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Home My WebLink About11-26-121505610140 OFFICIAL USE ONLY "'~ REV-1500 ~` `°'-'°' PA Department of Revenue County Code Year File Number Bureau of Individual Taxes INHERITANCE TAX RETURN Po Box 28oso1 2 1 1 2 0 3 4 8 Harrisburg PA 1712&0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY 1 7 4 0 5 0 5 2 5 0 3 1 1 1 9 1 7 Decedent's Last Name Suffix Decedent's First Name MI S H U L T Z V E R N A H (If Applicable) Enter Surviving Spouse's Information Befow Spouse's Last Name Suffix Spouse's First Name Spouse's Social Security Number FILL IN APPROPRIATE OVALS BELOW THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS MI Q 1. Original Return ~ 2. Supplemental Return ~ 3. Remainder Return (date of death prior to 12-13-82) 4. Limited Estate ~ 4a. Future Interest Compromise (date of ~ 5. Federal Estate Tax Retum Required death after 12-12-82) 0 Q 6. Decedent Died Testate QX 7. Decedent Maintained a Living Trust 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust) 9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death ~ 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Telephone Number I V O V- O T T O I I I 7 1 7 2 4 3 3 3 4 1 First line of address M A R T S O N Second line of address 1 0 E A S T City or Post Office C A R L I S L E L A W O F F I C E S H IG H S T R E E T State ZIP Code REGISTER WILLS USE t~Rl'Y r~~ _ C;~ r~ _ N f"~ tJ"+ :."? c -_ nw.u'e1~ cn IV _ P A 1 7 0 1 3 ~~ Correspondent's a-mail address: IOTTOna MARTSONLAW.COM Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, t and complete. Dec ration of preparer o her than the personal representative is based on all information of which preparer has any knowledge. SIGNA Q~~ ER~O ESP SIB FOR FILING RETURN ,~~~ 1~L 1901~RITNER F~IGHII~tY CARLISLE PA THAN REPRESENTATIVE 10 EAST HIGH STREET CARLISLE PA 17013 PLEASE USE ORIGINAL FORM ONLY ... ~ C ~, ~ ..i ~_-~ <:~7 -~i -r~ ~J r T-t -a Side 1 1505610140 1505610140 J 1505610240 REV-1500 EX Decedent's Social Security Number Decedent's Name: V E R N A H• S H U L T Z RECAPITULATION 1. Real Estate (Schedule A) ........................................... 1. 1 3 8 6 0 0 0. 0 0 2. Stocks and Bonds (Schedule B) ...................................... 2. 3 0 5 3 2 5 7. 6 5 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3. 4. Mort a es and Notes Receivable Schedule D 9 9 ( ) .......................... 4. 1 5 9 0 9 0. 1 5 5. Cash, Bank De osits and Miscellaneous Personal Pro e p p rty (Schedule E)....... 5. 6 7 5 6 0 . 7 9 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ....... 6. • 7. Inter-Vivos Transfers & Miscellaneous N -Probate Property (Schedule G) ~ S t Billi R 1 8 6 6 2 5 4 6 epara e ng equested ....... 7. . 8. Total Gross Assets (total Lines 1 through 7) ........................... 8. 4 8 5 2 5 3 4. 0 5 9. Funeral Expenses and Administrative Costs (Schedule H) .................. 9. 2 0 0 1 1 7 . 0 2 10. Debts of Decedent, Mort a e Liabilities, and Liens Schedule I 10. 9 9 ( ) ............. 9 0 4 0 . 6 6 11. Total Deductions (total Lines 9 and 10) ............................... 11. 2 0 9 1 5 7. 6 8 12. Net Value of Estate (Line 8 minus Line 11) .................. .......... 12. 4 6 4 3 3 7 6 . 3 7 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ............ ... ....... 13. 14. Net Value Subject to Tax (Line 12 minus Line 13) ............ .......... 14. 4 6 4 3 3 7 6 . 3 7 TAX CALCULATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) x.o _ 0. 0 0 15. 0. 0 0 16. Amount of Line 14 taxable at lineal rate X .045 4 6 4 3 3 7 6. 3 7 1s. 2 0 8 9 5 1. 9 4 17. Amount of Line 14 taxable at sibling rate X .12 0. 0 0 17. 0. 0 0 18. Amount of Line 14 taxable at collateral rate X .15 0 0 0 18. 0. 0 0 19. TAX DUE ......................................................19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 2 0 8 9 5 1. 9 4 a Side 2 1505610240 1505610240 RSV-1500 EX Page 3 tlprprle>nt'c rmm~lpife Address' File Number 21 12 0348 DECEDENT'S NAME VERNA H. SHULTZ STREET ADDRESS 770 SOUTH HANOVER STREET CITY STATE ~ ZIP CARLISLE PA 17013 Tax Payments and Credits: t . Tax Due (Page 2, Line 19) 2. Credits/Payments A. Piior Payments 175,000.00 B. Discount 9,210.25 (1) 208,951.94 Total Credits (A + B) (2) 184,210.25 3. Interest 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fi11 in oval on Page 2, Line 20 to request a refund. (3) (4) 0.00 5. If line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 24,741.69 Make check payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes ^ No a. retain the use or income of the property transferred; ........................................................... .......... .... transferred or its income; . ro ert ate who shall use the i ht t d i h i ........... ........... ^ .... . y p p gn o es e r g b. reta n t ^ c. retain a reversionary interest; or ..................................................................................... ........... ^ 0 d. receive the promise for life of either payments, benefits or care? ............................................ ........... 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death ^ 0 without receiving adequate consideration? ............................................................................ h? h d ' ' ........... ^ 0 eat er or payable-upon-death bank account or security at his or intrust for 3. Did decedent own an ......... 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, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: • The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent or a stepparent of the child is 0 percent [72 P.S. §9116(a)(1.2)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent, except as noted in 72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent j72 P.S. §9116(a)(1.3)]. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1502 EX+ (01-10) Pennsylvania SCHEDULE A DEPARTMENT OF REVENUE REAL ESTATE INHERITANCE TAX RETURN RESIDENT DECEDENT ' ESTATE OF: FILE NUMBER: VERNA H. SHULTZ 21 12 0348 All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property that is jointly-owned with right of survivorship must be disclosed on Schedule F. Attach a copy of the settlement sheet if the property has been sold. ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE NUMBER OF DEATH DESCRIPTION 1. Real property located at 2097 Ritner Highway, West Pennsboro Township, Carlisle, PA, known as 550,000.00 Tax Parcel No. 46-08-0581-012, being described in Deed dated June 3, 2004, and recorded at Book 263, Page 1823, that was conveyed to Verna H. Shultz, decedent herein. See attached Deed and appraisal. 2. Real property located at 76 Beazs Road, West Pennsboro Township, Carlisle, PA, known as Tax 775,000.00 Parcel No. 46-07-0475-002A, being described in Deed dated June 3, 2004, and recorded at Book 263, Page 1823, that was conveyed to Verna H. Shultz, decedent herein. See attached Deed. 3. Unimproved property containing .29 acres located on Garland Drive, Borough of Carlisle, Cazlisle 38,000.00 PA, known as Tax Pazcel No. 04-23-0600-015, being described in Deed dated June 3, 2004, and recorded at Book 263, Page 1823, that was conveyed to Verna H. Shultz, decedent herein. See attached Deed and appraisal. 4. Unimproved property containing 2.57 acres on South Hanover Street, Borough of Carlisle, 23,000.00 Carlisle, PA, known as Tax Parcel No. 04-23-0600-210, being described in Deed dated February 15, 1990, and recorded at Book L, Volume 34, Page 367, that was conveyed to Verna H. Shultz, decedent herein. See attached Deed and appraisal. TOTAL (Also enter on Line 1, Recapitulation.) ~ $ If more space is needed, use additional sheets of paper of the same size. 1,386,000.00 REV-1503 EX + (6-98) SCHEDULE B COMMONWEALTH OF PENNSYLVANIA STOCKS & BONDS INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER VERNA H. SHULTZ 21 12 0348 All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Series HH savings bond 1,000.00 See attached. 2. F&M Trust Investment Account No. 30794300. See attached. 2a. Money market fund in Item 2 See attached. TOTAL (Also enter on line 2, Recapitulation) $ (If more space is needed, insen additional sheets of the same size) 2,794,147.01 258,110.64 .65 REV-1507 EX + (6-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE D MORTGAGES & NOTES RECEIVABLE ESTATE OF FILE NUMBER VERNA H. SHULTZ 21 12 0348 All properly Jointly-owned with the fight of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Mortgage from Matthew D. Miller and Amy L. Miller dated 10/10/03 in principal amount of 159,090.15 $190,000.00 (See copy of Mortgage and Note attached.) (principal $158,739.55 + accrued interest of $350.60) TOTAL (Also enter on line 4, Recapitulation) $ 159,090.15 (!f more space is needed, insert additional sheets of the same size) RE=V-1508 EX+ (11-10) pennsylvania DEPARTMENT OF REVENUE INHERRANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY VERNA H. SHULTZ 21 12 0348 Include the proceeds of litigation and the date the proceeds were received by the estate. All props Jointly owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1. Prescription Drug Plan Premium Refund 122.03 2. Chapel Pointe at Carlisle refund of credit balance 726.49 3. USI Affinity -refund from dental plan 22 26 4. Chapel Pointe -refund PCA account balance 50.03 5. Ewing Brothers Funeral Home -refund for overpayment 70.00 6. M&T checking checking account, Account number 437727 56,201.58 ($56,201.49 plus $.09 interest) See attached. 7. Distribution Cumberland County retirement account 212.45 8. Distribution from Guy L. Shultz TUW due decedent prior to date of death 10,094.45 9. Unclaimed property 61.50 TOTAL (Also enter on Line 5, Recapitulation) I a 67 560 79 If more space is needed, insert additional sheets of paper of the same size FtEV-1510 EX+ (OS-09) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE G INTER-VIVOS TRANSFERS AND MISC. NON-PROBATE PROPERTY ESTATE OF FILE NUMBER VERNA H. SHULTZ 21 12 0348 This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes. ITEM NUMBER DESCRIPTION OF PROPERTY INCLUDETHENAMEOFTHETRANSFEREE,THEtRRELATIONSHIPTODECEDENTAND THEDATEOFTRANSFER.ATTACHACOPYOFTHEDEEDFORREALESTATE. DATE OF DEATH VALUE OF ASSET %OFDECD'S INTEREST EXCLUSION pFarrucaeLE> TAXABLE VALUE 1. Principal Life Insurance Company 97,306.67 100.00 97,30b.67 Annuity Contract No. 8803294 Beneficiaries: Nancy Miller, daughter, 50% and Judy Hunt, daughter, 50% 2. Aviva Life and Annuity Company 44,659.40 100.00 44,659.40 Policy No. 451171 Beneficiary: Nancy Miller, daughter 3. Aviva Life and Annuity Company 44,659.39 100.00 44,659.39 Policy No. 451172 Beneficiary: Judy Hunt, daughter TOTAL (Also enter on Line 7, Recapitulation) $ 186,625.46 If more space is needed, use addRional sheets of paper of the same size. R'EV-1511 EX+ (10-09) Pennsylvania SCHEDULE H DEPARTMENT OF REVENUE FUNERAL EXPENSES AND INHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER VERNA H. SHULTZ 21 12 0348 Decedent's debts must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Ewing Brothers Funeral Home 4,089.36 B. ADMINISTRATIVE COSTS: 1. Personal Representative Commissions: Name(s) of Personal Representative(s) F&M Trust Company 117,725.00 Street Address 1901 Ritner Hi hwa City Carlisle State PA ZIP 17013 Year(s) Commission Paid: 2013 2. Attorney Fees: Manson Law Offices 58,862.50 3, Family Exemption: (If decedent's address is not the same as claimants, attach explanation.) Claimant Street Address Cry State ZIP Relationship of Claimant to Decedent 4. Probate Fees: Register of Wills, Cumberland County 2,143.50 5 Accountant Fees: 6. Tax Retum Preparer Fees: 7, Register of Wills, filing fee for inheritance tax return 15.00 8. Stock evaluation report 75.95 9. Short Certificates 16.00 10. Recorder of Deeds -mortgage satisfaction 50.50 11. Storage rental 47.40 12. Real estate appraisals - S. W. Barrett Real Estate & Appraisal Services 3,035.00 13. Real estate appraisals -Diversified Appraisal Services 1,900.00 14. County real estate taxes -South Hanover Street property pending disposition 318.06 15. County real estate taxes - 2097 Ritner Highway property pending disposition 566.84 16. County real estate taxes -Garland Drive property pending disposition 195.54 17. School real estate taxes -South Hanover Street property pending disposition 771.03 18. School real estate taxes -Garland Drive property pending disposition 474.02 TOTAL (Also enter on Line 9, Recapitulation) $ 200.117.02 If more space is needed, use additional sheets of paper of the same size. Continuation of REV-1500 Inheritance Tax Return Resident Decedent VERNA H. SHULTZ 21 12 0348 Decedent's Name Page 1 File Number Schedule H -Funeral Expenses ~ Administrative Costs - 67. ITEM NUMBER DESCRIPTION AMOUNT 19. County real estate taxes - 76 Bears Road property pending disposition 524.32 20. School real estate taxes - 76 Bears Road property pending disposition 1,766.00 21. Flood Hazard Determination Certificates 72.00 22. Boyer & Ritter preparation of 2011 personal income tax returns 700.00 23. Liability insurance -Garland Drive properties 319.00 24. Brehm & Associates -survey on 2097 Ritner Highway property 6,000.00 25. Register of Wills, additional probate 450.00 SUBTOTAL SCHEDULE H-B7 ~ 9,831.32 REV-1512 EX+ (12-08) Pennsylvania SCHEDULE I DEPARTMENT OF REVENUE DEBTS OF DECEDENT, INHERITANCE TAX RETURN MORTGAGE LIABILITIES, & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER VERNA H. SHULTZ 21 12 0348 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Millennium Pharmacy Systems 146.06 2. Pinker & Associates 41.66 3. Three Springs Family Practice 41.38 4. U.S. Treasury 2011 1040 tax due 6,320.00 5. U.S. Treasury 2011 PA40 tax due 2,382.00 6. Miscellaneous cash receipts 56.96 7. Storage rental 47.70 8. Per capita tax 2011 4.90 TOTAL (Also enter on Line 10, Recapitulation) I $ 9 040 If more space is needed, insert additional sheets of the same size. • REV-1513 EX+ (01-10) pennsylvania DEPARTMENT OF REVENUE INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE J BENEFICIARIES ESTATE OF: FILE NUMBER: VERNA H. SHULTZ 21 12 0348 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under Sec. 9116 (a) (1.2).] 1. Nancy S. Miller Lineal 93,312.73 564 Hillcrest Drive Sch. G, Items 1 and 2 Carlisle, PA 17015 2. Judy S. Hunt Lineal 93,312.73 713 Turkey Oak Lane Sch. G, Items 1 and 3 Naples, FL 34108 3. F&M Trust, Trustee f/b/o Nancy S. Miller Lineal 2,228,375.45 1901 Ritner Highway 1/2 of residue Carlisle, PA 17013 4. F&M Trust, Trustee f/b/o Judy 5. Hunt Lineal 2,228,375.46 1901 Ritner Highway 1/2 of residue Carlisle, PA 17013 II. 1 ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE. NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed, use additional sheets of paper of the same size. F:\FILESVCIiu~la~55~115huI1a~55ML2 Et155M1.2.wdl.2Ql l LAST WILL AND TESTAMENT I, VERNA H. SHULTZ, of the Borough of ~azlisle, Cumberland County, Pennsylvania, being of sound and disposing mind and memory, do hereby make, publish and declare this to be my Last Will and Testament, hereby revoking any and all former Wills or Codicils by me made. ITEM ONE I direct that all my legally enforceable debts, funeral expenses, testamentary expenses and all death taxes (whether such taxes may be payable by my estate or by any recipient of any property) shall be paid from my residuary estate as soon as practicable after my decease and as part of the administration of my estate. My Executor shall have no duty or obligation to obtain reimbursement for any such tax so paid, even though on proceeds of insurance or other property not passing under this Will. ITEM TWO I give, devise and bequeath all of my estate, both real and personal property, unto my Trustee who shall divide the trust estate into as many shazes as I have daughters then living, including either of my daughters who has predeceased me but leaves issue surviving. The share of any daughter who has predeceased me but leaves issue surviving shall be further divided into separate trusts, per stirpes, for each of such issue. The Trustee shall hold each of such shares for the following purposes: A. With respect to any such shaze held for the benefit of either of my daughters, the Trustee shall pay the net income of such share to or for the benefit of such daughter in at least quarterly installments. Further, the Trustee shall be at liberty to invade the principal of such share to provide for the health, education, maintenance and support of such daughter, keeping in mind the other resources available to such beneficiary for such purposes. Upon the death of such daughter, the Trustee shall divide such share into as many shares as such daughter has issue then living, per stirpes. The Trustee shall hold each such share as set forth in paragraphs B and C, of this ITEM TWO. If such daughter shall die without issue, such share shall be added to the other shares created hereunder for the benefit of my other daughter or her issue, per stirpes. B. I specifically direct that the Trustee shall allocate to the share to be held for the ~tnittais~ Page 1 of 8 Pages ~j v-~ benefit of my daughter, NANCY S. MILLER, or her issue, certain real estate located in West Pennsboro Township, Cumberland County, Pennsylvania, being composed of approximately 67 acres and a dwelling designated as Cumberland County, Pennsylvania, Tax Parcel No. 46-08- 0581-012. Further with respect to any such share held hereunder for the benefit of the issue of my daughter, NANCY S. MILLER, until the beneficiary of such share shall attain the age of thirty (30) years, Trustee shall pay so much of the income and principal of the trust as is necessary, in Trustee's sole discretion, for the health, education, maintenance and support of the beneficiary thereof, keeping in mind the other resources available to such beneficiary for such purposes. Upon such beneficiary's attaining the age of thirty (30) years, all accumulated income and principal of such share shall be distributed outright to such beneficiary. In the event any of the issue of my daughter, NANCY S. MILLER, fails to attain the age for distribution and leaves no issue surviving, then such share shall be divided among the surviving issue of NANCY S. MILLER, per stirpes. C. With respect to any such share held hereunder for the benefit of my granddaughter, ELIZABETH HUNT, my Trustee shall pay so much of the income and principal of the trust as is necessary, in Trustee's sole discretion, for the health, education, maintenance and support of the my said granddaughter, keeping in mind the other resources available to her for such purposes. Upon the death of my said granddaughter, should she be survived by issue, until such beneficiary's attaining the age of thirty (30) years, Trustee shall pay so much of the income and principal of the trust as is necessary, in Trustee's sole discretion, for the health, education, maintenance and support of the beneficiary thereof, keeping in mind the other resources available to such beneficiary for such purposes. Upon such beneficiary's attaining the age of thirty (30) years, all accumulated income and principal of such share shall be distributed outright to such beneficiary. In the event my granddaughter, ELIZABETH HUNT, leaves no issue surviving at her death, then such share shall be held for the benefit of my great- granddaughter, LAUREN MILLER with substitution of issue. With respect to any such share held hereunder for the benefit of my great-granddaughter, LAUREN MILLER, or her issue, until the beneficiary of such share shall attain the age of thirty (30) years, Trustee shall pay so A [Initi (,~ Page 2 of 8 Pages ~ Jav much of the income and principal of the trust as is necessary, in Trustee's sole discretion, for the health, education, maintenance and support of the beneficiary thereof, keeping in mind the other resources available to such beneficiary for such purposes. Upon such beneficiary's attaining the age of thirty (30) years, all accumulated income and principal of such share shall be distributed outright to such beneficiary. ITEM THREE POWERS OF EXECUTOR AND TRUSTEE In addition to the powers conferred by case law, by statute, and by other provisions hereof, my Executor and Trustee, and its successors, shall have the following discretionary powers applicable to all property held by them which powers shall be effective without order of any court and shall exist until final distribution: A. To retain any property of any nature received by them for whatever period they shall deem advisable; B. To invest and reinvest all or any part of said property in such stocks, bonds, securities or other property, real or personal, as in their discretion they shall deem proper, without regard to statutes limiting the property which a fiduciary may purchase; C. To sell, transfer, exchange or otherwise dispose of, any part of said property, for cash or on terms, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration of any trust herein, without liability on the purchasers or lessees to see to the application of the proceeds, and to give options for these purchases without the obligation to repudiate them in favor of a higher offer; D. To execute and deliver any deeds, leases, assignments or other instruments as may be necessary to carry out the provisions of any trust hereunder; E. To borrow money, including the right to borrow money from any bank and to mortgage or pledge any asset of the estate as security; F. To assume continuance of the status of any beneficiary with regard to death, marriage, divorce, illness, incapacity and the like in the absence of information deemed reliable without liability for disbursements made on such assumption; [Initials Page 3 of 8 Pages G. To pay from the trust, or the income therefrom, all debts or claims against my estate, or any taxes or similar charges on my estate; H. To make any distribution hereunder either in kind or in money, or partially in kind and partially in money. Distribution in kind shall be made at the market value of the property distributed, and my Trustee, in its absolute discretion, may cause the share distributed to any distributee to be composed of property similar to or different from that distributed to any other distributee; I. To exercise any subscription right in connection with any security held hereunder, to consent to or participate in any recapitalization, reorganization, consolidation or merger of any corporation, company or association, the securities of which may be held hereunder, to delegate authority with respect thereto, to deposit investments under agreements, to pay assessments, and generally to exercise all rights of investors; J. To invest in endowment, insurance or annuity policies on the lives ofbeneficiaries of any trust hereunder; K. To continue in any partnership, joint venture, joint ownership or other business enterprise of which I am a part at the time of my death; L. To compromise claims; M. To continue for whatever period of time as they shall deem necessary any ownership as a tenant in common or as a partner, in real estate or other property and to act as I could have done had I been living; N. To lend money to my estate or to any trust created hereunder or to purchase from the estate or from any trust created hereunder, at the market value thereof at the time of purchase, any securities or other property tendered to them by my estate or any trust created hereunder at any time and from time to time within a period of nine (9) months after my death; O. In the event that any amounts are payable hereunder or under any trust created hereunder to a minor, or to a person otherwise under legal disability, or to a person not adjudicated to be an incapacitated person, but who, by reason of illness or mental or physical disability is, in the opinion of the fiduciary(ies) hereunder, unable to properly administer such [Initials] Page 4 of 8 Pages ~j U amounts, such amounts may be paid by the fiduciary(ies) hereunder in his, her or their sole discretion in any of the following ways as he, she or they may deem best: (1) Directly to such beneficiary; (2) To a legally appointed guardian of such beneficiary for the benefit of such beneficiary; (3) To a person having custody of such beneficiary for the benefit of such beneficiary; (4) By the fiduciary(ies) hereunder using such amounts directly to the benefit of such beneficiary. Evidence of the application of payment of an amount in such a manner shall be a full and complete discharge of the fiduciary(ies) hereunder to the extent of such payment or application. This paragraph shall be applicable to payments of income as well as principal. P. To employ agents, attorneys and proxies and to delegate to them such power as my Executor and Trustee or his successors consider desirable and to pay reasonable compensation for such services as may be rendered by such agents, attorneys and proxies; Q. To do all other acts in their judgment necessary or desirable for the proper management, investment and distribution of my Estate. ITEM FOUR PROTECTIVE PROVISIONS All income or principal held for the use and benefit of the beneficiaries of any trust hereunder shall not be in any way or manner subject to anticipation, assignment, pledge, sale or transfer, nor shall any such interest, while in the possession of my Trustee, be liable for or subject to the debts, contracts, obligations, liabilities or torts of any beneficiary, or to attachments, executions or sequestrations under process of law. ITEM FIVE APPOINTMENT OF EXECUTOR AND TRUSTEE I nominate, constitute and appoint F&M TRUST, with offices in Carlisle, Pennsylvania, or its successor, as Executor of my estate. [Initials] Page 5 of 8 Pages I hereby appoint the said F&M TRUST, or its successor, as Trustee of any trust created hereunder. A majority of all income beneficiaries of the trust or trusts created under this Will may from time to time remove any corporate trustee then acting for reasonable cause and substitute another corporate trustee; provided, however, that such successor corporate trustee shall not be a related or subordinate to any one or more of the beneficiaries hereunder within the meaning of Internal Revenue Code § 672(c) or successor provisions. When the removed corporate trustee has received written notice of its removal and has been notified in writing by its successor corporate trustee of the Tatter's acceptance, the removed corporate trustee shall surrender all books, records, and assets in its possession comprising any portion of the trust or relating to the trust. In no event shall the removed corporate trustee charge a "termination fee" based on a percentage of trust assets as a result of such removal but shall be entitled only to charge such fee as fairly represents the cost of any accounting required by the beneficiaries or successor corporate trustee as part of such removal and substitution. The removed corporate trustee shall not be relieved of liability until its successor has qualified and the removed trustee's accounting, if applicable, has been settled or the beneficiaries and successor corporate trustee have otherwise accepted an account stated in lieu of a formal accounting. As used in this paragraph, the term "reasonable cause" includes, but is not limited to: (1) poor investment performance, (2) the removal of all current income beneficiaries from the state in which the corporate trustee is licensed to conduct business as a corporate trustee, (3) inattention to the reasonable needs of the beneficiaries, (4) lack of communication between trustee and beneficiaries, (5) inaccurate or unclear transaction statements or statements of account, (6) conflicts between the corporate trustee and the beneficiaries, (7) merger, acquisition or deteriorating financial condition of the corporate trustee, or (8) high turnover of account officers assigned to any trust under this Will. ITEM SIX WAIVER OF BOND I direct that all fiduciaries acting under this Will, whether or not named herein, shall not be required to file any bond in any jurisdiction to secure the faithful performance of duties, nor [Initials] Page 6 of S Pages ~ r U~ shall they be required to obtain any order or approval of any court for the exercise of any power or discretion set forth in this Will. WITNESS WHEREOF I have hereunto set my hand and seal this 4~ ~ day of 1~ ~.. , 201 1. , r' ~gMrv.