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HomeMy WebLinkAbout04-1073 Register of Wills of Cumberland County, Pennsylvania PETITION FOR GRANT OF LETTERS Estate of Grace J. Scott No. al-O~-I01~ also known as Deceased Social Security No. 174-20-7819 Petiti"ner!s),whoislare18ys8fsofageorolder,epply(iu)for: (COMPLETE "A" OR "B" BELOW:) [K) A. Probate and Grant of Letters and aver that Petitioner(s) is/are the executrix named in the Last Will of the dated Decedent. dated March 13. 2000 and codicil Is) None Slate relevent Ci,cum5tences, 8,g" renunciation, daathof axacutor, ale. Except as follows, Decedent did not marry, was not divorced, and did not have a child born or adopted after execution of the documents offered for probate; was not the victim of a killing and was never adjudicated incompetent: D B. Grant of Letters of Administration Id.b,n.c.!.e.' pandentelite; durenteeb$antie;dulaoteminOli tatel Petitioner{sl after a proper search has/have ascertained that Decedent left no Will and was survived by the following spouse (if any) and heirs: I Name Relationship Residence I .-..,..- ,,"', --- -- " +:c" ~ (COMPLETE IN ALL CASES:) Attach additional sheets if necessary. ~J N Decedent was domiciled at death in Cumberland County, Pennsylvania, with his/her last familY-Br principal residence at 62 South Terrace. Borouah of Wormlevsbura. PA 17043 ;.., (Iistst'\Iel. numb\lr and municipality) ':./'1 Decedent, then ~ years of age, died October 25. 2004 . at 62 South Terrace. Wormlevsbura. pt,J 17043. ILocetionl Decedent at death owned property with estimated values as follows: (If domiciled in PAl All personal property ................................................................$ 1.000 (If not domiciled in PAl Personal property in Pennsylvania...............................................$ (If not domiciled in PAl Personal property in County.. ..................... ........................... ..... $ Value of real estate in Pennsylvania...................................................................................................$ 350.000 Total................................................................................................................................$ 351,000 Real Estate situated as follows: 50% interest in 62 South Terrace. Borouah of Wormlevsbura. Cumberland County. 100% interest in 2625. 2627 and 2629 Herr Street. Penbrook Borouah. Dauohin Countv. Wherefore, Petitioner(s) respectfully request{s) the probate of the last Will and Codicil{s) presented with this Petition and the grant of letters in the appropriate form to the undersigned: T ed or rinted name and residence Sally Ann Keller 310 Stuart Place Harrisburg, PA 17109.5726 FermRW.l Page 1 of2 ICumberlend County) -Rev. 9/92 Oath of Personal Representative Commonwealth of Pennsylvania County of Cumberland The Petitioner(s) above-named swear(s) and affirm(s) that the statements in the foregoing Petition are true and correct to the best of the knowledge and belief of Petitionerls) and that, as personal representative(s) of the Decedent, Petitioner(s) will well and truly administer the estate according to law. Jr:,JYOt/ Sworn to and affirmed and subscribed X .cRaib th/V1/ Sally Ann ler before me this 22 day of November 20~ ~n~*D.A~t~~ ~IA ~ ~ No. ~1-()4-- \0l3 Estate of Grace J. Scott Deceased Social Security No: 174-20-781 g Date of Death October 25. 2004 AND NOW, November 22 , 2004, in consideration of the Petition on the reverse side hereon, satisfactory proof having been presented before me, IT IS DECREED that Letters 0 Testamentary 0 of Administration d.b.n,c.t.; pandenle lite; durante absell1ia; durante minoritllte are hereby granted to Sallv Ann Keller in the above estate and that the instrument(s) dated March 13, 2000 described in the Petition be admitted to probate and filed of record as 1:tte1ast Will of Decedent. - . . ' 0 " L. FEES c; Letters.......................... . $ 305 co J;:iQoA'lJa S:4CU-fLh C~l ~ Short Certificate(s). ..2.... $ (pOD Reg;ster OfW;U~ . ':~~ Renunciation................. . $ --J Affidavit ( )................. $ Extra Pages (q )............ $a'l.OO Codicil.......................... $ JCP Fee........................ $ 10.\:;D Attorney Richard W. Stevenson, Esquire Inventory................ .. . . ... $ I.D. No. 7120 Other........................... . $ Address: 100 Pine Street, P. O. Box 1166 $ 2}-*~~._OV Harrisburg, PA 17108-1166 TOTAL............... . Telephone 717-237-5208 Form RW-\ Peg. 2 of 2 (Cumberl8t1d Co...ntyl . Rev. 9/92 """;~i~'i:';'o certify that the information here given is correctly copied from an original certificate of death duly. filed with me as Local Registrar. The original certificate will be forwarded to the State Vital Records OffIce for permanent fllmg. WARNING: It is illegal to duplicate this copy by photostat or photograph.:,~ Fee for this certificate. $2.IX) ,,,'"'(1inf'F''pl''' 02 ~,9~7 r ""~" ~I' ~~}, r li.. 'lfto. '1:-..""\ 1 Registrar ~~ . ' ~~ 1=1 -.p' !-~ \u ,.fH'. /~~ ::: * \~ .' ,_. ",~i *" P 10885816~~~~~,l /()-) 7-0V No. '-'--'_'##/11111111 Date I --... -'~ ;....,1. '1 d .. ~ 2/- D4 - 101.3 Hl0S '4JA... 2187 COMMONWEALTH OF PENNSYLVANIA. DEPARTMENT OF HEALTH' VITAL RECORDS CERTIFICATE OF DEATH ",-. TY"~:"""T !Wf'Ill""""'''" f'.) I'("IU."'IHT NAI<<or: DECEDENT If~.. MoOOI.. '''''l su seC'''l $ECURIT"\' "'U-.tllER 0"'10 Of OE,<'" ....e""" ~., _I Bl..ACIl;INK I. GRACE JEAN scarr 1. Female J. 17l~- 20 - 781'9::] ..10/25/2004 AGE"(la..!Ioo1May) UIiOE"1YEAI'! UNDlEA 1 011II lllftl'..P\JoCi,C........a I'\..OCEOI'Ol:ATH.r:_."'...''''''.._...."...........'''''''....,_. Mono". : 0.,.. .......:........... ,w.",'.,,_C""""',J HCSPI1AI,. r- ~ 79 Yn;: lIIp.oI_D E~'..'" L.J '~"YlO COVNTYQ# DERH A.O.CE ................_~. 8laco.. WI\.O. ot< ,-., ~,' .. ClI1lbe.r land .. Wonnleysburg IN. 62 South Terrace 10. t~ni te I OECEOEIiT'Sl,lSUAltXcUPlll'~ IUNOOF8USlNESSlINO\JS1FlY .......SCECEDf.NTEVER'N IdAFlllAlSTAtUS.-.- SlIRvtVllIGSI'OUSE '!G..._ol_~__..q..- U.S.AAMEDFOFICES? H__'""-W-.......a. ."_.~~-..., 01_""",: dIl_"",,",,N 1 0 1KI o.--slSPoUtl ilL H ker 11.. Own Home 12."'" No Harried Russel E. Scott DEaDEIiT'SIoWUHGAOOAES8lS1r",C~.SWo.z-'PC~ ~~l'll'S 11LSlM Pennsylvania Di<I ..... 62 South Terrace :.s:....,~ ~ I" Wonnle sbur PA 17043 on__. 1111.CO<t~ ClImhPrland -.? 17...1:>> ~-:::c='" Wormlevsbun' Ofy""" ~S""""""IF.Sl,M_.lMl) loIOfHf:F1.SNAlolf,F...._.o.t-.s...1IMI'NOj 11. Lotzie PalDTIer 1'. An ela Nell Ushinsk ~'SN.o\ME(T.I*Pnr<l IHFOANANT'S IoIotlUNGAOORES$ISlr....CoIyIi>wtI. SlMII,Z''IICoaoI Russel E. Scott 21lIo. 62 South Terrace (,Jormle sbur , PA 17043 .IoETHOOOFOWOOSIT1OH PlACf:OFDlSf"OSrTIOI<t.~otC-.,.,.Ct_.."., lOC.lllIOH.CotjIi;lwn.~..Z'..eoo. .....~ ~O "--*'_5IoC.0 OfOlNr"'-:. :i: c:-O au... 21.. Resurrection Cemeter 21<1. PA 17036 !l SlGlUlinJRlOf II IlSOHACTlHGASSUCH _EAHD~S$af'FACll.ITY Street , .... Hetnck Funeral Home PA 1/109 ~ llCENSENI.IMBEA . . .... ORE PRONOuNCED DEAD Iu""",. 0... _I "*'S CASE FleFEAElED TO MEDICAl. UAMlNERlCOAOH(A? _0 NoG! . n."",",1: e.....-...._.....-Of.......,..,al__h~",."'.. eo......-oI..""'_OI<fylng.IUCIlUC......Ot,_aIOry....._OfIlNtl...... ,"- PAIIlII: OlIw~_--..o.v"_,,,,,, ~..,----- i=-_"= ~ ~_'N___'''.'n . i . -' o..ot C fL}Llj, . , [ DUE lOtoRASACONSf:OUEHCE OF): : ".. , ' OUElOla,u.SACOt'lSEOUENCEOF): ! - . WEREAUltlPSYI'1NC*\IGS MAHNEROf'OEAni ONE Of'IK.IlJRV TIME OF 'p,l,lUAV IrtJlJRYAIWOAK? DESCRlBEHOoV,p,l,llJllYiXCIJNI(D ~l'fIIlOIIIlC ~,~"'J ~~~ ~ 0 OFourm "-nI ~ ~ 0 0 .A ~ 0 """""-'9allOtI 0 v. No :...J v. 0 ..... 0 ~ 0 eo..c............_ 0 PL\CEOf'IHJUfIY.A1_.r......_.tKWwy._ .... -'j ~_.,.sp.:.tr\ u.. It. _. ;< CMT.....lCI-cacnrOfl<lI .==~==.::=~~::::"".::.==:=~~~.c.~~.~~l.. 0 ) ~ .~ ~ .~~~"~::;~~:~=~';..":.':'~I==~~.=~::~:C.c::.~:~~:.Q/=.....I-.l 0 G ~ 0# H C "1lI1EOlCAi,. VlAMINERlCCfIIOIUIl ) l!> On-lMelool.._~llon."""orln"..II!Jol_.lnm'op;n.on,tH.lhoec"".., ..1,..Um.....I...ndpl.u. .....d".loltl.c...Mi.I."" 0 -1..111 ., 'j )1..-UIIII",.. r}J rt [!vI ~ REGISTRAR'S SICl.....'l.IflE AHO NUMllER ~lr~ u ~/-7"'~ /: , 3/9/00 WILL QE .,- ~-' n JS, GRACE J. SCOTT 2/- D4-{O[3 s..; !',J f""-.) I, GRACE J. SCOTT, currently of Cumberland CountY;0 Pennsylvania, declare this to be my will and hereby re~9ke all prior wills and codicils made by me. 8 1. Personalty. I bequeath such items of my tangible personal property as are specifically itemized on the list, if any, in my handwriting, signed and dated by me at the end thereof, and attached to this, my will, to the persons named thereon to receive such items. I bequeath to my husband, RUSSEL E. SCOTT, all of my remaining tangible personal property not used in business or for the production of income, including without limitation furniture, furnishings, clothing, jewelry, objects of art and decoration, and the like, and any motor vehicles which I own, together with the insurance thereon, if he survives me. If my husband does not survive me, then I bequeath all said property, together with the insurance thereon, to those of my children who survive me. with regard to the property passing hereunder, distribution shall be made among said children on the basis of choices in order determined by lot and rotation, and the values as finally determined for inheritance tax purposes shall be determinative with regard to the values of the property chosen, and any disparity among said children shall be equaled by such payments among them as may be necessary. If anyone of said children are not living at the time of my death, the choices to which he or she would have been entitled shall be made by his or her issue in order determined by lot and rotation. 2. Residue. I bequeath, devise, and appoint all the rest of my property, of whatever nature and wherever situated, including property over which I hold a power of appointment, except that I do not exercise any power of appointment given to me by my husband, to the Trustee hereinafter named, for the following purposes: (a) If my husband, RUSSEL, survives me, then the Trustee shall establish Trust A hereunder, governed by paragraph 3 below, by allocation thereto, from the property held hereunder, an amount, if any, equal to (i) the minimum amount, after taking into account all deductions other than the marital deduction and applying all credits available, which is necessary as the marital deduction to reduce to the lowest possible amount the federal estate tax payable by reason of my death, less (ii) the value of all other assets in my gross estate which qualify for the marital deduction and which pass or have passed to my said husband under other provisions of this will or otherwise. In determining such amount, all assets involved in the calculation shall be valued at final federal estate tax values, but in funding Trust A, date of distribution values shall be used and only assets that qualify for the marital deduction shall be used. I intend that the interest of my husband in Trust A shall qualify for the marital deduction, and any provisions herein which may appear to conflict with or in any way defeat my intention to obtain the marital deduction for the full amount of Trust A shall be construed or applied to accomplish that intention. (b) The remainder of the property passing hereunder (or, if my husband does not survive me, all the property passing hereunder) shall be held as Trust B. (See paragraph 4 below.) 3. Trust A. The income and principal of Trust A (if established hereunder) shall be distributed as follows: (a) Income. The Trustee shall pay the net income from Trust A to or for the benefit of my husband, RUSSEL, for his lifetime, in such installments, but not less frequently than quarterly, as the Trustee may determine. (b) Principal. The Trustee shall pay from time to time from the principal of Trust A to or for the benefit of my husband such sums as shall in the discretion of the Trustee seems proper for his support, maintenance, and health care or necessary to permit him to maintain a standard of living approximately equal to that maintained by him during my lifetime, taking into account such other sources of income, support and estate that may be available to him. (c) After Husband's Lifetime: Limited Power of Appointment by Husband. Upon the death of my husband, subject to the proviso below, the Trustee shall pay all or part of the principal balance held in Trust A, outright or in trust, in such amounts or proportions to or for the benefit of any or all of my issue, their spouses or former spouses, and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision), as my husband may direct in her will making specific reference to the Trust A hereunder, and to the extent that my husband should fail to exercise effectively his limited power of appointment over Trust A, then upon his death the remaining principal balance of Trust A shall be added to and considered part of Trust B and shall be administered and distributed under the provisions herein - 2 - governing Trust B, provided, however, that before making any distribution of Trust A principal under this subparagraph (c) , whether or not pursuant to my husband's exercise of his limited power of appointment, the Trustee shall, except to the extent that my husband directs otherwise by his will, deduct from the principal of Trust A and pay from time to time, on behalf of the persons receiving the Trust A property, to my husband's personal representatives (i) an amount equal to the excess if any of the federal estate tax under Chapter 11 of the Internal Revenue Code payable by reason of my husband's death over the amount of such tax which would have been payable if no such tax was payable by reason of his death with respect to the principal of Trust A, plus (ii) an amount equal to any penalties and interest attributable to such additional tax. Such payments may be made by the Trustee upon receiving from my husband's personal representatives a computation of the amount thereof, certified by his personal representatives to be accurate to the best of their knowledge, in which event the Trustee shall be entitled to rely on such computation. 