report protects si nature securi b means of a inn mbe that' th le control of the aggro se The a wiser researolh d a pro 0 of sales I'sf gs d der contraG properties' the biect for comparison to the subieG Sales • anal sis is based on the pro ' 'iv t the s biect locetio effect' e g dcet age sl a appaiser ve'fable' fo t'o of the sales a aisers resonel knowled a of the sales and most s'rm'lar amen'fes to the subject The sales under wmracts and or listings provided in the Market _ Com dson A roach to Value are the best verifable sales under contract and or I'stings similar to the subieG from the group of sales reviewed. This a reisal is a Surnmarv apprasal "The I t dad User of this appraisal eoort' th L d /CI'ent The Intended Use is to evaluate the roe that is the sub'ect of th' pp I al toestablish the arket I f the s bieG subject to the stated Scop f W k o rpose of the ' a reisal re ortin ui menu of th's apps' I Dort f rm and DeDnition of Market Vale N dd't' al Intended Users or Unintended Users are identified b the a raiser." The line adjustment w hen'n place on the Sales Co p 'son Approach to Value room count area's for the bathrooms In the GLA area of the sub'eG. Overall room count's cons'dered'n the GLA adjustment for the subieG. It is improper to increase or reduce value for hoth room count and GLA. This reciice if useW wo Id create a s'tuaTO of g I e or red c nq glue for the 't f Personal ro was not'ncluded'n the foal value of the subieG Value adusMents witlh' th appraisal are based of cec'fc ma ket Jeri ed atliust eM o o ' ed I Ivs's Most are. based on several thousand over a period of 20 v '/h strong'nFl ence for a cost io cu e f [h 'r d'fferences The a raiser is not a p ofess'onal home inspector and does not war a t the absence or presence of defects'n the subject o oped. . The indicated sales ar d I'stings shown at trye loo of f rm 1(104 page if2 is a reference to the list' gs a d sales'n the damned neighborhood shown in a #1 net hborhood seG'on L'sfngs sales and data indicated on form 1004MC inGuded this information but shows all information in the sub'ecl market area in add'fon to this informafo Basement size and finished area for the comparebles's estimated from public record reporting when available MLS information when available and the a raisers eneral knowledge of the subieG design Actual verifiable information Is not available through credible named sources. ' COST APPROACH TO VALUE (noire hlredbFennfe MAe) ' Pmvide ode uate information fur the lender/client to replicate the below cast figures and calculatlons. Su ortfor Chao inion Gstte value(summary of compaR6lelantl sales or olllermethodsfor estlmafing site value) ESTIMATED REPRODUC110N OR ~ REPLACEMEM COST NEW OPINION OF SITE VALUE _~$ : Source of cost data DWELLING S.N. $ _~$ Oual' ratio tmm cast service Eflectlve d e of cos[ data 5 .Ft. $ _~$ Comments an Cast A roach I' ross Ilvln azea calculatlbns de reciafion etc. _~$ See attached buildin sketch with dimensions and sub'ecl drawin .See Gam a/Car rt S .h. $ _~$ • adached su lemental addendum for comma is on the Cost A roach to Total Estlmate G Cost-New =~$ Value. Less Ph sical Wnctignal E#ernal De reciafion =~$ Oe reciated Cast of Im rgvemems =~$ "As~is" Value of Stte Im rovemerds ................................................._. _~$ Estimated Remainln Economic, Ltle HUD and VA onl 40 Years INOICATEO VALUE BYCOSTAPPROACH =$ 'PROJECT INFORMATION'FOR PUDii (Ile Ilceble): ~' Is the tlevelo erNullder in comrol N the Homeewners' Associafion (HOAl7 ^ Yes ^ No Untt type(s) ^ Detached ^ Atlached Provide the followin imormaAOn for PUDS ONLY tl the developerNuilder is in contlol of the HOA and the suhlec[ pmpelly is an attached dwelling unit. Le al Name of Pro'ect • Total number of hoses Total number of untts Total number of units sold TqW numher G unRs reined Total number of untts for sale Data source(s) Was the ro'ect created b Ne conversion of exlstlnq hullAlnq(s) Into a PUD7 ^ Yes ^ No If Yes date of conversion. Does the ro'eG Contain an nmtti-dwelling units? ^Yas ^NO Data Source Are the units cgmmgn elements and recreation facilities complete? ^ Yes ^ No If No descrbe Ne staNS G completlon. Are the common elements lea=,~ed to or by the Homeowners' Association? ^ Yes ^ No If Yes describe the rental terms and options. Oescdbe common elements and recreatlonal facllitles. Freddie Mac Form 72 March 2005 Page 4 of 7 Fannie Mae Form 1025 March 2005 Porm 1025 - "wnTOTAL' appraisal sofhvare by a la mode, inc. -1-800-ALAMODE smau Resldennal income This report form is designed to report an appraisal of a two- to four-unit property, including atwo- to four-unit property in a planned unit development (PUO). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appmisal report is~ subject to the following scope of wodt, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of evork to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraisers continuing education or membership in an appmisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requiremi=,nts of this appraisal report farm, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the intedor and eMedor areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bong in a competitive and open market under ail conditions requisite to a fair sale, the buyer and seller, each acting pmdently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a spec'rfied date and the passing of title frc:m seller to buyer under conditions whereby: (1) buyer and seller are Typically motivated; (2) both parties are well informied ar well advised, and each acting In what he or she considers his or her 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 pdce 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 far special or creative financing or sales concessions. No adjustments are necessary for those posts 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 compadsons 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 ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised ar the title to it, except far information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the appmiser'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 source:>) and has noted In this appraisal report whether any portion of the subject site is located in an identified Special Fiood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, rncpress or implied, regarding this determination. 4. The appmiser 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous; wastes, toxic substances, etc.) observed dudng the inspection of the subject property or that he or she became aware of dudng the research involved In performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and imakes no guarantees or warrantles, express or implied. The appmiser will not be responsible for any such conditions that :fo exist or for any engineedng 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, this appraisal report must not be considered as an environmental assessment of the property. 6. 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 the completion, repairs, or akeratlons of the subject property will be performed in a professional manner. Freddie Mac Form 72 March 2005 Page 5 of 7 Fannie Mae Form 1025 March 2005 Farm 1©25 - "WinTOTAL" appraisal sofM1Vare 6y a la made, inc. -1 ~50g-ALAMOOE Small Residential Income PropenV i4ppralsal rlepon Flla# M00089 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the intedor and extedor areas of the subject property, including atl units. I reported the condition of the improvements in factual, specific terms. I Identified and reported the physical deficiencies that could affect the Ilvahility, soundness, or stroctural integdty of the property. 3. I performed this appraisal in accordance with the requirements of the Unitorm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my oplnion of the market value of the real property that Is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales compadson and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report. 5. I researched, vedfiFrd, analyzed, and reported on any current agreement for sale far the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appralsal, and the prior sales of the suhject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verifirid, analyzed, and reported on the prior sales of tha comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase pdce of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the compamhle sales. 10. I vedfied, from a dlisinterested source, all informafon in this report that was provided by parties who have a financial interest in the sale or financing o~f the subject property. 11. I have knowledge and expedence in appraising this type of property in this market area. 12. I am aware of, amt have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property Is located, 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and corzect. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and [he proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, detedoration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the suhject property or that I became aware of durlng the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and madcetahility of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and inforrciation in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusie~ns, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in tha transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national odgin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the propf:rties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for peforming this appmisal or any future or anticipated appraisals was not conditioned on any aglreement or understanding, wdtten or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on signficant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to pertorm the tasks. I have not authodzed anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Fonn 72 Marche 2005 Page 6 of 7 Fannie Mae Farcn 1025 March 2005 Farm 1025 - "WnTOTAL° appraisal software by a la mode, inc. -1-800-ALAMOOE Small Resifiential Income Property Appraisal FiepoR Flleq M00089 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request Of the borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterpdses; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instmmentality of the United States; and any state, the Distdct of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosr:d or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distdbution of this appraisal report by me or the lender/client may he subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment :sponsored enterpdses, and other secondary market participants may rely on this appmisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal re~,port was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of [his appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my odginal hand written signature. 25. Any intentional or' negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or cdminal penalties including, but not limited to, fine or imprtsonment or both under the provisions of Title 1B, United States Code, Section 1001, at seq., or similar state laws. SUPERVISORY APP'RAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appmisal report including, but not limited to, the appraisers analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appmisal report was prepared. 5. If this appraisal report was transmhed as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as it a paper version of this appraisal report were delivered containing my original hand wdtten signature. APPRAISER C~rge R. Ulsh Signature ` ~~ Name r s Stale Cert. Res. Real Estate Aopr Company Name i ealty Inc. Company Address 8011 East Park Drive Suite 108 Harrisburg PA Telephone Number 7171441-2794 Email Address mish cgmcast.net Date of Signature and Report 03/05/2072 Effective Date of Appraisal 02/27/2072 State Certification # RL000409L or State License # or Other (descrfbe) _ State # State PA Expiration Date of Certification or License os/3on073 ADDRESS OF PROPERTY APPRAISED 22 Country Club Place W' Como Rill PA 17011 APPRAISED VALUE OF:iUBJECT PROPERTY$ 760.000 LENDEfl/CLIENT Name Company Name Client: Julie F Gale Estate Go Dick Stewart Company Address 309 Market Street Lemoyne. PA 77011 Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # ar State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior of subject property from street Date of Inspection ^ Did inspect interior and eMedor of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of comparable sales from sheet ^ Did Inspect eMerlor of compamble sales from street. Date of Inspection Freddie Mac Form 72 March 2005 Page 7 of 7 Fannie Mae Form 1025 March 2005 Porm 1025 - "WInTOTAL"appraisal software by a la mode, inc. -1-000-ALAMOOE Operatini~ Income Statement MDOOes One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 22 Country Club Place W Camp Hill PA 17Cd1 Street CIN Stale Zio C'~ode General Instrucfions: TYlis form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete the following schedule Indicating each untt's rental s1aWS, lease expiration date, current rent, market rent, and the responsibili ty for uglify expenses. Rental figures must be based on the rentfor an "unfurnished"unit. Currently Explratlon Current Rent Market Rem Paid Paid Rented Date Per Month Per Month Utility Expense By Owner By Tenant Untt No.1 Vest- No~ $ 650 $ 650 Electricity,,,,,,,,.„__ ,_ ^ Untt No.2 Yeses- No~ $ 606 $ 608 Gas .......... .... .. ^ ^ Unit No.3 Ves~, NoQ $ $ Fuel Oil ..._. ._.._ _ ^ Untt No.4 Yeses- Nom $ $ Fuel (Other)......... . ^ ^ Total $ 1256 $ 1256 WatedSBwer _. _ ^ Trash Removal _._. _ ^ The applicant should complete all of Me income and expense projections and for existing properties provide actual year-end operating s[atemems for the pas[two yaare (fornewpropeties the app//card'spro/ected/ncome ande>,yenses mustbepmNdedJ Thls Operating Income Statement and any previous operatng statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments next to the applicant's figures(e.g. App/icarK/Appra/ser2B8/300) If the appraiser is retained to complete Meform instead of the applicam, Melender must provide to the appraiserthe aforemenfioned operating statements, modgage Insurance premium, HOA dues, leasehold payments, subordinate fnancing, anNor any other relevant informatlon as to the income and expenses of the suhject property received from the applicant to suhstantla[e the projections. The underwriter should carefully review the applicant's/appraiser'sprojecttons and Me appraiser's comments concerning those prolectlons. The underwriter should make anyfinal adjustrnents that aze necessary to more accurately reflect any Income orexpense dems that appear unreasonable for the market. (Rea/estafe taxes and/nsurance onMese types olproperties are inc/uded/nP/Aandnatca/cu/atedas an annua/expense itemJincome should be based on the current rents, but should not exceed market rents. When them are no current n;nts because the property is proposed, new, or currently vacant, market rents should be used. Annual Income and Ex{sense Projection for Next 12 months Adjustments by Income(OOnotlnc/uda/acome torowner-occupiedunitsJ By ApplicanVAppraiser Lender's Undenvrtter Gross Annual Rental (from an?(sJ to berentedJ ______________(Market) $ 15.072 _ $ OMer Income (inc/ude sources) _______ ___ ,_.._._....,.,. + 0 + Total ....... ........... _. _._ _.. ....... _. $ 15072 $ Less Vacancy/Rent Loss _....._ __..._....._ _.._._._._ - 452 ( 3%)- _( %) Effecfive Gross Income ,,,_„___ _ $ 14.620 $ Expenses (Do natinc/ude cKOenses farowner-accup/edanifsJ ElecMc'Ry ........._... _._._ __ __. Gas Fuel Oil Fuel ..._......__.._.._...__.__ .................._ (TYPB- ) Water/Sewer ._._... Trash Removal Pest Control Other Tazes or Licenses Casual Labor This includes the costs for public area cleaning, snow removal, etc., even though the applicant nnay not elect to contract for such services. Interior PainVDecomting ................. _ ____.._..._.,____,__ This includes the costs of contract labor and materials that are required to maintain the interiors of the living und. General Repairs/Maintenamce ...,_,_ ___.___,___ _____.._...._,., This includes the costs of contract labor and materials that are required to maintain the public conidors, stairways, rolls, mechanical systems, grounds, etc. Management Expenses _........... These are the customer expenses that a professional management company would chargie to manage the property. Supplies _...... This includes the costs of items like light bulbs, janitorial supplies, etc. Total Replacement Reserves-See Schedule on Pg.2 _....._.....__....._._. Miscellaneous .,,,_ Tofel Operatln9 Expenses _______.._...____._.._._...._......_._.._. $ 9.514 $ Freddie Mac Thls Form Must Be Reproduced By Seller Fannie Mae Form 998 Aug 68 Page 1 of 2 Form 216 Aug 88 T C ReaITy, Inc. George R. Ulsh Fonn INC2 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Replacement Reserve Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided loran the owner's opereting statements ar are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that Have a remaining I"rfe of more than one year- such as refrigerators, stoves, clothes washers/dryers, Vash compactors, furnaces, roofs, and carpeting, etc. -should be expenseif on a replacement cost basis. Equipmem Replacement Remaining By ApplicarN Lender Cost Lde Appraiser Ad(us[ments Stoves/Ranges ,,,_„___. @ $ 500 ea. 10 Yrs. x 2 Untts=$ 100 ~_ Refrigerators _.._.___ @ $ 500 ea. 10 Vrs. x 2 Untts=$ 100 ~ Dishwashers ,,,,,,,,,,,,, @ $ 350 ea. + 70 Yrs. x 2 Units=$ 70 ~ A/C Units _....._ @ $ ea. + Yrs. x Unhs = $ _ ~ C. Washer/Dryers _._. @ $ ea. + Yrs. x Unhs = $ ~ HW Heaters ________________ @ $ ea. + Yrs. x Units=$ ~ Fumace(s)..__._..._._.._ @ $ 5000 ea. + 15 Yrs.x 2 Units=$ 6fi7 ~_ (Other) ,,..____________ @ $ ea. + Yrs. x Units=$ ~ Racf ,,,,,,,,__„__, _______. @ $ 5000 10 Yrs. x O ne Bltlg,= $ 500 ~_ Carpetlng (Wall to Wall) Remaining Ltfe (Units) 240(1 Total Sq. Yds. @ 15 Per Sq. Yd. + 5 Yrs. _ $ 7200 ~ (Public Areas) _ Total Sq. Yds. @ ~ Per Sq. Yd. Yrs. _ $ ~_ Total Replacemem Reserves. (Enter on Pg.1) $ 8 637 ~ Operatlng Income Reconciliatign $ 14 s2o - $ 9.514 = $ 5.106 12 = $ azs Ettectlve Gross Income Total Operating Expenses Operatng Income Mordhly Operatng Income $ $ 426 - $ _ $ Monthly Operatln9lncpme Momhly Housing Expense Net Cash Flaw (Note: Monthly Housing Eipense includes principal and interest on the mortgage, hazard Insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Underwriters instructions for 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a positlve number, enter as "Net Rental Income" in the "Gross Monthly Income" sectlon of Freddie Mac Forth 65/Fannle Mae Farm 1003. If Monthly Operating Income Is a negative number, h must be included as a liabiliryfor qual'rficaticn purposes. • The horrower's monthly housing expense-to-income raga must be calculated by comparing Ne total Monthly Housing Expense forthe subject properly to the borrower's stable monthly income. untlerwnter's mstuctions for 1-4 Family Investlnent Properties • If Net Cash Flow is. a positive number, enter as "Net Rental Income" In the "Grass Monthly Income" sectlon of Freddie Mac Form 65/Fannie Mae Form 1003. If Net Cash Flaw is a negative numhar, tt must be included as a liability far qualitlcatlon purposes. The borrower's monthly housing expense-to-income ratio must be calculated by comparing the total monthly housing expense forthe borrower's primary resldance to the homawer's stable monthly income. Appraiser's Comments (/nc/udingsources fordata andrat/ona/e forthe pro/act/onsJ Cost Manuals, personal interviews and appraisers general knowledge of the subject area were used in the determination of developing the Operating Income Statement. George R. Ulsh PA Stat<; Cert. Res. Real Estate Aoi Appraiser Name 03/05/2012 Date Underwriter's Comments and Rationale for Atljustrnents Underwriter Signature Fannie Mae Forrn 216 Aug 88 Underwriter Name Date Freddie Mac Farm 998 Aug 88 Page 2 of 2 Form INC2 - "WinTOTAL" appraisal software by a la mode, Inc. -1-800-ALAMODE Suoolemental Addendum rev u~ Bonawer Client Client: Julie F Gale Estate do Dick Stewart Pm a Address 22 Country Club Place W Ci Cam Hill DODIIN Cumberland State PA LD Cade 17011 Lender Client: Julie F Gale Estate do Dick Slewart COSTAND INCOME APPROACH COMMENTS The Cost Approa<h to Value for homes with an age greater than a maximum of 5 years, the lack of available venflable land sales or having good available closed sales for comparlson to the subject creates a condition that causes the Cost Approach to Value to be wnsi~iered inappropdate for use in this appraisal report. This is based on the fact that a cost analysis for a subject property is generally subjective, based on the appraiser estimate of depreciation, cos[ manuals general analysis for an area, subjective statements from area contractors. The generel analysis of all supports the statement that this generelly leads to the inaccuracy of [he Cos[ Approach to Values and leads the client [o improper conclusions. For this reason, although considered, The Cost Approach to Value is inappropdate for use in Mis appraisal report. The Income Approach to Value is considered inappropdate for use in this appraisal report. This is based on the Fact that a typical purchaser For the subject property has an interest In the purohase for their primary resitlence opposed to the concern of [he value generated, through investment, from the passible income produced value. In addition, the vedfable information available is not a matter of public record and accuracy is at best considered limited In nature. For this reason, although considered, the Income Approach to Value is consideretl inappropriate for use in this appraisal report. Neighborhood - Description The subject is located in a residential neighborhood. Major routes of trevel are located within a reasonable distance of the subject. Employment for the area is rated as goad. Major employers in the Camp Hill Area Include large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhood is in a primarily stable phase of its' life cycle with properties in the neighborhood having gootl appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time period exceeding one year. This is after a sustained increase for several prior years. Buyer demand appears typical for this time of year in the neighborhood and is supported by continued low interest rates. Information is supported through public recorU information and Central Penn MLS System. Neighhomood -Market Conditions There are no foreseeable economic trends which might significantly influence market conditions in [his area. The current mortgage martcet offers a wide variety of conventional loans with competitive rates. As a result, the terms of financing have little, if any, impact on sales paces. Ifinterest rates remain reasonable, property values and marketablility should be good. Current supply anti demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest rates are renging from 3.5%to 8 % with 0-6 points typically being paid fororigination or discount Seller concessions, although evident, are not typpical of all transactions. APPRAISAL COMMENTS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed any services regarding [he subject property within the three year period immediately preceeding acceptance of the assignmant, as an appraiser or in any other capacity. The subject is over 30 years old but had been modernized as necessary and is marketable in hs present condition. The effective age is siginificantly less Man 30 years. Faml TADD - "WinTOTAL"appraisal software by a la mode, inc. -1.800-ALAMOOE Bortower Clield Client: Julie F Gale Estate Go Dick Stewart Fila No M00089 Pro a Address 22 Country Club Place W C' Cam Hill County Cumberland State PA Zio Code 17011 Lender Client: Julie F Gale Estate c/c Dick Stewart APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report ispl]e of the following types: ^ Sett Comalned (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work, as disclosed elsewhere in this report.) ® Summary (A written report prepared under Standards Rule 2-2(b) , pursuan[to the Scope of Work, as disclosed elsewhere In this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) ,pursuant to the Scope of Work, as disclosed elsewhere In this report, restricted to the stated Intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I ceNfy Nat, to the hest of my knowledge and belief: - The statemems N fact contained in NIS report are We and correct. -The repatletl analyses, opinions, and conclusions are limited only by Ne repotled assumptions and limitlng conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise indicate4 I have no present or prospectlve interest in the property Nat is Ne subject of NIS repod and no personal interest wiN respect tc Ne parties involved. -Unless otherwise indicated I have pedarme0 no services, as an appraiser or In any other capacity, regarding Ne property that Is Ne subject of Nls report whhin Ne Nree-year perlad immediately preceding acceptance of Nis assignment. - I have na bias wiN respect N Ne property that is Ne subject of Nls repod or Ne paNes Involved wiN this assignment. - My engagement in Nis assignment was not corNngen[ upon developing or repatling predetermined results. - My compensation far comltletlng this assignmerd Is not contingent upon Ne development or repaNng N a predetermined value or direction in value that favors Nn cause of Ne client, Ne amount of the value opinion, Ne attainment of a stipulated result, ar the occurrence of a suhsequent evert directly related to the imended use of Nis appraisal. - My analyses, opinions, and conclusions were developed, and Nis report has been prepared, In cotdormity with the Uniform Standards of Professional Appraisal Practice that war in effect at the time Nis repon was prepared. - Unless aNerwise Indicated, I have made a personal inspection of the property Nat is Ne subject of Nis repod. -Unless otherwise indicated, no one provided signpicant real property appraisal asslsYance tc Ne person(s) signing Nis ceNflcation (if there are exceptions, Ne name of each individual providing sign'rfican[ real property appraisal assistance is stated elsewhere in this report). Comments on Appraisal and Report Identification Nate any USPAP relattrd issues requiring disclosure and any State mandated requirements: APPRAISER: '/ / A/, SUPERV180RY APPRAISER (only If required): Signature: ~ !~N'~~ _ ~ Signature: Name: Geor e . Ulsh State Cert Res Re l E t to Aopr Name: Designation: ' Oesignatlon: One Signed: 03/05/2012 Oata Signed: Shte CeNNcatlon #: RL000409L State CeNfication #: or SNte License #: or State License #: Sete: PA Slate: Expiration OaN of CeNfication or License: 06/30/2013 Expiratlon Dale of CeNflcation ar Ucense: Supervisory Appraiser inspectlon of Subject Properly: Eftectlve Date of Appraisal: 02/27/2012 ^ Dld Nat ^ Exterior-only from street ^ Interlor and Fxterlor Form 1010- ^WinTOTAL" appraisal software by a la mode, Inc. - 7.800-ALAMODE Subject Photo Page Borrower Client Client: Julie F Gale Estale Go Dick Stewart Pro a Address 22 Country Club Piece w C' Cam Hill County Cumberlantl State PA ZiD Code 17011 Lender Client: Julie F Gale Estale rlo Dick Stewart Subject Front 22 Country Club Place W Sales Price MarketValue Gmss Building Afea 2,420 Age 56 Yrs Est Subject Rear Subject Street Form PICPIx.SC - "WinTOTAL" appraisal software by a la mode, inc, -1-800~ALAMODE Comparable Photo Page Banower Client Client: Julie F Gale Estale Go Dick Stewart Pro a Address 22 Country Club Place W C' Cam Hill County Cumberland State PA Zlp Code 17011 Lender Client: Julie F Gale Estate Go Dick Stewart Comparable 1 1294 Brantl[ Road Sales Price 277,500 Gross Bulldln9 Area 3,200 Age 9 Yrs Est Comparable 2 223 Boller Avenue Sales Price 169,900 Gross Building Area 2,312 Age 82 Yrs Est Comparable 3 200 Forge Roatl Sales Prica 154,000 Gross BUllding Area 2,277 Age 112 Yrs Est Farm PICPIX.CC - "WnTOTAL" appmfsal software by a la mode, Inc. -1-800-ALAMOOE Building Sketch Borrower Client Client: Julie F Gale Estate Go Dick Stewart Pro a Address 22 Country Club Place W C Cam I Hill County Cumberlantl State PA Zio Coda 17011 Lender Client: Julie F Gale Estate Go Dick Stewart om '} y. ° tl F e 1 eN~om xwom us a.r ~o ~.s rir ~ eanw.. Y rota sao-n ara m „ens me prey Olabtlone Summery LINn9 preen i .. UnR31R Flr t2la SqR UnR n21s[ Flr 11925q R Toll uWrg pra (ROenaieale zazo sq rc non-Ilvirp Aroe Bawnen[ 12)65q R PorcR 90 aq R Por(fi 2 133.5 Sq R Form SKT.BddSkl - "WinTOTAL" appraisal software 6y a la mode, Inc. -1-880-ALAMODE Building Sketch Borrower Cllent Client¢ Julie F Gale Estate Go Dick Slewart Pro a Address 22 Countrv Club Place W Ci Cam Hill County Cumberlantl State PA Zip Code 17011 Lender Client, Julie F Gale Estate Go Dick Stewart rota sem, Fr. m nmq ec Area Cwlalatloro wmma OHnq Area talaletlgb Oetalls UnR l15[Fk 12J8 SqR 39.5'.+40= 1180 4x 24.5 = 98 Unit k3lR Flr 11425gR 9.5x2 = 9 4.5 x 2 = 9 26x90 lOW 4x31 = B4 Tolal elWrg Area (Rqun0e0J: 3930 Sq R Non-Ilvirg Aree Basemen[ 12J8 BqR 29.5:<4p= 1180 9x29.6 = 98 Portli 406gR 5x8 = 40 PgrcR 2 133.5 Sq ft 5 x 6 - 30 11.5 x 9 = 103.5 Farm SKT.BIdSkI - "WinTOTAL" appraisal software by a la made, inc. -1.800-ALAMOOE Appraisers 2011-2073 Certification Borrower CIieM Client: Julie F Gale Estate do Dick Stewart Pro a Address 22 Country Club Place W Ci Cam Hill Courts Cumberland State PA Lp Coda 17011 Lender Client: Julie F Gale Estate o'o Dick Stewart "' ~ C1 a ' Bur8au of PO: Certificate Type Certified Residential Apprdiser GEORGE RANDALL ULSH 4QQ9 DerrZ, Spreet HAI~t56UjtC~PA 17711'-`i w , nsylvania tote 20 064.8890 :, a / c '„~ J Certificate Status ~. F// n. `~i I v C`` ~' "'~~S~,tEi , Active ~» fin? ~ ~„ .' InIt31 Cerhfic~tipn Date ..,~_-_" ~~~" ~' :10/f 1/199ti'~~ Certificate ' Number RL000409L Expiration Date 06/30/2013 ... _ .:.'>_~otttC-L~ (-[-NYC-~.,- Siynam Foim MAP.Tnffic - "WInTOTAL"appraisal software by a la mode, inc. -1-800-ALAMOOE qn Fd lions ~s x ~anry Park t o. Keyitene ValleY?d-85D `...--- -. __ 88D - _ - 2 _, -- Summei S!nn9 -._.- -- Ty - _ ..-' ~'^myea [ionnell own - - ~ I~.. - n 901,.\Nertnalc Ml - 906 W~yQnlle fd YI~~~ ~3e `,, +. c trial: Wormle} e~. ~ I N { z - N_:-- ---= New Kiigstotvn nrndl, as ~r ~hry0 ~- ~ov 3~ 4P/ /3"A ~ ns > na ra na ~/ r EV abRm 9y RD 6ormmwdaie Mnit'.~ccdM Churcfitown _ ,_ __ Sea gating spnn4 `~ !- o Nduvoo Bolling- --~ ~ pndersontown $PrI0g5 ~- ---~f.eltlighs_ _ _ -' ~1 jr~~' Siddonsburg li j a ~~~/ ~" ga Dlllsburg ' .<u ape ~ O Wk ~ ]4 /yP Rtl _ UDD _ Sbne Hflad NwN `+ ~~ !' '~~ ~HABk m ~~ ~ v r/~. Warrington Twp AI corfs•ra~Re r --Frxnklintown ' /. o& f 9j GMerd PincM1Ot ' i5 ~ a 8bte Pak Cku Sprilry ..1~y~xb ~b~ i IY~ Z]gITGS bin s ~. rs {s~ +5 Wettrville Form MAP.LOC - "WIRTOTAL" appmisal software 6y a la mode, inc. -1-BOO~ALAMODE _.._ __.. Location Map T C Reahy, Inc. George R. Ulsh Small Residential Income Property Appraisal Report p~~nM M~~~a~'~`a'S The ur pse d this summa a sisal re art Is to rovlde me lender/client with an accurate, and ode oriel su orted, o inlon d ma market value of the sub'ed roe Pro a Address 49 Circe Drive City Camo Hill State PA LD Code 77011 Bgrtower Client: Julie F Gale Estate Go Dick Stewart Owner of Puhlic Record Country Club Park Dev Coro County Cumberland Le d Descri 'on Referem:ed in Record Book 17R Page 296 Assessor's Parcel # 1 0.2 04 850-195 Tax Year 2012 R.E. Taxes $ 2.967 Nei h6pmoptl Name East F'ennsboro Township Map Reference 10-20-1850.195 Census Tract 0113 6t Occu t Owner Tenam ®Vacam Special ASSessmems$ N/A ^ PUD HOA$ N/A ^ Der Year ^ er month " Pro a Ai hts raised ~] Fee Simple ^ Leasehold ^ Other (describe) Asst nmenlT a Purchase Transaction ^Rdinance Transacton Omer (describe) Establish the Market Value of thesubiect as a2-4unit roe Lender/Client Client: Julis~ F Gale Estate Go Dick Stews Address 307 Market Street. Lemoyne PA 17011 Is the sub ec[ ro e curre~y offered for sale or has h keen offered far safe in the twelve months prior m me ettectlve date of this appraisal? ^Yes ~ No Re ort doh sources used, offering price(s), and date(s). Public Records and Area MLS 02/13/2012 Subject propeM has not been offered for sale in the Iasi 72 months. I ^did ^did not analyze, the cantradfor sale for the sublect purchase Vansadion. Explain the resuhs dthe analysis of me cgntradfor sale or why me analysis was not erformed. .- Cgnhad Price $ MarketValue Date of Contract N/A Is the properly seller the owner d public recoN? ~ Yes I I No Dah Source(s) Public Record Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) ro be paid by any party on behalf d me harrower? ^Yes ^ No • tl Yes re ort the tghl dollar amoum and descrihe the dams to he pall. Note: Baca end the redal colnpoeltlon of the net h rh ood ere note pralwliactom. Nel hborhood harecterletlca 2-4 Unlt Houain Trends 2-4Unit Housin -: .Present Lend Uae% Location Urban SubuNan ^ Rural Pm a Values Inereasin ®Shble Oeclinin PAICE AGE One-Wit 80 % Suitt-U Over 75% 25.75% Under 25% OemanWSu I Shortae In Balance Over Su I $000 rs 2-4 Unit % Growm Ra itl :ihhle Slow Markedn Time Under 3 rtnhs 3-6 mms Over 6 mihs 150 Law 55 MuN-Famil % ~ Nel hhorhDOd Boundaries Igorth and West is the Condo ovine[ Creek East is Brentwater Drive South is 450 HI h 125 Commercial 10 % Walnut Street. 250 Pred. 40 Omer 10% • Nel hborhood Descri don S poi a tai Adde tlum with comments The P ed e t s' le fam'iv housing vat e's bett o rted in a ran a of 175 000 to 00 000. Predominant age is better reported as 20 years to 50 years. Ctther represents vacant around. Madcd Dpnditlgns indutlin supporttor me above conclusions) Sae attached Supplemental Addendum with comments Dimensions 65' x 115' as er public record Area 7.475 Sg. FL Shape Mostly Rectangular View Suburban S ecfic Zonin Classtlicadon Residential Zgning Oescridlan Allowing residential use 2 tp 4 unit oroperies or in home business Zonin Com liance Le al ^ Legal Noncgniptmind (Grandfamered Use) ^ No Zoning ^ Iliegd (descrl6el Is me hl hest and best use d aubiect oropeM as improved (or as proposed Der plans and specificadons) the present use? ~ Yes ^ No If No descrihe Utllitlea Publie Omer (rkealbe) Publie Omer (dearlbe) INFdte Improvements-Type Public PHvete Electrici 2-100 amp Water ® ^ Sheet Pa ed Asphalt Gas Nlone Sanitary Sewer ® ^ Alev Nana [ FEMA S ecial Flood HazaN Area ^ Ves ®No FEMA Flood Zone X FEMA Map # 420380-0114E FEMA Mao Date 03/16/2009 Are me udlNes andlor off-she improvemems typical far the marled area? ®Yes ^ No If No, descrihe Are there an adverse site condifions or external factors (easemems encroachmenh envimnmenhl contlitlons land uses etc.)? ^Yes ®No gYes descrihe There were no noted a iarent adverse or uNavorable easements or encroachments noted General Deeori Uan r Foundedon - Exterior Deacrl lion +meledals/conditlon InRrlon z~:,:, maleriale/wndHion Untls Two Three four Accesso Unh descrihe helow #ot SNtlas 2 #dhld s.1 ConcrBte Slab ^ Crawl S ace ®Full B semen[ Panial Basement Basemen[Area 1 313 s .tt. Faundatlon Walls ConcreteBlpck/Avera Exterior Walls Brk Sin Frrn/AVera Roof Surface Com hin I/AVera a Floors Wd C [ VNGood Walls D all/Good Trim/Finish Wood/GOOd T e Det Att. S-Od./End Unh Existln ^ Pro osed [Under Const. Desi n S le 25to Year Buid 1956 Ettectlve A e rs 20 Basement Finish 0 % Outside En /Exit ^ Sum Pum Evidenced IMeshtlon ^ Dam ness Settlement Hestln /Cgolin Gutters & Dawns outs AluminuMAVer a Window T e DoubleHun Aver Storm SuMnsulahd StonnUnits/Averse Screens Yes/AVera a Amenitlea` ~ Bath Floor Vn I CrmTilGOOd Bath Wdnscd CermTile/Good Cer Store e None Drivewa # of Cars 2 Atgc None PNA HWBB ^ Radiant Rre laces # 1 ^WOOdstoves # Drivewa SWace Poured Concrete Dro Stair Shirs Omer Fuel Oil ^ PatlO/Deck Fence Gars e # d Cars 2 Roar Scuttle Cgolin CerMal Nr ContlPoOnin Pgol ®Porch 2 Car rt # d Cars ,' ~ Rnished ^ Heated ^ Intllviddal ^ Other ^ Omer ®Att. ^ Det ^ Builhin ' #dAppliances Refrigerator 2 Range/Oven 2 Dishwasher 2 Oisposd 2 Microwave WasherNryer Omer (describe) Unh # 1 comalns: 5 Roams 2 Bedrooms 1 Bath(s) 1 313 Square Feet of Gross Living Area Unh # 2 conhins: 4 Roams 2 Bedrooms 1 Barn(s) 1 165 Square Feet of Gross Llving Area Und # 3 conhins: Rooms Bedrooms Bdh(sl Square Feetd Gross U'vino Area Und # 4 conhins: Rooms Bedrooms Bam s S uare Feet of Gross llvin Area AdtlNOnal feaNres s ecial energy efficient items, de.l. Front porch rear porch 2 car garege s'ngie Dane windows with storm windows unfinished basement area fre lace, Describe me cgntlNOn pi the mperty (including needed repdrs detetlomgon renovagons rempdellng etc) The subject eztedorls' a ea econdition with ical im rovemeMS. The Interior of the subied is in gene Ilv good condition Floor of n's tvo'cal of the homes for th's era and should receive od market acre tanca, The basement of the sub'ect's 100 % of the 1 st floor GIA d at present 0 % fn'shed Both units have access to the basement area and 1/2 or the garage for stprape. Freddie Mac Form 72 March 2005 Page 1 of 7 Fannie Maa Fonn 1025 March 2005 Form 11125 - "WnTOTAL" apprdsal software by a h mode, Inc. -1-B00-ALAMODE ExrAIeIT H Gale Estate 5 Small Residential Income Property Appraisal Report Rh# Mnnn92 Are there an h sicm deficiencies or adverse contlltlons that affect the llvahlli soundness or sWCtural inter mthe ro e 7 Yes No dyes descdbe. Electrical service boxes are manutacted by Federal Pacifc. These are known to have saftev issues and should be replaced Estimated cost to cure Is 2 000. Ddvewa is cracking in places and needs cosmetic repair. Estimated cost to cure is $2 000. The exterior frame areas show chi in and tin ainl that needs repairs. Estimated cost to cure is $1.500. Does me ro e enerell camorm to the nehhborhood (functional utility, sMe, cantli6on, use construction etc.)? ^ Yes ®No If No describe. Sub ect is a 2 unit .' buildin located in a redominantiy 1 unit single family neighborhood. Age and design is cons'stent vv lh ivo'cally homas'n the area Is the ro e suh'ect to rem cgnirol7 ^ Yes ®Na If Yes, describe The following propedles represem Ne most cunent, similar, and proximate comparable renal pmpeNes h the sublect propedy. ThIS analysis is intended to suppotl the opinion of the market rent far the subject property. FEATURE SUBJECT COMPARABLE RENTAL # 1 COMPARABLE gENTAL # 2 COMPARABLE RENTAL # 3 Address 49 Circle Drive Cam Hill PA 17'011 909-911 Allenview Drive Mechanicsbu PA 17055 2208 Market Street Cam Hill PA 17011 57 Circle Ddve Mechanicsbu PA 17055 Proumi to Sub'ect ?. "-`~ai 4. 6 miles SW 0.99 miles E 4.59 miles SW Cunem Mgnthl Rent flem/Gm55 Bm .Area Rem Camrgl $ 1382 $ 0.56 s tt Yes No .1 ~'?D'^ ~`i $ 1850 : $ 0.61 s tt Yes ~~NO w~` Ea«~$ 3450 . , 3`„!.: .`~6" .xr' $ 1.11 s tt Yes ®Nq Tt" x'4:" 'V«` $ 1350 i"m ~i '~ ? $ 0.48 s .h. Yes Nq Data Sources Pin Vev OwnRe M S PubRec A raisersFiles MLS PubRec A reisersFiles MLS PubRec A raisersFiles ' Date of Leases Not Available M nth to Month Month to Month Not Available Locatlon Suburban Suburban Suburban Suburban . Actual A e 53 Vrs Est 27 Yrs Est 112 Yrs Est 53 Yrs Est DOVdltlgn Good Good Aver a Avera e Grass Buildin Area 2 47 3 030 3 100 2809 ~~ Unit Breakdown Rrn Count Size Sq. Ft. Rm Count $2E Sq. R. Monihl Rem y Rm Count Slze Sq. R. Manihl Rem y flm Count Slza Sq. ft. Monfhl Rant y Tat Br Ba 2 478 Tot Br Ba 3 030 1 850 Tat Br Ba 3 100 3 450 Tat Br Ba 2 809 1 350 UnR # 1 5 2 1 1 313 5 3 1.1 1 515 $ 975 5 3 1 1 000 $ 1 200 5 2 1 1 502 $ 700 UnR # 2 4 2 1 1 165 4 2 2.1 1 515 $ 875 4 2 1 1000 $ 850 4 2 1 1 307 $ 650 UnR#3 $ 5 3 1 1700 $ 1400 $ unH # a $ $ $ Util'Nes Included Nona W er Sewa eTresh Water Sewa eTrash Waters eTresh AmenNes 2 Car Gara e 2 ar Gara a Off Street Parkin O6 Street Parkin AmenNes Central Cool C trot Cool No Central Cool Central Cool Analysts of rental data and support for estimated market reins far the individual sublect unite reported below (including the adequacy of the comparables, remal concessions, etc. All of the rental inoerties are located in the same market area to the sublect Rentals establ'sh the fa'r market rental of the sublect. RerR &heduh: The appraiser must reconcile the applicable indicated monthly market rents to provide an opinion of the market rem for each unit In the subject property, Leases RcWal Reins Opinlgn of Market Rem Lease Date Per Unh Tphl Per Unit Total Unit # Be in Date End Date Unfurnished Furnished Rents Umumished Famished Reins 1 Not Available $ 741 $ $ 741 $ $ 800 $ 800 2 Vacant 641 641 700 700 3 4 Cgmmem on lease data Data obtained from TMaI Actual Momhl Ren[ $ 1 382 Tptal Gross Momhl Rent $ 1 500 sublect owner re resenbstive tlurin sub'ect Other MonMl Income itemize $ Odher Monthl Income itemize $ viewin .Actual leases not available Total Actual Momhl Income $ 1 382 Total Esgmated Monihl Income $ 1 500 ~~ UtllNes included in eslimme0 rents ^ Electric rl Wafer ^ Sewer ^ Gas J Oil ^ Trash collectio n I l Cable ^ ONar CammerAs on actual or estmated rents and oNer monihlV income fncluding personal property) Market rents reFlect the best rent for the sublect Market rents are su ned from the indiceted rentals and the 8ppraisers general knowledge of the sublect market area Fum'shed un'ts are t t o' I of this market. _ I did did not research the sale or tansfer history ai the sublect prvpertY and compaable sales If nv4 elmlain M research did dirt not reveal anV odor sales or transfers ai the sublect propedy far the three years prior to the effective date of this appraisal Data Sources Public Record and Area MLS M research did did not reveal any pdor sales or transfers of the comparable sales far the year pdor tp the date m sale of the comwmble sate Data Sources Public Record and Area MLS Re od the results of the research and anal sls of the der sale or boomer ITEM SUBJECT Dine of Pdar Sale/Frensfer No transfer of the sublect hlsto of the sub'em ro e and co COMPARABLE SALE # 1 No trensfer of the sale in arable sales re ort atltlNOnal dgrsales on a e 3. COMPARABLE SALE # 2 COMPARABLE SALE # 3 No transfer of the sale No transfer of the sale Pdce of Pdor Sale/Trensfer in the last 36 months in the last 12 months in the last 12 months in the last 12 months Gala Sources Public Record Public Record Public Record Public Record ' Ettecgve Doh qi Ooh Sources 02/28/2012 02/28/2012 02/28/2012 02/28/2012 Anal sis of dor sale or transfer history of the sublet[ property and comparable sales No transfer of the s b'ect' th last 36 mo ih No t ansfer of the sales in the last 12 months. Freddie Mac Farm 72 Marche 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005 Porm 1tl25 - "WInTOTAL" appraisal software by a la mode, Inc.-1-800-ALAMODE Small Residential Income Property Appraisal Report FlN# M00092tate 5 There are 0 com arable propeNes currently offered for sale in the subject nelphbprhood ranging In price from $ 0 to $ o There are 0 com arable sales In the sub act net hborheod wkhin the alt fivelve months ran in in sale dce from $ 0 b $ 0 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 49 Circle Drive Cam Hill PA 17011 1294 Brandt Roatl Mechanicsbu PA 17055 223 Boller Avenue Lemo ne PA 17043 200 Forge Road Boilin 5 rin s PA 17007 Proem' to Sub act I - 9.38 miles SW 2.57 miles E 11.97 miles SW Sale Price $ MarkatValue .il ~•-`?`• ';: $ 217500 "°x 'LU`"li ~' *J' $ 169900 rd-, 7 _a;5".k'.; $ 154000 Sale Pdce/Gross Bld .Area $ s .ft. $ 67.97 s tt ~ >~~ r`, •? $ 73 49 s h Ytda'it7Saue"«~" $ 67.83 s .fl. .. M16:,,-a+ °_ Gross ManNl Rent $ 7500 $ 2300 >!'.'.'. '~ $ 1640 ;~`;~dS~.l~' $ 1400 b.+,. 5.2•yts•: `[. Gross flee[ MuPo liar 94.57 } °:L' ~' 103.80 r+~".~'~rp," n~'#"'~~ ~ ~ 110. o r. 2" .8`i' Pdce er Untt $ $ W8750 3'~#;"~.`°' . .~ $ 84950 d`~C6id'b f5~" ' S 77000 ,p"n>,? Price er Roam $ $ 21 750 A: b~« .'.~ r~ $ 15 445 .1~n`n ~=.~f-~ $ 15 400 vS"~r'4+7s r` ' Pdce er Bedroom $ $ 38 250 ' ` ~'`: $ 33 980 ~ `t' :." i" `+~ S 38 500 ~ ` .r ~ `" Rent Comrol Yes No Yes ® No Yes No Yes No Data Sources ~ * •~.. ,.a='= MLS PubRec A raisersFiles MLS PubRec A raisersPiles MLS PubRec A raisersFiles Vedlicadon Sources ~ -'~'^;7 i.` Dala Bank Data Bank Data Bank VRLUE ADJUSTMENTS DESCRIPTION DESCRIPTION +- Ad'uslmenl OESCflIPTION +- Ad'usMem DESCRIPTION +- Ad'ustrnent Saleor Flnancing Concessions ~t'S,= r ~~ :'<iG Cash 167 DOM FHA $9000 5 DOM Conv $1360 117 DOM Dale of Sale/rme ~ " 0 /28/2071 03/02/2011 04/13/2011 Location Sububan Surburban Subrbn/Inferior +S OOO SubrbNlnferior +5000 LeaseholNFee Slm le IFee Sim le Fee Sim le Fee Sim la Fee Sim le Site 7 475 S .Ft. 2 878 S .Ft. -2 000 4 792 S .Ft. +2 000 9 147 S .Ft. Yew :Suburban Suburban Suburban Suburban Deli n le ;2 Sto 1 Sto 2 Sto 2 Sto -Oval' of ConsWCtlon :StnBAlum/Av Brk&Vin I/AV BrkBVin I/Av Fmn&Vin I/Av AcWal A e :63 Yrs Est 9 Yrs Est 82 Yrs Est 112 Vrs Est ~_ Cond'NOn Good Gd/SaleU dates -S OOO Avere a Aver e Gmss Buildin Area 2 47 3 20 -7 200 2 31 +1 700 2 27 +2 000 • Untt breakdown Total Bdrms Baths Tohl Bdrms BANS Total Bdrms Baths Total Bdrtns Baths '. Uni[ # 1 5 2 1 5 3 2 -4 000 5 2 1 5 2 1.1 -2 000 ` Und # 2 4 2 1 5 3 2 -4 000 6 3 1 5 2 1.1 -2 000 • Unh # 3 Unit # 4 Basement Oescd on I,3n6nished U finishetl. Unfinished. Unfinished. Basement Flnished ROOms 100%/0% 1 %/0% 100%/0% 100%/0% Wnclignal UBIi ,4vera a Aver a Avers a Avero e Heatln Conlin CnirIHUCnICI C trIHUCntrlCl CntrIHUCnirlCl -6000 CntdHUNOCntCI Ene Efficient Items 'r Ical for A e T ical for A e T ical for A e T ical for A e Parkin ONOd Site 2 Car Gare e 2 - 1 Car Gara a On Street Parkin +6 000 Off Street Parkin +5 000 Porch/PafioNeck Porches P rches Porch WdDk Patio Porches Amenities 1=ir lace N ne +3 000 None +3 000 None +3 000 Amenities IVone None None None AmenNes IVOne None None Nona Net Ad'ushnen[ otal _. ..*.: ...:: r,~"'%+ ^+ - $ -19200 + - $ 11700 + - $ 11000 Adjusted Sale Price ~ x ~"_ ~ `! of Com ambles ;+. Ad'usled Price Per Unh foal w'~c/•mco,no anal Atl usted Pdce Per floom paf.a'aana/aacome aoon,:1 Adjusted Pdce Per Bed1111Ua1. w'cwnr/•dCamp &amans Value er Unit $ 90 000 X Net Adj. 8.8 % Gross Atl. 11.6 % $ 99150 $ 19830 $ 33050 2 Un'ds = S $ 188 300 +tx.ii'$,. ~ S'Y,.~'T aMdk: p"'-x"=`=•-~~1. 180 000 Net Adj. 8.9 % Gross Atl . 13.9 % $ 901300 $ 18509 $ 36320 Value er GBA $ $ 181 600 "."#%~,*~';i~.","d '. _,$'?-« °~a: 69 X • Net Atlj. 7.1 % Gross Ad . 12.3 % $ 82500 $ 1(3500 $ 41250 2 478 GBA = $ $ 165 000 ~d$,mv`' L~33~' ~'&`# ~i"'wS~°'' '.O~k .". ~;~.'" 170 982 Value er flm. $ 18 000 X 9 Rooms = $ 162 000 Value er Bdrms. $ 36 000 X 4 Bdnns. _ $ 144 000 Summa of Sales Cam orison A roach Includin reconciliation of the above intlica[ors of value. Limited available sales for anal sis in the sub'ect market area caused the use of sales located further then and older th tvo'plly des'red The sub'ect I cet'on provides good ppeal caused b the near location of amenities i.e. travel access stores antl schools. The sales ware chosen after a lhorou h searoh in the sub'ect market area which revealed limited 2 unit sales available that recently transferred. The aoora'ser need to expand h's area of serech for ave'lable 2 units for anal sis. The sales establish a ron9e of value for the subject orooertv. Sales range is atliusted value from $165 000 10 5198 300 The subject's in overell nod mndhion and su orts a value established by the sales. Sale #1 is reported to have extens've uodat'ng which caused the ad'ustment for the condition of the sale. Indicated Value h Sales Com adson A roach $ 180 0 Total roll monihl rent $ 7 500 X gross rent mulfiplier (GAM) 100 = $ 150 000 Indicated value by the Income roach • Commenh an income a roach including reconciliation al the GRM The GRM is established from the'nd'cated sales condition of the suhiect ro rt and the a raisers eneral knowledge of the subject market area. Indiceted Velueh: lea Comparlaon Approach 180000 Income Approach$ 150000 Coat Approach (Ii developed)S N/A The Sales Com orison App oath to Vai e's th b t f tletennininq the Market Value of a resident'al ooertv The Income App oath to Value in this situation het s to su )port the Sales Comparison Aooroach to Vaiue The Cost Aooroach to Value was cons'deretl but is not app o riate for use in this a sisal re rt. Eeposure time is apprOZimalely 180 - 200 dove This appraisal Is made ®"as. is", ^ subject to compleLon per plans and spectlicatlons on Ne basis of a hypothefical condidgn Nat the improvemems have bean • completed, [ subject tq Ne fallowing repairs pr alteretlons on the basis of a hypothetlcal conditlon that the repairs or attemtlans have been completed, or ^ sublet( to the follpwin re aired ins ecfion based on Ne exhaoNinarv assumpfien Nat the conditlon or deficiency does not require atteratlon or repair S tlached Supplemental Addendum with additional comments on the aooreisal report and subject orooerty Beaed on a complete visual Inspection of the Interior and exterior areea o1 the subJect property, defined scope of work, statement o1 assumptlona end Iimitlng centlPoOna, and epprelaer's certtllpatlpn, my (our) opinion of the market value, as deflnetl, of the reel property that le the aubJect of fhla report is $ 180000 as of 02/28/2012 which le Me date of Ina ecfion and the effectlve date of thla retest. Fmtldie Mac Form 72 March 2005 Page 3 of 7 Fannie Mae Farm 1(125 March 2005 Form 1025 - "WinTOTAL"appraisal software by a la motle, Inc. -1-600-ALAMODE Gale Estate :i Small Residential Income Property Appraisal Report Fllex Mnnng~ The sub'ecl a is estimated as 53 years. The subiact use has been single family 1 to 4 unit residential which appears to be the Mighazt best use for the ro e Unless otherwise noted within the appraisal report. ALL orovidad photos are original and were obtained bV the appraiser during the develo ment of the a reisal. All of the sales intllcated have been externally and or imeriorly view by the appaiser as reguired by the appraisers guidelines for erformin a reisals. When a limbla within the appreisal report. it is assumed unless noted In the report that the roof plumbing heating electrical and air mnditionin s stem wells, septic tanks or cesspool are in satisfactory operating condition that the building is structurally sound and free of termite infestation and free of termite damage. The appraiser suggests that buyers lenders and other interested parties obtain certificafons from ro erl ual~ed rofessionals for their protection. There has not been a title search or survey completed on the subject property that would confirm or deny any encroachments easements deed restrictions on or a ainst the subject property. In addition information developed from available reported public record's bel'eved acrurete unless otherwise noted. Pleaze be advised that puhlic record reporting is at times slow or incorrectly reported. At She time of the appraisal viewin of the sub'ed roe unless otherwise noted in the appreisal report none of the items mentioned in this paregraph were visibly nofced or a arent. The a reisal is made mnsidlering the items not present or having no effect on the overall typical use of the subject az valued'n this report. If an of these items are resent the Fair Market Value as determined by this report may be adversely affected. Sub'ec! Photos are original photos taken a<the time of the subiact property viewing and have not been altered. The di ital si nature used on the appraisal report is the true signature of the aooraiser and used on all appraisals Digital agnaturaz facilitate the transfer o(the a reisal ruby EDI EFT or a-mail. The software utilized by the aooraiser to generate the appreisal report protects si nature sewn b means of a In number that is in the sole control of the appaiser. The a reiser researched 3group of sales, listings and under contract properties in the subiact area for mmoar'son to the subiact. Sales • anal sis is based on the proximity to the subiact, location. effective ape market age size appraiser verifable information of the sales a raisers resonel knowled a of the sales and most similar amenities to the subiact. The sales under mmracls and or listings prov'ded'n the Market Coro arisonA roach tc Value are the best verifable sales under contract and or listings sim tar to thas bi ctf th ^ pof sales reviewed. This a sisal is a Summary appraisal. "The Intended User of this aooraisal report is the Lender/Client The Intended Use's to evaluate the ro that is the sub'ecl of this aooraisal to establish the market value of the subiact subiact to the stated Scope of Work puroosa of the ' a sisal re ortin r uiirements of this aooraisal report form. and Definition of Market Value. No atlditionai Intended Users or Unintended Users are identifed 6 the a reiser." The line adustmem wrhen in place on the Sales Comparison Approach to Value room count area's for the bathrgoms'n the GLA area of the subject. Overall room moot is considered in the GLA adiustment for the subiact. It is improper to increase or reduce value for both room count and GLA. This rectim 'd usr;d. would create a sfluation of increasing value or reducing value for the same s'tuafon Personal roe wa~,s not included in the final value of the subied. Value ad'ustments witlhin the appreisal are based not on ono specific market derived adiustment or pared sales analvs's Most are based on severe) thousand over a period of 20 years with strong infuence for a cost to cure for their differences. The a raiser is not a p ofessional home'rlspector a d do of wa re t the absence or presence of defects'n the subied props The indicated sales and listings step at the too of form 1004 p g #2' efe e ce to the listings and sal the def ed neighborhood shown in a e #1 net hborhmd section. Listings. sales and data indicated on form 1004MC included this informaton but shows all'nformaton in tha sub'ecl market area in addition to this information. Bazement size and fnished area for the mmoarables is estimated from public record reoort'ng when ava'lahle MLS'nformafon when available and the a reisers enerel Wsowledge of the subiact design. Actual verifable information is not available through credible named sources. ' COSTAPPROACH TO VALUE (not` ulradb Fennle Mee) ' Provide ode ogle lirfoimafon fin the lender/clien[N repli6ate tAebelow cost tigures and calculatons. Su rt for the a inlpn N stle value (summary of comparable land sales or other methods for estlmating site value) ESTIMATED ^AEPRODUCTION OA AEPLACEMEM COST NEW OPINION OF SITE VALUE _$ :Source of cast data DWELLING S.FL $ _........... _$ OuaF ratio from cost service Etfecdve dale of cost da+z S .FL $ _$ = Commems On CostA roach toss livin area calculations de redatlon etc. _$ See attached 6uildin sketch with dimensions and subject drawin .See Gara e/Ca ad S .R. $ _$ • attached su lemental addendum for mmmenls on the Cos[ roach to Total Estlmate of Cast-New =$ Value. Less Ph sical Functional Edernal De redatlon =$ De reciated Cast of Im rovemerds =$ "As-is" Value of She Im rovemems =$ Estimated Aemainin Economic. Life HUD and VA onl 40 Years INDICATED VALUE BY COSTAPPROACH =$ ` PROJECT INFORMATION FONPNDs pfs Iloable` Is the develp arNuilder in conhol of the Homeowners' Associalion (HOA)X ^Yes [] No Unit type(s) ^ ONached ^ Atlached Provide the fgllpwin infarmadcm for PUDS ONLY if the developerPouildar is In control of the HOA and the sublect property is an attached dwelling unh Le al Name of Pro act • Total number of teases Total number of oohs Total number of unite sold Tptal number of units rented Total number of units for sale Doha source(s1 Was the ro act created b the conversion of edsflng building(s) into a PUO? ^Yes ^ No dyes date of conversion OOes Ne m'ect contain an mold-dwelling uni6? ^Yes ^NO Data Source Are the units common elements, and recreafion facilNes complete? ^Yes -1 No If No describe the status of comDletlon Are Me common elements leased to or 6yfhe Homeownws' Association'+ ^ Ves [l No If Yes describe Ne rental terms and phons Describe common elemens and recreatlonal facilNes. Freddie Mac Farm 72 March 2005 page 4 of 7 Fannie Mae Form 7 U25 March 2005 Farm 1025 - "WinTOTAL" appraisal software by a la made, Inc. -1-800.ALAMODE ~mau nesiaennal income This report form is designed to report an appraisal of a two- to four-unit property, including atwo- to tour-unit propery in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required 6y law or those related to the appraiser's continuing education or membership in an appraisal organizatlon, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requlrerrients of this appraisal report form, including the fallowing definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verity, and analyze data from reliable puhlic and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: 'the intended use of this appraisal report is far the lender/client to evaluate the property that is the suhject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most pmbahle 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 advisetl, and each acting in what he or she considers his or her own best interest; (3) a reasonahle 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 sFrecial 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 taw 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 compadsons 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 approzimate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and IimRing conditions: 1. The appraiser will not be responsible far matters of a legal nature that affect ehher the property being appraised or the title to it, except far information that he or she became aware of dudng the research involved in performing this appraisal, The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available hood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of 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, rxpress 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, detedoration, the presence of hazardous wastes, toxic substances, etc.) ohserved during the inspection of the subject property or that he or she became aware o4 during the reseach involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, brit not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions antl makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that Rio 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or attentions on the assumption that the completion, repairs, or alterations of the subject property will be pertormed in a professional manner. Fntldie Mac Farm 72 MarcYi 2005 Page 5 of 7 Fannie Mae Form 1025 March 2005 Farm 1 g25 - "WinTOTAL" appraisal soilware by a la made, inc. -1-800-ALAMOOE smau rteslaennal income APPRAISER'S CERiIEICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I pertormed this appraisal in accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developetl my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated In this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be bulk on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a i]isinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multlple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be tine and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in. this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these advE:rse condliions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and inforrttation in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or biais with respect to the participants in the tmnsactien. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the mce, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment [Intl/or compensadon for performing this appraisal or any future or angcipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loon application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth In this appraisal report. If I relietl on significant ri=,al property appraisal assistance from any individual or individuals in the pertormance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks pertormed In this appraisal report. I certify that any individual so named is qualified to pertorm the tasks. I have not authorized anyone~to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsihility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Fonn 72 March 2005 Page 6 of 7 Fannie Mae Fonn 1025 March 2005 Farm 1025 - "WnTOTAL" appraisal software by a la mode, ine, -1-s00~ALAM00E ~mau Iteslaennal Income Nroperty Appraisal Report cs.x Mnnng7 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instmmenl:ality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to ohtain the appmiser's or supervisory appraiser's (if applicable) consent. Such consent must 6e obtained before this appmisal report may he disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that zany disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Un'rfoOn Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those farms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper vension of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limded to, fine or imprisonment or both under the provisions of Title 78, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APP'RAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility far the contents of this appraisal report Including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraisers certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qual'died to perform this appraisal, and is acceptable to perorm this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal reElort was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as 'rf a paper version of this appraisal report were delivered containing my odginal hand written signature. APPRAISER rge R. Ulsh Signature Name eor s State Cert. Res. Real Estate Aopr Company Name i ealty Inc. Company Address 801 East Park Drive SuBe 106 Harrisburg PA Telephone Number 71=p 441-2794 Email Address rulsh oomcast.net Date of Signature and Report 03/08/2012 Effective Date of Appraisal 02/28/2012 State Certification # Rt.000ao9L or State License# _ or Other (describe) _ State # State PA Expiration Date of Certification or License 06/30/2013 ADDRESS OF PROPERTY' APPRAISED APPRAISED VALUE OF SUBJECT PRDPERTY$ 180000 LENDER/CLIENT Name Company Name Client: Julie F Gale Estale clo Dick Stewart Company Address 301 Market Street. Lemoyne PA 17011 SUPERVISORY APPRAISER (ONLY IF REDUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ DId not inspect subject property ^ Did inspect exerior of subject property from street Date of Inspection ^ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of compamble sales from street ^ Did inspect exerior of compamble sales from street Date of Inspection Email Address Freddie Mac Farm 72 March 2005 Page 7 of7 Fannie Mae Fonn 1025 March 2005 Form 1025 -'~nTOTAI° appraisal software 6y a la motle, Inc. -1-900-ALAMOOE Operating Income Statement M00092 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 49 Circle Drive Camp Hill PA 17011 Street Ciry State Zip Lode General Instructlons: Tltis form is to be prepared jointly by the loan applicant, fhe appraiser, and the lender's underwrier. The applicant must complete the following schedule indicating each untt's rental status, lease expiration date, curernt rent, market rent, and the responslbllltyfor Cwrengy Expiation Current Rent Market Ren[ Paid Pald Rented Oate Per Month Per Month Utility Expense By Owner ey Tenant Untt NO.1 Yes~_ Nom $ 741 $ 800 Electricity _..._ ^ Untt No.2 Ves~_ NoQ $ 641 $ 700 Gas _.., _____, ___ _ ^ ^ Unit Na.3 Yes~_ Nom $ $ Fuel Oil ^ Untt No.4 Yes~_ NoQ $ $ Fuel (Other).... _._~ _ ^ ^ Total $ 1.382 $ 1.500 Water/Sewer _._.. . ^ Trash Removal _____ ^ The applicant should complete all of the income and expense projections and for existing properties provltle actual year-entl opeadng statements for the past two years (farnewpropem'es Me app//cant'sprajected/ncomeanderpensesmustbeprovlded/ This Opeating Income Statement and any pervious opeadng statements the applicant provides mus[then be sent to the appraiserfor review, comment, and/oradjustmenls next to the applicartt's figures (eg. App//cam/Appra/ser288/300). If the appraiser is retained to complete the form Instead of the applicant, the lender must provltle to the appaiserthe a(orementtoned operating statements, mortgage Insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any othru relevant information as to the income and expenses of the subject property received from the applicant to suhstangate the projections. The underwriter should carefully aviewthe applicant's/appralser's projectons and the appraiser's comments concerning those projections. The underwriter should make anyfinal adjustments thatare necessary to moo accurately reflect any income or expense items that appear unerasonable for the market. (Rea/estah tares and/nsurance on these types ofpropeit/es areinc/udedln P/T/andnotca/cu/atedas an annua/e~oense itemjlncome should be based on the currem rents, but should not exceed market rents. When there are no current renh because the property is proposed, new, or currently vacant, market rents should be usetl. Annual Income and Expense Projection for Next 12 months Adjustments by Income(DO notlnc/ode income forowner-occupiedunlfsJ By ApplicanVAppraiser Lender's Underwriter Gross Annual Rental (ham and(s) fo be rented) .,,.,,..________._(Market) $ 18000 $ Other Income Cnc/ude saumesJ _...__. __. _._._._. + 0 + Total __......_. $ 18000 $ Less Vacancy/Rent Lass _.._ ___________. - 540 ( 3%)- ( %) Effective Gross Income ___ __..,.. .._..... ,___ $ 17460 $ - Expenses (DO notlnc/ude expenses torowne~ occupied an/tsJ ElecMciry _______ Gas Fuel Oil Fuel _..._ .............___......._......_._.__ (TYPe- ) Water/Sewer Trash Removal Pest Gantrol _,,. _______ Other Taxes or Licenses Casual Labor _........ This includes the coststorpublic area cleaning, snow removal, etc., even though the applicant ntay not elect to contract far such services. Interior Paint/Decoradng _,_.. ___.._.. This includes the cast, of contract labor and materials that are required to maintain the intedors of the living untt. Geneal RepalrsrMaiMenance _........._. _......_._.._........_.. This includes the cosb: of contract laborand matertals that are required to maintain the public coimders, stairways, roofs, mechanical systems, grounds, etc. Management Expenses __.._...__ ___....,_ These are the customru expensesthat aprofessional management company would charge to manage the property. Supplies _......._ _.....__ This includes the cast:. of items like IIgM bulbs, janttodal supplies, etc. Total Operating Expenses ______.._ $ 3.287 $ Freddie Mac This Form Mus[ Be Reproduced By Seller Fannie Mae Form 998 Aug 88 Page 1 of 2 Farm 216 Aug 88 T C Realty, Ina George R. Ulsh Form INC2 - "WinTOTAL" appaisal software by a la made, Inc. -1-800-ALAMODE Replacement Reserve'~Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operatlng statements or are customary in the local market. This represents the total average yeaay reserves. Generelly, all equipment and components that have a remaining life of more ttlan one year- such as refrigerators, stoves, clothes washers/dryers, [rash compactors, furnaces, roofs, and carpeting, etc. -should be expensed on a replacement cost basis. Equipment Replacement Remaining By Applicant/ Lender Cast Life Appraiser Adjustments Stoves/Ranges ,...__ .... @ $ 500 ea. + 10 Yrs. x 2 Units = $ 100 ~ Refagemtors _._..... _. @ $ 500 ea. + 10 Yrs.x 2 Units=$ 100 ~_ Dishwashers ,,,,,,,,,, ,,, @ $ 350 ea. +~ 10 Yrs. x 2 Untts = $ 70 ~ q/C Untts _.. _.._ @ $ ea. + Yrs.x Units=$ $ C. Washer/Dryers ,.,,. .,. @ $ ea. + Yrs. x Units = $ ~ HW Heaters _.._.... _.. @ $ ea. + Yrs. x Units = $ ~ Furnace(s) ___..... .... @ $ 5.000 ea. + 15 Yrs. x 2 Units=$ 667 $ (Ocher) __._.__...._ .._. @ $ ea. + Yre. x Units=$ ~ Roof _.........._....._.... @ $ 5000 10 Yrs. x One Bidg. _ $ 500 ~ Carpegng (Wall to Wall) Remaining Life (Untts) 250 Total Sq. Yds. @ 15 Per Sq. Ytl. 5 Yrs. _ $ 750 ~ (Public Areas) -Total Sq. Yds. @ ~ Per Sq. Yd. + yrs. _ $ $ Total Replacement Reserves. (Enter on Pg. 1) $ 2.187 ~ Operating Income Reconciliation $ 17.460 - $ 3 287 = $ 14173 + 12 = $ 1 181 Egecave Gross Income Total Operatlng Expenses Operatlng Income Momhly Operating Income $ $ 1.181 - $ _ $ Momhly Operatlng lricome Momhly Housing Expense Net Cash Flow (Note: Monthly Housing Expense includes pancipal and Interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage insumnce premiums, HOE1 dues, leasehold payments, and suhordinate financing payments.) Underwier's instructions for 2-4 Family Owner-Occupied Properties • If Monthly operagng Income is a posttive number, enter as "Net Rental Income" in the "Grass Monthly Income" section of Freddie Mac Form 65/Fannie Mae Fonn 1003. If Monthly Operating Income is a negative number, tt must be Included as a Iiabiltty for qualification purposes. • The borrower's monthly housing expense-to-income rods must be calculated by comparing the total Monthly Housing Expense forthe suhjac[ prolPerly to the borrower's stable monhly income. Underwriter's instructlons for 1-4 Family Investment Properties • If Net Cash Flaw is a posttive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Fonn 65/Fannie Mire Form 1003. If Net Cash Flow Is a negative number, tt must be Included as a Iiabillty forquallticatlon purposes • The borrower's monthly housing expense-to-Income ratio must be calculated by comparing the total monthly housing expense for Ne borrower s pamary residenceto the borrower's stable monthly income. Appreiser's Comments (/nelud/ngsources fordata andra8ona/e loathe pro/eclionsJ Cost Manuals, personel interviews and appmiaers general knowledge of the subject area were used in the determination of developing the Operating Income Statercient. Geome R. Ulsh PA States Cert. Res. Real Estate Aol 03/08/2012 Appraiser Name ppm ignature Dale Underwrtter's Comments and Ragonale for Adjustments Underwater Name Underwater Signature Freddie Mac Form 998 Aug 88 Page 2 of 2 Form INC2 - "WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Date Fannie Mae Form 216 Aug 88 Supplemental Addendum File No.M00092 BelroWer Cleat Client; Julie F Gale Estate cJ0 Dick Stewen Pro a Address 49 Circle Drive C' Cam Hill County Cumberland Stale PA Zip Cade 17011 Lender Client: Julie F Gale Estate do Dick Stewart COST AND INCOIME APPROACH COMMENTS The Cost Approach to Value for homes with an age greater then a maximum of 5 years, the lack of available vedfable land sales or having gcotl available closetl sales for comparison to [he subject creates a condition that causes the Cost Approach to Value to be considered inappropdate for use in this appraisal report. This is based on the tact that a cost analysis for a subject property is geneally subjective, based on the appraiser estimate of depreciation, cos[ manuals general analysis for an area, subjective statemrents from area contractors. The generl analysis of all supports the statement that this generally leads to the inaccuracy of the Cost Approach to Values and leads the client [o improper conclusions. For this reason, although considered, The Cost Approach to Value is inappropriate for use in this appraisal report. The Income Apprciach to Value is considered inappropriate for use in [his appaisal report. This is based on the fact that a typical purohaser 1'or fhe subject property has an interest in the purchase for their primary residence apposed [o the concern of the value generated, through investment, from the possible income produced value. In adtliflon, me verttable information available is not a matter of public record and accuracy is at best considered limited in nature. For this reason, although considered, the Income Appmach to Value is considered inappropdate for use in this appmisal report. Neighborhood - D~escdp[ion The subject is located in a residential neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employment for the area is rated as good. Major employers in the Camp Hill Area include large manufacturing companies, local <lovemment facilitles and many smaller service companies. The subject neighborhood Is in a primarily stable phase of its' life cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time pedotl ezceeding one year. This is after a sustained increasia for several prior years. Buyer demand appears typical for this time of year in the neighborhood and is supported by continued low interest rates. Information is supported through public record intonnafion antl Central Penn MLS System. Neighbomood -Market Conditions There are no foreseeable economic trends which might significantly influence market wnditions in this area. The cument mortgage market offers a wide variety of conventional loans with competltlve rates. As a result, the terms of financing have little, if any, impact on sales prices. If interest retes remain reasonable, property values and marketablility should be good. Current supply anti demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest re[es are ranging from 3.5%[o a%wNh 0-6 points typically being paid for origination or tliscount. Seller concessions, although evident, are not typpical of all trensacfions. APPRAISAL COMMENTS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed any services regarding) [he subject property within the three year period immediately proceeding acceptance of [he assignment, as an appaiser or in any other capacity. The subject is over 30 years old but had been modernized as necessary and Is marketable in its present condition. The effectlve age is significantly less than 30 years. Form TA00 - ^WinTOTAL"appraisal software by a Ia made, inc. -1-eDO-ALAMODE Borrower Client Client: Julie F Gale Estate c/o Dick Stewart Rle No M00092 roe Address 49 Circle Drive C' Cam Hill Cvunly Cumberland State PA Zio Code 17011 Lender Client: Julie F Gale Estate do Dick Stewart APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report isgltr, of the following types: ^ Self Contained (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work, as disclosed elsewhere irl this report.) ® Summary (A written report prepared under Standards Rule 2-2(b) , pursuan[to the Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) ,pursuant to the Scope of Work, as disclosed elsewhere Iri [his report, resMcted to the stated intended use by the specified client or Intended user.) Comments on Standards Rule 2-3 I cedity Nat, to the hest of mg knowledge and belief: - The statemems of fact contained in Nis report are We and coned -The repaded analyses, opinions, and conclusions are IimRed only by the reported assumptions and limitlng contlNOns and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise indicated, I have no presets or prospective Interest in Ne property that is the suhject of Nis report and no personal irdarest with respect to the paNes involved. -Unless otherwise indicated, I have pedarmed na services, as an appraiser or In any other capacity, regaNing the property Nat Is the sublect of this report within Nethree-year pedod immediately preceding acceptance of this assignment - I have no hies with respect to Ne property that is the suhject of this report or the paNes involved whh Nis assignmem. - My engagement in this assignmeN was not comingent upon developing or repvNng predetermined results. - My compensation for completlng Nis assignment is not congngent upon the development or repading of a prsdelennined value or direction In value Nat favors the cause of the client, the amvum of the value opinion, the attainment of a sdpulated result, or the occurrence of a suhsequent eveN directly related tc the irdended use of Nis appraisal. -My analyses, opinions, and conclusions were developed, and this report has peen prepared, In conformity with the Undorm Standards of Professicnal Appraisal Pmctlce that wer in eRed at Ne tlme this repotl'. was prepared. -Unless otherwise indicated, l have made a personal Inspectlvn of the property that is Ne sublect of this report. -Unless otherwise indicated, nc one provided signigcaN real property appraisal assistance to the person(s) signing this certAicagon (if there are emeptlvns, the name of each Individual providing significaN real property appraisal assistance is stated elsewhere in Nis report). Comments on Appraisal and Report Identlflcation Note any USPAP related issues requiring disclosure and any State mandated requiremerds: APPRAISER: ~~ /,,~]/ ,- SUPERV180RY APPRAISER (only R required): Signature: ~ <%r/~ _ ~: Signature: Name: Geo a R. Ulsh State Cert. Res. Real Estate A r Name: Oesignativn: Oesignadon: Dale Signed: 03/08/2012 Date Signed: State CeNiicatlon #: RLOOC409L State CeNiicafion #: or Sete License #: yr State License #: State: PA State: Ezpiratlvn Oate of CertgicaAen or License: 06/30/2013 Explragon Date of Cerdilcatlon or License: Supervisory Appraiser inspecgon of Subject Prvpedy: EBectlve Date of Appraisal: 0928/2012 ^ Did Not ^ E#etlor-only tram sVeet ^ Intedor and Eateriar Porm ID70 - "tMnTOTAL"appraisal software by a la mode, Inc. -1-SOPALAMODE Subject Photo Page Borrower Cllem Client. Julie F Gale Estale Go Dick Stewart Pro a Address 49 Circle Drive Ci Cam Hill County Cumberland State Pq Dp Cade 17011 Lender Client Julie F Gale Estate Go Dick Stewart Subject Front 49 Circle Drive Bales Price MarketValue Gross BUilAing Area 2,478 Ago 53 Yrs Eat Subject Rear Subject Street frorm PICPUCSC - "WInTOTAL" appraisal software 6y a la made, inc, -1-800~ALAMODE Subject Photo Page Borrower Client Client Julie F Gale Estate Go Dick Stewart Pro a Address 49 Circle Drive C' Cam Hill Comdy Cumberland State PA Zio Cade 17011 Lender Client: Julie F Gala Estate Go Dick Stewart Cracks In Driveway as co-~le Drme Sales Price MarketValue Gross Building Area 2,478 Age 53 Yrs Est Cracks In Driveway Deteriorated Soffit Forth PICPIX.SC - "WinTOTAL"appraisal software by a la mode, Inc. -1-800-ALAMOOE Comparable Photo Page Bortower Client Client: Julie F Gale Estate Go Dick Stewart Pm a Address 49 Cirt;le Drive C' Cam Hill County Cum6edand State PA -a COde 17011 Lender Client: Julie F Gale Estate Go Dick Stewart Comparable 1 1294 Brandt Road Sales Pdce 217,500 Grass Building Area 3,200 AAe 9 Yrs Est Comparable 2 223 Bosler Avenue Sales Price 169,900 Grass Building Area 2,312 AAe 82 Vrs Est Comparable 3 200 Forge Road Sales Pdce 154,000 Gross Building Area 2,277 Age 112 Yrs Est Farm PICPIX:CC - "WinTOTAL"appraisal software 6y a la made, inc, -1-BOO~ALAMOOE Building Sketch Bortower Client Client: Julie F Gale Estate c/o Dick Stewart Pro a Address 49 CinAe Drive Ci Cam Hill County Cumberland State PA LD Cade 17011 Lender Client: Julie F Gale Estate Go Dick Stewart alarm ie IX 5 u"~. u"rm. F exw~n C uwgv"~ ~ m.... mrx wm,ge m „ms I~ prey C01a4tlona Summary IlvinO Arm ~ ~ Unrt t 1R Flr 1312.)5 Sq R Unh A2 in Flr ll69.3 5q R TObI laN:q Area (ROUn4etl): 26)) Sq R Non-IlWrlp Area '. assement 1312)5 Sq R PorcM1 29 SQ ft Porch 2 26 Sq R 2 Car Garzge 4695q R Form SKT.BIdSkI - "WinTOTAL"appraisal sattware by a la mode, inc. -1-800-ALAMOOE Buliding Sketch Borrower Cllero Client: Julie F Gale Estate do Dick Stewart Pro a Address 49 Circle Drive C' Cam Hill County Cumberland State PA Zp Code 17011 Lender Client: Julie F Gale Estate Go Dick Stewart mrunemp~o n°h °~ AtM Glgrlatlone Summa DWn9 Mee Calculatlon Debib Una 114 Flr 1312J5 Bgft 29.5 244.6 = 1312J6 Untt x214 Fir 1164.35gft 6x2 = 12 ].Bx2 15 25 xg5.5 = 113J.5 Total 11Wn9 Arse (ROUndetlj: 24)) Sq R Non-Ilvirp Brea Basement 1312.J6 Bq R 29.5 x q4.6 = 1312.]5 PoRh 288gft ]x4 = 2a Porch2 28 Sgft )x4 = 78 2 Car Garage 4685q R 24 x 19.5 = 468 Form SKT.B~dSkl - "WinTOTAL" appraisal software by a la made, Inc. -1-800-ALAMOOE Appraisers 2017-2073 Certification ~~ ~ ,~ r ', .:~: `~? - Bureau P Certificate Type - -CeitfietlResidential Appraiser GEORGE RANDALL ULSH 40 QOerry $lreat HA~IISBUjiG PA 17111 -C ti 10 0 6 4.8.8,9'.0 rs ::. _ Certificate Status Active Inptul ~ektJicatiRb Date. " 10/11N991~~:n Expit ation Dalc OBI30@013'. ~> ~ ~~ ry,,.,m - Porm MAP.Treric -'~nTOTAL"appraisal soffwaze by a la made, inc. -1-800-ALAMODE ~-ermrcare Number RL000409L Location Map a la mode, inc' ~ - - ` xw:esileR - •'`^ •", ,nee.as.,wme~..r.mm, n Iv ~± aaz ~~• Marysvillg.~ ,~ 9~ Vans `ry~ i' ~allei~ Park °i ~,~~;~ P -KeyStena V511eY-Ra--850 •__.. _a50 Po<~{9 - - * -_ _, _ - i r a _-. w _, _.--- Summa ales _ -_.-_ ,. '.#ngn -. - Y 3i y __~ ~•u 2 u ~mtle pi I 2 Donnellytown ___ -_ ®.wa~vpla Ra. - - - ®wrarawfle Ra Enol s : .xa..aara~» ~M~R#6C ~. X 1 ~ ~ `° G II V e, m~ s . f ¢ ~m ~, ,~ W°rml urg ,' Harrisb .T~ ~ Hogestowi~~Pik~ n 5m ~ ~ W _. Lemcl n °s Ntaaml5e Ca Hill ~ ~' M'ddlesex =-_-. 4 F spo -xar- .y "' ~a, _. --New Kingstavn .a n s /~ ._ __~ ~ ~.-' "eoo -'~--.~ , hirem'ansto _._ Mecha `]y~. °n P q -:. Tn"ale_Atl. 0.oxbury ~ wvlal f ~ • - - xickofyjown_-__ WI WTantllrtRa6.. n Vert "-' QD ~., ~ 4H;~ 9a 1]a ~ 114 na 2 ii f Chu2htown 15 6ovimansdale e° wtR~ ~ ~ )2h Boiling ?°'6ng 5pn"Q f-- _ Ivauvoo $ fin 5 ~~ ~'~ ___ ~ > Andersontown P 9r -~~img_ns ~ ~ a~ peh Dl ~ ~ ~~ Sitlaonshurg ~' ~~- Can II T~ i~ n~ ~„w+ Oillsburg ' 5["rre Heaa North I L+ II G ~y SUP I Tr] f Rd ~~ Warrington Twp AI c"nxTaxn na Fnnklintown IS / gf GP,}nclm g Pvk Ckir Spring o-a " P ~T /¢ a ]6 Wdv' g3 bin>x-s7JUmR.av ~ ~~ db::' WellrvJle > 23 ~mtlei wrrr~ I ° axe_x,2ao~y.=: a~,ervsra2 >••_•~ Form MAP.LOC - "WIATOTAL" appraisal sgfhvare 6y a la matle, inc. - 7~BOO~ALAMOOE T C Realty, Inc. George R. Ulsh Uniform Residential Appraisal Report Rle# M Dose °- --- -• • • •-,,,w o o~~ mnuo um ienueppiem wim an accurete, and atl uatd su orted, p Nan d the martrel valve of the suh'eq roe Pro Address 530 Fairwa Drtve Ci Cam Hill State pA L Cotle 17011 Banower Client:Julie F GaleEstate Go DlckStewart Owner q Public Record C t Club P rk D loo nt I Caunry Cu h da I L al Descd gon Owner to roweled to be attached to the A sisal Re ort Assessor's Parcel # 09-20-1650-267 Tax Year 2012 R.E. Taxes $ 2 585 Nei hhorhood Name East Pennshoro Townshi Ma Rgerence 09-20-1850-267 Census Tmq 0102 0'? . Occu an[ Owner TenaN r VacaN Spatial gssessmegs $ N!A ^ PUO NOA $ N/A ^ per ve a er moNh Ri hts raised Fee Sim le Leasehd0 Otlwr desalbe Assi nlrwNT Purchase Trensacdon ^Regnance Tramacgon ~J Other (desalbe) Establish th mark tvalu of th subs ct AS IS Lenda/C6eN Client: Julie F Gale Estate do Dick Stews Address I tend d us - Anv VA app eel I der Is tre sub eq ro cuneNl offered for sale or has d been offered for sale in the twelve momhs prior to the ebecgve date d this a l ll ppra sa I Yes ~ Np Re ort data sources used abennp pncejs) and date(s). Publ c R d d Ar MLS V nfi d 03/06/2012 Subi cl ha t b oR d ter sale in the last 12 months. I ^ did ®did not analyze the colpraq for sale for the subleq purchase trensacdon. Explain Ne resubs q the anatysis q the caldred for sale w why Ne anatysis was not d prmed. Publk Recortl and Area MLS Ved6ed 03/06/2012 Subject has not be ffe d for le in ih last 12 m the CoiNaq Pdce E MarketValue Date q Contraq N/A Is lla DropeM seller the owner of pudic recortl'+ ~J Yes ^ Np Data Source(s) Publi Record Is there am financial asdstance Qoan charges, sale cpncesslons, gift or downpaymeq assidance, etc J to be pqd by any party on behaN q the bonmva? [] Yes ®N o N Yes, re rt the tqd dollar amount arN describe the beets to be paid. N/A Publ' Rew d and Area MLS Ver'med 03/06/2012 Sub~ect has not Oeen offered for sale in tYie last 12 months. Note: !fete end the redd can nolthe fret hbdrhood are note releal ledore. ~':~"~ Nel~hti'bfiodd C iaddditlcd'$., , r r "~d„, ,r n 1; On~Unit doiuln ;fiends-,r ~ r ~,!L n'.Ohe; Unit xoudn ; s ': Praeenl Ldid Usa %~ .. Location UNan Suburban Rural Pro Values Inaeasin Smble Declinin PRICE AGE One-UnR 60 % . Buib-0 Ovar 75% 2;i-75% Under 25%' OemanNS I Shpda a In Balance Over Su I S OBO rs 2-4 Urlit % Growth Ra id Slade Slow Madmtl Tme Under3 mths 3-6 mlhs Over fi mNs 150 Law 5 Multi-Fainil % Nd hbodlood Bpundades North and West is the Conti ouinet Creek East is Brentwater Dmre South Is 450 Hi h 125 Commerdal 10 % ' , Walnut Street 250 Pred. 40 Other 10 % Nd hbahood Oescd don See Supplememal Addendum with meets Th Pred min t sinpl fa 'I h ' V ou vat e i b her Dort I in a ran a of 175 000 to $400 000. Predominam ape is better reported as 20 veers to 50 veers Other ores Is va nt p nd Markel CoMi0ons incNdi su ipod for the above concluslpnsl See att bed S ppl eMal Adele duet with co menu Olmensipns 1%' x 64' x 67' x 100'x84' Area .25 acres She Mostl Recta ular View Suburban 8 afic Zad Classification Residential Zoninp Descdpdpn All 'npf siripl fa 'IV hou' pu Zad Co ante L al ] Lepd Nonwdannnp IGrendfathered Use) ^ No ionlnp I I Illeoal /descnbe) Is dre N bed and best use q sub el q PropBrry as improved (or as proposed per plans and spedficabons) the present uses t~ Yes ^ No B No descnbe Uddee Pufadc Otlnr ldestnbe) Pubes Otliv(dectdbe) ON-sbe lm vemeds- Pudk Pdvde Bec41i 200 amp Water ~ ^ Streq Paved ASphaN ~ Gas Saldary Sewer (~ ^ Pllev N e ^ FFMA S clal Flood Hazard Area ~ Yes ~ No FFMq Flood Zom X FEMA Map # 420359 0114E FEh1A Map Gate 03!16/2009 Are dw udliUes and oB-site im rovemeds ripcal for the m2rkel areal 6a Yes ^ No N No descnbe Ara Mere a adveree sbe conditions or edemd hctors (easemeds encroachments enwronmedN caMlbpns land uses do )1 ^ Ye (~ N b Y s o es descdhe There were no noted a arent atlverse or unfavorable easements or encroachments noted F ''~ GedeN Re9af Ian y 5 -<-..•19 Foundatlon.r5'~: ';ir'r= ExIeA"oi Dedcd Uon:,`•,'r metedals/ddnditldn Interior a -i metedald/condition Units One Ore with Accnsso Unb # q Slodes Concrete;SlaD Crew15 ace Foundation Walls ConcreteBlk/Avers a Floors Wd C f Vln Good 1 T e Del At Full Basemed Partial Basemeq Extedor Walls FremeBVin /Avers Walls D II'GOOd . C S-DpVEnd Unb F>asd Pro us d U d C Basemeq Area 416 s .h. Rad Sudace Com Shin UAVera a TdmrFinish Wood/(aped e n er ond. Basement FlNsh 0 % LNldem & Omvns aids Aluminum/Avers a Bath Floor Vin Go d Oesi n S le 1 Sto Year Bdb Outside h>at Sum Pum o WINowT a DoubleMun /Avers a Bath Wainscq Fibe lass/Good 1996 Evidenced Infestadan Storm SasMnsulated InsulatedWNAvera eCar Store a Npne ENecdveA s -10 Ndc Oam nes Seblemed Saeens Yes/Averse Odvewa #of Cars 2 None Dro Stair Stairs fkatl A HWBB padiaN Oth Amenities Wopddove s # Dtlvewa Sudace Paved As halt Floor Scultle~. er Fud Gas Codih Cedral Air Co tlN d Flre laces # 1 Fence Gas e # of Cars 2 FNShed Heated n O Individual Other PadWDeck 1 Porch 1 Ca h # q Cars A antes ReM ereta Ra rlWen Dishwasher Disposal ^ Microw Pod ONer Ad. Od Built-in ave n Washer/nrver Fl robe, mn~rnnm _ ..._ _.. ____ rage i m ti Fannie Mae Farm 7004 March 2005 Fonn 1004-'WnT0TA1' appraisal software by a la mode, inc. -1-800.ALAMODE EXHIBIT I Llnifnrm Racirlf?ntial ~nnraic~l Ronnrt tales Ttare are 0 co tab le plopeNes currentl y offemd to sale in the suhieq neighbor hood taming in Ddce from $ 0 V tp $ 0 Them are 1 com arab le sales in the sub e p mi hborhood within tlsa ad twelve mon ths rani in sale rice from $ 174 9 00 to S 174 900 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 530 Fairway Driv e 75 Foxcroft Drive 77 Little Run Road 1475 Ons Bridge 12oad Cam Hill PA 11 ' 7011 Cam Hill PA 17011 Cam Hill PA 17011 Enola PA 17025 Praum to Sub~eq 3 0.31 miles NW 0.29 miles W 2.34 miles NW Sak Rce $ MarketValue ~.`.'`~ `~1` $ 199900 k;".'t''' •, $ 174900 - - 7 S 150000 Sale PdcelGross Uv. Area E 11 s s2 ft $ 140.06 s .iL '." S 114 7s s fl : --" ~' E 125 42 s fl ' ' Data Scarce s Pro ~ ;ewin + LS PuhRec reisersFiles MLS PuhRec A reisersFiles . . . MLS PubRec resersFiles Verdica8an Sources Data Bank:' "• eta Bank Dafa Bank Data Bank VALUE ADJUSTMEMS DESCRIPTION DESCRIPTION +- $Ad'ustrmm DESCRIPTION +- SAd'usMem DESCRIPTION -F- $Ad'usbnem Sales pr Fnancirg N/A,~ ` VA $5500 Conv $1500 FHA $5000 Concessions ~i :.., -.'~. 5 DOM 8 DOM 45 DOM Ode q $ala?ime N/A "' "` '.'~'•-" 0 /30/2012 09/26/2011 08/02/2011 LpraBon Surburban Surburban Surhurban Surburban Leasehddffee Si a Fee Sim le F e Sim le Fee Sim le Fee Sim le Sia .25 awes .65 Acres -2 000 .19 Acres +1 000 .26 Acres New Suburban S hurban Suburban Suburban Deli n e 1 Sto 1' to 1 Sto 1 Sto Oval dCondmc8an FnnBVi /AV B BFreme/A BrkBVin Av Frm$Vin /A AcWd a i6 Yre Est 5 Yrs Est 28 Yrs Est 29 Yrs Est CpaliBon Good V d/SaleRmdl -10 000 Good A /Sb'tU date +10 000 Ahow: Grade Taa Bdrms. BaNS T I Bdrms. Bates Tool Btlrms. BaNs Total Bdrms. Baths Pawn Couq G U i A 6 3 2 2 1 +5 000 6 3 2 6 3 1.1 +2.000 ross v fsa 1 q54 s .h. 1 427 s .fl. i 524 s .iL i 196 s .fl. +2 600 Basemeg8 Fnished Unfinished RkRm,.1 Ba,FP -10,000 RecRoom 5,000 RecRoom 5 000 flppms Below Grede ' 29%/0% 7%/60% -2500 100%/75% -2500 100%/75% , -4000 Fumtlpnd trot Averse A' re e Averse Avers e fleatl op8 • CMrIHt/CnidCl C idHtlCntdCl CntdHtlCnWCI CnMHtlCnMCI Ene EffideN ttems T ical for e T ical for A e T ical for e T ical tar e Gam s!C ad 2 Car Gara e 1 r Gare a +3 000 1 Car Gare e 1 Car Gars e PorcfVPafiryDeck • porch Pa0o P rote Patio Pch WdDk Porch Patio AmeniBes Flre lace Fi lace Fire lace None +3000 • Ameritles None N'ne None None ' AmeniOes ' None N ne None None • Nd Ad ushnem pal Adju t d S l Pd ` + - $ -16 500 + - $ -6 500 + - $ 8 600 s e a e ce ~. „ NeC Adj. B.3 % Nq Adj. 37 % Nd Adl. 5 7 % q Co ambles - . ; ~ ,~.~„ '! Gr ss Ad. 76.3 % $ 183 400 Gross Ad. 4.9 % $ 168 40o . Gross Ad. 177 % $ 158 600 I did dd not researoh tlce sale ar transfer hi do of the su 'eq ro e and com ambl e sales. II mt. sin M resParth did did nq reveal aln' prl0f sales prtransfers of the Sllbleq properly fpr Ue 1hreB veers pdOr to (hd BB5CBV8 dated (NS appmisa Gala Sources Public Record and Area MLS research did did not revea arty prior sales or handers q the comparable sales tar the near pdor [o the date d sale d the commareble sale Daly Sauroe s Public Record and Area MLS ' Re at the results d the researolh sal anal sis d the dor'sala a tender hido d Me sub'eq ro and com table sales ort additlonal nor sales pn a e 3 . DEhI SUBJE T COMPARABLE SALE #1 COMPARABLE SALE #2 COMPAAABt E SALE #3 . Ooh: of Pdor SaWTrander No transfer of a sub act No transfer of the sale No transfer of the sale No transfer of the sale Rica of Pdar Sals?rensfa in the last 36 m nibs in the last 12 months in the last 12 months in the last 12 months Dap Sources Public Record Public Record Public Record Public Record EfiecBVe Ode d 0ata Scarce 5 03/06/2012 03/06/2012 03/06/2012 03/06/2012 Aral is q der sale pr transfer Ndary of the sublet[ prapeM and comoarebk sales N t sf f the biect' the I t 36 m ihs N tran f of the sales in the last 12 months. Sumnp d Sales Cam 'son Approach Sales are Ipcated within the sa uburh n m rtcet a as th subi Q prop rtv Sal s are 'miler in uali of consbuciion to the sub acl_„a use m sales o aer then and or located Turther the twically deli d vss caused from the abs ce of ore recent similar sales in closer roximity to the sub ec[ ahd th op ' d t Nd depu t 'nip a0on' Bevel [h appre sal re ort The ' . sales bracket the sub ed in value antl GLA. Th!: rs a des red co d'tion wh establishing them rket v I e of ih subi IX S II con lions when seen are irap 2 - 6 recent of the sales once n the sub eq rk t d t ale t co dN'on I ih v I of th roperties For this . reason seller concessions are md;cated teal do not support a reduction alu of the I M t weight t ih biect slue' give to Sale #2 . Sale #2 is located in the imimediate market area of the sub act and' d 'I is c dflio t the hied S le #1 nd #3 helot suop rt the value indicated in Sale #2. Indicated Value b Sales Com dson R roach $ 170 0 0 Irrtlicaled Value .Salsa COm dson APproechS 170000 Cost Approach (if Oeveloped)$ N/A Income Approach (H tlevebced)$ 156150 The Sales Com orison oroach tg Value Is the best tar det ininp the Market Value of a residential property The Into e o ach in this • skuatlon het s to su art the Sales Companson Apprgach [o value. The Cosl Approach was considered teat is ngt appropdate for The a sisal . _ E sure time Is 100 - 120 da TNs appreisd is made ®'as is', ^ subleq to comfiedon pa plans and specifice8ans on the basis M a hyppNeBCaI condNan that the improvemems have teen canplded, ^subjeq to the fullovdrp repairs a atleretlpns an the basis of a hypothetlcal canditlan that Me repairs a altemfions have been complded or ^ subjeq to Ne , • fa9owi re aired ins ec8on basud on the exlreadilary assumptlon that The condlBon or ddigmcy does no[ readre altaa8on or reDdr' See tta bed ogle enfal ' addeMUm whit suh ec[ ropertv and appre;sal comments notetl This appreisal is not valid wdfhoN all attach d adtl da Beeed on a canpleta Nsuel inapectlon of the Intedol and exledor vase of the aubJect property deflnad scope of wodr, stetemeM of assumptlona end Ifmiting Colldltlona, 811d apprele0r'e Ce fN:etlon, my (our) oplnlon of Ue market vdu0. as delined f fM1 d , o a re property that Ls the aubJed of this report is $ 170000 ea of 03/06/2012 which is the dde of Inapectlon and the eMedive dale of Mia prdsel ...__ . _.........,_,,,, _,,,,,, rage z or ti Fannie Mae Form 1004 Marsh 2005 Farm 1004-'WinTOTAL"appraisal software by a la mode, inc. - t-800-ALAMOOE Uniform ResidL?ntial Annraical RPnnrt Gales The suh'ect a e is estimated at 16 years The subsea use has be Ingle f ilv re 'd Bal wh'ch app to h the H'ghVsl be t se for the roe Unless otherwise noked within the appraisal report ALL provid d ohotos origin I a d we a obtai d by ih pprais during the develo meet a the a sisal. All of th~3 sales indicated have been eMemally a d w inte ' rN view by the goo iser a epuired by the opraise guidelines for edormi a sisals. W hen a livable within the appraisal report h is assumed unless not d' the p rt fh t the ro f of mbl g heat) g lead I a td air ' cond NOnin s tem welNS se c tanks or cesspool are'n satisfactory lino ditio M t th b 'Iding' irudu Ilv ou d tl liee of termite infestation and free of termite damage. The appraiser suggests that buv> I nders d oth ' tere t d pans blase rtficat' tram ro e ualified rofessionals far ihea protearon. There has not been a Nle search or survey completed on the b' a pro rtv ih t old nfnn o d v any croa h enta cements deed restrictions on or a ainst the subsea property In addmpn inrormatron d loped f m av ~I ble rep rted oubl'c record's bet' v d aa:urete unless otherwise noted. Please be adWSed that public record resorting' t Um low omects~ Dort d At ih t' e f the goo ' al viewin of the s sub ea roe unless ~othenwse noted in the aposrsal report none of the Ue end din th' pass ph we visibly Cced ~ a greet . The a sisal is made crlnsidenng the items not present or hays o eR a on the erall tvg'cal us of the biea valued' this re ort Ran . a<these items are resent the Market Value as tletannhed by th's rep rt may h dversely aR a d Sub'ea Photos are odginal photos taken at the Bme of the soli' a prop rtv views ^ and h ve not b n alt tl The di kal s' nature rased On the appraisal report Is the true s'gnature f the pp iser d Used all app 'sal D'n'tal 'g to s Facilitate the transfer of Ne a sisal report by EDI EFT or a-mail The soRwa utilized h the app aiser t gene to the preisal Dort o teas si nature ' • secu b means of a in number Nat re in the sole control of the a p e The a raiser researolhed a group of sales: IisBngs and under contras opert' in th biea ea f pa ' to th ubiea Sales . anal is ta based on tha aroemity to the su6lepL local on eRecWe g mark t ge app r verif ble is olio f the le ; a reisers • reswrel knowled a of the sales and mast sinhdar amembes to the subsea. The s les unde corltr cts and listing provided in the Market Cam adson roach to Value are Ne best v~nfiable sales under ntraa d o Iis0 g sim I to th bie t f m ih g pup of les reviewed . This a sisal is a Summary Appraisal Regprt 'she Intend d User of th's app Ire rt's th CI'ent The I t d tl U to iluate the ' that is the sub ect of this a sisal tq stablish the market value sub'ect to the stated Sco a of Work u ose of the a sisal re ortln re ulrements ofihis a reisal sport form an Defnitlpn of Mark t Valu N add'B I I t ded U 'nt d d Us re'd ntifed b the a raiser.' The line ad'ushne wlhen'n place on the ~ I Co dson Ago oa h t Valu om ce Mar 's forth bath s i ih GLA area of the sub ea. Overall room count rs consMered in the GLA admshnea for the ubiea It is imp per to' seas redo a valu for both o om count and GLA This raceca U usedwould create a sityahon of increaslng lue dud g glue f the s e situ Bon Personal roe waste not Included in the filial value of tha sublect Value ad ustments withm me apprais I re bas d of o e sg ci0c m ket dedv d atliu t ant paired les a Ivsis Most are based on sevesl thousand over a ienod of 20 years vn strong inbuence for a rna to r~,ro rte. n,•~r am•.e....ee The a raiser is not a >rpfessional home'n~peaor and d t t ih b env ore a of date ta' the s h' ct rt . RasemeM size and finisM!d area of the sales bend ng sales and or arve I sB gs is Bmated from 61st re b rep rdng wh n ava'lable MLS information when availabk3 and the aopsisers general knowledge of th blea d sign Aaual rifiabl ' Porm Bon is a ava'I hle throw h credible named sources. ~ ; ' *' ` ~ ~ ~ -_ ~ 1 =~ "~~ -+~COSFAPPROACHTO VALUE ri6C "' ulibd b Ft4nnb Na'e _( Provide a vale imarmafion far the lender/dieN to ra tic to the below cost fi ores and calculatlons. Su ort for Use ltion d site rule (summary of cpmcer$ble land sdes or other methods for estlmalind she value) ESTIMATED REPRODUCTI(IN OR REPIACEME TCOST NEW OPINION OF GITE VALUE.._....__...........__...........__ =S Source d cost data .._......_____.... OWEWNG S .R. @ $ _$ D ra0 from cost service EUeNUe date dcost data - .__....... S.FL S _$ Comments on Cosl A oath mss Ilvin ama calcWa0o de eclaBon etc _........... , , . See attached buildin sketch whh dimensions lid sub~ea drewlln .See • -- _$ Gam elCa ort $ .R $ _$ attached su lemental adidendum with comma is on the sub~ea roe Total Estimate of Cps[-New =g ost roach to value. Less P sical Wnefional Eaiemal De recia0on =$ Oe recime0 Cast of Ira rovemerds ....._ _.........___........__-_...... =S 'AS4s' Value d Site Ira ovemenis ....___.....____.........___......_._ _$ sbmated Remalm Econo put Lde UD and VA od 50 Years INOICpTFD VALUE BY COST pPPROpCH _ _$ ~ _......_ - _ _ ' = ~"') "" "'~~ ~"'I NCONE APPROACHiO.VALUEfn'oti"~r71'r0d ~Feenle Mae)E~ ~ . Estlmatetl Mo MaNM Rem E 1041 Gross Rent MuIB ier 150 = E 156150 Indicated Value b Imols A roach Summa d Incorce mach mclutlillp suppotl for madM rem and GRM) Se attach d Supplemental Adele dum with tom enta the I orne roach to Value. F ~ ~ "PROJECiINFORMA710N FOR P,UOe (Me'IlraMey ' Is Ne develo rNuiltlerin contrddthe Homeowners ASSp~ratlon OtOA)p ^Yes ^NO Ud[Npe(sl (1 Detached nAUached Provide ilia fdlpwin imormahpn ~w row omr n ma pewaupenomioer is in contrd d tie HOA and the suhied property is an atlacfled dwelliM udt Le al Name d Pro eel Tdd number d sec Total number of units Total number d units sold _ Total number d uMs remed _ Total lumbetl d units iw sale OaR sourcefsl Was the ro eel created the canvereiondewsbnd bwltlinp(s)ImoaPUD7 Yes ^Na if Yes date of cornersipn : Dces tie mad corWn mldtl tlwedinp uMS'+ f1 Nes [I NO Doha Source Are the udts, cpmmon dements, and mcreatlon faulmes camdde? [- Yes ~ No U No descnbe the status d cpmplefian Are the wmnon elemdds leased to or by ilia Homeowners Assoaatlon7 n Yes rl Na If Yes descnbe tle remal teens and p fion p s Describe common demems and recreabond faulNes. Dann:., r.__ ~__ --- - -- ~ - ---° ---- rage u or o Fannie Mae Form 1004 Mareh 2005 Form 1004- WinTOTA1' appraisal soNware by a la mode, inc. -1-800.ALAMODE r~esiaential Appraisal Report ~,>, MUOD9 ' This report form is Designed to report an appraisal of a one-unit property or a one-unit property wtth an accessory unit; Including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal M a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and Iimtting conditions, and certifications. Modifications, addttions, or deletions to the intended use, intended user, Definttion of market value, or assumptions and limtting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary hasetl an the complexity of thi:a appraisal assignment. Mod'dications or deletions to the certifications are also not permitted. However, addttlonal certificatons that do not constitute material alterations to this appraisal report, such as those mquimd by law or those mlated to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: "fhe scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reparting mqulremen[;s of this appraisal report form, including the following definition of marknt value, statement ref assumptions and limiting conditions, anD certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas M the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales irorn at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal mport. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject M this appraisal for a mortgage finance transaction. INTENDED USER: Tire intended user o4 this appraisal report is [he lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competltive and open market under all condlttions requisite to a fair sale, the buyer and seller, each acting pendently, knowledgeably and assuming the price is nM affectiad by undue stimulus. Implich in this definition is the consummation of a sale as of a specified date and the passing of tiGe from seller to buyerunder conditions whereby: (1) buyer and seller am typically motivated; (2) both parties am well infomied or well advised, and each acting in what he or she considers his or her awn best interest; (B) a reasonable Ume is allowed for exposure 'in the open market; (4) payment is made in terms of cash in U. 6. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration far the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *AdjustmeMS to the comparables must be made for special or cmative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of Vad'Non or law in a market ewer these costs am readily identifiable since the seller pays :'these costs in virtually all sales transactions. Special or cmative financing adjustments can be miade to the compatible property by comparisons to financing terms offered by a third parry institutional lender that is nM already involved in the property or transaction. Any adjustment should not he calculated on a mechanical dollar far dollar cost art the financing or concession but the dollar amount of any adjustment should approximate the market's enaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSl1MPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this mport is subject to the following assumptions and limiting conditions: 1. The appraiser will nM be responsible for matters of a legal nature that affect elther the property being appmised or the title to lt, except far informatlon that he or she became aware of during the research involved in pertorming this appmisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has lrovided a sketch in this appraisal report to show the approximate dimensions M the improvements. The sketch is Included only to assist the wader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that am provided by the Federal Emergency Management Agency (ar other data sourcesli and has noted i0 this appraisal mport whether any portion of the subject site is located in an identlfied Special Flood Hazard Ama. Bedause the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this de[ertnination. 4. The appraiser will not give [estlmony or appear in court because he or she made an appraisal of the property in question, unless specltic arrangements to do so have been made beforehand, or as otherwise requimd by law. 5. The appraiser has rented in this appraisal mport any adverse conditions (such as needed repairs, deterioration, fire pmsence M hazardous wastes, toxic substances, etc.) observed during the inspecton M the subjeM property or that he or she became aware M during the research ;nvolved In pertortning the appmisal. Unless oherwise stated In this appraisal report, the appraiser hats no knowledge RT any hidden or unapparent physical deficiencies or adverse conditions M the property (such as, but not limtted to, needed repairs, deterioration, [he presence of hazardeus wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expmss or implied. The appraiser will not be responsible for any such Becausen the appraiserntisonMrannexpert~ninethe feltleof nenvhonmental hazardsr thisoappmisalr report must not be clonsYdemd as an environmental assessment of the property. 6. The appraiser has based his or her appraisal mport and valuation conclusion for an appmisal that is subject to satisfactory completion, mpairs, or ~rltemtions on the assump[ien that the completion, repairs, or alterations of the subject property will be performed in a profr~ssional manner. _.._ . _ _._. _.. _-__ rege v or o Fannie Mae Forth 1004 March 2005 Farm 1004-'WnTOTAL' appraisal softwam by a la mode, inc. -1-800.ALAMODE Uniform Residential A sisal Re ort Gale 9 PP P FIIe# M00094 APPRAISER'S CERTIFlCATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I pertormed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condi0on of the Improvements in factual, specific terms. I identified and reported the physical deficiencies that could affe[3 the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards M Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of tha real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost antl income approaches to value but did n[ri develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subjeM property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date M this appraisal, unless otherwise indicated in this report. 6. I researched, verifi[:tl, analyzed, and reported on [he prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales Shat are locafionally, physically, and functionally the mast similar to the subject property. 8. I have not used comparable sales that were the result M combining a land sale with the contract purchase price of a f[ome that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all irdormafion in this report that was provided by parties who have a financial interest in the sale or financing cf the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. 1 am aware M, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources far the area in which the property is located. 13. I obtained the infortnaticn, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be tme and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subjeM property to adverse influences in the development of my apinien of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditons, etc.) observed during the inspection of the subjeM property or that I became aware 0f during the research involved in pertarming this appraisal. I have considered these adverse conditions in my analysis of [he property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have nM knowingly withheld any significant information from this appraisal report and, to the best M my knowledge, all statements and information in this appraisal report are [rue and correM. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditons in [his appraisal report. 17. I have no presets rrr prospective interest in the property that is the subject M this report, and I have no present ar prospective personal interest or bias wtth respect to the participants in the transaction. I did nM base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or M the present owners or occupants M the properties In the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensatlon for performing this appraisal or any futon; or anticipated appraisals was no[ condigoned on any agreement or understanding, written or Mherwise, that I would report (or present analysis supporting) a predetermined specfic e~alue, a prede[ertnined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent evert (such as approval M a gentling mortgage loan applicatlen). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the pertormance of this appraisal or the prepare[ion M this; appraisal report, I have named such individual(s) and disclosed the specific tasks pertonned in this appraisal report. I certify that any individual so named is qualified to pertonn the tasks. I have nM authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Frodrlia Alen C....., vn u...~~ none ~eyn ~ ui o Fannie Mae Fann 1004 March 2005 Form 1004- °WinTOTAL' appraisal software by a la mode, inc. -1-800-ALAMOOE urnTOrm nesiaentlai Appraisal Report FOe#M00tl5 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored emerprises; other secondary market participants; data collection or reporfing services; professional appraisal organizations; any department, agency, or instmmentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appaisers or supervisory appraiser's (if applicable) consem. Such consem must he obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public mlafions, news, sales„ or other media). 22. I am awam that any disclosure or distribution of this appmisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Unifprm Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borzower, anlrther lender at the request of the borrower, the mortgagee or tts successors and assigns, mortgage insurers, govemmem sponsored enterprises, and other secondary market participants may rely on this appraisal reprlrt as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appmisal rElport was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable fiedeml and/or shale laws (excluding audio and video recordings), or a facsimile transmission of this appmisal report containing a copy or representation of my signature, the appraisal report shall be as effecttve, enforceable and valid as if a paper version of this appmisal report were delivered containing my original hand written signature. 25. Any intentlonal or negligem misrepresemation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but no[ limited to, fine or imprisonmem or bath under [he provisions of Tide 18, United States Code, Section 1001, rd seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appmisal assignment, have read the appmisal report, and agme with the appraiser's analysis, opinions, s[a[emems, conclusions, and the appraiser's certification. 2. I accept full respen:>ibiliry for the contents of this appraisal report inclutling, but no[ limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraisers certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appmisal report complies wtth the Uniform Standards of Professional Appraisal Practice that were adopted and promulgatetl by the Appraisal Standards Board of The Appraisal Feuntlagon and that were in place at the time this appraisal mport was pmpamd. 5. If this appraisal mport was Uansmitted as an "electtonic record" containing my "electronic signature," as those terms am defined in applicable icldeml and/or state laws (excluding audio and video mcortlings), or a facsimile transmission of this appmisal mport comainling a copy or representatton of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appmisal mport were delivered comaining my original hand written signature. APPRAISER rge F;. Ulsh Signature Name Ge s State Cert Res Real Estate App Company Name T e~alry. Inc. Company Address a01 IEast Park Drive Suae 1116 Hartisbur PA Telephone Number 7714x7-2794 Email Addmss mish comcast.net Date of Signature and Repiort o3r75/2m72 Effective Date of Appraisal 03/06/2012 State Cerdficafion # RLI)0O4O9L or State License # _ or Other (describe) State # State PA Expiration Date of Certification or License Os13O/2O73 ADDRESS OF PROPERTY APPRAISED 530 Fairway Drive Camp Hill PA 77011 APPRAISED VALUE OF SUIBJECT PROPERTY$ 170.000 LENDER/CLIENT Name Company Name Client: Julie F Gale Estate Go Dick Stevrart Company Addmss IMenrled user-Arty VA approved lender Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Addmss Date of Signatum State Cert'rficatlon # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect exterior of subject property from street Date of Inspection ^ Ditl inspect imerior and exterior m subject property Date of Inspection COMPARABLE SALES ^ Ditl not inspect eMerior m comparable sales from street ^ Did inspect eMerior of compaable sales from street Date of Inspection • •^°~ °^ °"~~ rage ti or b Fannie Mae Farm 10114 March 2005 Faml 1004-'WinTOTA1' appaisal software by a la mode, inc. -1-906ALAMODE The Cost Approach to Value for homes with an age greater then a maximum of 5 years, the lack of available verifiable land sales or having good available Uosed sales for cempartson [o the subjeU creates a cendl8on that causes the Cost Approach to Value to be considered Inappropriate for use in this appraisal report. This is based on the fact that a cast analysis for a subject property is generally subjective, based on the appraiser esfimate of depreciation, cost manuals general analysis for an area, subjeUive statements from area contractors. The general analysis of all supports the statement that this geneally leatls to the inacwrecy of the Cost Approach to Values and leads [he Giant to Improper conclusions. For this reason, although considered, The Cos[ Approach to Value is Inappropriate for use in this appraisal report. The Income Approach to Value is considered inappropdate for use in this appraisal report. This is based on the fact that a typical purchaser for the subjeU property has an interest in the purchase for their pdmary residence opposed to the cemx;m of the value generetsU, through investrnent, from the possible income produced value. In addition, [he vedfable inionnation available is not a nnatler of public record and accuracy is at best considered limited in nature. For this reason, although considered, the Income Approach to Value is considered inappropdate for use in this appraisal report. Neighborhood - Dtlsaip8on The subjeU is locetetl in a resitlen0al neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employment for the area is reted as good. Major employers in the Camp Hill Area inUUde large manufactudng companies, bcel government fecilifies and many smaller service companies. The subjeU neighborhood is in a primadly stable phase of its' IHe cycle with propertles in [he neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time pedotl exceeding one year. This is after a sustained increase for several pdor years. Buyer demand appears typical for this 8me of year in the neighborhood and is supported by continued low interest rates. Information is supported through public recor0 infonnafion antl Central Penn MLS System. Neighhorhood - Msuket Conditions There are no foreseeable economic trends which might significantly influence market conditions in this area. The current mortgage market offers a wide vadety of conventional loans whh competitive rotes. As a result, the terms of financing have little, 'd any, impaU on sales paces. If interest rates remain reasonable, property values and marketablility should be good. Cunent supply and demand are in balance. Marketing lime is typically 90 -180 days for reasonably pdcetl properties. Interest rates are ranging from 3.5% toe % with 0.6 points typically being paid for origination or tlisceunt. Seller cencessions, alMOUgh evident, are not typical of all transactions. APPFL4ISAL COMA,IENTS The appraiser has IVO current or prospec8ve interest in the subjeU property or parties involved; and has NOT completed any services regarding ~Ihe subjeU properly within the three year pedod immediately preceeding acceptance of the assignment, as an appreiser or in any other cepaUty. Farm TADD -'WInTOTAL° appraisal software by a la mode, inc. -1-BOi}ALAMOOE Bortower/Cliem Client:Julie F GaleEstate c/o DickStewart Rte No M00094 Pro Address 530 Fairway Dnve Ci Cam Hill_ CouNv Cumb land Smd PA Lo Code 17011 Lender Client: Julie F Gale Estate Go Dmk Stewart APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is AOfl of the followinA types: ^ Self Comainetl (AVnitmn report pmparetl under Standards Rule 2-2(a) , pursuarntg the Scope of Work, as tlisclosed elsewhere in This report.) ®Summary (A written report prepared under Standards Rule 2-2(b).pursuantto meScopeaf Work as disclosetl elsewhere in mis report.) ^ Restricted Use (A wmten report prepared under Standards Rule 2-2(c) , pursuarrtto the Scope of Work, as tlisclosed Gsewhem in thin report, restricted m the statetl in[anded use by the spec'rfied ctlem or intended user.) Comments on Standards Rule 2-3 I certRy Nat, to tie best m my Imowledge and belief: -The stadmems m fact cmdained in tits repoR are tme and cortect -The reported anayses, opinions, and conclusions areGmged ony by the reported assumpeons and limitlnp conditions and are my personal, impartial, and unhiase0 professional analyses, opidon:a, and contusions. -UNess omeiwice indicated, I have no present or prospective irrterest in the propert/ mat is the suhjeG of this report and no persona imerest wim respell to the parties involved. -UNess Gherxise indicated, I have performed no services, as an appraiser or in any other capacity, regazdinA me propeRy that isthe sublect m Ws repoR witdn methree-year pedod immediately preceding acceptance of mis assignment - I have m dos wim respeG tome property that is me subject of mis reDat orthe paNes irnolved wtth Nis assignment. -My ergagelr6am in tds assp7nmem was nm corNnperl upon devaopinA or repgrAng predetermined results. - My compensafion fa canpkting tds assignmem is not corengeN upon me developmem or reporfinA of a predetermined value or direction in value mat favors the cause of the cGem, me amour m Ate value opinion, the adenmem G d sADUladd result, or ma occurtence of a subseguem eveN directly related to me Intended use m mis appraisal. -My analyses, opinions, and conclusions were davdope4 and tles report has been prepared, In camarmlty wim me UNfartn Standards of Professional Appraisal Pracgce ma[ were In eaem atde are tltis repoR was prepared. - UNess amerwice indicated, I have made a personal inspection m tM proDeRy mat is me subject m mis repad. - Urdess amerwlse indicated, no om provided siArlilicam real propeRy appraisal assisrence to me person(s) signing tlis ceroficagon (d mere are ercepfions, me mme m each individual Drgvidirg siANficam oral propeRy appraisal assistance is slated Nsewhere in mis repoR~. Comments on Appraisal and Report Identlficatlon Note any USPAP related Issues requldnp disclosure and any State mandated requirements: APPRAISER: //J/ SUPERV180RY APPRAISER (only If requlretl): Signature: f , ~ ! SiAnamre: Name: Geor e . Ulsh Sfate Cert Res Real E fat o Name: Designation: Oesigm6on: Datu Sigmd: 03/15/2012 Date Signed: Scam CBNficafion #: RL000409L State CaNficatlon #; m 5mte Ucense #: or State Ucense #: SYate: PA State: 6yiraaon Dale N Cemficatlon or Ucense: 06/30/2013 E~iratlon Oad of Certdication or license: Supervisgry Appraiser inspaGion of Sublet Property: Emective Date of Appaise: ~D3/06/2012 ^ Did Not ^ Eatmior-o from street NY ^ INenar and Egenor Form 1010 ~ W nTOTAL' appraise saNware by a la mode, inc. -1-B00.ALAMODE Appraisers 207f-2073 Certification Bureau P Certificate Tppe Certified Residential Appraiser GEORGE RANDALL ULSN 4099 Oerry Street HARR198URG I?A 17111 ~~ i~w Comminsiunrr uq•mlis nal anJ Ore 10 0648890 Affairs Certificate Status Active Initial Gertificatidu Uate 10/11/1991 Espirution Datr. 0 613 0 /2 01 3 :.