~~ '~ (SEAL) Verna H. Shu tz SIGNED, SEALED, PUBLISHED AND DECLARED by the above-named Testatrix, as and for her Last Will and Testament, in the presence of us, who at her request, have hereunto subscribed our names as witnesses thereto, in the presence of the s id T atrix and of each other. ~,.~-' Page 7 of S Pages COMMONWEALTH OF PENNSYLVANIA ) SS. COUNTY OF CUMBERLAND ) We, Verna H. Shultz, No V. Otto III, and ~~ ~ ~i(c ~~ ,the Testatrix and the witnesses, respectively, whose names are signed to the foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the Testatrix signed and executed the instrument as her last Will and that the Testatrix has signed willingly, and that the Testatrix 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 a 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. U,,~ ~`? . Verna H. Shultz, Tes atrix ~. ~~ .~~~~ Witness ness Subscribed, sworn to and acknowledged before me by Verna H. Shultz, the Testatrix, and subscribed and sworn to before me by No V. Otto III and ~ acs F~ ~ ~.° ~~ !~/` , the witnesses, this ~~ day of n lf,,crw ~ , 2011. Notary Public col`~`nt ~' ~'v~rrL- NOrTARtAI-SEAL Victoria L. Otto, Notary public Carlisle Boro, Cumberland County M commission ex ins December 20, 2014 Page 8 of 8 Pages REVOCABLE TRUST AGREEMENT I, Verna H. Shultz of Carlisle, PA (Settlor) hereby transfer to FARMERS AND MERCHANTS TRUST COMPANY OF CHAMBERSBURG (hereinafter called the "Trustee"), a Pennsylvania bank and trust company, such property as may be delivered herewith set forth on Schedule "A" attached hereto, or from time to time hereafter, to be held intrust as follows: FIRST: Dispositive Provisions For My/our Benefit -During My/Our Lifetime. A. The Trustee shall collect the income and may pay over the net income to me/us in quarterly or more frequent installments, or part or all of such net income may be accumulated in my/rnrr accrnmt. B. The Trustee shall pay to me/us or to others such portion or all of the principal as I/we may from time to time direct. C. The Trustee shall at least annually give me/us a detailed statement showing all receipts and disbursements on account of the trust estate and the then balance of trust assets. D. The Trustee is authorized and directed to pay and use such portion or all of the trust assets as it, in its sole discretion, from time to time, shall deem necessary to provide for my/our maintenance, support, medical hospital, nursing or nursing home care. SECOND: Dispositive Provisions After Death. Upon my death, (or if this agreement be jointly registered, the last to die), during the existence of this trust, the Trustee shall pay the then remaining principal and income to the Executor or Administrator of my estate for disposition as part of such Estate, or if this agreement be jointly registered, to the Executor or Administrator of the estate of the last to die for disposition as part of such Estate.. THIRD: Right to Revoke and Amend. INVe reserve the right to revoke or amend this trust, in whole or in part, at any time and from time to time by an instrument in writing, delivered to the Trustee and signed by the parties hereto. Upon revocation, securities and/or cash held in the account shall be delivered by the Trustee only upon execution and delivery, by Settlor(s) or Settlor's personal representative, of a receipt and release in form and substance satisfactory to the trustee and upon payment to it of any amounts owing to it by the Settlor. The duties, powers and liabilities of the Trustee shall not be changed without its written consent. The Trustee reserves the right, at any time upon thirty (30) days advance written notice to me/us, to resign as Trustee and deliver the trust assets to me/us, after deducting therefrom its fees and any expenses then due and payable.. FOURTH: Additions to Trust. Subject to the approval of the Trustee, either Uwe or any other person or entity may add property, real and personal, to the principal of this trust. Revised 11/13!07 G:\Trust Investment\FormsWEW ACCOUNT AGREEMENTS\REVOCABLE TRUST AGREEMENT.doc FIFTH: Trustee's Powers. During the continuance of this trust, in addition to the powers granted by law, my/our Trustee shall have the following powers, exercisable in all events and. without leave of court for my/our best interests: A. To retain any property or investments which I/we have herein transferred and conveyed in trust, as long as the Trustee may deem it advisable so to do, including securities owned, issued or underwritten by the Trustee or any of the Trustee's affiliates. B. To vary investment, when deemed desirable by the Trustee, and to invest in/retain/sell such bonds, stocks, mutual funds, notes, real estate mortgages or other securities including, without limitation, shares in Franklin Financial Services Corporation, or in such other property, real or personal, including securities owned, issued or underwritten by the Trustee or any of the Trustee's affiliates, as the Trustee shall deem wise, without being restricted to so-called "legal investments", and without being limited by any statute or rule of law regarding investments by fiduciaries. C. To sell either at public or private sale and upon such terms and conditions as the Trustee may deem advantageous, any or all real or personal estate or interest therein owned by the Trust severally or in conjunction with other persons, and to consummate said sale or sales by sufficient deeds or other instruments to the purchaser or purchasers conveying a fee simple title, free and clear of all trust and without obligation or liability of the purchaser or purchasers to see to the application of the purchase money or to make inquiry into the validity of said sale or sales; also, to make, execute, acknowledge and deliver any and all deeds, assignments, options or other writings which may be necessary or desirable, in carrying out any of the powers conferred upon the Trustee in this paragraph or elsewhere in this Agreement. D. To vote by person or proxy any and all stock held in the Trust and in the discretion of the Trustee, to unite with other owners of similar property in carrying out any plans for the reorganization of any corporation or company whose securities form a part of the Trust assets. E. To place and carry any asset of the Trust in the name of a nominee. F. To assign to and hold in the Trust an undivided portion of any asset G. To make any division of the principal of the Trust assets or any distribution of the assets partly or wholly in kind. If such division or distribution is made in kind, said assets are required to be divided or distributed at their respective values on the date or dates of their division or distribution. H. To pay all costs, taxes, expenses, compensation and charges in connection with the administration and termination of the Trust. I. To do all other acts in the Trustee's judgment deemed necessary or desirable for the proper and advantageous management, investment and distribution of the Trust assets. -2- Revised 11/13/07 G:\Ttust Investment\FormsWEW ACCOUNT AGREEMENTSU2EVOCABLE TRUST AGREEMENT.doc J. To mortgage real estate, and to make leases of real estate, extending beyond the term of the Trust hereunder. K. To borrow money and to assign and pledge assets of the Trust therefor. L. If I/we shall be unable to act, or shall lack ability, or, in the sole judgment of the Trustee, shall otherwise be unable to apply such payments to my/our own best interest and advantage, the Trustee may make all or any portion of such payments in any one or more of the following ways: (a) Directly to me/us. (b) To my/our Legal Guardian or Conservator. (c) To a relative of mine/ours to be expended by such relative for my/our benefit. (d) By the Trustee expending the same for my/our benefit. SIXTH: Compensation. The Trustee shall be compensated in accordance with its standard schedule of fees in effect from time to time during the period of its services, and this compensation shall be paid from principal or income or partly from each in the sole discretion of the Trustee. Settlor(s) hereby acknowledges receipt of Trustee's current fee schedule, which is subject to revision from time to time. Settlor(s) understand(s) that the Trustee, from time to time, may enter into arrangements with sponsors, distributors and other persons associated with various mutual funds pursuant to which the Trustee will perform services for the mutual funds or such persons and for which the Trustee will receive compensation in addition to the fees to be received by the Trustee under this Agreement. If the Trustee invests assets of the account in such mutual funds, Settlor(s) understand(s) that the Trustee could be viewed as having a conflict of interest in doing so. SEVENTH: Potential Conflicts. Settlor(s) understand(s) that the Trustee, from time to time, may enter into arrangements with sponsors, distributors and other persons associated with various mutual funds pursuant to which the Trustee will perform services for the mutual funds or such persons and for which the Trustee will receive compensation in addition to the fees to be received by the Trustee under this Agreement. If the Trustee invests assets of the account in such mutual funds, Settlor(s) understand(s) that the Trustee could be viewed as having a conflict of interest in doing so. In Section 28(e) of the Security Act of 1975, Congress acknowledged the important service provided from or through broker/dealers to money managers. Such services include investment research and other lawful and appropriate assistance. Settlor(s) understand(s) that the trustee may enter into such arrangements from time to time, which could be viewed as having a potential conflict of interest. EIGHTH: Protective Provision. No part of the income or principal of the property held under this Trust shall be subject to attachment, levy or seizure by any creditor, spouse (in the case of single account registration), assignee or trustee or receiver in bankruptcy prior to actual receipt thereof. The Trustee shall pay over the net income and the principal to the persons herein designated, as their -3- Revised 1 ]!1310? G:\Trust Investment\Forms\NEWRCCOUNT AGREEMENTS\REVOCABLE TRUST AGREEMENT.doc interests may appear, without regard to any attempted anticipation (except as specifically provided in this agreement), pledge or assignment under the Trust and without regard to any claim thereto or attempted levy, attachment, seizure or other process against me/us. NINTH: Law Governing Trust. This Trust is created and accepted in the Commonwealth of Pennsylvania and shall in all respects be governed by its laws and shall have its situs in Franklin County, Pennsylvania. TENTH: Binding Agreement. It is the intention of the parties to be legally bound by this Agreement. WITNESS: SETT~LO~R(S): ~'JXJLI 14~ ~ • ~~k (SEAL) (SEAL) The foregoing trust is hereby accepted. Executed on _ I Da e ATTEST: FARMERS AND MERCHANTS TRUST COMPANY OF CHAMBERSBURG By:, ~. ~ (SEAL) By: ~ ~ T.LN BACKUP WITHHOLDING CERTIFICATION Under penalties of perjury, I/we certify that: (1) The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me), and (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenud Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or {c) the IRS has notified me that I am no longer subject to backup withholding, and (3) I am a U.S. person (including a U.S. resident alien). Certification instructions: You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. To Farmers & Merchants Trust Company: In consideration of your accepting this account, I hereby acknowledge that I have read, understand, and agree to the above certification statement. All persons must sign if this is a joint account. Settlor's Signature Date Social Security # Settlor's Signature (Joint account) Date Social Security # -4- Revised ll/l3l07 G:\Tnast Investment\Forms\NEW ACCOUNT AGREEMENTS\REVOCABLE TRUST AGREEMENT.doc r F. \F[ LES\DATAFI LE\ESTATES15540.8. deed. distribution p~j ~ 5 ~j ~~~'~~ tt G g ~ ~ T '. " t ~ ~ ~. c- ~ Parcel Nos: 04-23-0600-015 t r C 0~ ~' C ~ ;; c p~~ p; 46-07-0475-002A ~, `A 31;€x! .PaO CaU~1TY-f','; 46-08-0581-012 I ,~'!lN 3 ~~ 3 ~ S THIS DEED +~ // '~, MADE this ~ ~ day of / / xQ_. y~~ ~, Gi~`~`" BETWEEN VERNA H. SHULTZ, Executrix of the Estate of GUY L. SHULTZ, deceased, late of Boiling Springs, South Middleton Township, Cumberland County, Pennsylvania, GRANTOR, AND VERNA H. SHULTZ, widow, of Carlisle, Cumberland County, Pennsylvania, GRANTEE. WHEREAS, GUY L. SHULTZ died February 23, 2003, testate, a domiciliary of Boiling Springs, South Middleton Township, Cumberland County, Pennsylvania, seized of the real estate hereinafter described; and WHEREAS, Decedent's Last Will dated November 2, 2000, was duly probated on March 6, 2003, by the Register of Wills of Cumberland Cvunty,Pennsylvania, wherein Decedent appointed VERNA H. SHULTZ as Executrix of Decedent's estate; and WHEREAS, VERNA H. SHULTZ duly qualified as personal representatives ofDecedent's estate on March 3, 2003, in the County of Cumberland, Commonwealth of Pennsylvania, to Estate No. 21-03-0205; and WHEREAS, Decedent provided inter alia in his Will as follows: " I give, devise and bequeath all of my estate, both real and personal property, unto my spouse, VERNA H. SHULTZ, absolutely." NOW, THEREFORE, WITNESSETH, that the said Grantor, as personal representative of the Estate of GUY L. SHULTZ, does hereby grant, convey and distribute unto the said Grantee, her heirs and assigns, all the undivided one-half interest of the said Guy L. Shultz, deceased, in and to the following: TRACT NO. 1: 04-23-0600-015 ALL that certain tract of land situate in the Borough of Carlisle (formerly South Middleton Township), Cumberland County, Pennsylvania, bounded and described as follows: BEGINNING at a point in the western side of State Highway Route No. 34, as widened, leading from Carlisle to Mount Holly Springs, which point is also in the northern line of Garland Drive; thence along the northern side of said Garland Drive, . _ ~ ~-, ~~ ~~h. A , z~ems l +0 3 North 83 degrees, 53 minutes West a distance of 176.7 feet to a point in line of Lot No. 45 on the hereinafter mentioned Plan of Lots; thence in a northwardly direction along the eastern side of a portion of Lot No. 45, a distance or 98.8 feet to a point in line of Lot No. 47 on the hereinafter mentioned Plan of Lots; thence along said Lot No. 47, South 83 degrees 53 minutes East, a distance of 176.7 feet to a point in the western side of said State Highway Route No. 34, as widened; thence along the western side of said State Highway Route No. 34, South 6 degrees 07 minutes West, a distance of 98.8 feet to a point, the place of BEGINNING. BEING part of Lot No. 46 on that certain Plan of Lots known and designated as Plan No. 2, Rolling Acres, adopted by W. H. Garland and recorded in the Office of the Recorder of Deeds at Carlisle, Pennsylvania, in Plan Book No. 4, page 103. UNDER and subject to certain restrictions mentioned in previous deeds. BEING the same premises which Guy L. Shultz and Verna H. Shultz, his wife, by their Deed dated November 14, 1983, and recorded in Cumberland County, Pennsylvania Deed Book "L", Vol. 30, Page 684, granted and conveyed unto Guy L. Shultz and Verna H. Shultz, husband and wife, as tenants in common and not as tenants by the entireties. The said Guy L. Shultz died February 23, 2003. TRACT NO. 2: 46-07-0475-002A ALL that certain tract of land with the improvements thereon erected, situate in West Pennsboro Township, Cumberland County, Pennsylvania, bounded and described as follows: BEGINNING at a stone in the public road leading from State Highway No. 641 (Carlisle to Newville), to the Conodoguinet Creek; thence by a lane and land now or formerly of Mrs. Albert Kutz, land now or formerly of Alex McCune, land now or formerly of Jacob Trimmer and land now or formerly of Thomas Wetzel, South 83 degrees East 50.2 perches to a private graveyard lot; thence by said graveyard lot, South 7-Ya degrees East 3.3. perches to a post; thence by the same, North 85-%z degrees East 2.4 perches to a post; thence by land now or formerly of Guy Young and land now or formerlyofRobert W. Wickard, South 8-1/4 degrees East 172.1 perches, more or less to a stone; thence by land now or formerly of Mary Bear, now of The Pennsylvania Turnpike Commission, South 87 degrees 37 minutes West 24.6 feet to a point; thence by land now or formerly of Guy Mentzer, North 69 degrees West 99.7 perches to a fence post and bend in said public road; thence by land now or formerly of Guy Mentzer, South 24-3l4 degrees West 36.6 perches, more or less, to a point in the northern right-of--way line of The Pennsylvania Turnpike Commission; thence along the northern right-of--way line of the latter, South 87 degrees 37 minutes West 485 feet, more or less, to a point in line of land now or formerly of Annie C. Cohick; thence by land now or formerly of Annie C. Cohick, the following courses and SOUK ~s,~ F~,~T'~.~~'~ distances; North 49 degrees 17 minutes West, a distance of 57.4 perches to a post; North 10-% degrees East 35.5 perches to a willow tree; North 29-%2 degrees East 20.2 perches to a point; thence by land now or formerly of Park Morrison, North 29-% degrees East 86.2 perches to a stone; thence by land now or formerly of Edward Morrison, South 79-%i degrees East 47.8 perches to a point in the public road leading from the Carlisle-Newville Road (Pennsylvania Highway Route No. 641), to the Conodoguinet Creek; thence still along land now or formerly of the said Edward Morrison, and by the center of said public road, North 7 degrees West 20.6 perches to a point the place of BEGINNING. CONTAINING 141.20 acres, more or less, and being improved with a stone and frame dwelling, frame bank barn and other buildings. LESS, HOWEVER, 21.87 acres being reserved to Emma V. Wickard, bounded and described pursuant to a survey by Noel B. Smith, Registered Surveyor, in May of 1969, and referred to in previous Deed. BEING the same premises which Guy L. Shultz and Verna H. Shultz, his wife, by their Deed dated November 14, 1983, -and recorded in Cumberland County, Pennsylvania Deed Book "L", Vol. 30, Page 678, granted and conveyed to Guy L. Shultz and Verna H. Shultz, husband and wife, as tenants in common and not as tenants by the entireties. The said Guy L. Shultz died February 23, 2003. TRACT N0.3: 46-08-0581-012 ALL that certain tract of land situate on the north side of the Ritner Highway in West Pennsboro Township, Cumberland County, Pennsylvania, more particularlybounded an described as follows: BEGINNING at a point in the center of the Ritner Highway at line of lands now or formerly of Norman Harrison; thence along the center of said Ritner Highway, North 68 degrees 15 minutes East 600 feet to the western line of lot now or formerly of Norman Hess; thence along said lot North 13 degrees 30 minutes West 497.7 feet to an iron pipe; thence along the lot now or formerly of Norman Hess and Emory Peiper, across a 20-footright-of--way and along lots now or formerly of Frank Bear, Clarence Keller and Walter Eckman, North 63 degrees East 2245 feet to a post at the west side of a 16-foot right-of--way; thence along the west side ofsaidright-of--way and lands now or formerly of John Finkenbinder, North 52 degrees 15 minutes West 102.6 feet to a post; thence along the same North 77 degrees West 1278.5 feet to an elm tree; thence along lands now or formerly of Frank Wilson, North 12 degrees West 487.2 feet to a post; thence by lands now or formerly of D. Blaine, South 76 degrees West 1188 feet to a post; thence along the same, South 6 degrees West 1039 feet to a post; thence along lands now or formerly of John Ludt, South 47 degrees 45 minutes East 175.5 feet to a post; thence along the same, South 23 degrees SO BOUK ~S~ P~~~:~.C3>~'~ minutes East 487.8 feet to a post; thence South 67 degrees West 368 feet to a post; thence along lands now or formerly of Norman S. Harrison, South 24 degrees East 445 feet to the place of BEGINNING. CONTAINING 67 acres, more or less. IN addition to the above-described tract of land, the Grantor hereby grants and conveys unto the Grantee all of the decedent's right, title and interest in and to a 16- foot right-of--way leading from the tract above described to the Ritner Highway, the northern line of which right-of--way intersects the last recited line of the above- described tract of land approximately 150 feet north of the place of beginning and which right-of--way extends in a southwesterly direction of the Ritner Highway. THE Grantor does further grant and convey unto the Grantee all the decedent's right, title and interest in and to a small triangular plot of ground lying south of the afoesaid right-of--way and west of the above-described tract of land and being located between said right-of--way and the Ritner Highway. THE Grantor does further grant and convey unto the Grantee all the decedent's right, title and interest in and to a 20-footright-of--way running northwardly from the Ritner Highway, having a length of approximately 450 feet from the north side of said Rimer Highway and being located between the lots heretofore conveyed by Russel E. Swartz and Mary M. Swartz to Emory Peiper and Frank Bear. THE Grantor does further grant and convey unto the Grantee all the decedent's right, title and interest in aright-of--way 16 feet wide running from the southeast corner of the lot of ground herein conveyed to the Ritner Highway along the lot now or formerly of Walter Eckman. BEING the same premises which Guy L. Shultz and Verna H. Shultz, his wife, by their deed dated November 14, 1983, and recorded in Cumberland County, Pennsylvania Deed Book "L", Vol. 30, Page 690, granted and conveyed to Guy L. Shultz and Verna H. Shultz, husband and wife, as tenants in common and not as tenants by the entireties. The said Guy L. Shultz died February 23, 2003. AND the said Grantor hereby covenant and agree that she will warrant specially the property hereby conveyed. This is a deed of distribution out of an estate, being a transfer for no actual consideration of property passing by testate succession from a personal representative of a decedent to the decedent's devisee or heir, and as such is exempt from realty transfer tax. BOOK 2~3 fAGE~.~~~y IN WITNESS WHEREOF, the Grantor has caused this instrument to be duly executed the day and year above written. Witness: ESTATE OF GUY L. SHULTZ r„ ,. By: ~~ ~~ - Verna H. Shultz, Executrix COMMONWEALTH OF PENNSYLVANIA . SS. COUNTY OF CUMBERLAND ) On this, the ~~day of ~,~Q. , ~`~, before me, the undersigned officer, personally appeared Verna H. Shul ,Executrix of the Estate of Guy L. Shultz known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and" _ acknowledged that she executed the same for the purposes therein contained. ,~'t~Eti 4 ,~~;~ it ~, ~~~ ~ ,, ,~ 1 ~;; f~ , IN WITNESS WHEREOF, I hereunto set my hand and official.seah /1 , ~ ~~d~~±ug~~~, "~ ~ f Notary Public ~~ R ~ `f ' ;„~ds~~~.1 ~4? ~,.yr ''~'~a { i~~ ,~.;. ~~- IIiY MIl~[ll~~'..'.° .has#~~~ BOOK ~~~+ FAf;E.~~7 I hereby certify that the precise residence and complete post office address of the within Grantee is 1 Alliance Drive BT Apt. 202, Carlisle, P 17013 Attorney for Grantee NTS MARTSON DEARDORFF WILLIAMS b'C OTTO INFORMATION • ADVICE • ADVOCACY ATTORNEYS & COUNSELLORS AT LAW TEN EAST HIGH STREET CARLISLE, PENNSYLVANIA 17013 TELEPHONE (717) 243-3341 FACSIMILE (717) 243-1850 j ~'ertify t1~is to be recorded 1~f~ ~`~s~t~~~!~c•;1at1d County PA ~ w',°1 ~ -r ti y _. BOOK ~s~ E'AG~~$~$ +~ S. W. BARRETT REAL ESTATE AND APPRAISAL SERVICES ripe no. APPRAISAL OF LOCATED AT: 2097 Ritner Highway Carlisle, PA 17015-9305 FOR: F8M Trust Company 800 East High Strset, Ste. #428 Carlisle, PA 17013 BORROWER: Verna H. SHULTZ Estate AS OF: February 27, 2012 BY: Stan A. Skowronek PA Certiflsd Residential Real Estate Appraiser ~~ ~ Ir1 ~ ~-~£ m I S. W. BARRETT REAL ESTATE AND APPRAISAL SERVICES ripe na. osr23rzo12 F3M Trust Company 800 East High Street, Ste. #428 Carlisle, PA 17013 File Number: 12-0104 In accordance with your request, I have appraised the real property at: 2097 Ratner Highway Carllsle, PA 17015-9305 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of February 27, 2012 is: SSSO,000 Five Hundred Filly Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Respectfully submitted ~a.~~.~~ Stan A. Skowronek PA Certified Residential Resl Estate Appraiser Summary LAND APPRAISAL REPORT Ella Nn ~an~nd The purpose of this summary appraisal report is to provide the lenderlclient with an accurate and adequately supported opinion of the market value of the subject property. Property address: 2097 Ratner Highway city: Carlisle state: PA zip:17015-9305 Borrower Vema H. SHULTZ Estate Owner of Public Record: Shultz, Verna H. County: Cumberland Legal Description: Deed Book 263 Pa a 1823 Assessor's Parcel #: 48-08-0581-012 Tax near 2011 R.E. Taxes: 2 997.00 Neighborhood Name: West Pennsboro Township Map Reference: OS-0581 Census Tract: 0128.00 special Assessments: None known PUD ^ Yes O No HDA: $ 0.00 ^ Per Yaar ^ Per Month Property Rghts Appraisetl: O Fee Simple ^ Leasehold ^ Other (describe) Assignment Type: ^ Purchase Transaction ^ Refinance Transaction O Other (describe) 1 LendeUClienC FdrM Trutt COmDanY Address: 800 Eaat Hleh Strrt_ Ste_ l4Zt I ^ did ^ did not anayze the contract for sale for the subject purchase transactbn. Explain Me resufis of the anaysis of the contract fir sale or why ttte anarysis was not perlormetl Conrad Prke S: NrA Dale of Contract: NlA Is the property seller the owner of publk record? ^ Yes ^ No Data Source(s) N Is there arty financial assistance (ben charges, sale cencessions, gill or down payment assistance, etc.) to be paid by arty parry on behafi of the borrower? ^ Yes No If Yes, report the total dollar amount and describe the items to be paid $ N[A NIA rvegnoorrrooa cnaraccensucs One•Una Housing Trends One-Und Housing Present Land Use % Locatbn Urban X Suburban Rural Pro Values Increasi X Stable Declini PRICE AGE One-Unit 40 % Buir•U Over 75% X 25-75% Under 25% DemartdlSu Snorts e X In Balance Over Su g00 s 2-4 Unit 0 % Growttt Ra Id X Stable Skrw Markebn lime Under 3 netts X 3.6 mths Over 6 mths 120 Low 2S Multi•Fami 0 % Ne hborhood Boundaries: The sub set is bounded on the north b Enola Rd on the east b 273 H' n 100 Commercial 0 % route 34 on the south b Walnut Bottom Rd and on the west by Duncan Rd. 1 SO Pred. 40 Otlter Vac 80 % and[or contract offerin in the tiormance of this a sisal and In the trendin Information re ed in this section. If a frond is Indicated 1 have attached an addendum rovidin rolsvant com titive Iistin contract offerin data. Local multi-list data Indicates stable market in the ast calendar ar with no a reclation in the sub eels market aroa with an avers s markstin time of 90-180 da .Economic trends and lendin rates have remalnsd favorable. Sales wnusslons are occurin moro frsqusntly; however, them is no known urovalanea of unusual seller tlnancine mncea:ten: er buvdewna_ There are new Dimensions: See legal description Area: 87 UACres ^Sq.Ft. shape: Irregular view: O n count Zoning Classification: R1 zoning Description: Residental 1 Zoning Compliance: X Legal Legal Nonconforming (GrandfaNered Use) No Zoning Illegal (describe) Uses permitted under Current zoning regulations: Residential Highest 8 Bess use: Residential Describe any improvements: 973 a uars foot one sto house in r condition unlivable and not valued herein. Existln well & ss tic. Do present improvements conbrm to zoning? X Yes No No improvements d No, explain: Present use of subject site: Vecant land Current or proposed ground rent? Yes X No d Yes, S NIA Topography: Basieall Level sae: Lar er than normal Drainage: Appearo Ade uate Corner La[: Ves X No Underground Ufilhies: Yes X No Fenced: Ves X No If Yes, type: None Special Flood Hazard Area ^Ves X^ No FEMA Fbod Zone: X FEMA Map #: 42041 C0209E FEMA Map Date: 03!1812009 UTILITIES PUhfic Other Provider or Descrintion nn-Giro Immrmromanre Tunomncrnnrinn o~~hr roper I ('ac 1 1 I I I I I I e.._,,. r....n_n.