4. Trust B. The income and principal of Trust B shall be distributed as follows: (a) Income. The Trustee shall pay the net income from Trust B at least quarterly for his lifetime to or for the benefit of my husband. (b) Principal. The Trustee shall from time to time pay such sums from the principal of Trust B to or for the benefit of my husband as may in the discretion of the Trustee seem necessary for his support, maintenance, health care and maintenance by him of the standard of living maintained by him during my lifetime, taking into account such other sources of income, support and estate that may be available to him. In determining whether any invasion shall be made for the benefit of my husband from the principal of Trust A or from the principal of Trust B, such invasion shall be made from Trust A as far as practical. (c) After Husband's Lifetime: Limited Power of Appointment by Husband. Upon the death of the survivor of my husband and me, if he survives me, the Trustee shall pay the balance held in Trust B, outright or in trust, in such amounts or proportions to or for the benefit of any or all of my issue and their spouses or former spouses and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision) , as my husband may direct in his will making specific reference to Trust B hereunder. To the extent that my husband should fail to exercise - 3 - effectively his limited power of appointment over Trust B, or if he should predecease me, then from and after the death of the survivor of my husband and me, the principal remaining in Trust B shall be distributed per stirpes to my issue, provided, however, that if any such issue is then under the age of twenty-five (25) years, his or her share shall be held for him or her in a separate trust hereunder under the terms of paragraph 5 below, or, if no issue of mine are then living, the same shall be distributed to GOODWILL INDUSTRIES OF CENTRAL PENNSYLVANIA, INC. (or its successor). 5. Seoarate Trusts. The income and principal of a separate trust in which a share in Trust B is held for a beneficiary pursuant to the terms of paragraph 4(c) above shall be distributed as follows: (a) Income. The income shall be distributed at least quarterly to or for the benefit of the beneficiary. No payment shall be made under this subparagraph (a) which would discharge to any extent the legal obligation of any person for the support of the beneficiary. (b) Princioal. The Trustee shall pay from the prin- cipal such sums to or for any or all of the beneficiary and his or her issue as in the discretion of the Trustee seems proper for their support, maintenance, health care, and education, and such sums to or for the benefit of the beneficiary as in the discretion of the Trustee seems proper to help establish him or her in a business or profession or acquire or furnish a home for him or her, taking into account the other sources of income, support and estate that are available to the distributee, the reasonably anticipated needs and resources of the beneficiary and his or her issue, their income and estate tax brackets, the desirability of the transaction (if any), and the possible application of any generation-skipping tax. No payment shall be made under this subparagraph (b) which would discharge to any extent the legal obligation of any person for the support of the distributee. (c) Distribution of Separate Trust. (i) When such beneficiary shall have attained the age of twenty-five (25) years, the Trustee shall distribute to him or her at written request the entire balance held in his or her separate trust. (ii) If such beneficiary should die before making proper request for the entire balance in his or her separate trust, then the entire balance in his or her separate trust shall - 4 - at his or her death be distributed, outright or in trust, in such sums or proportions as such beneficiary may direct in his or her last will, expressly referring to his or her separate trust hereunder, but only among my issue and their spouses or former spouses and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision); and to the extent that such beneficiary shall fail to exercise effectively his or her limited power of appointment hereunder, the aforementioned balance in his or her separate trust shall then be distributed per stirpes to his or her issue, or, if no such issue survive him or her, per stirpes to the issue of his or her parent who was a child or more remote descendant of mine, or, if no such issue survive him or her, per stirpes to my issue, with the share of any of such issue for whom property is then held in or payable to a separate trust under this paragraph 5 being added to such separate trust, or, if no issue of mine are then living, said balance shall be subject to the provisions of paragraph 4(c) above. (d) Disposition UDon A~plication of Rule Against Perpetuities. Notwithstanding subparagraph (c) above, if during the lifetime of a person for whom a separate trust under this paragraph 5 was established the interest of such person therein becomes void under the applicable rule against perpetuities, then the balance in such separate trust shall then be distributed outright to such person. 6. Survival Clause. If any beneficiary hereunder should die within sixty (60) days after me or within sixty (60) days after any other person the survival of whom determines his or her rights hereunder, then such beneficiary shall be deemed to have predeceased me or such other person for all purposes hereunder. 7. Powers. In addition to such other powers and duties as may be granted elsewhere herein or which may be granted by law, the fiduciaries hereunder shall have the following powers and duties, without the necessity of notice to or consent by any Court: (a) To retain all or any part of my property, real or personal, in the form in which it may be held at the time of its receipt, including any closely held business in which I have an interest and any stock of any corporate fiduciary hereunder, as long as in the exercise of their discretion it may be advisable so to do, notwithstanding that said property may not be of a character authorized by law, provided, however, that upon written request by my husband, they shall within a reasonable time make productive of income any interest in property (however and when- ever acquired) held in Trust A hereunder. - 5 - (b) To invest and reinvest any funds held hereunder in any property, real or personal, including, but not by way of limitation, bonds, preferred stocks, common stocks, and other securities of domestic or foreign corporations or investment trusts, mortgages or mortgage participations, and common trust funds, even though such property would not be considered appropriate or legal for a fiduciary apart from this provision. (c) To sell, convey, exchange, partition, give options to buy or lease upon, or otherwise dispose of any property, real or personal, at any time held by them, with or without order of court at their option, at public or private sale or otherwise, for cash or other consideration or for such credit terms as they think proper, and upon such terms and for such prices as they may determine, and to convey such property free of all trusts. (d) To borrow money from any person, including any fiduciary hereunder, for any purpose in connection with the administration hereof, to execute promissory notes or other obligations for amounts so borrowed, and to secure the payments of such amounts by mortgages or pledges of any property, real or personal, which may be held hereunder. (e) To make loans, secured or unsecured, in such amounts, upon such terms, at such rates of interest, and to such persons, firms or corporations as they may deem advisable. (f) To renew or extend the time for payment of any obligation, secured or unsecured, payable to or by them, for as long a period of time and on such terms, as they may determine, and to adjust, settle and arbitrate claims or demands in favor of or against them. (g) In dividing or distributing any property, real or personal, included herein, to divide or distribute in cash, in kind, or partly in cash and partly in kind. (h) To hold, manage, and develop any real estate which may be held by them at any time, to mortgage any such property in such amounts and on such terms as they may deem advisable, to lease any such property for such term or terms, and upon such conditions and rentals as they may deem advisable, whether or not the term of any such lease shall exceed the period permitted by law or the probable period of retention under this instrument; to make repairs, replacements and improvements, structural and otherwise, in connection with any such property, to abandon any such property which they may deem to be worthless or not of sufficient value to warrant keeping or protecting, and to permit - 6 - any such property to be lost by tax sale or any other proceedings. (i) To employ such brokers, banks, custodians, investment counsel, attorneys, and other agents, and to delegate to them such duties, rights and powers as they may determine, and for such periods as they think fit. (j) To register any securities at any time in their names as fiduciary, or in the names of nominees, with or without indicating the trust character of the securities so registered. (k) with respect to any securities held hereunder, to vote upon any proposition or election at any meeting of the person or entity issuing such securities, and to grant proxies, discretionary or otherwise, to vote at any such meeting; to join or become a party to any reorganization, readjustment, merger, voting trust, consolidation or exchange, and to deposit any such securities with any committee, depository, trustee or otherwise, and to payout of the trust created herein, any fees, expenses, and assessments incurred in connection therewith; to exercise conversion, subscription or other rights, and to receive or hold any new securities issued as a result of any such reorganization, readjustment, merger, voting trust, consolidation, exchange or exercise of conversion, subscription or other rights and generally to take all action with respect to any such securities as could be taken by the absolute owner thereof. (1) To engage in sales, leases, loans, and other transactions with my estate, the estate of my husband, or any trust established by either of us, even if they are also fiduciaries or beneficiaries thereof. (m) To make all necessary proofs of death under the insurance policies of which they are the beneficiary, to execute any receipts for the proceeds and to institute any action to collect said proceeds and to make adjustments of any claim thereunder, provided, however, that they need not institute any action unless they shall have been indemnified against all expenses and liabilities to which they may become subject as a result thereof. If, however, they desire to institute such action without indemnification, they are hereby authorized to be reimbursed for all expenses and liabilities incurred as a result thereof from any amounts which may be held in trust hereunder then or thereafter. (n) To exercise all elections which they may have with respect to income, gift, estate, inheritance or other taxes, including without limitation execution of joint income tax - 7 - returns, election to deduct expenses in computing one tax or another, election to split gifts, and election to payor to defer payment of any tax, in all events without their being bound to require contribution from any other person. (0) To operate, own, or develop any business or property held hereunder in any form, including without limitation sole proprietorship, limited or general partnership, corporation, association, tenancy in common, condominium, or any other, whether or not they have restricted or no management rights, as they in their discretion think best. 8. Spendthrift Clause. No interest (whether in income or principal, whether or not a remainder interest, and whether vested or contingent) of any beneficiary hereunder shall be subject to anticipation, pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have power in any manner to charge or encumber his or her said interest, nor shall the said interest of any beneficiary be liable or subject in any manner while in the possession of the fiduciaries for any liability of such beneficiary, whether such liability arises from his or her debts, contracts, torts, or other engagements of any type. 9 . Facility of Payments for Minors or Incomoetents. ~y amounts or property which are payable or distributable hereunder to a minor or incompetent may, at the discretion of the fiduciaries, be paid to the parent or guardian of such minor or incompetent, to the person with whom such minor or incompetent resides, or directly to such minor or incompetent, or may be applied for the use or benefit of such minor or incompetent. 