~- Form MAP.Traffio-'WnTOTAL' aDPraisal software by a la mode, inc. - t-BOGALAMODE Certificate Number RL000409L SubJect Photo Page Subject Front 630 Fairway Drive Sales Pdce MarketValue Gross LidnA Area 1,454 Total Roams 6 Tonal Betlrooms 3 Total BatNOOms 2 LoCadan Surburhan Yew Suhurban $Ite .26 aCRS Oualiry Fmn&VinyVAvg AAB 16 Yrs Est SubJect Rear Subject Street Fame PICP0C56~- WinTOTAL• aDMaisal software by a la made, inc.-1-800-ALAMODE Comparable Photo Page Comparable 1 75 Foxpoft Drive Prax k Suhjeq 0.31 miles NW Sales Price 199,900 Grass LiWng Ama 1,427 Total Rooms 5 Takl Bedrooms 2 Total Bathrooms i Lacadon Surburban ~Bw Suburban Site .65 Acres Oualiry BdcB,Frame/Avg Aga 57 Vrs Est Comparable 2 77 Little Run Road Prax to Subject 0.29 miles W Sales PoCB 174,900 Gross LiNnp Area 1,524 ToW Rooms 6 Total Bedrooms 3 Takl Balhraoms 2 Lacadon Surhurban vew Suburban Site .19 Acres Waliry BdcB.VlnypAvg AAe 28 Yrs Est Comparable 3 1475 Ons Bridge Road Prot to Sublem 2.34 miles NW Saks Pdce 150,000 Gross Lldnp Ama 1,196 Total Rooms 6 Total Bedrooms 3 Total Bathrooms 1.1 Location Surburban tlew Suburban Site .28 Acres Quality FnnS.VinyVAVg Ago 29 Yrs Esl Form PICPBLCB-"MnTOTAL" appraisal software by a k mode, inc. -1-800•ALAMOOE Building Sketch Ir it Daflo ~ 9.5' Den - 22' u_ 10.5' ~ 16' 11.5' 2' Beth Kttchen BM~m DInRm 2 Car Gera9e ° m BsmtAra Be[h llvingRaom Bedream Betlrvom Pc 20.5' A.5' ib' 16' 11' 11' 1Ofus~a'Yne°"` Ara GkuYtbna Summery unina Ara. ..... -.. Fts[HOOr .. 1959.3559 k .. ~~untledh U np 10.545pft Nan-lM Ar<e -... ~ 3Car Gem9a .. 493 SqR _. Porch 11.25 Sp k DdBO I68 Sq ft Basement glfi Sp ft Form SiR.BidS~ - WinTOTAL' appraisal software by a la mode, inc. -1-800.ALAMOUE Building Sketch I , ,,,. Tool WIn94o~(ROUeOed): Non-INlnq ben '~ 2 Gr Gamge.. _. Porth PMb BnsemeM 145{ Sq R 9925Q ft 11.25 9q ft 1685q ft 916 Sq ft 33x i1 _ 363 39 x 31 - 3g4 22.5 x 4.3 = 1 01.23 25 x fi - 130 30 x 9.6 = 285 90 x 0.5 28 19 x ll.:i 161 29 x 20.5: 992 9.3 x 2.5 11.25 12 x 19 = 168 16 x 26 = qi6 F9nn SIR.BIdSId-'WnTOTpL' appraisal sgriware by a la mode, inc. -1-800-ALAMOOE Location Map (jfP ~r a~ F~_ ~ hgd Y ~~~ y rm Lnn ad' _ _-. W~ivillo.Rd - __C ~s r s fpu9N ~ l~f r, r~. a r Il ~ ~ l'~~ l. ' Ww;,~F~ ~~ I ~0 ~;Fasd 2.r' i I r I n r I I ~ III I ~ ' + ~ ~ I I ~~ ~1 Nest Enola ~ , , ~. m ~ of ~ ~ ~ e a a 'ill ~ ~ ~ 4 II 1 .... Rp 4 ~9a~ \`~\\ °q7 V wnrt or ~y~ ~~ _ ,._i s\ Adams •.. s _.''s Rico '~V _ ~ '~~ ~:;[ommknilyj z pelmltt U'~ ar q p ~ ny Pd ~ ~ ~ o ~' ' Crzek a iae` me i 4 ' Go ddHOpre t' , 3 ~ Park g 4y a 4 ~ 3 ~ $ 4 a '~ 8 I g ~•.. ~ ey^'v v ~ o 5em Hun 6r ~~ i (~, H, i ~ I ~ ' t -Y M TM I o '" mi , ~ y. I 5 '3z s ~ ~ Shore a u [hrehan L ~,~ ~yY ~ country. 'Siebert @ ~ 9 0 Z C1bb Mnnudal ~ ',I Park n ~ ~ 1~ ~ ~~ ` ~ ~ 1 f ~ ~~ ~mP ~~t~~~~ \A i. ~ 9v ~' Hampden iawn~Np Park aAR ~ $iili[ ~ r4 g lahm p 5y n .{fiord II -~-Temete Naval lnvemufy ConttoI POIIIL III, ti bl(1'~. ~~~ z z 2 W 0 6 N __ n f 0 N .. a camp .N HIII Fonn MAP.LCC - WinTOTAL' appraisal soilware by a la mode, inc.-1-BCO~ALAMO~E T C Realty, Inc. George R. Ulsh Note: {lace end the redd wm Itkn of the h rhaed are not sd faMOre. ~.., hticlAdbdC mete etlae^sa, ,41't:R:v'Mt'0~ d2~4,Unlt Hadsln TrendeFe'%:;;tUnfits;',, ~a2=4 Unit Noudn ry;, Present Ladd Usa% Lowdon Urban Suburban Rural Pro a Valves Ixreasin Btahle DecOni PRICE AGE One-Udt 80 % Built-U Over 75% 25-75% Under 25% DemanNSU Bhoda a In Balance Over Su $ 000 rs 2-4 Urvf. % Growm Ra d Shbk Slow Marlatl Tme Under3 mtlls 3-6 mlhs Over6mms 150 Low 55 Muld-Fami % Ntl hborhaod Boundaries Norm and West is the COndo ouinet Creek East is Bremwater Dmre South is 450 Hi h 125 Commercial 10 % Walnut Sheet. 250 Pred. 40 Other 10 % • Nd hborhood Descd don See Supplemental Adtlendum with comments The Pred minam Ingle family h ing vat a is b ner rep rted in a ran a of 175 000 to 00 000. Predominant ape s better report d as 20 years t 50 ve Om eor nts v M qro d Markel CondNOns incbdin su rpprt far the above cencdslans) See adach dSuppl ment IAdtlend mwim comm nts Umereions 90' x 115' as erpublic record Area 10 350 Sg Ft Shape Mostly R clangul New S b rban 5 ' c Zori Classificadon Rasidermal Zopnp Descdpbon Alb g res'dendal use 2 t 4 unH p pen or in h me h 'ness Zpd Co ante L al ]Legal NancodomYnp tGrendamered Use) ^ Na ZOprM ^ Iflepal (descnbe) Is tla hi hest and best use d subreM property as improved (or as proposed per plans and specficahons) the presets use? 6~j Yes ^ Na If Np descnhe Utltltlee Puf1k Wler(deeabe) PuhOe Otlter(deeMbe) ON-eNe lmprovemenh-type Pudk PrNate Bets 3'100 amp Water ~ ^ Btrcet p d Asph It ~ Gas None $appry Sewer ~ I I Nlev N ne ^ FEMA citl Flood Hazard Area_ ^ Yes ~ No F6MA Flood Zam X FFMA Map # 420360.0114E FEMA Mao Gate 03/16/2009 Are the NilNes anNor aN-sHe impovemeds rypcal far the~markd area? 6a Yes ^ No N No descnbe Are there a adverse she cond2ions or eztemd factors (easements meraachmeds mNronmemal condhions land uses etc )1 ^ Yes ~ No N Yes desedbe There were no noted a arent adverse or unfavorable easements or coach ms tetl ffi~"a~;tiara'Benerel Beadtl I ~+~5."?~? µei•;"<kB,FoundeHdhAt~3~#Y~% Eaterlor pecpd on;ntatedds dondilion IntMor~~ ~; matedak%onditlon Drlits Two Three Fpur Cpneret Slah Crawl S ce Fou~da0on Walls ConcreteBlock/Ave Room Wtl C t Vn/Avera Aceesso Urd descdbe heHaw WO BasdmeM PaNal Basement Exterior WaOs Brk Stn Frm/Avera Walls D IUAVere e # d Stodes 2 # d dEl 5.1 Basemen[ Area 1 458 .ft. Roof Budace Com Shln I/Avera a TnMFlnish Wood/Avera e T OeL Att. S-Oet1EM Untt Basemed FAish 0 % Gapers 80owns pals Aluminum/Avera a Balh Floor Vn CrmTilAvere Eaistl Pm used Under Const. OutsideH /Ept Bum Pam WndowT a DoublaNun Avem BaN Wainscot CennTile/Avera e Oesi n S 2 Sto Evidenced Idestatlon Stpnn Sasfdnsulated StonnUnits/Avera a '~`' ~ Car Store a" Year BWN 1958 Da m s BeUlemed Bcreens Yes/Avera a Norce EftepiveA e re 20 ^: Stl'r: n /COOIin SS'P?23333&; kk.A ~W~ss.Amen tlee~,~. 6r!^^e Ddvewa #dCars 2 Altlc Norw ~ FWA fIWBB Radial Rre laces # 1 Wopddove s # Ddvewa Sudace Poured Concrete Dre Blair Stairs Omer Fad Oil Pa4wDeck Fence Gars e # d Cars 2 Flaw Scuttle Codi CedrW tir Condidonl Pool Porph 2 Car od #dCars ,' Fnished Heated IiMiNdual Other Omer Aft Del ^ Built-in Freddie Mac Form 72 March 2(105 Page 1 of 7 r~~,,;o nn~• cam,,., inv5 nnarnh 9nn5 Fonn 1025 -'WinTOTAL' appraisal software by a la mode, inc. -1-800.ALAMODE E:CHIBIT J Small Residential Income Preeetiv Annraisa6 (lannrt Gale Estate fi Are therea sisal tleficienlaes or adverse conditions that atlem the livahili ,soundness,psWmuralim•d pF the roe ? Yes q•NO dyes, describe. Drivewa is creckin in laces and needs cosmetic reoair Estimated cost t cure' $2 000 The eM do fro eas h chino' g and eelin alnt that needs re airs. Esbmated cost to cure R $1 500 . Dees the roe enerall corepmto the neuhbprhood (functional Wldy style condition use eonsWption me )7 n Yes ~ No ti Np describe S b~ecl is a 2 unit ' , buildin located in a red~ommantlv 1 unit single fam Iv neighborhood Ag d d 'g 's 'tern 'W twi Ilv home 'the a Isthe pe subject to rerrtcomrol? Cl Yes ~No It Yes descnbe The foeowing properties repre~~sem the mast cumem, similar, antl pro>amate wmparahk remal properties to the sublem property. This analysis is intended fi support the opirion of da rrerkm rent for the sublem property. FEATURE SUBJECT COMPARABLE flEMAL # 1 COMPARABLE flENFAL # 2 COMPARABLE flEMAL # 3 Address 55 Circle Drive 909-911 Allemiew Drive 2206 Market Street 57 Circle Drive Cam Hill PA 17(111 Me anicsbu PA 17055 Cam Hill PA 17011 Mechanicsbur PA 17055 ' ' Prpdm [o Sub ect ; 4.7 miles SW 1.02 miles E 4.63 miles SW Conant Mp Rem § 735 $ 1 850 $ 3 450 $ 1 350 RenUGross Bld .Area $ 0.27 s .fl. E 0.61 s .h. $ 1.11 s .h. ... ' $ 0 48 5 fl . . . Rem Cantrd Yes Np es Np Yes Np Yes No OaW Sources Prg Vew OwnRe ML PubRec reisersFiles MLS PUbRec raisersFiles MLS PUbRec misersFiles Date m Lease s Nol Available Mo ' to Momh Month to Month Not Available Location Suburban Sub roan Suburban Suburban • Actual A e 51 'Vrs Es[ 27 Yrs Est 112 Yrs Es[ 53 Yrs Est • Condidan Awre a Goad Awre a Awry e • Gross Bwldi Area 2 76 3 030 3100 2gOg ~• Urtit Breakdown Rm Coum $g2BR Rm Ooum SgIZR MpnWy Rem flrn Coum ~ zR Momhly Rem Igo Coum glz~ Momhly qem S TW Br Ba 2 760 Tot Br Ba 3 030 i 850 Tat 8r Ba 3 100 3 450 Tm Br Ba 2 809 1 350 Ulit # 1 rt # 2 • U 5 2 1.1 1 456 5 3 1.1 1 515 $ 975 5 3 1 1 000 S 1 200 5 2 1 1 502 $ 700 r 4 2 1 1 304 4 2 2.1 1 515 $ 875 4 2 1 1 000 $ 650 4 2 1 1 307 ,$ 650 Urkl # 3 S 5 3 1 1 100 $ 1 400 $ udt # a $ $ ~ Utiti6es Indudad None Wat r Sewa a Tras h Water Sewa a Tras h No ne Amenitles 2 Gar Gare e 2 C r Gara a Off Street Parkin Off Street Parkin Ameome5 Central Cool Cen I Cool No Cemral Cool Central Cool Anatysls m remal data arm support tar estimated market rams for the individual sublem ooh s reDoded below Qndudilq the adequacy of the comparables, rental concessions etc. All of the rernal ro nerves are locat ed inthe same market area to the s uh'ect Rentals a tablish th (air m , ket remal of th ub'ed. Rant $pheduk: The appraiser oust recpnule the applicable indicated marMly market rams to provide an opinion of the market rem for each unk in the subject property. ?.:.~w;*ra~~„5~L'eases.~C~~^sF~r...*~z ~~, ?..~{~ACtiial,Rems~s<, rrRF..m~;ri+:,~,~'t..+~;A1,ax, r.':Opilipri of Maiket Reid Lease Date Per Udt Total Per UrR Tohl Uld# B in Date End Oate Umumishetl Wmished Rems Umurdshetl Wmished Rems 1 Not Awilable $ 741 $ $ 735E 750 S $ 750 2 Vacant 0 650 650 3 4 Cpnmem on lease data Data obtained from Tmm Amual Mprth Rem $ 735 Totm Gross Mom flem $ 1 400 • sub"ea owner re reserztative duri sub'ect r MolAh Income Itemize $ Otlzer Momh Income itemize $ viev4 .Actual leases not awilable TtlW AcWm Mom Income S 735 Tmal Estimated MorrNl Income S 1 400 .. UtilNes included in estlmated rem Electric rlI Wgter ^ Sewer I Gas C Oil l Trash cp0ectlon -l Cable -1 Other Cpmlrems pn acWm or estimated rents antl other maMty mcolre Ondudrnp personal property) Mark t rents fleet the best re t for th suhi t Market rents are su orted from the intlicahrd rentals antl Ne aoamisers general knowledge of the subiect mark tare Furnish d units re trot Noical of this market. Unit #2 is resentllvaram. I did did nm reseach tl1e sale or transler history hf the suhiect prpperty and comparable sales N not ewlain research did did n[g reveal any prior sales ortransfers m the subject property forihe three years pdor to the e8emive date m the appraisal Daly $ouro8 5 Public RecoM and Area MLS research did did nm reveal any prior sales orVMSfers m the comparable sales fprihe year prior to the date m sale m the compareble sale • Data Spaces Public Record and Area MLS Re atthe resutis m the reseamh Bald anal sis m the der s le prirensfer histo m the sublem ro antl cam arable sales re ad additional tint sales on a e 3 . ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 - Date of Popr $alNFrensfer No transfer of the. su6'ect No tansfer of the sale No transfer of the sale No transfer of the sale Pose m Poor Sala?rensler in the last 36 mo ' s in the last 12 months in the last 12 months in the last 12 months • Data Sources Public Record Pu61ic Record Public Rewrd Public Record • Eflective Dale m Dale Sources 02/28/2012 02/28/2012 02/28/2012 02/28/2012 Net ism riot sale pr transfer hislay of the sublem prppelty and comparable sales N tra sf of th suhi ct in ih last 36 onih No [ sfer d the sales in Sze Wst 12 morzMs. Freddie Mac Fonn 72 March 20105 Page 2 of 7 Fannie Mae Form 1025 Mamh 2005 Form 1025- VAnTOTAL' appraisal software by a la mode, inc. -1-806ALAh10DE SroaII R241(~PnflAl Inrnrno Prnnrarhv Annreieel D.......a Gale Estate 6 There are 0 co arable pmpeNes corm offered for sale In the subied neighbor _. _~ ..~~.-..__. ..~r.~" hood rerkirlp In price imm $ 0 rlwR MUVU93 There are 0 cam arahk sales In the soh ed net hhorhood wdhln the sl twepm mo mhs re I in sale rice hom $ 0 to E 0 [p S 0 FEANRE SU8IECT COMPARABLE SALE # 1 Add COMPARABLE SALE # 2 COMPARABLE SALE # 3 ress 55 Cirde Dnv a 1294 Brendl Road 223 Bosler Avenue 200 Forge Road Cam Hill PA ' ' 17011 Mechanicsbur PA 17055 Lemo a PA 17043 Boilin S do s P A 17007 Prot [p Sub ec[ Sde Price .40 miles SW E M k ' 2.58 miles E , 11.98 miles SW Sale RicarGross Bld .Area ar etValue E 21750 $ 63.41 5 .ft $ 67 97 s ft 0 .. E 16990 $ 0. '. ~ $ 154000 6mss Ma flem . . S 1 400 8 73.49 5 .ft. $ 67.63 5 h. ,~,5_ia;+:Mq•;}. ~ 6mss flem MuIS ier 2 300 E 1840 E 1 400 s~fi1''"4~'i2`, Rice r Urit 94.57 S $ 103.60 - 110.00 "V` ~~~ Pdre erflaom 108 750 E E E 84 950 ' E 77 000 ~G'T ~, ' ," Pace r Bedroom 21 750 $ $ S 15446 ~ E 15400nY im.'Tnr"',ru~ ReM Comrd 36 250. Yes Ng Yes No $ 33 980 $ 38 500 '~ •°"Y~"P' `' Dad Source 5 Vetlfica8an Source s MLS PubRec ralsarsFiles Yes No MLS PubRec raisersFiles Yes Na MLS PubRec A reicersFiles VALUE ADJUSTMEMS .Oafs Bank DESCRIPTION DESCRIPTION +- Ad'ushram Data Bank OESCgIPTION Ad' Data Bank ' Sale or Fnandr +- ushram DESCRIPTION +- Ad usMem p ~ Cash FHA $9000 ConceSSionS I Conv $1350 Oats al Sale?rm 1 7 DOM I 5 DOM 117 DOM Locaaan 0 28/2011 03/02/2011 04/13/2011 LeasehdNFae Si a ;Suburban S rburban = SubrbNlnfanor +5000 5ubrbnMfedor +5000 Sne 1 ee Sim le F e Sim le ' Fee Sim le Fee Sim le 10 350 S .Ft. 2 878 S .FL -2 000 4 792 S .Ft. +2 000 9 147 Ft Yew Oesi S l Suburban S burban Suburban . . Suburban ' n e :> Slo 1 Sto 2 Sto 2 Sto Duar of CgnsWption A tlW A i3tn8Alum/Av B BVin A BrkBVin Av FrmBYn Av c a ;i1 Yrs Est 9 Vrs Es[ 82 Vrs Est 112 Yrs Est • CoMPoon /here e G /SaleU dates -20000 AVere a Avera e Gross Buildi Area • Unit Breakdgw 2 76 3 20 ' .1400 2 31 W 500 2 27 W 800 n Uld # 1 Total Bdm~s BaBls Total Bdrms BANS ToYel Bdrms Baths Total Bdrms Batlls ` 5 2 1.1 3 2 -2 000 5 2 1 +2 000 5 2 1 1 Udt # 2 4 2 1 3 2 +l 000 6 3 1 . UM#3 5 2 1.1 -2 000 Ud[ # 4 Basmlem Oespi 'on Llnfiinished U nished. Unfinished. Unfinished . Basaram Fdshed flagms 100%/0% 100%/0% 100%/0% 100%/0% WrcBOnal UtlT P,vere a Avem a Avem a Avera e Haatl Cali CntIHVNoCnWCI C NHVCntrICI -8 000 CnMHUCnMCI -6 000 CmrIHUNoCntCl E l re E fidem Items T icel for A e T ical for e T ical for e T iral for e Parld ONON Site 2 Car Gare e 2 - 1 Car Gare a On Street Parkin +6 000 O%Street Parkin +5 000 ParclVPatlovDeck Porches P es Porch WdDk Patio Porches Arrenides Flre lace None +3 000 Npne +3 000 Nona +3 000 Amwli0es None N e None None Amenitles None Noe None None Net ~ ~~ + - E -35 400 + - S 18 500 + - $ 1 5 800 AOlusted Sale Pdre NeLAdj. 16.3 % Net Adb 9.7 % Net Ad) 70 3 % . . M Com aredes ~ Gross AD'. 19.0 % E 182100 Grass Ad'. 16.8 % S 186 400 Gross Atl 12 9 % $ . . 169 800 Ad u5led Rice Pa Und 1!A SP land/emcanywml S 91050 $ 93200 S ^ ' 84900=C ~ L-'-"_: Ad usted Rice Per ROOm V4. srrz~na/amcwno ammnl $ 18210 :E " 16945 $ 16980 ;s =~1 V;3: A uskaRicePerBedrmU4.scrump/ampompBaFOOms E 30350 $ ` ' 37280 $ 42450 P~ ~:' ~$1'~7 Value r Udt E 90 000 X 2 Units = $ 180 000 Valve er GBA S 69 X 2 760 GBA = S 190440 Vake r Rm. $ 18 000 X 9 Rooms = $ 762 000 Value er Bdrms. $ 36 000 X 4 Bdrms _ $ . 144 000 Su M Saks Cam dsgn Appmach inclutlinA reconciiadon d Ne above intlicatas of value Limd d ova I ble lest I an vsis I the s biect market area caused the use of sales located fudher then and alder the tvom IN des red Th sub'ea I a8 rovid s d o a o al sed by the near location of amenities i.e. travel access stores and schools The sales w h are c en aft a th rough search in the subject market ea which l d li revea e mbed 2 unit sales available that recently transferred The oro n d to nd h' a of h f 'I bl 2 n t f r anal i s s. The sales establish a ran a of value for the subleq property Sales ange s adi tetl lue f m $189 800 to $186 400Th subl ct Is in overall avers a condi8on and su sorts a value establ shed by the I s S k #1 re rted t hay M ' e dati o wh h a d ih d i t f us men or the condition of the sale. IMicated Value b Sales Com adson roach $ 175 000 TaW mss mod rem E 1 400 X grass rem mukplier (GRM) 100 = E 140 000 Indicded value by the Income A mach Commems an income h i l • a roac nc utl~ reconclllahon of the GRM Th GRM rs e t bhsh d Tro tne' dicat d sal s co tlNio of th bi su ct oro a and the a raisers eneral knowledge of the subled market area IndkMed Value Salsa klmparlson Appmach E 775 000 Income Approach S 140 000 Cost Approach (Hdevdoped) S N/A The Sales Com adson Iroach to Value Is The b t of detenn n np the Mark t V I e of esidential rtv The In A e pro ch to Value in this situation het s to su port the Sales Opmpadson Approach to Val a The Cost App ch t Val wa on 'der d but t d t f a e or use in this a sisal re ort. E osure hme is aoorowmately 780- 200 days TNS appraisal is made ®"as is", ~ suhjem to campiedon pm plans and spedficatlons on the basis o1 a hypoNe9cal cantlitl N h an at t e imprgvemems have been • canplde4 ^ subect to the following repairs or abereeons on the hosts d a h atlr d l dN yp e ca con On that iha repairs or atteradans have bean completed, or ~ subject tp the fo0owi re tired ins ecdon basnd on the mdraardina i h ry assumpt on t at tre coMNan or deSGMCV does not repuire aberetlpn gr repair S tta bed S ppleme t l n a Addendum with addRional comments on the a relsal re ort and sub ect ro Ba on a can ete soot n on Me ntalorantl or areas the sub t properly, d netl scope o work, stetemeM of asaumpt ors end I mding wnditlone, and appmlaer's caHBcaUOn my (our) opinion of the medc t l , e va ue, n defined, of the real property that le the aub(ecl of thla report is E 175000 8601 02/28/ 2012 .which is the Fate of Inapectlan end the eilacllve date of this aoonisal n..,aw:., u..- r Fannie Mae Farm 1025 March 2005 frorm 1025 -'WInTOTA1' appmisal saltware by a la made, inc. -1-800.ALAMOOE Small Residential Income Preeerty Aneraical Rtannrt Gale Estate 8 The sub~ed a e is estimated as 51 years. The subied use has been s'ngle famly 1 to 4 unR 'd ritial wh' h ope to lie the H'ghest best use for the ro e Unless otherwise notetl with'n the apprals I ort, ALL o 'ded oh t are riot I d we btained by N pore' d 'ng Dre develo ment of the a sisal. All of the sales indicated have been e#emally and or'ntedodv vie by the app as re ' ed by ih op oilers uidelines far erfornin a sisals. When a livable within the a sisal re ort it is aswmed unless noted in the re ort that the roof lumbin heatin electrical and air cenditionin s em wellls septic tanks or cesspool are'n satisfaclorv pelting dition th t the building's stmc[uslly ound a d free of termite infestafion and free of termite damage The appsiser suggests that 6uvers lenders d other'nt rested p rtes obtain rDficati s from ro erl ualified rofessionals for their protection. There has not been a title search or survey cempletetl on the subied o pertv N t Itl c nh or d v cro h is a sements deed restdctions on or a atoll We subied property In addhion 'ntormapon d I ped (ro ilabl o rted p bl' card' h I' ed curate unless otherwise noted. Please be advised that public recerd reporting's at limas slow or into Dv rep rt d At Ih U e of the preisal rievnn of the cab ed a unless otherwise noted in the appraisal sport none of the items t' ed in N' paragreph were visibly oticed or a arent. The a sisal is made censidedng the items not present or having no efted on the overall twical use f the subied slued' this report. Han of these Hems are resen Ne Fair Market Value as determined by this repgrt may lie adversely ft rted Sub'ed Photos as griginal photos taken an the t'me of th b' d p rty viewi g d have t 6 en It d The di Hal si nature used on the appreisal.report is the true signature of the o a d don II op Is Is D'gHal sl t res facilitate the transfer of the a sisal report by EDI EFT or e-ma'I The software util¢ d 6 the a o r to g to th o isal rt prot Ls si nature seta' b means of a in number that is in the wle control of the aop ' The a siser researched a group bf sales. listings and under contract o o rtles in [h subied for ce 'son t th sub' t Sales • ana is is haled on fhe proJdmltV to the subied locetion effective age madcet g size aop 'ser vedfl hie intomi t' n of th ales a sisers rewnel knowled a of Dre sales and most similar amenities [o the subied Th sales der coot cts and I' tines pr 'ded in th Market Com adorn roach [o Value as the hest nfiable sales under centred and or listin s similar to the subied from the rou of sales reviewed. This a sisal is a Surnmarv appraisal. "The Intended User of th's appral I report Is the Lend /Client Th I tended U e is to valuate the e chat is the sub'egt of this appsisal to establish the market value gf the suhi d subied to the stated Scope t W ork p p se of the a sisal re ortin re ulrements of thrs aopreisal report form and Oefin'f (Mark t V lue N dditio I I t nded U rs or U ' tentled Users are klenOfied b the a raiser." The line ad'ustment when in pl the Sal C mpa ' Approach t Valu ceu t is f W bath in th GLA area of the ' wb ed. Ovesll room count is considered In the GLA adlustment for the subied It' impr p to inrse or red value f 6th mom count and GLA This recOce H used would create a sHbation of increas'ng value or redact g I e f th ame H aCOn Personel roe vra~s not included in the final value of the subied Value ad'ustrnents wNh' N apps' I based at on on ecfic mark t derived diuskn t paired les a al Most a based on sevesl thousand over a period of 20 years with strong Influence for a cost to cure for their dine ences The a raiser is not a professional home inspector and does not warrant the b ce o ence f d Fects' N sub' d o ope The indicated sales antl Ils[in s shown at to of form 1004 a e #2 is a reference to the listin s antl sales in the defined net hhorhood shown in a e #1 net hborhood sectign. Listings sales and data'nd'ceted on form 1004MC i I ded this'nf ad n but haws II' tone Don in the ' wb ed market area in addition to this infornaaion. - Basement s¢e and finished area for the compasbles is estimatetl from bits rev rd report' g when a 'I hie MLS' form D when available and the a raisers eneral knovAedge of the subsea design Actual verifiable info tlon re n t a ailabl through d'ble na d sou ~~*"~~=?.+r~~A"?r~ <.'~b,;,i<~°=f "COS7"APPBOACHTO YALUE'r7ot: "ulieE Fannie Mee'~~, "~~ .:."" "• Pmvide ad uaw irrformaDpn fpr the lewleddied to replic'ata the helpw cos[ figures and calculatlpns Su ort far the o irxon d see value (summary of comparable land sales or otller methpds for estimating she value) ESTIMATED REPRODUCTION OR RFPLACEM COST NEW OPINION OF$IfEVALUE._........___....._.......___ .............___. _$ ............ Source al cast data DWEWNG .FL@S _$ __........ Wa raD fmm cast service EttecDve da d cost data S .Ft. d =S = Comments on Cast A path mss livin area calculatlons, de reciatlon, etc. _~ See attached buildin sketch with dimensions nd subied drawin .See Gara e/Ca rt $ .FL $ =g • aftachetl su lemental addendum for comments on the Cast roach Tplal Estimate NCad-New =g to Value. Less P sisal Wncdosl E#ersl Oe redatlon =$ Oe restated Cost of Ira rovemerds .........___.._........_.___.._........._. _$ 'AS-IS"Value al SNel rpvemeds........_._...._......___ .............____$ Estim ated flemairtln E cpnorric Life UD and VAp qO Years INDICATED VAWEBY COSTAPPIIOACH ..._ - _ g Y ¢ + $ 5 :Sit„~2~~F~i~F ~ Y'.~~ Ati 4.W 5~:~~ 4wa" y . + P "PHQIECTINF.ORMATIQN FOR PUDe (Ifs Ilcablel°e~!'?'~ • "' ` . „ Is tfa develo arPoulder in coMOl of the Homeowners Associatlpn DIOA17 ^ Yes rj Np Um[ Npalsl ~l Oelached ~ Attached Provide the follpwin idompDorl for PUOs ONLY ifthe devtloper/bwlder Is In control of the HOA and the subied pmpertY is an aHached dwelling anti Le Name of Pr 'ed • Total number N bases Total mrmbw d units Taal number of udts sad _ Taal comber d wits rented Total number of antis for sale Data spume(s) Was the ro'ed created the conversion of easbng buAdlnp(s) ido a PUD7 n Yes ^ Na N Yes date of conversion • Does the ed cornain a mdp-0weNnp umGS~ ^ Yes ^ No Data Source Are the urirs, common elemeds, and recreapon fadlibes comdde? [] Ves ^ No If No descnha the status pf campleDon Are tiro common demeds leased to pr b41ha Homeowners' Assoclationl ~ Yes [~ No If Yes describe the remal [eons and opDons Oescdba cpmman elemews and irecreadpnal fadliges. neuum met roan rz rwarcn ::uub Page 4 Of 7 Fannie Mae Form 10:!5 March 2005 Form 1029-'hYnTOTAL° appraisal sgHwaze by a la made, inc. -1-800-ALAMODE amau neslaennal income rrouerN aonraisal Revert .._. °.~____ ° This report form is designed to report an appraisal of a two- to four-unit property, including atwo- to four-anti property in a planned anti development (PUD). A two- to four-anti property located in either a condominium or cooperative project requires the appreiseir to inspect the project and complete the project information section of [he Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach k as an addendum to this report. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and cert'rfica[ions. Modifications, additions, or deletions to the irdended use, intended user, definkion of market value, or assumptions and limiting conditons are no[ permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modfications or deletions to the certifications are also not permtted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work far this appraisal is defined by the complexity of this appraisal assignment and the reporting requireniems of this appraisal report form, including the following definition of market value, statement of assumpfions and limiting conditions, and certifications. The appraiser must, at a minimum: (i) pertorm a complete visual inspection of the inteitior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the ' comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgaga finance Vansactien. INTENDED USER: The intended user of this appraisal report is the lender/cliem. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitlve and open market under all conditions requisite to a fair sale, the buyer and seller, each acting pruderdly, knowledgeably and assuming the price is not affected by undue stimulus. Implick 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) bath parties are well irdomted or well advised, and each acting in what he or she considers his or her 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. d011ars or in terms aF financial amtngemems comparable thereto; and (5) tha price represems the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated wkh the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustrnen[s are necessary for those costs which are normally paid by sellers as a result of tredkion or law in a market area; these costs are readily idamifiable since the seller pays these costs in virtually all sales Vansactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered 6y a third party instiMional lender that is not already involved in the property or transaction. Any adjustment should no[ be calculated on a mechanical daliar for dollar cos[ of the financing or concession but the dollar amount of any adjustrnent should approximate the market's reaction to [he financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tNe to it, except far iniformation that he or she became aware of during the research Involved in pertorming this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvemerks, including each of the antis. Tha sketch is included only to assist the reader in visualizing [he property and understanding the appraiser's determinafi~on of ks 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 this appraisal report whether any portion of tha subject site is located In an ident'rfied Special Floorl Hazard Area. Because the appraiser is not a surveyor, he or she makes no guaramees, express or implied, regarding this determinatron. 4. The appraiser will riot give testimony or appear in court because he or she made an appraisal of the property in question, unless spec'dic arrange~~ments [o do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditons (such as needed repairs, deterioration, tha presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he er she became aware of during the research involved in pertorming this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparerrt physical deficiencies or adverse conditions of the property (such as, but no[ limited to, needed repairs, detedora[ion, the presence of hazardous wastes, toxic substances, adverse environmemal conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and intakes no guarantees or warranties, express or implied. The appraiser will not 6e responsible for any such conditions that dq exist or for any engineering or testlng that might be required to discover whether such condifions exist. Because the appraiser is not an expert in the field of environmemal hazards, this appraisal report must not be considered as an environmerr[al assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject [o satisfactory completion, repairs, or aterations on the assumption that the completion, repairs, or alterations of the subject property will be perfomted in a professional manner. r, uwm mac runty rz marcn zuuo Page 5 of 7 Fannie Mae Form 1025 March 2005 Fonn 1025-MKnTOTAL° appraisal software by a la mode, inc. -1-800.ALAMODE aman neslaennal income Property Appraisal Report ~_.: ~~~~,`°" ° APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minirtium, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I pertorned a complete visual inspection of the intedor and eMedor areas of The subject property, including all rintts. I reported the condigori of the improvements in factual, specific terms. I idertifed and reported the physical deficiencies that could affect the livah~ility, soundness, or stroctural integdty of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were arlop[ed and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at Ute lime this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on [he sales compadson and incoime approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop tt, unless otherwise indicated in this report. 5. I researched, vedfied, analyzed, and reported on any current agreement for sale for the subject property, any offedng for sale of the subject property in the twelve months pdor to the effective date of this appraisal, and the prier sales of the subject property for a minimum of three years pdor to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the pdor sales of the comparable sales for a minimum of one year pdor to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locagonally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase pdce of a home ffiat has been boitt or will be built on the land. 9. I have reported adjustrnents to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I vedfied, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and expedence in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropdate public and prtvate data sources, such as multiple listing services, tax assessmert[ records, public land records and other such data sources far the area in which The property is located. 13. I obtained the information, estimates, and opinions famished by other parties and expressed in this appraisal report from reliable sources [hat I believe to he true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and tlhe proximity of the subject property to adverse influences in [he development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, detedoration, the presence of hazariTeus wastes, toxic substances, adverse environmental condttions, etc.) observed during the inspection of the subject property mr that I became aware of dating the research involved in peAerning this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on Ute effect of the conditions on [he value and marketability of the subject property. 15. I have no[ knowintlly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and informtrtlon in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limifing conditions in this appraisal report. 17. I have no presets or prospective interest in [he property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the Vansaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, martial status, handicap, familial status, or national odgin of etther the prospective owners or occupants of the subject property or of the preserd owners or occupants of ffie propemtles in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for pertorning this appraisal ar any future or anticipated appraisals was not cond'Rioned on any agrr~ement or understanding, written or otherwise, that I would report (or preserrt analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the atbsinment of a speciFlc result or occurrence of a specific subsequent everrt (such as apprmval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the pertonnance of this appraisal or the preparation of thRS appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certiryr that any individual so named Is qualified to pertorm the tasks. I have no[ authorized anyone to make a change to any ttem in this appraisal report; therefore, any change made to this appraisal is unauthodzed and I will take no responsibility tar it. 20. I identified the lender/clierK in this appraisal report who is the individual, organizaton, ar agent for the organization that ordered and will receivr~ this appraisal report. """'" "'""' """' ~'°1°' ~" "+VJ Page 6 of 7 Fannie Mae Form 1025 March 2005 Farm 1025 -'M1YnTOTAL' appraisal sofRvare by a la mode, inc. -1-800.ALAMODE Small Residential Income Property Appraisal Report ~,. ~ Gale Eatate 9 21. The lender/client may disclose or distribute this appraisal report to: the barrdwer; another lender at the request of the borrower, the mortgagee or Rs successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or insWmentality of the Unhed States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must 6e obtained 6efere this appraisal report may be disclosed or distributed to any other party (including, but na[ limited to, the public through advertising, public reladons, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appmisal report by me or the lender/client may 6e subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or dis[ribuDen by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or lts successors and assigns, mortgage insurers, government sponsoretl emerprises, and other secondary market participart[s may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parDes. 24. If this appraisal nfport was transmitted as an "electronic record° containing my "electronic signature,° as those forms are defined in applicable lederal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intendonal or negligem misrepresematton(s) contained in this appraisal report may result in civil liability and/or criminal penalties incbuding, but not limited tc, fine or imprisonment or both under the provisions of Titte 18, Unhed States Code, Section 1001, I:t seq., or similar state laws. SUPERVISORYAPP'RAISER'SCERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly superviseii the appraiser for this appraisal assignment, have read the appraisal report, and agree wlth the appraiser's analysis, opinions, statemerts, conclusions, and the appraiser's certificagon. 2. I accept full responsibility for the com9ms of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appaiser's certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal repaid complies with the Uniform Standards of Professional Appraisal Pracdce that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Faundatlon and that were in place at the fime this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature,° as those terms are definetl in applicable fsiderel and/or state laws (excluding audio and vitleo recordings), ar a facsimile transmission of this appraisal report comainiing a copy or represemation of my signature, the appraisal report shall 6e as effective, enforceable and valid as if a paper ver,;ion of this appraisal report were delivered containing my original hand written signature. APPRAISER rge FI. ulsh SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Signature Name eo State Cert Res Real E rate pr Name Company Name r eaity, Ina Company Name Company Address 901 (East Park Drive Suae 106 Harrisburc PA Company Address 17111 Telephone Number 71714x1-z7sa Telephone Number Email Address mish comcast.net Email Address Date of Signature and Report 03/10/2012 Date of Signature Effective Date of Appraisal 02/29/2012 State Cert'rficatlon # State Certification # RL000409L or State License # or State License # State or Other (describe) Slate # Expiration Date of Cert'rficaticn or License State PA Fxpiraticn Date of Certificatien or License gs/3o/zo13 SUBJECT PROPERTY ADDRESS OF PROPERTY APPRAISED ^ Did not inspect subject properly 55 cirde Drive ^ Did Inspect exterior of subject property from street Como Hill PA 17011 Date of Inspection ^ Did inspect interior and eMerier of subject property APPRAISED VALUE OF SUBJECT PROPERTY$ 175.000 Date of Inspection LENDER/GLIENT COMPARABLE SALES Name Company Name Client: Julie F Gale Estate c/o Dick Stewart ~ Did not inspect eMeri0r of comparable sales from Street Company Address 301 Market street. Lemoyne PA no11 ^ Did Inspect eMerier of comparable sales from street Date of Inspection Email Addmss Fretldie Mac Farm 72 March 2(105 Page 7 of 7 Fannie Mae Form 1025 March 2005 Farm 1025- W nTOTAL°appmisal software by a la mode, inc. -1-f~1}pLAMODE Operating Income Statement M00093 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Atltlress :i5 Circle Drive Camp Hill PA 17(111 Street Chy State Zip Code Geneal Instructlons: This farm is tc be prepared jointly bythe loan applicant, lire appraiser, antlme lender's underwrtter. Tha applicam must complete the following schedule indicagng each un8's rental status, lease e~iradon date, cumem rem, market rent, antlthe responslbilttyfor udltty eamenses. Rama figures must be based on the rentfor an "umumished"unit Currently Expiratlon Curren[Rem Market Rem Paid Paid Rented Date Per ManN Per Momh U51tty Expense By Owner By Tenant UnR NO.7 Yes~_ Nom $ 735 $ 750 Elecficity._ ^ Und NO.2 Yes~_ Nc~ $ $ 650 Gas .. _... __ Untt Na.3 VesIl, Nom $ $ Fuel Oil ...____~__. ^ Unh No.4 Yesn. No~ $ $ Fuel (O[her).._..__~_ ^ ^ Total $ 735 $ 1.400 Water/Sewer ________ ^ Trash Removal ..____. ^ The applicam should comlplme all Of me income and expense projections andfor existing propeNes provide actual year-end operating statements for the past two years(!orneiwproperties me applicant'spro/ectedincome ande~enses must be provided). This Operagng Income Statement and any previous operatng statements the applicam provides must then be sem to the appraiser far review, comment, anyor adjustments nem to the applicarrrs figures (e.g. App/icanYAppraiser28&r300J. If the appaiser is retained to complete the farm instead of the applicam, the lender must prONde to the appraiser the aforementioned opertng statemems, mortgage insurence premium, HOA dues, leasehold payments, subordinate financing, anWor any other relevam infonnadonias to the income and expenses otthe sublet[ property received tram the applicantto substanga[e tite projec8ons. The underwrtter should carefully review fha applicaM's/appralser's projections and the appraiser's commems concerning those projections. The underwriter should make any filial adjustments that are necessary to more accurately reflect any Income or expense ttems that appear unreasonable forthe market. (Rea/estate taxes andinsurance on these types of properties are incladed in P/T/and not calculated as an annualeaoense item) Income should be based on the currem rams, but should nmexceed market reins. When there are no cumem reins because the property is proposed, rrew, or currently vacam, market rams should be used. Aolustmems by Income(OO not include income lorowner-occupiedunitsJ By Applicam/Appraiser Lender's Underwmer Gross Annual Remy (/mm un/t(s) to be rentetlJ (Market) $ 16 800 $ Otlrer Income (include sources) .__..__.___,___... _, Tmal __...........__.......___. + 0 + ....__..._......___........___.........____... _.___.........__........_ $ 16800 $ Less Vacancy/Rem Lass - 504 ( 3 %) - _ ( %) Effective Gross lncome._......__.._.......__.........___........__._.....~~._. $ 16296 $ Expenses (Dc not include expenses lorowner-occupied units) ElectricitY _...___._.....___._....._.__.......____........__.........__..... Gas Fuel Oil Fuel ~yPa. ) Water/Sewer _,_.._._.____ Trash Rempval ___.._._____...._..___.......__........._._...__........ Pest Comrol OMer Taxes or Licenses ..__..........___.....____........__.........__....... Casual Labar ..___......____....._.__......_____....__.........__........ This includes the costs for public area cleaning, snow removal, etc., even though the applicam may not elect to contract far such services. Imedor Paim/Decarating _........____......__.....___........__........__. This includes the casts m contract labor and materials that are required to maimaln the imedore c9 the living arid. General Repairs/Maimenanre ___....._____......__.......__......__...... _. This includes the casts m comract labor andma[edals that are required to maimain the W61ic conidors, stairways, roofs, mechanical systems, grounds, etc. Managemem F~yenses ..____........___........__........__........__........._. These are Me customer expenses that a professional management company would charge to manage the property. Supplies __......___...... This includes the costs of dams like light bulbs, janttodal supplies, etc. Total Replacement Reserve:; -See Schedule on Pg. 2 ... __ Miscellaneous Total Operatlng Ea~enses $ 3 337 $ Freddie Mac This Form Must Be Reproduced By Seller Fannie Mae Form 998 Aug 88 Page t of 2 Fenn 216 Aug 88 T C Realty, Inc. George R. Ulsh Form INC2-"WinTOTAL" appraisal software by a la mode, inc. -t-800-ALAMODE Replacement Reserve Schedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operagng stamments or are customary in the local martcel. This represents the total average yeady reserves. Generally, all equipment and components that have a remaining life of more than aneyear-such as refrigerators, stoves, clothes washers/dryers, trash compactors, furnaces, roofs, and caryeting, etc. - should be expensed an a replacement cost basis. Equipment Replacement Remaining By Applicam/ Lender Cost Life Appraiser Adjustments Stoves/Aanges .____.___ @ $ 500 ea. ,- 10 Yrs. x 2 Unhs=$ 100 ~ ReMgeratare __ _ @ $ 500 ea. - 10 Yrs. x 2 Units = $ 100 ~ Dishwashers __~_____._. @ $ 350 ea. + 10 Yrs. x 2 Units=$ 70 ~ A/C Units _.. @ $ ea. + ____.... Yre. x Units = $ ~ C. Washer/Dryers _...._. @ $ ea. + yre. x Units = $ _ ~ HW Heaters .....______ @ $ ea. + Yrs. x UnRS=$ _ $ Furnace(s) ____________ __ @ $ 5,000 ea. + 15 Yrs. x 2 DniLS=$ _ 667 $ (Other) -_- ................ @ $ ea. + Yrs. x Units = $ _ $_ Roof ._._ @ $ 5.000 + 10 Yrs. x O ne Bldg.= $ 500 ~_ Carpeting (Wall to Wall) Remaining Life (Unds) 300 Tptal Sq. Yds. @ 15 Per Sq. Yd. + 5 Yrs. _ $ 900 ~ (Public Areas) - TMaI Sq. Yds. @ ~ Per Sq. Yd. + Yrs. _ $ _ ~_ Total Replacement Reserves. (Enter on Pg. 1) $ 2.337 ~_ Operating Income Recencillatian $ 16296 - $ 3,337 $ 12.959 + 72 = $ 1.080 Etlectlve Gress lnuame Total Opuaang Expenses Operatlng Income Monthly Operating Income $ $ 1 090 - $ _ $ Monthly Operating Income Monthly Housing Expense Na[Cash Flow (NMe: MoMhty Housing Ecpense Includes prtncipal and imerest on the mortgage, hazard insurance premiums, real estate taxes, mortgage insurance premiums, HOP, dues, leasehold payments, and subordinate financing payments.) Underxsi[er's insW c[ions far 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a posigvq number, enter as "Net Remal Income" in the "Gross Monthly Income" secton of Freddie Mac Form 65/Fannie Mae Fonn 1003. If Monthly Operating Income is a negatNe number, it must be included as a liability for qualifcatlon purycses. • The borrower's monthly housing expense-tc-income ratio must be calculated by compadng the total Morrthly Housing Expense farthe subject property to the borrower's skiable momhly income. Underwmer's insWCtions far 1-4 Family InvesimeM Properties • If Ne[ Cash Flaw is a positive number, emer as "Net Remal Income" in the "Gross Mongdy Income" section of Freddie Mac Fonn 65/Fannie Maie Form 1003. If Net Cash Flow is a negatlve number, R must be included as a liabilityfor qualification puryoses, • The borrower's monthly housing expense-tc-income ratio must be calculatetl by compadng the total monthly housing expense for the borrower's primary residence to the borrower's stable monthly income. Appraiser's Commems (!ncluding sources lardata and rafionale forthe projectlonsJ Cast Manuals, personel irnerviews and appraisers general knowledge of the subject area were used in the detennina[ion of developing the Operating Income Stalemient. Georoe R. Dish PA State Cert. Res. Real Estate An 03/10/2012 Appraiser Name ppra IgnaWre Date and Underwriter Name Underwmer SignaNre Fredtlle Mac Farm 998 Aug 88 Page 2 of 2 Data Fannie Mae Fonn 216 Aug 88 Form INC2-"WinTGTAL" appraisal software by a la mode, Inc. -1-800-ALAMOOE The Cost Approarh to Value for homes with an age greater then a maximum of 5 years, the lack of available verifiable land sales or having good available dosed sales For comparison to the subject creates a centlitfon that gases the Cost Approach to Value to be considdered inappropriate for use in this appreisal report This Is based on the fad that a cost analysis for a subject property is generally subjective, based on the appraiser estimate of depreclatlon, cost manuals generel analysis far an area, subjedive statements from area centradors. The general analysis of all supports the statement that this generelly leads to fha inacarscy of the Cost Approach to Values and leads the client to improper conclusions. For thls reason, although considered, The Cost Approach to Value is inappropriate for use in Mis appraisal report The Income Approach to Value is considered inappropriate for use in this appraisal report This Is based on the fad that a typical purchaser far the subjed property has an interest in the purchase for their primary residence opposed to the cencem of the value generated, through investment, from ma possible income produced value. In additlon, the veritable information available is not a matter of public record and accuracy is at best considered limited in nature. For this reason, although considered, the Income Approach to Value is considered inappropdate for use in this appraisal report. Neighbomood -Description The subjed is loaned in a residenflal neighborhood. Major routes of travel are located within a reasonable distance of the subjed. Employmient for the area is rated as good. Major employers in the Camp Hill Area include large manufaduring companies, local <,lovemment facilitleg and many smaller service companies. The subjed neighborhood is In a primarily stable phase of ifs' Iffe q~Ge with properties In the neighborhootl having good appeal with proof of regular maintenance. Supply and demantl appears in balance. Property values are stable and have been for a time period exceeding one year. This is after a sustained increase for several prior years. Buyer demand appears typical for this tlme of year in the neighborhood and is supported by cen[iinued low interest rates. Infonnatlon is supported through public record information and Central Penn MLS System. Neighborhood -Market Conditions There are no fores~ceable ecenomic Vends which might significantly influence market conditlons in this area. The curtest mortgage market offers a vride varieryof conventional loans with compethive rates. As a result, the terms of finandng have little, if any, impad', on sales prices. If7nterest rates remain reasonable, property values and markafablility should be good. Current supply and demand are in balhnce. Marketing time is typically 90 -180 days for reasonably priced properties. Interest rates are ranging from 3.5 % to 8% with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not lypipl of all transadions. APPRAISAL COMIMENTS The appraiser has NO current or prospective interest in the subjed property or parties involved; and has NOT completed any services regarding the subjed property within the three year period immediately preceeding acceptance d the assignment, as an appraiser or in any other cepadty. The subjed is over 30 years old but had been modernized es necessary and is marketable in its present condition. The effedive age is significantly less than 30 years. Wrm TADD-'M1YnTOTAL' appraisal sofiware by a la mode, Inc. -1-BOO~ALAMODE APPRAISAL AND REPORT IDENTIFICATION This Apps rWSal Report Is!oDfl M Ne following types: ^Self Corltalnetl (Awritten reportprepared under Standads RUle 2-2(a),pursuan[to Ne SCOpe of Work, as disclosetl elsewhere inihis report) ®Summary (A written report prepared under Standards Rule 2-2(b) , pursuantto the Scope of Wodg as disclosed elsevfiere in Nis report) ^ ResMCted Use (A wdUen report prepared untltx Standards Rule 2-2(c) ,pursuamto the SCOpe of Work as disclosed elsewhere in Nis report, restricted tc Ne started imended use 6yNa spec'rfied client or iNended user.) Comments on Standards Rule 2-3 I ceNfy thn, n the best of m!/ Imowledge and belief: -The slanmeNS N fact cmdained In tlos reppd are iNe and correct -The reported anayses, alrinians, and concUsions are limbed anty by the reported assumpAOns and limfling condifians and are my personal, impaNN, and undased professional analyses, opirions, and conclusions. -UNess aNarxice indicated,Ihave rn presen[or prespective iNerest in Ne property Nat is the wblect of WS regal and no personal imerest with respect to Ne panes imdved. -UNess oherwise indicated, I have pedortned no services, as an apDreiser w in any other capacity, regarding the preperty Nat is the subject of tlds repott wlNn Ne three-year period immediately DrecedinA acceptance of Nis assignment - I have rp bias wiN respect to tlta preperty Nat is Ne subject N Ws reppd or Ne partles invaNed with this assignmeN. -My ergagemeN in tNS assignmeN was not corNngeN upon developing or repoNnp predenmdned results. - My compensaAOn for comple8rq iHS assignmeN is not cor10nAeN upon the development or repoNng al a prelenrmired value or direction in value Nat favors the cause of Ne clieN, Ne amouN of the value opinion. the apwnrtuN of a stipulated result, a the pcrunence of a suhsequeN event directly related to Ne intended use of Nis appaisal. - My anayses, opinions, and concnsions were levelaped, and ylis reppd has been prepared, in conlormiry with the UMorm Standards of Professional Appraisal PrecAce that were in eyed alNe tlme Nis report was prepared. -UNess otherwise indicned, I have made a DersonN inspec0on of the property that is Ne sublect of iNs regal. -UNess otlerwise inNcete4 na one prowled sigNficaN real property appraisal assistance to the person(s) signing this cer8ficafign of there are excepficns, the name of each indiwduN providing siANtlcaml real propety appaisal assistance is stated elsewhere in glis repot). APPRAIBER: SiAnaWre: ~ l~ Name: Gear e . Ulsh State Cert. Res. Real Estate r Designa8an: Dan SiAred: 03/10/2072 Snn CerBficafion#: RL006109L or Sfan Ucense #: Stale: PA E~iraBOn Dan of Certgica0on or Ucense: 06/30/2013 EgecNve Date of Appraisal: SUPERVISORY APPRAISER (only II requlroG): Signanre: Nam: DeslAnatlan: Oan Signed: Stare CeNACaticn #: ar State Ucense #: Stan: F~iratlon Oan al Cerlficatlan or License: Superwsary Appraiser inspepion of SubjeN f#operry: ] Did Nat ^ E#edar-only tram siren ^ Irdedor and Egedor Form ID10-'WInTOTAI' appreisN software by a la mode, inc. -1-800-AUIMOOE Appraisers 2011-2013 Certification r- BurQau F ;' Certificatei Type. Certified Residential Appraiiser GEORGE RAMOALL ULSX g0990any SBeet `HARRI9BURG PA 17111 ~~~ ~sll~~u~~!n''!'~x 9r ~.I'Ihv@ssiunalpM fl{c '10 0648890 Affairs - Certificate Status Active ." Initial Certification Date ~~.10111/1991 Cxpiration Date 06/30/2013 Farm MPP.Trafflc -'WInTOTAL' appraisal software by a la mode, Inc. -1-900.ALAMOOE CertiOca[e Number RL000409L Subject Photo Page Subject Front 55 Circle Drive Sales Price MarketValue Gross BUlMing Area 2,760 Ape 51 Yrs Est Subject Rear SubJect Street Fwm PICPIX.GC -"NnTOTAL' appraisal sNhvare 6y a la mode, inc. -1-806ALAA10DE Comparable Photo Page Comparable 1 1294 Brandt Road Sales Pdce 217,500 Gross BUildirp Area 3,200 Age 9 Vrs Est Comparable 2 223 Basler Avenue Seles Pdce 169,900 Gmss Builtling Area 2,312 AAe 82 Yrs Est Comparable 3 200 Forge Roatl Gales Pdce 154,000 Grass 8wldiry Area 2,277 Age 112 Yrs Est FBrtn PICPIX.CC - NJinTOTAL' appraisal sodware by a la mode, inc. -1-800.ALAMODE Building Sketch .q ~ .v.m » ,.. q ~.r~.m„ ra tt p q ..w., q nmxsv.n p. u"°°"`' Arou Cekuktlona Summary ~. - „ (NtiiYNVU qm: -r.~ [ •:' r~q; Wy i^e Nge'Wr°`xgx,~xe ?rya •4 ~r r°:y. ;nv, _.,. ,. .,. _.. - _ ._- ~ uneivi fr . __. _ _... 19565gft .. ~ ._ untt t3 3n0 Fggr llp9 Sp ft Tobl Lhlnq Mav (ROUVdM): ~ tTa08q R Non-IMvy Ara I ~ _ , ~ , _:_ Bazemem .... ,. ... 11549gft _... 2 Ur Gem9e 5p3.355p k FMCh 30 Sq ft Porth 2 60 Sq ft Farm SKf.BId3W - WinTOTAL' appaisal software by a la made, inc. -1-800.ALAMOUE Building Sketch mrusme b.s e.a.. M. Ara CalcuMtloa Summary Liula Ara' I - ~ "r?` Celmhtbn Dublla +: ^ ~ Ilnttils[Rr 1956 Sgft ~ ~ - ~ 32x 955 = 1456 Una t2 2nd Roor 1304 5p k 95.5 x 29 12J4 ].5 x x 15 J.5 x 2 = 15 Total Llvinp Ara (ROUedadl: 3)60 S9 R Ndn-0Mnp Ara . :. ..:: ~ Basement .~ 19565pft 32x95..5 = 1956 z far Gaspe soz.zs s4 R xos x z9s = sox.xs Porch 305pft 6x5 = 30 Porth2 fiB Sqft lOz6 60 Fann SIR.BId31d -'WinTOTpL' appraisal software by a la mode, inc. -1-800.ALAMpUE Location Map ~h~ a la mode inc. d Mgyv,nyrpa,almmMn __ Acker MontgomgXgny 'y`Q ,~ ~`'`~ ~,. w Enaen j carsenmua Newport °_~ 322 i t, `r ~ 9 t Halllae Walnu[Grore Juniata Lmh~~n f, yi +`~ Entedine Furnace k ~,,.. - ~1 V1 t///N {rapv POVreIb axs Marv~rvill¢ (~~7 Valley NevaBbwnfeld ~ Ytloda vI Furnau - ~~ memikld,PV h burg 2]a DUncali o~ d P E R P. Y k ¢e4 Va~A Pikatoron Da A P P a l a c h i a n M o u n t a i n s MaryrvIIIS'A''}., Gnglestown ,~ o n U C..--1 I n Sbehnon; pale Va11eY fttl I(eYsmrc -' ~ L~ 332 - ~ __ _ ___ __ __ r,~ Pa%tOn13 C __ ]t - .. ___...._.~~-_. Donmlbmwn Wn*x"1 ':,. .. rd ~asaq - na sat Worm ysburg r" u ~ tz ntaa ' e Twp 3 cu.Gi1, uY~ a Schluzsee: Cam Hdl i >, Steelton I M'dd s n Ne hjilS 4 Bressle Shiremanstq~wn. ~ a&v^ '' R 'L A- N p ~ PipAaT 1~ le ~ // S wf~ / ~ ~~~ IAI ~~ Fa Ish ~° B Iling ~ Green ~ Spnngs rrylosvn Mount.Hally bngr 'a U11136urg a GaP Emfl I ' duation ~ c x I + o ~ an er ~ , 6y Al i 1 Talani , ~r (n' P ne. {~ Pp~dpf ~ ¢ n ~ S able 1 Clev Slgln 9n g Perk ~ 11 ~ /ll Q prla4 ~% Mount Boyal _ _ _ -- 9l Y O fl K 1~ r - I ' 14aAt¢wn r ~ 1 ~ / A E Gmdrlers Pangs ~~aar Yo kS P ~ TA poyey f ~ ~ ~g Lake Meade oav~hrg nd lepers _ (13s Weigelsmwn No M~' is Ra ygr. NeMlen rg FoNville ~y' WP.St YOfk eigkrville - , Hampton East Bedin - 'gQ ' ~ Nem Salem 3 utiles bhn~ Y^s. `6 PI_^{y- Th0 Pines 30 ' ~ >J1.^J form MAP.LCC -'WinTCTAL' appraisal software by a la mode, Inc. - 7-800.ALAMpCE T C Realty, Inc. George R. Ulsh Small Residential Income Pronertv Aonraisal Rannrt Gale Estate^. The u ose of this summ a sisal re od is to rovide the lender/client wiN an accurate, and ode uatel su orted, o Inlon of the market value of the subject ra e Pro a Address 6 Far tea n Road City Ca o Hill Stale PA Zip Code 17011 Borrower Client: Julie F Gale Estate Go D'ck Stewart Owner of Public Recartl C t CI b P k D I om t C unN C b da d Le al Descri 'on Referenced in RecoM Book 17R Page 294 Assessor's Pamel # 09-20-1850-110 Tax Yeaz 2012 R.E. Taxes $ 3152 Nei hbgrhopd Name East P~ennshoro Map Reference 09-20-1850-110 Census Tract 0102 02 Occu and Owner Tenam ^ Vacam Special Assessments $ N/A ^ PUD HOA $ N/A ^ per year er month C Pro a RI hisA 2isetl Fee Simple ^ Leasehold ^ Other (tlescdbe) Asst nmenlT a Purchase Transaction ^ Refinance Tmnsactlon ~ Other (describe) Establish the M rket Value of th sub'ect a 2 - 4 unit roe Lender/Client Client: Julie F Gale Estate Uo Dick Stews Address 301 Market Street Lemov PA 17011 Is the sub ect roe currentl ~ Altered for sale or has it been offered for sale in the hvelve momhs odor to the effectlve date at this appraisalP ^Yes ~ No Re od data sources used offering price(s) and date(s). Publ'c Records and Area MLS 02/27/2012 Subject o o rtv ha t b en off d for sale in the last 12 months. I ^tlitl ^ditl not analyze the contractfor sale forthe subject purchase transaction. Explain the results of the analysis of the conhact for sale arwhy Ne analysis was not edonned. i Contract Price $ MarketValue Date of Contract N/A Is the propeM seller the owner of public records ®Yes ^ No Data Source(s) P blic Record - Is there any financial assistance, (loan charges, sale concessions, gift pr downpayment assistance, etcJ to be paid by any parry on behalf of the bormweR ^Yes ^ No • ttYes re oh the total dollar amount and describe the items to he paid, Note: Bate end the reclel cortrposlUon afthe net hbo hood erenota relsal feMOra. Nei hborhood ChiereNerietics 2-4 Unit Housin Trends .. 