____ I c....-.--6~...ru~..6.~r I 1 water X Well CurblGutter None Sanity Sewer X Se tIC Sidewalk None Other street Li fits None Other AI None Are the utilities antl od-site improvements typkal for trte market? [_X J Yes LJ No II No, describe: Are there any adverse site conditions or external factors (easements, encroachments, emrironmental conditions, land uses, etc.)? Yes X No If Yes, describe: PeaOU[e0 umip AfJ SO6wue. 600.Z.N.6Yli vw.awe0.com IAND 1005062110 Summary LAND APPRAISAL RFPf1RT c~~>ti„ ~zn~na There are 1 com arable sites curren onered for s ale in the su ' t ne hbortlood rani in rice from E 300 000 to E 800 000 There are 3 co able sAes sold kl the 12 m ontlls le the hborfaod r n s ale ice hom E 300 000 to E 600 000 FEATURE SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0.3 Address 2097 Ritner Highway C' fsh2i Carlisle PA 17015 39-10-0312-050 Duncan Roil Shi nsbur 48-08-0591-001 Mt. Rock Rosd Newville 43-05-0417-093 Enola Road Newville Proxim tosub~ t 14.32 miles WSW 8.88 miles W 7.78 miles WNW Data Sources Courthouse Courthouse Courthouse verification Source s Sale Price E N1A E 455 000 E 478 000 3 418 000 Pricelaere E 0.00 E 8454.11 E 7 577.8 E 7 799.9 Date of Sale MOIDAIYR N1A 05105!2011 11!0812010 03/01/2011 Da on Market NIA N/A N/A NIA Financi T N/A N1A N/A NIA Concessions N1A NIA N/A NIA Location Suburban Rural Rural Rural Pro R' htsA raised Fes Sim le Fes Sim le Fse Sim le Fee Sim le Sire Size Acres 87.00 53.82 63.08 53.59 view O n Count O en Count O n Count O en Count ra ra Level Level Level Level Available utilities Electric Electric Electric Electric Sheer Fronts 588 ft 446 fl 100 ft. 1 100 ft sueetT a Seconds Seconds Seconds Seconds weer tnalerke welllse ic•• None 223 None 190 None 224 Fencin None Nons None None Im ravements None' None None None Zonin R1 AC R2 None Net Ad' stmem Total, in S X + S 223 X + E 190 X + E 224 Adjusted sales price of the Co afrlee Sales in E Nel Adj. 2.8% Gross '. 2.8% E 8 877 Net Adj. 2.5% Gross 2.5% E 7 777 Net Adj. 2.9% Gross 2.9% S 8 024 The Appraiser has researched the transfer history of the subjacl property for the past 3 years and the listing hisory of the subject for the past 12 months prior ro the effective date of this appraisal. The appraiser has also researched the transfer and lis6rig history of the comparable sales ror the past 12 months. The appraisers research ~ did ®did not reveal arty prbr sales or transfers of the subject property for file Mree years prbr ro the effective date of the appraisal. Data Sources: The appraiser's research did did not reveal arty prior sales or transfers of the comparable sales br the year prior ro the date of sale of the comparable sale. Data Sources: Tf1e appraisers research dkt did not reveal any prbr listings of the subject property or comparable sales for the year prior ro the eMective date of the appraisal. Data Sources: ListingRransler Hisory TransferlSale (ONLY) at the Subject in past 3fi months: Listing and Transfer hisory of Comp 1 in past 12 monks: Listing and Transfer hisory of Comp 2 in pas 12 months: Listing and Transfer history of Comp 3 in past 12 momhs: (il more than two, use comments E N1A N/A S NIA NIA E NIA NIA E N!A NIA sectbnoranaddendum.) E N/A NIA E NIA N/A E NIA NIA E N/A NIA Subject Pro Is Curren Listed For Sale!? Yes X No Gala source: Multi-List S tam Current Listing History List Date List Price Days on Market Data Source NIA S NIA NlA N1A Sub act Pro has been listed within the last 12 Months? Yes X No Data Source: Multi-Lift S tam 12 Monty Listing History List Date List Price Days on Market Data Source NIA E NIA NIA N/A NIA E NIA N/A N!A Comments on Prior Sales/franslers am1Current and Prbr Listin ~ No rior transfero of the sub eat within the ast 38 months nor wen there an rior transfere of the com rabies within 12 months of their sale data. summa of the sales C icon roach: The rice r acre ran is f7 800 to i8 700 r acre -SAY - i8 200. Sub eCt acre 87 f8 200/acro = 549 400 -SAY - SS50 000. •A 975 s one sto dwellin in oor condition and unlivable Is not coneldsrod to have an eontributin value •'The well and se tic ad ustmsnts are based on an estimated ad ustmsnt of 12 000 which Is then divided b the com ambles acroa rosultin in the rice r sere ad ustmsnts resented above on the Sales Com orison Grid. A lack of suitable com ambles within the currant market wired an sx nded search In both time and distanu. All the sales are closed transactions as of the date utillzsd. All com arable sales aro considered ual indicators of value and wei had wall in the final reconciliation. The best available com arable sales wero selected end used for this a sisal. ReconcBialion Comments: The Direct Sales Com orison A roach was utilized to arrive at the o Inion of value for the sub eat site. Ths Cost And Inwms A roaches were not utilized. This a sisal Ls made X 'as is', or sub' ct to the bllowi conditions or ins actions: Based on s com plate vfwil Inapertlon of Me subjatt cite and those im provements upon sold alts, defined !cope of work, statement of assumptions and limiting conditions, and appraiser's eertificatlon, my (our) opinion of market value, u defined, of the real property that Is tM wbjeet of this report is: O inion of Market Valua:t 550009 as 01: (12/2 712 9 1 2 whleh is thl date of ins on and the effective date ofMls sisal. .~uam umm n:~ swnrs. ew.n..err~ www.rmea.can Pays 2 d d IArq_IO05y62y10 S. W. Barrett Real Estate 3 Appraisal Services Summary LAND APPRAISAL REPORT File Nn 12-0104 Is the devebperlbuilder in conhol of the Homeowners' Associatbn (HOA)? ^ Yes ^ No Unit type(s): ^ Detached ^ Attached ProvWe the folbwing inormation for PUDS ONLY d the devebperNuitder is in control of the HOA and Ne subject property is an attached dwelling unit. Legal Name of ProjetC NIA Total number of phases: NIA Torel number of units: NIA Total number of units sold: NIA Total number of units rented: NIA Total number of units for sale: NIA Data source(s): NIA Was the project created by the corwersbn of existing building(s) into a PUD? ^ Yes No If Yes, date of conversbn: NlA Does the protect contain any multi-dwelling units? ^ Ves ^ No Data Source: NIA Are the units, common elements, and recrealbn facilties complete? ^ Yes ^ No If No, describe the status of completron: NIA Describe common elements and recrealbnal facilities: NIA This report form is desgrled ro report an appraisal of a parcel of IarM which may have some minor improvements but is rwt consitlered ro be an "improved site'. All improvemenLS are considered to be of relehvery mirror value impact on the averaN value of the site. This report form is not designed to report on an'improved site" where spnificant value is derived hom the improvements. This appraisal report form may be used for single lartliry, mu1N-fatuity sites and maybe included within a PUD devebpmenL This appraisal report is subject ro the rolbwing scope of work, intended use, intended user, defindbn of market value, statement of assumptions and limiting conditrons and certifications. Modficatbns, adtldions, or deletons ro the intended use, intended user, definitbn of market value, or assumptrons and limitrrtq conditons are not permitted. The appraiser may expand the scope of work ro incklde arty additional research or anaysis necessary based on the commplexiry of this appraisal assgnment. Modificatrons or deletions ro Ne certilbalbns are also not permitted. However, additional certficafions Nat do not constNUte material atreratlons to this appraisal report, such as those required by law or those related ro the appraiser's continuing educatbn or membership in an appraisal organizatron, are permited. scoPE of viroRK: The scope of work for Nle appraisal is definetl by the complexity of this appraisal assgnment arM the repordng requirements of this appraisal report farm, incWding the folbwing definhion of market vase, statement of assumptons and kmi6ng conditions and certrficatons. The appraiser must, at a minimum; (1) Derblm a complete visual inspection of the subject sde and any limded improvements, (2) inspect the neghborhood, (0) inspect each of the comparable sales from at least the sneer, (4) research, verify and anayze data hom reliable public andlor private sources, and (5) report his or her anaysis, apinbns and conclusbns in this appraisal report. INTENDED uSE: The intended use of Ne appraisal report is for the lentlerkfient to evaluate Ne property that is the subject of Nis appraisal for a mortgage finance Vansactbn. INTENDED USER: Tha Intended User Of IhIS repefl IS the lendedClleOt Identified Wlthin the appraisal fepOrt. DEFINITION OF MARKET VAW E: The rr10St probable pfoe whbh a property shtwld hring In a CempebtNe 8ntl Open mafkef Unde! all COndIb005 reQUlSlle ro a falr Sale, d1e blryef and seller each acting prudentry aM knowledgeaby, and assuming the prke le not affected by undue stimulus. Implicit o this tlefinhion is the consummation of a sale as of a specified date and the passing of dtle hom seller b buyer under contlifions whereby: (i) buyer and seller ere typically motivated; (2) boN parties are well informed or weN advised, and each acting in what they consider their own best interest; (3) a reasonable lime is albwed br exposure in Nle open market (4) payment le made in terms of cash in United States dolWrs or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideraton for the property sold unallected by special or crealNe financing or sales concessions' granted by anyone assocated with the sale. (Source: t)CC, OTS, FRS, & FDtC pint regulatons publalled June 7,1994) • Adjustments to the comparables must be made tar special or creative concessions. No adjustments are necessary br those costs whkh are narmaly paid by sellers as a resin of hadition or law in a market area; these costs are readily identifiable since the seller pays these costs in virlualy all sales transactions. Special or creative financing adjustments can be made ro the comparable properly by comparisons ro finarroing terms offered by a third parry instihabnal lender that is not aleady imoNed o the properly or transactron. Arty adjustment shouts not be caoulared on a mechaniral dollar for doNer cost of the financing or concession but the dollar amount of any adjustment should approximate the markets reaction to the financing or concessons based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The eppral5ef~5 CeftifiC8tr0n in Nis fepOrt IS SUbjeCf ro Ne folbwing assumplbnS dnd IlmiOng Conditions: 1. The appraiser wiN not be responsible for matters of a legal nature that affect the subject property being appraised or the trtle ro N, except br inbrmaton Nat he or she became aware of during Ne research involved in performing Nis appraisal. The appraiser assurres that the dde rs good and marketable and wiN not render arty opinions about the gtle 2. The appraiser has examined Ne available Nood maps that are provided by the Federal Emergency Management Agency (a other data sources) and has noretl in Nis appraisal report whether arty porton of the subject site is located in an identified Special Fbod Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser wiN not give tesnmorry or appear in court because he or she made an appraisal of the property in questron unless specific arrangements to do so have been made beforehand, or as otherwise required bylaw. 4. The appraiser has noted in Nis appraisal report any adverse conditons (such as the presence of hazardous wastes, roxk substances, etc.) observed during the inspecnen of the subject property ar Nat he or she became aware of during th research irrvoHed in performing Nis appraisal. Unless otherwise stated in this appraisal report the appraiser has no knowledge of arty hidden or unapparent physoal deficiencies or adverse conditions M Ne subject properly (such as, but not limited ro, needetl repairs, deterbraton, the presence of hazardous wastes, mxic substances, adverse envronmental conditions, etc.) Nat would make Ne property less valuable, and has assumed Nat there are no such conditions arW makes no guarantees or warranties express or implied. The appraiser will not rte responsible for any such conditions that do exist or for the engineering or testing Nat might be required to discover whether such contlition exist. Because the appraiser is not an expect in Ne IleW of environmental hazards, Nis appraisal must not be considered as an emiranmental assessment of the property. APPRAISER'S CERTIFICATION: The AppfalSer CerfifieS and agrees Nat: 1. I have, at a minimum, deveoped and reported this appraisal in accordance wiN Ne scope of work requirements stated in Nis appraisal report. 2. I perbrmetl a complete visual inspection o1 Ne subject site and any limited improvements. I have reported the information in factual and specifix: terms. I identrfied and reported the deficiencies of the subject site that could aflect the utiNry of Ne site and its usefulness as a buibing bt(s). 3. I performed Nis appraisal in accordance wiN the requirements of the Uniform Standards of Prolessonal Appraisal Practrce Nalwere adoptetl and promulgated by the Appraisal Stardards Board of the Appraisal Foundation and Nat were b pWce at the time this appraisal report was prepared. a. I developed my opinon of the market value of the real property Nat is the subject of This report based on the sates comparison approach ro value. I have adequate comparable market data b devebp a reliable sales comparison approach for this appraisal assignment I further certity Nal I considered the cost and income approaches to value but did not devebp them unless indoated elsewhere wihtin this report as there are no or very limited improvements and Nese approaches to value are not deemed necessary br credible result andlor reliable indkarors of value for Nis appraisal assignment. 5. I researched, verified, anaryzed, and reported on any current agreement for sale forme subject property, arty oNering for sale of the subject property in Ne twelve months prior ro Ne ettecdve date of Nis appraisal, and the prbr sales of the subject property for a minimum of three years prior to the eflectrve date of this appraisal, unless otherwise indicated in Nis repor4 6. I researched, verified, anayzed, and reported on the prior sales of the comparable sales for a minimum at one yea! prbr ro the doe of Me sale of the comparable sale, unless otherwise irMkared in Nis report. 7. I selected and used comparable sales Nat are bcatonalry, physoalry, and Nnctronalry Ne nast similar ro the subject property. 8. I have not used comparable sales that were the resuN of combining mutiple uansactrons into reported sales 9. I have reported adjustments ro Ne comparable sales That reflect the markets reacton ro the differences between the subject property and the comparable sales. 10. I nave verNletl, ham a disinterested source, all information in this report that was provided by partres who have a financial interest in Ne sale or financing of Ne subject property. 11. 1 have knowledge and experience in appraising Nis type of property in this market area. 12. t am aware ol, and have access ro, Ne necessary and appropriate public and private tlata sources, such as multiple listrng services, tax assessment records, public land records and other such data sources br the area m whim Ne property is located. ..~.,K~ y^u Pagf3d/w.o,"~.~~.~•~ 1AN0100506a110 Summary LAND APPRAISAL REPORT File NO. 12-0104 13. I obtained the information, eriimeates, and opinons furnished by other parties and expressed in this appraisal report tram reliable sburces that I believed to he true and correct. 14. 1 have taken into consideration the factors that have an impact on value with respect to the wbject neghborhood, wbject property, and the proximity of the wbject property ro adverse influences in the devebpment of my opinbn of market value. I have noted in this appraisal report any adverse conditbns (wch as, but not fimiled to, needed repairs, deterbration, the presence of hazardous wastes, toxic wbstances, adverse ernnonmental conditbns, etc.) observed during the inspeclbn of th subject property or that I became aware of during the research irnoNed in performing this appraisal. I have considered these adverse conditions in my analysis of the properly value, and have reported on the effect of the conditbns on the value and markeahiliry of the subject property. 15. I have not knowingty wiNheki any signficant inbrmation hom this appraisal report and, to the best of my knowledge, all statements and inrormatbn in this appraisal report are hue and correct. 16. I stated in this appraisal report my own personal, unbiased, antl proressbnal anaysis, opinions, and conclusions, which are wblect onty to the aswmpdons and limiting conditions in this appraisal report 17. I have nb present or prospective interest in the properly that is the whject of this report, and I have no Dresem or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partalty or complerety, my anaysis andlor opinbn bf marketvalue in rois appraisal report an the race, color, relgbn, sex, age, marital status, handicap, familial slams, or national organ of either the prospective owners or occupants of the wbject property or of the present owners or occupants of the properties in the vicinity of the wbject properly or on arty other basis prohibited by law. 18. My empbyment andlor compensatbn for performing this appraisal or arty suture or anticipated appraisals was not conditbned on any agreement or understanding, written br otherwise, that I would report (or present anaysis wpporting) a predetermined specfc value, a predetermined minkmrm value, a range or direL'tion in value, a value that favors the cause of any parry, or the atlainment of a specific rewlt or occurrence of a specific wbsequent event (wch as approval of a pending mortgage ban appficatbn. 19. I personaly prepared alt concrosbns and opinions about Ne real estate that were set mrth in this appraisal report. d l relied on significant real property appraisal assistance hom any individuak in the performance of this appraisal or the preparatbn of this appraisal report, I have named such individual(s) and disclosed the specific asks performed in this appraisal report.! certiry that any individual so named is qualified to perform the tasks. I have not autlroraed arryone to make a charge to any item in this appraisal report therefore, arty change made to this appraisal is unauthorized and I wiN take no responsibiMy br R 20. I identified Me lenderlclrent in Nis appraisal report who is the intliuidual, organizaton, or agent ror the organization mat oNered and wiU received this appraisal report. 21. The lenderlcfient may discbse or tliwibure this appraisal report ro: the borrower, another lender at the request of the bomawer, the mortgagee or its wccessors and assigns; rrargage inwrers; government sponsored enterprises; other secondary market participants: data colktction or reporting services; proressbnal appraisal organizatbns; arty deparmrenl agency, or insW menaliry of the Unketl Sores; and any sore, the District of Columbia, or other jurisdktbns; wdhoul having ro obain the appraiser's or wpervisory appraiser's (4 applicable) consent. Such consent must be obtained before this appraisal report may be discosed or disaihuted ro arty other parry (incuding, but not limited ro, the public through advertising, public reatbns, news, sales, or other media). 22. 1 am aware that arty discbwre or diriribution of psis appraisal report by me or the lenderlclient may be wbject ro certain laws and reguations. Further, I am also wbject to the provisions of the Uniform Sandards of Professional Appraisal Practice that pertain ro disclowre or distrltwtion by me. 23. The borrower, anoher ender at the requeri of the borrower, the mortgagee or its wccessors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rayon this appraisal report as part of any mortgage finance transal'tion that involves arty one or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" conaining my'electronk signaure', as those arms are defined in applicable aderal andlor sate laws (excluding audio and video recordings), or a facsimile transmissbn of tlfis appraisal report contairnng a copy or represemation of my sgnamre, the appraisal report shall be as effective, enforceable and valid as d a paper version of this appraisal report were delivered conaining my original hand written signature. 25. Arty intentional or negligent miriepresenafbn(s) conained in tlr5 appraisal report may rewft in civil liability andlor criminal penalties including, but not limited ro, fine ar imprisonment or both under the provisions of Title 18, United Sates Code, Sectbn 1001, et seq., or simiar sea laws. SUPERVISORY APPRAISER'S CERTIFICATION: The SUperyisory Appraisef Certlfle5 and agrees that 1. I directly wpervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's anaysis, opinions, saremems, conclusons, and the appraiser's certification. 2. I auepl lull responsibility for the contents of this appraisal report including, Dut not limited ro, the appraiser's anaysis, opinions, satements, conclusions, and the appaiser's certification. 3. The appraiser identfied in mis appraisal report iseither asub-contractor or an empbyee of the wpervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is aaeptable ro perform this appraisal under me applcable sea aw. 4. This appraisal report complies with the Uniform Sandards of Proessonal Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and thatwere in pace at the time this appraisal reportwas prepared. 5. tl this appraisal report was transmitted as an'electronic record' conaining my "electronic signature', as those terms are defined in applicable federal alfdlor riare laws (excluding audio and video rewrdings), or a acsimile transmissbn bt this appraisal report containing a copy or representation of my sgnamre, the appraisal report shall be es BttaCUVe, enrorceabk and valid as lt e pacer version of tlus appraisal report were delivered comalrArld my orignal hantl wrltan sianemre. APPRAISER Signature Name Stan A. Skowronek Comparry Narrre Barrett Real Estate and Appraisal Svcs company address 505 S. Hanover Street Carlisle, PA 17013 Telephone Number 1-717-243-8848 Email Address atanskowronek~vahoO.com Date of Signature and Report 05/2312012 Effective Dare of Appraisal 02/2712012 Stare Certification # RL001572L or Sate License # or Other (describe) Sea # stag PA Expiration Dare of Certificatbn or License 08/3012013 PA Certified Residential Real Estate Appraiser ADDRESS OF PROPERTY APPRAISED 2097 Ratner Highway Carlisle. PA 170159305 APPRAISED VALl1E OF SUB,~CT PROPERTY E 550,000 LENDERICLIENT Name Company Name Fi3rM Trust Company Company address 800 East Hlgh Street, Ste. #428 SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature ~~ ;/ Name Steven W. Barrett SRPA, SRA, ASA company Name Barrett Real Estate and Appraisal Svcs comparry Address 505 S. Hanover Street Carlisle, PA 17013 Telephone Number 1-717-243-8848 EmaaAddress Stsve~3lNBarntt.com Dare bt Signature OS/23/2012 Sate certification a GA000298L or State License # sate PA Expiration Dare of Certificaton er License 0813012013 PA Certified General Reat Estate Appraiser SUBJECT PROPERTY ^ Did not inspect subject Property XO Did inspect exrerbr of wb(ect property from street Dare of mspectbn 04!1812012 COMPARABLE SALES X^ Did rrot inspect exterior of comparable sales hom street Did inspect exterior of comparinspect exterior of comparable sales hom street Date of mspectbn wuo ro osaemro S.W. Barrett Real Estate & Appraisal Services SUBJECT PROPERTY PHOTO ADDENDUM Property Address: 2097 Ratner Highway Case No ' CiN: Carlisle State: PA Zip' 17015.9305 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: February 27, 2012 Appraised Value: $ 550,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE Borrow2r: Verna H. SHULTZ Estate File No.: 12-0104 Pro Address: 2097 Ritner Hi hwa Case No.: City: Carlisle State PA Zip: 17015-9305 Lender: F6M Truat Com an ' Street (opposite view) Driveway (from Ritner Hwy) Rear of vacant 1 story dwelling womceeuwa ~a,ae..,e, eaozxnrn vmx ~nxeD cm. was imezmo Borrower: Verna H. SHULTZ Estate File NO.: 12-0104 Property Address: 2097 Ritner Highway Case No City: Carlisle State PA Zip' 17015-9305 Lender: F3M Trust Com an Front of vacant 1 story dwelling View #1 of acreage View #2 of acreage waacea ~m~ na wmwe, aoozu.em ~wx.acnee.mm nna tmexto Borrower: Verna H. SHULT2 Estate File No.: 12-0104 Property Address: 2097 Ritner Highway Case No City: Carlisle State: PA Zip' 17015-9305 Lender: F8M Trust Com an Cell phone tower on leased land woeucee usnq ~a mm~a eoq.re..nn w~w.etlMn.com aim ~o~emm ~:~~ Map Ps~~e 1 of 1 http://ccgis.ccpa.net/aspnet_clienUESRI/WebADF/PrintTaskLayoutTem plates/default.... 5/8/2012 Tax Parcels Tax Parcels LOCATION MAP Borrower: Verna H. SHULTZ Estate File No.: 12-0104 Property Address: 2097 Ratner Hltlhway Case No.: City: Carlisle State: PA Zip: 170159305 Lender: Fd~M Trust Com an -----_--- - - _ _ M9cCoysvitle - ° -~- ~- - tr : -- ,, ~'~rt+ Way walnut Grove Juniata ; Furnace Bunker Hill ~ Saville I Mannsvi lie I New Bloomfield I -Toney Grov@. Fo~c poo;~+wnRd Pare Grove Elliottsburq ? East wMerford cPO ~ _ c e , 6 Lo sville Shermansva15eyR Y Q'a ' Milltown ' cQ~~ I -• Blain r~ ~ _ I ~ 34 , `!? l ~ a~ ~ s Sfierinans Dale i ~~ ~` Center '~~ ° x ~ Square ° ,,y~ 0~7v Comparable Sale 3 71 _- - - ~~ i ~ ` `I _ 43-OS-0417-093 EnolaRb ~ Enola Road Newville, PA 17241 h'~p (7.76 miles WNW) M C osserw Lower Frankbrd Twp + $ChtU55N ~'b c ~ rea ya Midd• Comparable Sale 2 Subject ~s3.v~'"' '- 46-0B-0591-001 2097 Ratner Hwy Mt. Rock Road -- - Carlisle, PA 17015 Carlisle Heberling _p Newville, PA 17241 6 86 il W) _ - !' ~^ -» ' -` ~ _ --r ( . m es "'~' ~- r...