10. Taxes. I direct that all estate, inheritance, and succession taxes that may be assessed in consequence of my death, of whatever nature and by whatever jurisdiction imposed, other than generation-skipping taxes, shall be paid out of the principal of my general estate to the same effect as if said taxes were expenses of administration, except that any such additional taxes [and interest and penalties thereon) imposed on account of my interest in or power over any trust established by my husband shall be paid out of the property held in such trust, and all other property includable in my taxable estate for federal or state tax purposes, whether or not passing under this will, shall be free and clear thereof; provided, however, that my executors may in the discretion of the executors request that any portion or all of said taxes (to be paid out of the principal of my general estate) shall instead be paid out of the principal of any trust established by me in this will or otherwise, to the extent expressly authorized under the terms of said trust. with the consent of the Trustee hereunder, said taxes may be paid out - 8 - of the principal of Trust B hereunder as if said taxes were expenses of administration thereof, provided, however, that no such taxes shall be paid out of Trust A hereunder or out of assets that are not includable in my federal gross estate. 11. Fiduciaries. I appoint as executrix and Trustee hereunder my daughter, Sally Ann Keller. If she should be unable or unwilling to serve or to complete the administration of my estate or trust, then my daughter, CAROLE BUSH, shall serve in her place, and if she should be unable or unwilling to serve or to complete the administration of my estate or any trust hereunder, then DAUPHIN DEPOSIT BANK AND TRUST COMPANY shall serve in her place. My Trustee shall serve as guardian of the property of any minor beneficiaries hereunder, under any instrument of trust executed by me, under any policies of insurance on my life, and in any other situation in which the power to make such appointment exists under the laws of Pennsylvania. No individual fiduciary shall be liable for the acts, omissions or defaults of any agent appointed and retained with due care or of any co-fiduciary. No fiduciary shall be required to furnish bond or other security for the proper performance of duties hereunder. IN WITNESS WHEREOF, I, GRACE J. SCOTT, herewith set my hand to this, my last Will, typewritten on ten (10) sheets of paper including the self-proving attestation clause and signatures of .iCneeeee, chie B" dey of ML ~ J ~.G (SEAL: GRACE J. SC \J eiding "' ~ fl- residing at ~1l PeA , residing at L,bOlnm, t:4. . - 9 - COMMONWEALTH OF PENNSYLVANIA : : SS: COUNTY OF DAUPHIN : GRACE J. SCOTT (the testatrix), A ,~.I+ARil W, .$~ ws o~ , ~AAuJ D, ~f\Fr-fR\') , and ~LAtJ"f\.J ~fh'>T1~ .1-1 (the witnesses), whose names are signed to the foregoing instrument, being first duly sworn, each hereby declares to the undersigned authority that the testatrix signed and executed the instrument as her last will in the presence of the witnesses and that she had signed willingly, and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testatrix, signed the will as witness and that to the best of his or her knowledge the testatrix was at that time eighteen years of age or old , of sound mind and under no constraint or undue influence. TESTATRIX: ~ GRACE J. W TNESS: WITNESS: ~~~ ~ c1) ~--A'd,,~ Subscribed, sworn to and acknowledged before me by GRACE J. SCOTT, the testatrix, and subscribed and sworn to before me by f\ IU*\-R 0 W. SIB) f.N' So J , -=I<! A,R ~ k.l D. ~f\-f'ru.TL) , and hLf'lNcA -:T. ~f\ \.sT1~ , the witnesses, this 13th day of March, 2000. CIL>\A~.~ Notary Pu l'c (SEAL) 10 NOTARIAL SEAL - - Carol A. Koppenhaver, Notary Public Harl1llburg, PA Dauphin County My Comm~ ~ March 6, 2004 CERTIFICATION OF NOTICE UNDER RULE 5.6(a) Name of Decedent: GRACE T. SCOTT Date of Death: October 25, 2004 Will No.: Admin. No.: 2004-01073 To the Register: I certify that the Notice of Estate Administration required by Rule 5.6(a) of the Orphans' Court Rules was served on or mailed to the foIlowing heirs and beneficiaries of the above-captioned estate on ~ 11, J. OC~: Russell E. Scott Carol Scott Bush 62 S. Terrace Drive 2506 Penbrook Avenue Wormleysburg, PA 17043 Harrisburg, PA 17103 SaIly Ann KeIler Kathleen Ellison 310 Stuart Place 5607 Longwood Way Harrisburg, PA 17109-5726 Citrus Heights, CA 95610 Notice has now been given to all persons entitled thereto under Rule 5.6(a) except N/A Date: \)..\.I~ (ll'-( Richard W. Stev on, Esq. \ldO:) n. .., ':[Tn) McNEES WALLACE & NURICK LLC ,--,I';,' IU"j V. 100 Pine Street, P.O. Box 1166 lI::InOJ SNv1-1d80 .:10 >i831J Harrisburg, PA 17108 (717) 237-5208 CO :f; Wd 02 :J3a ?DOZ Counsel for personal representative s"'n!/V~ -):j t/:;1 \1838 :10 3JI:!J6 03080J38 V-- "gll~-'===- '1'1:- <1)~,___~ 1 9 3 4 U.S. POSTAGE PBZZZ9642 .- .., ,. .- ~ O!~ ._ L?(! 1. ~,'. -. ,',,- , , -= ~ C - tJ1 ~ :: ~ = 0 -: % III ::: <- ::l ~ ~ g -= O~ ex: -= u t'- t: == >'::>"" Iii = <- O'~ ld ==~5t1JM ex: =:30~O ~ :::~U::>t-- = 0- ~ =='"'~%< =O<~~ ex: -=~;2::>~ :::<>J<>JOtJ1 =t;~u~ =6 w ~~85u '" ~ '" ~ ". ~ ~. - ~~ if u ~ 6 ._ ~ t:'- ~. . ~ g \!! Z. ~ " ) . i~ I \_"" " t \',..~ .l(j a/l J: -'Q'J ';), "1 or . ,. <l) :;; ~') )iu]\] ::! ~ in ('.'3 H\jr~\\\\7, w ~ ~ ..... . ,1 ',\.-I 0 G\~ . ~i . S' III '" C;"" <l) ~ .' ~~ ,,'( ~ '" -,-,' III ~~ d 0: 0 aO!AJas ~d!aoal:l uJn~al:l fiu!sn JOj no~ )juB41 RETURN RECEIPT REQUESTED USPS MAIL CARRIER r DETACH ALONG PERFORATION' _.____..____~_u..._~.,,___...._._'___._.._._~...__~______ ...'"~___------. . ._,-- ~--- ..._ __~~._V..._._h___ _____...n .___ ._n_____nuhw___..*____..____.........., Thank you for using F1"lurn Receipt Service WALZ Certified Mailer™ 1-800-882-3811 www.walzpostal.com 1 Aly'fr McNees Wallace & Nurick LLG attorneys at law LINDA M. ESHELMAN ESTATE PARALEGAL DIRECT DIAL: (717) 237-5210 E-MAIL ADDRESS: LESHELMAN@MWN.COM January 24, 2005 VIA CERTIFIED MAIL Register of Wills Cumberland County Courthouse One Courthouse Square Carlisle, PA 17013-3387 RE: ESTATE OF GRACE J. SCOTT Cumberland County No. 2004-01073 PA Inheritance Tax - 3 month payment Our File: 22941-0001 Ladies and Gentlemen: Enclosed is a check for the above-referenced estate's three (3) month inheritance tax payment. Thank you. inda M. Eshel an Estate Paralegal LME/mha Enclosures cc: Sally Ann Keller (w/encl.) ""' Michael A. Kunisky (w/encl.) (J L~ (:';~J :"-0 f;;o c..n rTl Russel Scott (w/encl.) <JJ ,- 0 .:;~~~ );'-" C) - :~ ;J -"J f'o,) ;'"-;'"1 ." ;;; ;;~ U"J .CJ '-'~ /' .:-:) C"J )::0.;.- n --r .- .:.L.J -.-- - . C) ~..- fTl -- (n C:J ""rl Cl PO. Box 1166. 100 PINE STREET' HARRISeURG. PA 17108-1166' TEL: 717.232.8000' FAX: 717.237.5300' WWW.MWN.COM HAZLETON, PA . STATE COLLEGE, PA . COLUMBUS, OH . WASHINGTON, DC COMMONWEALTH OF PENNSYLVANIA REV-1162 EX(11-96) DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG, PA 17128-0601 PENNSYLVANIA RECEIVED FROM: INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT NO. CD 004878 STEVENSON RICHARD W ESQ 100 PINE STREET POBOX 1166 HARRISBURG, PA 17108-1166 ACN ASSESSMENT AMOUNT CONTROL NUMBER nnnn fold n_nnn_ n_u__. 101 I $9,700.00 ESTATE INFORMATION: SSN: 174-20-7819 I FILE NUMBER: 2104-1073 I DECEDENT NAME: SCOTT GRACE J I DATE OF PAYMENT: 01/25/2005 I POSTMARK DATE: 01/24/2005 I COUNTY: CUMBERLAND I DATE OF DEATH: 10/25/2004 I I TOTAL AMOUNT PAID: $9,700.00 REMARKS: CHECK#102 INITIALS: JA SEAL RECEIVED BY: GLENDA FARNER STRASBAUGH REGISTER OF WillS REGISTER OF WILLS A ly',N McNees Wallace & Nurick LLC attorneys at law LINDA M. ESHELMAN ESTATE PARALEGAL DIRECT DIAL: (717) 237-5210 E-MAIL ADDRESS: LESHELMAN@MWN.COM August 1, 2005 VIA CERTIFIED MAIL Register of Wills Cumberland County Courthouse One Courthouse Square Carlisle, PA 17013-3387 RE: Estate of Grace J. Scott Cumberland County File No. 2004-01073 PA Department of Revenue 21-04-1073 Our File: 22941-0001 l-....J ::::"1 JJ c-? Ladies and Gentlemen: 1;;.Jl ~ I c, .1 :;~ I C-) ,= ;=) C) '-:'-) .1.:) Enclosed for filing for the above-referenced Estate are the following documAAts: I <::J l :--1--\ ~ =.TI r-) ~I C:J ::>:~ c> . Pennsylvania Inheritance Tax Return (two originals). A refund of$83~.1313 j":l -fJ due on the Return.- ::~ c-:> lOTi .. ::> ~-~--) en f'"'I. . Inventory (two originals). ..{:"" Also enclosed is a check for the $30 fee to ~ the enclosed documents. Please date-stamp the enclosed copies and return to our 6 ce in the stamped envelope provided. Thank you. : I yJurs tru~1J . Eshelman Estate Paralegal LME/mha Enclosures cc: Sally Ann Keller P.O. Box 1166' 100 PINE STREET' HARRISBURG, PA 17108-1166' TEL: 717.232.8000' FAX: 717.237.5300' WWWMWN.COM HAZLETON, PA' LANCASTER, PA. STATE COLLEGE, PA' COLUMBUS, OH . WASHINGTON, DC REV-1500 EX (6-00) I . . OFFICIAL USE ONLY COMMONWEALTH OF REV-1500 PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX RETURN FILE NUMBER DEPT. 280601 HARRISBURG, PA 17128-0601 RESIDENT DECEDENT ~L - ~L 1073 ___ COUNlY CODE YEAR NUMBER DECEDENl'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURliY NUMBER I- SCOTT GRACE J 174-20-7819 Z w DATE OF DEATH (MM-OO-YEAR) DATE OF BIRTH (MM-DD-YEAR) 11115 RETURN MUST BE FILED IN DUPUCATE WITH THE Q W 10/25/2004 6/21/1925 REGISTER OF WILLS 0 w (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIR~T, AND MIDDLE INmAL) SOCIAL SECURITY NUMBER Q Russel. E. Scott 201-18-2329 ~ [X] 1. Original Retum D 2. Supplemental Retum D 3. Remainder Retum (date of death prior to 12-13-82) ~ ~~ [i] 4. Limited Estate [XJ 4a. Future Interest Compromise (date of death after 12-12-82) D 5. Federal Estate Tax Retum Required 5~ D 6. Decedent Died Testate (Attach copy of Will) D 7. Decedent Maintained a Living Trust (Attach copy of Trust) L 8. Total Number of Safe Deposit Boxes a.a1 ~ D 9. Litigation Proceeds Received D 10. Spousal Poverty Credit (dete of deeth between 12-31-91 end 1-1-95) D 11. Election to tax under See. 9113(A)(AttllchSchO) I- NAME COMPLETE MAILING ADDRESS z w 0 Richard W. Stevenson, Es 100 Pine Street z 0 FIRM NAME (If Applicable) ~ U) w McNees Wal.l.ace & Nurick LLC P.O. Box 1166 a: a: 0 TELEPHONE NUMBER u 717-237-5208 Harrisburg, PA 17108 1. Real Estate (Schedule A) (1) 355,500.00 - ) OFFICIAL US~QNL Y ::~) - 0.00 , 2. Stocks and Bonds (Schedule B) (2) -, .--..-, ':.1-) 3. Closely Held Corporation, Partnership or Sole-Proprietorship (3) 0.00 ,-,-, I [.,) 4. Mortgages & Notes Receivable (Schedule 0) (4) 0.00 :-.t~ 5. Cash, Bank Deposits & Miscellaneous Personal Property 2,004.53 _.- ". (Schedule E) (5) ~ ~.~... Z -I ., 6. Jointly Owned Property (Schedule F) (6) 0.00 ()'i 0 o Separate Billing Requested 1 i= en ~ 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7) 0.00 ::J (Schedule G or L) I- 0: 8. Total Gross Assets (total Lines 1-7) (8) 357,504.53 c:( 0 19,034.96 w 9. Funeral Expenses & Administrative Costs (Schedule H) (9) It: 10. Debts of Decedent, Mortgage Liabilities, & Liens (Sd1edule I) (10) 31,379.80 11. Total Deductions (total lines 9 & 10) (11) 50,414.76 1 2. Net Value of Estate (Line 8 minus Line 11) (12) 307,089.77 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been (13) 0.00 made (Schedule J) 14. Net Value Subject to Tax (Line 12 minus Line 13) (14) 307,089.77 seE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax 99,724.33 X.o L(15) 0.00 z rate, or transfers under Sec. 9116 (a)(1.2) 0 i= 16. Amount of Line 14 taxable at lineal rate 207,365.44 x .0 45 (16) 9,331. 44 <( I- ::I 0.00 0.00 a. 1 7. Amount of line 14 taxable at sibling rate x.12 (17) ::E 0 0.00 0.00 0 1 B. Amount of Line 14 taxable at collateral rate x.15 (18) >< ;!: 19. Tax Due (19) 9,331. 44 20. [K] CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 3W4645 1.000 Decedent's Complete Address: . STREET ADDRESS 62 South Terrace CITY STAlE ZIP Wormle FA 17043- Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) (1) 9,331. 44 2. Credits/Payments A. Spousal Poverty Credit 0.00 8. Prior Payments 9,700.00 C. Discount 466.57 Total Credits (A + 8 + C) (2) 10,166.57 3. InteresUPenalty if applicable D. Interest 0.00 E. Penalty 0.00 TotallnteresUPenalty (D + E) (3) 0.00 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 Line 20 to request a refund (4) 835.13 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0.00 A. Enter the interest on the tax due. (5A) 0.00 8. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (58) 0.00 Make Check Pa able to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS 8Y 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;. . . . . . . . . . . . . . . . . . . . . . . D og b. retain the right to designate who shall use the property transferred or its income;. . . . . . . . . D og c. retain a reversionary interest; or .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. D Qq d. receive the promise for life of either payments, benefits or care? . . . . . . . . . . . . . . . . . D Qq 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. D og 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? D []g 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D ua IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. Under penalties of perjury. I declare that I have """mined this relum, including accompanying schedules and stetements, and to the best of my knowledge and belief, K is true, correct and complete. Declaration of preparer other than the personal representative is based on aU information of which preplltel' has any knowledge. GNA RElURN DAlE 7-30-0_5 Harrisburg, FA 17109-5726 DAlE Harrisburg, FA 17108 ates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% .S. ~ 9916 (a) (1.1) (i)]. r dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the suNilling "nn"",',;c not. 17? 