2-4 Unit Housin Present Land Use % Lgcadpn Dman Suburban Rural Pro a Values Increasin Stable Declinin PRICE AGE One-Unit BO % Built-U Over 76% 25.75% Under 25% Oemand/Su I Shona a In Balance Over SU I $ 000 rs 2-0Unif % Growth paid Stable Slow Markeh'n alma Under3 mths 3-6 mths OverB mths 150 Low 55 Mutt)-Famil % Nei hborhood Boundaries North and West is the Condo ouinet Creak East is Brentwater Dnve South is 450 Hi h 125 Commercial 10 % Walnut Street 250 Pred. 40 Other 10 % • Nei hborhood Descri gon See Suoolemental Adrllendum with comments The P d a t s'nol f 'IV ho s' o I 's belt rted in a ran a of 175 000 to 00 000. Predominant sae is beder reported as 20 veers to 60 veers Oth resents t ro nd Market Contlltlons includin suapod for the above conclusions) See alto bed Supplemental Addend m 'th comments Dimensions 100' x 115' x 100 33' x 72 33 Pub Rec Area 9 028 Sa Ft Shape M tlv ReQ g I Vlew S b ban S ectlic Zonin Classification Resitlenfal Zoning Oescdodpn Allowing res'd fat use 2 to 4 't props' 'n home b 'ness Zonin Cam fiance Le al ^ Legal Noncanfarming tGrandfaNered Usel ^ No Zoning ^ Illegal (describe) Is the hi hest and best use of sobtect property as improved (pr as proposed per plans and speciflcadpns) the present use? ~ Yes ^ No If No tlescdbe Wlitlas Publle Other (describe) Publle Other(deacrlhe) OlFStte lmorovemenb-Type Pu61ic PrNate Electric' 2-700 amp Wafer 6a ^ Street Paved Asphalt ~ Gas None Sanharv Sewer ® ^ Allev N ^ FEMA S ecial Flood Hazard Area ^Yes (~ No FEMA Road Zone X FEMA Map # 420360-Ot 14E FEMA Map Date 0311fi/2009 Are the uglities an4/or off-she improvements Npical tar the market areal ~ Yes ^ No U No tlescdbe Are there an adverse she conditlans ar external factors (easements encroachments environmemal cpndltlons land uses etc )~ ^Yes ®No B Yes tlescdbe There were no noted a srrent adverse or unfavorable easements or encroachments noted. General Descri Uon Foundation Etlador0eacrl tlon meterlele/condition Interior meterlels condNlon Unrfs Two Three Four Cgncreth Slab Crawl S ace Foundatlon Walls ConcreteBlpcWAvere Floors Wd (: t Vn/Gd Av Accesso Unit describe below Full B meM Pardal Basement Extetlor Walls Brick&Freme/Avers Walls D all/AVere e # of Stodes 2 # of bltl s. i Basement Area 1 485 s .ft. Roof Surface Com Shin 1/Avers a TdnVRnish Wood/Avers e T e Det. Att. S-I7etJEntl Unh Basement nish 0 % Cutlers & Downs outs Aluminum/Averse Bath Flpar Vin I CnnTil/Gd Av Ew'stin Pro osetl Under Cpnst. OutsideE IExtt Sum Pum WindpwT a DoubleHUn /Avers Bath Wainscot CermTile/Avera e Oesi n le 2 Sto Evidence of Infestatlon Storm SasMnsulaletl StormUnits/Averse Cer Stom e Yeaz Built 1961 Dam n ss Settlement Screens Yes/Averse None Effectlve A e rs 20 Yrs Est Heagn /Coolin Amenitlea Drivewa # of Cars 2 Athc Nona FWA HWBB RadlaM Fire laces # t Weodstove s # Drivewa Sudace PouredConcrete Ora Stair Stairs Other Fuel Oil Pado/Deck t Fence Gate e # of Cars 2 Floor Scuh1e Coolin Central Alr ContlNonln Ppol Parch 1 Car or[ # of Cars ,' ^ Fnished ^ Heated ^ Intllvidual ^ Other ^ Other ~ AtL ^ Oet. ^ Built-in # of Appliances Refrigerator 2 Range/Oven 2 Dishwasher 2 Disposal 2 Microwave Washer/Dryer Other (tlesetlbe) Unh # 1 contains: 5 Roams 2 Bedrooms 1 1 Bath(s) 1 465 Square Feet of Gross Livinp Area Untt # 2 contains: 4 Roams 2 Bedrooms 1 Bath(s) 1 368 Squae Feet of Gross Uvinp Area Untt # 3 contains: Rooms Bedrooms Bath(s) Square Feet of Gross Livin Area Untt# 4 wntains: Rooms Bedrooms Bath(s) Square Feet of Gross Livin Area' AddNOnal feaNres s ecial ens IY eflic'em items etc 1 Fro t h oo h gl p d 'th sto d ws f ' h d b k area 2 car era a fire lace in 1st flag unit. Oescnhe the condition of the roaedy (including needed repairs deterioration renovations remodeling eh I Th sub'ect t 's'n a g dition with ical im rovements. The'ntenor of th b'ect's'n a Ily era t q tl co d'f U It #1 k't h o ors t h e d tin .Units #2 has an older kitchen. The basement of the sub'ect's 100 % of the 1 t fl GLA a d t es nt 0 % f 'bed Both 't h e acc t the basement area and the arege is shared by bosh units. Freddie Mac Fonn 72 March: 005 Page 1 of 7 farm 1026 -'~nTOTAL" appraisal software by a la made, Inc. - i-800-ALAMODE Fannie Mae Form 10,?5 March 2005 ExH1e1T K Small Residential Income Pronertv Anoraisal Report Gale Estate.b Are there an hslcal deficiencies oradveme condifionsthat affedthelivability Soundness arsWCNral lmeodty of the poperty'+ Yes No If Yes desrdbe. Eleddcal service boxes are manufacted by Federal Pacifc These era known to have saftev issues and should be replaced Estimated cost to cure - is 2 000. Unit #2 shows minor water damage photo included The exterior frame areas h chipp'nq a d peellne oa'nt that needs re airs. - Estimated cost to cure is $1,500. . Does the roe enerall conform to the naiphborhppd (funcfienal utIIM style cond'Npn use canstructlpn Bic )7 1 Yes ®No If No describe Subect is a 2 unit ' . buildin located in a redominantl 1 't gle fam'IV 'ghbo hood Ao tl design' s'stent 'th Noically ho 'n the a Is the ra a sub'ed to rent romral? n Yes ®No If Yes descdbe fie following properties repnsem the mast curre nt, similar, and proximate comparable ren tal properties to the sublect property. fits analysis is intended to support the opinion of the market rent fur the sublect prope rty. FEATURE SUBJECT COMPARABLE AEMAL # 1 COMPARABLE REMAL # 2 COMPARABLE FlENTAL # 3 Address 8 Fargrean Road 909-911 Allenviaw Drive 2208 Market Street 49 Circle Drive Cam Hill PA 17071 Mechanicsbur PA 17055 Cam HiII PA 17011 Cam Hill PA 17091 Proxim tp Suh'ect 4.81 miles SW 0.89 miles SE 0.18 miles SW Cunent Manthl Aent $ 1387 ~ o<. $ 7850 ~:~ $ 3450 - ^ •'TFtia` $ 1387 flenVGross BIO . Area $ 0.49 5 ft ''+'- $ 0.61 s fL $ 1.11 5 .tt. " $ 0.56 s .tt. Rent Control Yes No Yes No Yes No Yes Np Data Sources - Pro Uew Own Re ML PubRec A raisersPiles MLS PubRec A reisersFiles MLS PubRec A raisersFlles Date o} Leases Nat Available Mo th to Month Month to Month Not Available Locadon Suburban Su urban Suburban Suburban AcNal A e S6 Yrs Est 27 Yrs Est 112 Yrs Est S6 Yrs Est - Condition Avere a God Avera a Avere eto Good • Grass Buildin Ama 2 85 3 030 3 100 2 478 -• Un@ Breakdown Rm Count Sue Sq. R. Rm Count gl2e 5 . k, Momhly Rent Am Count gaze S . Ft. Monthly Rent Rm Count $IZe Sq. k. Month) Rent Y Tal'. Br Ba 2 853 Tat Br Ba 3 030 1 850 Tot Br Ba 3 100 3 450 Tat Bt Ba 2 478 1 387 - WR # 1 5 2 1.7 t 485 5 3 1.1 1 515 $ 975 5 3 1 1 000 $ 1 200 4 2 1 1 313 $ 746 Unit # 2 4 2 1 1 368 4 2 2.1 1 515 $ 875 4 2 7 1 000 $ 850 5 2 1.5 1 165 $ 64t Unit#3 $ 5 3 1 1100 $ 1400 $ Unit # 4 g $ $ UdINes Included None Water Sewa eTresh Water Sews eTrash None AmenNes None 2 Car Gara a Off Street Parkin 2 Car Gare a Fire lace Amenities No Central Cool Cemtret Cool No Centre) Cool Central Cool Analysis of rental data and support for estimated market rents for the Individual sublect unAS reported below Qnclutling Me adequacy of the comparahles, rental concessions, etc. All of the rentals are located within the subiect market area Rentals establish the fa'r market rental of the subiect U 't size of the rentals is estimated from re rted overell s' e f th ental and public reco d footprint B th a e known t be inaccuret t times b t e cons'dered the most actuate available without actually measuring the property Rental #3 is most similar to the subiect It's slightly Bette in contlit'on to the sub'ed but similar in a e location and exfemal influence .Leases are re orted similar. fleM Schedule: The appraiser must reconcile the applicable Indicated monthly market rems to provide an opinion of the market rent far each unit In the subject property. Leases Actual Rents Opinion of Market Rent Lease Date Per Untt Total Per Unit Total UnR # Be in Date End Date Untumished Famished Rents Unfurnished Famished Rents 1 Not Available $ 746 $ $ 746 $ $ 74fi S 746 2 Not Available 641 641 641 641 3 4 ' Comment on lease data Data obtained from • Total AcNal ManMl pent $ 1 387 Total Gross Month) Pent 1 387 sub~ed owner re resentative Burin sub'ed Other MonNl Income itemize $ Other Mgnthl Income temize viewin .Actual leases not available total Actual Month) Income $ 1 387 Total Estimated Month) Income $ 1 387 - •• UtllPoes included in estlmated rents [ Elecidc n Water ]Sewer Cl Gas ^ Oil ^ Trash collection ~ Cable ^ Other Commems on actual ar estimatrd renh and other monthly Income (including personal property) Market rents eged the b st rent forth ubiect M'rrket rents are su ortetl from the indicated rentals and th appraisers g neral kno I d e of the s bied market a ea Furnished units are t tvp'cel of this market. I did did not research the sale or transfer hlstaN of the sublect property and campamhle sales If not explain M research did did na[ reveal env prtar sales or transfers of the subiect property for the three years prior to the eflecdve dale of this appmisal Data Sources Public Retard and Area MLS M research did did not reveal env poor sales pr transfers of the compamble sales for the year prior to the Bahdsale pf the compamhle sale Data Sources Public Record and Area MLS Re od the resulh of the research and anal sis of the riot sale or transfer histo of the suh~ect re a and cam arable sales re ort atltlNOnal riot sales on a e 3. ITEM SUBJECT COMPAAABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 - Oate N Prior Sal mnsfer No transfer of t e sub'ed No trensfer of the sale No transfer of the sale No transfer of the sale Pdce of Pdor Sale/Transfer in the last 38 m nths in the last 12 months in the last 12 months in the last 12 months Data Source 5 Public Record Public Record Public Record Public Record • Etfecdve Date of Data Sources 02/27/2012 02/27/2012 02/27/2012 02/27/2072 Anal sis of dorsale or transfer hishry of the suhiec[property and comparable sales N t sfer of th bled' th I t36 mo th No tra f of the sales in the last 12 months. Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005 Form 1025 -"WInTOTAC appraisal software by a la mode, Inc. -1-800-ALAMOOE Small Residential Income Property Appraisal Report Flla# MOppg~tate 4 There are 0 cum arable propeNes currendy uttered far sale in the suhlect neighhorhood ranglnq In once from $ 0 to $ 0 There are o cam amhle sales in the subject FEATURE SUBJECT Address 6 Fargreen Road Cam Hill PA 17011 net hhonc~od whhin the ast twelve mon COMPARABLE SALE # 1 1294 Brandt Road Mechanicsbur PA 77055 ths ran in in sale rice tram $ 0 to $ o COMPAAABLE SALE # 2 COMPARABLE SALE # 3 223 Bosler Avenue 200 Forge Road Lemo ne PA 17043 Boilin S rin s PA 17007 Proximi to Sub'ect 9.56 miles SW 2.42 miles E 12.15 miles SW Sale Price $ MarketValue $ 217 500 $ 769 900 $ 154 000 Sale Pnce/Gross Bld .Area $ 63.09 s .k. $ 67.97 s .h. $ 73.49 5 .h. ", $ 67.63 s .h Gross MonNl Rent $ 1387 $ 2300 $ 1640 .>- $ 1400 Gross Ren[ Muld Iier 94.57 103.60 - 110.00 Price er Unit $ $ 108 750 $ 84 950 $ 77 000 Pdce er Room $ $ 21 750 $ 15445 - $ 15 400 Price er Bedroom $ $ 36 250 $ 33 980 $ 38 500 Rani Control Yes No Yes No Yes No Yes Nq Data Sources MLS PubRec A raisersFiles MLS PubRec A raisersFiles MLS PubRec A iaisersFiles VeMicadon Sources VALUE ADJUSTMEMS DESCRIPTION Data BanK DESCRIPTION +- Atl usMent Data Bank DESCRIPTION +- AdLSMent Data Bank DESCRIPTION +- Atl'usMent Sale or Financing Concessions Cash 1 7 DOM FHA $9000 5 DOM Conv $7350 117 DOM Dale of Sale(rme 0 28/2011 03/02/2011 04/13/2011 Location Suburban S rburban Subrbn/Inferior +5000 Subrbn/Inferior +5000 Leasehold/Fee Sim le 1=ee Sim le F e Sim le Fee Sim le Fee Sim le She 9 028 S .Ft. 27 878 S .Ft. -2 000 4 792 S .Ft. +2 000 9 147 S .Ft. View Suburban S barber Suburban Suburban Desi n S e 2 Sto 7 Sto 2 Sto 2 Sto . Ouali of Constmctlon StnBAlum/AV Brk&Vin IlAv Brk&V'in I/Av FrmBVin I/Av Actual A e !i6 Yrs Est 9 Yrs Est 82 Yrs Est 112 Yrs Est ' DopdNOn Averse G /SaleU dates -20000 Averse Avers e Gross Buildin Area 2 85 3 20 -3 500 2 31 +5 400 2 2 +5 800 • Una Breakdown Total Bdrms Baths T tat Bdrms Baths Total Btlrms Bafhs Total Bdims Baths Unit#1 5 2 1.1 S 3 2 -2000 5 2 1 +2000 5 2 1.1 ' Unit # 2 4 2 1 5 3 2 -4 000 6 3 1 5 2 1.1 -2 000 • Unh#3 Unh # 4 - Basemem Descn lion Infnished Unfinished. Unfnished. Unfnished. Basemerq Fnished ROOms 100%/0% 1 0%/0% 100%/0% 100%/0% functional Udli Averse A era a Averse Avers e Heah'n Conlin CntIHUNoCntdCl C tdHUCntrlCl -6000 CntdHUCntrlCl -B OOO CntrIHUNOCntCI Ener Efficient Items -F ical forA e T ical forA e T ical forA e T ical forA e Parkin ONOtt She 2 Car Gars a 2. 1 Car Gara a On Street Parkin +5 000 Off Street Parkin -4 000 PomNPadglDeck Porches P rches Porch WdDk Patio Porches Amenities I=ire lace N ne +3 000 None +3 000 None +3 000 Amenities t4one Nne None None AmenNes None N ne Nona None Net Ad'usMeM ohl h' + - $ -34500 + $ 16400 + [- $ 7800 Adjusted Sale Pdce of Com arables Net Atlj. 15.9 % Gross Atl'. 1 B.6 % $ 183 000 Net Atlj. 9.7 % Gross Atl . 16,7 % $ 186 300 Net Adj. 5.1 % Gross Ad. 12.9 % $ 161 800 Ad'ustetl Price Per Unh ad. sr como/abcwnp unnsl $ 9t 500 $ 93150 - $ 80900 - Ad'us[ed Pdce Per Room (a4~sr comvl»comp aroerl $ 18300 $ 18938 $ 76180 Adustetl Price Per BedlmlM.sr comply NCOmo aeaimms $ 30500 Value er Unh $ 90 000 X 2 Unhs = $ 180 000 Value er Rm, $ 15 000 X 9 Rooms = $ 135 000 $ 37260 $ 40450 Value er GBA $ 68 X 2 853 GBA = $ 194 004 Value er Bdrms. $ 35 000 X 4 Bdrms. _ $ 140 000 Summa of Sales Com arson Approach including recongiliatlgn of the shove Indicators of value. Limited availahle sales for anal s's' the subject market area caused the use of sales located further then and Id the Npically des'red The subject locat' o vides good goo 1 caused b the near location of amenities i.e. Pravel access stores and schools The sales were chosen after a thorough sea ch' the subject mark t ea which revealed limited 2 unit sales available that recently trensferred Th aooraiser ne d t and his area of h fo a ailable 2 'ts for anal sis. The sales establish a range of value for the sub'ect orooerty Sales ronce's adjusted value f 5161 800 to 188 000 The abject ie in avers e lus condition and su its a value established from the sale Sale #1 Is report d t have eMenslve od t c which caused the diusimenl for the condition of the sale. Indicated Value b Sales Cam ansgn A mach $ 180 000 Total ross monNl rent$ X387 Xgross rent multlpller (GRM) 100 =$ 138700 Indlcafed value by the lnsomeA roach • Comments an income a roach including reconciliatlon of the GRM The GRM 's estahl'shetl from the'nd'cated sales cond'f f the subject ro art and the a raisers eneral knowledge of the subied market area. Indicated Valueb: Sales Comparison Approach$ 180000 Income Approach$ 138700 Cost Approach (If tleveloped)$ fJ/A The Sales Com orison Reproach to Value is the best of date mining the Market Value of a resident'al orooertv The Income Aoo oath to Value in this siluatlon het s to su rport the Sal C oa 'son Approa h t Val The Cost A o h to Value w co 'de ed but is not sop ~ riots for use in this a sisal re ort. Exposure time is approximately 180- 200 tlavs This appraisal is made ®"as is", ^ subject to completion per plans and specifications on the basis of a hypathellcal cpntlldon that the improvements havr, been • completed, ^ subject to the following repairs or alteratlons on the basis at a hypothetical condition that the repairs or aI[eraHons have been completed, gr [ subject tg the followin re aired Ins ectlon b~>sed on Ne exbaordlnarv assumption Nat the condition or detidencv does not require alteratlon or repair S attached Suonlemental Addendum with additional comments on the a sisal re rt and sub'ect ro art . Based on a complete vlsuel inspectlon of the Inter or and exterior areas of the aubJect property, tleflned soups of work, statement of assumptions end Ilmiting contlltlons, and appraiser's certification, my (our) opinion of the market value, es deflnetl, of the real property that la the subJed of this report is 5 180 000 es of 02/27/2012 which Is the date of Ins eMlon end the eifectlve tlete of ihla a ralsal. Freddie Mac Fonn 72 March 2005 Page 3 of 7 Fannie Mae Farm 1(125 March 2005 Form 10P5 - "WinTOTAL' appraisal software by a la mode, inc. -1-B00-ALAMODE Small Residential Income Pronertv Aonraisal Renort =,,,„ Gaye ostate 4 The subject a e is estimated as 52 years The subiect use has been s'ngl fa 'IV 1 l0 4 unit residenfal h' h appears to be th H'ohest best use for the ro art . Unless otherwise noted ~th'n the aooraisal report ALL provided photos are odo nai and were obtained by the appraiser during the develo ment of the a sisal. All of the sales indicated have been externally and or inter' Iv 'ew by the appaiser as requ ed by the app2isers guidelines for erformin a reisals. When a Ilcable within the app I art 't' s ed unless noted'n the ep rt th t the oof plumb~ng he t' g lectrical a rd air conditionin s stem wells septic tanks or cesspool are in satisfactory opereting cond'tion that the bu'Id'ng's structurally sound and free of termite infestation and free of termite damage. The appraiser suggests that buvers lenders and other interested part'es obta'n cert'fical'ons from ro erl ualfied rofessionals for their grotectign. There has not been a'litle search or survey completed on the subiek propeM that would conFrm or deny env encroachments easements deed restrictions on or a ainst the subject propeM. in addition information developed from available reported public record Is believed au:urete unless otherwise noted. Please be advised that p bl'c ro o rt' g's at fines I ctly ported At th t' of th o sisal ewin of the sub'ecl ro unless otherwise noted in the aopreisai report none of the items mentioned in this oarograph were v sibly noticed o' a Arent. The a sisal is made considering the items not prase t or h g ff ct n the overall tvp'cal of the s bract as valued 1 th' rt. If an of these items are resent [he Fair Market Value as determined by this report may be adversely affected Sub'ec[ Photos are od inc~al photos taken at the time of the suhiect orooeM viewing and have not been altered The di ital si nature used on the aooraisal report is the true signature of the appraiser and used on all agpra'sals D'o'tal signatures facilitate the transfer of the a sisal rep rt by EDI EFT or a-ma'I Th oftw t'I' d by the appraiser to g t the ppra'sal report p of ct si nature secuH b means of a In number that is in the sole control of the appraiser. The a raiser researched a group of sales. listings and under contract properties in the subiect area for comparison to the subiect Sales • anal sis is based on the ~ximity to the subiect location effective ape market age size appaiser verifable information of the sales a raisers resonel knowled a of the sales and most similar amenities to the subiect The sales under contracts and or I'sfngs prov'ded'n the Market Com orison A reach to Value are the best ve~able sales under contract and or listings s'm'Ia t th subiect from the group f les reviewed. This a sisal is a Surnmarv appraisal. "The Intended User of this aooraisal resort is the Lende7Cl'ent The Intended Use is to evaluate the roe that is the subject of th's aooraisal to e t bl' h th m kel glue of the sub' ct bract to the stated Scope of W k o roose of the - a sisal re ortin re uirements of this aooraisal report form and Defnition of Market Value No add'1'onal Intended Users or Un'ntended Users are identifed 6 the a raiser." The line ad'ustment when in place. on the Sales Comparison Approach to Value room count area is for the bathrooms in the GLA area of the subject. Overall room count is considered in the GLA adjustment for the subiect It is improper to'ncrease or reduce value for both roam count and GLA. This rauice if useid, would create a situation of increasing value or reducing value for the same situation Personal ro art wa; not included in the Anal value of the subiect. Value ad'ustments vrithin the app I b d t o o e soec'fc k t d d di stme t or oared sal Iv ' M t based on severe) thousand over a en~of 20 years with strong inFlUence for a cast to cure for their differences The a raiser is not a o f s' al home inspector and does not warts t the absence or presence of deFects'n the subiect prooert . The indicated sales and lisfng h at the top of form 1004 page #2' eference to the listings and sal the defned neighborhood shown in a e #1 nai hborhootl section. Listings. sales and data indicated on form 1004MC included this infortnafon but shows all'nformalion in the subject market area in addition to this information. Basement size and finished area for the comoarables is estimated from public record reoort'no when ava'Iable MLS'nfortnat'on whe i available and the a raisers eneral knowledge of the subiect design. AQual verifiable information is not available through cred'ble named sources. COST APPROACHTO VALUE (notrequired by Fannie Mae) Provide ode oafs information far the lenderlclient to replicate the below cost fgures and calculations. Su ort for the o inipn of sde value (summary of compafable land sales ar other methods for estlmadng sAe value) ESTIMATED REPRODUCTION OR REPLACEMENT COST NEW OPINION OF SITE VALUE _$ :Source pf cast data DWELLING S .Ft. $ ............. _$ Dual rain from cos[ service Effectlve date of cost data S .F1. $ _$ Comments on Cost A roach ~ ross livin area calculatlons de reciatlon etc. _$ See attached buildin sketch with dimensions and subject drawin .See Gat a/Car prt 5 .f4. $ _$ • attached su lemental addendum for comma is on the Cost A roach to Total Estimate of Cost-New =$ Value. Less Ph sical Functlonal FMemal De reclatlon =$ De reciated Cost of Im rovemenh =$ "As-is" Value of Si[e Im rovements =$ Esdmatetl Remainin Economic Ltte HUD and VA onl 40 Years INDICATEO VALUE BY COSTAPPROACH =$ PROJECT INFORMATION FOH PUDe (if applicable) Is the develo erNuiltler in control of the Homeowners' Assoclatlpn (HOA)'+ ^Yes ^ No Unit type(s) ^ Detached ^ Attzched Provide the followin information for PUDs ONLY if the daveloperrouilder is in cotNOl of the HOA and the subiect property Is an attached dwelling unit Le al Name N Pro act • Tokl numher N teases Total number of unite Total numher of units sold _ Total numher of untts rented Total number of unlR for sale Data source(s) Was the m act created b rtes conversion of existlng 6uiltling(s) Into a PUD7 ^Yes ^ No If Yes date of conversion. Oaes the ro'ect contain an mold-dwelling unds7 ^Yes ^Np Data Souce Are the oohs common elements and recreation facilities complete? ^Yes ^ No If No describe the staWS of completion Are the common elements leased to or by the Homeowners' Assoclatlono rl Yes ^ Np If Yes descdhe the rental terms and podons Oescdbe common elemems and recreatlonal facilities. Freddie Mac Form 72 March 2005 Page 4 of 7 Fannie Mae Form 11725 March 2005 Form 1025 - "WinTOTAL" appraisal sofhvare by a la made, inc. -1-BOO-ALAMODE Small Residential Income File # Gale Estale 4 This report farm is designed to report an appraisal of a two- to four-unit property, including a twe- to four-unit property in a planned unit development (PUD). A two- to four-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appraisal report i:s subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limidng conditions, and certifications. Modifications, additions, or deletions to the Intenifed use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiseir's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined 6y the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appmiser must, at a minimum: (1) perform a complete visual inspection of the interior and eMedor areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the I comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, '~ and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that Is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. 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 frclm seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) hoth parties are well informed or well advised, and each acting in what he or she considers his or her 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 c:ompara6les must be made for special or creative financing or sales concessions. No adjustments are necessary for those ccsts which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable sinr;e the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be rude to the comparable property 6y 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 merhanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to [he financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the foliowiitg assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader 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 6y the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Floo~f Hazard Area. Because the appmiser 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated In this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, 6u! not limited to, needed repairs, detedomtion, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not 6e 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has hosed his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac form 72 March 2005 Page 5 of 7 Fannie Mae Form 1025 March 2005 Form 1045 - °WinTOTAL" appraisal software 6y a la mode, inc. -1 800-ALAMODE Small Residential Income APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that Gale Estate 4 Fllep M00091 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the intedor and eMedor areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficier,cles that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of 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 at the time thus appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches tc value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offedng for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property fora minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, vedfied, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year pdor to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are Iecationally, physically, and functionally the most similar to the suhject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built an the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and expedence in appraising this type of property in this market area 12. I am aware of, anlf have access to, the necessary and appropdate public and private data sources, such as multiple listing services, tax assessme~.nt records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that 1 believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the suhject neighborhood, subject property, and [he proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed dudng the inspection of the subject property or that I became aware of dudng the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reportetl on the effect of the conditions on the value and marlcetahility of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and inform.atien in this appraisal report are true and correct. 16. I stated in this appraisal report my awn personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or nadanal origin of either the prospective owners or occupants of the subject property or of the present owners ar occupants of the prope~.rties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, wrttten or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant rs:al property appraisal assistance from any individual or Individuals in the performance of this appraisal or the preparation of lhis appraisal report, I have named such individual(s) and disclosed the specific tasks pertornled in this appraisal report. I certify that any individual sa named is qualified to pertorm the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client In this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Fredtlie Mac Form 72 March 2005 Page 6 of 7 Fannie Mae Form 1(125 March 2005 Farm 1025 - "WnTOTAL" appraisal sMhvare by a la mode, Inc. -1-800-ALAMOOE Small Residential Income Gale Estate 4 Moossl 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained hefore this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales;, or other media). 22. I am aware that .any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment sponsored enterprises, and other secondary market participants may rely on this appmisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper vs~.rsion of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APP'RAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility far the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appmisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER rge R. Ulsh ' Signature '. Name r s State Cert. Res. Raal Estate Aoor Company Name T salty. Inc. Company Address BOti. East Park Drive. Suite 106 Hamsbure PA Telephone Number 717)441-2794 Email Address rvlsn camcast.net Date of Signature and Rs~.port 03/08/2012 Effective Date of Appraisal 02/27/2012 State Certificdtl0n # RL000409L or State License # _ or Other (describe) _ State# State PA Expiration Date of Certifiration or License 06/302013 ADDRESS OF PROPERTf APPRAISED Como Hill PA 17011 APPRAISED VALUE OF SUBJECT PROPERTY$ 180000 LENDEWCLIENT Name Company Name Client: Julia F Gale Estate Go Dick Stewart Company Address 301 Market Street. Lemoyne PA 17011 Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Dld not inspect subject property ^ Did inspect exeror of subject prOpertyfrom street Date of Inspection ^ Oid inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not Inspect exterior of comparable sales from street ^ Did inspect exerior of comparable sales from street Date of Inspection Fretldie Mac Fonn 72 March 2005 Page 7 of 7 Fannia Mae Form 1025 March 2005 Folm 1025 -"WInTOTAL"appraisal software by a la mode, inc. -1-800-ALAMOOE Operating Income Statement Mggggl One- to Four-IFamily Investment Property and Two- to Four-Family Owner-Occupied Property Property Address fi f°argreen Roatl Camp Hill PA 17011 SVeet Cdy State Zip Code General Instrucdons: This farm is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwrtter. The applicant must complete the fallowing schedule indicating each unit's rental status, lease expiration date, current rent, market rent, and t he responsibilityfor utilny expenses. Rental figures must be based on the renifor an "unfumished"unit Currently Expiration Current Rent Marke[Rent Paid Paitl Rented Date Per MOnth Per Month U[iliTy Expense By Owner By Tenant Und No.1 Yes Non $ 746 $ 746 ElecVicity ^ .__„__ __ Unit No.2 Yeses Non $ 641 $ 641 Gas ^ ^ __ _ Unit NO.3 Yesn Non $ $ Fuei Oil ~ ^ .._ _ Unit No.4 Yesn Nan $ $ Fuel (Other)... _~~_,, . ^ ^ Total $ 1387 $ 1387 Water/Sewer ,,._,____ _ ^ Trash Removal....... . ^ The applicant should complete all of the Income and expense projections and for existing properties provide actual year-end operating statements for the pastlwo years(fornewpropediesfhe app/icanYsproJectedincome and erpensesmnstbeprov/dedJ Thls Operating Income Statement and any previous operating statements the applicant provides must then be sent to the appraiser for review, comment, and/or adjustments neM to the applicant's figures (e.g. App//ca~Appra/ser288/300J. If the appraiser is retained to complete the form instead of the applicant, the lender must provide to the appraiserthc! aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, subordinate financing, and/or any other relevant irrformadon as to the Income and expenses of the subject property received from the applicant to substantiate the projections. The untlerwrPo!r should carefully review the appllcant's/appraiser's projectiensand the appraiser's comments concerning [hose projections, The underwriter should make any final adjustments tha[are necessary to more accurately reflect any income or expense items that appear unreasonable for the market. (Real estate~taxes andinsnrance on lheserypes ofpropenYes are/nc/udedin P/7/andnotcalcu/atedas an annua/expensedemJlncome should be based on the current rents, but should not exceed market rents. When there are no current rents because the property is proposed, new, or currently vacant, market rents should be used. Annual Income and Expense Projection for Next 12 months Adjustments by Income(Do not/nc/ude income forowner-occupiednN7sJ By ApplicanVAppraiser LentleYs Underwriter Gross Annual Rental (from onit(sJ to berentedJ ._...__ (Market) $ 16844 $ Other Income (inc/ude sources) .__,,..._ + Total __ .....___...... + 0 ..._........_ _.. ._.___ __....._._. .... $ 16644 $ Less Vacancy/Rent Loss _ 499 ( 3 %) _ ~ %) Effective Gross Income .,_____..._ $ 16145 Expenses (OC notinc/ude expenses {orowner-accupiedunitsJ ElectridtY ......___....._.___....._.._......._........._..........__.._......_... Gas Fuel Oil _.. _..___....._ _ Fuel ... _. CrYPe- ) __._._. Water/Sewer _.._....._ Trash Removai ._............_._......_._......__.._.._._._...____........_ Pest ConVOI _..... _.... _......_. _..... _.. _. _........ _...... _. _......... _........ Ocher Taxes or Licenses Casual Labor __........___._.._._........._........__......._._..... _.._..... This includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to cordract for such services. Interior PainVDecomtin9 _....._.....__.___......_.._....___......__._...... This includes the costs of contract labor and materials that are required to maintain the interiors of the living unh. General Repairs/Maintenance _.._...___...____......__.._......__...._... This includes the costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management ExPenses .___...__.........._....__.......___......__._...__... These are the customer expenses that a professional management company would charge to manage the property. Supplies ....._.__......___....._._.....___....._._........._._.......__._... This includes the costs of items like light bulbs, janitorial supplies, etc. ToTal OPeradn9 Expenses _._.....___....._____._.___....__.........._ $ 10774 $ Freddie Mac This Farm Must Be Reproduced By Seller Fannie Mae Farm 998 Aug 88 Page 1 of 2 Form £:f 6 Aug 88 T C Realty, Inc. George R. Ulsh Fonn INC2 - "WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Reserve Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market. This represents the total average yeatly reserves. Generally, all equipment and components that have a remaining life of more than one year- such as refrigerators, staves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, etc. -should be expensed an a replacement cost basis. Equipment Replacement Remaining By Applicant/ Lender Cost Life Appraiser Adjustments Stoves/Ranges-___„_ ~a $ 500 ea. - 10 Yrs.x 2 Units=$ 100 ~ Refrigerators ____ @ $ 500 ea. 10 Yrs. x 2 Unhs = $ _ 100 ~ Dishwashers __ @ $ 350 ea. +- 10 Yrs. x 2 Units = $ _ 70 ~ A/C Units __ ____....._ @ $ ea, - Yrs. x Units = $ _ ~ C. Washer/Dryers ,.__ _ @ $ ea. - Yrs. x Untts = $ _ $ HW Heaters ,,.____ ____ @ $ ea. -Yrs. x Units=$ $ Furnace(s) ,,,,,,,,,,,,, ,,_ @ $ 5.000 ea. + 15 Yrs. x 2 Units=$ _ 667 ~ (Other) ,_....._______ @ $ ea. - -Yrs. x Units=$ _ _ ~_ Rcaf ______________.,._ @ $ 5.000 - 10 Yrs.x One Bldg.= $ 500 ~_ Carpeting (Wall to Wall) Remaining Ltte (Unhs) 2800 Total Sq. Ytls. @ 15 Per Sq. Ytl. + 5 Yrs. _ $ 8400 ~ (Public Areas) Total $q. Yds. @~ Per Sq. Yd. + -Yrs. _ $ ~_ Total Replacement Reservrs. (Enter an Pg. 1) $ 9 837 $_ Operating Income Reconciliation $ 16.145 - $ 10.714 $ 5.431 r 12 = $ 453 Effective Grass Income Total Operating Expenses Operatng Income Morrthly Operatlng Income $ $ 453 - $ _ $ Monthly Operating Income Monthly Housing Expense Net Cash Flow (Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard Insurance premiums, real estate taxes, mortgage Insurance premiums, HOA ifues, leasehold payments, and subordinate financing payments.) Untlerwmer's instructions for 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a positive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 6:5/Fannie Mae Farm 1003. If Monthly Operating Income is a negative number, it must be included as a liability for qualification purposes. • The borrower's monthly housing expense•to-income ratio must he calculated by comparing the total Monthly Housing Expense forthe subject property to the borrower's stahle monthly income. unoerwmer's instructions fir 1-4 Family Investment Properties • If Net Cash Flow is a poshive number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Form 65/Fannie Mae Fonn 1003. If Net Cash Flaw is a negative number, it must be included as a liability forquallFlcatlon purposes. • The borrower's monthly housing expense-to-income ratio must be calculated by compadng the total monthly housing expense for the borrower's primary residence to the borrower's stahle monthly income. Appraiser's Comments (/ncloding sources Cordate andmtiona/e forthe pro/ectlons) Cost Manuals, personel interviews and appraisers general knowledge of the subject area were used in the determination of developing the Operating Income Statement. Geome R Ulsh PA State Cert. Res. Rear Estate Aoi Appraiser Name .~: 03/08/2012 Date Underwriter's Comments and Rationale for Adjustments Underwriter Name Underwriter Signature Date Freddie Mac Form 998 Aug 88 Page 2 of 2 Form INC2 - "WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Fannie Mae Form 216 Aug 88 wa i Arvu wcDlwt APPROACH COMMENTS The Cost Approach to Value for homes with an age greater then a maximum of 5 years, the lack ~of available verifiable land sales or having good available closed sales for comparison to the subject creates a condition that causes the Cost Approach to Value to be considered inappropdate for use in this appraisal report. This is basetl on [he fact that a cost analysis for a subject property is generallly subjective, based on the appraiser estimate of depreciation, cost manuals general analysis for an area, subjective statements from area contractors. The general analysis of all supports the statement that this generally leads to the inaccurecy of [he Cost Approach to Values and leads the client fo improper conclusions. For this reason, although considered, The Cost Approach to Value is inappropriate for use in this appraisal report. The Income Approach to Value is considered inappropriate for use in this appraisal report. This is based on the fact that a typical purchaser for the subject property has an interest in the purchase for their primary residence opposed to the con<zm of the value genereted, through investment, Gam the possible income produced value. In addition, the veritable Information available is not a matter of public record and accuracy is at best consideretl limited in nature. For this reason, although considered, the Income Approach to Valus is considered inappropriate for use in this apprisal report. Neighborhood -Description The subject is located in a residential neighborhood. Major routes of travel are locatetl within a reasonahle distance of the subject. Employment for the area is rated as good. Major employers In the Camp Hill Area include large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhood is in a primarily stable phase of its' life cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears iri balance. Properly values are stable and have been for a time period exceeding one year. This is after a sustained increase for several prior years. Buyer demand appears typical for this time of year in the neighborhood and is supported by continued low interest re9es. Information is supported through public record Information and Central Penn A9LS System. Neighborhood -Market Conditions There are no foresraeable economic trends which might signifcantly influence market conditions in this area. The currenl: mortgage market offers a wide variety of conventional loans with compeGtlve rates. As a result, the terms of financing have little, if any, impact on sales prices. If interest rotes remain reasonable, property values and marketablility should be good. Curtent supply and demand are in balance. Marketing time is typically 90 - 180 days for reasonably pricetl properties. Interest ates are ranging Gom 3.6% to S°/ with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactions. APPRAISAL COMMENTS The appaiser has IVO current or prospective interest in the subject properly or parties involved; and has NOT completed any services regarding 1:he subject property within the three year period immediately preceeding acceptance of the assignment, as an appraiser or in any other capacity. The subject is over 30 years old but had been modernized as necessary and is marketable in its present condition. The effective age is significantly less than 30 years. Form TA00 - "WinTOTAL" appraisal sollware 6y a la mode, inc. -1-800~ALAMOOE - __ _ ____ _. __ - - APPRAISAL ANTI REPORT IDENTIFICATION This Appraisal Report isgpe of the following Types: ^ Self Contained (A written report prepared under Standards Rule 2-2(a) , pursuantto the Scope of Work, as disclosed elsewhere in Nis report.) ®Summary (A written report prepared under Standards Rule 2-2(h) ,pursuant to the Scupe of Work, as disclosed elsewhere in Nis report.) ^ Restricted Use (A written report prepared antler Standards Rule 2-2(c) ,pursuant to Ne Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the spec'rfied client or intended user.) Comments on Standards Rule 2-3 '~ I certity that m the best of my fmowledge and belief: -The statements of fact connived in this report are We and coned. -The reported analyses, opinions, and conclusions are Imintl only by the reported assumptlons and IimiVng condldons and are my personal, impat8al, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise indicated, I have no present or prospecG've interest in the property that is Ne subject of this report and no personal Interest with respect to the parties Involved. -Unless otherwise indicated, I have performed no services, as an appraiser ar In any other capacity, regaNing the property Nat Is the sublect of this report within the. three-year period immediately preceding acceptance of this assignment. - I have no bias with respect to the property that is the sublece of Nis report or the paNes Involved with this assignment - My engagemerd in this assignment was not condngentupon developing or reporting predetermined results. - My compensation for complafing this assignment is na[ canfingen[ upon the development or repaNng of a predetermined value or direction In value Nat favors the :ause of the cllem, the amount of the value opinion, the attainmem of a stlpulated result, or the occurrence of a subsequent everd directly related to the iarended use of this appraisal. - My analyses, opinions, and nonclusions were developed, and Nis report has been prepared, in cordormity with the Uniform SfandaNs of Professional Appraisal Practice that wer In effect at the fime this report was prepared. - Wless otherwise indicated, I have made a personal inspecdon N the property that is the subject of this repod. -Unless otherwise indicated, no one provided signiflcaar real property appraisal assistance to the person(s) signing this cenificatlon Qf there are exceptions, the name of each Individual providing significam real property appraisal assistance is stated elsewhere in this report). APPRAISER: ~ >~ ~.,A/_ ~~~ ~~ Name: Geor a R. Ulsh Stete Cert Res Re I Estat A o Designation: Gate Signed: 03/08/2012 Stale CeNficadon #: RL000409L ar Stare License #: State: PA Expiration Date of Certificadan or License: Ofi/30/2013 Effectlve Oafe of Appraisal: SUPERVISORY APPRAISER (only If required): SignaNrs: Name: Date smte cenmmcatlon #: or Snh License #: State: Expiration Oate of Cemiicadon or Ucense: Supervisory Appraiser inspectlon of Sub)act Property: ^ Ditl Not ^ Fxlerior-onlyfrom street ^ Interior and Extedur Farm 1010 - "WinTOTAL" appraisal software 6y a la made, Inc. -1-800-ALAMODE Subject Photo Page Subject Front 6 Fargreen Roatl Sales Price MarketValua Gross Building Area 2,853 Age S6 Yrs Est Subject Rear Subject Street farm PICPIX.BC - "~nTOTAL" appraisal software by a la mode, inc. - LS00-ALAMODE Subject Photo Page Electric Boxes 6 Fargreen Road Sales Price MarketValue Gross Building Area 2,853 Age 56 Yrs Est Water Damage Form PICPIX.SC -"WinTOTAL" appraisal software by a la mode, Inc. -1-800-ALAMOOE Comparable Photo Page Comparable 1 1294 Brandt Road Sales Ptlce 217,500 Gross BuilAing Area 3,200 Age 9 Yrs Est Comparable 2 223 Bosler Avenue Sales Price 169,900 Gross Building Area 2,312 Age 82 Yrs Est Comparable 3 200 Forge Road Sales Price 154,000 Gmss Building Area 2,277 Age 112 Yrs Est Form PICPLC.CG - "WinTOTAL" appraisal software by a la made, Inc. - i-800-ALAMOOE Building Sketch p >me P ,h, .~d acv y C £ ^~ umM~ ~~ I~ uNr9bwn euwm uemwn mruaam pax „ae, ec prey Calculetlons Summary Oving Area Uni[ I IR Fir 1985 Bq R Uni[Y2 2nd FU 136).5 Sq R Total Ilving Area (rtountletl): 2853 Bq ft Non-IlvfnO Area 2 Gr Gamge 528 Bq R Basement 1985 SQ R Porch 32.5 `Q R PzW 35225 6q R Form SKT.OIdSId - "N7nTOTAL" appraisal software by a la made, inc. -1-800-ALAMOOE Building Sketch rorumm, p eo mme, ec Area falalatlons Summary LNing Area Calculatlon Dltalls Unit 1 Is[ Flr 1435 $q R 33 x 45 - 1935 _ Uni[ 32 2ntl Flr 136J.5 Sq R 45 x 29.5 = 13Z).5 lUZ2 = M 1022 = 20 Total Ovinp Area (ROUntllitl): 28533q R Non-living Area 2 Gr Garage 5285gR 24221 = 528 Basement 1485 Sq R _ 33 z 45 - 1435 PortM, 32.5 SqR ),5x5 = 37.5 Patio 15225 Sq R 19.5 x 10.!i = 152.25 Form SKT.BIdSkI - °WinTOTAL" appraisal software by a la mode, Inc, -1-800-ALAMOOE Appraisers 2017-2013 Certification o 10 0"648..890 rs_.:.,. Certificate Sta[us Active GEORGE RANOALL l1LSH 4p9~9,0erry:5,(r~et ; ~HARRIS¢URG RA 17111 ;, r-~=~ a,ernncare Number RL000409L Initial Gertalicatioia 1)a[e 10/11/1991;~~~ Cxpiratioa Date 06/30/2013. ~~ si;;namr --- .. Form MAP.T2flc - °WICTOTAL" app2isal sottwara by a la moUa, inc. -1-800~ALAMODE Location Map tneMmw,rw '~ a la mode, 6¢aaaxv ~._ JuNafdec Mans9 ~rerry ~m~'~~Rtl e^eere Navport 2) Carsonvihe C~~s River j Halifax Juniata - &rcxhne FUfnace Laeh RUp _ /~ ~ LVaRi TwR Povrelra `5' 11 •• valley New Bloomfield '`5 ~' Vittoria- . P 01oo~~iJ$ ~i~ Furrece .i IZ~q Duncannon - ^ E R R ~,A9HwY=~ V¢e ~~p Davp in FisriaW `. -' -.-State Ra .%_ S~ -_ _ 22 _ - ?,/ ,~ _A p p a i a c h i a rt Mountains Maq'sville 6nglabxm ~ ~~ o A D. R ~~.-H Skyline $hcrmaRS Dale lbllcy Rtl Re1'Tm^e 1322 -~"' ~~ - :~alanial Park r _____-___-. ~ valoN _,- 5~ (Hole Fq ~ ,`~''t~ W Fairview P s ' a 1 LVormlbvrg Hanish AUmmelst a $chlusser -~ Hoa r n car4i~~ ~~ Lemo ~"~~ 'g. tdiddigses _. ~ A~Cam ~~' Steelton \~ H // ... Hill f/ _ ~ IzlanO Gr'iptFam, '~, Malley Green V~ , s ~\ New6errytawn : t l~ Mnetrnen ~ _ i Ab Yai I: H3ren %d «' Conewago. C ° r Gf GHom Alpine Pi A h ~3yj Heigh4 ry ~a ' a nc ot Sere ..1` t ~. a L 1 ~ Manduster v.. t' Moapt Rayul ~ ~ , v O R K v Rranmvm GmCners York Spriisgs ~` ~,r'wp Dover 6 Pfe `~-~ ~ Lake Meade ~Di°'os6 nd Aspers ~.1 r. ~19a ~ Weigelstawn rJ15 A jyry ~ ForEnlle r Hampmn East OeAin ~~ - k9a ~` YOIii West Yark Valley 6rairtle/ Form MAP.LCC-"WinT(ITAL" appraisal software by a la mode, inc. -1-800-ALAMCL EiCHIBIT L Cadis_Ia ,r r r C II hl,.f9 E _ r~f~ x LAND APPRAISAL REPORT Gale 13 Borrower Client: Julie F Gale Estate Go Richard Stewart Census Tract 0209.01 Map Reference 62-009-130 Property Address West of l=argreen ROad City Harrisburg County Dauphin State PA Zip Cade 17110 Legal Descdption Referenced in Volumn Z Record Book 055 Page 067 Sale Price $Marketvalu _ Date of Sale NIA Loan Term N/A yrs. Property Rights Appraised ®Fee ^ Leasehold [ De Minimis PUD AcWal Heal Estate Taxes $ 1 349 (yr) Loan charges to he paid by seller$ N/A OMer sales concessions None Known Lender/Client Client: Julie F Gale Estate Uo Richard Stewart Address 301 Market Street Lemoyne PA 17011 Occupant Vacant Ground Appraiser George R. Ulsh. PA State Ce InsVUCdons to Appraiser AOOraise vacant land as vacant unimo nved. Establish Fair Market Value "AS OF" the indicated date of the a sisal Locatlon Urban SubuNan Aural Good Avg. Fair Poor Built Up ®Over 75% ^25%to 75% ^Under 25% Employment Stability ®[] ^ ^ Grgwth Rate ^ Fully Dev. ^ papM ®Shady ^ Slaw Convenlence [o Employment ^ ~~ ^ ^ Property Values ^Increasing ®Btable ^Dedining Convenlence to Shopping ^ ~ ^ ^ Oemand/Supply ^ Shortage ®In Balance ^ Oversupply Convenience to Schools ^ ~~ ^ ^ Markegng Time ^Under 3 Mos. ®4-6 Mos. ^ Over 6 Mos. Adequacy of Public Transpodatlon ^ [~ ^ ^ Present Land Use 80%1Family _%2-4 Family _%Apis. _%Condq 10%Commercial Aecreaggnal Facilities ^ ~~ ^ ^ _%IntlusVial 10%Vacant _% Adequacy of Utlllfies ^ ~] ^ ^ Change in Present Land Use 0 Na[ Likely ®Llkely (`) ^ TaPJng Place (*) Pmpelty Compafihility ^ ~] ^ ^ (`) Fmm Vacant To Residential Protecdon form OeVimental CondNOns ^ ~] ^ ^ Predominant Occupancy ®Owner ^ Tenant %Vacant Police and Flre Protection ^ ~~ ^ ^ Single Family Price Aange $ 100 000 fo $ 500.000 Predominant Value $ 175-400 General Appaamnce of PropeNes ® [] ^ ^ Single Family Age 5 yrs. to 125 yrs. Predominant Age 20-50 yrs. Appeal to Market ®[] ^ ^ Comments including those factors, favorable or unfavorable, atfectlng marketability (e.g. public parks, schools, view, neise): Sea attached addenda. Dimensions See Suoplernental Addendum = 4.6 Sq. FL or Acres Comer Lot Zoning class'rficadon Residential Presets Improvements ®tlo ^ do not conform tq zoning regulations Highest and best use ~I Presend use Other s ectt Public Other (Descdhe) DFF SITE IMPROVEMENTS Tgpp Slgoing and rolling Elec. ® Street Access ®Public ^ Pdvale Size Large for Area Gas ^ Surface Paved asphalt Shape Mostly Rectangular'n main portion of the building lot Water ^ Well Maintenance ®Public ^ Private View Suburban San. Sewer ^ Private ^ Stator Sewer ^ Curb/Gutter Drainage Aooears Adequate ^ Underground Elect.&Tel. Sidewalk StreetU hts btheproperty locetedlnaHUD ldentliied Speelal Flood Harard Area? ®No^Ya Commems(favoabla or unfavorable lnduding any appamnl atluerse easemen6,encroachments, or other adverse conWtlonsJ: Thesubiect is presentivavacant builtlin lot. The suh'ect suburban area is in a generally stable phase of its life cycle w'th the available vacant land being tlevaloped'nto pdmadly residential buildin tots. No noted elasements encroachments or special assessment areas Lantl is mostl sl o' g and rolling'n topgg ohv Utilities era resumed to be available. No adverse conditions are noted from the sublect viewing. The undersigned has rscaetl thima recem sales of pmpemes mast slmlly and pmxJmale to subject and has considered these In the market analysis. The tlesctlpflon Mdndes a tleflar adjusbnem refleNng manta[ reaNOn to those Hems m slgnigcam variation between Me sublect and comparable pmpeNes. d a siAniflcant item in Me camDarahle properly Is superior to or man: favorable Man Me subject property, a minus (-) adjusMent Is made thus reduclnA the Indicated value of subjeck n a slAnHlcam ttem in Me comparable le Irdedor to ar less favorable Man the subject property, a plus (+J atljustmalt is made thus Increasing the indicated value of the subject. ITEM SU EC P P RN CO BL N0.1 COMP PAR BLE N0.3 Address West of Fargreen Road Lgt EK3 Parkway East 70 Hiliymeade Drive Lot #2 Shutt Mill Road Harrisbu PA 17110 H rrisbu PA 17112 Hummelstown PA 17036 Harrisbu PA 1711 D axim' to Subeec ~.? 5. 4 miles E 8.21 miles E 1.60 miles SE ~ e 'ce Marketvalu tz:E':~'s^°v36#: 115000 ~:k1=1k%a../,s~'+.~''. 99000 saur"z,^. &Zk~'r'Jr:'.~':', 75000 Price Per Acre 17 391 3-26 668 34 700 T'~^' «Rq'~1~" 78 800 '" ~'~~ aF`. -'"'~° 34100 y~ Data So c Pro clew/PUblicRec P View/PUbllcRecord MLS PubRec A raisersFiles MLS PUbR~c A raisers Files Oate of Sale and ESCRIP110N DEGCRIPTION - Ad'us DESC I T +- Ad' DESCRIPTIO +- Atl'ust. Time AdjusMent WA 0721/2010 07/06/2017 03/76/2011 Locado Suburban S burban Suburban Suburban Stt ie 4.fi Acres 3. 1.26 Acre +5 000 2.2 Acres +2 500 Access Publir, P blic Public Public ' Zgnin Residential Residential Residential Residential Ta o m h Mostl Level M stl Level Mostl Level Mostl Level ' Udlides Avaihabie Available Available Available ~' Sales qr Fnancing Nane Nane None None ~' CgnCe551gns None N ne None ~ None ~ Net Ad. a2 . _: s.. , _-•.,:i,,:. ;: + _ + - : 5000 - I 2500 Indicated Value r ~,k4 r¢ , ~ ~ ~ ~ ~ of Subject , .~ J. f .Netrl~:~ 9 . 175000: ~+«f ett51%1- 104000 n >;~~- Ne1 33}%~~ $ 77500 Comments on Market Oats: Although subject's 413 acres total The useable area is esfmated t pro imately 3 a S le for comparison is considedn the usuabie acreage of approximately 3 acres to establish value Sales are loCated'n s'or'ter market areas to th b' t and establish a ran a of value from $75 000 to $115 000 The subieQ value's estabfshed vdth c 'd do of all sal "dad Comments and Cqnditipns of Appraisal: The op el 's completed 'th th ss ption that II fI'fes are ava'labl f th sublect pro rtv. Without utilities available there v 'll ost o obably b eg t' affect on th b' ct o opertv ma ket I e Interested art' houltl ha a pro er testin com feted and or author' at' f the un'cloaliN [o co f m the availablliN of fI'ties Final Recanciliatlon: The Market Approach to Value No'cally indicates the the most accurate al of ca t unimpro d I d The I come and Cost A roach to Value were considered but are not aopropdate for this report I EETHe HE MYNEET VELaE, IEE OF EJECT PEEPEp1Y p5 OF D3/D8/2D12 [o be $ 80 000 ~~ Geo a R. U PA Stale Cert. Rea. Real E: Did Did Not Physically lnspert Propedy A raisers ReviewA miser Ifa Ilcable (Y2K] T C Realty, Inc. George R. Ulsh Farm LND-"WinTOTAC appraisal software by a la mode, Inc. -1-800-ALAMODE Supplemental Addendum PIeNaM00750 Bortower Client Client: Julie F Gale Estate No Richard Stewart Pm a Adtlress West of Faroreen Road C' Hamsburq Courts Dauphin State PA Zp Code 17110 Lender Client: Julie F Gale Estate Go Richard Stewart Neighborhood -Description The subject is located in a residential neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employment for the area is rated as good. Major employers in the Nardsburg Area include large manufacturing companies, local government facilitles and many smaller service companies. The subject neighborhood is in a primarily stable phase of its' life cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears iri balance. Property values are stable and have been for a time pedod exceeding one year. This is aftcir a sustained increase for severe) prior years. Buyer demand appears typical forthis time of year in the neighborhood and is supported by continued low interest rates. Multi-use properties are typical of the neighborhood and support residential use. No adverse affects on value or marketability ofthe subject are indicated from their presence. Vacant ground exist primarily for residential development. Inforthation is supported through public record and Cenral Penn Multi-list system. Neighborhood - Madcet Conditions There are no foreseeable economic trentls which might significantly influence market conditions in this area. The current mortgage market offers a wide vadety of conventlonal loans with competifive rates for residential use properties. Vacnt land financing is limited resulting in cash sales or possible seller finnncing. As a result, the terms of financing have little, if any, impact on sales prices. If interest reteS remain reasonable, property values and marketablility should be good. Current :supply and demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest rates arts ranging from 3.5% [0 8°/ with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactions. APPRAISAL COME:NTS The appraiser has IVO curtent or prospective interest in the subject property or parries involved; and has NOT completed any services regarding [he subject property within the three year pedod immediately preceding acceptance of the assignment., as an appraiser or in any other capacity. Ezposure time is 1fS0 to 360 days Neighborhood Marfcet Factors The subject is located approximately .25 miles to the south of route 39. Road frontage is approximately 249'. Enytrance i:s approximately 280' deep antl narrowing with hill on both sltles. This area is presently useful for property access only and containing approxinnately 1 acre. The remaining area is considered supportable of a home site and utlites are assumed available. Interested parties should have necessay testing completed to confine available utilities. Useable area is considered to be approximately 3 areas opposed to the public record reporting of 4.5 acres. The building lot is presently wooded and unimproved. Shape is mostly rectangular on the main portion of the building lot. This information is developed from on site viewing, available public record information and oltler MLS infortnatlon in the subject market area. SUBJECT DIMENSIONS 249' x 558' x 329' x 186' x 76' x 195' x 504' x 262' x 79' x 23' x 196' as per public record m/I Form TA00-'WinTOTAL" appaisal software by a la mode, Inc. - 7.800-ALAMOOE DEFINITION OF MARKET VALUE: The most probable price which a properly 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.B. dollars or in terms of fnancial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative fnancing or sales concessions` granted by anyone associated with the s ale. 'Adjustments to the cemparebles must be made for special or creative fnancing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tredition or law in a madcet area; these costs are readily identifiable since the seller pays these costs in virtually all sales trensactions. Special or creative fnancing adjustments can be made to the compareble property by comparisons to financing terms offered by a third party institutional lender that is not already involvetl in the property or trensaction. Any adjustment should not be celculatetl on a mechanical dollar for dollar cost of the fnancing or concession but the dollar amount of any adjustment should approximate the market's reaction to the fnancing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT ANID LIMITING CONDITIONS: The appraisers 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 [he title to it. The appraiser assumes that the tttle is 9ootl and marketable and, therefore, will no[ render any opinions about the title. Tha property is appraised on the basis of it being under responsible ownership. 2. The appraiser has examinetl 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 localetl In an identifad Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarentees, express or Implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specifc arzangements to do so have been matle heforehantl. 4. The appraiser has estimatetl the value of the land in the cost approaU 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. 5. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, tonic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal res[earoh involved in performing the appraisal. Unless otherwise statetl 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, tmric substances, etc.) {hat would make the property more or less valuable, and has assumed that there are nc, such conditions antl 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 orfor any engineering or testing that might be required to discover whether such cendttions exist. Because [he appraiser is not an expert In the field of environmental hazards, the appraisal report must not ba considered as an environmental assessment of the property. 6. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that hie or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accurecy of such items that were furnished by other parties. 7. The appraiser will riot disclose the crontents of the appraisal report except as provided for In the Uniform Standards of Professional Appraisal Practice. 8. The appreiser has basetl his or her appraisal report and valuation conclusion for an appreisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 9. The appraiser must. provide his or her prior written consent before the lender/client specifed 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 associatetl) 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 DisMCt of Columbia; accept 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 appraisers written consent and approval must also be obtained before the appraisal can be wnveyed by anyone to the public through advertising, public relations, news, sales, ar other media. Freddie Mac Porn 439 &93 Page 1 of 2 Fannie Mae Fonn 1 BOOB 6-93 T C Neatly, Inc. George R. Ulsh Farm ACB_DEFD - "WinTOTAL"appraisal software by a Ia mode, Inc, -1.800-AUIMODE APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that: 1. 1 have researched the subject market area and have selec[etl a minimum of three recent sales of properties most similar and proximate to the subject property for consideretion 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 signifcent 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 [he comparable and, if a sign rant item in a cemparable 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 cansidera[ion 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 apprelsal report and I believe, to the best of rzry knowledge, that all statements and information in the appraisal report are Vue 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 forth. 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 paNCipants in the transaction. I tlid not base, either partially or completely, my analysis anrllor the estimate of market value in the appraisal report on the rece, color, religion, sex, hantlicap, familial status, or national origin of either the prospective. owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present ur 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 anNOr employment for performing the apprelsal. I tlid 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 Appreisal Prectice that were adopted and promulgated by the Appreisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the ex~aption 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 defnition of market value and [he 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. 