- ~'--p'Y`f ' ~ Newvil o ~ ~%' ~' ~- Comparable Sale 1 Mount Rock'' Pa x oc Ba 39-10-0312-050 ~~ Sp gan Duncan Road ~~'` Shippensburg, PA 17257 ~~ ~ ~' (14.32 miles WSW) i~ Mount Holly Dickinson n,~ee-d Springs I ~ ~inq. 3{ :3a _ m Tory ~ Walnut Ea~;rl ~ '~ Ec~.. cano ~ r. `c4~ Boltom _ertt• e a -. - 233! TaWnd o Mongul Shippensburg;' Urania Pare Grove Furcate ; SouthanipE6r. Twp - s Gardners Wenksviile Q !'' d, v Aspers Qce ~:_-5moketawn ~'Y Heidlers4u ~^c Bigierville ~~ oyr waYE -a; atw ~ 2331 Arendtsvilte ~' Fayetteville 'ark Brovrnsvilk X30 r_ JI CAa 'J ib 'rC',. _. .. _ _tL',!i,IIC_ l._ i~.,yr .'liCll "Hsersburg Rd -_, 11 miles Borrower: Verna H. SHULTZ Estate File No.: 12-0104 Property Address:2097 Ritner Highway Case No.: City Carpels State: PA Zip: 17015-9305 Lender: FbM Trust Com an o t ~r - _ CaritM ~ Rtl ~~~ son ` ~ I ~' Oti ~. ~ ~ ~ .9 Subject I ~ °°~ 2097 Ritner Highway ~ «~°` `" Carlisle, PA 17015-9305 ~ A CtF P 6 ~. as td f. Sys' E td I I I _, j I Flood Information FloodMa:p Legend Community' 421590 - W.PENNSBORO.TWP OF Food ZoneB Property is rot In a FEMA special flood hazard area. Aianraawradeysoo-yaareoodNrg MapNurrrtter:42041CA209E Map Date:03J16J2009 Panel: 0209E FIPS: 42041 14aas euga of ar t Od atq S06yaar 1lootlptaars tore' X :~ Mea rraagitia oy toM1yaar rloodrnp Mart aarniaNi a1r t04yeer aoodlny wan vabeay hamwM _ F10atlway Mao Nedher Tran samencu ~-loud H,ezard CertalnaWin (TFHCI oar ACI make nny ® Fgotlwiy Mao vreh vNOMy ha17aM repreaentatlons or wurintraa td any party cawemrng the content, accuracy or compirtsnpa o/Uric Pood rayon, inGUd'mp any warranty of mwchantsbaay or Maio et tatialirarlM4 tlal tMaaeM A00A hanrdS ~tne+a fdr a perntt~ter purpoea. Nelaller TF HC n/fr ACI nor Mr !1Aawr of thH flood rayon shel~ have any IIeDNRy io any thro party for any use w misusa of Mar! rtat arp0ai on aay pAiMad FIRM this flood re part. -----. rnervo. ~c-u~ua ***''****" QUALIFICATIONS *"*"***"* The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the inspection of the subject property, the comparebies sales, and their neighborhoods and locations. Unless otherwise noted, the conditions that apply to the subject property or the comparable salsa used DO NOT AFFECT THE MARKET VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home ~ ii inspection service. This is an appraisal to estimate market value. 1. The subject is located in a rural area and is less than 25°~ built-up. _ _2. Commercialllndustrial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods. _x_3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for the area. _ _4. The predominant value in the neighborhood is less than that of the market value of the subject property. This is due to the very wide range of value of properties in the area and superior quality of the subject property. _5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and suggested. _6. Dampness is noted in the basement of the subject. Standing or running water was not present on basement floor. This condition is considered typica{ in dwel{ings of this style. _x_7. The subject property is serviced by private well and/or septic syatgms which is common for the area. _ _8. The subject is older than flve(5) years. All mechanical systems including the heating, electrical and plumbing systems appear upon a visual exterior inspection to be in working oMer. No warranties are implied in this statement. _9. Repair items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The items listed are cosmetic in nature. _10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a health or safely hazard. _11. The subject property does confain functional obsolescence as noted in the report. This condition is considered typical and common for the area and this style dwelling. _12. The land value exceeds 3096 of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighborhood. _13. The land value exceeds 3091 of total value. This is due to the large size of the sits. Thfa condition is. considered to be typical and common. _14. Individual adjustments were required that exceed 15°Ao. These adjustments were required due to lack of more similar compareblea on that individual rating. All comparebles used are the best available, _ _15. Total adjustments exceed 2596. This is due to the lack of compareble sates that were more similar in the subject's market area. All comparebles used are the best available. x_t8. One or more comparable sales are older than six(8) months. Although there are comparable properties in the subjects area, none have sold recently; therefore, sales in excess of six(8) months have to be used. All compareblsa used are the best available. _ x_17. One or more comparebles used were in excess of one (1) mile from the subject property. Although there are comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable sales outside of the immediate area. All comparebles used are located in similar neighborhoods and within tfie same marketing area. All comparebles used are the best available. _78. The electrical system was not connected during inspection. _19. The water service was not connected during inspection. _20. The heating system was shut down during inspection. _21. Roofing_Plumbing_Electrical,^Heating_certification(s) islare suggested. _22. Inground swimming pool-,, out buildings are included ,not included according to lender's guidelines. ~ _23. According to lenders guidelines a maximum of acres were considered for this valuation: Remaining ~ acreage was given no value. ' FIIC N0. 7 Z-01 U4 I *******"* QUALIFICATIONS *****''"*'' _24. The subject property is located on a private road. i _25. Wood infestation inspection is suggested. li _x_26. Last recorded deed transfer: Date_06103t2004_, Consideration: S_0 _27. Proposed construction/renovation in accordance to plans and specifications to be completed in a workman-like manner. i ,28. Seller is paying part or all of closing costs. _x_29. All comparable sales are verified closed sales. II ~j i x_30. There are no special conditions or other requirements that would affect market value or future marketability in ~'i the Appraisal Report. CHECKED ITEMS ARE SPECIFIC SPECIAL CONDITIONS THAT WERE IDENTIFIED BY THIS APPRAISER DURING INSPECTION. File No. 12-0104 i --- _ -- - i ***#'***"'* QUALIFICAT{ONS ****"**** Confidentiality and Security Policy We consider privacy to be fundamental to our relationship with clienffi. We are committed to maintaining the confidentiality, integrity and security of clienffi' personal information. Internal policies have been developed to protect this confidentiality, while aNowing c{ient needs to be served. We restrict access to personal information to authorized individuals who need to know this information to comply with ~I federal standards to protect your nonpublic personal information. We do not disclose this information about you or any former consumers or customers to anyone, except as permitted by law. The law permiffi us to share this II information with our affiliates. The law also permiffi us to share this information with companies that perform marketing. When we share nonpublic information referred to above, the information is made available for limited purpoasa and under controlled circumstances. We require third parties to comply with our standards for security and confieMiality. II We do not permit use of consumer/customer information for any other purpose nor do we permit third parties to rent, ~ sell, trade or otherwise release or disclose information to any other party. i ~I Education ~~~ As of the date of this report, I andlor Steven W. Barrett, SRPA, SRA, have completed the requirements under the i j continuing education program of the Appraisal Institute. i . I i i i 'I i i i' j ~ I~ i r ~ i I STEVEN W. BARRETT Sfeven W. Barrett Real Estate & Appraisal Services-Established 1976 505 South Hanover Street, Carlisle, PA 17013 Phone 717-243-6646 FAX 717-243-8627 E-Mail -Steve@swbarrettcom PROFESSIONAL LICENSES: PA State Certified General Appraiser, GA-000298-L PA Real Estate Broker, RB-026921-A Certified PA Evaluator, AV-000034-L PROFESSIONAL DESIGNATIONS EARNED: SRPA, Senior Real Properly Appraiser, 1 1190 CPE, Certified Pennsylvania Evaluator, 1 I J88 Appraiser Institute -General Member Assessors Association of Pennsylvania SRA, Senior Residential Appraiser, 4/83 CRB, Certified Real Estate Brokerage Manager, Appraisal Institute -Residential Member 2/86, Realtors National Marketing Institute ASA, Accredited Senior Appraiser, Real Property CRA, Certified Review Appraiser, Senior Member Urban, 7/90, American Society of Appraisers 4/81, National Association of Review Appraisers GAA, General Accredited Appraiser, 11/94 Realtors Appraiser Section ASSOCIATION MEMBERSHIPS: Appraisal Institute American Society of Appraisers Assessors Association of Pennsylvania REALTORS -National, State & Local Organizations OFFICES HELD: 2006 Board Member, Greater Harrisburg Assoc. of Realtors 1984-86 President, Chapter 70, 2003-2005 Board Member, Carlisle Board of Realtors Society of Real Estate Appraisers 2001 President, Appraisal Institute, Central PA Chapter 1982-83 Vice President, Chapter 70, Society 1998 Chair, Appraisal Section, of Real Estate Appraisers Harrisburg Association of REALTORS 198 ] Vice President, Carlisle Board of 1989-90 Vice Governor, District 20. Society of Real Realtors Estate Appraisers 1982 President, Carlisle Board oFRealtors APPRAISAL AND REAL ESTATE EDUCATION: Appraisal Institute/SREA -Courses Penn State University -Courses SREA Course i01, An Introduction to Appraising Real Estate Appraising 1 SREA Course 102, Applied Residential Property Valuation Real Estate Appraising 11 SREA Course 201, Principles of Income Property Valuation Real Estate Appraising-Right of Way SREA Course 202, Applied Income Property Valuation Real Estate Theory and Practice SREA Course 301, Special Application -Appraisal Analysis Real Estate Finance AI Course 510, Advanced Income Capitalization Real Estate Administration & Management Residential Demonstration Report Real Estate for the Small Investor Income/Commercial Demonstration Report of Business Valuation Appraisal Institute/SREA Seminars: Online Business Practices and Ethics `04 Greening Historic Bldgs. 31". Century `09 Keep Yourself Safe & Legal `09 USPAP ?009 Internet Search Strategies for R.E. Appraisers '07 Appraisal Review & the Process of Reviewing '07 Tax Assessment law & Tax Appeal Process in PA `07 Review of PA Appraiser Certification Act '07 Penn Dot Right of Way Procedures '06 Professional Guide to the Uniform Residential Appraiser's Report 'OS Review of PA Appraiser's Certification Act `OS Appraiser's in the Ring 'OS Tax Free Like-King Exchanges 'OS Appraiser's in [he Ring 'OS 7 Hour Elective Continuing Education Com-se I I '03 7 Hour Elective Continuing Education Course X '03 Inform Standards of Professional Appraisal Practice '03, 'O5, `07 Residential Construction `03 Appraising the Oddball: Nonconforming & Difficult Properties Other Seminars: Veterans Administration Training `OS Veterans Administration Traitting'03 Brokerage -Kell '00 Agency Changes, Choices and Fonns Realtors lnstitute '99 Law and Order: USPAP and PA Realtors Institute '99 Elective Brokerage -Shearer '97 Mandatory Brokerage -Shearer '97 Appraising High-Valtre Residential Properties 2005 WORK EXPERIENCE: Real Estate Property Manager, 1979 Real Estate Appraiser, 1975 EXPERT WITNESS: Cumberland and Dauphin Counties Corot of Common Pleas and Domestic Master Hearings TYPES OF PROPERTIES APPRAISED: Residential Commercial Multi-Family Mixed Use Easements Eminent Domain Feasibility Studies Cash Flow Analyses PA State Mandated Course '03 Uniform Appraisal Standards for for Federal Land `08 Appraising Enviromnentally Contaminated Properties '09 Appraiser Liability '03 Appraising from Blueprints and Specifications '01 Regression Analysis in Appraisal Practice '01 FHA Appraisal Inspection from the Ground Up '01 Narrative Appraisal Report Writing Partial Interest Valuation -Undivided `00 Technology Form - Parts I and 2 '99 Litigation Skills for the Appraiser '98 Dynamics of Office Building Valuation '98 Loss Prevention '98 Uniform Residential Appraisal Report '97 Small Residential Income Property Appraisal '97 Valuation of Leasehold Interest '97 Valuation of Leased Fee Interest `97 Underwriter's Guidelines to Real Property Appraisal '97 Appraisal of Mixed Use Property Types `96 Appraisal of aFor-Profit-Cemetery -AAP '96 Mandatory Appraisal of an Operating Landfill -AAP '96 Nursing Home Valuations -AAP '95 Realtors National Marketing Institute Course 302, Marketing Management '86 HUD-FHA Training Seminar Pennsylvania Appraisal Statutes Two to Four Family Finesse -Appraising Multi-Family Properties ?005 Real Estate Broker, 1974 Real Estate Salesman, 1971 Penn DOT Board of View Various Municipal Zoning and Planning Boards Industrial Investment Agricultural Retail Right of Ways Subdivisions Assessment Appeals Consulting REAL ESTATE BROKERAGE: Listings, sales, leasing and consulting of all types of real estate in south-central PA ~, ~ b . . ::., .~., .. a .~--' ~ eruvs.~~~"_ - ~ l RESUME STAN A. SKOWRONEK PROFESSIONAL LICENSEE: PA Certified Residential Appraiser, RL001572L AFFILIATIONS: Real Estate Appraisa{ Section, Association of Realtors EXPERIENCE: 1991-Present Appraiser, Steven W. Barrett Real Estate & Appraisal Services 505 South Hanover Street, Carlisle, PA 17013 1990.1991 Realtor, Jack Gaughen Real Estate 1068 Harrisburg Pike, Carlisle, PA 17013 1985-1990 Chief Financial Officer, Helen H. Stevens Community Health Center 33 State Avenue, Carlisle, PA 11013 EDUCATION: University of Hartford, West Hartford, CT 1972 BS, Business Administration The Appraisal Institute 2005 The Professionals Guide to the Uniform Residential Report The Education Division of Don Paul Shearer, Inc. 2009 Preparation, Readdressing & Updates of Appraisal Report & Scope of Work Common Sense in the Appraisal Process Avoiding USPAP Violations & State Appraiser Law Updates USPAP - ~ Hour Update Course 2007 Appraisal Review & Process of Reviewing Appraisals Application & Restrictions of the Cost Approach Avoiding USPAP Violations & State Disciplinary Action; PA State Appraisers Law USPAP - 7 Hour Update Course 2005 USPAP-?Hour Update Course Avoiding USPAP Violations plus PA Appraisal Law Preparations and Updates of Appraisal Report Common Sense in the Appraisal Practice McKissock Data Systems 2000 Factory Built Housing Introduction to Narrative Appraisal Report Writing Appraising 2-4 Family Residential Properties PA State Mandated Course Uniform Standards of Professional Appraisal Practice '~~ '`~~ '' ~~~ ~~~ ~ ~ CommortwCalth ~~n~ania a ,~,~ z „q ~j 0 ~ ~ ~ ,;~ t 4 y 4 1 ' ~~. ~# ,,, ~~`~ ~~ o, ~~~~ Dep~tf~en#~¢~S.tat', ~^ '. `' '" ~" Bu~~°au of Pro 1s tonai rs ~" a PO Bo~c ~~,4~~IiarrisburQ P:~`(~fi185~649 ~,,,, ~ Certificate Type J '~ ~ ~. _Lti •f Certificate States ~. Certified Residential A raiser ~ ~~ `f vf~"I- ~ti."''- PP : ~ ,~, , Active ». ~ r r `' ~ '` I16/199'.3~ STANLEY ANTHONY SKOWRONEK Certificate ST ~ -~. t, qi ~g~ ~ C ~ RL~SO~ ?~~ sin ~ ,,~~,` ~% *~ ,~ ~ `'~ ~ ,~ /30(201 / ~ -~ `. `-ut?v.~c'ci~t~ • sue` ,' a~ ~ S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal F~Ie No. 12-0101 I i APPRAISAL OF '. r. ~'ri,h'c ~._ !°G ~~~ ~. ~ ~~ ~_ S. Y 1 1 ,~.+. .7 LOCATED AT: l Garland Drive Carlisle, PA 17013 FOR: i F 8 M T-ust Company I David C. Gorily 1901 Ritner Highway Carlisle, PA 17013 Ii I I BORROWER: Verna H. SHULTZ Estate Il A5 OF: April 19, 2012 i BY: Steven W. Barrett, $RPA, SRA, ASA PA Certified General Real Estate Appraiser ~~~ ~ ~~e~-~ 3 ~ S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal me rvo. is-uiui 05/16/2012 F 8 M Trust Company I David C. Gority 1901 Rltner Highway Carlisle, PA 17013 Fiie Number: 12-0101 In accordance with your request, I have appraised the real property at: Garland Drive Carlisle, PA 17013 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of April 19, 2012 is: 538,000 Thirty-Eight Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Respe/ctfully subm Itte~d, rC~ ......-- (J ( ) ~~~ J ~. I~ Steven W. Barrett, SRPA, SRA, ASA PA Certified General Real Estate Appraiser S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal LAND APPRAISAL REPORT File NO 12-0101 The purpose al this summary appraise{ report is to provide the tenderlclient with an accurate and adequately supported opinion of the market value of the subject property. a ProperryAddress: Garland Drive city:Carlisle State: PA Zip:17013 Borrower: Verna H. SHULTZ Estate OwnerolPublicRecord Shultz, Verna H. county: Cumberland Legal Description Deed Book 2B3 Pa a 1823 Assessor's Parcel M: 04-23-0800-01 5 Tax Year: 2011 R.E. Taxes: 1 884.00 NeighborhoodName: Carlisle BorOUgh MapRetetence: 23-0800 Census tract: 0124.00 S petal Assessments: Norte PUD ^Yes Q No HOA:S NIA ^ Per Year ^ Per Month Property Rights Appraised: D Fee Simple ^ leasehold ^ Other (describe) N A Assignment Type: ^ Purchase Transaction ^ Refinance Transaction ^ Other (describe) LenderlClient: Address: I ^ did O did not analyze Me contract for sale for the subject purchase transaction. Explain the results of the ane{ysSs of tfie contract for sale or why the analysis was not performed. Conrad Price S: NIA Date of Contract: N JA Is the property seller the owner otpublic record? Yes No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gill or down payment assistance, etc.) to be paid by any party on behalf of the borrower? ^ Ves No If Yes, report the total dollar amount and describe the items to be paid. f NIA N A Note: Race and the racial com osilion of the nei hborhood are not a sisal factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present land Use % location Urban X Suburban Rural Pro er Values Increasin X Stable Dec{inin PRICE AGE One-Unit 70 % Built-U Ovar 75% X 25.75% Under 25% DemandlSu I Sharte e X In Balance Over Su I S 000 rs 2.4 Unil 1 % Growth Ra id X Stable Slow Marketin Time Under 3 mths X 3-6 mths Over 6 mths 140 Low 0 Multi-Famil 2 % Nei hborhood Boundaries: 300 Hi h 78 Commercial 2S % 180 Pred. 40 Gther 2 % G ood Aver. Fair Poor Good Aver. Fair Poor Convenience to Em to meet X X Pro art Com atabilit X X Convenience to Sho to X GeneralA earance olPro erties X X Convenience to Primer Education X Ade tree otPOliceiFire Protection X X Convenience Io Recreational Facilities ~( Protection from DelrimentalConditions X X Em to mentStabilit X OverallA esltoMarket X X Nei hborhood Desert Lion: The Borou h of Carlisle is central) located in Cumberland Count on the west aide of the Sus uehanna River. The direct nei hborhood consist of the Borou h of Carlisle end surroundin townshi s. The nei hborhood s ears stable with no a event adverse conditions. A full nei hborhood as well as re Tonal anal see will be retained in the a raises files. MarketCondilions includin su ortfortheaboveconclusions: Pro art values current) are stable. Local multi-list data indicates an avers e marketin time of 90-180 da s. Economic trends and lendin rates have remalnad favorable. Sales concessions are occurin more fre uentl however there is no known revelance of unusual seller financin concessions or bu downs. There are new homes under construction in surroundin develo meets as well as ressalea available in the eel hborhood. Dimensions: See legal description Area: 12,832.4 Acres X sq.Ft, shape: Irregular view: RssidiCommJl 81 ZoningGassification: R 1~ Resdentfal ZoningDescriplion: Low Densit Residential Zoning Compliance: X Legal LegalNoneonlorming (Grandtathered Use) No Zoning Illegal (describe) NIA uses permitted undercurrent zoning regulations: 2onin m e and ordinance In the addenda of this ra ort Lot Size a trots .29 aCie Highest&BeslUse: Realdentiel Describe any improvements: None Do present improvements conform to zoning? Yes No X No improvements If No, explain: N/A Present useolsubjectsite: Residential, vacant land Current or proposed ground rent? Yes X No IIYes,S NIA Topography: BeslCall Level Size: T feel for area Drainage: Appears ode uate Corner Lot: X Yes No Underground Ulifities: Yes X No Fenced: Yes X No II Yes, type: N/A Special Flood Hazard Aree ^ Yes ~ No FEMA Flood Zone: X FEMA Map a: 42041C0240E FEMA Map Date: 03!18/2009 UTILITIES Pub lic Other Provider or Descri Lion Olf-Silelm rovements T el0escri lion Public Other Electricit X Available PPL StreetSUrlace As halt X Gas X Available UGI StreetT ellntluence StatelMuniCi a1lNeutrol wafer X Available Borou h CurhlGutter Concrete/Corner of Garland X sanitar sewer X Available Borou h sidewalk Concrete/Corner of Garland X Other Street Li hts Ade uate X Other Alle None Are the utilities and off-site improvements typical for the market? X Yes No IINo, describe: NIA Are there any adverse site conditions or external factors (easements, encroachments, environmental Conditions, land uses, etc.)? Yes X No If Yes, describe: There are no a event adverse easements or encroachments. This site is influenced b commercial uses to the east of the site and the four traffic lanes of South Hanvover Street m akin it leas dealraba for rasiderttial develo meet. site comments: Sub act fs located at the corner of South Hanover Street and Garland Drive. Bruce Kozar codas enforcement officer for the Borou h of Carlisle stated that thla is a develo able site based on existin set back re uirements. Pmoacea ua.^9 eel wnwae. eoo n. xan •w. aen~en.com reNO ro nsoeza,o S. W. Barrett Real Estate & Appraisal Services r i AND APPRAISAL REPORT Summary Appraisal Fde No 12-0101 there are 0 com arable sties cunentl offered for s ale m the sub"act nei hborhood ran m m nce from E 0 to S 0 There are 1 com arable riles sold in the art 12 mo nths in the sub ecl nei hborhood ran in in s ale rice Irom 5 45 000 to S 45 000 FEATURE SUBJECT COMPARABLE SALE N0.1 COMPARABLE SALE N0.2 COMPARABLE SALE N0. 3 address Garland Orive cif rstrzi Carlisle B00 Block S. Hanover St. Carlisle 1000 Block Franklin Street Carlisle 1500 Block Hemlock Ave. Carliala Proximil to sub~ect 0.42 m Iles NNE 2.00 m ilea N 1 .91 m Iles W N W Data sources C.H. Records/Owner/CPMLS C.H. ReeordalCPMLS C.H. RecordslCPMLS verification sources C.H. Records I Owner Court House Records Court House Records sale Pnce E NIA S 4S 000 E 45 900 E 37 S00 PricelPer S .Foot S 0.00 S 4.13 S 3.10 E 3.19 Dateotsale MOIDAIVR N!A 7)22!2011 0 5112!2011 0 11/23/2010 0 De son Market None not for sale 28 0 S 0 110 0 Financin fi e NIA Cash 0 Unknown 0 Unknown 0 Concessions NIA None 0 Unknown 0 Unknown 0 Location Suburban Su erior -5°/a -0.21 Su erior •5% •0.16 Su erior -5% -0.18 Pro art Ri htsA raised Fee Sim le Fee Sim le 0 Fee Sim le 0 fee Sim le 0 site size S .Ft. 12 632.4 10 890 0 14 810 0 11 781 0 view Resid/Comm/181 Su erior-5% -0.21 Su erior -S% -0.16 Su erior -5% -0.16 To o ra h Level Level 0 Level to Rollin 0 Level 0 available utilities elac as wtr ss Similar 0 Sim Ilar 0 Sim filar 0 StreetFronta a NIA N/A NIA N/A StreetT a Public As halt Public As halt 0 Public As halt 0 Public As halt 0 waterinfluence None None 0 None 0 None 0 Fencin None None 0 None 0 None 0 tm rovements None None 0 Nona 0 None 0 Zonin Residential Similar 0 Similar 0 Similar 0 R. Access -S% -0.21 NetAd'ustment Total in S + X - S 0.83 + X - S 0.32 X - S 0.32 Adjusted salespnceofthe Com arable Sales in E Net Adj. -15.3% GrossAd'. 15.3% E 3.50 Ne1Adj. -10.3% Gross Ad". 10.3% S 2.78 NetAdj` -10.0% Grossad~. 10.0% S 2.87 Tne Appraiser has researched the transfer history of the subject properly for the past 3 years and the fisting History of the subject for the pest 12 months prior to the effective dale of this appraisal. The appraiser has also researched the transfer and listing history of the comparable sales for the past 12 months. The appraiser's research ^did ®did not reveal any prior sales ar transfers of the subject property for the three years prior to the etlective date of the appraisal. Data Sources: The appraiser's research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the date of sale of the comparable sale. Date Sources: The appraiser's research did did not reveal any prior listings of the subject property or comparable sales for the year prior to the etlective date of the appraisal. Date Sources: ListinglT ransfer History Tra nsle rlS ale (ONLY) of the Subject in past 36 months: Listing and Transler history al Comp 1 in pas112 months: listing and Transler history of Comp 2 in pas112 months: listing and Transfer history of Comp 3 in pas112 months: (it more than two, use comments E NIA NIA E 49 900 4!28!11 E 4S 900 3131111 E 49 900 6116/10 section or an addendum.) E NIA N/A E S E sub'ectPra art Is Currants Listed For Sale? Yes No Data source: Multi lief aelviCe Current Listing History List Date List Price Days on Market Data Source N/A S 0 0 CHR/CPMLS Sub"ec[Pro art has been listed within the last 12 Months? Yes X No Data Source: Multi list Service 12 Month Listing History List Date list Price Days on Market Data Source N/A S 0 0 CHR/CPMLS NIA S 0 0 CHR/CPMLS Comments on Prior SaleslTransfers and Current and Prior Listin s: Listin histor rovided fo- each com arable sale. No further recent recorded transfers were found. summer or the sales com arisonA roecn: All com arables are closed transactions sa of the vatustion date. The selected market com arables are considered a ro riate value indicators for com arison ur osea. No other ad ustmants were re wired. Three com arable land sales were anal sad. Before ad ustmants a value ran a of 3.10 to 4.13 er s uare foot was indicated after sd ustmants a value ran a of 2.78 to S3.S0 was de.term fined with a mean value Indicator of 3.OS er s uare foot.. E ual was ht was a lied to all com arables. Chosen value indicator era uare foot 53.00. Therefore 12 832.4 s uare feet times 53.00 a wale S37 897.20. Sa 38 000. Reconciliation Comments: Market Anal sis eonsistentl su orts m estimated market value. Coat A roach and GRM anal sis were found Ina ro riate for this anal sis. Greatest wei ht is a Iisd to the Market Data Anal sis. Su ortin file Information substantiates these estimates. ihisa raisalismade X 'asis• or sub'eettothetollowin conditions or ins actions: Rstroa ectlve V81ue the "AS OF" value of this anal sis is 4 /1 912 0 1 2. Pro art has been a raised in Its "AS IS" state with no additional conditions considered. 9aasd on ^eem plus visual lnspsotlon of tHa au01•ct efts and tnoss im prevsm sn la upon said sld,dsNn sd seo ps olwork, stahm ant of usum ptlo ns and film ItMg eondltlom, and appralasr's csrrlflc atlo n, m y tour) opinion Of m srkst value, as dsrlnsd, of ant rut property loaf is the subset of this report b: O is ton sr Marksi Vaiu s: f 38 000 as ot: 04/19/2012 DOD wHleh b tna data otins radon and the alts etiw tlats of th if a ralsal. ..,,~,,... ,,, . ,., ,,,D eqe ~2 oil...-.. ...-..~.