0 c:: "Q1of" /~\ 11 . \ rom The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets an, the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: ~)FtPD The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for th, or a stepparent of the child is 0% [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%, except as noted h The tax rate imposed on the net value of transfers to or for the use of the decedenfs siblings is 12% (72 P.S. ~ 9116(a)(1.3)]. A s ~,~-s7 individual who has at least one parent in common with the decedent, whether by blood or adoption. 3W4646 1.000 REV-1502 EX + (6-98) e SCHEDULE A COMMONWEALTH OF PENNSYLVANIA REAL ESTATE INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 All real property owned SOlely or as a tenant In common must be reported at fair market value. Fair market wlue is defined as the price at which property would be exchanged between a willing buyer and a willing seller, neither being oompelled to buy or sell, both h8\ing reasonable knOlllofedge of the relevant facts. Real property which Is jolnUy~ned with right of survivorship must be disclosed on Schedule F. ITEM DESCRIPTION VALUE AT DATE NUMBER OF DEATH 1. 50% Tenants in Common Interest in real estate known as 62 South Terrace, Wormleysburg, Pennsylvania 207,500.00 See attached copy of appraisal and property deed 2 Real Estate known as 2625, 2627 & 2629 Herr Street, Borough of Penbrook, Dauphin County, Pennsylvania 148,000.00 Valued per appraisal of 119 Associates II; See copy of appraisal attached. TOTAL (Also enter on line 1, Recapitulation) $ 355,500.00 3W4695 1.000 (If more space is needed, insert additional sheets of the same size) REV-1508 EX + (6-98) SCHEDULE E COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, & MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 Include the proceeds of litigation and the date the proceeds were received by the estate. AU property jolnUy-owned with the right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER CESCRIPllON OF DEATH THE FOLLOWING ACCOUNTS WERE HELD BY THE DECEDENT AT M&T BANK; SEE ATTACHED ACCOUNT INFORMATION: --------------------- 1 Checking Account No. 76351367 1,216.61 2 Checking Account No. 76384101 412.77 Interest accrued to 10/25/2004 0.15 3 PA Department of Revenue - 2004 Income Tax Refund 375.00 TOTAL (Also enter on line 5 Recaoitulation) $ 2,004.53 3W46AD 1.000 (If more space is needed, insert additional sheets ci the same size) REV-1511 EX + (12-99) e SCHEDULE H FUNERAL EXPENSES & COMMONWEALTH OF PENNSYLVANIA ADMINISTRATIVE COSTS INt-ERfTANCE TAX RElURN RESIDENT DECEDENT ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTlON AMOUNT A. FUNERAL EXPENSES: 1. Hetrick Funeral Home 7,290.00 Total from continuation schedules . 2,104.30 B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative(s) Social Security Number(s) I EIN Number of Personal Representative(s) - - Street Address City State Zip Year(s) Commission Paid: 2. Attorney Fees 5,000.00 3. Family Exemption: (If decedent's address is not the same as daimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent 4. Probate Fees 348.00 5. Accountant's Fees 1,250.00 6. Tax Return Preparer's Fees 7. 1 119 Associates II Real Estate Appraisals 1,500.00 2 Central Penn Business Journal Legal Advertising 97.00 Total from continuation schedules . 1,445.66 TOTAL (Also enter on line 9, Recapitulation) $ 19 034.96 3W46AG 1.000 (If more space is needed, insert additional sheets of the same size) e e Estate of: GRACE J. SCOTT 174-20-7819 Schedule H Part 1 (Page 2) Item No. Description Amount 2 Progress Grille Funeral Luncheon 1,304.30 3 Stephenson's Flowers 800.00 Total (Carry forward to main schedule) 2,104.30 e e Estate of: GRACE J. SCOTT 174-20-7819 Schedule H Part 7 (Page 2) 3 Cumberland Law Journal Legal Advertising 75.00 4 Maintenance Expenses incurred on properties at 2625, 2627 & 2629 Herr Street, i.e. electric, gas, water, etc. 1,200.00 5 McNees Wallace & Nurick LLC Costs Advanced as follows: Duplicating $11 . 60 Toll Calls .22 Postage 8.84 20.66 6 McNees Wallace & Nurick LLC Reserve for closing costs re duplicating, fees related to transferring real estate, etc. 150.00 Total (Carry forward to main schedule) 1,445.66 REV-1512 EX + (12-03) e SCHEDULE I COMMONWEALTH OF PENNSYLVANIA DEBTS OF DECEDENT, IN1-ERlTANCE TAX RElURN MORTGAGE LIABILITIES, & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 Report debts Incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NU.1BER DESCRIPTION OF DEATH 1. M&T Bank One-Half of Outstanding Home Equity Loan on decedent's death; See attached valuation information 31,379.80 TOTAL (Also enter on line 10. Recapitulation) $ 31,379.80 3W46AH 2.000 (If more space is needed, insert additional sheets of the same size) REV-1513 EX+ (9-00) e SCHEDULE J COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 RElAllONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [indude outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] 1 Grace J. Scott Trust B c/o Sally Ann Keller 310 Stuart Place Harrisburg, PA 17109-5726 100% Residue: 207,365.44 Trust 207,365.44 2 Russel E. Scott 62 South Terrace Wormleysburg, PA 17043 Surviving Spouse 99,724.33 ENTER DOLLAR AMOUNTS FOR DISlRIBUllONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISlRIBUllONS UNDER SECllON 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART II. ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $ 0.00 3W46AI 1.000 (If more space is needed, insert additional sheets of the same size) REV-1514 EX+ (12-03) e SCHEDULE K LIFE ESTATE,ANNUITY COMMONWEALTH OF PENNSYLVANIA & TERM CERTAIN lr-H:RrrANCE TAX RElURN RESIDENT DECEDENT Check Box 4 on REV -1500 Cover Sheet ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 This schedule is to be used for all single life, joint or successive life estate and term certain calculations. For dates of death prior to 5-1-89, actuarial factors for single life calculations can be obtained from the Department of Revenue, Specialty Tax Unit. Actuarial factors can be found in IRS Publication 1457, Actuarial Values, Alpha Volume for dates of death from 5-1-89 to 4-30-99, and in Aleph Volume for dates of death from 5-1-99 and thereafter. Indicate the type of instrument which created the future interest below and attach a copy to the tax return. (i] Will 0 Intervivos Deed of Trust 0 Other LIFE ESTATE INTEREST CALCULATION NAME(S) OF LIFE TENANT(S) DATE OF BIRTH NEAREST AGE AT TERM OF YEARS DATE OF DEATH LIFE ESTATE IS PAYABLE Russel E. Scott 10/18/1927 77 Term of Years 0 Term of Years 0 Term of Years 0 Term of Years Term of Years 1. Value of fund from which life estate is payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 307,089.77 2. Actuarial factor per aPEjriate table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32474 Interest table rate - 3 1/2% 0 6% 0 10% ~ Variable Rate 4.40000% 3. Value of life estate (Line 1 multiplied by Line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,724.33 ANNUITY INTEREST CALCULATION NAME(S) OF LIFE ANNUITANT(S) DATE OF BIRTH NEAREST AGE AT TERM OF YEARS DATE OF DEATH ANNUITY IS PAYABLE 0 Term of Years 0 Term of Years 0 Term of Years 0 Term of Years 1. Value of fund from which annuity is payable .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00 2. Check appropriate block below and enter corresponding (number) . . . . . . . . . . . . . . . . . . . 0.000 Frequency of payout -0 Weekly (52) 8 Bi-weekly (2cg Monthly (12) D Quarterly (4) 0 Semi-annually (2) Annually (1) Other~ ) 0 3. Amount of payout per period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00 4. Aggregate annual payment, Line 2 multiplied by Line 3 . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 5. Annuity Factor (see instructions) o 10% o Variable Rate 0 . 00000 % Interest table rate -0 3 1/2% 0 6% 0.00000 6. Adjustment Factor (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00000 7. Value of annuity .If using 31/2%,6%,10%, or if variable rate and period payout is at end of period, calculation is: Line 4 x Line 5 x Line 6 . . . . . . . . . . . . . . . . . . . . $ 0.00 If using variable rate and period payout is at beginning of period, calculation is: (Line 4 x Line 5 x Line 6) + Line 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00 NOTE: The values of the funds which create the above future interests must be reported as part of the estate assets on Schedules A through G of this tax return. The resulting life or annuity interest(s) should be reported at the appropriate tax rate on Lines 13 and 15 through 18. (If more space ;s needed, insert additional sheets of the same size) 3W46AJ 3.000 REV-1647 EX+ (~) e SCHEDULE M FUTURE INTEREST COMPROMISE COMMONWEAL 1H OF PENNSYLVANIA INHERITANCE TAX RElURN RESIDENT DECEDENT (Check Box 4a on Rev-1500 Cover Sheet ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 This schedule Is appropriate only for estates of decedents dying after December 12, 1982. This schedule is to be used for all future interests where the rate of tax which will be applicable when the future interest vests in possession and enjoyment cannot be established with certainty. Indicate below the type of instrument which created the future interest and attach a copy to the tax return. [X] Will 0 Trust 0 Other I. Beneficiaries N:3ETO NAME OF BENEFICIARY RELATIONSHIP DAlE OF BIRTH NEAREST BIRTHDAY 1.Scott, Russel E Survivinq Spouse 10/18/192 77 2. 3. 4. 5. II. For decendents dying on or after July 1, 1994, if a surviving spouse exercised or intends to exercise a right of withdrawal within 9 months of the decedent's death. check the appropriate block and attach a copy of the document in which the surviving spouse exercises such withdrawal right. n Limited right of withdrawal n Unlimited right of withdrawal III. Explanation of Compromise Offer: See Attached Offer IV. Summary of Compromise Offer: 1. Amount of Future Interest .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. $ 207,365.44 2. Value of Line 1 exempt from tax as amount passing to charities, etc. (also include as part of total shown on Line 13 of Cover Sheet). . . . . . $ 0.00 3. Value of Line Ossing [:j:se Qropriate tax rate Check One 6%, 3%, 0%...............$ 0.00 (also include as part of total shown on Line 15 of Cover Sheet) 4. Value of Line 1 taxable at lineal rate Check one 06% [X] 4.5% . . . . . . . . . . . . . . . . $ 207,365.44 (also include as part of total shown on Line 16 of Cover Sheet) 5. Value of Line 1 taxable at sibling rate (12%) (also Include as part of total shownon Line 17 of Cover Sheet). . . . . . $ 0.00 6. Value of Line 1 taxable at collateral rate (15%) (also include as part of total shown on Line 18 of Cover Sheet). . . . . . $ 0.00 7. Total value of Future Interest (sum of Lines 2 thru 6 must equal Line 1) . . . . . . . . . . . . . . . . . . . . $ 207,365.44 (If more space is needed, insert additional sheets of the same size) 3W46AN 1.000 e e GRACE J. SCOTT EST ATE ATTACHMENT TO SCHEDULE M - FUTURE INTEREST COMPROMISE FILE NO. 21-04-1073 Will and Trust Provisions: Per Paragraph 2(b) of the Last Will and Testament of Grace J. Scott ("Will"), the residue of the estate is bequeathed to the Grace J. Scott Trust B. 100% of the residue passes to Trust B as that the value of the Estate does not exceed $1,500,000. The provisions of Trust B are set forth in Paragraph 4 of the Will. Trust B Provisions: Income and Principal Distributions During Spouse's lifetime: (1) Income. The Trustee shall pay the net income at least quarterly to or for the benefit of decedent's spouse, Russel Scott. (2) Principal. The Trustee may in her discretion make principal distributions to Mr. Scott for his support, maintenance and health care, and to maintain the standard of living maintained by him during the decedent's lifetime, taking into account other sources of income, support and estate that may be available to him. Distribution Upon Spouse's death: (1) Power of Appointment. Under Paragraph 4(c) of the Will, Mr. Scott is given the power to appoint the balance in Trust B to or for the benefit of the decedent's issue and their spouses or former spouses and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision) as he may direct by making specific reference to such power in his will. (2) Defective Appointment/Default of Appointment. If Mr. Scott fails to effectively exercise his power of appointment, Trust B is to be distributed per stirpes to the decedent's issue. As that all the decedent's issue are over age 25, the property would be distributed outright to them. Familv Backeround: Russel E. Scott, the decedent's spouse, is 77 years of age. The decedent and her husband have 3 children, Sally Ann Keller, Carol Scott Bush, and Kathleen Ellison. -1- e e Proposed Future Interest Compromise: Under the terms of Trust B, Mr. Scott is entitled to 100% of the life estate calculated as follows: $307,089.77 (residue to fund Trust) X .32474 (actuarial factor) = $99,724.33 As that Mr. Scott is financially stable, we believe it is unlikely that he will need to invade the principal of Trust B for his support or health. Accordingly, our compromise is that the remainder of $207,365.44 ($307,089.77 less $99,724.33) should be allocated to the decedent's issue and be taxed at a 4.5% tax rate. -2- REV-1649 EX+ (6-98) e SCHEDULE 0 COMMONWEALTH OF PENNSYLVANIA ELECTION UNDER SEC. 9113(A) INl-ERITANCE TAX RElURN RESIDENT DECEDENT SPOUSAL DISTRIBUTIONS ESTATE OF FILE NUMBER GRACE J. SCOTT 21 04 1073 Do not complete this schedule unless the estate is making the election to tax assets under Section 9113(A) of the Inheritance & Estate Tax Act If the election applies to more than one trust or similar arrangement, a separate form must be filed for each trust. This election applies to the Grace Scott Trust B Trust (marital, residual, A, B, By-pass, Unified Credit, etc.) If a trust or similar arrangement meets the requirements