6. I have personally inspected the interior and eztedor areas of the subject property and the exterior of all properties listed as cemparables 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 an any site within the immetliate 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 [o the extent that I had market evidence to support them. I have also commented about the effect of the atlverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that ware set forth in the appraisal report. If I relietl on signifcant professional assistance from any individual or Individuals in the performance of the apprelsal orthe 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 qualfied 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. SUPERYISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I tlirec[ly supervise the appraiser who prepared the apprelsal 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 antl the appraisal report. ADDRESS OF PROPERTY APPRAISED: West of Fargreen Road Harrisburo. PA 17110 APPRAISER: SUPERVISORY APPRAISER (only If regeiredl: Signature: Signature: Name: s State Cert. Res. Real Fstate A r _ Name: Date Signed: 04/05/20 ' _ Date Signed: State CeNficadon #: RL000409L _ Slate Ced'rficadon #: or Slate License #:_ _ or State License #: Spate: PA State: Expimdon Date of CeNficadon or License: 06/30/2013 _ Er~oimtlon Date of Cemficadon or License: ®Ditl ^ Dld Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Farm 10048 fi-93 Form ACN_O~FD - "WinTOTAL"appraisal software by a la made, inc. - Lfi00-ALAMODE APPRAISAL AMID REPORT This Appraisal Report isIIla@ of the following types: ^ Self Contained (A written report prepared under Standards Rule 2-2(a) ,pursuantto the Scope of Work, as disclosed elsewhere In this report.) ® Summary (A wrttten report prepared under Standards Rule 2-2(b) , pursuantto the Scope of Wprk, as disclosed elsewhere In this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) ,pursuantto the Scope of Work, as disclosed elsewhere in this report, restricted t0 the stated intended use by the spectlied client or intended user.) Comments on ;standards Role 2-3 I ceday that. to the hest of my knowledge and belief: -The statements of fact contained in this report are true and correct -The reported analyses, opinions, and conclusions are limited only by the reported assumptlons and limiting conditions and are my personal, ImpaNal, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise indicated, I have no presem or prospective interest in the property that is the subject of this report and no personal interest wM respect lc the paNes involved. - Unless otherwise indicated, I have pedormed no services, as an appraiser or in any other capacdy, regaNing the property that is the suhject of Mls report within the three-year pedod immediately preceding acceptance of this assignmem. -I have no bias with respect is the property that is the subject of this repodorthe paNes Involved with this assignment. - My engagement in this assignmem was not condngerrt upon developing or repaNng predetermined results. - My compensation for completlng this assignment Is not contingent upon the development or repaNng of a predeterminetl value ar dlrecb'on in value that favors the cause of the client, the amount of the value opinion, the aaalnment of a stlpulated resuk, or the occunence of a subsequem event directly related M the intended use of this appralsal. -My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Pmcdce Ma[wer in effect atthe time Mss report was prepared. -Unless otherwise indicated, I have made a personal inspectlon of the property Mat is the subJect of this report. -Unless otherwise indicated, no one provided slgnifican[ real property appraisal assistance M the person(s) signing MIS ceNfication Qf there are exceptions, the name of each individual providing sign'rfican[real property appralsal assistance is stated elsewhere in this repod). APPRAISER: n Signature: _~f, ff~(/x~d ~~// JJaa,,,, ir , ~ lJl~l Name: Geome R. Ulsh ~i1 State Cert Res Re I Fst t A p Designation: C' Date Signed: D4/05/2012 State Certlficatlon #: RL000409L or State License #: State: PA Fxplratlon Date of Cel-ficadan or License: 06/30/2013 EKecgve Date of Appraisal: SUPERVISORY APPRAISER (only If required): Signature: Name: _ Designation: Gale Slgnetl: or State License #: State: Fxpiratlon Gate of CeNflcadon ar License: Supervisory Appmiser inspection of Subleq Property: ^ DId Not ^ Extedor-onlyfram street ^ Intedorand Fx[edar Form ID10- "WInTOTAL° appralsal software by a la mode, Inc. -1-S00-ALAMODE Appraisers 2011-2013 Certification 8onower Client Client: Julie F Gale Estate Go Richard Stewart Proe Address West of Fargreen Road Ci Harrishurq Coum4 Da oh'n State PA lip CoUe 17110 Lender Client: Julie F Gale Estate Go Richard Stewart n ~~`''yh i " .. Bureau P Certitidate.Tgpe -Certified.Residential Appraiser 10 0648.&90 :4ffairs _, ~~ srrt,w - Form MAP.Sails -'~nTOTAL° app2lsal software by a la mode, inc, -1-800-ALAMOOE Certificate Number' RL000409L` '- Location Map Borrower Client Client: Julie F Gale Estate Uo Richartl Stewart Pro a Address West o'f Famraen Road C' Harrisburo County Dauph'n Sfafe pq Zip Cade 17110 Lender Client:.Julie F Gale Estate Go Richard Stewart ~ Im l_. _. ors i Gaa<-' a la mode, inc' i~`r^I - - mamc+me~sorawewr pd 3P5 aay Halifax gyWC1'- - Horr{rlwy Rerwair Enterlitle -- ... Waynesville - - _.. _. - Poerells Valley 335 pd w ~'M ~yaes ~,,J'~8ad Mrf Victoria 'Furnace Ellendale Forge rdanoda Gap `3 _ ~a~ta~n v'tJ, f Stone Glen ' Q.d9eRJ... _- M3 Fttlet`9 Da hin rAd. /@ Md~ u -- SMllrvll __ e, d Linglestown >~•~ i ~xea ~. ^Oni `nS s i ~ 39 -un9lmta" +J Park pipe. ~ ~ y _. o a -, "Pa I I o ~~ LucNnou 3 0/, 2 ~~ ovevtlale i aac^ d'vq ~ Paxtonia ~''$ _ -__ .,:' II Summerilale ~ ,1E L .ti Sand x P+P r "r'C< I i w ~ ~~ ~' Lhidtoo ~. ~, JItl1~ IF ~ 1. EnOllia~Vl `, ~ PfOgre59 eapoxil,~ j"hy Hoemcrstown ei~n n. Y;t tai`''` .. o`'ra G~ W6 Gent g West Fawiew ~a ~ z Penbrook = - ~ a ~n~ S 3 ~ Re9ervair -~ 0 3 Park-: m9"'4 C~ / a22" ' (, v, ~ c Rutherford Hei~htsr~ -- --'~" _ - \. '' D<ryar .nw.~_u r a "ea_:.ron se Hummelstown _ Wormieysburg~ Harnsb/ucg ;~iPaxtang L wntonr ~ _ ;° , ~ N ! y t leinoyne' aC~ s '"o mry ~Y & ~ +'Rrr • r DTr~ \~ $ - dy` lValtoirvlle :c-sc. Camp-Hill .~ ~a 4~ ~~'? ~ tat I• ~: - e u ~j`%t"~~ "Tarp ~Sl2olmn <1xNn9a ~ y ~Fy - ew Cumberland `~ Bressler Y ~'p -~'- F len9 MII Hd 6 Ckkon c ~ Lower 411ed _- ~~mrll ' aea ~ i ~ __ /,!p • ~ ..- © l~` ~ n S+F~? Greenw•ootl Hllls ~ ~~ a ~ ` _ ~' Deren a ~?$ ~ 'yyn Tc ~ '' ~ Disorib ro _ ~e'~~="R n c ~ ~~ Center ~ ~~\ "k r ~ €, J ~ \ ~`I I~tl da° '~}dighspire' I" e ° 9 I ~ ~---btu w`~aoial~ ~a °s'Wa.` ~~~-.\ __!/©arP not a r.m -'} L~ ~ c`u Middletown' td ~9 - . ~, q, a '~_ '- ~ Fairview Park ~`~ Royalton £ '~ ° a binQ. ~__ zsmilas° ' z =•n-R':.nasei:m..,a mrrn, - - 1` -:~=d "ad,-,ro _~.mi a,~_;7 Form MAP.LOC - "WinTOTAL" appraisal software 6y a la mode, inc. -1,800-ALAMOOE Comparable Land Photo Page Borrower lierd Client: Julie F Gale Estafe do Richard Stewart Pro a Address West of Fargreen Road C' Hamsburg CcunN Dauphin Sgte PA Lo Cade 17110 Lender Client: Julie F Gale Estale Go RicharU Stewart Comparable 1 Lot #3 Parkway East Prox. to SubJ. 5.24 miles E Sales Ptlce 115,000 Date at Sale 07/21/20'10 Locadon Suburban Si[erylew 3.3 Access Public Zoning Residential Topography Mostly Lavel UtilNes Available Comparable 2 70 Hillymeade Drive Prox. tc Suhj. 8.21 miles E Sales Pdce 99,000 Oate of Sale 07/06/2011 LocaOon Suburban. SR~ew 1.26 Acre Access Public Zoning Residential Topography Mostly Level UdlNes Available Comparable 3 Lot #2 Shult Mill Road Prox. to Subj. 1.60 miles SE Sales Price 75,000 Oate of Sals 03/16/2011 Locadon Suburban Sre/Vlew 2.2 Acres Access Public Zoning Residential Topography Mostly Level U5lrtles Available Folm DL%LNO - "WnTOTAL"appraisal software by a Ia mode, inc. -1 ~S00-ALAMODE Subject Front West of Farpreen Road Sales Price MarketValu Oata of Sale WA Location Suburban StteNlew 4.8 Acres Access Public Zoning Residential Topography Mostly Level UHlitles Available Subject Bear Subject Street Form OLSLNO - "WinTOTAC appraisal software by a la mode, inc. -1.800-ALAMOOE Subject Land Photo Page Subject Land Photo Page Borrower Client Client: Julie F Gale Estate Go Richard Stewart Pm a Address West of Farcreen Road City Hamshuro County Dauphin State PA Zip Code 17110 Lender Client: Julie F Gale Estate do Richard Stewart Subject Frout West of Fargr een Road Sales Pdce MarketValu Oate of Sale N/A Location Suburban SlfeMew 4.8 Acres Access Public Zoning Residen'dal Topography Mostly Level Utllides Available Hear Subject Street LAmooe LAND APPRAISAL REPORT Gale: 12 Bonower Client: Julia F Gal„ F<mle ,.r,. o:.,,....~ ~._..._, File. NO. M00149 Property Address Lot#004 Farareen Dnve uensus tract 0209.01 Map Reference 62=00900 004 City Harrisburg County Dauphin State PA Legal Descriptlon Referenced in Volumn T Record Book 043 Pa a 001 Zip Code 17110 Sale Pdce $MarketValu _ Date of Sale N/A Loan Term N/A yrs, Property Rights Appraised ®Fee AcNal Real Estate Taxes $ 1.176 r ^ Leaseheltl ^ De Minimis PUO (y) Loan charges to be paltl by seller $ N/A Other sales concessions None Known Lender/Client Client: Julie F Gale Estate do Richard Stewart Address 301 Market Street Lemo PA 17011 Occupant Vacant Ground Appraiser Georoe R Ulsh PA State Ce InsWctlons to ApprzlserA~Jpraise vacant la d as ac t 'm ~oved. Establish Fair Market Value "AS OF" the indicated dale of the a sisal Location UNan Suburban Rural Built Up ®Over 75% ^ 25%N75% ^ Under 25% Employment Stability Goad Aug. Farr Poor Growth Rate ^ Fully Oev. ^ Rapid ®Stead ®~~ ^ ^ Pro a Values y ^ Slow Convenience to Employment ^ ~~ ^ ^ P nY ^ Increasing ®SYable ^ Declining Convenlence to Shopping ^ ~~ ^ ^ Demand/Supply ^ Shortage ®In Balance ^ Oversupply Convenlence to Schools ^ ~~ ^ ^ Madeedng Time ^Under3 Mos. ®4-6 Mos. ^OVer6 Mos. Adequacy MPuhlic Transportatlon ^ ~'~ ^ ^ Presets Land Use 80%1 Family_%2-4 Family _%Apts. _%COndo 10%CommerciM RecreatlonM FacilNes ^ [» L] ^ _%Intlusfi'al 10%Vacant _% Adequacy MUtilPoes ^ ~'~ ^ ^ Change in Present Land Use ~ Nat Likely ®Likely (*) ^ Taking Place (`) Property Compatlbility ^ ~~ ^ ^ (`) From Vacant To Residential Protecgan from OeNmeMal Condigons ^ ~~ ^ ^ Predominant Occupancy ®Owner ^ Tenant _% Vacan[ Police and Fire Protectlon ^ ~~ ^ ^ Single Family Pdce Range $ 100.000 to $ 500.000 Predaminant Value $ 175-400 General Appearance M PropeNes ®[] ^ ^ Single Family Age 5 yrs. M 125 yrs. PredominaM Aga 20-50 yrs. Appeal to Market ®^ ^ ^ Comments including Nose factors, favorable or unfavamhle, aHecUng marketability (e.g. public packs, schools, view, noise): Sea attached addenda plmensions 400' x 678' x 518' x 515' MI 8.3 Sq. R or Acres Comer Lot Zoning class'rficadan Residential Present Improvements ®do Highest and hest use ®Present use Other s eclf ^ do not cordorm NZOning regulations Puhlic Oher (Describe) OFF SITE IMPROVEMENTS Tapo Mostly level Elea ® Street Access ®Puhlic ^ Povata Slze Laroefor Area Gas ^ Surface Paved asphalt Shape MostN Rect neul Water ^ Weil Maintenance ®Puhlic ^ptlvate View Suburban San. Sewer ® ^ SYorm Sewer ^ Curb/Gutter Drainage Appears Ad uat ^ Undaryround Elect.&Tel. Sidewalk Street Ll hts latheproperty located lne HUOldentllled Special Flood Hazard Area? (~NO^Yes Commer:6 Uavoreble or unfavorable inclu0ing any apparent aMerse easements, encmachmems, or Mhm adverse contlitlans): The sub'eM Is presently a vacant b ildin lot. The sub'ect suburban area is in a enerall stable hose of its life cle with the available vacant land barn develo ed into Hmaril residential buildin lots. No noted easements encroachments ors ecial assessment areas. Land is mostl level in to o ra h .Utilities are ree~umed to be available. No adverse conditions are noted from the sub'ect vlewin . The underslgnetl has mcaed mrse recent sales of pmpeNes most slmllar and pmdmate to subject antl haz censlderetl Nesa In the market anaysls. Tha descdptlon includes a dollar atl7usvnent retlectinA mallet reaction to those items al slgnifirant vadatlon between me sublec1 antl comparable pmpeNes. It a slgnigcam Item In me camparsble pmpedy IS supetlar k ar mare favorable Than the subject propeM, a minus (-) atl7ushnent Is made Thus reducing Ne Indicated value of sublecp A a slgniACant ttem In the comparable Is Inkdor to ar less favorable than Ne subject property, a plus (+) adjustment Is made thus increazing Ne indicated value of the suhject. ITEM SU JECT PROPE TV CO PA BLE 0. COM RAB NO CO PA BLED .3 Address Lot # 004 Fargreen Drive Lot tl'3 Parkway East 70 Hillymeade Drive Lot #2 Shutt Miil Road Harnsbur PA 17110 Harrisbur PA 17112 Hummalstown PA 17036 HaMsbu PA 17110 Proxim' to ub act .'` -; 524 mIlesE Sales rice MarketValu ~a ~;a.r 821 miles E 1 80 radar SE 11s pop eE~' ss o00 ~"r ~ 7s goo Price Per Acre 12 700 3-28 666 P 1, ft?'=* °"" 34 700 r ."` J;t, "`F',W,p'n4y ,' 78 600 ~~"r`'4%"`~ .."A`-~16 ' 34100 eta uroe Pro View/PUblicRec Pro View/PUblicRecord MLS PuhRec A raisersFiles MLS PubRec A raislsrsFiles pate MSale and ESCRI ION DESCRIPTIO +- d'u DESC IPTION +- A st p SCR T10N +- dust. Time Atllustrnent N/q 07/21/2010 07/06/2011 Locaton Suburban 03/16/2011 Suburban Suburban Suburban Site I w 6.3 Acres 3.3 1.28 Acre +5 000 2.2 Acres +2 500 Access Public Public Public Zonin Residential Puhlic Residential Resitlentisl Residential Ta o rs h Mastl Level Mostl Level Mostl Level Mostl Levei Utilities Available Available Available Sales or Financing None None Available Concessions None None None None None Net Ad'. Mal r=.gtt;~;! Nona Indicated Value ar'%rs. +a v +;. 5000 + 2500 of Subfem ; ; ar ~vyr z' ; ~ ~YN&ap t ~`qr ~.x, -~ Net .':"~%r.K 115000 +=~h Nehx 51+%+k~ 104000 ?`Net ~33!.%' 77500 Comments on Market Data: Although subject s 6 3 acres total Tha useable a ea s est' sled a[ a pro ' afar 3 a es Sales for c moo son is considerin the useable acres a to estabbsh value. Sales are located :n s:m:lar market areas to the sub'eM and establish a ran a of value from 75 000 to 115 000. Tha sub'eM value is established with consideration of all sales rovided. Comments and Cond'N'ons of Appraisal: The aoara'sal's plated with the as of nth tall flit' a ubI' a d e a'I bl f the b act roe .Without utilities available there wJl most robabl be a ne atwe affect on the sub act roe most robabl fafr market value. Interested artier should have ro er testin wm rated and or authorization from the municl ali [o confirm the availabili of utilities. Flnal Reconciliadan: The Market A roach to Value t hall indicates the the most accurate value of vacant unim roved land. The Income antl Cost A roach to Value were wnsidered but are not a ro date for this re ort. 1 EalaalG HE MI1a1RT YatUE, FIME aF aJEUT PaaPEalY Ag aF 03/08/2012 ~J _ to be $ 80.000 G orce R 111 Pq State Cert Res Real E ®pld rtisers O ReviewA raiser rfa licable ^Did Not Physically lnspeM Property IY2KI T C Realty, Inc. George A. Ulsh Form LNO - "WinTOTAL° appraisal software by a la made, inc. -1-S00-ALAMODE EXHIBIT IVI Supplemental Addendum Flenlo.MOD1as Bonower/Client CI'ent~ J lie F Gale Estate Uo R' hard Stewart Property Address Lot #004 Famreen Drive Ciry Harisburo County Da oh'n Slate Pq LO Code 17110 Lender Client. Julie F Gale Estate Go Richard Stewart The subject is located in a residential neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employment for the area is rated as good. Major employers in the Harrisburg Area include large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhood Is in a primarily :;table phase of its' life cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Properly values are stable and have been for a time period exceeding one year. This is afts:r a sustained increase for several prior years. Buyer demand appears typical for this time of year in the neighborhood and Is supported by continued low interest rates. Multl-use properties are typical of the neighborhood and support residential use. No adverse affects on value or marketability of the subject are indicated ftom their presence, Vacant ground exist primarily 5rr residential development. Information is supported through public record and Central Penn Multi-list system. Neighborhood -Market Conditions There are no foreseeable economic trends which might significantly influence market conditions in this area. The curent mortgage market offers a wide variety of conventional loans with wmpetitlve rates for residential use properties. Vacnt land financing is limited resulting in cash sales or possible sellerfianncing. As a result, the terms of financing have little, if any, impact on sales paces. If interest rates remain reasonable, property values and marketablility should be good. Curtent supply and demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest retes are ranging from 3.5% to S°/ with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all vansactions. APPRAISAL COMENTS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed any services regarding the subject property within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. Exposure time is 30 to 90 days Neighborhood Market Factors The subject is a comer lot with road frontage on both Fargreen Road and Blue Ridge Road. There is a high tension power line crossing }he subject from the north to the south or south to north creating an adverse affect on approximately 45°/ of the western portion of the building lot. The building lot shows an area of 8.32 acreas. Estimated useable space is approximately 3 acres. The building lot is mostly level and wooded. Utilities are determined as well and public sewer available. This inform:efion is developed from on site viewing, available public record information and older MLS information In the subject market area. frortn TADD - °WinTOTAL"appraisal software by a la mode, inc. -1-B00-ALAMODE DEFINITION OF MARKET VALUE: The most prohable 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 conditons 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 [he open market; (4) payment is made in terms of cash in U.S. dollars or in terms of fnanclal arrangements compareble thereto; and (6) the price represents the normal consideration forthe property sold unaffected by special or creative fnancing pr sales concessions" granted by anyone associated with the sale. `Atljustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for Nose 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 compareble property by comparisons to fnancing terms offered by a [hlrtl party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar foraollar cost of the financing or concession but Ne dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based an the apprisers judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appreiseYS certification Nat appears in the appraisal report is subject to the following conditions: 1. The appraiser will net be responsible for matters of a legal nature that affect either the property being apprefsetl or the title to it. The appraiser assumes Nat the title is good and marketable and, therefore, will not render any opinions about Ne title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has examined the available flood maps Nat are provided by Ne Federal Emergency Management Agency (or other data sources) antl has noted in the appraisal report whether the subjea 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 [his determination. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in questlon, unless speck arrangements to do so have been made beforehand. 4. The appraiser has estimated the value of the land in the cast approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land antl improvements must not be used in conjunction wiN any other appraisal and are invalid if they are so used. 5. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, Ne 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 researoh involved in performing the appraisal. Unless otherwise stated in the apprelsai report, Ne 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 assumetl that Nere are no such contlitlons antl makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions Nat 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 feld of environmental hazards, the appraisal report must not be consideretl as an environmental assessment of the property. 6. The appaiser obtained the information, estimates, and opinions that were expressetl in the appraisal report from sources that he or she considers to be reliable and believes them to be true and cored. The appraiser does not assume responsibility forthe acouraq~ of such items [hat were furnished by other parties. 7. The appraiser will not disclose Ne contents of Ne appaisal report except as providetl far in the Uniform Standards of Professional Appraisal Practice. e. The appraiser has based his or her appaisai report antl valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption Nat completion of the improvements vAll be performed in a workmanlike manner. 9. The appraiser must provitle his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about Na property value, Na appraiser's identity and professional tlesignations, 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 tts 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 Distdct 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 prlorwdtten consent. The appraiser's wdtten consent and approval must also be obtained before the appraisal can be conveyetl by anyone to the public Nrough advertising, public relations, news, sales, or other media. Freddie Mac Fann 439 6-93 Page 1 of 2 Fannie Mae Form 10048 6.93 Farm ACA OEPo - ~ T C Aealry, Inc. George A. Ulsh _ "MnTOTAL" appraisal software 6y a la mode, Inc. -1-800-ALAMOOE APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject properly for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reFlect the market reaction to those items of signifcant variation. If a sign rant item in a comparable property is superior to, or more favorble than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparehle 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 compareble. 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 appreisai 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 [he 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 Vansaction. I tlid not base, eitherpartially 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 ori~7in of either the prospectve owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for pertorming this appraisal is contingent on [he appraised value of the property. 6. I was not required to report a predeterminetl 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 speck 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 valuaton, or the need to approve a specific mortgage loan. 7. I performed this appraisal inconformity 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 [he departure provision of those Standards, which does not apply. I acknowledge that an estimate aF a reasonable time for exposure in the open market is a condition in the defnitlon of market value and the estimate I developetl Is consistent with the marketing time noted in the neighbomootl section of this report, unless I have otherwise statetl In the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exerior 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 subjeq 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 ecent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on [he marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in [he appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparetion of the appreisai report, I have named such individual(s) and disclosed the specific tasks peformed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to pertortn the tasks. I have not authorized anyone to make a change to any item in the report; therefore, rf an unauthorized change is made to [he appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appreiser signed the appreisai report, ha or she certifies and agrees that: I directly supervise [he 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 [he appraiser's cert~cations numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appreisai report. ADDRESS OF PRDPERTY APPRAISED: Lot#004 Fargreen Dr ve Ha ~ b g pq 77170 APPRAISER: SUPERVISORY APPRAISER (only If required): SignaWre: ~- ~~ SignaWre: Name: s State Cert. Res. Real Estate A n Name: Oate Signed: 04/05/20 Oate Signed: State Cerdficatlon #: RL000409L _ State CeNficatlon #: or Stale License #: or She License #: Stale: PA _ Stare: Expiratlon Oate of Cerdticatlon or License: 06/30/2073 Explrah'on Oate of Ce or License: ®Did ^ Oid Not Inspect Praperry Freddie Mac Farm 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Form ACB_DEA- "WInTOTAL" appraisal software by a la mode, Inc. -1-600-ALAMODE APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report isgmr of the following types: _ ^ Seli Contained (A written report prepared under Standards Rule 2-2(a) , pursuant to the Scope of Work, as disclosed elsewhere In this report.) ®Summary (A written report prepared antler Standards Rule 2-2(b) ,pursuant to the Scope of Work, as disclosed elsewhere in this report.) ^ Restrtcted Use (A written report prepared under Standards Rule 2-2(c) , pursuard to Ne Scope of Work, as disclosed elsewhere in this report, reshlcte0 [o the stated irdended use by the specified client or intended user.) Comments on Standards Rule 2-3 I cerory that, to the hest of my knowledge and belief: -The statemetrts o1 }act contained In this report are true and correct. -The reported analyses, opinions, and conclusions are Ilmded only by the reported assumptions and IimAing contlldens and are my personal, impaNal, and unbiased pMesslonal analyses, opinions, and conclusions. - Wless otherwise indicated, I have no present or prospecd've interest in the property that is the subJect of this report and no personal Interest w'rfh respect Po the partles involved. -Unless otherwise Indicated, I have performed no services, as an appmiser or In any oNer capactty, regaining the Droperty that Is the subJect of this report within the three-year period immediately preceding acceptance of this assignment. -I have no bias wdh respectto the property that is the subject of this report or the paNes Involved with this assignment. - My engagement in this assignment was not cont'ngen[ upon developing or reporh'ng predetermined results, - My compensafion far completing this assignment Is not corNngent upon the development or repaNng of a predetermined value or direction in value Poet favors the cause of the client, the amount of the value opinion, the attainment of a stlpulaletl result, or the occurrence of a subsequent event tllrecUy related to the intended use of this appaisal. - My analyses, opinions, and conclusions were develapeQ and this report has been prepared, In canfornity with the UnRann S[andaNs of Professional Appaisal Precgce that wer in eRect a[ the time this report was prepared. -Unless otherwise Indicated, I have made a personal Inspection of the property that Is the subject of this report. -Unless o+henvlse indicated, na pne provided significant real property appraisal assistance N the person(s) signing this certificatlon (if there are emepVOns, the name of each individual providing signficant real property appraisal assistance is stated elsewhere in this report). APPRAISER: Signature: ~ ~ ~~i(,N/ Name: Geo a R. Ulsh State Cert. Res. Real Estate A r Oesignatlon: Date Signed: 04/05/2012 State CerMicagon #: RL000409L ar State License #: State: PA Fxpirahon Oate of Cemhcahon or license: 06/30/2013 Eflectlve Date of Appraisal: 03/Owcm o SUPERVISORY APPRAISER (only R required): Signature: Name: - Oesignadon: - Date Signed; - Shte Cem'tlcaaon #: - or State Ucense #: - S(ate: - EXpl2dop Data o} 6e111rlcaden Or LI¢ena0: Supervisory Appraiser Inspection of Subject Property: ^ Did No[ ^ EMetlor-onlyfrom street ^ Intenorand Exterior Form ID70 -'~nTOTAL" appraisal software by a la mode, Inc. -1-SOg-ALAMODE `h 4 in \ Bureau t pi Certificate Type Certified.Residential Appraiser 1`0 0648:.89'0 Certificate Status Active GEORGE RANDALLLLSM Certificate ~"~" 10/11/1991'. - . 40y9 parrq,,Street . NAfUt(S~URG PA 77111 .`' Nunlbel- - r, RL000409L Expiration Da to ~ 00/30/2013 n [f ~ uS mm yioa fY f Fiu~l,: ryJO Eugo~ywl NfuJS Form MAP.Soils -'~nTOTAL"appraisal software 6y a la mode, inc. -1-800-ALAMODE APPf21SC~S 2011-'1013 Crirtificat:nn Location Mao IM1a MrMHM6YtelMUNb]y~ wY ~- - 325 . Halifax Gayd ' O 4~e NW+ji(tiiig EnSeAins - F[iwair 4Vaynesvdle Powelk Valley X325 Pa O, a~P~ ~a~ ML~tP VCIOIIa ~e Fuufa[e Ellentlale Forge - - - hfanatla Gap Y3 ~un:a~nRd'.a Slone Glen Qe3 Dauphin - Ma`rnd. i ;Z Shellsvi It c S _. - Fe irvllle~ ~ i ad Lin9les[own p~°~ P~c~~es°e l,. bons sS ~ ?Pn un3festcm ", Park ai~~ ~~ 35 -' b~ '~ _ V ~~ LucMlo - Z navettlale y ~~~J~ sav' ?o Paxtonia te``'a - ~_- Summer ale ~~,~,q$, 11 3~ 'sR7. - n .. Santl[ ~r z ~~~~ ~~2 ~ rf ~ Umtl.en P'S r ~ - ~~~ , II a 5~ _ h~~ y EnOly } Pfegre55 Oa`'PrA'Ih 'rry, HoernerstoRn -- can • M la\S ~.. O~ ~Rd. G Cam p West Fairview ~ n -z - Penbrook - _ 'P' r-- ~s = Reservoir '' L~ S 1!~Fg Parke ~ - au^,. '~ - ~`y Rutherford Helghts~ `~ -- /ormleysburg,., Harnsbur, ~~~rys` F "s a~uEru Pakmn se Hurrlmelstown ~'~ Lemoy~nC/0~~ z ae` ~ '* srm4'm ~ •~ ~sd'~~. ~~~y' c,•Camp Hilt / ~ ~a~\\,$~ ~ ~ • ~ - r/!. ~ wafthn uID ¢6huuF 1~ ss ~ Lowe A11 ~.±'\ \.5-t~eelton - © aas 9xun y z 41 ~a~ ~ v \New Cumberland ~u ,"Bressler ' ° 9 Fullln9 MII Rd - ~ Cpfron•__ v6 Pn © `tlV' II nt''~, \"~ 293 ~ ~'-,-_- `\ oP?F `~• e~Greenveootl HJls ~J ~h " Qb ", 222~ Oefensei ~1;t ~ grya. 6 / ~'~DYeribumq ~~ 4~~°- ~~ ~ ~I G. ~ , / Fa \~ ~~I:rganAd__. ~c ~31q_hsplre' H nzr,ug I ~~ 3YIy3nu:$.~~ tl;i '~J'-¢P~~~ ©WN_rt O1 tlF Fd ~,. 13D ,n r ~~ Mlddle~own ne y'~ny„-~ • ~~ - Fawiew Park Royalton-.'~ ~ ' ~ e" `a . ` ` _ `~'~ 25miles :y~• -~D:M•,~~ ~s•~ Porm MAP.LOC -'WinTOTAL"appraisal software by a la made, inc. -1.800-ALAMOOE Comparable Land Photo Page Comparable 1 Lot #3 Parkway Eas[ Proz to Suhl. 5.24 miles E Sales Price 115,000 Date of Sale 07/21/2010 Locagon Suburban SiteNlew 3.3 Access Public Zoning Residential Topography Mostly Level Wlltles Available Comparable 2 70 Hillymeade Drive Pmx. to Subj. 8.21 miles E Sales Pdce 99,000 Date of Sale 07/06/2011 Location Suburban SdeNiew 1.26 Acre Access Public Zoning Residential Topography Mostly Level Utllities Available Comparable 3 Lot #2 Shutt Mill Road Prax. to Subl. 1.60 miles SE Sales Price 75,000 Oate of Sale 03/16/2011 Lpcatlon Suburban SlteMew 2.2 ACres Access Public Ztlning Residential Topography Mostly Level Ufilltles Available Form DL%LNO ~ "WinTOTAL" appraisal software by a la mode, Inc. -1-800-ALAMODE Subject Land Photo Page SubJect Fromf Lot # 004 Fargreen Drlve Sales Pdce MarketValu Date of Sale N/A Location Suburban StteNiew 6.3 Acre:; Access Public Zoning Resitlential Topography Mostly Lr;vel Dtilitles Available Subject Reav SubJect Street Farm DLSLND ~ "WnTOTAL° appraisal software 6y a la mode, inc.-1-800-ALAMODE Subject Froet Lo[ # 004 Fargreen Driva Sales Prlce MarketValu Date at Sale WA Locafion Suburban SrteNlew 6.3 Acres Access Public Zoning Resitlential Topography Mostly Level Utilitles Available Powerline Subject Streett Farm DLSLNO - °WinTOTAL"appraisal software 6y a Ia mode, Inc. -1-800-ALAMODE Subject Land Photo Page LAND APPRAISAL REPORT Gale 11 File Nn. M00141 -~ - ----~ --"- ~ -'°'"'"'° "" "'°"°'° °'°'"O1 Census Tract 0113.D4 Map Reference 10-20-1848-384 Roped} Atldrsss Lot # 394 Falmay Drive City Camo Hill County Cumberland State PA Zip Code 17011 Legal Description Referenced in RocorU Book 258 Pahe 001 - Sale Pdce S MerketValu Date of Sale N/A Loan Term N/A yrs. Proper}' AIgMs Pypraised ®Fee ^ Leasehdd ^ De MInIMS PU Actual Real Estate Taxes $ 524.54 (yr) Loan charyes to be geld by seler 5by seler S N/A Orhar Sales concesslors None Known Lentler/Cllem Client: Julie F Gale Estate Uo RlchaN Stewart Atltlress 301 Market Street Lemovn PA 17011 Occupant VacantGrountl Appraise GeoroeR Ulsh PA Stat Celnsirucrlons to AppralseAOpreise vacant lend as vewnt unlm roved. Establish Falr Markel Value "AS OF"the intlicaled date of the a sisal Locagon Urban Suburban Rural Gootl Avg. Fair Poor Bulk Up ®Ove 75% ^ 25%to 75% ^ Under 25% Employmerd Gkblllry ®^ ^ ^ GrowtA Rate ^ Fulry Dev. ^ Rapitl ®Gready ^ Slow Comenlence ro Employment ^ ®^ ^ Property Values ^ Increasln0 ®Shble ^ Declining Convenience to Shopping ^ ®^ ^ DemanySUpDIY ^ SMrtaga ®In Balance ^ Dversuppy Convenknce to ScMOk'~ ^ ®^ ^ Marketltg Time ®Untler3 MOS. ^4-6 Mos. ^Over6 MOS. Adequacy ai Publlc Trsnspodadon ^ ®^ ^ Present Land Use 80%1Famliy_%2-4 Family _%Aph. _%Contlo_%Commercial Recreatlonal Facllitles ^ ®^ ^ 10%lldgmrkl_%Vawnl io% Adequacy of tnunea ®^ ^ ^ Charge In Presmn LaM Use ^ Not Ukdy ®Ukely (~) ^ Taking Place (•) Property Compatlbllty ®^ ^ ^ (')From Vacant To Residential Prokcdon ham Deldmegal COntllgons ^ ®^ ^ PretloMnam Oceupanry ®Owner ^Tenant _%Vacanl Pagce aM Flre Protection ^ ®^ ^ Single Famiy Rice Range S 150.000 ro S 450.000 Predominant Valve $ 175-400 General Appearance al F'ropedles ®^ ^ ^ Singie Fatdy Age 5 yrs. to 125 yrs. Predordnanl Age 2050 yrs. Appeal to Market ®^ ^ ^ Comments Irmluding Arose factors, favorsble w uMavorable, a#ecling madcetablliy (e.g. public pads, schools, view, nolse):See attecMad addeMa. DlmensiDns 57.2' x 21' x 35.5' z 103' x 131 32' z 95' _ .25 Sq. Ft. or Acres Corawr Loi Zoning cksslgcatlon Ra ltlentlal Reseal lmprovemems ®tlo ^do not co!dorm tc zoning regulations Nlglrest antl best use Present use Other s ed Publlc Other (Describe) Off SRE IMPROVEMEMS iopc Level to sbolna tlown t rear Elec. ® Street Access ®Pubic ^Rivate Size Tyoiwlfor Area G'as ® Sudace Pavetl asohall Shape MOStly Rectangular Water ® Maimenance ®Pubflc ^ Rlvate New Suburban San. Sewer ® ^ Storm Sewer ®CuN/Gufter Dralnape_Apoeers Adecuate ^ Untleryrpuntl Ekcr.BTd. Gidewalk Sireel Ll Ms ktM pmperly bcektlkeRUOkerattletl SpeclelFbotl Nenrtl Areal ®NO^Yea Commema (lavaabk or unkvaabb Inclutlinp any apparent aAxrse easements, eroroachmaMS, w other aMerse cond'AiOns): The sublet[ Is oresenO a vacant buildi lot. The subied subu ban tea k In a oaneralN stable oh se of its li/e cycle with the variable va nt I M b Ina d alo etl Imo reskfential builtlin bts No notetl easem me encroachments ors eclat assessment areas. Land Is most level in to rah with a slo down in the rear. Utllides are resumed o be available. No adverse contlttlons are rloletl from the sub eIX Wewin . The uMersgnetl has reciktl Utree recent sales o1 propeN¢A mad similar and prarhnde ro sublect aiM has considered Ihese In lie market analysis. The desntlptlOn includes a da7ar aapslment rek:cgig marled leaatlan tp maee tleme el sgniflcam vaflatlon hehYeen th SuNect eM campaabl0 prapeNeb. e a sl tlkanl INm k die C to or more kvaabb Nan tiro subject progeny, a minus (~) adjuaMem is made thus reducing me IMkded value m subject tl e sIA ficam gem h dro comp rebleelsrirderkrltOSm less lavarsble Nan tla sublect prmpery, a plus (+) atllusMenl is made Nus Increaslnp the IndRaktl value of the subject. ITEM 5 BJECT PROPERTY COMPARABLE N0.1 COMPARABLE N0.2 COMPARABLE N0.3 Address Lot # 394 Fairway Drive Lot # 229 Fairway Drive 6103 Mill Bank Dr'rve 4 Battour Drive Cam Hill PA 7011 Cam HIII PA 17011 Mechanicsbur PA 17050 NlechaNCSbur PA 17050 ' to best 003 miles SE 203 mIlesW 329 milesW Sales Pdce MerkelValu :r' r 60000 `"° e v RI Per Fl 5.51 '."+`i c 80 000 r '., 94 762 c 5.30 ri f . .,r. 5.10 ,,,r,, ai r 6.88 Da Wrce Pro iew/PUblicRec Pro View/PUbIIcRec Pro Vlew/PUbhcRec NILS PubRec A raisersFiles Dale ai Gak antl DES RIPNON DES RIPTION + - Ad ust. DESCRIPTION + - Atl ust DESCRIPTION + - Ad ust. Time Atljusenem Wq 07/21/2011 11/16/2011 L 'atlon Sub rben 03/22/2011 Suburban Suburban Suburban Stt ICw 10 8 0 S Ff 11 325 S FI 11 761 S Ft 1 fi 117 S Ft -5 000 Access Publ Public Public Publlc Zed Residential Residential Residential To ra Leve to Slo Rosidentlal Ulilllles Mostl level Mostl Level Mastl Level Publ' Public PubIE Public Sales Or Flnancing None None Nona COnCRSSIOns None. None NbfIB None None Net Atl'. ou Intllcated Vake ; r '+ 9 + - -5 000 al Sub'ecl - ' ` ' ' , td,.L"-Net %-: 80000 N& ° Neta558 A'F.' 89,762 I f~t i,»%`-: 60000'. r Comments on Marken oats Mest ua M ne° e~.ti ._ _.._ .. _. ... T C RNIry, Inc. Geerya R. Ulsh Form LND - °A1nT0TAL' appraisal soRware 6y a la mode, Ina EXHIBIT N The subJed is located in a residential neighborhood. MaJor routes of trevel ara located within a reasonable tlistance of the subject. Employment for the area Is retell ae good. MaJor employers in the Harrisburg Area Include large manufacturing companies, local government tacilitles and many smaller service companies. The subject neighborhood is In a primarily stable phase of its' Ilfe cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time period exceeding one year. This is after a sustained increase for severe) prior years. Buyer demand appears typical for this time of year In the nalghborhootl and Is supported by continued low Interest rates. Multi-use properties are typical of the neighborhood antl support residential use. No adverse affects on value or marketability of the subject are indicated from [heir presence. A smell amount of vacant grountl exist pdmarily for residential development. Information Is supported through public record and Central Penn Multi-list system. Neighborhood -Market Contlitions There era no foreseeable economic trends which might significantly Influence market conditlvns in this area. The current mortgage market offers a wide vadety of convantionel loans with competitive rates. As a result, the iznns of financing have little, if any, Impact on sales paces. If Interest rates remain reasonable, property values and merketabliliry should be good. Current supply and demand era In balance. Marketing time la typically 90 - 180 days for reasonably priced properties. Interest rates ara ranging from 3.5% to 8 % with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, ara not typical of all transagions. APPRAISAL COMENTS The appraiser hea NO current or prospective Interest in the subject property or parties Involved; and has NOT completed any services regarding the subject property within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. Exposure lima is 30 to 90 days Form TADD -'WIniOTAL' appraisal software by a b made, Inc.-1-800-gtAM00E DEFINITION OF MARKET VALUE: Tha most probable price which a property shouitl brtng in a competitive and open market under all conditions requisite to a fak sale, the buyer end seller, each acthg prudentty, knowledgeably antl assuming the price Is rat aRectetl by undue stimulus. ImpIIcA In this tleMitbn Is the wnsummatlon of a sale as of a specified tlata antl the passing of title from seller (o buyer under coMitlons wherabg (i) buyer and seller ere typicalty motivated; (2) bom parties ere Weill informed or well advised, and each acting In what he consitlers hie own best Interest; (3) a reasonable time Is allowed for exposure In [he open market; (4) payment Is made In terms of cash in U.S. dollars or In terms of financial arrergements comparable thereto; and (6) !ha price represents the nortnel consideration for [he property sold unaffected by special or creative financing or sales concessions' grentetl by anyone associated with the sale. 'Adjustments to the comparables must ba made for spacial or creative fnandng or sales concessions. No adjustments are necessary for those costs whkh are normally paitl by sellers ea a result of tretlidon or law In a market area; these costs are reedit' identifiable since the seller pays these vests In vlrtualty all sales transactions. Spacial or creative Mandng adjustments can be matle to the wmperable property by compansorre to Mancing terms offered by a third party institutional IeMer That Is not already Involved In the property or [rensac[bn. Any adjuatmeM should net be calculated on a mechanical dollar for dollar cost of the ilnancirg or concessbn but the tlollar amount of any atljustment should epprozimate the market's reaction to the financing or concessions based on the appraiser's jutlgemem. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDRIONS: The appraiser's certiflcatbn That appears in the appreisal report Is subject to the following conditions: i. The appraiser will rwt be responsible for matters of a legal nature Nal affect either the property being appreisM or the [Ale to it. The appraiser assumes that the [tile is good and marketable antl, therefore, will not rerMer any opinions about the title. Tha property Is appraised on the basis of d being under responsible ownership. 2. The appreiser has examined the available flootl maps [het are provided by [he Federal Emergency Management Agency (or other data sources) antl has noted in the eppreisal report whether the subject she is bcated In an klant~ed Special Flood Hazard Area. Because the appraiser Is rat a surveyor, ha or she makes no guarantees, express or implleQ regarding this detanninatbn. 3. The appreiser will not give testimony or appear in court because he or she matle an appraisal of the property in question, unless specAk arrengemedts to do so have bean matle beforehantl. 4. Tha appraiser has estimated the value of the IoM in the cost approach al Its highest aM best use and the Improvements at their wntribulory value. Those separate valuations of the IoM and improvements must not be used in conjunction uvtth arty other appraisal and are Imalitl A they are so used. 5. Tha appraiser has rated in the appraisal report any adverse coMitlons (such as, needed repairs, depreciation, the presence of hazadous wastes, toxic substances, etc.) observed during the Inspection of Ne aubjecl property or the[ he or she Dacame aware of during the normal research involved in performing the appraisal. Unlasa o[heiwise slated in the appraisal report, the appraiser has no knowledge of any hidden or unappareM conditions of the property or adverse environmental contlAlons (including Iha presence of hazardous wastes, toxic substances, etc.) that would make the property mare or less valuable, antl has essurtled that there are no such coMitions and makes no guarantees or warraMles, express or implied, regaNirg the condkion of Iha property.. The appreiser will not be responsihle for any such coMiOOns that do east or for any engineering or testing that might be required to discover whether such coMitions exist. Because the appraiser is no[ an expert In the flak! of emironmenlal hazaNa, the appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser obtained the iMormaOon, estimates, and opinions Ihet were expressed in the appraisal report from sources that ha or she considers to be reliable and believes them to be true eM correct. The appraiser tloes not assume responsibility for the accuracy of such items that were famished by other parties. 7. The appraiser will not tlisclose the contents of the appraisal report except as provided for In the Uniform Standams of Professional Appreisal Practice. S. The appraiser has based his or her appraisal report end valuation wnclusion for an appraisal that b subject to satisfactory completon, repairs, a alterations on iha essumptlon that completion of the Improvements will De performed in a workmanlike manner. g. The appraiser must provide his or her prior written consent before the IeMar/titan[ apecBed In the appreisal report can distdbute the appraisal report (InclMing conclusions about the property value, Ina appraisers Identity and profasslonal designations, aM references to any professional appraisal ogan'vatlons or the frtn wiN whk:h the appreiser is associated) to anyone other than the Dortower, the mortgagee or As successors antl assigns; the mortgage Insurer, consultants; professional apprelsai organizetlons; any state or federally approvetl iinanclal insittution; or any department, agency, or Inslrumentaliry of the Unl[ad States or any state or [he Uistriq of Columbia; except that the lender/client may distribute the property description sectbn of the report only to data collection or reporting service(s) wdhoul having to obtain [he appraisers pdor wrhtan consent. The appraisers wrA[en consent and approval must also be obtained before the appraisal can be wnveyM by anyone to the public through advertising, public ralatbns, news, sales, or other media. Freddie Mac Portn 439 fi-93 Pape t of 2 Fannie Mae Form 10048 6-93 T C Sealty, Inc. George R. Uhh Farm ACR UEFD-'WInTOTAL' appraisal software by a la mode, Inc. - b80o-ALAMOBE APPRAISER'S CERTIFICATION: Tha aDPralser certBias antl agrees that 1. I have researched the subject market area end have selected a minimum of Three recent sales of propeitias most similar and proximate to the subject property far consideration In the sales comparison analysis and have metle a dollar adjus[mem when appropriate tc reflect the market reaction to those items of signiflcant wrlatbn, Ha signttkant item In a comparable property is superior to, or more fawreble than, the subject property, I have made a negative adjustment to reduce the adjusted sales price o/the wmpareble antl, rf a significant ttem In a compareble property Is Interior to, or less fawrable than the subjes3 property, I have metle a positive atljus[menl to Increase the adjusted sales price of the comparable. 2. I haw taken Into consideration [he factors that have an Impact on wlue in my development of the estlma[e of market wlue in the appraisal report. I have not knowingy wnhheltl any signMkanl Information from the appraisal report and I believe, to the best of my knowledge, that all statements antl Information In the appraisal report are [rue and correct. 3. I stated in the appreisal report only my own personal, unbiased, antl pro(easlonel analysis, opinions, and conclusions, which are subject ony to the contingent and Ilmttln0 condttlore specked In this form. 4. I have no presem or prospective Interest In Ate property that is Ne subject to this report, and I have no present or prospectve personal interest or bias with respect to [he participants In [he transaction. I tlM not base, either partlaM or atmpletety, my anafysis and/or the estimate of market value In the appraisal report on the race, wlor, religion, sex, handicap, familial status, or national origin of either the prospective ownere or occupants of the subject property or of the present owners or occupants of [he properties in the vicinity of the subject property. 5. I have no present or contempletetl future Interest In the subject property, antl natther my current or future employment nor my compensation for pertortning this appraisal is contingent on the appreiaetl value of the property. 6. I was not requiretl ro report a pretletermined value or direction in value [het favors the cause of [he client or any related parry, the amount of the value estimate, the attainment o(a speci0c result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for pertorming the epprelsel. I did rwl base the appraisal report on a requsisted minimum wluatbn, a specific valuation, or the neetl to approve a specific mortgage loan. 7. I pertonnetl this appraisal inconformity with the Un'donn Standards d Professional Appraisal Precs'ce that were adopted antl promulgated by the Appraisal Standards Board of The Appraisal Foundetbn and Nat were in place as of the effeGiw date of this appraisal, with the exception of the tleparture provision of those Standards, which tloes not apply, I acknowle[ige that an estimate of a reasonable time for exposure In Ne open market g a contlitlon in the definition of market value antl the estimate I tlevelopetl Is consistent with the marketing lima notetl in the neighborhood secton of this report, unless I have otherwise s[atetl In the reconciliation section. 8. I have personalty inspected Ne Interior and exterior areas of the subject property and the exterior of all properties Iistetl as comparebles In the appraisal report. I further certl(y that I hew noted arty apparent or known adverse condttbns in the subject improvements, on the subject stte, or on any stte within the immediate vicinity of the subject property of which I am aware antl have made atljusbnents for these adverse condtons in my anayels of the property value to the extent Ihet I had market evidence to support them. I have also commantetl about the effect of [he adverse conditions on the marketablliry of the aubjed property. 9. I personally prepared all conclusions and opinbns eboN the real estate that ware set forth in the appraisal report. tt I relietl on significant professional assistarxre from any Individual or IntliNduals in the pertormance of the appraisal or the preparation of the appraisal report, I have nametl such intlivitlual(s) and tlisclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certdy that any IMNldual so named Is qualfied to perform the tasks. I have not authorized anyone to make a change to any ttem in the report; therefore,'rf an unauthodzetl change Is metle [o the appraisal report, I will lake no responstbllity for i[. SUPERVISORY APPRAISER'S CERTIFICATION: tt a supervisory appraiser signetl the appraisal repcrt, he or she certmes antl agrees that I directly supervise the appraiser wive preparetl the appraisal report, haw revlewetl the appraisal report, agree vnth the s[atemeMS and concusions of the appraiser, agree to be bound by Ina appraiser's certigcatlons numbered 4 ttirough 7 above, aM am taking full responsibilHy forme apprelsal antl the apprelul report. ADDRE88 OF PROPERTY APPRAISED: Lot # 394 Felrv.~av DrNe Camo H~II PA 77011 APPRAISER: SUPERVISORY APPRAISER (only if requiretl~: Signatlxe: ~ SlgnaNre: Name; s State art. Rea. Real Estate A ~ r Naaa; Date Signetl: 03/27/20 Oate SlAnetl: SNIe Certificatlon #; RL0 00409L State Certlficatlon #: or Slate Ucense #: or State License #: SNte: PA S1aN: F.prlmtion Date of Ct»tticatlon or License: 06/30/2013 Egrimtlon Date of CenAlcatlon or Ucense: ® DItl ^ Did Not Inspeq Property Fredtlie Mac Fonn 439 fi-93 Page 2 0l2 Fannie Mae Form 1004B G93 Form ACH_DEFD -'M1MnTOTAL' appraisal software by a la motle, Inc. -1-30PALAMODE APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report ls>mr at the lollewing types: ^ SeV CoMalnetl (A wdnen report prepared antler Stantlards Rulc 2-2(a) , pursuant [o the Scope of Work, as dle;closed elsewhere in this report.) ®Summary (A wrMen report prepared antler Stantlartls Rule 2-2(b) , pursuantto pre Scope of Work, as dls;closed elsewhere In this repanJ ^ ResMgetl Use (A written report prepared under SlantlaNS Rule 2-2 c) , pursuanlto the Scope of Work, as tlisclosetl elsewhere In this repot, restricted to the stated in[entled use bythe spectdetl client or Irrtendetl user.) Comments on Standards Rule 2-3 I certlty that to the best of my knowledge and belief: --The statemems of fact contained In Nis report are hue and correct. --The reported anayses, opinions, antl concluslom are limbed Dory by Ne repoded assumptlons antl IlmltlnA coM8lans and are my personal, Impartial, antl unbiased prcfesslonal anayses, opiNOm, and conclusions. --Unless otherwise Indlcate4 I have m present or prospectlve Infuest In Ne property That Is the subject of Nis report and rp personal Interest wdh respell to Ne parties involvetl. --Unless otherwise indicateq I have pertormed no seMces, as an appraiser a In any other capacity, regarding the property That Is the subject oI this repod wtthln the three-year perlotl Immedlatey preceding acceptance of Nis assignment - I have m bias with respell to the progeny that Is the subject of Nis report or the parties IrnoNed with Nis assignment. - My engagement in Ws assignment was not comingem upon Developing or reporting pretletermine0 results. - My compensatlon for completlng Nis assignmen Is not conlinperd upon Ne development or reportlng of a predetermined value or tlirectlnn In value that favors the cause of the client tlu amount a the value opinion, Ne atlalnrmm of a atlpul#e0 result, or the occurrence of a subsequent event tllrectly related to the Indmtled use of tlYs appraisal. - My anayses, opinions, and camNSions were tleveJOped, antl INS report has been prepared, In conlonttlry wtth Ne Undorm SlaMartls of Prclesslonai Appraisal Radice that wrre in effect at Ne time tNS report was Oreparetl. -Unless otherwise IrMicaleQ I have made a personal Inspection of Ne property ih# Is the sub)ect of this repod. -Unless Wurwfsa intllcated, no one previtled signblcant real property appraisal assistance to the person(s) slAning Nis certiflcatlon Pf Nere are eaeptlons, Ne name oI each i Individual provlGing sigtliicard real property appraisal assistance Is stated elsewhere In this report). APPRAISER: SignaMe: t~~~ Name: Geome Ulsh Scat C rt R 3 R I E t l Designatlon: DaR Slgnetl: 03/07/2009 State Certiilcatlon#: RL000409L or Stare Liceme #: State: PA E~iralian Date of Ce#gicatlon or Licerse: 06/30/2013 Effective Date of Appraisal: SUPERVI80RV APPRAISER (only II requlretl); Signature: Norm: Date Signed: State Certlficatlon #; or State License #: State: E>;piratlon Gate of Certdkatlon or Liceme: _ SuperNSOry Apprafsu Inspectlon of Subject Prope;ry: ^ Dld Not ^ E#erlor-Doty from street ^ laertor and E#etlor Form IDi0-'WInTOTAL' appraisal soihvare by a la motla, inc. -1-BOOALAMOOE Appraisers 2011-2013 Certification SonoweUCAenI Client: Julie F Gala Estate do Rchard S[ewart Properly Atltlress Lol # 394 Fairway Orive ACM Camo HIII County Cumberlantl State PA L Cotle 17011 Lender Client: Julie F Gale Estate rJo Richard Stewart CGmmonweBltdofPennsylvanta 10 0'648890 Deptlenyg'S to Bureau ol'1'ro ~~~pr~~ tienal Affairs `4 P08o ,~Rd RarrisburgP1 -26J9 55 Certincate'rype ~ .x, h ,t1, av ~ , S a~ ~ {y f ~ .t r i C.;CTli11Ce(a $1atUa Certified Resldentlal Appraiser , r ,.~< , Actlve ~1 *~'1 ~~ ~v \ , ~~ ,`K ~ r e ~~ `: ~ ~ Iglitial CertlflCatiortnatC GEORGE RfyNOALL ULSH CertlOca[c 10/11!1891 /0990erry Street Tlum6ei• 'HARRISBURG PA 77111 RL000408L F,xpiretign Data - - -0SlSOl2013 ~~~ ~ GYUV ~ u(CjG ~ - ~ ~„ •ts cie~uiar .\alin¢r m +of l'mf ", nil ail OifuOi aunt \IT,n Farm MAP.SaIh -'^MnTOTAL' appraisal sollware by a la motle, Inc. -1-SOOALAMODE Subject Photo Page Subject Front Lol # 384 Falnvay Orive Saks Ptlca Marke[Valu Subject Rear Subject Street Form PICPIX.SF -'WIniOTAL~ appraisal software by a la mote, Inc. -1-800-A(AM08E - ~ Comparable Photo Page Comparable 1 Lot # 229 Fairvvay Drive Prax to Bubject 0.03 miles SE Saks Ptlce 60,000 Grass LINnA Area Total Booms Total Betlrooms Total Bathrooms Lxatlon Site Quality Age Comparable 8103 MITI Bank DrNe Prax. ro Sublect 2.03 miles W Saks Price 60,000 Gross LINng Nea Total Booms total Betlrooms Total BatNooms Location View SAe Quality AAe Comparable 3 4 Battour Drive Prox. to Subject 3.29 miles W Bales Price 94,762 Gross Living Area total Booms Total Betlrooms Total Bathooms Locaton View Site Oualiry Aga Form PICPA(.CB - "WInTOTA1' appralsai software by a la mctle, Imo. -1-800ALAMOOE Location Map r.... ..N y 0 ~2 111040 If1C~ (~~ K *w wew w xu eru.,.a+ri+er 4 ^k - ~~ , srTwP 'Ae ,~ !d I `Luckmd E y'E Y .... . s n j na ...... - 1. .. . _. ... Summerda~~ _.__ tact N ~ ~ ~' ... ... New Y _ ~~.: ~ 3 / . S s ~o - p' ~ ~ t,~ , ,P ~ s '° it I~ I ~ oM;~,sr m I~ ,i aN R fi~. ~ a .°44@x', p Sy+ ao smiwns, ~25C~~'a~l'~?'~EW X oak e ` ~~ v~ P lnuw o e 14rk 11 $ ~ 5 ~ V+dormYe'~~~ui't N S l kprit WW~CV~~ \~+~~~I HUrkiml C W 'M B E 9 L A N D.,. ''+,1 Carlisle Pike ~11~ :,; ., ~ Lerno ..... Camp i-fill ..-m1~~""-; ,1 ~k V ~ Nagai lnwneory ~m~mk~ Pn nt E,1~`e"' SMir~manstnwn '~,,«.7.. ~• w e~ lE p csbu rg u, ~a to ne nlai;or~ PNk J~ rnrA.miNe ?~ o~ ~LaAUla qd. L l~q 0.tl Lower Alien tN o; ,~~,. .._. .:NViln Po11. 4Nm W ,.. a ,. .~_-~ i ~ u.aen fr,ding ;' Heightr R ~ ~ ' /-'- tmom. /,,, ~ na N 3 "~1~M~p'i t ... .3 J Ae YNMV • <> ~eaCM$' Ub F492 J. ~ ~ck.~' 1`^ty ° ~. .0. !miles vs m nr,L'!:t'v:.vh:1~ .td J!Ml~~'A.TLj Jii'i Form MAP.LDC -'IMnTOTAL' apDralsal s1111wam by a la ma0e, Inc. -1~801}AIAMODE _. _ _ _. T C Really, Inc. George R. Ulsh lJnifnrm Racidl?ntial Cnnraiaal Rrannr+ Gale 10 The pse d tlis summa a reisal re ort is to rovide da IelMer/dlent with an accurate, and atl uatel su orted o 'ruon al the markd valve pf the sub'ed ro art . Pro Address 47 Old Farm Road City C o Hill State PA Lp Codn 17011 Barowd Gient:JUlie F Gale Estate Go DickStewart Owner of Public Record Cou trv Club Park Dev I pmed I Cpunty C mb d tl Le al Owed 'on Referenced In Record Book 206 Pa a 588 Assessor's Parcd # 09-20-1850-310 Tax Year 2012 R.E. Taxes $ 3 077 Nd hhprhood Name East Penwboro Townshi Ma Reference 09-20-1850-310 Census Trod 0102.0'< Oceu ad Owaer Tenam Vacad S edal Assessmems $ N/A PUO HOA $ N/A cr ear ar momh " Rp Po Ms "sad Fee Simple ^ Leasehdd ^ Other (describe) Asd rimed T Purchase Transadion [] Refmance TrareacHon ~ ONer (describe) Establ' h the m rk t vela d the bi d' AS IS' leMer/Clied Client: Julie F Gale Estate Go Ditk Stews Address Inte d d user-Any VA oproved I der Is tle sub' d clurentl oNered for sale or has h been oNered far sale in the twelve modhs priortp the edecdve date d Ws appaisal? ^ Yes ®No R art data sources used aflenng price(s) and date(s) Public Record and Are MLS V rifietl 03/06/2012 Subied h s not h n offered f n sale in the last 12 months. I ^ did ®did not anatyte the cpdmp for sale for the subject purchase transacHan. Explain lle resuHs d the analysis of the comma for sale or why the analysis was not rfomed. Public Record and Area MLS. Verified 03/08/2012 Subied h t b offered f ale' th last 12 rnh CarNad Pdce $ MarketValue Ode d Comraa N/A Is lre property segerthe owner d pudic record? ~ Yes [] No Data Source(s) P blic Ftecortl Is dare arty Bnancial asdaance Qoan charges, sale concessions, gift ar dawnpaymem assidance, de.) to lre paid by any party pn hehatt d the bpmaweR [] Yes ®No H Yes, re rttre toW ddlar almgm and describe the items to be paid. N/A P blic R d and Area MLS Verified 03/06/2012 Suh'ect has not been offered for sale in the last 12 months. Nda: Bete end the odd wm Nbn of the rid hbo pod ere not IW factors. ~x'HSI§NN'hEerfiotiQCh redMetlda"=:n, 'h .. ~.