-..,....... S.W. Barrett Real Estate 3 Appraisal Services LINO _10 0506'!010 S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal LAND APPRAISAL REPORT File NO. 12-0101 Is the developerlbuilder in control of the Homeowners' Association (NOA)? ^ Yes ^ No Unit type(s): ^ Detached ^ Atlathed Provide the following information for PUDs ONLY if the developerlbuilder is in control of the NOA and the sublect property is an attached dwelling umt. Legal Name of Project _ Total number of phases: Total number of units: Total number of units sold: Total number of units rented Total hum her of units for sale: Data source(s): Was the project created by the conversion of existing building(s) into a PUD? ^ Yes No tf Yes, date of conversion: Does the project contain any multi-dwelling units? ^ Yes ^ No Data Source. Ate the units, common elements, and recreation facilities complete? ^ Yes ^ No If No, describe the status of com Dlehan: Describe common elements and reneational facilities: This report loan is designed to report an appraisal of a parcel of land which may have some minor improvements but is not considered la be an 'improved site'. A11 improvements are considered to be of relatively minor value impact on the overall value of the site. This report form is not designed to report an an 'improved sire' where significant value is derived from the improvements. This appraisal report form may be used tot single (amity, multi-family sites and may be included within a PUD development. This appraisal report is subject to the following scope of work, intended use, intended user, definition of marketvalue, statement o1 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 walk to include any additional research or analysis necessary based on the commplexity of this appraisal assignment. M odifications 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 Io the appraiser's continuing education or membership in an appraisal organization, are permuted. scoPE OF wORK: The scope of work for this appraisal is defined by the tom plexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definuion of market value, statement of assumptions and limiting conditions and certifitations.Tbe appraiser must, at a minimums (1) perform a complete casual inspection of ine subject site and any limited improvements, (2) inspect Ina neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify and analyze data from reliable public andlor private sources, and (S) report his or her analysis, opinions and conclusions in this appraisal report. IN TENDED usE: The intended use of the appraisal report is far 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 report is the lenderlclienl identified within the appraisal report. 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 and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the psssing 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 they consider their own hest interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideralian for the property sold unaffected by specia4 or creative financing o+ safes concessions` granted by anyone associated with the sale. (Source: OCC, OTS, FRS, & FDIC joint regulations published June 7, 1994) 'Adjustments Io the comparables must be made for special or creative concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or few in s 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 properly by comparisons to financing terms offered by a third party institutional lender that is not already involved in the properly or transaction. Any adjustment should not be calculated on a mechanical dollar fat 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 appra la¢I'S CerbfiC B(i0n In this report i5 Subjetl t0 the IOIIOWIng assdm pllOna and bm fling Condlbon 5: 1. The appraiser will not be responsible for matters of a legal nature that atlect the subject property being appraised ar 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 end will not render any opinions about the title 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other dale 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, 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 properly in question unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal repair any adverse conditions (such as 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 subject property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, Toxic substances, adverse environmental conditions, etc.) thatwouldmake the property less valuable, and has assumed that there ere no 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 the engineering or testing that might be required to discover whether such condition exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal must not be considered as an environmental assessment of the property. APPRAISER'S CERTIFICATION: The Appraiser certifleS and 8gree5 that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requuements staled in this appraisal report. 2. I performed a complete visual inspection of the subject site and any limited improvements. I have reported the information in factual and specuic Terms. l identified and repotted the deficiencies of the subject site thaC could atlect the utility of the site and its usefulness as a building lot(s). 3. I performed this appra isalin accordance with the requirements of the Uniform Standards of Pwfession6l Appraisal PraNice thatwere adopted and promulgated by the Appraisal Standards Board of the Appraisal Foundation and that were in place at the time This appraisal reportwas prepared. 4. I developed my opinion of the market value olthe 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 and income approaches to value but did not develop them unless indicated elsewhere wihtin this report as there are no ar very limited improvements and these approaches to value are~nat deemed necessary for credible result andlor reliable indicators of value for this appraisal assignment. S. 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 etteclive dale of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the erfective dale of this apprarsaf, 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 doe of the 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 multiple transactions into reported sales 9. I have reported adjustments to the comparable sales that re llecl the market's reaction to the differences between the subject properly and the comparable safes. 10 I have 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 m appraising this type of properly m This market area. 12. I am aware of, and have access lo, the necessary and appropriate public and private data sources, such as multiple listing services, lax assessment records, public land records and other such data sources for the area in which the property is located. .,,,o,,.~o „s c-~.,°°v age'a oil, "` ••••`•`~.`~m urro _io osoexmo S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal LAND APPRAISAL REPORT File NO. 12-0101 13. I obtained the in formation, estimeales, and opinions furnished by other parties and expressed in this appraisal reparl from reliable sources that I believed to be true and correct. 14. I have taken iota consideration the factors That have an impact on value with respect to the subject neighborhood, sublet[ property, and the proximity of the subject property to adverse influences in the developm ant of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, dirt not limited to, needed repairs, detenorauon, the presence of hazardous wastes, toxic substances, adverse environmental candiliens, etc.) observed during the inspection of the subject property or Iha[ I became aware of during the research involved in performing this appraisal. I have considered these adverse tondibons in my analysis of the property value, and have reported on the effect ei the conditions on the value and marketability of the subject properly. 15. I have not knowingly withheld any significant information hom this apprasal report and, to the best of my knowledge, all statements and mlormation in this appraisal report are true and correct. 16. t stated in this appraisal report my own personal, unbiased, and professional analysts, 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 sublet/ of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sax, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject properly 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 nal conditioned on any agreement or understanding, wntten or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range ar 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 sal forth in this appraisal report. If I relied on significant real property appraisal assistance hom any individuals in the performance of this appraisal or the preparation of this appreisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. I certity that any individual so named is qualified to petlorm the tasks. I have not authorized anyone to make a change to any item in this appraisal reparl; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lenderlclient in this appraisal repot[ who is the individual, organization, or agent for the organization that ordered and will received this appraisal report. 21. The lenderlclient may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower, the mortgagee oc its successats and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organitations; any department, agency, or instrumentality of the United Stales; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (il applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed la any other patty (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 lenderlclient may be subjett to certain laws and teguVations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or disUibuticn by me. 23. The bortower, another lender at the request o1 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 mare of these patties. 24. If this appraisal report was transmitted as an 'electronic record' containing my'electronic signature', as those !arms 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 6e as efleclive, enforceable and valid as if a paper version 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 dull Iiabiliiy and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Seclien 1001, et seq., or similar state laws. ' SUPERVISORY APPRAISER'S CER 71F [CATION: The SVperV i50 ryApproiser Cerllfle5 and agfees that: 1. I directly supervised the appraiser fat this apptaisat assignment, have lead 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 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 apptaisat, and is acceptable to perform this appraisal under the applicable state law. 4. TAis appraisal report complies wish 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'elecnenic 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 appraise) repot[ shell be as ettective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature~~ ^ Name Steven W. Barrett S PA SRA ASA companyName S. W. Barrett Real Estate 3 Appraisal Svcs CompanyAddress SOS South Hanover Street, Carlisle PA 17013 Telephone Number 717.243-6848 EmaitAddress steve~swbarrett.com Date of Signature and Report 05!18/2012 EffectiveDeteolAppraisal 04/19!2012 DOD State Certititation rt GA000298L ar Stale License a or Other (describe) State # State PA Expiration Date of Certification or License 08!30/201 3 PA Certified General Real Estate Appraiser ADDRESS OF PROPERTY APPRAISED Garland Drive Carlisle PA 17013 APPRAISED VALUE OF SUBJECT PROPERTY f ~ 38,000 IENDERICLIENT Name CompanyName F 8 M Trust Company t David C. Gority CompanyAddress 1901 Ritner1901 Highway Carlisle PA 17013 SUPERVISORY APPRAISER (ONLY IF REQUIRED} Signature Name Coin pony Name CompanyAddress Telephone Number Email Address Date of Signature Stale Certificabon o or Slate License # 5 to to Expiration Date of Certification or License SUBJECT PROPERTY ^Did not inspectsubiect property Did inspect exterior of subject property Irom street Dale of Inspection COMPARABLE SALES ^Did not inspect exterior of comparable sales hom street Did inspect exterior of comparable sales tram street Date of Inspection using S.W. Barrett Reai Estate 3 Appraisal Services Borrower: Verna H. SHULTZ Estate File No.: 12-0101 Property Addr~s5: Garland Drive Case NO 'Summary Appraisal City: Carlisle State PA Zip' 17013 Lender: F 8 M Trust Com an !David C. Gorit South Hanover Street Facing South Garland Drive Facing East Garland Drivs Facing Weat Intersection of Garland Drive and South Hanover Street Facing West Borrower: Verna H. SHULTZ Estate File No.: 12.0101 Proper y Addre'S5: Garland Drive Case NO.: Sum m ary Appraisal Clty: Carlisle Stdte: PA Zip' 17013 Lender: F 8 M Trust Com an /David C. Gorit .s ~.f ¢~ ~ . 4 y~~~ ~ ..~ , ~« .~ ,._ .. _. . Subject site facing northeast Subject site facing north Subject site facing south t nrerlnn! nRev e V LTZ Estate File No.: td Drive Case Nc State: PA » a n /David C. G o N t _,_ _ ___ _- __-___-_!__,~__ A o• F ~ s~ ~ o~ ; s Qark Ry d0 '~ ~'y Unwnµatt Fd ~7~ .. Zip: 1701 a ~J 3i v c C a ;hsHer Par a ~~a 7~ iTonglOrrto ~Q . rotF o Caws so ~'oc o Comparable Sale 2 ~i~~`^^ Franklin St +G Carlisle, PA 17013 d'Ogry (2.00 miles N) a _g' a N d y r q U 5~ ~et, ~, c ~ aa i F 5t N 3 a ~ 8 St. w a ~,..--' 'yy~ , _.-~~y.~--' ~ it tt,~ "._-~- O N ~ U .. ~ W ryonh St ~ a - vtemn=nste• V Z 'ereerery ~ 2 ,. - ~ ~ .. iUe ltd: Wl t _ - pickinson ,~ ~ ~ Cclttge .w High St `saf~' E ` _Hi~gh St Comparable Safe 3 a Hemlock Ave G Carlisle, PA 17013 Comparable Sale 1 ~ w ~ (1.91 miles WNW) ~;,teatr~`"` S. Hanover St rt, ~ ~, 0.`t a ~~ Carlisle, PA 17013 ~' a Fa,y. ~;st~eor (0.42 miles NNE) _ ~ ~i~ ~pt Ta TFortxaald o ~ H `~` ~ Ftr! ~<< Subject moo" Garland Dr J ,~* --~ Carlisle, PA 17013 ..-'------^..-~.','..q'- ~. _- ~ JJ~// d~ 4P~nq Hd ~ Y Y~ iJf'~Sie t N 90, Pie 0.egin~ul ~ 'dedicar m =enter c Stagy 7 o a^a rx 5 Spring ~, Bonny Brook R '[hrtone Dr Tor Math Or ~t651 Qa . ~ ~ ~ ~ r co A ~, \ Spa 9 a tµfl A .. ~~ ~ n Va4 .. a..._3 _ _'!i'o tt'i/t~,~ _.,; 15' a~f 7i~ JlI ~L:Ir_ ! o` 1.4 miles r - I - o, ~c , ~:~: ~} I N r aD LLi ~ ~ r~i`^~~ ~ C ~N ° ~ r r ~ j ~ ,~. { : ~ i ~,~ f, ~, . _, , ' ~. .t !_, ~ L~ r . ~ ~. ~ 1 $ •- _ `- ~' c,~ __ ~- - ~~. , ,~ r. , l Y , Ut ~ ,. C ., ,~1 ~'~ 'i ,~~f~'i. { ~ ... .. _. ~ t'~ .. ~ r Y tZ U'~.'- _ _ ~r - J ~~ y. V ~ 'v, . , . ~ ~.. _ /~ cj(~ ~ ~ 1;C' C, ,` -- ~ Z ~'l - .a~C' \(y r y\ .' ~ x,~ - ii~~ , a~ ^ - , r ~ `1 t. __- _ _ _ -'"` ^ a ~--- Q e . _- __.--~ a 1 ~ ~ __ --- _ 3 ~U ' ~ ~~a~ ~ ~~ ~~ ~ g ~~~~' ~ Z ~ `~ ~~~ ~~ ~ ~~ 3 ~}~~o : ~ ~`~ i Y Z a Z ~ ~+_ . ;, ~' ~ o '~ ~ ,~.~ ~j . y ~ , .. ~~ ~y _ f t~ _~ '~~ * { ~ °~ °~ ~~ y i ~ • O ~- 2 ~ t N ~ ~y.. ~ o a _ 3 z_ ~' f ,. o Z d ~ _ Z d ~ OC 3 O ~ ~~. ..'~ ~~~. /~~~(~ Y ~N .-c,,; ,~~ ~~ 3 ~. ,~ ..+~ y\ ~ z Y ~_ 8 N r $s E; ~e Y '~ f ~ ~ ~$t~~i ~ g ~ s ~i ~4~~ a~ w n 7 i % ~~ ~~~~ n~ a ~p s ~~~ s~ ,~~ ~ ~. 4fsi ~~ 5i ii jy ~r g ~ st S~ t~ ~ $s a9 Borough of Carlisle PC/Codebook for Windows of one curb cut to the establishment of an adjacent curb cut. (2) Lot depth. The measurement shall be at the narrowest point between the front and rear lot lines, unless otherwise provided for herein. (3) Lot width. The measurement at the minimum building setback line, unless otherwise stated. (4) Setback line. The measurement to this shall extend perpendicular to the street line. (5) Street line. The measurement to this shall extend perpendicular to and equidistant from the cartway center line, unless otherwise dedicated. C. In an interpretation of the language of this chapter to determine the extent of the restriction upon the use of a property, the language shall be interpreted, where doubt exists as to the intended meaning of the language written and enacted by the Borough Council, in favor of the property owner and against any implied extension of the restriction. However, where rights are granted with respect to a nonconforming use or other preexisting nonconformity, such rights should be strictly construed against the landowner. ARTICLE III, R-1 Low Density Residential District § 255-14. Intent. The intent of the R-1 Low Density Residential District is to: A. Provide for low-density residential areas where the predominant uses are single-family detached houses. B. Protect these areas from incompatible uses. § 255.15. Uses permitted by right. In the ~R-1 District, land, buildings or premises shall be used by right for one of the following uses but for no others: A. Single-family detached dwelling. B. Crop farming. C. Forestry. D. Group home, within a lawful dwelling unit, subject to compliance with § 255-199A(18). § 255-16. Accessory uses. Only the following accessory uses shall be permitted: A. Single-family residential accessory uses, subject to compliance with § 255-200D(12). B. Private swimming pools, subject to compliance with § 255-199A(34)(a). C. Private tennis courts, subject to compliance with § 255-199A(34)(c). D. Home occupations, subject to compliance with § 255-200D(5). § 255-17. Special exception uses. The following uses are permitted as a special exception when authorized by the Zoning Hearing Board subject to § 255-197 of this chapter: A. (Reserved)"""E~ B. Public or private primary or secondary schools, subject to the provisions of the INS District Area and Bulk 23 Borough of Carlisle PC/Codebook for Windows Requirements and with § 255-199A(38). C. Public utility uses, such as electric substations, subject to compliance with § 255-199A(33). D. Cemeteries, subject to compliance with § 255-199A(12). § 255-17.1. Conditional uses. [Added 10-14-2004 by Ord. No. 2019, approved 10-18-2004] The following uses may be permitted as conditional uses when authorized by the Borough Council, subject to § 255-198 of this chapter: A. Places of worship, subject to compliance with the provisions of § 255-199A(32). § 255-18. Area and bulk regulations. The following regulations shall be observed: A. Lot area: 10,000 square feet minimum if served by public water and public sewer service, otherwise (see § 255-194), subject to compliance with § 255-21 for the cluster development option. B. Building setback line: 40 feet minimum for principal and accessory structures and uses. C. Lot width at street line: 45 feet minimum, except 125 feet minimum for any lot with a driveway entering onto ~ arterial street or if a lot area of one acre or more is required. D. Lot width at minimum setback line: 75 feet minimum. E. Building coverage: 30% maximum. F. Impervious coverage: 50% maximum. G. Rear yard: 25 feet minimum for principal buildings and five feet for accessory structures and uses. H. Side yards: 10 feet minimum each side for principal buildings and 10 feet each side for accessory structures and uses, subject to compliance with § 255-187 for corner lots. I. Maximum building height: 35 feet or 2 1/2 stories, whichever is less. J. Minimum building length and width: 16 feet each for any single-family detached dwelling. K. The minimum floor area for asingle-family detached dwelling shall be 1,000 square feet. § 255-19. Additional setbacks for dwellings. Any new principal building including one or more dwelling units shall be set back the following distances from the following features: A. From the zoning boundary of an industrial district: 70 feet. B. From the existing right-of-way of an expressway: 70 feet. C. From the existing right-of-way of an arterial street: 40 feet. § 255-20. Additional requirements. The following additional requirements shall apply: A. Off-street parking regulations: (see Article XXV). B. Requirements for specific uses: (see Article XXIV). C. Multiple frontage lots: subject to compliance with § 255-187. § 255-21. Cluster development option. If a subdivision is approved as a cluster development, the minimum lot area for single-family detached dwellings shall be reduced to 8,000 square feet and the minimum front yard building setback shall be reduced to 24 Borough of Carlisle PC/Codeboak for Windows 30 feet if the following requirements are met: A. A minimum of 25% of the total lot azea of the development prior to subdivision shall be permanently preserved as common open space. This calculation may be made after setting aside any additional right-of- way adjacent to an existing street. The common open space shall meet the definition of "open space, common" in Article lI. B. The minimum lot width at the minimum building setback line shall be reduced to 70 feet. C. If the development is adjacent to an expressway or an industrial district, a majority of the required common open space shall be placed between dwellings and the expressway or industrial district. ARTICLE IV, R-2 Medium Density Residential District § 255-22. Intent. The intent of the R-2 Medium Density Residential District is to: A. Provide for the orderly expansion of areas that offer residential neighborhoods at a medium density. B. Carefully control the types of housing to ensure compatibility with existing houses. C. Carefully protect these areas from uses that may not be fully compatible. § 255-23. Uses permitted by right. In any R-2 District, land, buildings or premises shall be used by right for one of the following, but for no other: A. Single-family detached dwelling. B. Singie-family semidetached dwelling. C. Crop farming. D. Forestry. E. Group home, within a dwelling type permitted by this district, subject to compliance with § 255-199A(1$). F. Townhouses (single-family attached dwellings), subject to compliance with § 255-199A(17). § 255-24. Accessory uses. Only the following accessory uses shall be permitted: A. Residential accessory uses, subject to compliance with § 255-200D(12). B. Private swimming pools and tennis courts, subject to compliance with § 255-199A(34)(a) and (c). C. Home occupations, subject to compliance with § 255-200D(5). § 255-25. Special exception uses. The following uses may be permitted as a special exception when authorized by the Zoning Hearing Board, subject to § 255-197 of this chapter: A. (Reserved)"""`EN B. Public or private primary or secondary schools, subject to compliance with the provisions of the INS District Area and Bulk Requirements and with § 255-199A(38). C. Public utility uses, such as electric substations, subject to compliance with § 255-199A(33). D. Private recreation facilities, subject to compliance with § 255-149A(34). As used herein, "private" is not 25 Summary Appraisal rneno i[-ui ********* Q U A L IF IC A T 10 N S********* The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the inspection of the subject property, the comparables sales, and their neighborhoods and locations. Unless otherwise noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home inspection service. This is an appraisal to estimate market value. ____1. The subject is located in a rural area and is less than 25X built-up. __x_2. Commercialllndustrial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods. ___3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for the area. ____4. The predominant value in the neighborhood fa less than that of the market value of the subject property. This is due to the very wide range of value of properties in the area and superior quality of the subject property. ____5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and suggested. ____6. Dampness is noted in the basement of the subject. Standing or running water was not present on basement floor. This condition is considered typical in dwellings of this style. ____7. The subject property is serviced by private well and/or septic systems which is common for the area. ___ 8. The subject is older than five(5) years. All mechanical systems including the heating, electrical and plumbing systems appear upon a visual exterior Inspection to be in working order. No warranties are implied in this statement. ____9. Repair items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The Items fisted are cosmetic in nature. __10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a health or safety hazard. ___11. The subject property does contain functional obsolescence as noted in the report. This condition is considered typical and common for the area and this style dwelling. ___12. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighborhood. ___13. The land value exceeds 30X oT total value. This is due to the large size of the site. This condition is considered to be typical and common. __ 14. Individual adjustments were required that exceed 15%. These adjustments were required due to lack of more slm filar com arable n s o that Individ I r P ua atin All com ambles ua 9 P ed are the best available. _ 15. Total adjustments exceed 25%. This fa due to the lack of comparable sales that were more simliar in the subject's market area. All comparables used are the best available. x_16. One or more comparable sales are older than aix(ti) months. Although there are comparable properties in the subject's area, none have sold recently; therefore, sales fn excess of aix(B) months have to be used. All comparables used are the best available. x_17. One or more comparables used were in excess of one (1) mile from the subject property. Although there are comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable sales outside of the immediate area. All comparables used are located in similar neighborhoods and within the same marketing area. All comparables used are the beat available. ___18. The electrical system was not connected during inspection. ___18. The water service was not connected during inspection. ___20. The heating system was shut down during inspection. ___21. Roofing____Plumbing____Electrical____Heating____certificatfon(s) la/are suggested. ___22. Inground swimming pool____, out buildinga_____are included_____,not included____according to lender's guidelines. __23. According to lender's guidelines a maximum of____acres were considered for this valuation. Remaining acreage was given no value. Summary Appraisal me rvo. ~~-uiu~ ********* Q U A L IF IC A T 10 N S********* ___24. The subject property is located on a private road. ___25. Wood infestation inspection is suggested. _x_26. Last recorded deed transfer: Date8l3/2004_______, Consideration: 51.00___________. ___27. Proposed constructionlrenovation in accordance to plans and specifications to be completed in a workman•Ilke manner. ___28. Seller is paying part or all of closing costs. _x_29. All comparable sales are verified closed sales. _x_30. There are no special conditions or other requirements that would affect market value or future marketablllty in the Appraisal Report. ___31. AMC fee was required in order to accept this appraisal request. Summary Appraisal FneNO. i~-alai ********* Q U A L IF IC A T 10 N S********* Confidentiality and Security Policy We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, Integrity and security of clients' personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. We restrict access to personal information to authorized individuals who need to know this Information to comply with federal standards to protect your nonpublic personal information. We do not disclose this information about you or any former consumers or customers to anyone, except as permitted by law. The law permits us to share this Information with our affiliates. The law also permits us to share this Information with companies that perform marketing. When we share nonpublic information referred to above, the information is made available for limited purposes and under controlled circumstances. We require third parties to comply with our standards for security and confientiality. We do not permit use of consumerlcustomer Information for any other purpose nor do we permit third parties to rent, sell, trade or otherwise release or disclose information to any other party. Education As of the date of this report, 1 andlor Steven W. Barrett, SRPA, SRA, ASA have completed the requirements under the continuing education program of the Appraisal Institute and the American Society of Appraisers. STEVEN W. BARRETT Steven W. Barrett Real Estate & Appraisal Services-Established 1976 505 South Hanover Street, Carlisle, PA 17013 Phone 717-243-6646 FAX 717-243-8627 E-Mail-Steve@,swbarrett.com PROFESSIONAL LICENSES: PA State Certified General Appraiser, GA-000298-L PA Real Estate Broker, RB-026921-A Certified PA Evaluator, AV-000034-L PROFESSIONAL DESIGNATIONS EARNED: SRPA, Senior Real Property Appraiser, 1 1/90 Appraiser Institute -General Member SRA, Senior Residential Appraiser, 9/83 Appraisal Institute -Residential Member ASA, Accredited Senior Appraiser, Real Property Urban, 7/90, American Society of Appraisers GAA, General Accredited Appraiser, 11/94 Realtors Appraiser Section ASSOCIATION MEMBERSHIPS: Appraisal Institute Assessors Association of Pennsylvania OFFICES HELD: CPE, Certified Pennsylvania Evaluator, 11/88 Assessors Association of Pennsylvania CRB, Certified Real Estate Brokerage Manager, 2/86, Realtors National. Marketing Institute CRA, Certified Review Appraiser, Senior Member 4/81, National Association of Review Appraisers American Society of Appraisers REALTORS -National, State & Local Organizations 2006 Board Member, Greater Harrisburg Assoc. of Realtors 2003-2005 Board Member, Carlisle Board of Realtors 2001 President, Appraisal Institute, Central PA Chapter 1998 Chair, Appraisal Section, Harrisburg Association of REALTORS 1989-90 Vice Governor, Disn•ict 20, Society of Real Estate Appraisers APPRAISAL AND REAL ESTATE EDUCATION: Appraisal Institute/SREA -Courses SREA Course 101, An Introduction to Appraising SREA Course 102, Applied Residential Property Valuation SREA Course 201, Principles of Income Property Valuation SREA Course 202, Applied Income Property Valuation SREA Course 301, Special Application -Appraisal Analysis AI Course 510, Advanced income Capitalization Residential Demonstration Report Income/Commercial Demonstratio~i Report of Business Valuation Appraisal Institute/SREA Seminars: Online Business Practices and Ethics `04 1984-86 President, Chapter 70, Society of Real Estate Appraisers 1982-83 Vice President, Chapter 70, Society of Real Estate Appraisers 1981 Vice President, Carlisle Board of Realtors 1982 President, Carlisle Board of Realtors Penn State University -Courses Real Estate Appraising 1 Real Estate Appraising .I1 Real Estate Appraising-Right of Way Real Estate Theory and Practice Real Estate Finance Real Estate Administration & Management Real Estate for the Small Investor Greening Historic Bldgs. 