of Section 9113(A), and: a. The trust or similar arrangement is listed in Schedule 0, and b. The value of the trust or simHar arrangement is entered in whole or in part as an asset on Schedule 0, then the transferOl's personal representative may specifically identify the trust (all or a fractional portion or percentage) to be included in the election to have such trust or sim- ilar property treated as a taxable transfer in this estate. If less than the entire value of the trust or similar property is included as a taxable transfer on Schedule 0, the personal representative shall be considered to have made the election only as to a fraction of the trust or similar arrangement. The numerator of this fraction is equal to the amount of the trust or similar arrangement included as a taxable asset on Schedule O. The denominator is equal to the total value of the trust or similar arrangement. PART A:. Enter the description and value of all interests, both taxable and non-taxable, regardless of location, which pass to the decedent's surviving spouse under a Section 9113(A) trust or similar arrangement. Description VALUE Grace J. Scott Trust B 307,089.77 Part A Total $ 307,089.77 PART B: Enter the description and value of all interests included in Part A for which the Section 9113(A) election to tax is beinQ made. Description Value Grace J. Scott Trust B 307,089.77 Part B Total $ 307,089.77 (If more space is needed, insert additional sheets of the same size) 3W46E22.000 e e ESTATE OF GRACE J. SCOTT PENNSYLVANIA INHERITANCE TAX RETURN TABLE OF CONTENTS (EXHIBITS) A. Miscellaneous Documents 1. Table of Contents - Exhibits 2. Copy - Letters Testamentary issued by Cumberland County Register of Wills to Sally Ann Keller, and copy of decedent's will dated March 13, 2000 3. PA Department of Revenue - Official Receipt B. Schedule A- Real Estate 1. Appraisal and Property Deed-62 S. Terrace Road, Wormleysburg, Pennsylvania 2. Appraisal - 2625, 2627, 2629 Herr Street, Penbrook, Pennsylvania C. Schedule E - Cash, Bank Deposits & Miscellaneous Personal Property; M& T Bank account statement (Items, 1,2); Also, Schedule I, Item 1 " ,,'~~_' "'" _ __ .~----":...~__ :..L_:MLo..Ol:'" _Ji:iL. -ci-=illillo.:_,_.-_.~ :3::~L.i~..~~ .::..~____..._ ~ ..,d;:~~_~_ ."i~J>;"_..~.d,""""-_:,_..V:_<:",__:.~ '." REGISTER OF WILLS CERTIFICATE OF GRANT OF LETTERS CUMBERLAND County, Pennsylvania No. 2004-01073 PA No. 21- 04- 1073 Estate Of: SCOTT GRACE J (Last, First, Middlel Late Of: WORMLEYSBURGBOROUGH CUMBERLAND COUNTY Deceased Social Security No: 174-20-7819 WHEREAS, on the 22nd day of November 2004 an instrument dated March 13th 2000 was admitted to probate as the last will of SCOTT GRACE J (Last, First, Middlel la te of WORMLEYSBURG BOROUGH, CUMBERLAND County, who died on the 25th day of October 2004 and, WHEREAS, a true copy of the will as probated is annexed hereto. THEREFORE, I, GLENDA FARNER STRASBAUGH , Register of Wills in and tor CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby certify that I have this day granted Letters TESTAMENTARY to: KELLER SALL Y ANN who has duly qualified as EXECUTOR(RIX) and has agreed to administer the estate according to law, all of which fully appears of record in my office at CUMBERLAND COUNTY COURT HOUSE, CARLISLE, PENNSYL VANIA. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal of my office on the 22nd day of November 2004. ~~L~A~~~~ . Re, ,., f ",,~ ~ - ~ * *NOTE* * ALL NAMES ABOVE APPEAR (LAST, FIRST, MIDDLE) " j j 3/9/00 . WILL QE GRACE J. SCOTT I, GRACE J. SCOTT, currently of Cumberland County, Pennsylvania, declare this to be my will and hereby revoke all prior wills and codicils made by me. 1. Personalty. I bequeath such items of my tangible personal property as are specifically itemized on the list, if any, in my handwriting, signed and dated by me at the end thereof, and attached to this, my will, to the persons named thereon to receive such items. I bequeath to my husband, RUSSEL E. SCOTT, all of my remaining tangible personal property not used in business or for the production of income, including without limitation furniture, furnishings, clothing, jewelry, objects of art and decoration, and the like, and any motor vehicles which I own, together with the insurance thereon, if he survives me. If my husband does not survive me, then I bequeath all said property, together with the insurance thereon, to those of my children who survive me. With regard to the property passing hereunder, distribution shall be made among said children on the basis of choices in order determined by lot and rotation, and the values as finally determined for inheritance tax purposes shall be determinative with regard to the values of the property chosen, and any disparity among said children shall be equaled by such payments among them as may be necessary. If anyone of said children are not living at the time of my death, the choices to which he or she would have been entitled shall be made by his or her issue in order determined by lot and rotation. 2 . Residue. I bequeath, devise, and appoint all the rest of my property, of whatever nature and wherever situated, including property over which I hold a power of appointment, except that I do not exercise any power of appointment given to me by my husband, to the Trustee hereinafter named, for the following purposes: (a) If my husband, RUSSEL, survives me, then the Trustee shall establish Trust A hereunder, governed by paragraph 3 below, by allocation thereto, from the property held hereunder, an amount, if any, equal to (i) the minimum amount, after taking into account all deductions other than the marital deduction and applying all credits available, which is necessary as the marital deduction to reduce to the lowest possible amount the federal . ~ . estate tax payable by reason of my death, less (ii) the value of all other assets in my gross estate which qualify for the marital deduction and which pass or have passed to my said husband under other provisions of this will or otherwise. In determining such amount, all assets involved in the calculation shall be valued at final federal estate tax values, but in funding Trust A, date of distribution values shall be used and only assets that qualify for the marital deduction shall be used. I intend that the interest of my husband in Trust A shall qualify for the marital deduction, and any provisions herein which may appear to conflict with or in any way defeat my intention to obtain the marital deduction for the full amount of Trust A shall be construed or applied to accomplish that intention. (b) The remainder of the property passing hereunder (or, if my husband does not survive me, all the property passing hereunder) shall be held as Trust B. (See paragraph 4 below.) 3. Trust A. The income and principal of Trust A (if established hereunder) shall be distributed as follows: (a) Income. The Trustee shall pay the net income from Trust A to or for the benefit of my husband, RUSSEL, for his lifetime, in such installments, but not less frequently than quarterly, as the Trustee may determine. (b) Principal. The Trustee shall pay from time to time from the principal of Trust A to or for the benefit of my husband such sums as shall in the discretion of the Trustee seems proper for his support, maintenance, and health care or necessary to permit him to maintain a standard of living approximately equal to that maintained by him during my lifetime, taking into account such other sources of income, support and estate that may be available to him. (c) After Husband's Lifetime: Limited Power of Appointment by Husband. Upon the death of my husband, subject to the proviso below, the Trustee shall pay all or part of the principal balance held in Trust A, outright or in trust, in such amounts or proportions to or for the benefit of any or all of my issue, their spouses or former spouses, and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision), as my husband may direct in her will making specific reference to the Trust A hereunder, and to the extent that my husband should fail to exercise effectively his limited power of appointment over Trust A, then upon his death the remaining principal balance of Trust A shall be added to and considered part of Trust B and shall be administered and distributed under the provisions herein - 2 - . . - governing Trust B, provided, however, that before making any distribution of Trust A principal under this subparagraph (c), whether or not pursuant to my husband's exercise of his limited power of appointment, the Trustee shall, except to the extent that my husband directs otherwise by his will, deduct from the principal of Trust A and pay from time to time, on behalf of the persons receiving the Trust A property, to my husband's personal representatives (i) an amount equal to the excess if any of the federal estate tax under Chapter 11 of the Internal Revenue Code payable by reason of my husband's death over the amount of such tax which would have been payable if no such tax was payable by reason of his death with respect to the principal of Trust A, plus (ii) an amount equal to any penalties and interest attributable to such additional tax. Such payments may be made by the Trustee upon receiving from my husband's personal representatives a computation of the amount thereof, certified by 'his personal representatives to be accurate to the best of their knowledge, in which event the Trustee shall be entitled to rely on such computation. 4. Trust B. The income and principal of Trust B shall be distributed as follows: (a) Income. The Trustee shall pay the net income from Trust B at least quarterly for his lifetime to or for the benefit of my husband. (b) Principal. The Trustee shall from time to time pay such sums from the principal of Trust B to or for the benefit of my husband as may in the discretion of the Trustee seem necessary for his support, maintenance, health care and maintenance by him of the standard of living maintained by him during my lifetime, taking into account such other sources of income, support and estate that may be available to him. In determining whether any invasion shall be made for the benefit of my husband from the principal of Trust A or from the principal of Trust B, such invasion shall be made from Trust A as far as practical. (c) After Husband's Lifetime: Limited Power of Appointment by Husband. Upon the death of the survivor of my husband and me, if he survives me, the Trustee shall pay the balance held in Trust B, outright or in trust, in such amounts or proportions to or for the benefit of any or all of my issue and their spouses or former spouses and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision), as my husband may direct in his will making specific reference to Trust B hereunder. To the extent that my husband should fail to exercise - 3 - . . . . effectively his limited power of appointment over Trust B, or if he should predecease me, then from and after the death of the survivor of my husband and me, the principal remaining in Trust B shall be distributed per stirpes to my issue, provided, however, that if any such issue is then under the age of twenty-five (25 ) years, his or her share shall be held for him or her in a separate trust hereunder under the terms of paragraph 5 below, or, if no issue of mine are then living, the same shall be distributed to GOODWILL INDUSTRIES OF CENTRAL PENNSYLVANIA, INC. (or its successor). 5. Separate Trusts. The income and principal of a separate trust in which a share in Trust B is held for a beneficiary pursuant to the terms of paragraph 4(c) above shall be distributed as follows: (a) Income. The income shall be distributed at least quarterly to or for the benefit of the beneficiary. No payment shall be made under this subparagraph (a) which would discharge to any extent the legal obligation of any person for the support of the beneficiary. (b) Principal. The Trustee shall pay from the prin- cipal such sums to or for any or all of the beneficiary and his or her issue as in the discretion of the Trustee seems proper for their support, maintenance, health care, and education, and such sums to or for the benefit of the beneficiary as in the discretion of the Trustee seems proper to help establish him or her in a business or profession or acquire or furnish a home for him or her, taking into account the other sources of income, support and estate that are available to the distributee, the reasonably anticipated needs and resources of the beneficiary and his or her issue, their income and estate tax brackets, the desirability of the transaction (if any), and the possible application of any generation-skipping tax. No payment shall be made under this subparagraph (b) which would discharge to any extent the legal obligation of any person for the support of the distributee. (c) Distribution of Separate Trust. (i) When such beneficiary shall have attained the age of twenty-five (25 ) years, the Trustee shall distribute to him or her at written request the entire balance held in his or her separate trust. (ii) If such beneficiary should die before making proper request for the entire balance in his or her separate trust, then the entire balance in his or her separate trust shall - 4 - . . . . at his or her death be distributed, outright or in trust, in such sums or proportions as such beneficiary may direct in his or her last will, expressly referring to his or her separate trust hereunder, but only among my issue and their spouses or former spouses and persons gifts to whom are then allowable as deductions under Section 2055 of the Internal Revenue Code (or any successor provision) ; and to the extent that such beneficiary shall fail to exercise effectively his or her limited power of appointment hereunder, the aforementioned balance in his or her separate trust shall then be distributed per stirpes to his or her issue, or, if no such issue survive him or her, per stirpes to the issue of his or her parent who was a child or more remote descendant of mine, or, if no such issue survive him or her, per stirpes to my issue, with the share of any of such issue for whom property is then held in or payable to a separate trust under this paragraph 5 being added to such separate trust, or, if no issue of mine are then living, said balance shall be subject to the provisions of paragraph 4(c) above. (d) Disposition Upon Application of Rule A9ainst Perpetuities. Notwithstanding subparagraph (c) above, if during the lifetime of a person for whom a separate trust under this paragraph 5 was established the interest of such person therein becomes void under the applicable rule against perpetuities, then the balance in such separate trust shall then be distributed outright to such person. 