~+~/Xr v,~~rSr`One=Unit Noedn Tredds'k~n.. a: ^; x-a,-'~ ':One-Unit Housfn x. ; Present Land Use%'. Location Urban SuWrhan Rural Ro Values Increaal Slade Oecgnl PRICE AGE One-tine 80 % . BuiAAI Over 75% 25-75% Under 25% DanaIINSu Shorts a In Balance Over Su S BOB rs 2-0UnH % • Growth id Stahle Slow Marked Tme Under3 mp~s 34i mlhs Ovafimp~s 150 Low 5 MuN-Famil % Nd hhorhood BaMaries North and W esl is the Condo ouinet Creek East is Brentwater Drive SouN is 450 Hi h 125 Commercial 10 % Walnut Street 250 Pred. 40 Otlrer 10 % N ' hborhaotl Owen 'an Sae Supplemental Addendum wtth comments The P domino t single f ilv ho 'rip vela belt ports I in a ran a of $175 000 [0 00 000. Predominad age is hetser report d as 20 ve re to 50 veers Other rep Bents va ant a d Market CpndNans incUdin su ipoMar the above concludonsl See attached Supple ant I Atlde d with mems Mrrendans 90' x 110' x 7S x 108' x 147' Area 37 acres Shape Mostly R pfenp I Wew S h ,ban c Zod ClasslACaHon Residential Zonlnp Oescnptlpn gilowinp fo sinpl family h sino Zod Com once L al ] Legal Npncomormnp (GmndFdhered Usel [] Na ZonrN ^ Illegal (desalhe) Is the N hest and best use d su~act property as improved for as proposed per plans and spedhcaHonsl Ne presem use? ~ Yes ^ No If No descnhe UHYtlea Wtik Wlx(dupdhe) Pudk: OMa (desabel 111Fefte tin rovemade- a Pudlr. Prhete Bechid 200 amp Water ~ ^ Strad Paved Asphalt ~ Gas Sandary Sewer ® ^ Alley None ^ FEMA S dal Rood Haurd Area ^ Yes ~ No FEMA Flood Zone X FEMA Mao # 420359-0114E FEMA Mao Oa[e 03,96/2009 Are the uHliHesandoff-site im avemems typal for the mdrke[ area? ~ Yes ^ No H No descnhe Are there a adverse site conditions or external tadors (e8semems encroachments emironmemal conditions land uses do )1 [] Yes ~ No If Yes describe There were no noted a arent adverse or unfavorehle easements or encroachments noted ,a. `~~? GeneYd Oeewh lal «', "p ,,,, ="Fdundatlon+"i,x«,;.;iU-;; Exledok Dewed tidnb^ao-;`matedels/ddMNfon Interlorr- ~. matedale/eonditlon Urdls One One vdN Accesso UnH Gonads Slab Crew15 ace Foundation Walls ConcreteBlk/AVere eFloors C t CrrnTiUAVere e #dStodes 2 WII Base ant Partial Basamem F#erior Walls FrameBVin Avers Walls D IIIAvere e T Oet Art S-DeUEnd Untt Basemem Area 1 050 s .h. Rod Surface Com Shin VAvere a TdrNFlnish WoodUkvera e Bdsb Ro sad Under Cpnd. Basemem Fl sh 0 % Gapers 8 Downs Dols Aluminum/AVera a Bath Floor C t Vin VAverer e Oesi n S le 2Sto Oddde /F.xi[ Sum Pum WndowT a DoubleHun Avere a Bath Wainscd Fibe lass/Avers e Year BUitt 1992 Evidenced Imestagon Storm SasMnsulatetl InsulatedWNAvere eCar Staa a Npre ENectlve e rs -15 Dam s Semelmm Screens Yes/Avera a Ddvewa # of Cars 2 Attic Nace Neatl A HWBB Radiam Amenities Wooddove s # Ddvewa Surtace Paved As haft Ora Stair Stairs ON~a Wd Gas Flre laces # 1 Fema Gara e # of Cars 2 Roor Sadtle Coati $erNal Air CoMidod PaHd0eck 1 Porch 1 Ga ort #dCars Rdshed Heate[I Individual. Other Pod OU~er Att. Dd. BuiH-in A antes Rdd ardor Ha a/OVen pshwa§he Ois osal Microwave Washer/0 Other desedbe FldsMd area above rode canWirrss a Roams 4 Bedrooms 2 1 Bath(s) 2160 Spoors Feet d Gross Livino Area fibove Grade AddNOnd feaNres s acial aria effiaem items dcl Fro t roh pati ' sal t dwi down 2 oa a fir pl ce Descdhe the coMitlon d the arty pndudinp needed repHlrs detenoretlpn renovations remodeling de) The bied xterio ' 'n oe ally av re e condition with ical Im rovemems. No adverse condmons were noted during the bied o party M ri 'wino The irderior of the sub) d is i r snare)) avers a mnditlon. No adverse conditions noted. The basemem of th bl d' 94% ! th 1 t fl GL4 a d t or OY fi 'sh d Are [here a icd deficimdes ar adverse condmons that ailed the hvadlM souMmss or sWCNreI imegdry of the propertyv ^ Y s 6~ No If Yes describe Dees the roe snare)) tampon to the rldphborhaod (Nhdiond utility sMe wndlHon use consuucHon do 17 ~J Yes ^ No If No describe __ ...__. _..... _.-.__.. -.....,, raga ipro -_-.._..__ ~_._.nn. nn.,,.e Door Farm 1004- W nTOTA1' appraisal software by a la made, inc. -1-800.ALAMOOE EXHIBIT Uniform Residential Annraical Rannrt Gale 10 There are 0 cp b There are 1 com rab FEATURE le ro ertles wrre le sales in tlw sub~e SUBIECT offered for sale in the sub ed rei hbad d net hhorhpotl witNn the ast hvehre mo COMPARABLE SALE # 1 wod ra in in rice from $ 0 dhs re i In sale nce from $ 174 9 COMPARABLE SALE # 2 v to $' 0 00 ro E 174 900 COMPARABLE SALE # 3 Address 47 Old Farts Rc Cam HBI PA 1 Pro>um k Sub'ed Sale Rice Sale Pnca/Gross Liv. Area ad 7011 ~'. $ MarketValue S 92 59 s h. 119 N 33rd Street Cam Hill PA 17011 0.47 miles SE ` ":'. ~, % r $ 177 000 E 92.57 s ft. 821 Mandy Lane Cam Hill PA 17011 0.90 miles NW = ''6 ~ ' $ 199 000 $ 91.92 s ft ~ 58 Circle Ddva Cam Hill PA 170'11 0.19 miles NE ,- - 1,,.. $ 225 000 $ 103.59 s .ft. Data Sources VedOCafim Sources VALUE ADJUSTMEMS Sales or Fmncinp Concessions Date of Sale!lime pro evdn { Dale' Barik3- !+ DESCRIPTION N/A '. ~ x u N/A:'" t ' "'• ' F' M S PubRec raisersFiles D to Bank DESCRIPTION +- SAd'ustrnem FHA $6000 291 DOM 0 /01/2012 MLS PubRec raisersFiles Data Bank DESCRIPTION +- $AOUSmwd FHA $6267 220 DOM 0926/2011 MLS PubRec A raisersFiles Data Bank DESCRIPTION +- $Ad'ustmed Conv 189 DOM 02/242012 Locetlan LBasehddrFee Sim a Subburban Fee Sim le 5 rburban Fee Sim le Suburban Fee Sim le Surburban Fee Sim le Site View .37 acres Suburban .1 Acres S buban +2 000 .34 Acres Suburban .26 Acres Suburban Desi n 5 le Dual' of Conshuctlon 2 Stp Frtn&Vin /A 2 to B BMum/A 2 Sto BrkBAlum/AV 2 Sto Brk&Vin Av Actual a CarMidon 20 Vrs Est Avere a 4i Yrs Est AVere a 42 Yrs Est Avere a 49 Yrs Est Gd/SaleRemodl -10000 Above Grsde Tapl Bdms. Bobs T BNms. 11dhs Tda Bdrms. Bobs Tdal Bdrms. Batlp Room Cpurd 6 4 2.1 4 2.1 6 4 2.1 9 5 2.1 Gross Uvi Area BacemamB Fdshed Roams Bdpw Gmde Wncdond U51' 2 160 5 .ft. Unfinished 94%/0% Avere a 1 912 s .tt. Unfinished 10 %/0% Av re e +2 500 2 165 s .ft. Unfinished 100%/0% Averse 0 2 172 s .h. RecRm,F01c 100%/60% Avers e p -7,000 fkafi Codi ,• Ere Effidem Rams Gam UCa ort Paroh42aryDedc • CmdHtlCntdCl T ical for e 2 Car Gara e Porch Patio C dHtlCnMCI T ical for e 1 Car Gare a Po h Patio +3 000 CMrIHtlCnmCl T ical for e 2 Car Gare e Pch WdDk CntrIHUCnMCI T ical for e 2 Car Gara e Pomh Patio AmenPoes Fire lace Fi lace None +3 000 Fire lace • Ame~es None N e None None • AmeniOes ;None • Net Ad~ skwd ahl ~' Atl t d S l Ptl ' ' Noe + - S 7 500 None + - $ 3 000 None + - $ -17 000 e lus a e ce of Co arables ~..' ~.• !; _..: I tlitl did nd research tlw sale or transkr his N9 Adl. 4.2 % Gro s Ad'. 4.2 % tory of llw su6ied pro $ 164 500 perty and rAmparaN Nd Adj. t.5 % Gross Ad'. 1.5 % e sales It not, exdaln S 202 000 Net Adj. 7.6 % Gross Ad'. 7.6 % $ 206 000 M research did did ixrt reveal a nor sales r transkrs of the sub'ed a fw the three ears norto the eftecdve date of dtis a rdsd. Dale $owce s Public Record and Area MLS M research tlitl did riot reveal am prior sales Or hanskrs of the comparable sales fprthe year prior to the date of sale of the comoamhle sale Data Sources Public Record and Area MLS fl ort the resufis at the research and an sis d the nor ale ortrensfer hisro d the sub'ed ro an0 com mble sales re ort addi0ond npr sales on a e 3i. ITEM SUBJE COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date al Pdor Sala/Trensfer No transfer of th sub'ecl No transfer of the sale No Vansfer of the sale No transfer of the sale Price of Pdor Sal9?ransler in the last 36 m the in the last 12 months in doe last 12 months in the last 12 months Data Sources Puhlic Record Public Record Public Record Puhlic Record Ettecdve Date al Data Spurce s 03/06/2012 03/062012 03/06/2012 03/06/2012 Aral sis of da sale or transfer dstarv of the suhied prppBM and comparable sales N transf f the s b'ect i the la t 36 month No tra star of the sales in the last 12 months. Summa d Sales Cpm atlson Approach See attached addendum vdth addN sal s I and mm is nth Sales Comps' on A o ach to Value. Indcared Vallw b Sales Co rison oath $ 200 0 0 Indkabd Veluob .Sales com orison roach$ 240000 CoatA roach (Ifdevdo )$ N/A Income roeeh (N tlevdo etl)$ 199050 The Sales Com atlson roach to Value is [he best for tle[erminin the Market Value of a residential roe .The Income roach in this • situation het s to su rt the Sales Compadson Aporoach to value Th C t App ch wa std d b t' of ' t f th sisal. _ osure Ume is 100 - 120 da TNs appraisal is made ®'as is", ^ subject to cpmpk0an per plans and spedficefions on Na basis of a hypopiedcal cpndifian that the imprpvsmeds bare been completed, ^ subled to the folowirp repairs or attwations on tle basis d a hypoNdicel contl10on that ihs repairs a aherstlons have bean complde4 or ^ sabjed ro the • fonowi m Bred ins ectlan based on Dle e#raordinazy assumptlpn that the contlitlon or deficiency does not reeuire atleratlon or repair See ttach d suppl ;mat addendum wRla sub'ect roe and a sisal mmems noted. This a sisal is not valid without all attached addenda. Bored on a laamplete Wsual Ina on of the Intedar end exterior areas of the sub)ect propedy, defined scope of work statemem of assumptions wind IlmNing eondlUone, sod apprekeYa fkeDan, my (our) ophfon of the market value, as defined, o19re real property that Is {ha sub)ed of this report is $ 200 000 as of 03/062012 which is the date of Ins Ian and Me alfeetlve Bete of Mle a Icel. ~'~-- • -•••• • - ••~-•••• ~••~~ rage a or ti Fannie Mae Form 1004 March 2005 form 1004-'WinTOTAL' appraisal software by a la mode, inc. -t-800-ALAMODE Uniform Residential Appraisal Report ~a"x Gaye o° The sub'ed a e is estimated at 20 years. The suhiect use has been s'ngle family residential vfiich app ars to be th H'ghest best se for the roe Unless otherwise noted within the appraisal report ALL provided photos are original and were obfainetl by lh ppraiser du ' g the develo mem of the a sisal. All of the sales indicated have been eMemall and or iMedort view b the a raiser as re aired b the a raisers uitlelines Por erfortnin a misals. When a licable whhin the a sisal re o it is assumed unless noted in the re o that the roof lumbin heatin electrical and air conditloni s em wells se tic tanks or sass ool are in satisfacto o emtin centlmon that the buildln is sWGUrelI sound and lies of termite irdestation antl free of termite damage. The appraiser suggests that b~ ~m lenders and other interested parties htain cerUgratl from ro erl ualified rofessionals for their protectign. There has not been a Nle search ors of tetl on th 6' ct o ooerty th t Id confi d nv env h ants ~,emenls deed restrictions on or a ainst the subieG ro a : In adtliUOn information tlevelo ed from available re ooed ublic record is believed acarrate unless otherwise noted. Please 6e advisetl that public record reoort'ng's at t'mes slow or'ncertectiv rep rt d At th t' f the copra I iewin of the subieG roe unless otherwise noted in the appraisal report none of the'tems menu d' th's pare ph WsibN n ticed o' a cram. The a sisal is made considerirw the items not present or hay ng no effeG on the overall typical a of the sub' G aluetl'n th' 'e ort. If an of these hems are resent, the Martcet Value as determined by this report may he adversely aRemed Sub act Photos are png' I ph los taken t [h d of the sub' G o opertv vie ' g and hay the altered The di hats' nature used on the a ralsal a ort is the true si nature of the a reiser and used on all a misals. Di hat sl natures facilitate the transfer of the a sisal report by EDI EFT or e-ma'I The software util¢ed by th pp 'se to qen t the aoor ' I Dort prof G si nature • seta ' 6 means of a in number that is in t e sole control of the a raiser. _ The a raiser researched a group of sales' I'stings and under wrN G orooertl th sublet for comp to Ne sub' G. Sales anal 's is hasetl on the ro>ami to the sub' it location eftectNe a e market a e size a miser verifiable imormagon of gle sale:r a misers • resonel knowled a of the sales and most sinhilar amenities to the sub'ect The sales under confraG d or Ilsti o 0 ovided in th IMarket Com orison roach to Value are the best verifiable sales under contred and or I'sgngs s m'lar to the subs G fr m the g p f sales reviewed. This a misal is a Summary Appraisal Report "The Imended User of this aogral I sport is the CI'em The Ira d d Use is t aluate the ro that is the subieG of this appaisal to'esteblish the market value subiecl to the stet d S oe of W k pumose of th op sisal re ortin re uiremems of this a sisal report form, an01 Definition of Market Value No add'Nonal Intend d U ' to d d U ars are id ff d b the a miser." The line ad'usMen when in place. on the Sales Comparison Approach to Value room ceum area is forth bathro 'the GLA area of the sub'ecL Overall mom wum is consMered in tt'e GLA adiushnem for the subieG It is Imo per to increa e o reduce v lue for both om count and GLA This reIXice h used, wguld create a shuation of increasing value or reduc'no value for the same situ t' Personal roe was not inGUded in the final value of the subieG Value ad'uslmenLS vntld the appreisal used of on oeciflc mark t d rived aril stmem or d les anal Mosl a ~. based on several Nousand over a enotl of 20 years with slrorm influence for a cost to cure for their dgrerence The a raiser is not a professional home in(;pedor and does not warrant the ahse nc f d f cts I th h' t o p r . Sasemem size and finished area of the sales. ~oending sales antl or active listings is estimated from o hl'c record pomng wh vailable MLS Imortnation when available end the aopraisers'generel knowledge of the subieG tleslgn Actual venfiabl 'mortnaf of availabl tlnou h vedible nametl sources. Vin` L. ,. x., .. ~: .; 'COST'APPROACHTOVALUE~p("uliedb"Fe"nnk Mee?~~ Provide ad oats infomwtion far the lender/dierrt [a replic9te Me below cast figures and calalations. Su od for the o 'nion d site value (summary of cgmparbhle land sales or other mdhotls for estimming site value) ESTIMATED REPRODUCTION OR pEPIACEME COST NEW Sousedcost data Du ~ rag from cgm service Egectlva dal of tom data Dpmmads on Cost A oath ross livi area calculagphs, da reciaapn, etc. See attached buildln sketch whh dimensions nd sub eG drewlin .See attached su lememal addendum with comm' nls on the sub act roe Cost roach to Value. OPINION OF SRE VALUE___ ......................___.................___....._.. _$ DWELLING S.Fl. $ ...._._. =J. $_Fl, g _ =f; _$ Gara e/Ca ort 5 .FL S =$ Total Estimate d Com-New =$ ............. Less Ph sisal Wnedonal Fatemal Oe reciagon =$, D reciated Cod of Ira rgvemeds ........_.___ _......_..........___ =8'. .......... "As-is'Value of Sitel roveman[s............_.___ ................____..._=9~~ EsdmaleO Rernainin EcpnoMClifa HUD and VA and SO Years INDICATED VALUE BY COST APPROACH ______._._...__$ ,.. ;. n ~' ~ ~ 'INCONEAPPROACN TOVALUE (riot""ulie"d6Fannhi Mee)i ", • Edima[ed Mo Markel Rem $ 7327 X Grose pent MuNGier 150 = $ 799 050 Indicated Value 6v heome A roach Summa dlncome oath mcludilq support for marNet rem and GRMI See attached SUppl ental Add dam with mments the lnc me roach to Value. C " ~ `' ~ " ~ ' "' a~.FfiQIECTINFORMATION.FOfl PUDa 61"' Ileeble)' . ~ `~ °' Is the devdo enlaelder in caard d the Hormowners' Asspciagon MOAI7 rlI Yes ^ No UrN Nce(sl f-1 Omached f- Attached Provide the fdbwin imormadpn for PUDs ONLYgtlre developer/buildaris in cgmrddtha HOA and the subieG propeM is an attached dwelling unit L al Name dPro eel • Trial number gf bases Total nunlbbr of units Tglal number d units sold Tgml number d units rented Trial number d ungs for sale Data sourmfsl Was the em created tte cornerslpn of epsen buildln s Imo a PUD7 Yes Ng If Yes, date of comrersion. Does the ra em cgmdna mdtl-0welin units? Ves No Data Source Are Na units, cpmmon demems, and recreation facilities complete? [ I Yes I I Na If No describe the status aF completion Are the conmon elemems leased to or h the Homeowners' Asspdatlonp Yes Na U Yes describe tla remal terms and o ions. Describe commpn demems and recreational fadlides. Freddie Mac Form 70 March 2005 Page 3 of fi Fannie Mae Farm 1004 March 2005 Folm 100q-'WinTOTN.' appraisal software by a la mode, inc. -1-800.ALAMODE unfrorm rseslaennal This report form is deslgned to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unk development (PUD). This report form is not designed to report an appraisal of a manufactured home or a untt in a condominium or cooperative project. This appraisal report is sublet[ to the following scope of work, intended use, intended user, definition of market value, statement of assumptons and limiting conditons, and certlflcatlons. Modifications, additions, or deletions to the intended use, intended user, defintion of market value, or assumptions and limhing condhions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications ilhat do not constitute matedal aheretions to this appraisal report, such as those required by law or those related to the appraiser's continuing education nor membership in an apprelsal organization, are permitted. SCOPE OF WORK: The scope of work far this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the fallowing definition of market value, statement rd assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pertonn a complete visual inspection of the Interior and eMerior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales trorn a[ least the street, (4) research, vertfy, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The irttended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The mast probable price which a property should bring in a competftlve and open market under all conditons requisite to a fair sale, the buyer and seller, each acting pmdeMly, knowledgeably and assuming the pdce is not affected by undue stimulus. Implich in this deflniflon is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditons whereby: (1) buyer and seller are typically motivated; (2) both parfies are well infomted or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) paymerd is made in terms of cash in U. S. dollars or In terms of financial anangements comparable thereto; and (5) the pdce represents the nannal consideration for the property sold unaffected 6y special or creative financing or sales cancessicns* granted by anyone associated with the sale. *Adlus[ments to the comparables must be made for special ar creative financing or sales concessions. No adjustnterrts are necessary for those costs which are normally paid by sellers as a resuk of tradition or law in a market area; these costs are readily identifiable since [he seller pays these costs in virtually all sales transactions. Special or creagve Financing adjustrnents can be made to the comparable property by compadsons to financing terms offered by a third party instttutional lender that is not already involved in the property or transaction. Any adjustment should nor be calculated on a mechanical dollar for dollar cost of the flnancing or concession but the dollar amourrt of any adjustment should approximate the market's reaction to the financing or cancessicns based on the appraiser's Judgment. STATEMENT OFASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is Subject to the following assumptions and limiting conditons: 1. The appraiser will not be responsible for matters of a legal nature that affect either tha property being appraised or the title [o i[, except for information that he or she became aware of during the research Involved in pertorming this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions a6cut the titre. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is Included onty to assist the reader in visualizing the property and understanding the apprsiser'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 this appraisal report whether any portion of the subject site is located ilt an ident'rfied Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarerrtees, express or implied, regarding this determination. 4. The appraiser will no[ give testimony or appear in court because he or she made an appraisal of the property in question, unless spec'rfic arrangements [o do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repalrs, detenoretion, the presence of hazardous wastes, toxic substances, etc.) observed during tha inspection of the subject property or that he or she became aware on: during the research involved in pertorming the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unappareM physical deficiencies or adverse conditions of the property (such as, but not limhed to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or wanardies, express or Implied. Tha appraiser will not be responsible for any such conditons that do exist or far any engineedng or testing that might be required to discover whether such canditioris exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to s~a[isfactory completion, repairs, or akeretions an the assumption that the completion, repalrs, or aheratiens of the subject property will be pertorned in a professional manner. Fretltlie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1f104 March 2005 Form 1004-WYnTOTAL' appraisal software 6y a la made, inc. -1-000-ALAMOOE Residential APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requiremerds stated in this appraisal report. 2. I pertormed a complete visual inspection of the irderior and eMerior areas of the subject property. I reported the condition of the improvements In factual, specific terms. I idemified and reported the physical deficiencies that could affect the livability, soundness, nr sWCturel integrity of the property. 3. I pertormed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appnaisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and than were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report hosed on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison .approach for this appraisal assignmertt. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement far sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the suhject property for a minimum of three years prier to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise Indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the suhject property. 8. I have no[ used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will he built on the land. 9. I have reported adjustments to the comparble sales that reflect the market's reaction to the differences between the sublect property and the comparable sales. 10. I verified, from a disinterested source, all infortna[ion in this report that was provided by parties who have a financial interest in the sale or financing of the suhject property. 11. I have knowledge and experience im apprnising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, publicland records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other partles and expressed in this appraisal veport from reliable seurces that II believe tm be true and correct. 14. I have taken into consideration the factors that have an impact on value wtth respect tm the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of markett value. I have noted in this appraisal report any adverse condttions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmerrtal condttions, etc.) observed during the inspecf:ion of the subject properly or that I became aware aF during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the sublet[ property. 15. I have not knowingly withheld any significant information from this appraisal report and, t0 the best of my knowla:dge, all statements and infortnatimn in this appraisal report are tme and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and Iimtting conditions in this appraisal report. 77. 1 have no presets or prospective irrterest in the property that is the suhject of 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, etther partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religien, sex, age, marital status, handicap, familial status, or natlohal origin of etther the prospective owners or occupants of the subject property or of the preserrt owners ar occupants of the properties in the vicinity of the subject property or on any other basis prohihtted by law. 18. My employment and/or compensation for performing this appraisal ar any future or anticipated apprnisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supportlng) a predetermined specific value, a predetermined minimum value, a range or direcflon in value, a value that favors the cause of any party, or the attainment of a specific result or occurtence of a specific subsequent evert (such as approval of a pending mortgage lean applicafien). 19. I personally prepared all concluslon5 antl opinions about the real estate that were set forth in this appraisal report. If I relietl on signfficant real property appraisal assistance from any individual or individuals in the pertormance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks pertortnr:d in this appraisal report. I certify that any individual se named is qualified tm perform the tasks. I have not authorized anyone to make a change to any ttem in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, mr agent far the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Forth 1004 March 2005 Fonn 1004- WinTOTAL' appraisal software by a la made, inc. -1-800.ALAMODE Heslaenna) 21. The lender/client may disclose Or distribute this appraisal report to: the borrower; another lender nt the request ~>f the bomower; the mortgagee Or its successors and assigns; mortgage Insurers; government sponsored enterpdses; other secondary market participants; data collecfion or reporting services; professional appraisal organizations; any department, agency, or insWmentality of the United States; and any state, the Distdct of Columbia, or other judsdictions; without having t0 obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distdbuted to any other party (including, hnt not limhed to, the public through advertising, public relafions, news, sales, or other media). 22. I am aware that any disclosure or distrtbutlon of this appraisal report by me or the lender/client may be sublet[ to certain laws and regulafions. Further, I am also subject to the provisicns of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distrtbution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal mprlrt as part M any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "elecVOnic signature," as those terms are defined in applicahle federal and/or state laws (excluding audio and video mcordings), ar a facsimile transmission of ¢his appraisal mport containing a copy or mpmsentafion of my signature, the appraisal mport shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intenfional or' negligent mismprpsentation(s) contained in this appraisal report may msult In civil liability arld/or cdminal penalties including, but not limed to, fine or Imprtsonment or both under the provisicns of TRIe 18, Unitr:d States Code, Section 1001, M seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certNicatlon. 2. I accept full responsibility far the contents nt this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's cerfification. 3. The appraiser identffied in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qual'died to pertarm this appraisal, and is acceptable to pertonn this appraisal under the applicable state law. 4. This appraisal report complies wRh the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appmisal Standards Board of The Appraisal Foundation and that were in place at the fime this appraisal report was prepared. 5. tt this appraisal report was transmitted as an "elecVonic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission nt this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version M this appraisal mport were delivered containing my odginal hand wdtten signature. APPRAISER rge R. Ulsh Signature Name Georo s _State Cen. Res. Real Estate Appr Company Name 7 ealw. Inc. Company Address 801 East Park Drive. Suite 106, Hamishum PA Telephone Number 7L171441-2794 Email AddmSS mish comrast.net Date of Signature and Report o3I1 Sf2072 Effective Date of Appmisal 03/06/2012 State Certification # RL000409L or Stale License # _ or Other (descdbe) _ Sate # State PA Expiration Dale of Certdiration or License os/3o/ZO73 ADDRESS OF PROPERTf APPRAISED Camp Hill. PA 1707 7 APPRAISED VALUE OF SUBJECT PROPERTY$ 200.000 LENDER/CLIENT Name Company Name Client: Julie F Gale Estate do Dick Stewart Company Addmss Imended user-Anv VA approved lender. Email Addmss SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Addmss Telephone Number Email Addmss Date of Signa[um State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect eMericr of subject property from street Date of Inspection ^ Did Inspect intertor and extedorMsublect properly Date of Inspecfion COMPARABLE SALES ^ Did not inspect ex[edor of comparable sales from slmet ^ Did inspect eMerlor of compareble sales from street Date of Inspection Fmddie Mac Form 76 March 2005 Page 6 pf 6 Fannie Mae Form 1004 March 2005 Form 1(104-M1nT0TAL' appraisal sofhxare by a la made, inc. -1-BOUALAMOOE Uniform Residential Appraisal Report FOe# M00095 ffATURE SUBJECT COMPARABLE SALE#4 COMPARABLE SALE#5 COMPARABLE;iALE#6 Address 47 Old Fann Road Cam Hill PA 17011 502 Colony Ddve Cam Hill PA 17011 Pradm' to Sub'ed 0.13 miles NW Sak Pdce E MarketValue $ 199 900 E $ Sale Pnce7Gmss Uv. Ama $ 92.59 5 .tt. E 99.16 s .%. $ s .tt. $ 5 .%. Data Sources MLS PubRec ralsersFiles Venficakm Sources Data Bank VALUE AOIUSTMENfS DESCRIFIION DESCRIPDON +- EAd'ustmed DESCRIPTION +- $Ad'usMed OESCRIPNON +- $Ad~usArreM Sales a Rmndnp Colxessions FHA $5000 3 1 DOM Dated 5al~rm 07/08/2011 Locatlon Surturban Surourban • Leasahdd?ee Si Fee Sim le Fee Sim le Site .37 acres .16 Acres +2 000 New Subuman S burhan Deli n 2 Sto 2 Stq ~ Oud' dConsWCdon Fnn$Vin /A B $Vin Av AWaI a 20 Yrs Est 4 Yrs Est • CaMi0on Avere e G /SaleRe modl -10000 Abmre Grade Tdal Bbms. BANS Tdral Bdme. Baths Tarw Brtms. Baths ToGI Btlrms. Bdhs Room Cpud 8 4 2.1 B 4 2.1 Gross UW Area z 160 s .h 2 016 s .%. +1 400 s .tt. s .tt. Basemed$Rnished Rooms Bdow Grade Unfinished 94% / 0 % RecRagm 1 0 % / 60% x,000 Wnutipnd lllil' Avere a A ra e Heatl Codi CMdHt/CnVICI CntrtHUCntdCl Ere Etficied AamS T ical For e T ical for e Ga dCa mt 2 Car Gars e 2 Car Gara e PorcMPatlryDeck Poroh Patio P rob Patio Amenitles Fire lace Fi a lace Amddtles None 5 reen Poroh -2 000 Amedtle& None N ne Net Ad'usbnerA dd + - $ -1 z sop + - E + - E AOlusted Sale Pore d Com ambles Nd Adj. fi.3 % Gross Ad'. 9.7 % $ 187 300 Nd Add. % Gross Ad . % E Net Add. % Gross Ad'. % E R d tla reSUAS d the msean; h and anal sis d the n sale or Irander hide d %re sub ed ro and c am am ble sales re od add8i ond n or sales on a e 3 . fIEM SU 81 CT COMPARABLE SALE #4 COMPARABLE SALE #5 COMPARABLE SALE #fi Data of Pdar $ala?ransler No trensfer of the suh'ect No trensfer of Me sale Pdce d Poor Sala?mnsfer in me last 36 onths in the last 12 months Data Sources Public Record Public Record Ettectlve Gate d Data Sourpe 5 03/06/2012 03/06/2012 Ale sis d na sale pr transfer Ndory d tlia subject prOpeky and comparable sales No transfer of the subied in the last 36 mordhs. No trensfer d the sale in the last 12 momhs. Anal sis/Commeds The sales are located within the same market area of the subied. The use of sales older then twically tlesiretl was caused from the absence of more recent similar sales in denser pro>amkv to the subied. the aDDraisers desire to brecket the subied in value and GLA and to rovidetl a ro date inrormation for analysis of the subied. Provided sales bracket the subied in value and GLA. This is a desired cpndition b the a raiser when eshablishlng the market value of the subied. The subied is in average mndkion and supports a value established from the sales. Seller concessions when seen are typically 2- 6 percent of the sales pace in the subied market area and are not a relevam condition in the value d the ro ertles. For this reason, seller concessions are indicated but do not support a retludion in value of [he sale. There is no evidence that a value ad'uslemed should be made for the tlkPerence in value for bedroom coum. Difference in value, when seen, can generelM be wntdhuted to less or realer G more or less 4grades smaller or larger bt she or keens that tall iota these lwe catagortes There is an active market for 2 3 4 and 5 bedroom homes in the market area end at times a premium is indicated for the limited available. No support far a value adjustment is indicated for the dikerence in bedrooms in a home, alone. It Is noted that the age the sales is less then the sublect. The subied is in avers e contlilfon antl has been updated to an a#em df establishing a effadive age below me actual age of the subied properly. Effective age of all of the rq erties are considered similar_in compansgn. Freddie Mac Farm 70 March 2005 Fannie Mae Form 1004 March 2005 form 1004.jAC) -"NnTOTAL' appraisal so%ware by a la mode, inc. -1-800-ALAMODE Supplemental Addendum File Np. M00095 Bartawer/C6em Client:JUlie F Gale Estate Go DickStewart Propedy Address 47 Old Fann Road C' Camp Hill Caumy Cumberland State PA Lp Code 17011 Lender Client: Julie F Gale Estate Wo Dick Stewart COST ANDINCOME APPROACH COMMENTS The Cast Approach to Value for homes with an age greater then a maximum of 5 years, the lack of available verifiable land sales or having good available dosed sales for cempadson to the subject creates a condition mat causes the Cost Appnach to Value to be censideretl inappropriate for use in mis appraisal report. This is based on me fad that a cost analysis far a subject property is generally subjective, based on me appaiser estimate of depreciation, cast manuals general analysis for an area, subjective statements from area conbadors. The general analysis of ell supports the statement mat mis generally leads to me inacamcy of me (:ost Approach to Values antl leads the client to improper conclusions. For this reason, although considered, The Cost Approach to Value is inappropdate for use In mis appraisal report. The Income Approach to Value is considered inappropdate for use in mis appreisal report This Is based on me fact mat a rypicel purchaser forme subjed property has an interest in me purchase for their primary residence opposed to me conizm of me value generated, mrough investment, from me possible income protluced value. In addition, me veritable information available is not a matter of public record and acwracy is at best considered limited in nature. For mis reason, although considered, me Income Approach to Value is considered inappropdate for use in mis appraisal report. Neighborhood -Description The subjed is located in a residential neighborhood. Major routes of travel ere located wimin a reasonable distance of this subjed. Employment forme area is rated as gootl. Major employere in me Camp Hill Area include large manufacturing companies, local government facilltles antl many smeller service companies. The subjed neighbomootl Is in a primarily stable phase of its' life cyde cairn properties ih the neighborhood having good appeal cairn proof of regular maintenance. Supply and demand appears in balance. Propertyvalues are stable and have been for a time period exceeding one year. This is after a sustained increase for several prior years. Buyer demand appears typical for this tlme of year in me neighborhood and is supported by continued low interest rates. Information is supported through public record information and Central Penn INLS System. Neighborhood - M~aricet Conditions There are no foreseeable economic bends which might significantly influence market conditions in mis area. The current mortgage market afters a cattle variety of conventional loans with competttlve rotes. As a result, the terms of finandng have little, if any, impact on sales prices. Ii `merest rates remain reasonable, property values antl marketabllllry should be good. Curtent supply and demand are in balance. Marketing time is typically 90 - 180 days for reasonably priced properties. hnterest rates are ranging from 3.5% to 8 % with 0-6 points typically being paid for origination or discount Seller wncesslons, although evident. are not typical of all trensadions. APPRAISAL COMMENTS The appraiser has NO wrtent or prospective interest in me subjed property or parties Involved; and has NOT completed any services regarding me subjed property vamin me three year period immediately preceeding acceptance of me assignms~nt, as an appaiser or in any Omer capacity. Farm TAOD - W nTOTAL' appraisal sdlware by a la mode, inc. -1-800-ALAMODE APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report Is pDfl of the following types: ^SeN Comained (Awaitten report prepared under Standards RWe 2-2(a),pursuamto tiie SCape of Work as disclosed NSewhereintl~is report.) ®Summary (Awm[en report prepared under Standards Rule 2-2(b).pursuamtc the ScopeW Work as disclosed elsewhereinthis report) ^ Restricted Use (Awritten report prepared under ShandaNS Rule 2-2(c) , pureuantto the Scapa of Work as disclosed elsewhere in this report, restricted to Ne stated imended use byttre specried diem or (mended usa.) Comments on Standards Rule 2-3 I cerfity that, to the best of npi knawtedAe and belief: -The statemems m fact corsained in [Ns report are twe and caned. -The reported anatyses, opinions, and conclusions are limited gory by the reported assumptions and IiiNtlng condi0ons and are my personal, imDUtial, and unbiased professiorel anatyses, opinions, and conclusions. -UNess otherwise indicated, I have no presem or prospectlve mares[ in the property Nat is the subled of this report and no personal imeren wAh respea to the parties involved. -UNess alhewdse indicated, I have performed no services, as an appraiser or in any Doer capacity, regarding the property Uat is the sabred al tlis report within the thee-year padod immediaaly preceding aceepance of tlis assignmem - I have no bias with respect to the properly thN is the subled a tits report or the parfies inveNed with tNs assignment - My engagemem in tNs assignmem was na conbnAem upon developing or reporting predetermined resuhs. - My compensafion far completing tNs assignmem is not corNrgem upon the developmem or reporting of a predeaiminetl value ar direcfion in value that havors the cause m the cNem, the amcum m the vNue opinion, the aftainmem of a stipulated resug, or the eccurence of a subsapuem evem directly related a the imended use m tNS aDDreisal. - My analyses, opinions, and conclusions were tleveldped, and tHs report has been prepared, In comormity with tlce UNform Standards d ProlessianN Appraisal Practice that were in Bred W tlce tlme this report was prepared. -UNess ahenvise indicaaA, I have made a DereonN inspecfion of Ne property that is the subject of tHS report. -UNess Wierwise indicateA, no one prawdetl sigNficam real pmpeny appraisal assisance to the parson(s) signing ids certificafion (tl there are escepfions, the name of each individual providing sigNticat real pmpeny appraisal assistance is stated elsewhere intHs repon). Comments on Appraisal and Report Identification Note any USPAP related Issues requiring disclosure and any State mandated requirements: Name: Georue R. lush, PA State Cert. Res. Real Estate Aoor Oesignagon: 9~ Gate SlAnad: 03/15/2012'. State Certiflcation #: RL000409L or State Ucense #: State: PA ElQliragan Date of CerOficatlon or License: 06/30/2013 Effective Dale of Appraisal: SUPERVISORY APPRAISER (only If required): SignaWre: Name: Desipnafion: Oaa Signed: Sfaa CeNficafion #: or State Ucense #: State: Egairaficn Date of CeNficafion a License: Supervisory Appraiser Inspectlpn of subled Property: ^ Did Not ^ Emedor-only from street ^ Imedor and Edetlor Form ID10-'N7nTOTP1° appraisal software by a la mode, inc. -1-800-ALAMODE Appraisers 2011-2013 Certification Bartower Ciare Client:JUlie F Gale Estate do DickStewart Pra Address 47 Old Farts Road C~ Cam Hill County Cumbedand State PA Lp COde 17011 Lender Client: Julia F Gale Estate Go Dick Stewart 10 0648£390 Commonwealth of Pennsylvania Burea ~ De -f~oentrpl°'St to u of 1'ro yy'DD yn Q~~~tio nal Affairs PO Bo 4-'~tarn4sburg I/.4 SYg 5-21149 ~ . r 777 ~.. : \~ a~ ~ ~ Cer[ificate'I'ype ~~ j ~ rk Vc&. `~, \ Certificate Stauus ~ r Certified Residential Appraiser ,~ j' , uJ I { ~' 7 Active \ \ r ~ ~y'~d .: ' ~>,'~ '. ~~t~i "` \ - Initial ertificntiou Datc - GEORGE RANDALL ULSH _ Certitcate .1 0111 /1 9 91 4099 Darry Street Number ~HARRIS(3lIRGPA 17171 ~.. RL000409L Cxpiration Data 06/30/2013 ~~~~ ~7~f[L ~-fK~ sis~„~~~ \ 14,. nniapi \ II I aiunul, JQ Iralimml AlY~n . Fans MAP.Trdific -°WinTOTAL' appraisal software 6y a la mode, Inc. -1-800-A1AM00E Sub]ect Photo Page Bortawer CfelA Cfient:Julle F Gale Estale c/o DlckStewart Pm B Addmss 47 Old Farm Road C' Cam H'Il County Cumberland State PA Lp COde 17011 Lender Cliem: Julie F Gale Estate Wo Dick Stewart Sub]ect Front 47 Old Farm Road Sales Rite MarketValue Gross Lidrg Area 2,160 Total Rooms e Total Bedrooms 4 Total Ba[NOpms 2.1 Locadon Suburban NeW Suburban Site .37 acres Oualiry FrtnBVinyUAvg Age 20 Yrs Est Sub]ect Rear Sub]ect Street Form PICPI~.SR -'WinTOTAL' appraisal soflwam by a la mode, inc.- t-800-ALAMOOE Comparable Photo Page Bopmver/Cfenf CllentJUlie F Gale Estate c/o DickS[ewan Property Address 47 Old Farm Roatl C~ Camp Hill County Cumberland State PA -p Cade 17011 Lender Client: Julie F Gale Estate Gc Dick Stewart Comparable 1 119 N 33rd Streel Prox [o Sublec[ 0.47 miles SE Sales Ppce 177,000 Gross LiNng Area 1,912 Total Booms 8 Total Bedrooms 4 Tmal Bathrooms 2.1 Locatlpn Surhurban Mew Suburban Site .15 Acres Oualiry BrkBAlum/Avg Age 41 Vrs Est Comparable 2 821 Mandy Lane PfWC tp Subject 0.90 miles NW Sales Pdce 199,000 Gross Linng Area 2,165 Total Peoms 8 Total Bedrooms 4 Total Bathrooms 2.1 Locadon Subburban Mew Suburban Site .39 Acres Quality Brk$Alum/Avg AAe 42 Vrs Est Comparable i 58 Circe Drive Prox to Sublect 0.19 miles NE Sales Pdce 225,000 Gross lihnA Area 2,172 Total Booms 9 Total Bedrooms 5 Tapl Bathrooms 2.1 Locatlon Surburban Yew Suburban Site .26 Aaes Quality Bdr$Vnyl/Avg Age 49 Yrs Est Form PICPIX'~.CB-"NnTOTAL' aDPmisal software by a la made, inc. -1-B00-ALAMODE Comparable Photo Page Borrows/Ctlem Client:JUlie F Gale Estale c/o DickStewart Pro Address 47 Old Fann Road C' Cam H'll County Cumberland Slate PA DO Cade 17011 Lendef Clienl: .lulie F Gale Estate da Dick Stewart Comparable 4 502 Colony Ddve Prox [o Sublet[ 0.73 miles NW Sales Price 199,900 Gross Liwng Area 2,016 Total Reams 8 Total BOdreoms 4 Total Bathrooms 2.1 LocaAOn Subburban New Suburban Site .18 Acres Wality BrkBNnN/Avg AAe 48 Vrs Est Comparable 5 Prat to Sublecl Saks Pdce Bross LirinA Area Total Rooms Total Bedreams Tolal Bathrooms Lacadsi New Slte Quality Age Comparable 6 Prox to Subject Sales Pdce Gross IJNnA Area ToMal Reoms Total BOdreams Total Batllroems Location New Site Quality Age Form PICPAQCR -'IMnTOTPi' appraisal software by a la made, inc. -1-80G-ALAMOOE Building Sketch Bonmger/CfeM CIIenI:JUlie F Gale Estate Go DickStewart Roe Address 47 Old Farm Roatl Ci Cam Hill County Cumberlantl State PA -p Code 17011 Lender Client: Julie F Gale Estate Go Dick Stewart r.ue nmmrxm NA . vw rzs wrcn.o wonb Lq. ann ueAOm seaom Y R e.mun. n v. q°~.r. p winewom r,r°, omu~ ,e,. uu uaroom rcn xve 3z. ns rnkucn b.. ~aew. Arm Cnkuktbna qummery LMnq Nan ,..,. i ..-. r ... ....,. Nnt Rom I1105gft smm~a rw« loso s9 n rwl Iauleq Nan (NOnnaaa): zvso sq rt Non-IHIngNm '~, ' _ _.. Patb 1g659ft 2 Car W mqa 9)3 59 ft Porte 30 Sq ft ae:amaal low sq n PorcM1 2 I6 Sq ft Forth BKT.ddSM -°WnTOTAL° appraisal software by a la mode, inc.-1-800.ALAMODE Building Sketch Bortawer/Glen[ ClienC.lulie F Gale Estate c/o DickStewart Pm a Addfe66 47 Old Farm Road C~ Cam Hill County Cumberland State PA Lp Code 17011 Lendef ClienC Julie F Gale Estate c/D Dick Stewart mrx u.w h• a ~a•. m. Nan 4kulatlgga aummury 11Nn9 Araa... '. ,. " GbuYtbn Debit ..." grsfRgor IIIO Sgft 20x;3].5=1050 6x10 = EO 6ecgnd Fbgr 1030 Sq ft 3).5 rz 28 = 1050 Tobl Wb0 Ara (NOUn0atl): 1160 Sq R Nao-NWey Amt ~,. ~ i.. Putlo 100 SpR 15x12 = 100 2 Cer Garage 4]36q t[ 21.SU 22a 9)3 Porch 306gtt 6x5 = 30 BaaemeM 1050 `4 ft 28 x 3].5 = 1050 Porch2 166gR 4z4 = Ifi Fenn SKT.BItlBW -'M1VinTOTAL' appraisal spltware by a la mod& Inc. -i-806ALAMOOE Location Map BartpwedClient Cliem:Julle F Gale Estate Go DickStewart Pro Address 47 Old Farts Road C' Cam liill Ccurlty Cumberland State PA Lp Cade 17011 Lendef Client: .lulie F Gale Estate Go Dick Stewart ~~ . ~nd¢me ~~ ~~ ~ P~,aY a la mode, Inc ,,, spy O i APPC a o 'yP `~.~ ,' l s o ~OOdDr q aeach 0.un to y rg fl/[gone ', FtMMRP PVe as sage Plb°„ape P ~ ~ ~ ~ Q o~E c c ~^` n ~h~. T o~ I Q '@ dew to ... va"g: ~^ '~ RettmvsUr. I' NRa ~ $ & ~. '' W a Ac'~lI N4° .yt ,q gdaN10°dtn ~i ~~~~ ` week Rd ~ ~ 3 Fa ~% 4 x i ~ ~~ a a 0 4 .r c a x ~- ,. a ~ ~ ~'2 6 _y .q F°ncN0.0t n G ChrptlanL r{' z6 Fd N Si¢4rt fla 6 COdnt ~r°~ '~- p ,nSt M¢maMl a 9r WPRd. Yg 3 ' k Well ors GWlny~. uti . p nw+? _ FMryraM utd` I Ny ~ .x dMn. R, r'I.:r~ o0.d -_ r$ S RaNW ' a ~-, ~ ~ °^ ?d_- -Game ~rki1CBYP ..,..,.re ~ 4 ~ 5 d ~ Go~M 11 > .. v a Co44ar 0.°abRd Goanttl Ctub Pl W. 111 Qta ad y l $~:, ar o' GandleVBRC Crldeps ' I II o y o f ,ma;^. ' a°minor c I'i N _ a z ~ w I o ` ?. $ L~-' Logvn 5t y 'Revert z ~ N ~ b z n '~ YRP. 3 ~ 'Y°, f 7 Bedtonl9r .Mn '^ Y ~ WalnutR ~y 9P9~. tnmP40*t`e $ Hawlhome or ~ 2 a z I, Vt, Walnut5t ~ _ _ - w it ~'I a ~ ' _ _ Jylarket $t ,M ~ I 4 -Market $L ~ ~ _ - _ w Chntnuf st s I - ^ Chestnut St '.. tke=- ke- ,~ ~=CarllsLeP ~ asst ~ '.. [hem N w 'd Ri 6 r Jrn°St s Gta¢nSt ~ ¢ V v°? 'a CVKSN°t St ~ ~ i ty0.d-~-/ w.. - 1 ~ ' 3~ ~. 6 f ~'~ Td~d.. Came HiII SM1°pPrn4'' ~ r ~~ ; 4alk5t le S` o ~~sr S ~-' . % >rl II I', Oi k °n Pve e. ~ a so 9m C R o C~.. , 4 t~ COlumbiaA ' ~`._ T o d` ~tylol ; ~a ~ s t P~eRd $aF 1t S- li / ~ _ ~ d '~ cn di emetey TrN '~ w dusbial 4akRA . 56 SA 54 ntlkr R s ~ 0 in 15 _.SOO yds ,3 7 Form MAP.LOC -1MRTOFAL° appnisal sofixare M' a la mode, inc.-1-W0.ALAMODE T C Realty, Inc. George R. Ulsh Small Residential Inrome Prnnarty Annraical Rennrt Gale Estate 3 The u ose of this summa a rarsal re ort is k rovide the lender/client with an accurate, and atle uatel su orted, o inion d the market value of the sub ec[ roe Pm a Address 517 Gales Road CHV C o Hill State Pq Zip Code 17011 Borrower Client: Julie F Gale Estate Uo Dick Stewart Owner of Public Record Cou t CI b Park D Com Cgunly C berlan I Le al Desch don ReFerenr:ed in Record Book 24M Page 207 Assessor's Parcel # 10.20~~1848-379 TeX Year 2012 R.E. Taxes $ 3 316 Nel hholhaotl Name East P~ennsboro Township Map Reference 70.20-1848-319 Census Tract 0113 O l Occu ant Dwner Tenon[ ®Vacant Special Assessmenrs$ N/A rl PUD HOA$ N/A ^ per veer er month ' Pro Ri ha A raised Fd~ Fee Simple ^ Leasehold ^ Other (describe) Asst nmentT a Purch~lse 4ansac8on ^ Refinance TrsnsaCdon ~ Other (descdhe) Est bl'sh the M rk t Value f ih sub'ed a 2 4 unit roe Lender/CIIeM Client: Julia F Gale Estate Uo Dlck Stews Address 301 Market Street Lemon PA 17011 Is the sub ed ro e cunerNq offered for sale or has rt been offered for sale In the twelve months Prior to the effective date of this appmisal7 ^ Yes No qe rt data sources used gfYenng price(s) and date(s) Publ'c Rem d d Area MLS 03/06/2012 Subi t progerty has not bee offered for sale in the tart 12 mordhs. I ^tlid ^did not analyze the cgntractfor sale for the subject purchase transaction. Explain the resuHSdthe analysis of the contract for sale or why the analysis was not edormed. Contract Price $ MarketValue Date d Contrail WA Is the Property seller the owner d public recordv DJ Yes I I Na Data Source(s) Publ'c Record Is there any }Inanclal usistanco Qoan charges, sale concessions, gift or downpayment assistance, etc.) M be paid by any party on hehaH of the 6orroweYt ^ Yes ^ No • B Yes re ort the Mal dollar amount and describe the Hems to be paid Note: Bece end the redel corn Wondthe net h pod ere note retool lectors. ' °-N hhorhood characterletlee~ ?.'2-4 nH Housln .Trends ~N~. ,a ~ ,~: 2c4 Unlt Houeln c•+ Present kntl Uee%+ Lceadon Urhan Suburban Rural Pro a Values Increasin Stahle Declinin PRICE AGE One-UnH 80 % BuiH-U Over 75% 25-75% Under 25 Demand/Su I Shorts a In Balance Over Su I 000 2-4 Unil % Growth Ra Id Stable Slow Marketln Tme Under3 mMs Q 3.8 mites Over6 mites 150 Low 55 Multl-Funll % • Nei hholhood Boundaries North and West is the~Cond ouinet Creek East is Brenlwater Drive South is 450 HI h 125 Commercial 10 % Walnut Street. 250 Pred. 40 Other 10 % • Nei hborhgod Descd don See Suoolemental Addendum with comments The Predom' t sine) fa 'IV ho s' a aloe's b tter remit tl in a ran a of 175 000 to 00 000. Predominant age is better retorted as 20 veers to 50 a rs Other rep esents cant ero d Market CondNans mclutlin supPOrt for the above conclusions) See attached5 oolemental Addendum 'th mmme is Dimensions 120' x 703' x 120' x 103' Area 12 360 sg ft Shape Mostlv Rectarwular View Suburban ecMe Zonin Classificatlon Res'dential Zoning Desetlptlgn Allowing raz dential 2 to 4 't orooed 'n ho bus'nazs 2anl Com lance Le al ^ Legal NoncoMonning ~(Grandfathersd Usel ^ Na Zonino ^ Illegal (descrthQ Is the hl hest and best use of snhlect property as Improved (or as proposed per plans and speclflca8onsl the presets use? ~ Yes [~ No d Na describe UtilWee Public Other(daecrtba) Public Olher(deecrtbs) OH- Xalmprpvementa-Type Publie PrNals Electric' 2-100amo water ® ^ sheet Pa edAa Halt ~ ^ Gas _ Sanilarv Sewer ® ^ Allev Noe ^ FEMA S octal Flood Hazard Area. U res UJ No FEMA Flood Zone X FEMA Mao # 420360-0114E FEMA Mao Gate 0 V16/2009 Ne the utllNes anWor off-silo improvemeMS typical far N~ market areal ~ Yes ^ No If Ng descdhe Are there an adverse site condigons or ex[emal tacNrs (e9sements encroachments environmenhl condNons land uses Mc 17 ^Yes ~No If Yes describe There were no noted a arent adverse or unfaLoreble easements or encroachments noted Generel0ewrl on -~ ..Foundation '-~-= Exterior Deecrl Hon "dHFmNedeb/condition Interior materiels/condition UnBs Two Three Four Concret Slab Cmwl S ace Foundatlon Walls ConcreteBlock/Avere Floors Wd C 1 Vn/A Gd Accesso UnH descrhe below ®Full Bas mots PaMal Basement EXletlor Walls Brk Stn FrMAVer Walls D all/Aver e # of Stories 2 # of hid s.7 Basement Ahea 1 634 s .H. Rogf Sudace Com Shin pAvere a Td~nish Wmi9Avera e T e Det. Att. ^ S-[IMJEnd Untl Basement ish 0 % Gutters 8 Downs outs Aluminum/Averse Bah Floor Vn I CrmTilAve Existln Pro used Under Const. Outride n /6d[ Gum Pum WindowT a DoubleHun Aver Bath Wainscot CemiTile/AVera e Desin a 2Sto Evidence of Infestation Storm Sash/Insulated StormUnits/Averee ` erStome: Year Built 1969 ^ Dam n s Setllemen[ Screens Yes/Aver a None Effective A e rs 20 ..: Xeatln oolln ^ 1* ' - °*:,y t Amenities ':'WTM~+'•: Drivewa # of Cars 2 Attlc None FNA HWBB Radiant Rre laces # 1 Woodsfpve s # Orivewa Sudace Poured Concrete Oro Stair Sttirs~~ OMer Fuel Oil Pmio/Oeck Fence Game #dCars 2 Floor Scuttle Caolin ~. Genteel Air CondNOnln Pool ®Parch 2 C oil # of Cars finished ^ Heated ^ Indlvidu ^ OWer Other ®Att. ^ Oet. ^ BuiH-in #of Appliances Refrigerator 2 flange/Oven 2 '. Dishwasher 2 Disposal 2 Microwave WasherNryer Other (describe) Unit # 1 contains: 5 Roams 2 Bedrooms 2 Bath(s) 1 834 Square Feet M Gross Living Area Untt # 2 gontalns: 4 Rooms 2 Bedrooms 2 Bate(s) 1 634 Square Feet of Gross Living Area UnH # 3 contains: Rooms Bedrooms Bath(s) Square Feet N Gross Llving Area UnH#bcgnfains: Roams Bedrooms Bath(s) Square Feet otGross Llvln Area AddNOnal feaNms s octal one ~UeFlicient Hems, etc.). Front porch. rear porch. 2 car eamee single Dane windows with storm windows. unfnished basement area fire lace. Describe the cond'Non of the ro erty (Including needed repairs deteriar°tlon ronovatlons remgdeling etc) The sub'ed exte' 's in a ape m d hon with scat im rovements. The nter or of the b'ed's ' oenerell a erae condif Floor I 's rio'cal of the homes for th's ere a d should receive coil market ame [ante. l he basement of the subsoil's 100 % of the 1st Flo GLA a d at ores t 0°h fi 'shed B th un'ts h e am s to the basement area and 1/2 of the are a for store .1st Floor unit has fre lace. Freddie Mac Form 72 March 2005 Page 1 of 7 Form 1029 -'M157nTOTAL' appraisal sofhvare by a la mode, Inc. -1-800-ALAM( EXHIBIT P Small Residential Income Property Appraisal Report F,,,y Ga~ostate B Arekere an hsical deliciencies or adverse conditlans that affect the livabil' soundness orsWCkrsl lme n of the roe 7 Yes No If Yes descrbe. The eMenor frame areae' show chipp'nq and o I' paint that ds repairs E t' tetl cost to e's S7 500 Dees ke roe enersll conform to the neiphbprhpod (funcdonal utlliN style cond'Non use canshuctlpn etc )7 j~ Yes ~ Ng If No describe Sub'ec[ is a 2 unit buildin located in a redominantly 1 unit single family neighborhood Age and des'gn is consistent 'th typically homes in the a ea Is the roe sub~ect [p rent comrol7 n Yes ®No If Yes describe The following propeNes reprasem Me mast curte ppinion of the market rent for the subject prope m, similar, and prgximate comparable ren rty. tal propemes to the subject properly. This analysis is intended 1o support the FEATURE SUBJECT COMPARABLE RENAAL # 1 COMPARABLE RENTAL # 2 COMPARABLE FIEMAL # 3 Addfess 517 Gale Road 909-911 Allenview Drive 2208 Market Street 57 Circle Drive Cam Hill PA 17011 Proxim k Suh'ect a a tle'.. ";«@e.r{- M haniosbu PA 17055 q.72 miles S Cam Hill PA 17011 1.41 miles E Mechanicsbur PA 17055 4.63 miles SW Curtent MOnthl Rem $ 1 484 RenUGross Bld .Area $ 0.45 s ft '. $ 1850 ~ ,. ~ Y $ 0.61 s .ft. ~ $ 3450 .: ~ $ 1.11 s .tt. . :~+ $ 1 350 $ -a= $ 0.48 s .tt. Ren[Control Yes ® No Yes No Yes Ng Yes Np Oak Sources Pro Vew OwnRe M PubRec A reisersFiles MLS PUbRec A relsersFiles MLS PubRec A raisersFiles ' Oate of Leases Not Available M nth to Month Month to Month Not Available . Locadon Suburban Su urban Suburban Suburban . ACNaI A e 43 Vrs Est 27Vrs Est 112 Vrs Est 53 Vrs Est CondNOn Avera e G Avere a Ave e Gross Buildin Area 3 26 3 030 3 100 2 809 -~ Und Breakdown Rm Coum SgizeR RmCount Sg1Z~ Momhly Rent Rm Count Sglzk Monthly Rem Rm Count Sq~Ft. Momhly Rent UnR # 1 ~ Tol', Br Ba 5 2 2 3 268 1 634 Tot Br Ba 5 3 1.1 3 030 1 515 1 850 $ 975 TIN Br Ba 5 3 1 3 100 1000 3 450 $ 1 200 Tot 8r Ba 5 2 1 2 809 1 502 1 350 $ 700 Unh # 2 4 2 2 1 634 4 2 2.1 1 515 $ 875 4 2 1 1000 $ 850 4 2 1 1 307 $ 650 UnR#3 $ 5 3 1 1100 $ 1400 $ UnH # 4 $ $ $ UtilNes Included None W er Sew a Tash Water Sew a Trash None Amenities 2 Car Gore e 2 r Gare a Off Street Parkin Off Street Parkin AmenPoes Centre) Cool Centre) Cool No Central Cool Central Cool Analysis of remal Bak and sllpporl far estimated market renk for the individual subjem unas reparled helow (Including the adequacy of the comparables, rental concessions, etc. All of the rental npperties are located'n the same market area to the s b'eq Renl Is establish the fair market rental of ih ub'ect. Rent Schedule: The appraiser must reconcile the applicable indicated monthly malke[ reins to provide an aplnlon m the market rent for each untt in the subject propeTy, Leasesi; Actual Renk OplnlodM Market Rent Leese Oate Per Unh Total Per Und Told Unit# B in Date End Date Umurnished Famished Rents Umumished Famished Renk 1 Nat Available $ 750 $ $ 750 $ 800 $ :6 800 2 NOi Available 734 734 700 700 3 4 Commem on lease data Data obtained from okl Actual Momhl pent $ 1 464 Total Gross Monkl Ren[ 1 500 sub~ect owner re resentative Burin sub'ect er Momhl Income itemize $ Other Month) Income ikmlze viewin .Actual leases not available otal Actual Month) Income $ 1 484 Tokl Estimated Momhl Income 9. 1 500 UtllNes included in estlmated rents (. ~ Electric ^'IVater ^ Sewer L~ Gas ^ Oil [] Trash collection 1 Cable ^ Other Commenk On amual IN estlmated renk and other monthly income fincludinp personal prgpeM) Market rents reflect ih best rent f the sub'ect M trket rents are su rted from the indicated rentals and the bpraisers q e al kra led of th ubiect ma ket area F 'shed un't a e not Np'cal of this market. I did did not research the sale or transfer history of the suhlact DropeM and comparable sales h not explain M research ^ did did not reveal anV prior sales Or transfers of the subiect properly far the three years prior to the effedlve date of this appmisal Data Sources Public Record and Area MLS M research did did na[ reveal env prlor sales or transfers of the comparable sales for the year prlor to the date of sale of the comparable sale Oak Sources Public Record and Area MLS Re orl the results of the research and anal sis of the doYSale or transfer hlsk of the sub ect roe and coin arable sales re art additrpnal riot sales on a e 3 . ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 - Date of Prior Sale/Trsnsfer No transfer of t e sub'ect No transfer of the sale No transfer of the sale No transfer of the sale Price m Prior Sale/Dansfer in the last 36 m nths in the last 12 months in the last 12 months in the last 12 months Oak Sources Public Record Public Record Public Record Public Remrd ' Effective Date of Oak Sources 02/28/2012 02/28/2012 02/28/2012 02/28/2012 Anal sis of riot sale or transfer hiskrv of the subject property and cpmparable sales No transfer of the subject' the last 38 onths N trensf of the sales in the last 12 months. Freddie Mac Form 72 March 2005 Page 2 of 7 Fannie Mae Form 1025 March 2005 Form tOZB -'~nTOTAL' appraisal soflwars by a la mode, inc. -1-800-ALAMOOE Small Residential Income Property Appraisal Report Flle# M000971ate EI There are 0 com arable propeNes currerNy offered for sale in the subiec[ neighbodlood ranging in Pdce tmm $ 0 to $ 0 There are 0 com arable sales In Ne subject nei hborhood within the ast twelve months ran in in sale dce from $ 0 to $ 0 FEATURE SUBJECT COMPAAABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 517 Gale Road Cam Hill PA'17011 1294 Brandt Road Mechanicsbu PA 17055 223 Bosler Avenue Lemo ne PA 17043 200 Forge Road Boilin S rin s PP, 17007 Protlm' to Sub act = ` 9 19 miles SW 2.95 miles E 11.74 miles SW Sale Pdce $ MarketValue a+~ ~f $ 217500 U~'~ L*~*"~.'F $ 169900 ~~J~''F '"'~A'r :•E'$.~~ $ 154000 Sale Pdge/Grass Bld .Area $ 58.16 s .h. $ 67.97 s it ?'7nNF~~^: $ 73.49 s ft xikV a ~ $ 67.63 a .h. $"^ 'N 7~,.~'~ Gross Momhl PeM $ 1 500 $ 2 300 iE~ '"°i7 5 1 640 ~`+1^.,'~.u, .~F $ 1 400 f"P 'i ;u S "i- Gross Rent MuN ller 9457 ~. ~.' 103.60 ' .~" ».~' 110.00+~ ~'^ Pdce er Untt $ $ 108 750 r5t'a;kSIJS~ . $ 84 950 d7~N.~:~Y i $ 77 000 ~ aY>~ s 'f Pdce er Room $ $ 21 750 1'+9~sJ~,'r $ 15445 + iy; $ 15400P ~; Pdce er Bedropm $ $ 36 250 . A ~`'` x =` $ 33 980 "-~ ~`"~,~i $ 38 500 ~ ;hs'w'ipNYi "'f~ Ren[Control Yes No Yes No Yes Na Yes No Ooh Sources *'rrc` ~.i~~:^ ~ LS PubRec A reisersFiles MLS PubRec A raisersFiles MLS PubRec A raisersFiles Vertticatlon Spume s ~ ~ ~^(k`2~!•°- pate Bank Data Bank Data Bank VALUE ADJUSTMEMS DESCRIPTION DESCRIPTION +- Ad ushnent DESCRIPTION +- Atl usMeM DESCRIPTION +- Ad'usfinent Sale or Financing Concessions v "++ ' ~ Sb +'J} ~.# Cash 1 7 DOM FHA $9000 5 DOM Conv $1350 117 DOM Date of $alelRme I •. a^"'+'':=""' 0 28/2011 03/02/2017 04/13/2011 Locatlon :Suburban S rbuman Subrbn/Inferior +5000 SUbrbNinterior +5000 LeaseholNFee Sim le 1=ee Sim le F Sim le Fee Sim le Fee Sim le Stte 12 360 s ft 27 878 S .Ft. -2 000 4 792 S .Ft. +2 000 9 147 S .Ft. Yew ;Suburban S burban Suburban BUSUman Dui n le 2 Sto 1 Sto 2 Sto 2 Sto . Oual' NCansWCtron ISrk8u41um/Av B' &Vn I/Av BrkBVn I/Av _ FrmBVin I/Av ~ AcNal A e 43 Vrs Est 9 Yrs Est 82 Vrs Est 112 Vrs Est ' CondNOn ,4vera e G /SaleU dates -10000 Aver a Avere e ' Gross Buildin Area 3 26 3 2 2 31 +g 600 2 27 +g gOp • Untt Breakdown Total Btlrms Baths Total Bdrms Baths Total Bdrms BaNs Total Bdrms Baths Untt#1 5 2 2 5 3 2 5 2 1 +4000 5 2 1.1 +2000 ' Untt # 2 4 2 2 5 3 2 6 3 1 +q 000 5 2 1.1 +2 000 Untt#3 Untt # 4 Basement Descd don IJnfiinished U' Inished. Unfnished. Unfinished. Basement Fnished Aooms 100%/0% 10%/0% 100%/0% 100%/0% Functlpnal U81' i4ver e A era a Avere a Aver e Headn Conlin CnMHt/CntrlCl C dHVCnMCI CmrtHt/CmdCl CntdHVNoCn1Cl +8000 Ener Etgciem hems 'F ical for A e T ical for A e T ical for A e T ical for A e Partin ONOtl Stte 2 Car Gar e 2 " 1 Car Gara a On Street Parkin +6 000 Off Street Parkin +5 000 PorcNPalio/-eck Porches P rches Porch WdDk Patio Porches AmenNes Fire lace N ne +3 000 None +3 000 None +3 000 Amenitles IVOne Nne None None AmenNes IVOne N ne None None Net Ad ustrnent otal i~ "S+k7a^"~ ^+ $ _9000 + $ 33600 + $ 32900 Adjusted Sale Pdce of Com ambles Y'h N°r"m"•^~w' ~~*„°'^ s. >S'~`3fi'*-°~~-~i N81 AAI~ 4.1 % Gross Atl'. 6.9 % $ 208 500 Net Adj. 19.8 % Gross Ad . 19.8 % $ 203 500 Net Adj. 21.4 % Grass Ad'. 