215`. Century `09 Keep Yourself Safe & Legal `09 USPAP 2009 Internet Search Strategies for R.E. Appraisers '07 Appraisal Review & the Process of Reviewing '07 Tax Assessment law & Tax Appeal Process in PA `07 Review of PA Appraiser Certification Act `07 Penn Dot Right of Way Procedures '06 Professional Guide to the Uniform Residential Appraiser's Report 'OS Review of PA Appraiser's Certification Act `OS Appraiser's in the Ring 'OS Tax Free Like-King Exchanges 'OS Appraiser's in the Ring `OS 7 Hour Elective Continuing Education Course II '03 7 Hour Elective Continuing Education Course X '03 Inform Standards of Professional Appraisal Practice '03, 'O5, `07 Residential Construction `03 Appraising the Oddball: Nonconforming & Difficult Properties Other Seminars: Veterans Administration Training `OS Veterans Administration Training '03 Brokerage -Kell '00 Agency Changes, Choices and Forms Realtors Institute '99 Law and Order: USPAP and PA Realtors Institute '99 Elective Brokerage -Shearer '97 Mandatory Brokerage -Shearer '97 Appraising High-Value Residential Properties 2005 WORK EXPERIENCE: Real Estate Property Manager, 1979 Real Estate Appraiser, 1975 EXPERT WITNESS: Cumberland and Dauphin Counties Court of Common Pleas and Domestic Master Hearings TYPES OF PROPERTIES APPRAISED: Residential Commercial Multi-Family Mixed Use Easements Eminent Domain Feasibility Studies Cash Flow Analyses PA State Mandated Course '03 Uniform Appraisal Standards for for Federal Land `08 Appraising Environmentally Contaminated Properties `09 Appraiser Liability '03 Appraising from Blueprints and Specifications '01 Regression Analysis in Appraisal Practice '01 FHA Appraisal Inspection from the Ground Up 'Ol Narrative Appraisal Report Writing Partial Interest Valuation -Undivided `00 Technology Form - Parts l and 2 `99 Litigation Skills for the Appraiser `98 Dynamics of Office Building Valuation '98 Loss Prevention `98 Uniform Residential Appraisal Report `97 Small Residential Income Property Appraisal `97 Valuation of Leasehold Interest `97 Valuation of Leased Fee Interest `97 Underwriter's Guidelines to Real Property Appraisal `97 Appraisal of Mixed Use Property Types `96 Appraisal of aFor-Profit-Cemetery -AAP '96 Mandatory Appraisal of an Operating Landfill -AAP '96 Nursing Home Valuations -AAP '95 Realtors National Marketing Institute Course 302, Marketing Management '86 HUD-FHA Training Seminar Pennsylvania Appraisal Statutes Two to Four Family Finesse -Appraising Multi-Family Properties 2005 Real Estate Broker; 1974 Real Estate Salesman, 1971 Penn DOT Board of View Various Municipal Zoning and Planning Boards Industrial Investment Agricu Itural Retail Right of Ways Subdivisions Assessment Appeals Consulting REAL ESTATE BROKERAGE: Listings, sales, leasing and consulting of all types of real estate in south-central PA '~ ~~~ .:, . ~~; c,' ;n .~ 4:0 ~ . i ~- ~; m . ~: ~~~ ,~ .a53. 1. 'T ~ ~~. ~ ~,'. {D V ~~~ ~ ;. ~, C bd ~ ~,°0 ~~ ~'~~'= ~v ~J _~:: ~~., ~ .. ;r. rr. ~ ~' ~ ~ - `~ ~ ~~ ., <. ~: r~ `~•~ 1 ~' ~-MMwMt ~ .w' Ml.eat 7toF~4.M~ WN ~ t~ ~~b• NADS TJIei /S rt day el February & w veo- o/ ewr Lord ene Wseasd sfse tq,sdred ninety (1990 8b7W~HN VICTOR RBSNIR, single, of South Middleton Township, Cumberland County, Pennsylvania, party of the lirst pert, herein called the • Granter .~ GUY L. SNULTS and VBRNA H. SNULTB, his wits, of the saw place, parties of the ancond part, herein called the Grasfo` t W/TN883S71/, flat (n eonetderstles of Tw Thousand Two Hundred (82, 200.00 • DeBare, to laid Paid. w rvaatPt vlenoJ to tpreby -etYw. W eetd Orsate- does lenlr Drone and aeawy W w eafd Draatees, their heirs and assigns, as tenants by the entireties, ALL THAT CERTAIN tract of land situate in tM Third Ward of the Borough of Carlisle. Cumberland County, Pennsylvania, woes particularly bounded and Mscribad as tollo+rsr A sarlp o! land on the west side of South Hanover Street? and bounded on the North by Inesrstate Route Ito. 81t and on the South by land now or formerly of W. H. Garland, et al. CONTAINI[si 2.57 acres, more or less. BBIHG the saws tract of land which Betty L. Rise by deed dated September 28, 1979, and recorded in the Office o! the Recorder of Deeds in end for Cumberland County. Pennsylvania, in Deed Book •R•. Vol. 28. Page 358; granted•and conveyed to Victor Resnik, ehe Grantor herein. " f.JelatONWEAt7lt qF FEP1.tYlVAMA W..KifMWt OF .., o~':irvau.rx ~ ~' Z Z, 0 ~ • • "`~ eaww ~~ ~ :t r N ~ ~~ ' M c 4 ~~ 4 •YI ~ e. ~ 4 ~' ~ , .. .! ti W y eeol~ 34 ~ 367 lmeep~ eh~ CuaeRCa.Pa ~MelEe1me11mWYrRtr ~~ ~ li ~/R+•'" Qeel-Da Dwt reLAyt '''(3 SMoet pled' qa,E, ~ P0. ,Z%swi 8ew•l.~nwa 7., Da.3-! l6 ,M,t~L ~0~~~ L Jc ~~. a , ~-~e m ~ Aed the calf Dreamer ltervbp eowseat s and eFreea tMet he wAt wrree! specially Ae Dr'ePerh Awebv oeraebed. M WlTNSBS wR88801, eetd psADor kaa tierewrfeeee hia l+atd e~e~ tAe tqr and veer J~ sbere ~erttlea. _. ~~ lib m D '~ a lltpae0. Acetee a~ i e vict ik 6[ tbt ~teatt of •a~r ..._. eras _. aaa Seete e/ Pennaylvania ~er. Ceuagref CwiberlanQ Oa tktu. tAs Mtg. day d Pebruary . U 90 . befan qe. tit aederet/ad sdtar, Dereotoup gprnd victor Reanik, A+rorn to at. (er etieleetercr sre.•U m be w Dersoa ,d-ae a.w. adrua faetnstte, as aeat.wtetDet we ,,. es«ated eeae~ .. rN wrTNBBS wB6RCOF, f Jlewrarte eel ep Aaad sad e~tda/t /e~a"~~ r ~ ••~ 07Mmtt tart[. AOrAM 1YMQ l .,'A $C~ ur eattrtrrs aero ~0 ~ 0~+ ur o0awtvoir pR ~e j ~ry fah. 9~ State o1 se. CouatD of . Oa tAfib tJte dap N ~ , JD , bNen e.e, ttu naderefDaed elka, DereetarrD baova b we (er ealte/eeto-OD tneteal to M W De-eea trkose traete eabar~6et M W adfAtw {eebrraeeAt. cad adarerdedDed Met eawvfed eaae fer tRs ynpaw tAwehr i roalefaed. rN w1TN633 wHSRSOP, 7 6ereatrto ed ary kaad cad epeLt eat 7YBe d DDrar ~do Anebp antryp tAat tAe trreera reetdetae sad eeagdete frM o9ia addren of the wwta crated Dip D 3 F~tsiArrrttr,) Drrve, Borbeu~ SP-rngtr PA (7007 _ t! Attentsp fer ~~' .'J 60C~t~ 34 -i~ 368 S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal me rvo. i APPRAISAL OF LOCATED AT: South Hanover Street Carlisle, PA 17013-4224 FOR: F3M Trust Company !David C. Gority 1901 Ratner Highway Carlisle, PA 17013 BORROWER: Verna H. SHULTZ Estate AS OF: April 19, 2012 BY: Steven W. Barrett, SRPA, SRA, ASA PA CertHied General Resl Estate Appraiser S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisa r ale No. 12-0102 i i 0 5!1612 012 F&M Trust Company I David C. Gority 1901 Ritner Highway Carlisle, PA 17013 File Number: 12.0102 In accordance with your request, I have appraised the real property at: South Hanover Street Carlisle, PA 17013-4224 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of April 19, 2012 is: 523,000 Twenty-Three Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Respectfully submitted, ~ l -~}-- Steven W. Barrett, SRPA, SRA, ASA PA Certified General Real Estate Appraiser l~_- - ----------- --------- --- - - ---- --- --------__- -------i S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal 1_ONf) OPPRAICAI RGDf1bT _ ,e ~.~.. The purpose of this summary appraisal report is to provide the lenderlclient with an accurate and adequately supported opinion of the marker value of the subject property. Property Address: South Hanover Street city Carlisle Stale: PA zip:17013-4224 borrower: Verna H. SHULTZ Estate OwnerolPublrcRecord: Shultz. Verna H. County: Cumberland Legal Description: Deed Book 341 Pe a 367 Assessor's Parcel a: 04-23.0600-210 Tax Year: 2011 R.E. Taxes: 1 334.00 Neighborhood Name: Carlisle Borough Map Reference: 23.0800 Census Tract: 0124.00 SpecialASSessments: None PUD Yes Q No HOA~f N/A ~ PerVear ~ PerMOnth Property Rights Appraised: O Fee Simple Leasehold ~ Other (describe) N Assignment Type: ~ Purchase Transaction ~ Refinance Transaction Q Other (describe) LenderlClient: Address: I ~ did ~ did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the anaysis was not performed. Conrad Price f: N/A Date of Contract: NIA Is the properly seller the owner of public record? Ves No Data Source(s) Is there any financial assistance (loan charges, sale concessions, gift or down payment assistance, etc.) to De paid by any party on behall of the borrower? Q Yes No It Yes, report the total dollar amount and describe the items to be paid. E N /A NIA Nate: Race and the racial com osilion of the nei hborhood ere not a raisal factors. Neighborhood Characteristics One-UnitHousing Trends One•UnitHousing Present Land Use % Location Urhan X Suburban Rural Pro art Values Increasin X Stable Declinin PRICE AGE One•Unil 70 % Built-U Over 75% X 25.75% Under 25% DemandlSu I shorts e X In Bnlance Over su S 000 rs 2-4 Unit 1 % Growth Ra id X Stable Slow Merketin Time Under 3 mlhs X 3-5 mths Over 8 mths 140 Low 0 Mulli•Famil 2 % Nei hborhoodboundaries: BorOU h of Carlisle and surroundin townshi s 300 Hi h 75 Commercial 25 % 180 Pred. 40 other Vacant 2 % Good Aver. Fair Poor Goo d Aver. Fair Poor Convenience la Em to ment X X Pro er Com atabili X X Convenience to Sho in X General A earence of Pro ernes X X Convenience to Primer Education X Ade use of PolicelFire Protection X X Convenience to Recreational Facilities X Protection from Detrimental Conditions X X Em to mentstabili X OverallA ealtoMarket X X Nei hborhoodDescri flan: The Borou h of Cerllsle is central) located in Cumberland Count on the west side of the Sus uehanna River. The net hborhood a ears stable with no a arent adverse eondttions. A full nei hborhood as wall as re tonal anal see will be retained in the a ralaers files. Direct nei hborhood is a m fixture of residential and commercial uses site abuts 1-81 north travel lanes and exit ram Market Conditions includin su ortfortheaboveconcfusions: Pro art values eurrentl are stable. Local multi-Ilst data Indlcatss an avers s marketin time of 90-160 da s. Economic trends and lendin rates have remained favorable. Sales concesafons are occurin more fie uentl • however there Is no known rsvelance of unusual seller flnancin concessions or bu downs. Thsrs are new homes under construction in surroundin develo menu as well as ressales available in the nei hborhood. Dimensions: See legal desCllptiOn Area: 2.67 X Acres Sq.Ft. Shspe: If-egular view: Resld!Comm/I 61 Zoning Classflicetion: R 1 Zoning Description: LOw Dsnsit Residential Zoning Compliance: X Legal Legal Nonconforming (Grandlathered Use) No Zoning Illegal (describe) Uses permitted under currenlzoning regulations: ZOnin m a and Ordinance In the addenda Of this re art Highesla Best use: As a buffer zone for existin abutin residential home sites Describe any improvements: None Dopresenlimprovementsconlorm to zoning? Yes No X No improvements If NO, explain: 'this alto a ears to be non buildable er the Cerllsle Borou h zonin officer a hi hwa access ermit most Iikel wouldn't be ranted from Penn DOT due to Its location. Present use of subject site: Vacant residential land Current or proposed groundrenf? Ves X No IfYes,fN/A Topography: BaaiCell Level Size: Laf er than normal Drainage: A ears ode uate Corner Lot: X Ves Na Underground Utilities: Yes X No Fenced: Ves X No IF Yes, type: Special Flood Hazard Area ~ Yes XCJ No FEMA Flood Zone: X FEMA Map p: 42041 C0240E FEMA Map Date: 03/18/2009 UTILITIES Pub lic Other Provider or Oescri lion Olf•Site Im rovements T elDescri lion Public Other Electricit X PPL/Available streetsurtace As halt X Gas. X UGI/Available StreetT ellntluence State/Neutral Water X Borou h/Available CurblGutler None sanitar Sewer X Borou h/Available Sidewalk None Other Street Li his Ade uate X Other Alle Non e Are the utilities and oft-site improvements typical for the market? X Yes No II No, describe N /A Are there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? X Yes No If Yes, describe: Sub act is bounded on the north b Interstate 81 and on the south b residential ro cities with the onl access elan South Hanover Street ad scent to 181 off ram An uno coed fectlon of South Pitt Street endin at Garland Drive does not eurrentl rovide access to the sub act ro art . site comments: There are no a arent adverse easements encroachments ors eclat assessments a arent to this site. It is this a raisers o loran that this site should be subdivided and sold to existin residential ro art owners that eurrentl front Garland Drive. ~nHO_ ro osoaza ro S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal ' t ants eooDelSei RFi7ART FtleNo 12-0102 There are 0 com arable srtes current) altered for sale in the sub~ect nei hborhood ran in in nce tram E 0 to S 0 There are 0 com arable sites sold in the ast 12 m onths in the sub act nei hborhood ran in m sa le rice Irom S 0 to S 0 FEATURE SUBJECT COMPARABLE SALENO.i COMPARABLESALEN0.2 COMPARABLE SALEN0.3 address South Hanover Street ci Istlzi Carlisle Borou h Simpson Ferry Road Lower Allen Townshi McAiltster Church Road West Pennaboro Townshi Orexel Hills Boulevard New Cumberland Borou h Pwximit tosubect 16.83 miles E 4.34 miles WNW 18.98 miles E Data sources Ins action Courthouse Records A rs.DatalCourthouse Rec Court House Records verification sources Courthouse Court House Records C. H. Records S Owner Court House Records sale Price S NIA S 220 000 E 150 000 S 22 479 PricelAcre E 0.00 5 7 857.14 E 8 928.41 E 20 435.45 Date of sale MolDAIVR NIA 0712012010 0 01117/2012 0 91112011 0 Da son Market NIA Unknown 0 NIA 0 Unknown 0 Financin T e NIA Unknown 0 Cash 0 Unknown 0 Concessions NIA Unknown 0 None 0 Unknown 0 Location Suburban Similar 0 Inferior +10% 693.00 Su erlor -2S% -S 109.00 Pra art Ri hlsA raised Fss Sim le Fee Sim le 0 Fee Sim le 0 Fes Sim le 0 site Size Acres view To o ra h AvailabteUti{ities streetFronta a streetT a Watertnftuence Fencin Im rovements 2.57 ResidlComml181 Level Public W S E 90 Feet +/. Public As halt None None None 28.00 1 +10% ResidlComll83 Level Similar Inferior +3% Nona NOne None None 786.00 0 0 0 392.88 0 0 0 0 21.83 /+10% Resid/Rt.76 Rollin Elec. onl +10% Su erlor -10% Public As halt Nona None None 893.00 0 0 693.00 -893.00 0 0 0 0 1.10 Oft ram 1-83 Level Similar Inferior +5% None None None None Site Utittt -2S% 0 0 0 0 1 021.77 0 0 0 0 -S 109.00 NetAd'ustment Total in S + E 1 178.88 X S 1 388.00 X- S 9 198.23 Adjusledsalespriceofthe Com arable Sales in f Net Adj. 13.0% Grass Ad. 15.0% 5 9 038 Net Adj. 20.0% Gross Ad. 40.0% S 8 314 Net Adj. -43.0% GrossAd'. 33.0% S 11 239 The Appraiser has researched the transfer history o11he subject property for the past 3 years and the listing history of the subject for the pest 12 months prior to the effective date of this appraisal. The appraiser has also researched the transfer and listing history of the comparable sales for the past 12 months. The appraise ['s research Odid ®did not reveal any prior safes or vanslers o1 the subject property for the three years prior to the effective date of the appraisal. Dale Sources: The appraiser's research did did not reveal any prior sales or transfers of the comparable sales for the year prior to the dale of sale of the comparable sale. Data Sources: The appraiser's research did did not reveal any prior listings of the subject property or comparable sales for the year prior to the effective dale of the appraisal. Data Sources: ListinglTransler History Transfedsale (ONLY) of the Listing and Transfer history of Listing and Transfer history of listing and Transfer history of Subject in pest 36 months: Comp 1 in past 12 months: Comp 2 in past 12 months: Camp 3 in past 12 months: (it more than two, use comments E NIA NIA S 0 NIA S 0 N/A E 20 000 7!20/10 section or an addendum.) E NIA N/A S S E Sub~ect Pro art Is Cunentl Listed For Sale? Yes X Na Data source: M ulU Liat Service Current Listing History LislDate LislPrice Days on Market Data Source None s NIA N/A NIA Su6~ect Pro err has been listed within the last 12 Months? Yes X No Data Source: Multi Liat Service 12 Month Listing History List Date List Price Days on Market Data Source NIA s NIA N/A N!A NIA s comments on Prior Salesliranslers and Curren[and Prior Listin s: Research did not reveal an rlor transfers of the com arablss for the ear rior to the date of the com arable sale exce t Com arable No. 3 which transfered 7/20/2010 for 20 000. No further recent recorded transfers were found. summer otthesalescom arisonA [oath: Three tom arable land sales were anal sad. Sale Nos. 1 b 3 abut 1-83 ver similar to the sub act ro art Both ro ertles were urchased b abuttin ro art owners. Sale No. 3 is beln used as rivate on lea ue baseball field. Sale No. 2 was urchased as a rem orar hf hwa work access oint for I-76 this site failed Its sews a ercolation ermit and currant) is considered non buildable. Mors detail of each sales transaction is maintained in office data file. All tom ambles are closed transactions as of the valuation data. The selected market com arablea ors considered a ro riate value indicators for com orison ur oses. Three tom arable land sales were anal sad. Before ad ustmsnts a value ran a of S8 928 to !20 433 sr acre was indicated after ad ustm ants a value ran s of SS 314 to S11 239 was dstsrm fined with a m can value Indicator of 59330 er acre. Moat wet ht was a Ifed to tom arable sales # 1. Chosen value Indtcator er acre is S9 000. Therefore 2.37 acres times S9 000 a uals 523 130. Sa S23 000. Reconciliation Comments: The Direct Sales Com orison A roach was utilistn to arrive at a final value Conclusion for the sub eat ro art The Cost and Incom e A roaches were not utilized er clients re uest. Fins) value conclusion for the sub act ro art is S23 000. This a rsisal is made X 'as is' or sub echo the lollowin conditions or ins actions: Retros active Value the "AS OF" value of this anal s(s is 4/1 912 0 1 2. Pro art has been a raised in its "AS IS" state with no additional conditions considered. Baas on a tom pbb vlaua In speetlon of th• subpar sit. antl Thos. tm provam •nb upon sad alb, dalned •eop• of work, stabm ant of aaaum pllona and trm Iting eontlttlo ns, and •ppnlaer'a ear Ufle atlo n, m y (our) opts ion of m ukal vaua, as tleflnatl, of the real property that la Ma subpar or th la sport Is: O tnton of Maraet vane a 23 000 as or: 04(19!2012 DOD whteh Is the dab otlne cotton antl the •fbetly• data of this ^ rasa). Ply! 2 Df A LAND 30 0 6Z I S.W. Barrett Real Estate 8: Appraisal Services S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal LAND APPRAISAL RFPART ~,~erv~ ~~_n~n~ Is the developerPouilder mcontrol olthe Homeowners' Association (HDA)? ^ Yes ^ No Und type(s): ^ Detached ^ Attached Provide the following information for PUDs ONLY it the developerlbuilder is rn control of the HOA and the subject property is an attached dwelling unit. Legal Name of Project: Total number of phases: Total number of units: Total number of units sold: Total number of units rented Total number of units for sale Data source(s): Was the project creased by the conversion of existing building(s) into a PUD? ^ Yes No If Yes, date of conversion: Does the protect contain any multi-dwelling units? ^ Yes ^ No Data Source: Are the units, common elements, and recreation facilities complete? ^ Ves ^ No If No, describe the status of completion: Describe common elements and recreational tacilitie s: This report form is designed to report an appraissl of a parcel of land which may have some minor improvements but is not considered to be an "improved site". All improvements ere considered to be of relatively minor value impact on the overall value of the site. This report form is not designed to report on an "improved site' where signilicanl value is derived Irom the improvements. This appraisal report form maybe used for single family, multi-family sites and may he included within a PUD development. 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 ar analysis necessary based on the commplexity of this appraisal assignment. M odifica[ions or deletions to the cerlilications are also not permitted. However, additional certifications that da not constitute material alterations to This appraisal report, such as (hose 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 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, al a minimum; (1) perform a complete visual inspection of the subject site end any limited improvements, (2) inspect the neighhorhood, (3) inspect each of the comparable sales Irom a[ least the street, (d) research, verity and analyze data from reliable public andlar private sources, and (S) report his or her analysis, opinions and conclusions in This appraisal report. IN TENDED USE: The intended use of the appraisal report is for the lender/client to evaluate the properly that is the subject of This appraisal for a mortgage finance transaction. INTENDED USER: The intended user Of this report is the lenderlclienl identified within the appraisal report. DEFINITION OF MARKET VALUE: The mast probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knawledgeahly, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation al a sale as of a specified dale 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 they consider their own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and (S) the price represents the normal consideration for the properly sold unaffected by special or creative financing or sates concessions' granted by anyone associated with the sale. (Source: OCC, OTS, FRS, & FDIC joint regulations published June 7, 1994) • Adjustments to the comparables m ust be made for special or creative 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 cases are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender That is not already involved in the properly or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or confession but the dollar amount of any adjustment should approximate the market's reaction to the financing or Concessions based an the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING GON DIT IONS: The appraise YS cerlilitatioo in lh i5 report is Sa bjetl t0 the following a5aum ptlona end hm icing tOnditlona: 1. The appraiser will not 6e responsible for matters of a legal nature that atlect the subject property being appraised or the title to it, except for information Thal 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 tender any opinions about the title 2. 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 identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, 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 specific arrangements la do so have been made beforehand, or as otherwise requned by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject properly or That he or she became aware of during the research involved in performing this appraissl. Unless otherwise staled in this appraisal report the appraiser has no knowledge of any hidden or unapparent physical deficiencies er adverse conditions of the subject property (such as, but not limited to, needed repaus, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that [here are no such conditions and makes no guarantees ar warranties express or implied. The appraiser will not be responsihle for any such conditions that do exist or for the engineering or testing that might be required to discover whether such condition exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal must not be considered as an environmental assessment of the property. APPRAISER'S CERTtF ICA TION: The Appre tsar Certifll5 end egfees that: 1. I have, al a minimum, developed and reported this appraisal in accordance with the scope of work requirements slated in this appraisal report. 2. I performed a complete visual inspection of the subject site and any limited improvements. I have reported the information in tactual and specific terms. I identified and reported the deficiencies of the subject site that could affect the utility of the site and its usefulness as a building lot(s). 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 thalwere in place at the time This appraisal reportwes prepared. 4. 1 developed my opinion of the market value of the real property that is the subject of this report based an the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for Ihis appraisal assignment.) further certify that I considered the cost and income approaches to value but did not develop them unless indicated elsewhere wihhin this report as (here are no or very limited improvements and These approaches to value are not deemed necessary for credible result andlor reliable indicators of value for this appraisal assignment. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject properly, any offering tar 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 ellective 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 fc the doe of the sale of the comparable sale, unless otherwise indicated in this report. 7. t selected and used comparable sales that are lacalianally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining multiple Transactions into reported sales 9. I have reported adjustments to the comparable sales That reelect [he market's reaction to the differences hefween the subject property and the comparable sales. 