6. Survival Clause. If any beneficiary hereunder should die within sixty (60) days after me or within sixty (60) days after any other person the survival of whom determines his or her rights hereunder, then such beneficiary shall be deemed to have predeceased me or such other person for all purposes hereunder. 7. Powers. In addition to such other powers and duties as may be granted elsewhere herein or which may be granted by law, the fiduciaries hereunder shall have the following powers and duties, without the necessity of notice to or consent by any Court: (a) To retain all or any part of my property, real or personal, in the form in which it may be held at the time of its receipt, including any closely held business in which I have an interest and any stock of any corporate fiduciary hereunder, as long as in the exercise of their discretion it may be advisable so to do, notwithstanding that said property may not be of a character authorized by law, provided, however, that upon written request by my husband, they shall within a reasonable time make productive of income any interest in property (however and when- ever acquired) held in Trust A hereunder. - 5 - . . - (b) To invest and reinvest any funds held hereunder in any property, real or personal, including, but not by way of limitation, bonds, preferred stocks, common stocks, and other securities of domestic or foreign corporations or investment trusts, mortgages or mortgage participations, and common trust funds, even though such property would not be considered appropriate or legal for a fiduciary apart from this provision. (c) To sell, convey, exchange, partition, give options to buy or lease upon, or otherwise dispose of any property, real or personal, at any time held by them, with or without order of court at their option, at public or private sale or otherwise, for cash or other consideration or for such credit terms as they think proper, and upon such terms and for such prices as they may determine, and to convey such property free of all trusts. (d) To borrow money from any person, including any fiduciary hereunder, for any purpose in connection with the administration hereof, to execute promissory notes or other obligations for amounts so borrowed, and to secure the payments of such amounts by mortgages or pledges of any property, real or personal, which may be held hereunder. (e) To make loans, secured or unsecured, in such amounts, upon such terms, at such rates of interest, and to such persons, firms or corporations as they may deem advisable. (f) To renew or extend the time for payment of any obligation, secured or unsecured, payable to or by them, for as long a period of time and on such terms, as they may determine, and to adjust, settle and arbitrate claims or demands in favor of or against them. (g) In dividing or distributing any property, real or personal, included herein, to divide or distribute in cash, in kind, or partly in cash and partly in kind. (h) To hold, manage, and develop any real estate which may be held by them at anytime, to mortgage any such property in such amounts and on such terms as they may deem advisable, to lease any such property for such term or terms, and upon such conditions and rentals as they may deem advisable, whether or not the term of any such lease shall exceed the period permitted by law or the probable period of retention under this instrument; to make repairs, replacements and improvements, structural and otherwise, in connection with any such property, to abandon any such property which they may deem to be worthless or not of sufficient value to warrant keeping or protecting, and to permit - 6 - . . e . any such property to be lost by tax sale or any other proceedings. (i) To employ such brokers, banks, custodians, investment counsel, attorneys, and other agents, and to delegate to them such duties, rights and powers as they may determine, and for such periods as they think fit. (j ) To register any securities at any time in their names as fiduciary, or in the names of nominees, with or without indicating the trust character of the securities so registered. (k) With respect to any securities held hereunder, to vote upon any proposition or election at any meeting of the person or entity issuing such securities, and to grant proxies, discretionary or otherwise, to vote at any such meeting; to join or become a party to any reorganization, readjustment, merger, voting trust, consolidation or exchange, and to deposit any such securities with any committee, depository, trustee or otherwise, and to payout of the trust created herein, any fees, expenses, and assessments incurred in connection therewith; to exercise conversion, subscription or other rights, and to receive or hold any new securities issued as a result of any such reorganization, readjustment, merger, voting trust, consolidation, exchange or exercise of conversion, subscription or other rights and generally to take all action with respect to any such securities as could be taken by the absolute owner thereof. (I) To engage in sales, leases, loans, and other transactions with my estate, the estate of my husband, or any trust established by either of us, even if they are also fiduciaries or beneficiaries thereof. (m) To make all necessary proofs of death under the insurance policies of which they are the beneficiary, to execute any receipts for the proceeds and to institute any action to collect said proceeds and to make adjustments of any claim thereunder, provided, however, that they need not institute any action unless they shall have been indemnified against all expenses and liabilities to which they may become subject as a result thereof. If, however, they desire to institute such action without indemnification, they are hereby authorized to be reimbursed for all expenses and liabilities incurred as a result thereof from any amounts which may be held in trust hereunder then or thereafter. (n) To exercise all elections which they may have with respect to income, gift, estate, inheritance or other taxes, including without limitation execution of joint income tax - 7 - . . . . returns, election to deduct expenses in computing one tax or another, election to split gifts, and election to payor to defer payment of any tax, in all events without their being bound to require contribution from any other person. (0) To operate, own, or develop any business or property held hereunder in any form, including without limitation sole proprietorship, limited or general partnership, corporation, association, tenancy in common, condominium, or any other, whether or not they have restricted or no management rights, as they in their discretion think best. 8. Spendthrift Clause. No interest (whether in income or principal, whether or not a remainder interest, and whether vested or contingent) of any beneficiary hereunder shall be subject to anticipation, pledge, assignment, sale or transfer in any manner, nor shall any beneficiary have power in any manner to charge or encumber his or her said interest, nor shall the said interest of any beneficiary be liable or subject in any manner while in the possession of the fiduciaries for any liability of such beneficiary, whether such liability arises from his or her debts, contracts, torts, or other engagements of any type. 9. Facility of Payments for Minors or Incompetents. Any amounts or property which are payable or distributable hereunder to a minor or incompetent may, at the discretion of the fiduciaries, be paid to the parent or guardian of such minor or incompetent, to the person with whom such minor or incompetent resides, or directly to such minor or incompetent, or may be applied for the use or benefit of such minor or incompetent. 10. Taxes. I direct that all estate, inheritance, and succession taxes that may be assessed in consequence of my death, of whatever nature and by whatever jurisdiction imposed, other than generation-skipping taxes, shall be paid out of the principal of my general estate to the same effect as if said taxes were expenses of administration, except that any such additional taxes (and interest and penalties thereon) imposed on account of my interest in or power over any trust established by my husband shall be paid out of the property held in such trust, and all other property includable in my taxable estate for federal or state tax purposes, whether or not passing under this will, shall be free and clear thereofj provided, however, that my executors may in the discretion of the executors request that any portion or all of said taxes (to be paid out of the principal of my general estate) shall instead be paid out of the principal of any trust established by me in this will or otherwise, to the extent expressly authorized under the terms of said trust. with the consent of the Trustee hereunder, said taxes may be paid out - 8 - . . . . of the principal of Trust B hereunder as if said taxes were expenses of administration thereof, provided, however, that no such taxes shall be paid out of Trust A hereunder or out of assets that are not includable in my federal gross estate. 11. Fiduciaries. I appoint as executrix and Trustee hereunder my daughter, Sally Ann Keller. If she should be unable or unwilling to serve or to complete the administration of my estate or trust, then my daughter, CAROLE BUSH, shall serve in her place, and if she should be unable or unwilling to serve or to complete the administration of my estate or any trust hereunder, then DAUPHIN DEPOSIT BANK AND TRUST COMPANY shall serve in her place. My Trustee shall serve as guardian of the property of any minor beneficiaries hereunder, under any instrument of trust executed by me, under any policies of insurance on my life, and in any other situation in which the power to make such appointment exists under the laws of Pennsylvania. No individual fiduciary shall be liable for the acts, omissions or defaults of any agent appointed and retained with due care or of any co-fiduciary. No fiduciary shall be required to furnish bond or other security for the proper performance of duties hereunder. IN WITNESS WHEREOF, I, GRACE J. SCOTT, herewith set my hand to this, my last Will, typewritten on ten (10) sheets of paper including the self-proving attestation clause and signatures of witnesses, this 13th day of March, 2000. ~} t.) /Q! C ~\.O-...cc....._ . ):...._ ..C_/ ( SEAL) GRACE J. SC 1 , . siding at ~ fL residing at r...~.b P0- I residing at L~iJtJ{ n rn.. , f7l. . - 9 - . . - . COMMONWEALTH OF PENNSYLVANIA : : SS: COUNTY OF DAUPHIN : GRACE J. SCOTT {the testatrix}, A,~ w. .s~UJ$olJ , -+(M~ D. Rf1~Ff.R\'j , and 8LRNca",.J J c:kJRIST7t'-tJ {the witnesses}, whose names are signed to the foregoing instrument, being first duly sworn, each hereby declares to the undersigned authority that the testatrix signed and executed the instrument as her last will in the presence of the witnesses and that she had signed willingly, and that she executed it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testatrix, signed the will as witness and that to the best of his or her knowledge the testatrix was at that time eighteen years of age or old , of sound mind and under no constraint or undue influence. TESTATRIX: ~ GRACE J. W TNESS: WITNESS: ~ft4~ ~ c:2~-A-(JL0 Subscribed, sworn to and acknowledged before me by GRACE J. SCOTT, the testatrix, and subscribed and sworn to before me by -R \u-\-P\-R 0 W. 6\?t.lJ t.N SO J , ~ ~~ to D. -RF\~F~\'-j , and ~ L Pm.) c:.A T. 4<f?.\ST1~ , the witnesses, this 13th day of March, 2000. (IVdr~~.~~ Notary Puljl'c {SEAL} - 10 NOTARIAL SEAL - Carol~. Koppenhaver, Notary Public Hamsburg, PA Dauphin County My Commission Expires March 6, 2004 ........,1111111.>...,1.11..1.;."'1...' n \Jr- r[;','Il,''';l I LV/"\I~I/"\ - tlt:V-ll OL t:X( ll-~ti) DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES e e OEPT.280601 HARRISBURG. PA 17128-0601 PENNSYLVANIA RECEIVED FROM: INHERITANCE AND ESTATE' TAX OFFICIAL RECEIPT NO. CD 004878 STEVENSON RICHARD W ESQ 100 PINE STREET POBOX 11 66 HARRISBURG, PA 17108-1166 ACN ASSESSMENT AMOUNT CONTROL NUMBER ...;..------ fold -----...---- ---,---- 101 I $9,700.00 ESTATE INFORMATION: SSN: 174-20-7819 I FILE NUMBER: 2104-1073 I DECEDENT NAME: SCOTT GRACE J I DATE OF PAYMENT: 01/25/2005 I POSTMARK DATE: 01/24/2005 I ,'..,,-.' COUNTY: CUMBERLAND I DATE OF DEATH: 10/25/2004 I I TOT AL AMOUNT PAID: $9,700.00 REMARKS: CHECK#102 "-." INITIALS: JA SEAL RECEIVED BY: G LENDAEARNEB.STHASSAUG H ." .'