21.4 % $ 186 900 Ad ushd Pdce Per Untt (nry. sump/smca„munnrl $ 104250 $ 101750 $$'` $ 93450 $~ $fir": Ad'ushd Pdee Per Aaom pq. se rumerrmcmnesoom,l $ 20850 . $ 18500 ': $ 18690 n'$'d Ad ushd Pdce Per Bedrm(nm. Sp Nmolaacomn eebmms $ 34750 $°*'r'-•.... Value er Unk $ 90 000 X 2 Untts = $ 180 000 Value er Rm. $ 18 000 X 9 Aooms = $ 162 000 $ 40700.. ~~ $ 48725!it'~dG^ r~`~' Value er GBA $ 69 X 3 267 GBA = $ 225 423 Value er Bdrms. $ 36 000 X 4 Bdrms. _ $ 144 000 Summa of Sales Com orison Approach Including reconFlllatlon of the above indicators of value. Limited available sales for analvs's'n [he subiect market area caused the use of sales located further then and older the Noicaliv desired. The subiect location provides mood appeal caused b the near location of amenities Le. travel access. stores:and schools. Tha sales were chosen after a thoroumh search in the subiect market area which revealed limited 2 unit sales available that recently transferred. The appraiser need to expand his area of serach for available 2 un'ts for anal sis. The sales establish a ranme of value for the subiect oropertv. Sales renee is adjusted value from $188 900 to $208 500 The subject's in overall aver a condition and supports a value established by the sales. Sale #7 is reported to have exlens've updat'nm which caused the ad'ustment for the condition of the sale. Aithoumh older then 1 year sale #1 offers pond market data for analysis of [he subiec[ Indicated Value h Sales Com ;vison A mach $ 190 X00 Total ross momhl rent$ L500 Xgross Pent multlplier (GRM) 100 =$ 150000 Indicated value by the lncomeA roach • CommeMS on income a mach including reconciliaggn d the GflM The GRM is established from the indicated sales condition of the subiec) roe and the a reisers eneral knee of the subiect market area. Indicated Value Sales Comparison Approach 190000 Income Approach 150000 Coat Approach (Il developed)$ IV/A The Sales Com artson Approach to Value's the best of detennininm the Market Value of a residential property Th I come Approach to Value in this situation het s to su>poR the Sales Comdar' App ch to Value The Cost Approach t Val a was considered b t' of sop ~ Rate for use in this a sisal re rt. Ensure time is apprmximately 180 - 200 days. ThIS appraisal is made ®"u~ is", ^ subject N comple5on per plans and spacificatlons on Ne bests of a hypothetical conditlan that the impmvemenh have been • completed, [subject to the following repairs or alterations on Ne heals of a hypothetical condition that the repairs or atteretlons have been cmmpleled, or ^ suhject to the tollgwin r aired ins action based on the e~aordinaN assumption Nat Ne condPoOn or deflclencv does nal require atteretlon or repair S e attached Supplemental Addendum with additional comments on the a relsal r R and sub'eq roe Beaetl on a complete visual Inspectlon of Ne Inte or and exterior areas of the aub)eet property, defined scope of work, statement of asaumptlonn end Ilmlting wndtttona, end apprelaer'a certlflcetlon, my (our) mplnlon of Ne market value, as defined, o/ the real prmperty that la Ne subject of Nle report Is $ 190000 ee of 03/08/2012 ,which is the date of Inepectlon end the eflectlve date of this apprelsel. Freddie Mac Form 72 March 2005 page 3 of 7 Fannie Mae Fpnn 1f125 Mach 2005 Form 7025 - "WinTOTAL" appraisal sofhvare by a la made, inc, - b80g-ALAMODE Small Residential Income Property Appraisal Report ~,,„ Gnl~EO'tate (I The sub~ect a e is estimated as 43 veers. The subject use has been single family 1 to 4 unit residential wh'ch appears to bathe Highest best use far the ro e Unless otherwise not<:d within the a sisal re rt ALL rovided hotos are on foal and were obtained b the a raiser Burin the develo ment of [he a sisal. All of the sales indicated have been externally and or interiorly view by the app 'sec as required by [he app a' ors guidelines for ertormin a sisals. When a Ilcable wRhin the appra'sal sport, 't" ad unless notetl In the report that the roof plumbing heafng lecbical and air conditionin s stem wells, septic tanks or cesspool are in salisfactorv operetino condition that the bu'Id'ng's sVUCturelly sound and free of termite infestation and free of termite damage The appraiser suggests that buyers lenders and other'nterested oart'es obta'n cert'fcafons from ro erl ualfied rofessionals for their protection. There has not been a uitle search or survey completed on the subject property that would confnn or deny env encroachments easements deed restrictions on or a ainst the subject property In adtlition Infor al'on developed from available reported public record is believed acr;urate unless otherwise noted. Please be advised [ha[ o bl'c r m d reporting is at times slow or' w ectly reported Al the t' e M the appsisal v ewin of the Subject roe unless oth a pled' the appsisal report a of ihe'tems mentloned'n th's oa aoreph were vls'bly not'ced o' a arent. The a sisal is made mnsid H g the'tems not ores t h g effect on the o II No' I u e of the sublect I ed' th's report. If an of these items are resent the Fair Market Value as tletermined by th's report may be adversely affected Sub'ect Photos are original photos taken at the time of the sub'ecl property v awing and have not been altered The dl ital sl nature used on the aopsisal report Is th t ue s'g ature of the aopralse d usetl on all aops'sals D'g'lal s analures facilitate the trensfer M the a sisal report by EDI EFT or a-mail The software ufI' ed b the appraiser to generate the aooraisal reooR protects si nature securi b means of a in number that is in the sole control of the appraiser The a siser researched a gro p of I fsfn s and untler contsct o operties in the subieq ea for comparison to the subject Sales • anal sis is based on the o o 'm'N to the subi~ct I t' effecli a age ma ket m appalser er'fabl fo a0on of the sale; a raisers _ resonel knowled a of the sales and most sirr'ilar amen lies to the Subject The sales under contracts and or I'sf g o 'ded'n the INarket Coro artson A roach to Value are the best P 'f bl I de contract d I' t' g s' 'tar to th b'eM f the g o of ies reviewed. This a sisal is a Summary appreisal.'Th0lntentled User of this appsisal report's the Lender/CI'ent The Intended Use's to ev~sluate the ro that isthe sub'e~ct of this aopsisal tojestabl'sh the market value of the suh'ect subject to the stated $coo fWOrk puro of the ' a reisal r rtin r uirements of this aoor2isal report form and Defln'fon of Market Value No add'fonal Intendetl Users or U ' t=.nded Users are identified b the a miser." The line ad'usimeM when in place on the Sales Comparison Approach to Value room count area's for the bathrooms'n the GLA area of the subject. Overall room mr nt's considered in llte GLA di t t fo the Subject It' o oiler to increase or duce aloe for both ro ~m mount and GLA. This ractice N used would create a sitwation of Inveas'ng value or reduc'ng value for the same s'tuation Personal roe moss not included in the Onal value of the Subject Value adustments witti n th op a'sal a e based not on o p 'fit market der' ed d' slment or oared las a alvs's Most are based on several thousand over a aenod of 20 years with strong influence for a cost to cure for ihe'r d'ffarences The a siser is not a p fess'onal home'n~pector d does not warrant the b ce o presence of defects in fhe subject p o rt' . The indicated sales and listings shown at Stye too of form 1004 page #2 is a reference to the I'st'ngs and sales'n the deFned neighborhood shown in a #1 net hborhood section. Listings saps and data indicated on form 1004MC'nGUdetl th's'nfonnafon but shows all'nfo at' m in the suh'ect market area in addition to this inFOnnalion. Basement s¢e and fnished a ea b the tom ~ bl esti ated fro bl' recom report'nq h 'table MLS'nformM' he I available and the a aisers eneral knowledge of the subiebt des'gn Actual vertfable infortnafon's not available through ed'ble nametl so rtes '~ ' COSTAPPfiOACH TO VALUE (not "'blied Fannie Mee) < Provide ode oats Informadon for the lender/client to raplic~p the below cast figures and calculatlons. Su ortfof then triton of sHe value(summary of comparB6le land sales or other methods for estlmatlntl sde value) ESTIMATED REPfl00UCTI0N OR REPLACEME TCOST NEW OPINION OF SITE VALUE _ ___......._ 6 Source M cost data DWELLING S .FL $ =16 Dual' cello from cost service Eflectlve dat9 of cost dap S .Ft. $ =16 Comments on Cos[A roach mss livin area calculatlo s, de reciadon etc. _$ See attached buildin sketch with dimensions rid subject drawin .See Gaza e/Car oR $ .Ft. $ _$ attached su lemental addendum for commeri s on the Cost A roach to Top) Estlmate of Cos[-New =g Value. Less Ph slcal Functional E#emal De reclatlon Oe reciated Cost of Im rovemems __.._ ............. =0 _ "AS-IS'Value of Stte lm mvemenp .._. ___.....=;i Fstimatetl flemainin Ecgngmic Ltle HUO and VA and qO Years INDICATEDVALUE BYCOBTAPPROACH =9~ 'PNOJECT INFOHNIA710N FOH PUOe jlfe Ilcable) ~'~'' Is the develoerNuilder In control Nthe Homeowners'ASpociatlon (HOA)? ^Yes ^No UntttvDe(s) ^Oepched LAtlached Provide the fgllowin infgnnatlgn for PUGS ONLY If the deyelgpe0builder Is In cgmrol of the HOA and the subject property Is an attached dwelling unit Le al Name of Pro'ect • Total numher of hoses Topl numtler of untts Top) number of until sold Total number of units rented Total numder of until fprsale Dap source(s) Was the ro act created h the conversion of eustlng buildng(sl into a PUD7 ^Yes ^ No If Yes date of conversion Does the ro act confdn an mulfi-dwelling units ^Yes ^ No Data Source Are the untls common elements antl recreation facilities domplete~ ^Yes III No If No descrihethe status of camoletlon Are the common elements leased p or by the Homeowners' pssocia0on7 [1 Yes ~7 No If Yes tlesctlhe the rental terms and oodons Desctlbe common elemerds and recreatlonal facilities. Freddie Mac Form 72 March 2005 Page 4 of 7 Farm 10,5 - "WinTOTAL" appraisal sofbvare by a la mode, inc. -1-800-ALAMODE Fannie Mae Farm 1025 March 2005 amau neslaenaal mcome This report form is designed to report an appraisal of a two- to four-unit property, including atwo- to tour-unit propeny in a planned unit development (PUD). A two- to feur-unit property located in either a condominium or cooperative project requires the appraiser to inspect the project and complete the project Information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modificatiens, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this'. appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraisur's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pertonn a complete visual inspection of the interior and eMerior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable puhlic and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal far a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. 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 pmdentty, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definitlon is the consummation of a sale as of a specifier) date and the passing of title from seller to huyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well intornied or well advised, and each acting in what he or she considers his or her 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 comparbble thereto; and (5) the pdce 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 r:omparables 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 3hese casts in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property 6y 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 oY concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or boncessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS ANp LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions ahd limiting conditions: 1. The appraiser will not 6e responsibiefor matters of a legal nature that affect either the property being appraised or the title to it, except for information that he':or she became aware of during the research involved In peforming this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader 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 this appraisal report whether any portion of the subject site is located in an idengfied Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, e:cpress or implied, regarding this determination. 4. The appraiser will riot 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, l:he 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but. not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental condtions, etc.) fiat would make the property less valuahle, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsihle for any such condhions 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alteratiens on the assumptlon that the completion, repairs, or ahemtions of the subject property will be pertonned in a professional manner. hretldie Mac Form 72 March 2005 Page 5 of 7 Fannie Mae Farm 1025 March 2005 Form 105 - "WinTOTAL" appreisal software by a la mode, inc. -1-800-ALAMOOE ~mau rleslaemlal income APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I pertormed a complete visual inspection of the Interior and exterior areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or stmetural integrity of the property. 3. I pertormed this appraisal in accordance with the requirements of the Uniform Standards of Processional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unless otherwise indicated In this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering far sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, vedfied, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be buik'on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I vedfied, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, anti have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessme~.nt records, public land records and other such data sources tar the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and [he proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxib substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved In performing ihls appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knov,'ledge, all statements and Information in this appraisal report are true and camect. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to this assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value ih. this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 16. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was Itot conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysts supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific suhsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the pertormance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks pertormed in this appraisal report. I certify that any individual so named is qualified tc pertorm the tasks. I have not authorized anyctte to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility clot it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 72 March 2005 Page 6 of 7 Fannie Mae Form 1025 March 2005 Form 10$5 - °WinTOTAL"appraisal software by a la mode, inc. -1.800-ALAMOOE ~ _.... smau rseslaentlal income 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instmmentality of the United States; and any state, the Distdct of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distdbuted to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Pmctlce that pertain to disclosure ar distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, govemment sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appmisal report shall be as effective, enforceable and valid as if a paper version of this appmisal report were delivered containing my odglnal hand wdtten signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or cdminal penalties inclluding, but not limited to, fine or impdsonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with tha~, appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appmisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either asub-contractor or an employee of the supervisory appraiser (or the appraisal finny, is qualified to pertorm this appmisal, and is acceptable to pertorm this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Alppraisal Standards Board of The Appraisal Foundation and that were In place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicahle 'federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my odginal hand wdtten signature. APPRAISER rge R. Ulsh Signature Name s Slate Cert. Res. Real Estate Aoor Company Name T eahy. Inc. Company Address 801 East Park Drive Suile 106 Harnsbum PA SUPERVISORY APPRAISER (ONLY IF REDUIRED) Signature Name Company Name . Company Address Telephone Number 7n)4a1-275a Email Address mish mmcast.net Date of Signature and Rs~~port 03/102012 Effective Date of Appraisal 03/06/2012 State Certification # RL000409L or State License # _ or Other (describe) _ State# State PA Expimtion Date of Certification or License 06/30/2013 ADDRESS OF PRDPERTl APPRAISED 517 Gale Road Como Hill PA 17011 APPRAISED VALUE OF SUBJECT PROPERTY$ 160.000 LENDER/CLIENT Name Company Name Client: Julia F Gale Estate clo D'ck Stewart Company Address 301 Market Street. Lemoyne PA 17011 Email Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspect eMedor of subject property from street Date of Inspection ^ Did inspect interior and eMedor of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect exterior of compamble sales from street ^ Did inspect exterior of compamble sales from street Date of Inspection Freddie Mac Form 72 March. 2005 Page 7 of 7 Form 1025 - "WinTOTAL" appraisal sahxare by a la mode, inc. -1-800-ALAMOOE Fannie Mae Fonn 1025 March 2005 Operating Income Statement M°°D97 One- to Four-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 517 Gale Road Camp Hill Street Ctty PA State 17011 Zlp Code General Instructlons: This form is to be prepared jointly by the loan applicant, the appraiser, and Me lender's underwriter. The appllcanl must complete the following schedule indicating each untt's rental status, lease expiretlon date, current rent, market rent, and the responsibiliryfor uflliry expenses. Remal flgures must he based on [he rentfar an "unfurnished" unl[. Currently Expiration Current Rent Market Rent Pald Paid Rented Date Per Month Per Month Utillry Expense By Owner By Tenon[ Unh Na.1 Vest. NoQ $ 750 $ 800 Electrlchy„.,,... ^ Untt No.2 Yes~_ NoQ $ 734 $ 700 Gas _._.,_._......_ .. ^ ^ Unh Na.3 Vest. NoQ $ $ Fue1011 ............._. .. ^ Unh No.4 Vest. Na~ $ $ Fuel (Otlrer)_.___. _ ^ ^ Total $ 1.484 $ 1.500 Water/Sewer ,._,__ .. ^ Trash Removal___ .. ^ The applicant should complete all of the income and expense projections and forexisting properties provide actual year-end opeating statements for the past two years (firnewproperdes theappllcant'spro/acted/ncomeandexpenses mastbeproNdedJ This Operaling Income Statement and any previcus operaflng statements the appllcaM provides must then be sent to the appreiserfor review, comment, and/or adjustrnents nerd tri the applicant's flgures (eg App/icanUAppm/ser28B/300J. If the appraiser is retained to complete the form instead of the applicam, the lender must provide to the appraiserthe aforementioned operating statements, mortgage insurance premium, HOA dues, leasehold payments, suboniinate financing, and/or any other relevant information as to the income and expenses of the subject property received from the applicant to sutistantlate the proJecBons. The underwrlller should carefully review the applicant's/appriser's prajectlons and the appraiser's comments concerning those pojectons. The underwriller should make anyfinal adjustments that are necessary to more accurately reflect any Income orexpense kerns that appear unreasonable for the market (Rea estate taxes andinsurance on thesetypes ofproperdes are/nc/uded/nP/T/andnatca/cu/atedas an annua/ep~ense ilemJincome should be based 0n the current rents, but should not exceed madcet rents. When there an: no current rents because the property Is proposed, new, or currengy vacam, market rents should be used. Next 12 months Income (Da notinclude incomelarowner-occupledunXSJ Gross Annual Rental (from unX(sJ to be mntedJ __.,,„,.„._..,......,_(Market) Other Income (/nclude soerrcesJ ,......._. _.. Total .... _._....._...... ._ _._._. _.._._.._._ Less Vacancy/Rem Loss _ _..... Effective Gross Income _ _._._ _..__ _._.___._. Expenses (Oo notinc/aria expenses forowneroccup/ed un/tsJ Electricity __. _..__ _..._ _._._.._. Gas Fuel Oil Fuel _..... ..... (TYPe' ) Water/Sewer ......_._ .__.... ___ Trsh Removal Pest Control Other Taxes or Licenses _._._ _._.. ____.._._ Casual Labor ............__............__ ..............._._..............._........... This includes the costs for public area cleaning, snow removal, etc., even though the applicant may not elect to contract far such services. Interior PainVDecoratlng This includes the costs of contract labor and materials that are required [o maintain the Interiors of the Ilving untt. General Repairs/Maimenance This includes Ne costs of contract labor and materials that are required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses These are the customer expenses that a professional management company would char4le tc manage the property. Supplies ___._..... This includes the costs of ttems Ilke IIgM bulbs, janttodal supplies, etc. By ApplicanVAppraiser Lender's Underwriter $ 18 000 $ + o + $ 18.000 $ - 540 ( 3 %) - _ ( %) $ 17.460 $ 1.100 2 535 Total OPeratlng Fxpenses _____ ......................._...._._._.._.._._. $ 3.635 $ Freddie Mac This Farm Must Be Reproduced By Seller Fannie Mae Fonn 998 Aug 88 Page 1 of 2 Fortn 216 Aug 88 T C Raalry, Inc. George R. Ulsh Fonn INC2 - "WInTOTAL"appraisal software by a la mode, Inc. -1-800-ALAMODE Replacement Reserve Schedule _ Adequate replacement reserves must he calculated regardless of whether actual reserves are provided for on the owner's operating statements or are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have a remaining Irfe of mare than one year- such as refrigerators, staves, clothes washers/dryers, trash compactors, furnaces, roofs, and carpeting, etc. -should be expensed an a replacement cast basis. Equipment Replacement Remaining By Applicard/ Lender Cost Life Appraiser Adlus[merrts Stoves/Ranges __.._. .... @ $ 50o ea. + 10 Yrs. x 2 Untts = $ 700 _ $ Refrigerators _______ ._ @ $ 500 ea. + 10 Yrs. x 2 Untts=$ 100 $ Dishwashers __..... ... @ $ 350 ea. + 10 Yrs. x 2 Untts=$ 70 $ A/C Units _._. _. @ $ _ ea. + Vrs. x Untts = $ $ C. Washer/Dryers _.. _. @ $ - ea. + Yrs. x Untts = $ $ _ HW Heaters ....._.... ._ @ $ _ ea. + Yrs. x Untts = $ $ _ Furnace(s) _.....___. ... @ $ 5.000 ea. + 15 Yrs. x 2 Units=$ 667 $ (Other) _........_._._ ._ @ $ -ea. + _ Yrs. x Untts=$ $ Roof _............ _._..... @ $ 5.000 + 10 Yrs. x One Bldg.= $ 500 $ Carpeting (Wall to Wall) Remaining Life (Untts) 366 Total Sq. Yds. @ 15 Per Sq. Yd. + 5 Yrs. _ $ 1,098 $ _ (Public Areas) Total Sq. Yds. @ $ Per Sq. Yd. + _Yrs. _ $ _ $ Total Replacement Reserves. (Enter on Pg. t) $ 2.535 $ Operating Income Reconciliation $ 17.460 - ~ 3 635 = $ 13 825 + 12 = $ i 152 Effective Gross Income Total Operatng Expenses Operagng income Monthly Operatng Income $ $ 1.152 - $ _ $ Momhly Operating Income Momhly Housing Eyense Net Cash Flow (Note: ManNly Housing Fxpense includes pdnclpal and Interest on the mortgage, hazard Insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) Underwriter s Insimctlons for 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a posi8ve number, enter as "Net Rental Income" in the "Gross Monthly Income" section of Freddie Mac Fortn 66/Fannie Mae Form 1003. If Monthly Operatlng Income Is a negative number, h must be Included as a liabiltty for qual'rficatlon purposes. • The borrower's monthly housing expense-to-income ratio must be calculated by comparing the toW Monthly Housing FxPense for the subject property to the borrower's stable monthly Income. Underwrtter's Instructions for 1-4 Family Investment Properties • If Net Cash Flow is a posigve number, enteras "Net RaMal Income" in the "Gross Monhly Income" sectlan of Fretldie Mac Farm 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, it must be included as a liabilityfor qual'rficatlon purposes. • The borrower's monthly housing expense-to-Income ratio must be calculated by comparing the total monthly housing expense for the borrowers Ddmary residence to the borrower's stable monthly income. Appraiser's Comments (/nc/udingsou2es fordata and2HOna/e forMe pro/ecHonsJ Cost Manuals, personel interviews antl appraisers general knowledge of the subject area were used in the determination of developing the Operating Income Statement. Georoe R. Ulsh. PA State Cert. Res. Real Estate Aol 03/10/2012 Appraiser Name ppm gnature Date Underwriter's Commems and Rationale for Adjustments Underwriter Name Underwriter Signature Date Freddie Mac Fannie M11ae Fonn 998 Aug 88 Page 2 of 2 Form 216 Aug 88 Fonn INC2- "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Supplemental Addendum Fle Nm nnnnnav Bortower Client Client: Julie F Gale Estate do Dick Stewart Pm a Address 517 Gale Road C~ Camp Hill County Cumberland State PA Zip Code 17011 Lender Client: Julie F Gale Estate do Dick Stewart COST AND INCOME APPROACH COMMENTS The Cost Approach to Value for homes with an age greater then a maximum of 5 years, the lack of available veritable land sales or having good available closed sales for comparison to the subject creates a condition that causes the Cost Approach to Value to be censideretl Inappropriate for use in this appaisal report. This is basetl on the fact that a cost analysis for a subject property is geneally subjectve, based on the apprelser esflmate of depreciation, cost manuals general analysis for an area, subjective statements hom area contractors. The generel analysis of all supports the statement that this generally leatls to the inaccuracy of the Cos[ Approach to Values and leads the client [o improper conclusions. For this reason, although considered, The Cost Approach to Value is inappropriate for use in this appraisal report. The Income Approach to Value is consitleretl inappropriate for use in this appraisal report. This is based on [he fact that a typical purohaser for the subject property has an interest in the purchase for their primary residence opposetl to the concerti of the value generated, through investment, from the possible income produced value. In addition, the veritable information available is not a matter of public record and accuracy is at best wnsidered limited in nature. For this reason, although considered, the Income Approach to Value is considered inappropriate for use in this appraisal report. Neighborhood -Description The subject is located in a residential neighborhood. Major routes of travel are locetetl within a reasonable distance of the subject. Employment for the area Is reted as goad. Major employers in the Camp Hill Area include large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhootl is in a primarily stable phase of its' life cycle with properties in the neighborhootl having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time period exceeding one year. This is after a susiainetl increase for severe) prior years. Buyer demand appeare typical for this time of year in the neighborhood and is supported by continued low interest rates. Information is supported through public record infonnatlon and Centre) Pann MLS. System. Neighborhood -Market Conditions There are no foreseeable economic trends which might signifcan[ly influence market cenditions in this area. The curtent mortgage market offers a wide variety of conventlonal loans with competitive rates. As a result, the [enns of fnancing have little, if any, impact on sales prices. If interest rates remain reasonable, property values and marketabllllty should be gootl. Curtent supply and demand are in balance. Marketing time is typically 90 -180 days for reasonably priced properties. Interest rates are ranging from 3.5%a to 8%with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactlons. APPRAISAL COMMENTS The appraiser has NO current or prospective interest in the subject property or parties involved; and has NOT completed any services regarding the subject property within the three year period immediately preceeding acceptance of the assignment, as an appraiser or in any other capacity. The subject is over 30 years old but had been modernized as necessary and is marketable in its present condition. The effective age is significantly less than 30 years. Poem TADO - "WinTOTAL"appraisal software by a la mode, Inc. -1-800-ALAMODE Bonower Cllen[ Client: Julie F Gale Estate Go Dick Stewart Flle No M00097 0 517 Gale Road C' Cam Hill Ccun Cumberland a PA Z Code 17011 Lender Client: Julie F Gale Estate do Dick Stewart APPRAISAL AND REPORT IDENTIFICATION Tills Appraisal Report isg0a of the following types: ^ Self Corrtainetl (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work, as disclosed elsewhere In this report.) ® Summary (A written report prepared under Standards Rule 2-2(h) ,pursuant to the Scope of Wark, as disclosed elsewhere In this report.) ^ ResMC[ed Use (A written report prepared under Standards Rule 2-2(c) ,pursuant to the Scope of Work, as disclosed elsewhere In this report, restricted to the stated intended use by the specNietl client or intended user.) Comments on Standards RRIe 2-3 I cetltty that, to Me hest of my knowledge and belief: - The statemems of fact contained in this report are true and conect. -The reported analyses, oplnlons, and conclusions are limited only by the reported assumptions and Ilmitlng canditlons and are my personal, impaNal, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise indicated, I have no presem or prospective interest In the property that is the subject of this report and no personal interest wiN respect tc tha paNes involved. -Unless otherwise indicated, I have penonnetl no services, as an appraiser or in any other capacity, regarding the property that is the sublect of this report wfthln the three-year pedod immediately preceding acceptance of this assignmem. - I have no bias wAh respect to the property that Is the subject N this repott or the par0es involved with this asslgnmenL - My engagement in this assignment was not candngent upon tleveloping or repoNng prsdetennined results. - My cpmpensatlon for compled'ng this assignment is not corr4ngen[ upon the development or repoNng of a predetermined value or tllrectlan in value that favors the cause of me client, the amoum of the value opinion, the attainment of a stlpulatetl result, or the occurrence of a subsequent evem directly related to the intended use of this apprisal. - My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity whh the Undorm Standards of Professicnal Appraisal Practice that wer in effect at the time this report was prepared. -Unless otherwise indicated, I have made a personal inspection of tha property that is tha subject of this repon. -Unless otherwise Indicated, no one provided significant real property appraisal assistance [o the person(s) signing this ceNficagpn (if there are exceptlons, the name of each individual providing signtlicarrt real property apprisal assistance is stated elsewhere in this report). Comments on Appraisal and Report Identiflcatlon Ntrte any USPAP related Issues requiring disclosure and any State mandated requiremerrts: APPRAISER: ~/ /,,~// SUPERVISORY APPRAISER (Doty If required): SIAnaNre: !/w~ - ~ Signature: Name; Gsa a R. Ulsh State Cert. Res. Real Estate A r Name: Designation: Designation: Date Signed: 03/10/2012 Date Signed: State CertBicatlon #: RL000409L State CeNficatlon #: ar State License #: ar State License #; Stale: PA yyate: -_ FxpireAOn Oate of CeNlicadon or License: 06/30/2013 Expiratlon Gate of CeNticadon or License: Supervisory Appraiser inspectlon of Suhject Property: Ettecdve Date of Appraisal: 03/06/2012 ^ Did NM ^ Extedor-anlyfrom sreet ^ Interior and Exterior Fonn 1010 - "WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE Subject Photo Page Borrower Item Client: Julie F Gale Estale c/o Dick Stewart Pm a Address 577 Gala Road C' Cam Hili Ccunly Cumberland Stale pA Zp Code 17011 Lender CI'eM~ Julie F Gale Estate Go Dick Stewart Subject Front 517 Gale Road Sales Pdce MadcetValue Gross Building Area 3,267 Age 43 Yrs Est Subject Rear Subject Street Farm PICPIX.SC - °WinTOTAL"appraisal software by a la mode, Inc. -1-800-ALAMOOE Comparable Photo Page Borrower Cllerd Client: Julie F Gale Estate Go Dick Steavart Pro a Address 517 Gale Road C' Cam Hiil County Cumberland State PA Lp Code 17011 Lender Client Jule F Gale Estate do D'ck Stewar[ Comparable 1 1294 Brandt Road Sales Pdce 217,500 Gross Building Area 3,200 Age 9 Yrs Est Comparable 2 223 Bosler Avenue Sales Price 169,900 Gross BUllding Area 2,312 Age 82 Yrs Est Comparable 3 200 Forge Road Sales Price 154,000 Gross Building Area 2,277 Age 112 Yrs Est Form PICPC(.CC -'WinTOTAL" appreisal software by a la mode, Inc. -1-800-ALAMOBE Building Sketch Borrower Client Cllent Julie F Gale Estate do Dick Stewart Pro a Addres6 577 Gale Roatl C' Cam Hiil County Cumberland State pq Lp Cotle 17011 Lentler Client: Julie F Gale Estate do Dick Stewart o. ,~,~m. .. ° `° ...... ".~w... `° a..~ a n ..... n U ....m ® ....~ ~ .,_.. su.nq°V"°°s "~ Nee CaIWleNOne SUmma lMny Nee Unk 31st Flr 1633.5 SqR Unlt 121nU Flaw 1633.5 Sp R Tetel l1Wrq Brea Irtoun0etl7: 326) Sq R Non-llWttq Riee 2 Gr Garage 6a6.6 Sq R Porte 46 Sq R Bazemenl 1633.5 Sq R PortA 2 30 Sq ft Form SKT.BItlSkI -'WInTOTAL"appraisal software by a la mode, inc, -1.600-ALAMOOE Building Sketch Dolrower Client Client: Julie F Gale Estate Go Dick Stewart Pm a Address 577 Gale Road C Cam Hill County Cumberland Sfate pq Lp Cotle 77077 Lender Client: Julie F Gale Estate do Dick Stewart ru6umra par mmk rc Rrta hkWatlom Summa DWn9 Brea CalNbtlon Dabib Unlt l lst Flr 1633.5 Sa R - 33 x 49.5 = 1633.5 Una #2 ]rd Fbor 1633.3 99 R 33 x 49.5 = 1633.5 Tool lMn9 Rraa (ROUrMetl): 3>6> Sq R Non-Ihin9 Rrea 2Car Garage 586.56gR 13x15.5= 586.5 PorQ~ 955gR 9x5 = 45 easement 1533.5 Sq R 33 z 49.5 = 1533.5 norc~ 2 30 6q R 6 x 5 = 3p Forrn SKT.BIdSkI - "WinTOTAL"appraisal software by a la mode, Inc. -1-800-ALAMODE Appraisers 2011-2013 Certification Bortpwer Client Client: Julie F Gale Estate Go Dick Stewart Pro a Address 517 Gale Road City Camo Hill County Cumberland Stale pq Zip Code 17011 Lender Client: Julie F Gale Estate Go Dick Stewart ,`~ ~; ~ 10 06488.90.. . ~ L ~ Commonwealth of l'ennsylvauia ' ~ ,: Bureau De ~pentl tg~te ofPro ~h Q~~tQ tio nal Affairs PO Bo 4~ 9'~Iarr urH P~, ~~ X649 Y Certifcate Type ~] a _ i1 r ~ ~ Certificate Status Certifietl Residential Appraiser `'~~ ~ ~ pp ~~ w p aS'r~` ~., } Active 1~d~ /'~~ 1 '~~g ~~'~/ ~~ 1 ' „~a ~ I twl f n~b ~ d ~ w ni ,l~erh cabo ate GEORGE RANOALL ULSH Certificate , ' '10/11/1991 +'' 40y9 Derry. $lraet HARRIS@UfEG PA 1]111 'c. Number RL000409L Czpiration Date 06!30@013. ' / ~ ~- -?7k~K ~~ . ~ ni 4C mix:~ P~~ f.,, omipra Oyt onw~=i nrry ., sia~°___~°"L.~~Jff Form MAP.TratFic -'M1MnTOTAL° appraisal sohware by a la mode, inc. -1-BOO~ALAMOOE Location Map Bortower Cliem Client: JUlieFGale Estate do Dick Stewart Pm a Address 517 Gale Road City Camo Hill County Cumberland State PA Zip Code 17011 Lender Client: Julie F Gale Estate Go Dick Stewart eons 9, Kelley Fd Park ~y,-~v o vanev xd--°- eso - es° ' ' D: "~ K¢ystone - - - _ - - ~ 4 Lu~klro~' = a v ~ - ~ ~'r^s ~~ Of rr~~~~ f` I~L C ~'We Or 2 D¢nnellytmvn a41 \ge~viNe Rd ®WCraaille Rd En01 ~' __ ~- ~ ~\ ~isv aYi ~\ u ~~yn~ e am ~ ,... ~ w °!~. orm ur9 ~. - HS a ~ O ~ n 9~ Nogestown CaduleM .. - x ~ Lemo ~ _,. ... .. MarktlsF Ca Hill x @ s nl Hdl -_ P '-- ---New kingstrnvn '~ 3 tt is ~ _ -_ '' ~' ^ ~ , -~ lei . ~ , '~`~~ _ wt Shlrem ~.,_~ ~ Mechanicshuig '. k ~ ,w PoJngyn IHE 41a1a I ., irindk atl. - RO1 9~^ ~ Vark bq • Hakorytvwn ~]V TdiNlc:?d-' - :' j 1]4 k 14 1]1 E`i ~ m t '"(,y is 6orvmmudale ~~ rr _ -- ~``- yo ... -_.. _- - / Nauvoo Bolting g¢'°na sP^°y ~ I~ y awersonroxn ' $PrmgS -- -' ",leltlighs ~ _ yV ,yam ~ !1 S'dtlonsbwg Pvh Pr J --- •/~ ~~~Si. Gnol1T p u Fri: ~_,~~ w+ Oillshurg ,S,J." a /~ -oytl Yak 0.0, •I ]a ..:.Una.. Smne Heatl NwN 1~C r~P ed mdwtom xa ~j' Franklintown ' /15 ~(• .. ti~ a'~ l'.~ Warrington Twp AI 4 v 4.e GKrgrvlPMebert a, SLte Pazk aP :~i Form MAP.LOC -"WinTOTAL° appalsal software by a la mode, inc. -1-800-ALAMOOE T C Realty, Inc. George R. Ulsh Small Residential Income Peopertv Aooraisal Report c; Gale Ectate 7 The u ose of this summa a miser re od is to rovlde the lender/client wAh an accurate, and ode uatel su prted, c inion of the matlcet value of me suh'Emt roe Pm a Addess 522 Colon Drive Ci Cam HIII State PA Zi Cade 17011 Borrower Client: Julie F Gale Estate Go Dick Stewart Owner of Public Recprtl Count Club Park Dav Cor Coun Cumberland Le al Descri Bon Referenced in Record Book 24B Paae 679 Assessor's Paroel # 10.20.1848-339 Tax Year 2012 A.E. Taxes $ 3 778 Nel hbomood Name East Pennsboro Townshi Ma Reference 70.20-1848-339 Census Tract 0113.04 Occu am Owner Tenant Vacant S ecial Assessments$ N/A PUD HOA$ N/A er ear er month " Pro a RI hts A wised Fee Simple ^ Leasehold C 1 Odher (describe) Assl nmemT a Purchase Transaction Refinance Tansacfion Other describe Establish the Market Value of the sub~ect as a2-4unit roe Lender/Client Client: Julie F Gale Estate Uo Dick Stews Address 307 Market Street Lemoyne PA 17011 Is the sub ect roe cuuerN offered far sale or has A been offered for sale in the hvelve months prier to the ettecBve date of mis appraisal? ~l Yes ®No Re od dais sources used ofledn ptlce(s) and date(sl. Publ'c Records and Area MLS 03/06/2012 S biect property h nor been H d for=ale in the last 12 months. I ^did ^did not analyze the contract for sale forthe subject purchase trdnsactlpn.Explain the resuks of the analysis of me contract farsale pr whythe analysis wan not edarmed. Cpnhact Pdce $ MarKetValue Gale of Contract N/A Is the roe seller ma owner of uhlic retard? Yes No Data Sources Public Record Is there any financial assistance (loan charges, sale concessions, gAt or downpayment assistance, etc.) to he pant by any early on behalf of the borrower? ^ Y'es ^ No • A Yes, re ort the mtal dollar amount and describe the items to be paid. Note: Noce end the racial compositlon of the nei hborh Nei hborhood Charecteriatlcs Locadon Urban Suburban Rural Built-U Over75% 25-75% Under 25% Growth Ra itl 54ahle Slow ood arenote raleal iactora. I 2-4 Unlt Housin Trends 2-4 Unlt Housln Present Lantl Uae% Pro a Values Increasin Stable Declinin PRICE AGE One-Unit 80 % DemanNSu I Shodae In Balance Over Su I $ 000 rs 2-0Unit % Mancetln Time Under 3 mms 3.8 mms Over 8 mms 150 Low 55 MuN-Famil % Nel hborhoptl Bountlades North and West is the Condo ouinet Creek East is erenlwaler Drive South is 450 Hi h 125 Commercial 10 % Walnut Street 250 Pred. 40 Omer 10 % • Nei hbprhpod Desctl don See Su Iemental Addendum with comments. The Predominant sin le famil housin value is better re orted in a ran a of 175 000 to 00 000. Predominant ac belt eoorted 20 yea to 50 a Othe reores is ant ro nd Market COndlBOns inclutlin su odfor the above canclusionsl See attached SUOOlemental Addendum with comments Dimensions 36.72' x 74.14' x 103' x 110' x 106.7 Area 11 326 S .Ft. $h a Mostl Rectan ular View Suburban S ectlic Zonin Classmcation Residential Zonin Oescd Ban Allowin residential use 2 to 4 unit ro atlas or in home business Zonin Com liance Le al Le al Npnconformin Grandfamered Use No Zonin IIIe al describe Is the hi hest and hes[use of sub act ro e as im roved or as ro osetl er lens ands ecificafipns the resem use? Yes Np It NO descdbe UtllPoea Public Omer ld~aibe) Public Omer (describe) Ort-sire lmo v m nta-Type Public Private ElecMC 3-700 amo Water ~ ^ Street Paved ASOhalt ~ Gas Sanity Sewer pile None FEMA S ecial Flood Hanrd Area ZYes ®Nc FEMA Flopd Zane X FEMA Map # 420360.0114E FEMA M Gale 0 3/1 612 0 0 9 Are the utllPoes and/aroh-stle lm rovemems icalfor the market areal Yes No If No describe Ate mere an adverse sAe contlitlons or external factors (easements encroachments environmental cpntlNons land uses etc )7 ^ Yes ®No If Yes describe There were no noted a arent adverse or unfavorable easements or encroachments noted. General Bescd flop Foundation Unhs ®Two Three Four Concrete Slah Cmwl B ace Accesso UnA descdhe below Full Basement Partial Basemem # of Stories 2 # of hid s.1 Basement Area 1 634 s .ft. Exterior Bescri don matadors/condition Interior meterlals/condition Fcundatlon Walls ConcreteBlock/Avera Floors Wtl C t Vn/Avere Exterior Walls Brk Stn Frm/Avery Walls D all/Avere e Roof Sudace Com Shin I/AVera a Ttlm/Flnish Wood/AVera a T e Det Att. S-Det./End Untl Edstln Pm used Under Const. Basemem Finish o % Outside En /Erl[ Sum Pum Gutters 8 Dawns outs AluminuMAVera a WindowT a DoubleHun Avere Bam Floor Vn I CrrnTilAvera Bam Wainscot CermTiha/Averee Desi n le 2Sto Year BUlh 7969 ERectlve A e rs 20 Atlic Nane Evidence of InfesizBon ^ Dam pass Settlement Heetln Coolin FWA HWBB Radiant Storm Sashllnsulated StonnUnits/Avere a Screens Yes/Avere a Amenities Flre laces # 1 Wpptlstove s # Cer Store e Nane Odvewa # of Cars 2 Ddvewa Sudace Poured Concrete Oro Stair Stairs Floor Scuttle ,' ^ Flnishetl Heated Omer Fuel Gas Cpolin Central Air Contlitlonin Individual ^ Omer PatioNeck Fence Pcol Porch 2 ^ Omer Gara a # of Cars 2 Ca od # of Cars ®Am. ^ Oet. ^ BuiA-in ' # of Appliances Pefdgemtor 2 Range/Oven 2 Dishwasher 2 Disposal 2 Microwave Washer/Dryer Omer (descdbe) Und # 1 contains: 5 Rooms 2 Bedrooms 2 Bam 5 1 634 5 uare Feet of Grass Livin Area Unit # 2 comains: 4 Rooms 2 Bedreoms 2 Bam s 1 634 S uare Fee[ of Gross Llvln Area WA # 3 contains: Rooms Bedrooms Bath(sl Spuare Feet of Gross Livin Area UnA # 4 contains: Roams Betlrocros Bam s S uare Feet of Gross Llvln Area AddNOnal features s ecial ene emclen[ttems etc) Font porch ar porch 2 ra aarege s'ncl Dane windows 'th storm windows unfnishec basement area fr lace. Describe the condPocn of the ro e inclutlin needed re airs detetloratlon renovations remptlelin etc.. The sub'ect exterior is in aver a contlitlon with icel im rovements. The intertor of the sub'ect is in enarell Avere a condition. Floor Ian is ical of the homes for this ere and should receive ood market acre lance. The basement of the sub'ect is 100 % of the 1 st floor GLA and at resent OW finished. Both units have access to the basement area and 1/2 of the era a for story e. 1st floor unit has fire lace and additional. Freddie Mac Forrn 72 March 2005 Page 1 of 7 "---~- ••-• _-•~. +nos nn~.,.n onn6 Farm 1025 - "WnTOTAL" appmisaf software by a la mode, inc. -1-800-ALAMODE EXHIBIT Q Small Residential Income Property Annraical RannM Gale Estate 7 Are there an h slcal deficiencies or adverse conditions that affect the llvabll' soundness orsWCtural inte •r of the roe v Yes ~~ NqV If Yes describe. The e#edor frame areas show ch'opinq and peeling paint that needs repairs Estimated cost to cure is 1 500 Does Ne rp a enerall cordpnn th the nei hborhood functional utlli s le condRlon use cpnstmction etc. 7 Yes Nq If No tlescdhe. Sub~ect is a 2 unit buildin located in a redominantl 1 unit sin le famil nei hborhood. A e and desi n is wnsistent with Icall homes in the area. Is the roe subject to rent contlol7 ^ Yes ~ No If Yes describe The following properties represent the mast cupent, similar, and proximate campamhle rental propeNes to the subject prapedy. ThIS analysis is Intended tp support the opinion of the market rent for the subject prgperty. FEATURE SUBJECT COMPARABLE REMAL # 1 COMPARABLE RENTAL # 2 COMPARABLE RENTliL # 3 Address 522 Colony Ddve 909-911 Allenview Drive 2208 Market Street 57 Circle Ddve Cam Hill PA 17071 Mechanicsbur PA 17055 Cam Hill PA 17071 Mechanicsbu PA 17(155 ' Proxim tp Sub'ect 4.75 miles S 1.41 miles E 4.65 miles SW Cunent Mpnthl Aem $ 1 489 i $ 1 850 ' ' ~ - $ 3450 7350 flenUGross Bld .Nee $ 0.46 s .tt. $ 0.61 5 tt $ 1.17 s .tt. $ 0.48 s .ft Pent COmrol Yes No Yes No Yes Np Yes No Data Sources Pro Vew OwnRe MLS PubRec A ralsersFiles MLS PubRec A raisersFiles MLS PubRec A raisers Files Date of Leases Not Available Month ro Month Month to Month Not Available . Location Suburban Suburban Suburtan Suburban - AcNal A e 43 Yrs Est 27 Yrs Est 112 Yrs Est 53 Yrs Est Conditlpn Averse Good Averse Avers e • Gross Buildin Nea 326 3030 3100 2gpg ~• Wit Breakdown Pm Count SgizFt Rm Count Sg1Z~ Momhly Rent Rm Coum Sg1z~ Monthly Rent Rm Coun( SglzaR Monthly Rent • Tat Br Ba 3 268 Tot Br Ba 3 030 7 850 To[ Br Ba 3 100 3 450 Tot Br Ba 2 609 1 350 Unit # 1 ~ 5 2 2 1 634 5 3 1.7 1 515 $ 975 5 3 1 1 000 $ 1 200 5 2 1 1 502 $ 700 Una # 2 4 2 2 1 634 4 2 2.1 1 515 $ 875 4 2 1 1 000 $ 850 4 2 1 1 307 $ fi50 UnR # 3 $ 5 3 1 1 100 $ 1 400 $ Unh # 4 $ g $ UtlIPoes Included None Water Sewa eTrash Water Sewa eTrash None Amenitles 2 Car Gara e 2 Car Gara a Off Street Parkin Off Street Parkin AmenNes Central Cool Central Cool No Central Cool Centrel Cool Analysis of renal data and support far estimated market rents for the Individual sublect unhs repoded below (including the adequacy of the compam6les, rental concessions, etc. All of the rental ro erties are located in the same market area to the sub'ect Rentals establ'sh the fa'r ket rental of the sub'ect. Rent Schedule: The appraiser must reconcile the Applicable indicated monthly market rents to provide an ppinion of the madcet rent for each unit in the subject property. Leases Acual Aems Opinion of Market pent Lease Date per UnH Total Per Unlt Total Unit # Be in Date End Date Unfurnished Furnished Rents Unfurnished Famished RenR 1 Not Available $ 789 $ $ 789 $ 800 $ $ 800 2 Not Available 700 700 700 700 3 4 Commem an lease data Data obtained from ' Total Actual Monthl flent $ 1489 Total Gross Manthl Rem $ 1 500 sub~ect owner re resentadve tludn sub'ect Other Morrthl Income Remize $ Other Morrthl Income Remize $ viewin .Actual leases not available Total Actual Monthl Income $ 1 489 Total Estimated Monthl Income $ 1 500 •• UdlNes included in estlmated rents Q Electric ^ Water [~ Sewer ^ Gas ^ Oil 11 Trash collection n Cable n Other Commerds on acWal or estimated rerrts and other manthlV Income (including personal properly) Market rent egect the b t rent for the b'ed Ma kel rents are su orted from the indicated rentals and the aoprelsers c erel knowledge of the sub' ct market ar Famished n'ts are not tvo ial of this market. I did did not research the sale or Vansfer history of the sublect property and compamhle sales If not explain M research did did no[reveal any ptlor sales or transfers of the sublect propeM for the three veers prior to the effective dale of this appraisal Data Sources Public Record and Area MLS M research did did notreveal env prier sales or transfers of the comparable sales for the veer ptlor tg the date of sale of the comparable sale Data Sources Public Record and Area MLS Ae gdihe results of the research and anal sis of the riot sale or transfer histo of the sub ect ro e and corn arable sales re odadditianal riot sales an a e 3 . ITEM SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPAAAeLE SALE # 3 - Date of Prier Sala4mnsfer No transfer of the sub'ect No transfer of the sale No trensfer of the sale No transfer of the sale Price of Poor SaleRransfer in the last 36 months in the last 12 months in the last 12 months in the last 12 months Data Sources ' Public Record Public Record Public Record Public Record ' Effective Date pf Data Sources 02/28/2072 02/28/2012 02/28/2012 02/28/2012 Anal sis of riot sale or transfer history of the sublect property and comparable sales No trensf fthes b' ct' the last 36 o the No tr fe of the sales In [he last 12 months. Freddie Mac Fonn 72 March 2005 Page 2 of 7 Fannie Mae Fonn 1025 Nlarch 2005 Fonn 1025 - °WinTOTAL" appmisal software by a la mode, Inc, -1-800-ALAMODE SmaII Residential InCOme PrnnPrty Cnnraical RennrT Gale Estate 7 There are 0 com arable ro etlies currend ofrered for sale in the suh'ect nei hholh --r"- ood ran In in dce from $ 0 rc mwpno to $ 0 There are 0 com arable sales in the suh~ec t nei hborhood whhin the ast hvelve mon ths mn in in sale rice from $ 0 m $ 0 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 522 Colony Drive 1294 Brandt Road 223 Bosler Avenue 200 Forge Road Cam Hili PA 17011 ' ' Mechanicsbur PA 17055 Lemo ne PA 17043 Boilin S tin s PA 17007 Proxim to Suh ec[ 9.21 miles SW 2.94 miles E 11.78 miles SW Sale Pdce $ MarketValue $ 217500 - 169900 $ 154000 Sale PtlcNGross Bld .Area $ s .ft . $ 67.97 s ft $ 73.49 s . $ 67.63 s .tt . Gross Monthl Rent $ 1 500 $ 2 300 $ 1 640 $ 1400 Gross Rent Mulfi liar 94.57 103.60 -- 110 00 Pdce er UnR $ $ 106750 84950 . $ 77000 Pdce er Room $ $ 21750 $ 15445 $ 15400 Price er Bedroom $ $ 36 250 $ 33 980 $ 38 500 Rem Comrcl Yes Na Yes Na Yes No Yes No Data Sources MLS PubRec A raisersFiles MLS PubRec A raisersFiles MLS PubRec A raisersFiles Vemication Sources Data Bank Data Bank Data Bank VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +- Ad'ustmem DESCRIPTION +- Ad'ustment DESCRIPTION +- Ad'ustmem Sale or Financing Cash FHA $9000 Conv $1350 Concessions 187 DOM 5 DOM 117 DOM Gale of SaleRme 02/28/2011 03/022011 04/13/2011 Location Suburban Surburban SubrbNlnferior +5000 Subrbn/Infedor +5000 LeaseholdlFee Sim le Fee Sim le Fee Sim le Fee Sim le Fee Sim le Site 11 326 5 .Ft. 27 878 S .Ft. -2 000 4 792 S .Ft. +2 000 9 147 S .Ft. View Suburban Suburtan Suburban Suburban Desi n 8 le 2 Sto 1 Sto 2 Sto 2 Sto Ouaf of ConsWCtion StnB,P,lumlAV BrkBVin I/AV Brk&Vin I/Av FrmBVin I/Av Actual A e 43 Yrs Est 9 Vrs Est ~ 82 Yrs Est 112 Yrs Est _ ContlNon Avera a Gd/SaleU dates -70000 Avera a Avere e Gross Buildin Area • Unti B kd 3 26 3 20 2 31 +g 600 2 27 +g g00 rea own Total Bdnns Baths Total Btlrms Baths Total Btlrms Baths Total Bdlms Baths Unh # 1 ' 5 2 2 5 3 2 5 2 1 +q 000 5 2 1.1 +2 000 Unit # 2 4 2 2 5 3 2 6 3 1 +q 000 5 2 1.1 +2 000 Unit # 3 Unh # 4 . Basemem Descd lion Unfinished Unfinished. Unfinished. Unfnished . Basement Rnishetl Rooms 100%/0% 100%/0% 100%/0% 100%/0% ' Functional Utll Avera a qve a Avera a Avera e Heatin Conlin CntrlHtlCntrlCl CntrlHt/Cn1rICl DMlIHtlCntrlCl CntrIHVNOCntCI +6000 Ener Efticiem Items T ical for A e T is I for A e T ical for A e T Ical for A e Parkin ONOfr Site 2 Car Gara e 2 - 1 Car Gara a On Street Parkin +6 000 Off Street Parkin +5 000 PorclVPatlo/Deck Porches Porches Porch WdDk Patio Porches AmenNes Fire lace None +3000 None +3000 None +3000 AmenNes None None Nona None AmenNes None None None Nona ' Net Ad ustrnent ofal + - $ -g 000 + - $ 33 600 + $ 32 900 Adjusted Sale Price Net Adj, 4.1 % Net Atlj. 79.8 % Net Adj. 21.4 % of Cam arahles Gross Ad'. 69 % 208500 Gross Atl. 198 %$ 203500 Grass Ad'. 21.4 %$ 186900 ' Ad usted Price Per Unit (nry. se comp/smcomv war $ 104250 $ 101750 $ 93450 ' Atl usted Price Per Room (Mj. ss cwn /a of comp soomsl $ 20 850 ' $ 18 500 18 690 Ad'usted Price Per Bedrm@a. se comv/s m come aemooms $ 34 750 $ 40 700 $ 46 725 Value er UnR $ 90 000 X 2 Units = $ 180 000 Value er GBA $ 69 X 3 267 GBA = $ 225 423 Value er Rm. $ 18 000 X 9 Rooms = $ 162 000 Value er Bdlms. $ 36 000 X 4 Bdrms. _ $ 144 000 Summa of Sales Com orison A roach including reconciliation of the shove Indicators of value Cm tad a labia les fora I s s in th ub~ect nart<et area caused the use of sales located further then and older th tvpfcally desired The subl ct location rovides a otl apoeal aused b ths~ near location of amenities i.e. travel access stores and schools. The sales ware chosen after a thorou h search in the sub'ect market area which revealetl limited 2 unit sales availahle that recently transferretl Th apprals r need to nand h' tea of s ach for 'labia 2 'ts for anal sis. The sales establish a ran a of value for the sub' t o ooerty Sales ee's ad' t d I from 186 900 t 208 500 Th ub'ect' overall avers a condition antl su orts a value established by the sales Sale #i 's reported to have eMensive uodatine wh' h caused the atliustrnent for the condition of the sale. Altho~h older then 1 veer sale #1 offers e d ma k t data f alvs's of the sub' ct Indicated Value h Sales Com adson A roach $ 190 000 Tahl toss morrthl rem $ 1 500 X Dross rem multioller (GRMI 100 = $ 150 000 Indicated value bV the Income A roach • Comments on income mach indudmg reconclliahon of the GRM Th GRM' tabllsh d f th 'dated I s c nd'f n of th b'ect o cart and the a raisers eneral knowledge of the sub'ecl market area Indicated Velueb: Sales Com rleonA roach$ 190000 IncomeA roach$ 150000 CostA roach (If develo ed)$ N/A The Sales Com orison A roach to Value is the hest of determinin the Market Value of a residential ro a .The Incrome Aooroach to Value in this situation her s to su ort the Sales Com orison A roach to Value. The Cost A roach to Value was considered bu[ is not a ro date for use in this a sisal re ort. Ex osure time is aoorox'mately 180 - 200 d This appraisal is made ®"as Is", ^ subject to completion per plans antl spec'rfications on the basis of a hypothetical contlNon that the im rove t h b p men s ave een • completed, ^ subject to the following repairs or alterations on the basis of a hypothetical cantlNOn that tie repairs or alteraVOns have been completed ar ^ subject to the , tollawin re aired ins action based on the exoaordin assum lion that the condNOn or deficient does not re wire alteration or re air Se tt h d S l . a a ac e u emental Addendum with additional comments on the a reisal re ort antl sub'ecl ro art . Based on a complete visual Inspection of the iniedor end exterior areas of the subJed property, defined ecepe of work, statement of asaumptlons end limiting ' conditions, end appraiser s certification, my (our) opinion of the market value, ae defined, of the reel property that is the subject of thle report Is $ 190 000 as of 03/06/2012 which is the date of Ins action end the elfecflve date of this a reisal. Freddie Mac Form 72 March 2005 Page 3 of 7 Fannie Mae Form 1025 March 2005 Form 1025 - "WinTOTAL" appmisal software by a la mode, Inc. -1-800~ALAMODE Small Residential Income Prooertv Aoaraisal Renoli ,, Gale Ea,ate 7 -__- "'-r-~- nvn rviwpap The sub'ect a e is estimated as 43 years. The sub'ect use has bee singl f ilv 1 t 4 u 't esid fat wh' h a p ors t be th H' h a best use for the ro Unless otherwise noted wnthin the a sisal re art ALL rovided halos are on loot and were obtained b the a raiser Burin the <fevelo merit of the a sisal. All of the sales indicated have been externally and or intedorly view by the aoora ser as required by the appr sers gu felines for ertormin a sisals. When a Ilcable vAthin the appaisal report it's assumed unless noted in the re rt that the root plumb' a heat' a electdcal a tl air conditionin s stem wells aCDhc tanks or cesspool are n t'sfact apart' ce d'f n th t the b 'Iding' tract roll d and f ere of termite infestation and free of termte damage. The aoora ser sugg t that b err 1 dens d oth ' to t d o rtes obt ' cert'f at from ro erI ualified rofessionals for thet~rotection. There has not been a title search or surve cam feted on the sub'act roe that would confrm or den an encroachments easements deed restrictions on or a ainst the subject property In addR'on information de eloped from available reported public ecord is believed accurate unless otherwise noted. Please be advised that public record report no is at t' es sl or' edl ported At th time f the ore's I 'evdn of the ' sub ect ro art unless otherwise noted m [he a sisal re art none of the items mentioned In this era ra h were visibl noticed or ap arent The . a sisal is made consided~ the items not present or h 'ono ff ct on th a II tvo c I e of the s b' t as I ed' th's rt If an of these items are resent the Fair Market Value as determined by th's rep rt ma be adversely ffected Sub act Photos are od ina~hotos taken at the fine of the b'ect party 'nq tl h of b alt d The di ital si nature used on the appraisal report's the true s a lure f the a o a'ser d used on all ppra'sal Dlq t I sign t es facilitate the trnsfer of the a sisal re art by EDI EFT or a-ma I The softw s ut I d b th app ' er to o est the a o isal Dort o otects nature secure b means of a in number that is in the sole control of the a riser. The a raiser researched a group of sales I'stlnos and rid coot t Drop rt~es'n th sub' t era fo comparison to the b' k S ales • anal sir is based on the roximi to the sub act location effective a e market a e size a raiser verifable iMOrmation of the sales ai raisers resonel knowled a of the sales and most similar amenities to the sub'ect Th ales der c t acts d or I' t' o 'Bed' the M rket Com orison A roach to Value are the best verifiable sales under contra and or listen s sl 'tar to the sub'ect from the qro o of sal reviewed . This a sisal is a Summary aoora sal "The Intend d U e of th a p I rt's th L rid /CI'e t The I t Bed U 's t I ate the roe that is the sub'ect of [his appraisal to establ'sh the ma ket vela of the sub' ct ubiect t the stated Scope of Wok a of the a sisal re rtin r uirements of this a sisal re art form and Defnllicn of Market Value. No additional Intended Users or Unintended Users are ident~ed b the a riser." The line ad'ustment whenn it~ace on the Sales Comoar'son A o ach t Valu om ce nt ar 's for the bath ms' the GLA area of the sub'ect. Overll room count is considered in the GLA ad ustment for the s b'ed it' 'morooe to' ease reduce aluef both om count and GLA. This sctice if used would create a situation of increasing value or red c'nq I e forthe same ritual Personal ro art was not mcluded m the final value of the sub eQ. Value ad'ustments within the appraisal are based not ones c'fc ket d ' ed d' tm t o ' ed sal al Most based on revert thousand aver a eriotl of 20 veers w'th strong'nfiu a for cost to u e fo the'r d'ff antes The a riser is not a rofessional home inspector and does not warrnt the a6 ce o esen a of defects In [he sub'ect Drop rty The indicated sales and listings shown at the too of form 1004 oage;%2's efere ce tg th listing ands les in th defined eighb hood shown in a e #1 nee hborhood section. Listen s sales and data indicated on form 1004MC Included this information but shows all iMOrnation in the ' sub ect market area in addition to this information. Basement size and fnished area for the comparables's estimated f om o bl' eco d epgrt' g h a a'labl MLS' format'on wh a ~ailable and the a risers eneral knowledge of the sub act des gn Act al ver'f hie info ation's not a 'table through c edible amed aortas COST APPROACH TO VALUE (opt required by Fennle Mae) Provide ode uate informatlan for the lender/client to re licale the below costh ores and calculabpns. Su oR for Ne o inion of site value (summary of comparable land sales ar other methods far esLmab'np site value) ESTIMATED REPRODUCTION Ofl REPLACEMENT COST NEW OPINION OF SITE VALUE.___._....._ ____ _$ aorta of cost data _....____..._......_. DWELLING S .R. $ _$ OuaF refin from cost service Effective date of cost data S .Ft. $ _$ = Commems on COStA mach ross liven area calculacons de reclatlon eta See attached buildin sketch with dimensions and sub'ect drawin .See • _$ Gara a/Car art 5 .R. $ _$ attached su lemental addendum for comments on the Cost A roach to To1zl Estlmate of Cast-New =$ glue. _.... Less Ph sical Functional EMemal Oe reclatlon =$ De reclaled Cost of lm rovemems .__.___...._.____......____.......... _$ °AS-Is°Value gf Site lm rovemelRS __......