10. I have 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 Ihis type of property in this market area. 12. I am aware ol, and have access to, the necessary and appropriate public and privy le data sources, such as multiple listing services, taz assessment records, public land records and other such data sources for the area in which the property is located. Pape 3 or < uwo ro r,soeroto S. W. Barrett Real Estate 8 Appraisal Services Summary Appraisal LAND APPRAISAL REPORT rile Nn ~s.e~n2 13. I obtained the information, estimeales, and opinions furnished by other parties and expressed in this appraisal report from reliable sources That I believed to be True and correct. id. I have taken into consideration the /actors That have an impact on value with respect to the subject nerghborheod, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of marker 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 su6~ect property or that I became aware of during the research mveived m performing this appraisal. I have considered these adverse conditions in my analysis of the properly value, and have reported on the etlect 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 bell of my knowledge, all statements and in larmauon in thrs appraisal report are true and correct. 16. I staled in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only la the assumptions and Iim ding 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 prospecfive personal interest or bias with respect to the participants in the Uansaaion. 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 properly or of the present owners or occupants of the properties in the vicinity of the subfect 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 (ar 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 parry, 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 an significant real property appraisal assistance from any 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. 1 certity 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; Iherelore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lenderlclient in this appraisal report who is the individual, organization, or agent for the organization that ordered and will received This appraisal report. 21. The lenderlclient may disclose or distribute this appraisal report to: the borrower; another lender al the request of the borrower; the mortgagee ar its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; dale collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any slate, the Districtof 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 6e 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 lenderlclient 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, 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. Z4. II this appraisal report was transmitted as an 'electronic record' containing my'eleclronic signature', as those terms are defined in applicable federal and/or state laws (excluding audio end 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 intentional or negligent misrepresentation(s) contained in This appraisal report may result in civil liability and/or criminal penalties including, but not limited lo, fine or im prisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar stale laws. SU PER Vr50RY 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 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 appaiser's certilitation. 3. The appraiser identified in this appraisal report is either a sub•contraclor or an employee of the supervisory appraiser (er 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 al the lima this appraisal report was prepared. 5. If this appraisal report was transmitted as an 'electronic record' containing my'electronic signature', as Ihase 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 ss effective, enforceable and valid ss it a paper version of This appraisal reportwere delivered containing my origins/ hand written signature. APPRAISER Signature Name Steven W. Barrett, SRPA SRA ASA companyNeme S. W. Barrett Rsal Estate r3 Appraisal Svcs CompanyAddress 505 South Hanover Street. Carlisle, PA 17013 telephone Number 717-243-8848 EmailAddress steve~swbarrett.com Date al Signature and Report OS/1 6!2012 Effective Date of Appraisal 04!19/2012 DO D State Certification # GA000298L or State license a or Other (describe) State # state PA Exphation Date of Certification ar License 08/30/2013 PA Certified General Real Estate Appraiser ADDRESS OF PROPERTY APPRAISED South Hanover Street Carlisle. PA 17013-4224 APPRAISED VALUE OF SUBJECT PROPERTY S 23.000 LENDER/CLIENT Name companyNeme F&M Trust Company I David C. Gorily company Address 1901 Rltner Highway Carlisle, PA 17013 SUPERV160RY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature Slate Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY Did not inspect subject properly Did inspect exterior of subject property from street Date of Inspection COMPARABLE SALES ^Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales Irom street Dale of Inspection ~.,~a ~~~ ra~~..,. D aoa S.W. Barrett Reai Estate 8 Appraisal Services Borrower: Verna H. SHULTZ Estate File No.: 12-0102 Property Address: South Hanover Street Case No.: Summary Appraisal Ciry: Carlisle State: PA Zip: 17013-4224 Lender: F8M Trust Com an I David C. Gorit Subject Site Facing Northwest ~,- 1 ,~----` - ~.cP.`. South Hanover Street Facing South South Hanover Street Facing South ' LOCATION MAP oorrower: Verna H. SHULTZ Estate File No.: 12-0102 Property Address: South Hanover Street Case No ' Sum mart/ Appraisal City: Carlisle State' PA Zip' 17013 4224 Lender: F&M Trust Com an I David C. Gorit ---- -- - -- ----- _---- Acker --- '.4ontgoirlery Ferry- - ~--- A -~ 1FY' Enders P -, Newport - "r.: era (322) :..-rr -- i Nalifaa Walnut Grove JUnidta Enterline Furnace Losh Faun Watts Twp F~~ MannsviHe V i 75 , ~Y New Bloomfield viROria Furnace ~fi N~ ~4ld.pa Elliottsburq 274 I Durtcann~n f 4 v ~ LsBak ~~ ~ 71r4M~''Dauphin ;e<9 sn ea Mill P F, ltd town ~ l ~ State 3s-! Ac;:al,r~t ~ a 1~lount..rr Marysville 11 Shermans Dale Valley Rd _ Keystone t322~ ~ ~ ~~ ~ 9 JO _ - - _ - ~' / - -' - _ _ _ Q,D Oonndlytown Weruvit4e ltd Enola Progrc ~ ~ ~ ~okgd w~~. c.;...:... Penbrook ~ ~` -`~ - f~ ' ~' Comparable Sale 1 ~~ ' iul ~sa_i'; Simpson Ferry Road _-;;~9 ` iii ' ~ '"., Lower Allen Township , _ .ower Franklard Twp _ ScMusser -- Ce ~ - Hogestown Ca'~~Prq,;~ (16.63 miles E) S '`t" Q ~ teehol Y - ~ =-f---_~~ timberland 1 Shi wn '. t Subject ` , Q _ remans o 1~ h '% =' S Hanover St '~"'~k ,~, Mec aniaburg ~. Comparable Sale 3 ''~ Carlisle, PA 17013 ..,, a ~_:._,---- _ Drexel Hills Circle -. «~ "" F: ~` ~ - - - ,--~ New Cumberland Borough ' ' r ?~ (16.96 miles E) arl ~ R ~ a r ~ ~ ~ ~ - _ ' Comparable Safe 2 Boiling Grantham McAllister Church Road Springs ~-' WestPennsboroTOwnship (4.34 miles WNW) ' ii 1 - ount Holly :~ ~ Dickinson a P~ Springs ~ Pinetown Kings me -- Dillsburg Gap -34 ~ Ervr'1 ECUCabon .cote' 233 yQ^,F G.Ne•E alpine ~i ~ 1 T~land ,o nct~t i. 94 a ~ ;rate Cear,Spring 9d 'ask UriaN Pies Grove Mount Royal Furnace 94 I _ P Kralftown ~ I Gardners York Spring s „ ",e Dover Wcnksvilk -+ A ~ w A Lake Meade oar burg Rd ' aspen ~ w~ ~ ,~. '1 ts~ ~ ~. .r f ~ Hefdkrslt(r'rg rordvilk Brytervilk ~i ~~ Hany>r~1l l'~li:ilr`V East R~;dln 37:! J1; f:,:a~ ~ Arendtsville ~~~ ' . 11 miles ~ r -- - -- ' ~ 'c~Y' a t ~,. ~ ,+~ 1 s vAaf 4~ , ~'i yw ~w ~~ ~:j •.ti'': ,, ~:k ... 1 ~• i, Y .`~ ,. ~,`{ .µ1 ~+~ % Fl .w 1. i. ~` 1 _ 1X +1 G y F~ tt ;. ~ '~., 1~~ ' _~ N W ;t ; y .~...~ L I is i I O ~ +~. w vl ~ : 3 ~ -~ ~ a '~ ^r ,., ~ i 1~ . ~ -; f: ~~ :i <. -' c -- .a:, t i _ , r S :. 3~..:, , al -, ~ ~ ~ _ ~ i~ ~~1 ~ ~ ,. fl ,~ ~ .. ~ y' ~ i _ _ ..I _ k~Jt { ~n r ~i.~~! . '.~-~ e-~ - .; :.. ', ` :~ 4 4_., ~ f '~ 1. N ~ ~ r.. ,` ~ `-; .~~`. z_ ~` , '` ~ C. r i~~?~L~~- i. *,'4 V `~~~ \` , a ~ ~;~- a == p ~ p °4.,a~ ~ ~, l= i S a ~~~ a ~~ ~ a ~ f~a~~ ~ 3~~~a~~3~if~~#~ ~ z ~ ~ ~ ~. f , pig i~ ~ , ~' ~I ~~ ~ ~-. _ ,„ ~~. ~ :a _ ,~ ~ .. 'f _ H Z ~~ - N ~ p :. - ~ 9'~ , ~ a ; - _ ~~ . a .-a-, ' ' ~ N T~" M ~ ~"" C, r .1'3.. ~.~ 4 ~ P ~L , ~~ . _ ~_ -V' t ~ o~ Y~R to. ~E~ E i J ~ t~ ~ ~ rr ~ t~ N m w z~ 3 ~~~ jj ~d! ~ E~ ~ °D ~ ~~ ab "d ia3g a~ ~~ s ~~ pTi ~~ ~'~: s~ ~; .~ . ~~~~ $ ~~P :~•~g ~~ s~ it £ y3 "~'~ '~ F Sr ~; ~¢jg! ~~ 08 ~ Se -c 9c af~~ ~ ~~ 7s~D• xa e ai ~ p~~8 ~ ~ s }~i 33 ~ ~~t ~~ 3 8 alt °a €~~ fk Borough of Carlisle PC/Codebook for Windows of one curb cut to the establishment of an adjacent curb cut. (2) Lot depth. The measurement shall be at the narrowest point between the front and rear lot lines, unless otherwise provided for herein. (3) Lot width. The measurement at the minimum building setback line, unless otherwise stated. (4) Setback line. The.measurement to this shall extend perpendicular to the street line. (5) Street line. The measurement to this shall extend perpendicular to and equidistant from the cartway center line, unless otherwise dedicated. C. In an interpretation of the language of this chapter to determine the extent of the restriction upon the use of a property, the language shall be interpreted, where doubt exists as to the intended meaning of the language written and enacted by the Borough Council, in favor of the property owner and against any implied extension of the restriction. However, where rights are granted with respect to a nonconforming use or other preexisting nonconformity, such rights should be strictly construed against the landowner. ARTICLE 111, R-1 Low Density Residential District § 255-14. Intent. The intent of the R-1 Low Density Residential District is to: A. Provide for low-density residential areas where the predominant uses are single-family detached houses. B. Protect these areas from incompatible uses. § 255-15. Uses permitted by right. In the R-1 District, land, buildings or premises shall be used by right for one of the following uses but for no others: A. Single-family detached dwelling. B. Crop farming. C. Forestry. D. Group home, within a lawful dwelling unit, subject to compliance with § 255-199A(18). § 255-16. Accessory uses. Only the following accessory uses shall be permitted: A. Single-family residential accessory uses, subject to compliance with § 255-200D(12). B. Private swimming pools, subject to compliance with § 255-199A(34)(a). C. Private tennis courts, subject to compliance with § 255-199A(34)(c). D. Home occupations, subject to compliance with § 255-200D(5). § 255-17. Special exception uses. The following uses are permitted as a special exception when authorized by the Zoning Hearing Board subject to § 255-197 of this chapter: A. (Reserved)zviiEN B. Public or private primary or secondary schools, subject to the provisions of the INS District Area and Bulk 23 Borough of Carlisle PC/Codebook for Windows Requirements and with § 255-199A(38). C. Public utility uses, such as electric substations, subject to compliance with § 255-199A(33). D. Cemeteries, subject to compliance with § 255-199A(12). § 255-17.1. Conditional uses. [Added 10-14-2004 by Ord. No. 2019, approved 10-18-2004) The following uses may be permitted as conditional uses when authorized by the Borough Council, subject to § 255-198 of this chapter: A. Places of worship, subject to compliance with the provisions of § 255-199A(32). § 255-18. Area and bulk regulations. The following regulations shall be observed: A. Lot area: 10,000 square feet minimum if served by public water and public sewer service, otherwise (see § 255-194), subject to compliance with § 255-21 for the cluster development option. B. Building setback line: 40 feet minimum for principal and accessory structures and uses. C. Lot width at street line: 45 feet minimum, except 125 feet minimum for any lot with a driveway entering onto an arterial street or if a lot area of one acre or more is required. D. Lot width at minimum setback line: 75 feet minimum. E. Building coverage: 30% maximum. F. Impervious coverage: 50% maximum. G. Rear yard: 25 feet minimum for principal buildings and five feet for accessory structures and uses. H. Side yards: 10 feet minimum each side for principal buildings and 10 feet each side for accessory structures and uses, subject to compliance with § 255-187 for corner lots. I. Maximum building height: 35 feet or 2 1/2 stories, whichever is less. J. Minimum building length and width: 16 feet each for any single-family detached dwelling. K. The minimum floor area for asingle-family detached dwelling shall be 1,000 square feet. § 255-19. Additional setbacks for dwellings. Any new principal building including one or more dwelling units shall be set back the following distances from the following features: A. From the zoning boundary of an industrial district: 70 feet. B. From the existing right-of-way of an expressway: 70 feet. C. From the existing right-of-way of an arterial street: 40 feet. § 255-20. Additional requirements. The following additional requirements shall apply: A. Off-street parking regulations: (see Article XXV). B. Requirements for specific uses: (see Article XXIV). C. Multiple frontage lots: subject to compliance with § 255-187. § 255-21. Cluster development option. If a subdivision is approved as a cluster development, the minimum lot area for single-family detached dwellings shall be reduced to 8,000 square feet and the minimum front yard building setback shall be reduced to 24 Borough of Carlisle PC/Codebook for Windows 30 feet if the following requirements are met: A. A minimum of 25% of the total lot area of the development prior to subdivision shall be permanently preserved as common open space. This calculation may be made after setting aside any additional right-of- way adjacent to an existing street. The common open space shall meet the definition of "open space, common" in Article II. B. The minimum lot width at the minimum building setback line shall be reduced to 70 feet. C. If the development is adjacent to an expressway or an industrial district, a majority of the required common open space shall be placed between dwellings and the expressway or industrial district. ARTICLE IV, R-2 Medium Density Residential District § 255-22. Intent. The intent of the R-2 Medium Density Residential District is to: A. Provide for the orderly expansion of areas that offer residential neighborhoods at a medium density. B. Cazefully control the types of housing to ensure compatibility with existing houses. C. Carefully protect these azeas from uses that may not be fully compatible. § 255-23. Uses permitted by right. In any R-2 District, land, buildings or premises shall be used by right for one of the following, but for no other: A. Single-family detached dwelling. B. Single-family semidetached dwelling. C. Crop farming. D. Forestry. E. Group home, within a dwelling type permitted by this district, subject to compliance with § 255-199A(18). F. Townhouses (single-family attached dwellings), subject to compliance with § 255-199A(17). § 255-24. Accessory uses. Only the following accessory uses shall be permitted: A. Residential accessory uses, subject to compliance with § 255-200D(12). B. Private swimming pools and tennis courts, subject to compliance with § 255-199A(34)(a) and (c). C. Home occupations, subject to compliance with § 255-200D(5). § 255-25. Special exception uses. The following uses may be permitted as a special exception when authorized by the Zoning Hearing Board, subject to § 255-197 of this chapter: A. (Reserved)"°"'EN B. Public or private primary or secondary schools, subject to compliance with the provisions of the INS District Area and Bulk Requirements and with § 255-199A(38). C. Public utility uses, such as electric substations, subject to compliance with § 255-199A(33). D. Private recreation facilities, subject to compliance with § 255-199A(34). As used herein, "private" is not 25 Summary Appraisal ********* Q U A L IF IC A T 10 N S********* The following checked items are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the inspection of the subject property, the comparables sales, and their neighborhoods and locations. Unless otherwise noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home inspection service. This Is an appraisal to estimate market value. ____1. The subject is located in a rural area and is less than 25% built-up. _x _2. Commerciallindustrial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods. ___3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for the area. ___4. The predominant value in the neighborhood la less than that of the market value of the subject property. This Is due to the very wide range of value of properties in the area and superior quality of the subject property. ____5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and suggested. ____8. Dampness is noted in the basement of the subject. Standing or running water was not present on basement floor. This condition is considered typical in dwellings of this style. ____7. The subject property is serviced by private well and/or septic systems which is common for the area. __ 8. The subject is older than five(5) years. All mechanical systems Including the heating, electrical and plumbing systems appear upon a visual exterior inspection to be in working order. No warranties are Implied in this statement. ___9. Repair Items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The items listed are cosmetic in nature. ___10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a health or safety hazard. ___11. The subject property does contain functional obsolescence as noted in the report. This condition is considered typical and common for the area and thin style dwelling. __ 12. The land value exceeds 30X of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighborhood. ___13. The land value exceeds 3096 of total value. This is due to the large size of the site. This condition is considered to be typical and common. ___14. Individual adjustments were required that exceed 15%. These adjustments were required due to lack of more similar comparables on that individual rating. All comparables used are the best available. _ 15. Total adjustments exceed 25%. This Is due to the lack of comparable sales that were more similar In the subject's market area. All comparables used are the best available. _x_18. One or more comparable sates are older than six(8) months. Although there are comparable properties in the subject's area, none have sold recently; therefore, sales in excess of six(8) months have to be used. All comparables used are the best available. _x_17. One or more comparables used were in excess of one (1) mile from the subject property. Although there are comparable properties in the immediate area, none have sold recently. Therefore, it was necessary to use comparable sales outside of the Immediate area. All comparables used are located in similar neighborhoods and within the same marketing area. All comparables used are the best available. ___18. The electrical system was not connected during inspection. ___19. The water service was not connected during inspection. ___20. The heating system was shut down during Inspection. ___21. Roofing____Piumbing____Electrical____Heating____certification(s) fa/are suggested. ___22. Inground swimming pool____, out bufldings_____are included not included____accordin to lender's -----' 9 guidelines. ___23. According to lender's guidelines a maximum of____acrea were considered for this valuation. Remaining acreage was given no value. Summary Appraisal me no i t-vi ********* Q U A LIFIC A TIO N S********* ___24. The subject property is located on a private road. ___25. Wood infestation inspection is suggested. _x_26. Last recorded deed transfer: Date 31911990______, Consideration: 52,200__________. ___2T. Proposed constructionlrenovation in accordance to plans and specifications to be completed in a workman-like manner. ___28. Seller is paying part or all of closing costs. _z_29. All comparable sales are verified closed sales. _ 30. There are no special conditions or other requirements that would affect market value or future marketability In the Appraisal Report. ___31. AMC fee was required in order to accept this appraisal request. Summary Appraisal ********* Q U A L IF IC A T 10 N 5********* Confidentiality and Security Policy me na. i~•v-iuc We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, integrity and security of clients' personal information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. We restrict access to personal information to authorized individuals who need to know this information to comply with federal standards to protect your nonpublic personal information. We do not disclose this information about you or any former consumers or customers to anyone, except as permitted by law. The law permits us to share this Information with our affiliates. The law also permits us to share this information with companies that perform marketing. When we share nonpublic information referred to above, the information fa made available for limited purposes and under controlled circumstances. We require third parties to comply with our standards for security and conffentfality. We do not permit use of consumerlcustomer Information for any other purpose nor do we permit third parties to rent, sell, trade or otherwise release or disclose Information to any other party. Education As of the date of this report, land/or Steven W. Barrett, SRPA, SRA, ASA have completed the requirements under the continuing education program of the Appraisal Institute and the American Society of Appraisers. STEVEN W. BARRETT Steven W. Barrett Real Estate & Appraisal Services-Established 1976 505 South Hanover Street, Carlisle, PA 17013 Phone 717-243-6646 FAX 717-243-8627 E-Mail - Steve a~_,swbarrett.com PROFESSIONAL LICENSES: PA State Certified General Appraiser, GA-000298-L PA Real Estate Broker, RB-026921-A Certified PA Evaluator, AV-000034-L PROFESSIONAL DESIGNATIONS EARNED: SRPA, Senior Real Property Appraiser, 1 1/90 Appraiser Institute -General Member SRA, Senio-• Residential Appraiser, 9/83 Appraisal Institute -Residential Member ASA, Accredited Senior Appraiser, Real Property Urban, 7/90, American Society of Appraisers GAA, General Accredited Appraiser, 11/94 Realtors Appraiser Section ASSOCIATION MEMBERSHIPS: Appraisal Institute Assessors Association of Pennsylvania OFFICES HELD: CPE, Certified Pennsylvania Evaluator, i 1 /88 Assessors Association of Pennsylvania CRB, Certified Real Estate Brokerage Manager, 2/86, Realtors National Marketing Institute CRA, Certified Review Appraiser, Senior Member 4/81, National Association of Review Appraisers American Society of Appraisers REALTORS -National, State & Local Organizations 2006 Board Member, Greater Harrisburg Assoc. of Realtors 2003-2005 Board Member, Carlisle Board of Realtors 2001 President, Appraisal Institute, Cenn•al PA Chapter 1998 Chair, Appraisal Section, Harrisburg Association of REALTORS 1989-90 Vice Governor, District 20, Society of Real Estate Appraisers APPRAISAL AND REAL ESTATE EDUCATION: Appraisal Institute/SREA -Courses SREA Course 101, An Introduction to Appraising SREA Course 102, Applied Residential Property Valuation SREA Course 201, Principles of Income Property Valuation SREA Course 202, Applied Income Property Valuation SREA Course 301, Special Application -Appraisal Analysis AI Course 510, Advanced Income Capitalization Residential Demonstration Report Income/Commercial Demonstration Report of Business Valuation Appraisal Institute/SREA Seminars: Online Business Practices and Ethics `04 1984-86 President, Chapter 70, Society of Real Estate Appraisers 1982-83 Vice President, Chapter 70, Society of Real Estate Appraisers 1981 Vice President, Carlisle Board of Realtors 1982 President, Carlisle Board of Realtors Penn State University -Courses Real Estate Appraising 1 Real Estate Appraising II Real Estate Appraising-Right of Way Real Estate Theory and Practice Real Estate Finance Real Estate Administration & Management Real Estate for the Small Investor Greening Historic Bldgs. 31St. Century `09 Keep Yourself Safe & Legal `09 USPAP 3009 Internet Search Strategies for R.E. Appraisers `07 Appraisal Review & the Process of Reviewing '07 Tax Assessment law & Tax Appeal Process in PA `07 Review of PA Appraiser Certification Act `07 Penn Dot Right of Way Procedures '06 Professional Guide to the Uniform Residential Appraiser's Report 'OS Review of PA Appraiser's Certification Act `OS Appraiser's in the Ring 'OS Tax Free Like-King Exchanges 'OS Appraiser's in the Ring `OS 7 Hour Elective Continuing Education Course II '03 7 Hour Elective Continuing Education Course X `03 Inform Standards of Professional Appraisal Practice '03, 'O5, `07 Residential Construction `03 Appraising the Oddball: Nonconforming & Difficult Properties Other Seminars: Veterans Administration Training `05 Veterans Administration Training '03 Brokerage -Kell '00 Agency Changes, Choices and Forms Realtors Institute '99 Law and Order: USPAP and PA Realtors Institute '99 Elective Brokerage -Shearer '97 Mandatory Brokerage -Shearer '97 Appraising High-Value Residential Properties ?005 WORK EXPERIENCE: Real Estate Property Manager, 1979 Real Estate Appraiser, 1975 EXPERT WITNESS: Cumberland and Dauphin Counties Court of Common Pleas and Domestic Master Hearings TYPES OF PROPERTIES APPRAISED: Residential Commercial Multi-Family Mixed Use Easements Eminent Domain Feasibility Studies Cash Flow Analyses PA State Mandated Course '03 Uniform Appraisal Standards for for Federal Land `08 Appraising Environmentally Contaminated Properties `09 Appraiser Liability '03 Appraising from Blueprints and Specifications '0l Regression Analysis in Appraisal, Practice '0l FHA Appraisal Inspection from the Ground Up '01 Narrative Appraisal Report Writing Partial Interest Valuation -Undivided `00 Technology Form -Parts 1 and 2 `99 Litigation Skills for the Appraiser `98 Dynamics of Office Building Valuation '98 Loss Prevention `98 Uniform Residential Appraisal Report `97 Small Residential Income Property Appraisal `97 Valuation of Leasehold Interest `97 Valuation of Leased Fee Interest `97 Underwriter's Guidelines to Real Property Appraisal `97 Appraisal of Mixed Use Property Types `96 Appraisal of aFor-Profit-Cemetery -AAP '96 Mandatory Appraisal of an Operating Landfill -AAP '96 Nursing Home Valuations -AAP '95 Realtors National .Marketing Institute Course 302, Marketing Management '86 HUD-FHA Training Seminar Pennsylvania Appraisal Statutes Two to Four Family Finesse -Appraising Multi-Family Properties 3005 Real Estate Broker, 1974 Real Estate Salesman, 1971 Penn DOT Board of View Various Municipal Zoning and Planning Boards Industrial Investment Agricultural Retail Right of Ways Subdivisions Assessment Appeals Consulting REAL ESTATE BROKERAGE: Listings, sales, leasing and consulting of all types of real estate in south-central PA ! \ Q ~~ y <h ~. '~I . - yb- ~' '~~ ~~~ 7bN0~~~ .. _ ~• ~ _ _ !R ~ r F ~~1.N• ~ -. :'S ~,Y ~: ~~~ r O c N Cl5 a ~a =mo°' cdy~ r 47 N ~ G i C ~' ~ O~~ppjjtOty y-~C~ ~~ ~ O ~ C,N'vm 7 N OZ N~'~ _•a'~o = N 7 ~" C ~ ~ C c0 N N ~-+ d ,~ ~ _ ~ +~' ~~~mc6 Gr~..