.<" REGISTt=.H OF WILLS ._-. TAXPAYER Ill.... uul"" 'U,uut'. ."". 62T erraceWJD.JAS . - ~ UNIFORM RESIDENTIAL AP ISAL REPORT File No. 05001 _rtv A S. Terrace Road citvWo ura StatePA ~ Code 17043 ~ Des .. See Attached leaal Desaiotion 1'...""" Cumberland Assessors Parcel No. 47-20-1858-003 Tax Year 2004 R.E. Taxes t 5 012.48 ~........ Assessmenls t 0.00 Bonuwer Sallv Ann Keller Executrix Current Owner Russell E. Scott Occunant r l Owner I'X1 Tenant fl Vacant 'ed I'X1 Fee SirnnIo I I Leasehold Ilrnlorl TIIN' f l PUll r 1 Condominium IHIIIWA nnlul HOA t N/A /Mo. ~bortIOOd or Ilrnlorl Name Pennsbora Manor Man Reference ADC MaD 10 E10 Census Tract 103.00 Sale Price t N1A Date 01 Sale N/A n....rinfinn and t amount of loan ch-./eoncesslons " be ..... "" seHer N1A Lender/Crleflt Sallv Ann Keller Executrix Address clo Michael Kuniskv. CPA 515 S. 29th St....... Hanisburn PA 17104 Annr.liser William J. Davlor MAl Address 2335 Forest Lane Harrisburn PA 17112 ~ IZI Uiban 0 Suburban U Rural Predomlnant ~t.RiIy' Presentlanduae% Landuaecl1ange Built up IZI Over 75% 0 25-75% 0 Under 25% occupancy $(000) (yrs) One family ~ IZI Nollely 0 likely Growth rate 0 R3pid IZI S1able 0 Slow IZI Owner 30 Low ~ 2-4 family ~ 0 In process Property vaItres lZIincreasing 0 Stlble 0 Declining 0 Tenant 150 Hi~ 40 MultHamily ~ To: llemanllfsupply 0 Shortage IZIIn balance 0 Over supply IZI VilClIII (0-5%) - Predoollnant _ Commercial 0 Morirofinn time n Under 3 mos. fXi 3-6 mos. Fi Over 6 mos. Fi Vae/over 5%' I 50 30 I ooenSoace 5 .ote: Race.... the racial -..sIUen et the .............. ... HI ....ralsal facten.. NeighbortlOOd boundaries and charaCIeristics: For oumoses of this analv<>is the subiPrl nPinhborhood consists of an """""Ie residential subdivision known as Pennsbora Manor. Fac1Drs that affect lhe marl<etabil"1Iy oIlhe propeIlies In lhe neighbolhood (proldmity to employment and amenities, employment sl3biIi\y, appeal to market, ell:.): The su . is located in a stable residential communitv where there are no adverse trends affectjnn marketabilitv. Amenities such as shoooina. Dlaces of worshio. bankina. schools etc. are conven~ located. M"ior amenities such as emoto"""""t centers are located within close nroximitv in the Harrisbum malket area. The current economic conditions in the Central Pennsvlvania market area have remained stable. The sunnlv/demand refationshin is in balance. The subi<>ct dwellilVl is IvniNoI with resnact to n-inn and anneal. Dwellinas in the area are mostly sinale-familv detached homes that are of frame construction are of different tvDes and desions and are in nnn<i' condition. Market conditions In lhe subject nelghbolflood (1IICluding support for lhe above concfusions related to the trend 01 property values, clen1an4'sUpply, and rnarteting time - such as data 011 competitive properties for sale in lhe neighboIhood, description oIlhe prevalence 01 sales and financing concesslons, ell:.): Current market conditions are such that financina is readilv available with no evidence that discounts buvdowns or concessions are havinn an effeel on values. The market area annears to be stable and SUDDlvlDemand annears to be in balance. Homes if nriced fairlv. tend to sell within the Marketinn Time noted above. Unusual nMnArties e.n. lamt'!r acreane may tend to take Iona<>r. Homes in the sulliQct market are I tvnicallv financed with conventional VA and FHA instruments. The su~r"""rtv has a total assessed value of $336 860 which reflects land and buildina. Profed Infonnatlon for PUDs (K applicable) - -Is lhe developer/bllilder in control 01 the Home Owners' Association (HOA)? Dyes ~ No Approximate total number 01 units in lhe subject project N/A Approximate total number 01 units for sale In lhe subject project N/A Describe COIl1ll1OI1 elements and recreational facilities: N/A Dimensions 8O.57'x 17Sx 168.69'x 175' Topography Sloolna Site area 21,810 SF or 0.50 acre ComerLot 0 Yes IZI No Size T vnical for Area Specific zoning classifiCation and descripIion R-2 Residential Shape Im>nular Zoning compUance IZI Legal 1)(10 Legal nonconln'ng (Grandfathered use) 0 IUegal o No zoning Drainage ~ars~uate .......est & best use as 1rnmwM' Present use Other use lemlain\ VieW T VDical Residential Utilities pubrlC Other 0If-site lmpIovemenls Type Public P1ivate Landscaping Attractive Electricity IZI Street Macadam IZI 0 Driveway Surface Macadam Gas IZI Curb/gutter None 0 0 Apparent easements None Known Water [ZJ Sidewalk None 0 0 fEMA Special Rood Hazard Area DYes IZlNo SanitaJy sewer ~ Street Iigh1s None .R R fEMA Zone C Map Dale 2/16/1977 Storm sewer A1lev None FEMAMaoNo. 420374ooo1B Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming ZOI1ing use, etc.): I did not observe anv annarent easements or other. conditions which would have an adverse imnact on the sub'eel nrooertv. Utilitv easements are common to the subiect market and are not met with buyer resistance. GENERAL oEstli1P1i6N OOERMlR Ol:scRll'11lm FOUNOAllON BASEMENT INSUlATION No. 01 Units 1 Foundation Conc. Block Slab None Area Sq. Ft. 1427 Roof _ 0 No. 01 Stories Two Exterior Walls Brick Crawl Space None % Finished 85% CeDing _ IZI Type (DetJAtl) Detached Roof SUrface Fbralss Shinale Basement 100% Ceiling Acoust Tile Walls _IZI Design (Style) Colonial Gutters & Dwnspts. Aluminum Sump Pump None Walls Panel Roar _ 0 Existing,lProposed Existina Window Type DblHnalThermo Dampness No Evidence Roor CarTl4'!t None _ 0 Age (Vrs.) 31 Years Stoow'Screens Screens SetUement No Evidence Outside Entry Yas lJnkn~ 0 Effective An' Nrs.\ 20 Years Manufactured House No Infestation No Evidence ROOMS .;,;;;;;- lillion DlniM Kitchen Den FaroNv Rm. Rec. Rm. Bedrooms # Baths Lallnmv Other Areas;;: Ft Basement 1 1 1427 Levell 1 1 1 1 1 0.5 BrkfstArea 1427 Level 2 3 2 1427 Finished area above """'" contains: 8 Rooms' 3 Bedroomlsl' 2.5 Baths\' 2 854 S< uare Feet 01 Gross Uvinn Area IN1ERIOR Materia/sICondilion HEATING KITCHEN EOUlP. ATTIC AMfNlTlES CAR STORAGE: 2-Car Roars MrbVHW/l'.nWnl-Gd Type HP* Refrigerator IZI None 0 fireplace(s) # ..L- IZI None 0 Walls PlasterlPanel-Good Fuel EIec. Range/Oven IZI Stairs 0 Patio Brick IZI Garage " of cars T rimIFinish WoodIPainted-Good Condition Good Disposal IZI Drop Stair 0 Deck Wood IZI Allached 2-Car Bath Roar CTN'lnvl-Good COOUNG Dishwasher [ZJ ScutUe [ZJ Poo:h Stoop IZI Detached Bath Wainscot Ceramic Tile-Good CentrnI, Yas FaJVHood [ZJ Floor 0 Fence 0 Built-ln Doors Wood-Good Other None Microwave , ~ Heated R Pool .R Carport Condition Good Washer!fln<o< Finished Drivewav Macadam Additionaf features (special energy efficient items, elc.): *Hvdrokinetix s""""~1 enemy efficieOt heat numn svstem lelectric water heater with 400 nallon g""""". -- -~""'.....- -- ......~- ~--- "'" Condition of lhe improvemenls, depreciation (physical, functional, OIld exlemal), repairs needed, qual'lIy 01 construction, remodeling/additions, ell:.: At the time of . in~",,:, the s~' . was in a 0000 state of reoair evidencinn a tv';ical of maintenance and care. Ph""ical deterioration _ tvoical lion' functional obsolescence - none' external obsolescence - none. There is some evidence of oersonalized decor. Adverse environmental cornfdions (such as, but not imiIed to, hazardous wastes, tmIic substmces, elc.) present In lhe improvements, on lhe site, or in the immedia1Jl vicinity of the subject property.: The aooraiser has no knowt-lne of the existence of any hazardous materials lindudina lead based I ""intI and is not oualified to test for such substances. None were noted or revealed. The structure was not built nrior to 1978. Freddie Mac Fonn 70 li(93 PAGE 1 OF2 Fannie Mae Fonn 1004 6193 Fonn UA2 - 'TOTAl for Wmdows" appraisal software by a Ia mode, Inc. -l-800-AlAMOOE 62TerraceWJD.JA5 aI "",,n_1on UNIFORM RESIDENTIAL AP. ISAl REPORT RIe No. 05001 ESTlMA lID S ....----- ----......... .-----~ $ 95 000 on Cost Approach (such as, sourte of cost estimate, site value, ESTlMAlID REPROOUCTlON COST-NEW--Of IMPROVEMENTS: square fool calculation and for HUll, VA and flnHA, the estimated remaining Dwelling 2.854 Sq. R. @$ 125.00 -$ 356,750 economic Me of 1he property): See attached buildina sketch. 1 427 Sq. R. @$ 25.00 = 35.675 Remainina Economic ute is 45 years based on a Total Kitchen AooIiances/HP SvstemlFPslEtc. = 32,000 Economic ute of 65 Years. Site Value ratio is tvDical for the area. Garage/CaIport ~ Sq. R. @$ 20.00 - 12,600 I Depreciation is estimated by the Modified AoeIUfe Method. Cost TotIIEstimaledCostNew. ________.____ _______ _= $ 437,025 estimates were derived from national trade oublications and Less Physical Functional ExIemaI modified by local builders. Depreciation 134.4731 1 =$ 134 473 Depreciated Value of Improvements __h...... _________n_ .-. =$ 302 552 'As-is" Value of Site Improvemerds __ __ _ _ __ ____ ---- ---------- -- =$ 20 000 The "as is" yalue of site improvements indudes macadam INDlCATEDVAWEBYCOSTAPPROACH __..._ ________________.____ ~s 417,552 driveway. landscapina, concrete service walks etc. ITEM I SUBJECT I COMPAAA8LE NO. 1 COMPARABLE NO.2 COMPAAA8LE NO. 3 62 S. Terrace Roael 337 N. 25th Street 45 Hillaest Road 31 Beach Farm Road Address Wormlevsburo. PA I Camo Hill PA Wormlevsburo. PA Wonnleysburo. PA Proxlmllv 10 Subiect 1.22 miles 0.13 miles 0.19 miles Sales Price Is N1A 387500 425 000 468 500 I PricelGmss UYino Area Is 145.41 rf:- S 135.25 rj:J 156.36 rj:J 135.09 rj:J Oala and/or Inspection Central Penn MLS Central Penn MLS Central Penn MLS Verification Source Tax Records Court House Records Court House Records Court House Records VALUE ADJUSTMENTS DESCRIP110N DESCRIPTION : +(-)$ AdjJst DESCRIPTION : +1-\$ Milst DESCRIPTION : +H$A<iust. Sales or Anancing Cony. ConY. Conv. Concessions None None None Date of SaleIT'IlI1e 06102104 : 06/14104 : 11/18103 : Location Pennsboro Manor Camp Hill Bor : +3000 Pennsboro Manor: Pennsboro Manor : LeasehokllFee Simnle Fee Simple Fee Simple : Fee Simple : Fee Simple : Sne 0.50 acre 0.37 acre : +5000 1.09 acres : -12000 0.82 acre -5 000 VieW Residential Residential Residential Residential Desioo and Anneal 2-Storv/Good 2-Storv/Good 1.5-Storv/Good 2-Storv/Good Oualilv of Cons1ruc1ion GoodIBrick GoodIAlumlStone +5 000 Good/Brick GoodIBrick Aae 31 A 20 E 51 A 20 E 45A23E +3 000 51 A 15 E -5 000 Condition Good Good Good Renovated -5 000 Above Grade T otII : Bdrms: Ba1lts Total : Bdrms: Ba1lts Total: Bdrms: Baths : Total :Bdrms: Ba1lts : Room Count 8 : 3 : 2.5 7 : 4 : 3.5 : -2,000 8 : 3 : 4 -1,500 8 : 3 : 4 -1,500 Gross Uvina Area 2 854 Sa. Ft. 2 865 Sa. R. : 2 718 Sa_ Ft. : +6800 3 468 Sa. f1. : -30 700 Basement & Rnished Basement Basement Basement Basement Rooms Below Grade Family Room Unfinished +5 000 Family Room Family Room Functional Ulililv Typical Typical : Tvoical : Tvoical : HeatinolCooIino HNCA HP/CA : HNCA : HW/CA : Enernv Efficient ttems .. Typical : +3 000 Typical : +3000 TVDical : +3000 Garaae/Camort 2-Car 2-Car : 2-Car : 2-Car : Porch, Patio, Deck, PorchlPatiolDeck Screened Porch PorchlDeck PorchlPatio Fireolacels'- etc. 2 Fireplaces 1 Fireplace +2 000 2 Fireplaces 2 Fireolaces Fence Pool etc. No Illllround Pool : hmround Pool : -7500 : : : : Ne1Adi.ltotlll + -:$ 21000~ 8200JIM:$ 44200 Adjusted Sales P1ice of COffiIlarable Is 408 500 416 800, 1$ 424 300 Comments on Sales Comparison Cmcluding 1he subject property's compabbtlity 10 1he neighbol11ood. etc.)' See Attached Supplemental Addendum. -Hydrokinetix hiahlv efficient off-oeak system. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO. 3 Date, Price and Oala See attached See attached See attached See attached SOurce, for prior sales addendum for addendum for addendum for addenduM for within year of aooraisal sale historv sale history sale history sale historv Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and camparabtes wi1hin one year of the date of appraisal: At the time of insoection the s' r was not under aoreement or ootion of sale nor was it listed for sale. IHDlCATEDVALUEBYSALESCOMPARISONAPPROACIf . ____________. ..______ __H.___H _.____... ___._....._________.._________ ______.._.... $ 415000 INOICATEDVAWEBYINCOIIEAPPROACHftfAnolicalJlel Estimated MarlIetRent $ N/A /Mo. x Gross Rent Mulliolier N/A ,! N/A This appraisal Is made ~ "as is' LJ subject to the repairs, alteratians, ilspections or conditions listed below 0 subject 10 completion per plans & speciflC3lions. CondiIloos 01 Appf3IsaI: The aonraisal is subiect to conditions contained herein on the FNMAlFHLMC Statement of Umitino Conditions and the attached SuDDlemental Addendum. Final RecanciIiation: The Mar1<et Aooroach was aiven the most weiaht as it shows current actions of buyers and sellers_ The Cost Annroach lends suooort at the hiaher end of the ranae. The Income Aooroach was not considered to be aoolicable due to a limited number of rental properties. This is a Conmlete Summarv Aooraisal Reoort. The putpOSe of 1his appraisal is 10 estimate the market value of the real property 1hat is the subject of 1his report, based on the above conditions and the ceI1ificalion, contingent and Iimiling conditions, and m~ value ~lI1ilion that are slated in the atIached Freddie Mac form ~MA form 10048 (Revised 0/93 ). I (WE) ESTlMATE 11fE MARKET VA"'" , OF 11fE REAL PROPERTY lHAT IS 11IE SIIBJECT OF TIGS REPORT, AS OF October 25 2004 (WIICH IS~TE OFIUZ; UFECrlVEDATEOFTIGS REPOR1) TO BE $ 415,000 APPRAISER' , ~ SUPERVISORY APPRAISER (ONLY IF REQUlRBl): SianalUre fA . / J SianalUre 0 Did 0 Did Not Name Willi!(m J. Dau/J I..A / Name Inspect Propel1y Dale Reoort Sianed January 28. 