_._. _.... _.. _$ Esfimated Remainin Economic Ufe HUD and VA aril 40 Years INDICATED VALUE BY COSTAPPROACH .... ._..... =E _ '. PROJECT INFORMATION FOR PUOa (Il applicable) Is the develp erNuilder in cgnhpl of the Homeowners Associatlon (HOAh Yes ^ No Undtvpe(s) I Detached ~I Attached Provide the followin infprmadon far PU~s ONONLY rfthe developer/hwlder is in control of the HOA and the suhlect propeRV is an atlached dwellinn unR ' Le al Name of Pro ect • Total number of bases Tohl number of unks Tohl number pf unRS sold ToW number of oohs reined ToW number of untts for sale Data source(s) - Was the ro act created h the converson of ewstln 6uddm s Into a PUD? Yes No If Yes, date pf conversion. Does the ro act contain an mold-dwellin untts7 Yes No Data Source Are the units cgmmon elements, and recreafien faciliAes complefe7 rl Yes [-] No If No describe the status of compleApn Are the common elements leased to or 6ythe Homeowners' Assoclationo n Yes [] Np If Yes describe the rental terms and options Describe common elements and recreational facilities. Freddie Mac Form 72 March 2005 Page 4 of 7 Fannie Mae Form 1025 March 2005 Form 1025 - "WInTOTAL" appreisal software by a la mode, Inc. -1-800-ALAMODE whoa nnswenual IRCOme rropeRV AgDC81S21 NEDOfY ~,_„ ..,,,,,,,.,, " This report farm is designed to report an appraisal of a two- to four-unit property, including atwo- to four-unit property in a planned unit development (PUD). A two- to four-unit property located In either a condominium or cooperative project requires the appraiser to inspect the project and complete the project Information section of the Individual Condominiurti Unit Appraisal Report or the Individual Cooperative Interest Appmisal Report and attach it as an addendum to this report. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limidng conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appmiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appmiser must, at a minimum: (1) perform a complete visual inspection of the interior and eMedor areas of the subject property, (2) inspect the neighborhood, (S) inspect each of the comparable sales from at least the street, (4) research, vedfy, and analyze data from reliable public and/or pdvate sources, and (5) report his or her analysis, opinions, and conclusions in this appmisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appmisal report is the lender/client. 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 d[ite 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 or she considers his or her own best interest; (0) 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 comparahle 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 appmiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or '~:he title to it, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements, including each of the units. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appmiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appmiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appmiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific armngements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed dudng the inspection of the subject property or that ha or she became aware of dudng the research involved in performing this appraisal. Unless otherwise stated in this appmisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, detedomtion, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are rio such conditions and makes no guarantees or warranties, express or implied. 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 appmiser is not an expert in the field of environmental hazards, this appmisal report must not be consitlered as an environmental assessment of the property. 6. The appmiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or altemtions on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. neume rviac corm rz march zuw Page 5 of 7 Fannie Mae Form 1025 Nlarch 2005 Poem 1025 -"winTOTAL' appraisal sofhvare by a la mode, inc. -1-900-ALAMODE amau neslaennal income rronerrv Aonraisal Renert .,,_ ~ ..~~~_~ ° APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I pertormed a complete visual inspection of the interior and eMerior areas of the subject property, including all units. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencir:s that could affect the livability, soundness, or structural integrity of the property. 3. I pertormed this appraisal in accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison and income approaches to value. I have adequate market data to develop reliable sales comparison and income approaches to value for this appraisal assignment. I further certify that I considered the cost approach to value but did not develop it, unles> otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of thf: subject property fora minimum of three years prior to the effective date of this app2lsal, unless otherwise indicated irl this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verfied, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple Iis~Iing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13, I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse Influences in the development of my opinion of rnarket value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowled~7e, all statements and information in this appraisal report are true and correct. 16. I stated in this appmisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report an the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners ar occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan zpplication). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks pertormed in 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 this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. rreeeie mac rarm /2 March 2005 Page 6 of 7 Fannie Mae Fonn 1025 March 2005 Porm 1025 - "WInTOTAL" appraisal sofhvare 6y a la made, inc. -1-B00-ALAMOOE _T_' __ ~mau nG~lQenual Income rropeRV ADDI'alsal Renart ~„-....~~~~~ °' 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; govemment sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's ar supervisory appmiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, anottler lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforce~.able and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional ar negligent misrepresentation(s) contained in this appmisal report may result in civil liability and/or crtminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appmiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appmisal finny, is qualified to pertorm this appraisal, and is acceptable to pertorm this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was tmnsmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appmisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appmisal report were delivered containing my original hand written signature. APPRAISER G~me~2. Ulsh Signature Name GeorgeR I Company Name Company Address Telephone Number 717 4a1-2794 Email Address rulsh(a)comcast.net Date of Signature and Report 03/10/2012 Effective Date of Appraisal 03/06/2012 State Certification # RL000a0sL or State License # or Other (describe) State# State PA Expiration Date of Certification or License 06/30/2013 ADDRESS OF PROPERTY APPRAISED 522 Colonv Dr've Camp Hill. PA 17011 APPRAISED VALUE OF SUBJECT PRDPERTY$ 160`000 LENDER/CLIENT Name Company Name Client: Julie F Gale Estate Go Dlck Stewart Company Address 301 Market Street Lemoyne PA 17011 tmall Atltlress SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature _ State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY ^ Did not inspect subject property ^ Did inspecteMertor of subject propertyfrom street Date of Inspection _ ^ Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES ^ Did not inspect eMerior of comparable sales from street ^ Did inspect exterior of comparable sales from street Date of Inspection •..~~.v ,r, ¢,. , ullll ,<IVIGIl:11 LV VJ Page 7 of 7 Fannie Mae Form Y025 A9arch 2005 Form 1025 -'~nTOTAL" appraisal software by a la made, Inc. -1-800-AfAMODE Operating Income Statement Mw096 One- to Faur-Family Investment Property and Two- to Four-Family Owner-Occupied Property Property Address 522 Colony Orive Camp Hill PA 17011 Street Ctty State Zip Cotle General Instructlons: This form is to be prepared jointly by the loan applicant, the appraiser, and the lender's underwriter. The applicant must complete Ne following schedule intlicating each unh's rental status, lease expiration date, current rent, market rent, and the responsibility'.'or utility expenses. Rental figures must be based on the rentforan "unfurnished"unit. Currently Expiration Current Rent Market Rent Paid Paid Rented Uate Per Month Per Month Utility Expense By Owner By Tenant Unit No.1 Yeses Dla~ $ 789 $ 80o ElecVicity._____.___ ^ Unh No.2 Yeses Dlo~ $ 700 $ 700 Gas ___............_.. ^ ^ Unit No.3 Yeses No~ $ $ Fuel Oil _.....,,_ ^ Unit No.4 YesQ Plo~ $ $ Fuel (Other)..._.... _._ ^ ^ TAI $ 1489 $ 1.500 Water/Sewer ___ ^ Trash Removal .....__ ^ The applicant should complete all of the Income and expense projections and for existing properties pravitle actual year-entl operating statements for the past two years (fornewpropertlesthe opp//cant's projected/ncome and expenses mustbepzvldedJ This Operatlng Income Statement entl any previous operating statements the applicant provides must then be sentte the appraiserfor review, comment, and/or adjustments nex[to the applicant's figures (e.g. App//canUApp2iser288/30gJ if the appraiser is retained to complete the form instead of the applicant, the lendermusi provide to the appraiserthe aforementioned operating statements, mortgage insurance premium, HOA tlues, leasehold payments, subordinate fnancing, and/or any other reaevant information as to the income and expenses of the subject property received from the applicantto subsVmtlate the projections. The underwriter should carefully review the applicant's/appraisar'sprojections antlthe appraiser's comments concerning those: projections. The underwriter should make any final adjustments that are necessary to more accurately reflect any Income or expense hems ~Ihat appear unreasonable forthe market. (Rea/esfate taxes and/nsurance on Nese types olproperties are /nc/uded/nP/T/andnotca/cu/atedasan annua/expense itemJlncome shoultl be based on the current rents, but should not exceed market rents. When there are no current rents because the property is proposed, new, or currently vacant, market rents shautd be used. Annual Income and F~rense Projection far Next 12 months Aclusrments by Income(OO not/nc/ude /ncarne torowner-occupledunitsJ By ApplicanVAppraiser Lender's Undenrvriter Gross Annual Rental (from unit(s) to berenledJ ______________________ __ (MZrke$) $ 18000 $ _ D1he(I000me (%nCIOdCSOtlrCESJ _......_. Total .__ ___...... + 0 + .... _............_ __.. __ _. ...... .._ $ 18000 $ Less Vacancy/Rent Loss .._, - 540 ( 3 %) - ( %) Effective Gross lncome......._.._.._._...__.._._..._....____..........__... $ n460 $ Expenses (De notinc/ude expenses forawner-occupied un/fsJ Electdcdl' _._..._......._._.._....._____........_._....._....____........_._ Gas Fuel Oil Fuel .....__.__.........___.........._.__.. _.. (TYPO- ) Water/Sewer ....___..._.._.___.._.._._.__.........___.......... Trash Removal ~~---~~~~~~~~~ Pest Control ... _ _ _ _ _... __ _ Other Taxes or Licenses Casual Labor .._..______._. _ ,. This includes the costs far public area cleaning, snow removal, etc., even though the applicant may not elect to contract forsuchservtces. Interior PainVOecorafin9 .. _. _........ __ _.._....... __..........._. _......... _... This Includes the costs of contract labor and materials that am required to maintain the interiors of the living unit. General Repairs/Maintenance _._.....____,._.._..__. This includes the casts of contract labor and matedals that an: required to maintain the public corridors, stairways, roofs, mechanical systems, grounds, etc. Management Expenses ___.._..........._.........___._....._....._.........__ These are the customer expenses that a professional management company would charge to manage the property. Supplies _........._..__......___._........__.........._._.__.....____...... This includes the casts of items like light bulbs, janhonal supplies, etc. Total Operatln9 Expenses _...._.....___........___._.....___............ $ 3.635 $ Fretltlie Mac This Farm Must Be Reprotluced By Seller Form 998 Aug 88 Page 1 of 2 Fannie Nlae Form 216 Aug 88 T C Realty, Inc. George R. Ulsh Form INC2 - "WinTOTAL" appraisal software by a la made, Inc. -1-800-ALAMODE Replacement Reserve Sdhedule Adequate replacement reserves must be calculated regardless of whether actual reserves are provided for on the owner's operating statertients ar are customary in the local market. This represents the total average yearly reserves. Generally, all equipment and components that have a remaining life of more than one year- such as refrigerators, stoves, clothes washers/dryers, Vash compactors, furnaces, roofs, and carpeting, etc. -should be expensed on a replacement cost basis. Equipment Replacement Remaining Ry AppllcanV Lendnr Cost Life Appraiser Atljustrtlents Stoves/Ranges .._._____ @ $ 500 ea. + 10 Yrs. x 2 Units=$ 100 Refdgerators ___._.._. @ $ 500 ea. - 10 Yrs. x 2 Units = $ 100 $ Dishwashers __._.._.... @ $ 350 ea. + 10 Yrs.x 2 Units=$ _ 70 ~ A/C Units __ _______________ C? $ ea. + _Yrs. x Units=$ _ ~ C. Washer/Dryers .._____ @ $ ea. + Yrs.x UnRs=$ _ ~ HW Heaters ...,_________ @ $ ea. + _Yrs.x Units=$ _ ~ Furnace(s) ________._.._ @ $ 5000 ea. + 15 Yrs. x 2 Units=$ 667 $ (Other) __._._.....___.__ C? $ ea. + _Yrs, x Untts=$ _ ~_ Roof .....____.._._,____, @ $ 5000 + 10 Yrs. x One BId9~= $ 500 ~__ Carpetlng (Wall to Wall) Remaining Life (Untts) 366 'total Sq. Yds. @ 15 Per Sq. Yd. + 5 Yrs. _ $ 1098 ~ (Public Areas) "total Sq. Yds. @ $ Per Sq. Ytl. + _Yrs. _ $ __ ~_ Total Replacemen[Reserves. (Enter on Pg. 9) $ 2535 ~__ Operating Income Reconciliation $ 17.460 - $ 3 635 = $ 13 825 + 12 = $ 1 152 E7fecgve Grass Income Total Operatlng Expenses Operatlng Income Monthly Operatlng hcome $ $ 1152 - ~ _ $ Monthly Operating Income Monthly Hcusing Expense Net Cash Flow (Note: Monthly Housing Expense includes principal and interest on the mortgage, hazard insurance premiums, real estate taxes, mortgage insurance premiums, HOA dues, leasehold payments, and subordinate financing payments.) uncerwn[ers instructions for 2-4 Family Owner-Occupied Properties • If Monthly Operating Income is a posttive number, enteras "Net Renal Income" in the "Gross Monthly Income" section of Freddie Mac Form 65i Fannie Mae Form 1003. If Monthly Operating Income Is a negative number, tt must be included as a liability for qualification purposes. • The bortower's monthly housing expense-tc-income ratio must he calculated by comparing the total Monthly Housing Expense far the subject property to the borrower's stable monthly income. Underwrtter's instructions for 1-4 Family • If Net Cash Flaw is a positive number, enter as "Net Rental Income" in the "Grass Monthly Income" section of Freddie Mac Form 65/Fannie Mae Form 1003. If Net Cash Flow is a negative number, ft must be included as a IiabiliTyfor qualrflcadon purposes. • The borrower's monthly housing expense-tc-income ratio must be calculated by comparing the total monthly housing expense for the borrower's primary residence to the borrower's stable monthly income. Appraisers Comments (/nc/udingsources fordata andrdHona/e forthe project/onsJ Cost Manuals, personel interviews and appraisers general knowledge W the subject area were used in the determination of developing the Operating Income Statement. Geome ft Ulsh PA State Cert Res R al Estat A i Appraiser Name Underwriter's Comments and Rationale for Adjustments Undenvrtter Name 03/10/2012 Date Underwriter Signature Date Fannie Nlae Forth 216 Aug 88 Freddie Mac Forth 998 Aug 88 Page 2 of 2 Forth INC2 - "WinTOTAL" appraisal software by a la mode, inc. -1-800-ALAMODE cOS l ANO INCOME APPROACH COMMENTS The Cost Approach t'o Value for homes with an age greater then a maximum of 5 years, the lack of available verifable ian~i sales or having gootl available closed sales for comparison to the subject creates a conditon that causes tha Cos[ Approach to Value to be considered inappropriate for use in this appraisal report. This is basetl on the fact [hat a cost analysis for a subject property is generally subjective, basetl on the appraiser estlmate of depreciation, cost manuals general analysis for an area, subjective statements from area contractors. The general analysis of all supports the statement that this gene211y leads to the inaccuracy of the Cost Approach to Values and leads [he client to improper conclusions. For this reason, although conside~.red, The Cost Approach to Value is inappropriate for use in this appraisal report. The Income Approach to Value is considered inappropriate for use in this appraisal report. This is based on the fact that a typical purohaser for the subject property has an interest in the purohase for their primary residence opposed to the concern of the value generated, through investment, from the possible income produced value. In addition, the verifable information available is not a matter of public record and accuracy is at best considered limitetl in nature. For this reason, although considered, the Income Approach to Value is considered inappropriate for use in this appraisal report. Neighborhootl -Description The subject is located in a resitlential neighborhood. Major routes of travel are located within a reasonable distance of the subject. Employment for the area is rated as good. Major employers in the Camp Hill Area include large manufacturing companies, local government facilities and many smaller service companies. The subject neighborhood is in a primarily sttlble phase of its' life cycle with properties in the neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a time period exceeding one year. This is after.a sustained increase for several prior years. Buyer demand appears typical for this time of year in the neighborhood and is supported by continued low interest rates. Information is supported through public record information and Centrel Penn MLS System. Neighborhood -Market Conditions There are no foreseeable economic [rends which might significantly influence market conditions in this area. The current mortgage market offors a wide variety of conventional loans with competitive ates. As a result, the terms of financing have little, if any, impact on sales prices. If interest ates remain reasonable, property values and marketablility should be good. Current supply and demand are in balance. Marketing time is typically 90 - 180 days for reasonably priced properties. Interest rates are ranging from 3.5°/ to 8%with 0-6 points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactions. APPRAISAL COMMENTS The appraiser has NO current or prospective interest In the subject property or parties involved; and has NOT completetl any services regarding the subject property within the three year period immediately proceeding acceptance of the assignment, as an appraiser or in any other capacity. The subject is over 30 years old but had been modernized as necessary and is marketable in its present condition. The effective age is significantly less than 30 years. Farm TA00 - "WnTOTAL° appraisal software by a la mode, inc. -1-800-ALAMODE APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report isgpg of the following types: ^ Self Contained (A written report prepared under Standards Rule &2(a) ,pursuant to the Scope of Work, as disclosed elsewhere in this report.) ® Summary (A wrttten report prepared under Standards Rule 2-2(b) ,pursuant to t'ne Scope of Work, as tllsclosed elsewhere In this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c) , pursuan[to the Scope of Work, as tllsclosed elsewhere In this report, restricted [o the stated irdended use by the specified client or Intended user.) Comments on Standards Rule 2-3 I cerEhy Na4 N the best of my Imowletlge and helief: -The statemente at (act contained in Nis report are true and coned. -The reported analyses, opinions, and conclusions are Ilmdetl only bythe reported assumptlons and Ilmtting condNOns and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. -Unless otherwise Indicated, I have no present or prospective interest in Ne property that Is the suhjec[ of this report and no personal interest with respect N the paNes involved. -Unless otherwise indicated, I have performed no services, as an appraiser or in any other capactty, regaNing the property that Is the sub)ect of Nis report within the Nree-year period immediately preceding acceptance of this assignment. - I have no tiles wiN respect to Ne property Nat is the subject of Nis report or the paNes Involved with Nis assignment. - My engagement in Nis assignment was not contlngent upon developing or repoNng pretleterminetlaesults, - My compensation for completlng this assignment Is not cangngent upon the development or reporting of a predetermined value or directlon in value Nat favors the cause of the client, Ne amount of Ne value opinion, Ne attainment of a stipulated result, or the occunence of a subsequent event directly related to the Intended use of Nls appaisal. - My analyses, opinions, and conclusions were developed, and this report has heen prepareQ In conformity wiN the Uniform Standards of Pmfesslonal Appraisal Practice thatwer in effect at the gme this report was prepared. -Unless otherwise indicated, I have made a personal inspecgon of the property that is the suhject of Nis report. -Unless otherwise indicated, no one provided signitlcant real property appmisal assistance N the person(s) signing Nis certAlcatlon ('rf there are exceptions, Ne name i4 each individual providing significant real property appraisal assistance is stated elsewhere in this repartf. APPRAISER: Signalu Name: Geo a R. Ish to Cert. Re .Real ;state A r Oeslgnah'on: Date Signed: 03/10/2012 State CerMicadon #: RL000409L or State License #: State: PA E>yiration Dale of CeNficadon or License: 06/30/2013 Eflective Date of SUPERVISORY APPRAISER (onty if required): SignaNre: Name: Date Signed: State Certrficatlon #: or State License #; SNte: Expiration Date of CeNficagon or Ucense: Supervisory ApprWser inspection of Sublect Property: ^ Did Not ^ E#eriar-only fmm sVee[ ^ Interior and EMerior Fonn ID10 -'MAnTOTAL° appraisal software by a la made, inc. -1-800.ALAMODE Subject Photo Page Subject Front 522 Colony Drive Sales Pdca MarketValue Gross Building Area 3,267 Age 43 Yrs Est Subject Rear Subject Street Form PICPIX.SG - "WinTOTAI"appraisal software by a la mode, Inc, -1-800.ALAMG~E Comparable Photo Page Comparable t 1294 Brandt Road Sales Price 217,500 Grass Building Area 3,200 Age 9 Yrs Est Comparable 2 223 eosler Avenue Sales Pdce 169,900 Gross Building Area 2,312 Age 82 Yrs Est Comparable 3 200 Forge Road Sales Price 754,000 Gross Builtling Area 2,277 Aga 112 Yrs Est Form PICPIX.CC - ^WinTOTAL" appraisal software by a la mode, inc. -1-B00-ALAMODE Building Sketch q ~ ~a ,.a. a ~.~~~ o.~ .. .~~ w,N.m ..~ A~.~ a s B a ,m ® are ..m.. ..~ .,..m ..mw„ a u .u ~~~ a'y "`°'' a` Area Glqulatlona Summa IJWn9 Ama UnR 11R Flr 1633.5 Sq R Untt i2 Ntl Fber 1633.5 6q R Total Wing Area (Rquntletl): 326) Sq R flan-Ilvi~g Area 2 far Gamge 6]25gR Porta 2 le0 Sq ft Basement 1633.5 6q R Porch 965q R Form SKT.BItlSW - "WinTOTAL" appaisal software by a la mode, inc. -1-800-ALAMOOE Building Sketch ~w°YioOG°` Rrda Celaladons Summery Cluing Ares Unlt l 1st Flr Calabtlgn Uahils 1633.5 Gq R 33 x 49.5 = 1633.5 Uni[ X2 JnU Fbor Sfi33.8 Sq R 33 x 49.5 = 1633.5 Tobl tlvln9 Nes (ROUntletl): 326) 5'q R Non-living prey 2 Car Gaage SR 8q R 22 z 26 = 6J2 PoreM1 2 180 Sq R - IS x 12 = I®3 basemen[ 1633.5 Sq ft 33 x 49.5 = 1633.5 PorN 46 Gq R 9 x 5 45 Folrn SKT.BIdSkI -- "WInTOTAL"appraisal software 6y a la made, Inc. -1-800-ALAMOOE Appraisers 2017-2013 Certification t mmonwealth of Pennsylvania 1 ~ X 6 4 8 8 ~j,~ DepaY"tppent~pfSt ate s 'rofp;16'al a11t€gccupational Affairs ' ~d6'~9'1 Iarr~gl~urR P'~17105, 2649 r7 4~e Y1r ~ c'. ~ ~ i c ~ ~t~ n ti ~r rr '' Certificate Statua'~ r ~ dt Y?~ ~ ~ ~ ~ Active - _ s , .,~ 3 - ~ , 'Ijl, ~? 'Iaitirf Cortificatitin Date .GEORGE RANDALL UL3H Certificate X10/11/1991 `~ .. 4099, Derry Street ~' ' R Number HA RIS~uRG PA V111 i7; _ , RL000409L Expiration Date 06/3 0/2013. . 11 uSl}t_nySh '111'1' noel unJ Omunau r. r~i nn .. ~ ~ M Sgna ~-- Farm MAP.Tmmc - "WnTOTAL" appraisal soihvare 6y a la mode, Inc. -1-800-ALAMOOE Location Mae alamlxie inc' ~ ~ °~ ~ ° - >: tneamx.axemenedubv ~- --___ Acker MPn:pomery Ferry pc°' sfi Entlers - NeSVport ~~rP 322 ~ Ca.wnv"Ale Fiver ~ + ' Hallfau - - VlalnutGrvve luniat3 '~ i EnterLn¢ Furnace msn RUA _ '~,1 Waa;rv:p ro~..ns azs Malmrwue ~-j' wnn. New eloomfiefd ~J wnwia ry~aoecn~ld .y aj G¢rnaa arg rn4 Dunrasi(n ~I R E a a r ~4~'3 aekVd\°t~_-. r¢kerxvn 0Aa ~n~wl`-Dairpl~In ~un9U 4 s~~c +--~Smt m ~~22 34 A p p a l a c b i a a M a u n t a, n s Marysv111e Linglestorrn ~t~ p A U P 4; 1 SLermam pale Volley Rtl Kesscne 1"-1 -- o -. y _ --'_... ~ Paxton -. . la - .. 1 ° _ If - ----" i olanial Park mda+ta u ;-Wesa Fain' Penbrwk •~, - Ruthen`ord ~a'~o - ~ •, ttn 4ss~ ormleys6 Harrls6ur - I~ Hei9hti e Tv,p x Schlosser / -...~i HopettPmn Ga ~ka,~.\ Lemoyne ~~, `, Middlesex ~ e~~ tam Hill. \f SteNton .ela-_- - u5 ~ - ~i~-J r' ~© ~ '15 ..~~~ ~~ .K Ra ~~/ Hi C°~ Bailing _ Gra ,- ~~~\ ecn 6la a° Springs ~~~ __ k r oSYn Mount Holly k ° , ,;,aW Springs a K~„e,n "a rmeern¢r GaP 34 n Emrl -d,.~,;,n E ~~4. c-we: ~ y TPlzntl ~ ~rOrF ~NPra Alplm !~. n ~ ~, onchni b sere i\~ _. CIeu5Ptln9 '~4 Jad: ~® Uriati ~^ Maulu Rayal ~~\ KraYmrn a• E Gardners Yprk Springs '?;~ E Ap. DOVL'r ' ~ Lake Meade Pav; . P Yp~ °y6ur R:1 ns ers ts' -19d B~ Welgels[awn / No' 9~r~~f H+JtlI¢rsGhiq - FwAill¢ ~.4` 4VML YOr} Biglervilte j / wmpmn - East eerlfn 3A G le - © -_-_... - ; bff1C{' :~- ~ ~ 1" ~ ~ weer Salem 5m0es ~..ai~_.r,.. a>=•. ¢.d. wrvs '~ a¢rln¢s sA - a[»vr: Tel Poml MAP.LDC -^WinTOTAL" appraisal software by a la mode, Inc, -1-8170-ALAMCDE LANO APPRAISAL REPORT Gale 14 FlIe No. M00'143 narrower uiem: umle r gala tstate ao Richard Stewart Census Tract 0113.04 Map Reference 10=20.120.184&247 Property Address Lot #247 Little Run Road City Camo Hill County Cumberland State PA Zip Cotle 17011 Legal Descdptron Referenced in Recertl Book 25B Pace 001 Sale Pace $ MarketValu _ Date of Sale N/A Loan Term N/A yrs. PrppeM Rights Appraised ®Fee ^ Leasehold ^ Da Minlmis PUD AcNal Real Eshte Taus $ 853 (yr) Loan charges to be paid by seller $ N/A Other sales cgncesslons None Known Lender/Cliem Client: Julie F Gale Estate Go Richard Stewart Address 301 Market Street Lemoyne PA 17011 Occupam Vacant Ground appraiser George R Ulsh PA State Ca InsWCdons to Appraiser Appraise vacam land as vacs t 'm ~ovetl . Establish Fair Market Value "AS OF"the indicated date of the a sisal Location Urhan Suburban Rural Good Aug. Farr Pocr Built Up ®Over 75% ^ 25%to 75% ^ Under 25% E l mp oyment Stability ® [] ^ ^ GrowN Rate ^ Fully Uev. ^ Rapid ®Steady ^ Slow Convenlence ro Employmem ^ ~~ ^ ^ Property Values ^ Increasing ®Stable ^ Declining Convenlence to Shopping ^ ~~ ^ ^ DemandlSupply ^ Shortage ®In Balance ^ Oversupply Convenience tg Schools ^ ~~ ^ ^ Matlcedng Time ®Untler 3 Mos. ^ 4-6 Mos. ®Over 6 Mos. Adequacy gf Public Transportation ^ ~.] ^ ^ Present Land Use 80%1 Family _%2-0Family _%Apts. _%Condo 10%Commercial gecreational FacilNes ^ ~~ ^ ^ %IntlustriN 10%Vacant _% Adequacy of UNNes ®[] ^ ^ Change in Presem Land Use ~ Not Likely ®Likely (*) ^ Taking Place (') Property Campadhility ®[] ^ ^ ' ( ) From Vacant To Residential Protecdgn from OeMmerdal Conditions ^ ~'~ ^ ^ Predominard Occupancy ®Owner ^Tenant _%Vacant Police and Flre Protectlon ^ ~~ ^ ^ Single Fatuity Ptlce gangs $ 150.000 to $ 450.000 Predgminant Value $ 175-400 General Appearance of PropeNes ®[] ^ ^ Single Family Age 5 yrs. to 725 yrs. Predominam Age 20.50 yrs. Appeal to Markel ®[] ^ ^ CgmmeMS including those factors, favorable or uMavorable, affecting marketabllgy (e.g. puhlic parks, schools, view, noise): See attached addenda. Olmasions See Suoolemental Addendum = 18.8 Sq. R. or Acres Comer L[It Zoning classBicatlon Suburban Residential Present Improvements ®do ^ do not conform N zoning regulations Highest and hes[use ®Presentuse ONer 6 ecif Public ONer (Describe) CfF SITE IMPROVEMEMS Topo Mostly level than steep slope up to east Elec ^ N . one Street Access ®Public ^ Private Size Larpe for Area Gas ^ None Sudace Paved asphalt Shape lae0ular Water ^ None Available Maln<enanee ~ Public ^ PdvaN View Suburban San. Sewer ^ None Available ^ Storm Sewer ^ Curb/Gutter Drainage Apo ors Adepuate ^ Underground Elect.&Tel. ^Sidewalk Street Li hN IeNeproperryloceted lnEHUOldentllled Special Flood Hezprtl Aral ^No®Ya Comments (hvoaahle a unfawreble IncNtling any apparent adverse easements, encrtachmems, or Omer adverse catlitlons): The sub'ect's presently un'moroved wood wetlands. The sub ed suburtan area is in a generally stable phase of its life cycle 'th the available vacant land being develooetl intrr rimaril residential builtlin lots. No noted easements encroachments or soec'al arse sment eas The s b'eQ land is o'madl wet land or unuseable vacant round oftedn onl ovate eno ment of the owner. The undersigned ha retired Noe recem sales of pro pertlea mast sImIW and protlmah N suble a and has consltlerttl Nesa In the market anaysis The tlesctlptlan IncNAes a doll adlusMem rtdecanA market reactlan to Nose items to a mart hvorebH Nan Ne soled property a min of slAldflcam vadatlon henveen Ne su6)ect an us (-) atllusMem Is made Nus rttl l N d compaable propertles. tt a sIAnlACVd Ite i . ar m In the comparable property Is supeda , favorable than Ne subject property, a plus (+) adju uc e nA sMerA is made Nus Incrasing the indicate ndcated yobs of subjecp tt a slgnlflcam Ite d value of the subject. m in Ne comparable Is Interior ro or less REM SU ECT P OPERIY Addre L t #247 Li CO ARAB N0.1 CO ARAB N0. CO RA N0.3 o ss ttle Run Road 2125 Pine Road Lot #019 Cedar Street Lot #1 Felker Roatl Cam Hill Mo nt Holl S do s PA 17065 M t H ll Pro I tp S act m w' k 2•S~~' ;k`': oun o S do s PA 17065 Middletown PA 1705'! ales c u. 2q. g miles SW 14.15 milea SW 13.56 miles SE e 'ce Per Acre MarkelValu g ~g • 60000 , - ~ "- 1 105 000 150 000 Oa Source Pro View/PUblicRec •+ 5455 ML PubRec A raisersFiles 6442 MLS PuhReo YA raisersFiles 8571 MLS PubRec A raisersFiles Date gf Sale and Time Adjustmem 0 CRIPTION SCRIPTION +- Ad'ust SCI ION +- Ad' ESC TIDN +- Ad'ust N/A 10/ 7/2010 10/03/2011 . 08/30/2005 ' carton SR Suburban Rur I Rural Suburban ' iew Access 18.8 Acres 77.88 Acres -24 000 18.3 Acres 17.5 Acres -70 000 Zanin Public Suburban Residential Pubic A d ultural Public A riculturel Public Residential To 0 2 h Level/Slo in Lev I/Slo In LeveUSlo i LeveUSlo in U6lides Sale R i Not Available Not Available Not Available Not Available s or nanc ng Concessions None None ~ ~ None None el Ad aNl Nona $*:~N^Upg None None None ~_ Indicated Value ol Sublect y "g]" '+~ ¢ j*~j 31 a e~~ ~ v ' + -24 000 "v`- + ~ + -70 000 " ~ ~f ,: ,p . „~ . Net. 40 Oa% 36 000 Y~ Net 10500 n ' S ~ 6 CommenN an Market D ata. See attached Su elemental Addenda 0 t. Net 4 7 80000 Comments and Condtions of Appraisal: The aopra'sal Is completed 'th the cknowtedo ant that fI'tles e n t a I ble The sub act la d is ' available for dvate en o ment only no rovemenis Rnal Reconciliation: The Market Approach to Value No early ind'cetes the th ost ccurale vat a fo ace t u I ed land The I ne and Cost A roach to Value were considered but are not appropr eta for this Dort 1 ESiIMp ME MRRIIET Y1LUE, FIME OF pJ4RT PppPEp}Y q5 pF 03/08/2012 tc be $ 70 ODD CJ Geo a R. PA State Cert. Res. Real E; ® Dld ^ Old Nat Physically Inspect Property A raisers peviewA raiser des Ilcable IY2 KI T C Realty, Inc. George R. Ulsh Form LND -'WinTOTAL" appraisal soHware by a la mode, inc. - i-600-gLAMODE EXHIBIT R rveignoomaac - uescnption The subject is located in a esiden[ial neighborhood. Major routes of trevel are located within a reasonable distance of Ne subject. Employment for the area is rated as good. Major employers in the Camp Hill Area include large manufacturing companies, local yovemmentfacilifies and many smaller service companies. The subject neighborhood is in a primarily stable phase of its' life cycle with properties in [he neighborhood having good appeal with proof of regular maintenance. Supply and demand appears in balance. Property values are stable and have been for a Gme period exceeding one year. This is after a sustained increase for severe) pdor years. Buyer demand appears typical for this time of year in the neighborhood and i:s supported by continued low interest rates. Multi-use properties are typical of the neighborhood and support residential use. No adverse affects on value or marketability of the subject are indicated from their presence. Vacant ground exist pdmadly 1'or residential development. Information is supported through public record antl Central Penn Multi-list system. Neighborhood - Market Contlidons There are no foreseeable economic trends wmich might signiflcan0y influence market conditions in this area. The cumenrt mortgage market offers a wide variety of conventional loans with competitive rates for residential use properties. Vacnt I:and financing is limited resulting in cash sales or possible seller fianncing. As a result, the terms of financing have little, if any, impact on sales prices. If interest retes remain reasonable, property values and marketablility should be good. Current supply antl demantl are in balance. Markefing time is typically 90 -160 days for reasonably priced propertles. Interest rates ana renging from 3.5%to 6% with 0~ points typically being paid for origination or discount. Seller concessions, although evident, are not typical of all transactlons. APPRAISAL COMIENTS The appraiser has NO current or prospective Interest in [he subject property or parties involved; and has NOT completed any services regarding the subject property within the three year period immediately preceding acceptance of the assignment, as an appraiser or in any other capacity. Exposure time is over 360 days SUBJECT DIMENSIONS 248' x 1205' x 468' x 594' z 410' z 300' x 915' x 1456' x 379' x 345' approximate per public record rM Market Data Comment Sale #1 is reported as 17.88 acres with 11 acres wet land. The appraiser backed oul the typical value for useable land wtrlch left Ne we[ )antl value ofthe property. Sale #2 Is reported as being completely clean and green with no improvements permitted. Sale #2 tloes not show a value atljustment because all land is used for private enjoyment, similar to the subject Land is riot available for improvement with clean antl green status. Sale #3 is reported as 17.5 acres with 14 acres we[ land. The apprelser backed out the ypical value for useable land which left the wet land value of the property. Limited sales whh limited utility similar to the subject caused the use of sales Oltler Nan and locatetl further than typically desired. Sale #3 is 7 years old. The age of Nis sale does not support a value adjusted because of Ne recent Increases and then declines in [he market. Most wieght of the subject is given to sale #3 which is most similar to the subject in wet property Sale #1 and #2 help to support [he value indicated in Sale #3. Form TADD - °WInTOTAL"appraisal software 6y a la mode, inc. -1-800-ALAMODE DEFINITION OF MARI~T VALUE: The most probable price which a property should bring in a competitive and open marN.et under all conditions requisite to a fair sale, the buyer antl seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this defnition is the consummation of a sale as of a specified date and the passing of titlsi from seller to buyer under contli[ions 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 allowetl for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of fnancial artangemenis comparable thereto; and (b) the price represents the normal consideration for the property sold unaifeGed by special or creative fnancing or sales concessions' granted by anyone assocated with the sale. `Adjustments to the comparebles 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 tretlition or law in a market area; these costs are readily ident~able since the seller pays these costs in virtually all sales trensactions. Special or creative fnancing adjustments tern be matle to the comparable property by comparisons to fnancing terms oHerad by a third party institutiomal 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 fnancing or concession but the tlollar artwunt of any adjustment shoultl approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subjeG to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affeG either [he property being appraised or the title to it. The appraiser assumes that the the is good and marketable and, therefore, will not render any opinions about the title. The property i:; appraised on the basis of it being under responsible ownership. 2. The appraiser has examined the available flootl maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appaisai report whether the subject site is located in an identifletl Special Flootl Hazaro Area. Because the appreiser is not a surveyor, he or she makes no guaantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear in court because he or she made an apprelsal of the property in question, unless specific anangements to do so have been made beforehand. 4. The appraiser has estimated the value of the land in the cost approach at its highest antl best use antl the improvements at their contributory value. These separate valuations of the lantl and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 5. The appraiser has noted in the appraisal report any adverse conditions (such as, needetl repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) Observed during the inspection of the subjeG property or that he or she became aware ref dudng the normal resoarch involved in pedbnning the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the properly 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 consitlered as an environmental assessment of the property. 6. The appreiser obtained the information, estimates, antl opinions that were expressed in [he appraisal report from sources that he or she considers to be reliable and believes them to be true and comet. The appraiser does not assume responsibility for the accuracy of such items that were hrrnished by other parties. 7. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Prectice. 8. The appraiser has based his or her appraisal report and valuation contusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be pertormed in a workmanlike manner. 9. The appraiser must provide his or her prior written wnseM before the lender/Giem specified in the apprelsal report can distributer the appraisal report (including conclusions about the property value, the appreisers itlentity and professional designations, and references to any professional appraisal organizations or the firm with which the appreiser is associated) to anyone other than the bortower, the morkgagee or its successors and assigns; the mortgage Insurer; consultants; professional apprelsal organizations; am/ state or federally approved fnancial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/tlient may distribute the property description section of the report only to data collection or reporting service(s) withrout having to obtain the appreiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed 6y anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form q39 &93 Page 1 of 2 Fannie Mae Form 1004E16-93 T C Beatty, Inc. George fl. Ulsh Form ACB DEFO- "WinTOTAL" appalsal sollwara by a la mode, Inc. -1-800-ALAMODE APPRAISER'S CERTIFICATION: The appraiser certifies and agrees that 1. I have researohetl 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 comparfson analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of signifcant variation. If a signlfcant item in a comparable property is superior to, or more favorable than, the subject property, I have made a nega0ve adjustment to reduce the adjusted sales pace of the comparable and, if a significant item in a compaable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales pace 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 signifcent information from the appraisal report and 1 believe, to [he best of my knowledge, that all statements and information in the apprisal report are Vue 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 am[ingent 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 1 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 [he estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subjeq 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 Giant or any related party, the amount of the value estimate, the attainment of a speck result, or [he occurrence of a subsequent event in order to receive my compensation anrllor employment for performing the appraisal. I did not base the appraisal report on a requestetl minimum valuation, a specific valuation, or [he need to approve a specfc mortgage loan. 7. I performed this appraisal inconformity with the Un'rform Standards of Professional Appraisal Practice that were adop[etl and promulgatetl by the Appraisal Standards Board of The Appraisal Foundation antl that were in place as of the effective date of this appraisal, with the exception of the tleparture provision of those Standards, which does not apply. I acknowletlge that an estimate of a reasonable time for exposure in the open market is a condition in [he definition of market value antl [he 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 antl exterior areas of the subject property and the extedor of all properties listetl as cemparebles in the appraisal report. I further certify that I have rrotetl 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 ecent that I hatl 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 appreisal or the preparation of the appraisal report, I have named such intlividual(s) antl disclosed the speci0c tasks performed by them in [he reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform [he tasks. I have not authorfzed 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. BUPERVISORY APPRAISER'S CERTFICATION: If a supervisory appraiser signed the appraisal report, ha or she cert~es and agrees Nat: I tlirec[ly 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 cert~rations numbered 4 through 7 above, and am taking Lull responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: Lot #247 Little Run Road Camo H'll PA 17011 APPRAISER: SUPERVISORY APPRAISER (only If requlretf): Signature: - -' Signature: Name: s State Cert. Res. Real Estate A r Name: Gale Signed: 04/07/2 Gale Signed: State CeNOcatlon #: RL000409L State Cem'Ocatlon #: or Stag Ucense #: _ or State License #: State: PA State: &pira0on Oate of CeNflca0cs or License: 06/30/2073 Fxpiratlon Doh of Certlfica0an or ®Dld ^ Oid Not Inspect Property Freddie Mac Farm 439 fr93 Page 2 of 2 Fannie Mae Form 10040 6.93 Form ACR DEFD - "WinTOTAL"appraisal software by a la mode, inc. -1-800-ALAMODE Bonawer Ilent Client: Julie F Gaie Estate do Richard Stewart Rle N M00143 Pro a Address Lot #247 I-idle Run Road C' Cam Hill Coumv Cumb d d State PA Zlo Cod 17071 Lender Client: Julie F Gale Estate do RicharU Stewart APPRAISAL AND REPORT IDENTIFICATION ThIS Appraisal Report ispne of the following types: ^ Self Comainetl (A written report prepared under Standards Rule 2-2(a) ,pursuant to the Scope of Work, as disclosed elsewhea in this report.) ® Summary (A written report prepared antler Standards Rule 2-2(b) ,pursuant to the Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use (A written report prepared antler Standards Rule 2-2(c) , pursuam to the Scope of Work, as disclosed elsewhere In this report, restricted to the stated Intended use by the specified client or Intended user.) Comments on Standards Rule 2-3 I ceNfy that, to the best of my knowledge and belief: -The statements of fact comalnetl In this report are true and coned. - The reported analyses, opinions, and conclusions are limded only by the reported assumptions and limiting conditions and are my personal, impaNai, and unbiased professional analyses, oplnicns, and conclusions. -Unless otherwise indicateglhave na presem ar prospective interes[in the propedy that is the subject of this repertan0 no personal interest with respectN the puties Involved -Unless otherwise indicated, I have petlormed no seMCes, as an appraiser or In any other capacity, regarding the property that Is the subject of Nis report wlNinthe Nree-year period Immediately preceding acceptance of this assignmem. . - I have no bias with respect Ip the property Nat is Ne 5ublect of Nis report er the games involved with Nis assignmem. - My engagement in Nis assignmem was not corNngem upon developing or reporting predmerminetl results, - My compensation for completing Nis assignmem is not cantingem upon Ne Oevelepmem or repoNng of a predetermined value or direction in value Nat favors the cause of Ne cliem, Ne amoum of Ne value opinion, Ne attainmem of a stipulated result, or the occurrence of a subsequem event directly related to the intended use N Nis appraisal. - My analyses, opinions, and conclusions were developed, and Nis report has been prepared, In conformity with the Undorm Standards of Pmfessipnal Appraisal Pn¢tice that wer in effect a[ the 6me Nis report Iran prepared. -Unless oherwise indicated, I have made a personal inspecton of the property Nat is the subject of Nis report -Unless otherwise indicate4 no one provided signiticam real property appraisal assistance to Ne person(s) signing Nls certifcagon ('rf there are exceptions, Ne name of each individual providing slgndican[ real property appraisal assistance Is sfahd elsewhere in this report). Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any State mandated requirements: APPRAISER: ~/ ~,,A/_ SUPERVISORY APPRAISER (only R required): SignaNre: !%r/~'~'\-~. SignaWre: Name: Geo a R. Ulsh State Cert Res Real Estate Aoor Name: Oesignalion: Oesignatlon: Oa[e Signed: 04/07/2012 Date Signal: State Certification #: RL000409L State Certdicatlon #: or State License #: or SRte License #: State: PA Sffie: Expiretion Date of CertHication or License: 06/30/2073 &piratlon Date of CeNflcation or License: Supervisory Appraiser inspection of Subjem Property: Effective Date of Appraisal: 03/08/2012 ^ Did Not ^ E#edor-only from sheet ^ Interior and Exterior frorm ID10 - "WInTOTAL" appraisal software by a la mode, inc. -1.800-ALAMODE Appraisers 2011-2013 Certification ~.A, :per , - y. ', ``M Common~yeat ^- ~: .;: i De "` ~' ~ ~ Bureau of Pro PO Bo ~f~~Ian O/ Cer[ificate'Cype 0: a Certified Residential Appraiser ~ n _ , _ RL000409L 10 0648E90 tia nal Affairs \~'Y-t C - lad 'Certificate Statius z /,>,blt, Active / `. 3 'Iqy 1 ~e[nlicatia`n bate ~'+'~ 10/11/1991, ~~. Expiration Datr. . 00/30/2013: Form MAP.Soils - °WInTOTAL" appraisal software by a la mode, inc. -1-800-ALAMOOE Subject Frrmt Lot #247 Liltle Run Road Sales Pdce MarketValu Date of Sale N/A Lacatlon Suburban SkeNiew 18.8 Acres Access Public Zoning Suburban Residenti~ Topography Leval/Sloping UtlIN'es Not Available Subject Street Form DLSLND -"WinTOTAL"appraisal software by a la mode, Inc. -1-800-AIAMODE Subject Land Photo Page Subject Land Photo Page Subject Frent Lot #247 Litlle Run Road Sales Pdce MarkePJalu Oate of Sale N/A Location Suburban SiteMew 78.8 ACres Access Public Zoning Suburban Residenti~ Topography LeveUSloping Utilldes Not Available Rear Subject Street Form DLSLND - "WInTOTAL"appraisal software 6y a Ia made, Inc. - 7800-ALAMODE Comparable Land Photo Page Comparable 1 2125 Pine Road Pmx to Subj. 24.78 miles SW Sales Price 60,000 Dale of Sale 10/27/2010 Location Rural Sherylew 17.88 Acres Access Public Zoning Agricultural Tapogrphy Level/Sloping UtilPoes Not Available Comparable 2 Lot #019 Cedar SVeet Pmx to SUbj, 14.15 miles SW Sales Price 105,000 Date of Sale 10/03/2011 Locaton Rural SheNlew 16.3 Acres Access Public Zoning Agricultural Topography Level/Sloping UNINes Not Available Comparable 3 Lot #1 Felker Road Prax, to Subj. 13.56 miles SE Sales Price 150,000 Date of Sale OB/30/200:i Location Suburban SheNiew 17.5 Acres Access Public Zaning Residential Topography Level/Sloping Utllitles Not Available Form DL%LND- "WnTOTAL° appraisal software by a la matle, Inc. -1-800-ALAMOOE Location Map Bortgwer Client Client: Julie F Gale Estate Go Richard Stewart Pro a Address Lot #247 Little Run Road C Cam Hill County Cumbedand State pq Zip Code 17011 Lender Client: Julie F Gale Estate Go Richard Stewart ,~P~ Itldleburg" a la mode IOC. Fs" ~ ~ 1W 35 is Trevorton ghamokln MMeNnuraaa~eaMp T 5P$ y It n[ ~•. U Mahn Tx Y ~~~ `~^ west Perry TwP PoR Trevorton ]L' Peer PY P Deue¢rT q ille ~~~~~.~ A P p e I a c h i ~~n M o u. n c a i n s f'~ i fMeta iwP LYkw Twp Hegll rnh'vnJ~' Swquehann3TV~.~~f au ~ Toner City M I/fincown ~ =,," _~ ~ Lyk¢ns _ Millernox•n 1'- ~ ElizabeNVille TS \ ,` Mitleisburg - ~ Carl SPtlng Twp ;' _ _ ss swoon ~ Sb Nesvport~~~ it Par ]a ~ /, Way,q Twp 't 1. ~ J~ ,1 .O~ fr lnr~ntPrm I $dYilk GaP ~4,~ ~ New 6laomfieltl ~ •r/ poi as Dunca ton ast""-Henover rzz BSD 5Pan9 Tw'P 3a Union Nfa[erW Marysvill Lingleatosvn S14 _ ~ Annville ne Twp Ta .. ~ Palmyra Ca ial Park Enolak H¢rsh¢y sn Progm L Har . _ p Swatara Mitldlesev 1t Pw'~nGSUm~ti'eJdan~~d®® echanicsbur }~. ®_ Calisle ~ ~ "s MI letowna~ {k Dolling 5pringi'.. ~ 1 FJimbeHrtawn -- Mount Ho s'rn~~ 5prilg Dilisburg MtJa !y ~ Phcb'ot, uytov.n !/ 1 36te ghipperut~rg Park _ - i Weigelsmwn ~ ~Eas -York ° isa York 6igl~rville Eon Berlin v - ]< ~- -=-"-~=,~ - Fed Lion /,r%' Spring Grom 3e ~--New Oxford JScob ]a loot Nto ,~ ~ l ~ i Geitystiu g lincy u Nanoyer C¢tlo~us $tite sr Glen Rock ~ Hopew Center Canoll Cumberla -wp Pmkville t9a '. Park 5hrew~u N esboro y~pey Uttlesrown 1sg y Pleasant Hill Nesv Frredom --Hi hfieltl~Cas~'tle ~ s] g G ~ 1 139 euinuk Mountain Camcdn M¢wnin ~~ Taneytown Manchester Ile NaEPrd .;: 0 Park Camnin ~ Thurtnont ' b WM1be Hall f~ l ' MPUntain Y 550 MMdlehur9 Uniontown. Hampstead f3] lla ~ bin/~~ Union bridge Westminster 10 ~~]SRT { da >yi.'~''Y' 1a0 ~e9L^^1vJ.+v^_e'vY-/gf+e E-519. :VIE2 P~'a farm MAP.LOC-"WinTOTRL"appraisal sofhvare by ala mode,inc.-1-800-ALAMOOE 214 Senate Ave 7th Floot Camp Hill, PA 17011 direct 717 730 1800 fax 717 730 1894 toll free 800 237 1700 February 2, 2012 Johnson, Duffle, Stewart & Weidner Attorneys at Law Attn: Richard Stewart 301 Market Street Lemoyne, PA 17043 Re: Estate of Julie F. Gale (deceased 01/17/2012) Dear Mr. Stewart: MorganStanley SmithBarney At the request of Leisa J. Kercher, Executrix of the Estate of JuIXe F. Gale, please find the following date of death values: Account #5,4J'021 '6~^1tt[!>j~ . e11t},!f~{rtcEy~b~;il/H~:;;,.` Svmbol Cusln Descrlotlon u ntlt PACs Total ALTIIX 018642108 Alliance Bernstein Muni 7,182.49 10.32 $74,123.36 Inc Fd National Port CL A DMTFX 245909106 Delaware Tax Free USA Fd A 26,286.05 11.88 $312,27&38 DTFCX 245909403 Delaware Tax Free USA Fd B 112.60 11.87 $1,336.66 VKMMX 001419555 Invesco Van Kampen Muni 14,729.49 13.64 $200,910.32 Inc Fd CL A PRNAA:X 74441U105 Prudential National Muni Fd A 45,600.12 15.27 $696,313.87 PPNAX 746872308 Putnam AMT-Free Insured 20,957.01 - 15.41 $322,947.64 Muni Fd CL A Tuiai $1,624,723A8 R~CEIV~D FEB 0 7 2012 JOHNSON DUFFIE THE (NFORMATlON' HEREIN HAS BEEN i~xiTAlNED FROM SOURCES WE BEIIEV's ~t~~ BE REILABLE, Bi1i ^v0 NQT GUARANTEE l=rS ACCURACY UR COMPtETENE5S. EXHIBIT S 2000 Mercedes-Benz CLK-Class CLK320 Coupe 2D Trade In Values -Kelley Blue Book Page 1 of 3 © ~ ~ SZ ZIP CODE: 3]011 Sign in for Sign uPl home [ car values ~ cars for sale ~ car reviews ~ kbb top picks ~ research toots 2012 CADILLAC CTS SPORT SEDAN ~~ ' Boltl, cevvy, uncompromising ahowpioco" -A7olar frond POPUWr at KBB.COm f ~~ 0 ,..., ..,.. ~ . 10 Mgs'p Fuel-effKieirt Sl1VS... ~y' Leam More Build Vour Own Locate a Vehicle - ' aa~enlsement wo-~ ago Nome > Car'/alues > Mercedes-eenz > CLK-Class > 2000 > SNIe > options > Mercedes-Benz) CLK-Class ~j 2000 ~ yo CLK320 Coupe 2D Trade-In/Sell Values Show Dsed Gtr Fnces 2000 Mercedes-Benz CLK- Class style: CL1C320 Coupe 2D - edit ophons ~Riange style Mileage: 20980 mange Trade-In Value Private Party Value when tratling in at a dealership when selling the wr yourstlf ~J~a°~' this mr Pdnt Report uun (. The Name Your ^,~ Price 7ool.Only (((~j~ from Progressive. ~~ ~- Ezeellent _ aavenisemanc „ny atls' $8,146 Shop for your next car Price a new car very Good PROGREJI/UE' $8.071 .,,~t~,a.>,wer~.~r~m, ~ Instant Trade-In Offer get the offer Now you can insure your bike Good with Progressive starting at only $9r-i a year. Fair Get alerts when ~ s I s values change follow this car / .~ - Verify Condition ~~ ~. VALUES FOR APR 6 2012 -APR 12 2012 (updatetl weekly) advertisement ,vny atlas Helpful resources from kbb.com ------ ------ WriteaReview Check Specs Get Advice Own iV Love if? Tell us. Know your or Inside Read 10 steps to salt. and ou[. j ~~yrtgn • ~~" i ~~k12o00 ~"L.~a /,fr~ CCk ~ ~^- it i . . an ercisement ~..mv aan ' `%%t%%~ Rc<:entlY Viewetl f_ars EXHIBIT T co APPRAISAL Personal Property of ~' U C. t A F, GR [- E 105 F<41~2 u~A-y C>R,~9~9P l-f /LL ~.g, l 7 rJIJ Angraised by Ghuck E. ®ricker AU094-L Date ;~ - /~ -/~ ITEM VAGUE ITEM VALUE /~ nn ~!7 k /rl/LZ E E' 0 LE ~Nd Ur E",vc 75U W c 0 Uc CO -JG ~ r o0 ~-DUE's~ S ,b~ T $LE c i~t l ua 1~ M cF-lotl 6,s. 1.3 U FFG'T U b s S T, i3 L=d IH ~ MPS ~ UU, a S LJ- G ru ~T a U.uo = H rJ t;,~ F r_F s t o Pc .20.0 13rzu~ 5~a,oo 0 !c~ e~ -i & o,o UYFR ac-E SDao C ~ oFFce oES' 12u,c S T cl ,oo P/rU~ s~r~LF= vu~T 8a a / c dJ ctl~s ES W e I (bD,U .L/ ctUOR arrJ AO.oo RM ct-i t(Z o Pc M R ~ T LE 8 l v au D15PL,~} c.¢sE 6,C ~ OVA Ua ~ l~F~ cldi}rR 0 l ~ G lRs w or ~ a5-1~. ~ p e E s~ /UD,v ('rl{-T F L~ rR ur2 ~0.U0 Cp(Znf~ g ,~ 0,0 ANT CE T 6A0 h'1 /} 63CL~ ~~T~tNdS 35 G 70,0 Z P NE L S 5 ~~ L OOrU S Ny}LL ~ t P1. T L~ SD, Or G' IRW SSUc1~ ,UD D E N ~S'/N lOU, r R,QVN cOF(tCE L gO.UL (Q Pc PrN>= ~~dRM SUr oo.bc ~b~ 60 6 Mr oP~ 511,Oc P E u ~ c ou rsE (3 NK,E c Es 'U ao ~L~K bllKS!-/~L /~U,Ot1 3 VrIJ9 MIR. O~i O,dC KOcf1~ L~ccl~c.rE U,oa M L.L~ ro w sH.s nod oo,o~ ,2 t-ltz-Y t~r)y Ric-~--i~vE ~ Srra~Ts ~DO,aa Pc car-oNr ,~<-/U, SUrT~ r i I € BD~ian ~e o~ c oU ,+2~7' ~>J s ~ ac:~s 0.o Lv wd Tvo~cr~~s ,5 oe /AMP 5T"<} d u'"[)0 2 ou i d«s v~ ed ~ E t5 e E J E d PE aJ'77)P /' d, 0 L o~ 7S oa C/fr~-d s R o c,!<E~Z ,~D C ~ F3/~GiL T UN 56 Do Sr wroua~-s DEER Mo a`If VO Oo S Lr- Czs M GLOcIL 1JrU~00 SS PLCT'S ~ F ~S ~-fUD,DI BSA (YM. Sur ~ 0 au 0 7-tJ STN 36,Or ~X~ CISE ii~~ 75oa ^-- -- - ~ lao.;ad ~nnioi i v APPRAISAL Personal Property of ~' U u.~ ~, (rA ~~ /U5 F~iR u~/}-Y PR, cq-/yP /~ ~ ~L ~~}, l~ U i 1 Appraised by Chuck E. Bricker AU094-L Date R =>> _ ~-, ITEM VALUE ITEM VALUE ~sr d-SE suNAL. Di=r 0 as 3 5'T u 10 C 0,00 ~ i 6,00 S sT W ~! ~' IRS ~ U,ao 1tSsT Pa i' - AN - P i` Nc~s ?_DO,ea {~SSr Pai Y ,~0 60 SS ~LPsSS- D+ H W iLE 3~O,Dd !j-SS'r ~,J P.,E ER Cj S KE S l06 00 PrSS ~N OL -L ~ S SO, 00 r ~ l-. ~~ o uu~~ 219 Senate Ave 7th Floor Camp Hill, PA 17011 direct 717 730 1800 fax 717 730 1894 toll free 800 237 1700 MorganStanley SmithBarney a Svmtwl Cusio .: Descriotlon uanti #ITPI 616982104 Morgan Stanley Tax Free 825.17 Daily Income Tmst PPNAX 746872308 Putnam AMT Free Insured 9,684.21 Muni Fd A Total Svmbol usI Descdotian uantl #ITF[ 61698211M Morgan Stanley Tax Free 2,524.15 Daily Income Trust PRNMX 744410105 Prudential National Muni 9,737.51 Fd CL A Total Price Total 1.00 $825.]7 15.41 $]49,233.73 $150,058.90 Price Total 1.00 $2,524.15 15.27 $148,691.83 $151,215.98 i~fF MFf}RAtiltTlON HERFIIV HA;S SEEN ~.~t~PNd? 6kt~M SUW?CES W!E ~EUEV€ e~ ~£ ~.i`'.,J?~.a!_~„ i3UT GCi P>p{ G[f?;RA'IJT`EE I,~. ~,~~.~,aa¢Y; 45th ea~s~~~l'~r~:~~ EXHIBIT V Morean Snnlev Smith Barney LLC. Member SIPG , Estate of: Julie F ~ SCHEDULE J64 -Miscellaneous Expenses (continued) Item Desuiption Number 1 Chuck Bricker, Auctioneer 2 Cumberland County Recorder of Deeds -Recording cost -Certificate of Merger 3 Cumberland County Recorder of Deeds -Filing fee -Certificate of Merger 4 (Cumberland County Register of Wills Office -Probate fees 5 Cumberland County Register of Wills Office -Additional Probate fees Decedent's Social Security Number ~.a,ec.Gnnn 6 Cumberland County Register of Wills Office -Filing Fees for Inheritance Tax Return and Inventory 7 George Ulsh, Appraiser -Appraisal for 522 Coiony Drive, Camp Hill, PA 8 George Ulsh, Appraiser -Appraisal for Lot No. 247 Little Run Road, Camp Hill, PA 9 George Ulsh, Appraiser -Appraisal for 105 Fairway Drive, Camp Hill, PA 10. George Ulsh, Appraiser -Appraisal for 57 Circle Drive, Camp Hill, PA 11 George Ulsh, Appraiser -Appraisal for 6 Fargreen Road, Camp HIII, PA 12 George Ulsh, Appraiser -Appraisal for 517 Gale Road, Camp Hill, PA 13 George Ulsh, Appraiser -Appraisal for properly known as West of Fargreen Road, Harrisburg, Dauphin County, PA 14 George Ulsh, Appraiser -Appraisal for Lot No. 004 Fargreen Drive, Harrisburg, Dauphin County, 15 George Ulsh, Appraiser -Appraisal for 22 County Club Place W, Camp Hill, PA 16 George Ulsh, Appraiser -Appraisal for 55 Circle Drive, Camp Hill, PA 17 George Ulsh, Appraiser -Appraisal for 49 Circle Drive, Camp Hill, PA 18 George Ulsh, Appraiser -Appraisal for 530 Fairway Drive, Camp Hill, PA 19 I George Ulsh, Appraiser -Appraisal for Lot No. 394 Fairway Drive, Camp Hill, Cumberland County, PA Expense amount 175.00 24.50 23.00 688.50 2,750.00 30.00 350.00 300.00 350.00 475.00 350.00 350.00 200.00 200.00 350.00 350.00 350.00 350.00 200.00 Page 1 of Schedule J64 - iERIa R l~l f~F1F. I:L17:_1fiF"fH I: S\~ P~~F:R III I U;~J 1~ l ~ Fti1dR~ S l6 vtl l~_ t1 ~ ~,vLv~ I~.D~Ut\ J G ~' ;l:itS I. A LC O F F I C E S C AK(+l.1 ~ R li l; 1~ ~~,<<,~ ~~~~~~~~~ ,~~~, ~: ,, {UH ~ Sl (!~.I; l 1'tti5i~:~ ~ 11 II ~i~' O~~NSON [r.I ~ I `~UA ~ IIII'~l_1'~' Jl I ! 1 A I'4(I~ LI1'~ ,r,~E~,,~~ t~~~-~,~:~ FF E '~11Rh ( I)I Fret OF COUNSEL I U ~11t~ii U f. ~ C ,S`;~I)1 ~~ {iO1 ~l~F.[)V'ti;. ilt blllf~~; ~~Ffl GGP.f~:A"4 CEO\ST-A'~('I .' (;R(\'i `.1.~,I,I~!) \la`-i,E September 14, 2012 ~- HAND DELIVERED ^, z, Register of Wills Office _ ~ rn Cumberland County Courthouse ~ ;' 'a , One Courthouse Square t, ~: ~ ~_~ ~; Carlisle, PA 17013 c~: ~ ~ , ~ ~~' _ ;~ .r RE: Estate of Julie F. Gale ~' N Date of Death: January 17, 2012 ~ ` c~ Your File No. 21-12-00103 Our File No. 13433-1 Dear Register: Enclosed for filing please find the following documents for the above referenced decedent: 1. 2 Original PA Inheritance Tax Returns. There is remaining tax due in the amount of $76,138.67. Check No. 903565221 is attached. 2. Inventory 3. Two copies of Page 1 of the Pa Inheritance tax return to be time-stamped and returned to us. 4. One copy of the Inventory to be time-stamped and returned to us. 5. Our check in the amount of $30.00 representing payment of the filing fee for the Return and Inventory. The Federal Estate Tax Return Form 706 is attached as Exhibit W for your reference. Should you have any questions, please do not hesitate to contact our office. Thank you for you assistance in this matter. Very truly yours, SON, UR\ FF~IE, STEWART &WEIDNER aria Wieseman Estate Administration Paralegal Enc. :515185 i01 MARKET STREET P.O. B0~ 109 LE~~I01'tiE. PENVSYLVA~IA 17043-U10~1 Iti"1ti~~V.iDSw'.COM 717.761.4530 F.4\:717.7613015 MAIL@JDSw'.CONI JOHNSON, DUFFIE, STEWART &WEIDNER, P.C.