~XC ~~ ~~ x ~ N~W d ~'o. 3 ~v c gz9~~ ~' cGO ~'. w~~~p .Lit'caC 2 ~ `-° r°a .._ ~• ~~~ ~N°Op h~ CG tP }i G ~Nyy d p~ ~ N y Sa~ErpNy( ~t~~~y. • G ~ LL1~ C 4 ~ Q ~U Q N N N~0 +~L6N~i N y Vi ~ G Q~~ ~~~~ ~ ~ Q~• • ,~ a . ,' ~~~' ~ _ ~h . - Estate Valuation Date of Death: 02/27/2012 Estate of: Verna H. Shultz, TUA valuation Date: 02/27/2012 Acc ount: 30794300 Processin Date: g 02/28/2012 Report Type: Date of Death Number of Securities: 99 File ID: Shultz, Verna H., TUA Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 1) 22769.91 BLACKROCK MULTI ST MUN SER TR (09253A680) PA MUN BD INST Mutual Fund (as quoted by NASDAQ) 02/27/2012 11.52000 Mkt 11.520000 262,303.60 2) 2691.31 IVY FDS INC (466001609) MID CAP GWTR I Mutual Fund (as quoted by NASDAQ) 02/27/2012 19.16000 Mkt 19.160000 50,607.50 3) 1857.355 THORNBURG INVT TR (885215566) GLOBAL VALUE I Mutual Fund (as quoted by NASDAQ) 02/27/2012 27.35000 Mkt 27.350000 50,798.66 4) 56091.87 SEI TAX EXEMPT TR (764118507) PA MUN PTF A Mutual Fund (as quoted by NASDAQ) 02/27/2012 10.94000 Mkt 10.990000 613,096.06 5) 300 DARDEN RESTAURANTS INC (237199105) COM New York Stock Exchange 02/27/2012 49.78000 48.52000 H/L 49.150000 14,795.00 6) 100 FAMILY DLR STORES INC (307000109} COM New York Stock Exchange 02/27/2012 54.24000 53.83500 H/L 54.037500 5,903.75 7) 269 MCDONALDS CORP (580135101) COM New York Stock Exchange 02/27/2012 100.79500 99.50000 H/L 100.122500 26,432.39 B) 904 ACCO BRANDS CORP (OOOB1T108) COM New .York Stock Exchange 02/27/2012 12.29000 11.88000 H/L 12.085000 9,882.34 9) 1720 BEAM INC (073730103) COM New York Stock Exchange 02/27/2012 55.19000 54.83000 H/L 55.010000 94,617.20 Div: 0.205 Ex: 02/06/2012 Rec: 02/08/2012 Pay: 03/01/2012 352.60 10) 575 COCA COLA CO (191216100) COM New York Stock Exchange 02/27/2012 69.00000 68.52000 H/L 68.760000 39,537.00 11) 800 GENERAL MLS INC (370334104) COM New York Stock Exchange 02/27/2012 38.16000 38.00000 H/L 38.080000 30,464.00 Page 1 This report was produced with EstateVal, a product of Estate Valuations 6 Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818)0313-6300 o1r www.evpsys.colm. (Revision 7.2.1) ~C~. <J ~- 1 ~ M J d Lll~l~ ~~ Date of Death: 02/27/2012 Estate of: Verna H. Shultz, TUA Valuation Date: 02/27/2012 Account: 30794300 Processin Date: 02/28/2012 9 Report Type: Date of Death Number of Securities: 49 File ID: Shultz, Verna H., TUA Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 12) 400 HERSHEY CO (427866108) COM New York Stock Exchange 02/27/2012 60.91000 60.34000 H/L 60.625000 24,250.00 Div: 0.36 Ex: 02/22/2012 Rec: 02/24/2012 Pay: 03/15/2012 152.00 13) 100 KELLOGG CO (987836108) COM New York Stock Exchange 02/27/2012 53.00000 52.44000 H/L 52.720000 5,272.00 14) 200 PEPSICO INC (713948108) COM New York Stock Exchange 02/27/2012 63.75000 63.05000 H/L 63.900000 12,680.00 15) 900 SARA LEE CORD (803111103) COM New York Stock Exchange 02/27/2012 20.31000 20.07000 H/L 20.190000 6,076.00 16) 200 WD-40 CO (929236107) COM The NASDAQ Stock Market LLC 02/27/2012 43.35000 42.73000 H/L 43.040000 8,608.00 17) 200 WAL MART STORES INC (931142103) COM New York Stock Exchange 02/27/2012 58.78000 58.29000 H/L 58.535000 11,707.00 16) 1118 ANADARKO PETE CORP (032511107) COM New York Stock Exchange 02/27/2012 87.49000 85.97000 H/L 86.705000 96,936.19 19) 1600 EXXON MOBIL CORP (302316102) COM New York Stock Exchange 02/27/2012 87.83000 86.78000 H/L 87.305000 139,688.00 Div: 0.97 Ex: 02/08/2012 Rec: 02/10/2012 Pay: 03/09/2012 752.00 20) 282 MARATHON OIL CORP (565849106) COM New York Stock Exchange 02/27/2012 35.21860 39.62000 H/L 34.919300 9,847.29 Div: 0.17 Ex: 02/14/2012 Rec: 02/16/2012 Pay: 03/12/2012 47.94 21) 141 MARATHON PETE CORP (56585A102) COM New York Stock Exchange 02/27/2012 43.19000 92.18000 H/L 42.660000 6,015.06 Div: 0.25 Ex: 02/14/2012 Rec: 02/16/2012 Pay: 03/12/2012 35.25 22) 217 SPECTRA ENERGY CORP (847560109) COM New York Stock Exchange 02/27/2012 31.72000 31.97000 H/L 31.595000 6,856.12 Div: 0.28 Ex: 02/08/2012 Rec: 02/10/2012 Pay: 03/ 12/2012 60.76 Page 2 This report was produced with EstateVal, a product of Estate Valuations b Pricing Systems, Inc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.2.1) Date of Death: 02/27/2012 Valuation Date: 02/27/2012 Processing Date: 02/26/2012 Estate of: Verna H. Shultz, TUA Account: 30794300 Report Type: Date of Death Number of Securities: 49 File ID: Shultz, Verna H., TUA d S 't Shares Security Mean and/or Div an Int ecuri y High/Ask Low/Hid Adjustments Accruals Value i ti or Par on p Descr 23) 826 ACNB CORP (000868109) COM OTC Bulletin Board 02/27!2012 14.75000 14.50000 H/L 19.625000 12,080.25 29) 9504 BANK OF NEW YORK MELLON CORP (064058100) COM New York Stock Exchange 02/27/2012 22.11500 21.38000 H/L 21.797500 206,688.24 25) 363 CAPITAL ONE FINL CORP (19090H105) COM New York Stock Exchange 02/27/2012 49.97000 48.86000 H/L 99.415000 17,937.65 26) 1040 JPMORGAN CHASE 6 CO (46625H100) COM New York Stock Exchange 02127!2012 39.23000 37.79000 H/L 38.510000 40,050.40 27) 1695 M & T BK CORP (55261F109) COM New York Stock Exchange 02/27/2012 82.54000 80.78000 H/L 81.660000 134,330.70 26) 1312 SLM CORP (78442P106) COM New York Stock Exchange 02/27(2012 16.31000 15.85000 H/L 16.080000 21,096.96 29) 400 BRISTOL MYERS SQUIBB CO (110122108) COM New York Stock Exchange 02/27/2012 32.74000 32.37120 H/L 32.555600 13,022.24 30) 88 MEDCO HEALTH SOLUTIONS INC (564050102) COM New York Stock Exchange 02/27/2012 68.40000 65.66000 H/L 67.130000 5,907.94 31) 739 MERCK & CO INC NEW (58933Y105) COM New York Stock Exchange 02/27/2012 38.26000 37.83000 H/L 38.045000 28,115.26 32} 1988 PFIZER INC (717081103) COM New York Stock Exchange 02/27/2012 21.37000 20.75000 H/L 21.060000 41,867.28 Div: 0.22 Ex: 02/01/2012 Rec: 02/03/2012 Pay: 03/06/2012 437.36 ' 33) 200 BOEING CO (097023105) COM New York Stock Exchange 02/27/2012 75.78000 75.01000 H/L 75.395000 15,079.00 Div: 0.44 Ex: 02/08/2012 Rec: 02/10/2012 Pay: 03/02/2012 88.00 39) 1500 FORTUNE BRANDS HOME 6 SEC INC (349690106) COM New York Stock Exchange 02/27/2012 19.55000 19.23000 H/L 19.390000 29,085.00 Page 3 This report was produced with EstateVal, a product of Estate Valuations s Pricing Systems, Inc. Zf you have questions, please contact EVP Systems at (816) 313-6300 or www.evpsys.com. (Revision 7.2.1) Date of Death: 02/27/2012 Estate of: Verna H. Shultz, TUA Valuation Date: 02/27/2012 Account: 30794300 Processing Date: 02/28/2012 R eport Type• Date of Death Number of Securities: 49 File ID: Shultz, Verna H., TUA Shares Security M ean and/or Di v and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 35) 2150 GENERAL ELECTRIC CO (369604103) COM New York Stock Exchange 02/27/2012 19.30700 18.98000 H/L 19.193500 41,158.53 Din: 0.17 Ex: 02/2312012 Rec: 02/27!2012 Pay: 09/25/2012 365.50 36) 744 UNION PAC CORP (907818108) COM New York Stock Exchange 02/27!2012 113.95000 111.20000 H/L 112.575000 Div: 0.600000 Ex: 02!27/2012 Rec: 02/29/2012 Pay: 09/02/2012 + 0.600000 113.175000 84,202.20 37) 800 UNITED TECHNOLOGIES CORP (913017109) COM New York Stock Exchange 02/27/2012 84.12000 82.83000 H/L 83.975000 66,780.00 Div: 0.48 Ex: 02/15/2012 Rec: 02/17/2012 Pay: 03/10/2012 384.00 38) 100 INTERNATIONAL BUSINESS MACHS (459200101) COM New York Stock Exchange 02/27/2012 198.71000 196.10000 H/L 197.405000 19,740.50 Div: 0.75 Ex: 02/08/2012 Rec: 02/10/2012 Pay: 03/10/2012 75.00 39) 600 ASHLAND INC NEW (049209104) COM New York Stock Exchange 02/27/2012 64.16000 62.25000 H/L 63.205000 37,923.00 Div: 0.175 Ex: 02/15/2012 Rec: 02/17/2012 Pay: 03/15/2012 105.00 90) 1060 AT6T INC (002068102) COM New York Stock Exchange 02/27/2012 30.43000 30.29000 H/L 30.360000 32,181.60 41) 100 CONSOLIDATED EDISON INC (209115109) COM New York Stock Exchange 02/27/2012 58.95000 58.28000 H/L 58.615000 5,861.50 Div: 0.605 Ex: 02/13/2012 Rec: 02/15!2012 Pay: 03/15/2012 60.50 q2) 198 DOMINION RES INC VA NEW (257460109) COM New York Stock Exchange 02/27/2012 51.51000 50.95000 H/L 51.230000 10,143.59 43) 434 DUKE ENERGY CORP NEW (269410105) COM New York Stock Exchange 02/27/2012 21.15000 20.92000 H/L 21.035000 9,129.19 Div: 0.25 Ex: 02{1512012 Rec: 02/17/2012 Pay: 03/16/2012 108.50 44) 800 EXELON CORP (30161N101) COM New York Stock Exchange 02/27(2012 39.27000 39.03000 H!L 39.150000 31,320.00 Div: 0.525 Ex: 02/13/2012 Rec: 02/15/2012 Pay: 03109/2012 920.00 Page 4 This report was produced with EstateVal, a product of Estate Valuations s Pricing Systems, Znc. If you have questions, please contact EVP Systems at (818) 313-6300 or www.evpsys.com. (Revision 7.2.1) Date of Death: 02/27/2012 Estate of: Verna H. Shultz, TUA Valuation Date: 02/27/2012 Account: 30799300 Processing Date: 02/28/2012 Report Type: Date of Death Number of Securities: 99 File ID: Shultz, Verna H., TUA Shares Security Mean and/or Div and Int Security or Par Description High/Ask Low/Bid Adjustments Accruals Value 95) 1029 NEXTERA ENERGY INC (65339F101) COM New York Stock Exchange 02/27/2012 61.00000 60.95000 H/L 60.725000 62,182.40 46) 3578 PPL CORP (693517106) COM New York Stock Exchange 02/27/2012 29.00000 28.71000 H/L 28.655000 103,293.19 47) 1135 PROGRESS ENERGY INC (793263105) COM New York Stock Exchange 02/27/2012 53.78000 53.22000 H/L 53.500000 60,722.50 Div: 0.62 Ex: 02/15/2012 Rec: 02/1 7/2012 Pay: 03/16/2012 703.70 98) 891 PROGRESS ENERGY INC (743263AA3) CONT VALUE OBLG Other OTC 02/27/2012 0.51000 0.51000 H/L 0.510000 454.91 49) 2448 SPDR SERIES TRUST (78464A763) S&P DIVZD ETF NYSE Arca Equities Exchange 02/27/2012 56.28000 55.54260 H/L 55.911300 136,870.86 Total Value: $2,789,998.90 Total Accrual: $4,198.11 Total: $2 ,794,197.01 ~IJr~E~ w,A~ek~r ~uuo L A~4 ~ !5S/ Ili. ~'~ Page 5 This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions, please contact EVP Systems at '(618) 313-6300 or www.evpsys.com. (Revision 7.2.1) a''7 ~~.> ,, ~'~ ~'c~~-~1~~~ r~ _' ~ :. i F:\FILE•`,°.DATAFILE\Real Estate\49~'!\5540-9.mortgage MORTGAGE ., k_~i v Dtr~'~ ..r~l_ti~Jp COUtJTY--; . ~~3 OC T 10 fl~l 9 11 THIS MORTGAGE ("Security Instrument") is given on October 9, 2003. The mortgagor is MATTHEW D. MILLER and AMY L. MILLER, husband and wife ("Borrower"). This Security Instrument is given to VERNA H. SHULTZ, whose address is 1 Alliance Drive, BT Apt. 202, Carlisle, Pennsylvania 17013 ("Lender"). Borrower owes Lender the principal sum of ONE HUNDRED NINETY THOUSAND and 00/100 Dollars (U.S. $190,000.00). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on October 9, 2033. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications; (b) the payment of all other sums, with interest, advanced under paragraph 6 to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage, grant and convey to Lender the following described property located in South Middleton Township, Cumberland County, Pennsylvania: ALL THAT certain tract of land situate in the Village of Boiling Springs, South Middleton Township. Cumberland County, Pennsylvania, on Plan "B" of Allenberry Hill, more particularly bounded and described as follows: BEGINNING at a point on the southerly line of Persimmon Drive at the dividing line between Lots Numbered 27 and 28 as shown on the hereinafter mentioned plan of lots; thence by said dividing line, South 9 degrees 10 minutes East, 181 feet to a point on the line of other land of the Boiling Springs Development Corporation; thence by the same, South 78 degrees 10 minutes West, 245 feet to a point in the dividing line between Lots Numbered 27 and 26; thence by said dividing line, North 30 degrees 10 minutes East, 230 feet to a point in the southerly line of Persimmon Drive; thence by the same and by a curve to the left having a radius of 159 feet an arc distance of 100 feet to the Place of BEGINNING. BEING Lot Number 27 on Plan "B" of Allenberry Hill, which plan was on October 25, 1960, recorded in Office of the Recorder of Deeds at Carlisle, Cumberland County, Pennsylvania, Plan Book 12, Page 12, and formerly known aSunni-Glo Gardens. SUBJECT to a utility easement 10 feet in width along the front of said lot and subj ect to use restrictions filed with Plans "A" and "B" of Sunni-Glo Gardens, now Allenberry Hill. BEING the same tract of land which Robert E. Weiss and Ann W. Weiss, his wife, by their deed dated January 14, 1972, and recorded in Cumberland County, Pennsylvania, Deed Book "L", Volume 24, Page 390, granted and conveyed to Guy 8K{840PG2194 ~ ~ -~..~,m 1 ` L. Schultz and Verna H. Schultz, his wife. Guy L. Shultz predeceased on February 23, 2003, vesting title entirely in Verna H. Shultz, Grantor herein. which has the address of 3 Persimmon Drive, Boiling Springs, Pennsylvania, 17007 ("Property Address"); TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property." BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. 1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under paragraph 1 shall be applied: first, to late charges due under the Note; second, to interest due; and last, to principal due. 3. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations on time directly to the person owed payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 4. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requires insurance. This insurance shall be 8Kt840PG2795 maintained in the amounts and for the periods that Lender requires. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the Property, or does not answer within 30 days a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph 1 or change the amount of the payments. If under paragraph 1 S the Property is acquired by Lender, Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. 5. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or substantially change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 6. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, probate, for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although Lender may take action under this paragraph 6, Lender does not have to do so. Any amounts disbursed by Lender under this paragraph 6 shall become additional debt of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms of 8K i 840PG2796 payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such time as the requirement for the insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. 7. Inspection. Lender or its agent may make reasonable entries upon and inspections of the Property. Lender shall give Borrower notice at the time of or prior to an inspection specifying reasonable cause for the inspection. 8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph 1 or change the amount of such payments. 9. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 10. Successors and Assigns Bound; Joint and Several Liability; Co-signors. The covenants and agreements of this Security Instrument shall bind and benefit the successors and 1840~G2797 assigns of Lender and Borrower, subject to the provisions of paragraph 16. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 11. Loan Charges. If the loan secured by this Security Instrument is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment without any prepayment charge under the Note. 12. Legislation Affecting Lender's Rights. If enactment or expiration of applicable laws has the effect of rendering any provision of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 18. If Lender exercises this option, Lender shall take the steps specified in the second paragraph of paragraph 16. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender BK184OP62798 may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 17. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of (a) 5 days (or such other period as applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no acceleration occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in enforcing this Security Instrument; including, but not limited to, reasonable attorneys' fees; and (d) takes such action, as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of acceleration under paragraphs 12 or 16. 18. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument (but not prior to acceleration under paragraphs 12 and 16 unless applicable law provides otherwise). Lender shall notify Borrower of, among other things: (a) the default; (b) the action required to cure the default; (c) when the default must be cured; and (d) that failure to cure the default as specified may result in acceleration of the sums secured by this Security Instrument, foreclosure by judicial proceeding and sale of the Property. Lender shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the default is not cured as specified, Lender at its option may require immediate payment in full of all sums secured by this Security Instrument without further demand and may foreclose this Security Instrument by judicial proceeding. Lender shall be entitled to, attorneys' fees and costs of title evidence to the extent permitted by applicable law. 19. Lender in Possession. Upon acceleration under paragraph 19 or abandonment ofthe Property, Lender (in person, by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's 8~ ~ 840PG2799 fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Security Instrument. 20. Release. Upon payment of all sums secured by this Security Instrument, Lender shall discharge this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 21. Reinstatement Period. Borrower's time to reinstate provided in paragraph 18 shall extend to one hour prior to the commencement of bidding at a sheriffs sale or other sale pursuant to this Security Instrument. 22. Purchase Money Mortgage. If any of the debt secured by this Security Instrument is lent to Borrower to acquire title to the Property, this Security Instrument shall be a purchase money mortgage. 23. Interest Rate After Judgment. Borrower agrees that the interest rate payable after a judgment is entered on the Note or in an action of mortgage foreclosure shall be the rate payable from time to time under the Note. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with it. Witnesses: i ~ ~~~_. (Seal) Matt w D. Miller, Borrower (Seal) Amy L. Mi ler, Borrower COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND . SS. On this the 9`~ day of October, 2003, before me the undersigned officer, personally appeared Matthew D. Miller and Amy L. Miller, husband and wife, known to me or satisfactorily proven to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed the same for the purposes therein contained. for the purposes therein contained. IN WITNESS WHEREOF I hereunto set my hand and official the day and year aforesaid. M { ":a ; ~ G Notary Public ~ ~RP . ~; " ~,' „~ ; NOTARIAL SEAL VICTORIA 1 OTTO NOTARY PUBLIC ~ ~,~'dA; ~•~1,; . CARLISLE BORO. CJMBERLAND COUNTY MM 0(~ EXP R ~.;' Gl- '~ ~ `~,t ~~ ~~ ~~• ' I 1 ES DE 2006 +~ • , S , tT PtT L ~.~ ~ u~ , ,t : ~.~ ;4 NOTE October 9.2003 Carlisle. Pennsylvania 3 Persimmon Drive. Boiling Springs, Pennsylvania, 17007 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. $190,000.00 (this amount is called "principal"), plus interest, to the order of the Lender. The Lender is VERNA H. SHULTZ. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called "Note Holder." 2. INTEREST Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of 4.27 %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B} of this Note. 3. PAYMENTS (A) Time and Place of Payments I will pay principal and interest by making payments every month. I will make my monthly payments on the 9th day of each month beginning on November 9, 2003. I will make these payments every month until I have paid all of the principal and interest and .~ any other charges described below that I may owe under this Note. My monthly payments will be applied to interest before principal. If, on October 9, 2033, I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date." I will make my monthly payments to Verna H. Shultz at 1 Alliance Drive, BT Apt. 202, Carlisle, Pennsylvania 17013, or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U. S. $ 936.91. 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment." When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may make a full prepayment or partial prepayments without paying any prepayment charge. The Note Holder will use all of may prepayments to reduce the amount of principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment. 6. BORROWER'S FAILURE TO PAY AS REQUIRED (A) Late Charge for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of 15 calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be 5% of my overdue payment of principal and interest. I will pay this late charge promptly but only one on each late payment. (B) Default If I do not pay the full amount of each monthly payment on the date it is due, I will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is delivered or mailed to me. (D) No Waiver By Note Holder Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. (E) Payment of Note Holder's Costs and Expenses If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorney's fees. 7. GIVING OF NOTICES Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address. 8. OBLIGATIONS OF PERSONS UNDER THIS NOTE If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the'promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us maybe required to pay all of the amounts owed under this Note. 9. WAIVERS I an any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid. 10. UNIFORM SECURED NOTE This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust or Security Deed (the "Security Instrument"), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any party of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full ofall sums secured bythis Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice of demand on Borrower. WITNESS THE HANDS AND SEALS OF THE UNDERSIGNED. WTI'NESS: ~. i~7 G /'~tr.K_... (SEAL) Matthew D. Miller, Borrower ~~~" 7~ti~- F~ ~~Z~( ., SEAL f C ) Amy L. Miller, Borrower 1~ 1VI&T Bank ,~ ,~ ; ~ . AGGOUNT,NO, ACCOUNT :TYPE 437727 M8T SELECT WITH INTEREST 00 0 04319M NM 017 VERNA H SHULTZ C/0 F & M TRUST CO 1901 RITNER HWY CARLISLE PA 17013 INTEREST EARNED FOR STATEMENT PERIOD INTEREST PAID YEAR TO DATE 1.35 STATEMENT PERIOD. PASE' FEB.22-MAR.21,2012 1 OF 1 12!!5 I~u/~~~` ~ LI ~$In u;; MAR 2 6 2012 lU 0.44 w Pf~f111WT QIIYIiADV HIGH STREET-CARLISLE ~~~~~ . ..:..:...~: • : :;:.<>:>:<::: :., ..:..8ALl-OiCE .......... :<::,::~T ER •:.A~DD~1'7fibfS:<>.::>; ... H ---- - - .:::..::.::., ::; : ;:; :~:; i:: <:> :::«>:: H~'fS:z:P~~YDs»:::::;;~ ii: »}}: i>: }::. ~ :::: is :>:;><<::: `:~:' ~ : is"< E~'ESf:>:Pn ~:::'. i:•t ...:...... >:<::>::~A1:h!ICE:<::;>: N0. AMOUNT N0. AMOUNT N0. AMOUNT 55,505.40 1 696.09 0.00 .00 0.45 56,201.94 ACCO 02-22-1 BEGINNING BALANCE 02-27-1 AMERICAN TOMER C REN CGN 22 03-21-1 INTEREST PAYMENT Y 6 ffiSS,505.40 696:09 56,201.49. 0.45 56,201.94 156,201.94 ANNUAL PERCENTAGE YIELD EARNED = 0.00 HARM UP HITH SPECIAL SAVINGS THIS SPRING AT POPULAR RETAILERS MHEM YOU USE YOUR MtT CHECK CARD OR MIT VISA CREDIT CARD IN STORES, ON THE NEB AND OVER THE PNONE. VISIT MTB.COM/SHOPPING TO TAKE ADVANTAGE OF GREAT DEALS ON SPRING SAVINGS TODAY! • ~ , Principal Life Insurance Company Des Moines, IA 50392-0001 ~nancia/ Group 000144 SHULTZ, VERNA H C-O F & K TRUST CO 1901 RITNER EiWY CARLISLE, PA 17013-9302 Contract No. 8803294 Accumulated Value $ 97,630.49 V Shultz Federal Withholding 0.00 Check Amount 323.82 Final Contract Value 973Q8•' Taxable Amount 323.82 This check represents your scheduled partial surrender (FWO) payment. The taxable amount (and any-withholding) is listed above. You will receive a tax report early next year. Any tax information provided is based on our understanding of the current tax laws. You may want to seek independent counsel regarding the taxability of this tr-ansaction. FWO N H177 ~~- t~.1n . G-- , ~-~~: ~ I ~ Maa z s zo~2 ~~ TAX DEFERRED ANNUITY VERNA H SHULTZ APT 202 1 ALLIANCE DR BT CARLISLE PA 17013 Annuitant VERNA H SHULTZ Policy Number Policy Date 451171 03/04/2004 Plan Type Plan Name Non-Qualified Alliance Plus P4 '_~J L5 L1 l'~ MAR 1 3 2012 Beginning Account Balance 03/04/2011 ................................................... $45,418.81 Additional Premium Deposited ......................................................................$0.00 Interest Eamed ........................................................................................ $908.37 Withdrawals ~~ .. $0.00 Ending Account Balance 03/04/2012 ........................................................ $46,327.18 Your Net Cash Surrender Value (account balance less applicable surrender charges) as of 03/04/20f~ 1~ +Id and as of 03/04/2011 was $43,374.96. The difference between the Net Cash Surrender Value and the Ending Account Balance is the surrender charge you would have incurred if you had surrendered your policy as of 03/04/2012. 2.00% Interest Aviva Life and Annuity Company is a national provider of retirement annuities. Fixed Rate Guaranteed annuities combine the advantages of tax-deferral with protection from market risk. Tax- To 03/04/2013 deferral means you pay no current income taxes on interest eamings in your annuity until you actually withdraw those eamings. Maximize the earning power of your dollars through the advantages of tax-deferral! If you have questions, please contact our Home Office at (888)266-8489 This statement is for your personal information and is not to be filed for income tax purposes. The accumulated interest is tax deferred and is not reportable until withdrawn. All interest rates are effective annual rates. AV1VA Aviva Life and Annuity Company 7700 Mills Civic Parkway West Des Moines, IA 50266-3862 Mail Processing Center: P.O. Box 10433 • Des Moines IA 50306-0433 TEL 888 266 8489 • FAX 866 709 3922 www.avivausa.com TAX DEFERRED ANNUITY Annuitant VERNA H SHULTZ Policy Number Policy Date 451172 03/04/2004 Plan Type Plan Name Non-Qualified Alliance Plus P4 VERNA H SHULTZ APT 202 1 ALLIANCE DR BT CARLISLE PA 17013 ~} L~ C~ [~-~`r- ~fAR 1 3 2~ i2 Beginning Account Balance 03/04/2011 ................................................... $45,418.80 Additional Premium Deposited ...................................................................... $0.00 Interest Eamed ........................................................................................ $908.37 Withdrawals ................................................................................................ $0.00 Ending Account Balance 03!04/2012 ........................................................ $46,327.17 Your Net Cash Surrender Value (account balance less applicable surrender charges) as of 03/04/2012 iS: ~tt~l1 and as of 03J04/2011 was $43,374.95. The difference between the Net Cash Surrender Value and the Ending Account Balance is the surrender charge you would have incurred if you had surrendered your policy as of 03/04/2012. 2.00% Interest Aviva Life and Annuity Company is a national provider of retirement annuities. Fixed Rate Guaranteed annuities combine the advantages of tax-deferral with protection, from market risk. Tax- To 03/04/2013 deferral means you pay no current income taxes on interest earnings in your annuity until you actually withdraw those earnings. Maximize the earning power of your dollars through the advantages of tax-deferral! If you have questions, please contact our Home Office at (888)266-8489 This statement is for your personal information and is not to be filed for income tax purposes. The accumulated interest is tax deferred and is not reportable until withdrawn. All interest rates are effective annual rates. AY1VA Aviva Life and Annuity Company 7700 Mills Civic Parkway West Des Moines, IA 50266-3862 _ Mail Processing Center: P.O. Box 10433 • Des Moines IA 50306-0433 ~~ ~ ~ ~ ~-~ ~~ TEL 888 266 8489 • FAX 866 709 3922 ~ www.avivausa.com