2005 Date Renort Sinned Slate CeI1iftcalion # GA-000451-L SlatePA State Certification # State Or State Ucense # Slate Or Slate license # Slate Freddie Mac form 70 &'93 PAGE20f2 Fannie Mae form 1004 6-93 form UA2 - 'TOTAlIorWmdows" appraisal software by a Ia mode, inc. -1-800-ALAMODE SUPPLEMENTAL ADDENDUM fileNo. 05001 Coo Cumberland Stale PA Code 17043 R~PORT: As prescribed by the revised Unifonn Standards of Professional Appraisal P1'actices issued by the Appraisal Standards Board of the Appraisal Foundation, this report is to be considered as a COMPLETE, SUMMARY REPORT. It is not to be considered a Limited, Self Contained, or Restricted Report This report is intended for the sole use of the Client noted on page one of this report, and is not intended for any other use. The intended use of this report is to estimate Market Value which will be used for estate purposes (retrospective value). The use of this report is subject to the Convnonwealth of Pennsylvania relating to review by the Pennsylvania Real Estate Appraisal Board. The signatory appraiser(s) have met the mandatory Pennsylvania Real Estate Appraisal Board educational requirements. PURPOSE AND FUNCTION OF THE APPRAISAl.: The purpose of this report is to estimate marKet value (retrospective value), as defined on the attached 10048 form, of the fee simple interest in the subject property, as defined in USPAP, as of the effective date of the report. The effective date of the appraisal is the date of death of Grace J. Scott (October 25, 2004). The date of the report is the date the appraisal report was CXll1lpleted and signed. APPRAISAL DEVELOPMENT AND REPORTING PROCESS: The development of the appraisal includes an interior and exterior inspection of the subject property. It also indudes an analysis of the subject's neighborhood and surrounding area. Also reviewed, was data from the county assessment oflice relating to the subject property. PERSONAL PROPERlY: The appraisal report does not include any value for per.lOtlal property, fixtures, or intangibles that are not real property unless othefwise noted in the report. SITE: The site intormation was obtained from the Cumberland County Assessment oflice. The lot dimensions, where shown, which are based on a tax map, are subject to a current survey and any minor differences do not affect the final estimate of value. INSPECTION: The square footage of the subject property which was utilized in this report was detennined by physical measurements taken by the appraiser at the time of the inspection and was cross-referenced by blue prints provided by the owner. CLIENT: The dient for the purpose of this report is Sally Ann Keller, Executrix. SUBJECT PROPERlY: The subject property consists of a custom-built 2-story single family dwelling, which at the time of inspection, was in a good state of repair. The structure is of brick construction. The construction and design are typical of the subject market. The dwelfing is improved with a wood deck, automatic awning, two functional fireplaces, gas log insert, alann system, automatic garage door opener, exposed basement (rear elevation), finished ground level. The structural improvement was erected in 1973 having an actual age of 31 years. Based on its present physical condition, it was assigned an effective age of 20 years. At the time of inspection, there was evidence of some per.;onaflZed decor. COMMENTS ON THE SALES COMPARISON APPROACH: The market was searched for comparable sales within the subject market area. I was able to uncover three sales that were considered to be reliable indicators of value. Each of the . sales were adjusted and weighted. After considering all of the above indicated data, a final value condusion was detennined. In my judgement, the above sales were the best indicators of value. The subject was bracketed with respect to livable area, sale prices, adjusted sale prices, lot sizes, etc. None of the ~rable sales exoeeded FNMA guidelines for adjustments. The adjustments were rnarltet extracted. The comparable sales supported my opinion of mar\(et value of the subject property as of the effective date of appraisal. DIGITAL PHOTOS: The digital photos of the subject property were taken at the time of the on-site inspection, and were not altered or enhanced in any manner. fonn SlJ'- "TOT AI. for WIIldows" appr.IisaI software by a Ii mode, inc. - HlOO.ALAMODE Building Sketch - F Floor Coo Cumberland S1aIe PA Code 17043 ~'-~l--~:~:;li:, -----.<"-""'--;.:d---r.--.-- .~:-::. f4'-O::- ,'.....--- "c"".- 24.:-n',... \..,-.- . - - .--- -- -------- . [ ' ---- J~ -I... J - -- --- .~.. ,-.. ~ . -; '"'eo?""'- "- '~b:L_.JS!!!.: I -f- ~- . , I, tf,!;Dtk<- I : . . .I~~~___ ~~~f. 'h.t~~_.'. ' . 1 ~ ~ ~I I !l """,- 1" ~ ~ ~ - - - :j - - '- - ~ i - - "- ~ '.1- I Form SKT.BldS1d -"TOTAlIorWmdows" appraisal software by a Iamode, i1c. - HlOO-ALAMOOE Building Sketch - Floor Coo Cumberland Stale PA Code 17043 ~~IC- t'./Ole" , _0:' II h:" t.- _fo"'l~_f-t'" r----r I n-k - --, . ..... i 1\,,;1'1 _.~4dII i ___ 1J~, 0 ~8' ,- ~ -_..._..- f?WWM It?. ~_....~ \ , \ i ~ I ~ i ~ I iJ f@R~M-;l-- I' ~ ~i -.; S!! '>'l d 4fe," 1'3~4-" 4%" .-'-12- ;r: ....1 j .'@o i i I +--- 3f~t ., I ....~'O . 4 ~,," l 7~4-. ~'-o. l Q'-t711 I' "1~ 4- I LC-/?" Form SKT BldSId - 'TOTAl for WIIllIows" appraisal software by a Ia mode, Inc. - HlOO.AlAMOOE Subject Photo e Coo Cumberland State PA Code 11043 SUblect Front 62 S. Terrace Road Sales Price N/A Gross UYitg Area 2,854 Total Rooms 8 Total Bedrooms 3 Total Ba1hrooms 2.5 locaIion Pennsboro Manor YIeW Residential Site 0.50 acre 0Uaily GoodIBrick AryJ 31 A. 20E SUbject Rear Sublect Street Fonn PlCPlX.SR - "TOT AI. for Wmdows' appr.IIsal soItYr.e by a Ia mode. inc. - 1-8(lO-~00E Comparable Phot Coo Cumberland State PA Code 17043 Comparable 1 337 N. 25th Street Prox. to Subject 1.22 miles Sale Price 387,500 Gross lMng Area 2,865 Total Rooms 7 Total Bedrooms 4 T otIIllalhrooms 3.5 localion Camp Hill Bor VIeW Residential Site 0.37 Rae 0UaIily GoodIAlumlStone hJe 51 A, 20 E Comparable 2 45 Hillcrest Road Prox. to SUbject 0.13 miles Sale Price 425.000 Gross lMng Area 2,718 Total Rooms 8 Total Bedrooms 3 Total Bathrooms 4 Location Pennsboro Manor VIeW Residential Site 1.09 acres Quaflly GoodIBrick Age 45A,23E Comparable 3 31 Beach Fann Road Prox. to Subject 0.19 miles Sale Price 468,500 Gross LMng Area 3.468 Total Rooms 8 Total Bedrooms 3 T otaIllaII1rooms 4 Location Pennsboro Manor VIeW Residential Site 0.82 Rae Quality GoodIBrick Age 51 A, 15 E Form P1Cl'1X.CR - "TOTAl. for Wmdows' appraisal software by a Ia mode, i1c. - HlOO.Al.AMOOE Plat Map Coo Cumberland State PA ZI Code 17043 form MAP.PlAT - "TOTAl fIlrWindows' appraisal software by a Ia mode, inc. -1-llOO-ALAMODE Location Ma Coo Cumberland Stale PA . Code 17043 Fonn MAP.LOC - 'TOTAl. for Wmdows' appraisal software by a Ia mode, inc. - l.aJO..ALAMOOE , . e e DEFINmON OF MARKET VALUE: The most probable price which a property should bring m a competitive and open rnadrBt under all conditions requlsite \0 a lair sale, 1he buyer and seller, each acli1g prudendy, knOwledgeably and assumi1g U1e price is not affected by undue slincOOs. knpIcilln lhls defiIition Is U1e COIlSUIIlIl13Ii at a sale as at a spedIied dale and U1e passing at tide from seller to buyer under concfllions whereby: (1) buyer and seGer are 1yplcaIly 111OtiYared; (2) boCII pal\ies are wellnfonned or WIllI advised, and each acting ~ what he considers lis own be$t inlllresl; (3) a reasonable time is aIowoo for eljlOSure ~ 1he open marl<et; (4) payment is made in terms of cash In U.S. dollars or ~ terms at financlaI ~ CIJRIIllII3IJle lhetelD; and (5) U1e price represflllls !he normal consideration for !he property sold llJl3ffected by special or creative financing or sales concessions" gr.I1led by anyone assoclaIed WiIh !he sale. * Adjuslments to !he compar.dlles IIlllst be made for special or creative financi1g or sales concessions. No adjus1Jnerds are necessary for those cost; which are normally paid by seIers as a result 01 fIaditlon or law ~ a market ana; these cost; are readily Identifiable since 1he seller pays these cost; in viI1UaIIy all sales fnI1Sactions, SpecIal or creative fillancjfIg adjJslmenls cal be made m !he' romparable property by comparisons to financilg lllnns oIIered by a lhIrd party Instilutional lender that is not already ilvoMld m the projJerty or transaction. Any ad;Jstment should not be caICtdaIed 011 a mechanical dollar for dollar cost 01 the financing or concession but lhe doIar amount of any ad;Istment shcUd appIOlIimaIe lhe RI3Ifulfs reacfiOlI to U1e IiIancing or C(JlCeSSIolIS based 011 !he appraIser's judgement. STATEMENT OF UMITING CONDITIONS AND APPRAISER"S CERTIFICATION CONTINGENT AND UMmNG CO.DmONS: The appraiser's celtificalion that appears m U1e appr.isaI report Is suIJjecl m U1e folfowittg concitions: 1. The apJDser will not be responsible for mailers 01 a legal nature that affect eilher 1he property being appraised or 1he tide \0 It The appraiser assumes that 1he tiUe Is good and marketable and, 1hereIore, wiD not render any opinions about 1he tilIe. The property is appraised 011 lhe basis oIlt be/Ilg under responslbJe ownership. 2. The appraiser has provided a sketch In 1he appraisal report to show approllimale dimensions 01 lhe inprovements and the sketch Is i1cluded only m assist !he reader of lhe report in visualizing the property and underslanding lhe lIjIflIlliser's detennination 01 its size. 3. The appraiser has eJI3I11iI1ed lhe available flood maps that are provided by lhe Federal Emergency Management NJerccy (or ofher data SOUICeS) and has noted In !he appraisal report whefher lhe subject site is IocaIed in an idenIiIIed Special Rood Hazard Area. Because 1he appraiser is not a swveyor, he or she maKes 110 guarantees, express or implied, regardjng 1his deImnination. 4. The appraiser will not give festimony or appear In court because he or she made an appraisal 01 !he property in question, unless specilic amngements to do so have been made beforehand. 5. The apJll3iser has estimated lhe value at !he land in the cost approach at its highest and be$t use and the Improvement:; at their contributoIy value. These separate valuations 01 !he land and improvements must not be used In conjunction WiIh any ofher apjIlaisaI and are ~valid If lhey are so used. 6. The appraiser has notOO In lhe appraisal report any adveIse COIIditions (such as, needed repaiIs, deprecialion, !he presence of hazaIdous wastes, toxic substlnces, etc.) observed doling !he Inspection ofU1e subject property or that he or she became aware of doling the normal research InYolved In perfonning !he appraisal. Unless otherwise staled In !he appraisal report, !he appraiser has 110 IcnowIedge of any hidden or unapparent canditions at !he plll(Ielty or adverse envilllnmelJlaJ condilions (mcIud'lIlfl Ihe presence of halllIdws wastes, tmic SIlbsllI1ces, etc.) that WIlUkI make the property more or less valuable. and has assumed lhal !here are no such conditions and malfBs no gu;raI'Itees or warranties, express or iqJlied, regarding Ihe COlKition of !he property. The ~will not berespoosible for. any such conditions 1hat do ~ or for any Mgi1eering or IesliIlg !hat might be required III dscowr whefher such COlKitions ~ Because the appraiser Is not an expert In !he fleId 01 eriWonmen1al hazards, !he appraisal report must not be considered as an environmental assessment of !he property. 7. The appraiser obtained !he InIonnaIIan, eslimaIes, and opinions fhal were eJqIressed In file appIaisal report fnI1I sources that he or she COlISiders " be reliable and beIeves fhem " be lrue and cormct. The appraiser does not assume responsIJiIity for !he accur.q of such llems that were furnished by ofher paI1ies. 8. The apfniser will not disclose !he contenIs of \he ll!IPIaisaI report except as provided for In !he UnlIonn StIldards 01 ProIesslonaI AlJIx;IisaII'Iactice. 9. The appraiser has based his or her appraisal report and Mualion cooctuslon for an applaI$aI that is subject " saIIsIaclDIy ~ repairs, or afte!afions 011 !he assumption lhal compledoo of !he inpmvemenls wfI be performed in a WOOalIaI1IiIcll manner. 10. The appraiser must provide his or her pIior Wlltlen consent before the lender/cient specified in \he appraisal report can distJUlute !he appraisal report (mcludlng COOCluslons about !he property value, !he appr.iser's Identity and prolessionaI designations, and reterences to any professional appraisal aganIzaIions or !he Iim WiIh which !he appr;iser Is assooiaIed) " anyone oIher fIaJ !he booower; !he ~ or Is. successors and assi!Jls; lie moIlgage ilsurer; consultr1ls; pIiJfesslooal appraisal urganilalions; any Slabl or federally IppI!Mld financial 1nstiIuliOlI; or any d!lpar1ment, l!Q8llCY, or inslrumenlaIiIy of the lJ(Iited Stdes or any slate or fhe Olstrict Qf CoUnbia; elICepl1hat !he lendertclient may cisIJtluIll !he property descripfbl sectian of !he report only to data cuIIection or repodItg seMce(s) wlfhout havQ;j fD obtIit !he .appraiser's prfor Wlltlen consent The appaiser's Wlltlen consent and approval must also -tie 0btiIintd before lhe appraisal can be _yed by anyone to !he public fhrough adveItising, public relations, news, S<IIes, or ofher meda. freddle Mac fom1439 6-93 Page1of2 Fannie Mae Fonn 10048 6-93 The Daytor Group, Inc. Fonn ACR - "TOTAl for WindoWS" appraisal sofIware by a la mode, i1c. -1 ~Al.AM0IlE . . e e APPRAISE,,'S CERTIFICATION: The Applaiser certifies and agrees 1I1aI: 1. I have resean:hed the subjectlll3lket <rea and have selected a minimum of1hree recent sales of propertieS most similar and prolCimaIe III 1he subject property for considelation in the sales ~ analysis and have made a cIoItlI" ad;Jstmenl when appropriale 10 relleclthe III3Iket reaction to those iIems of slgnillcanl var1aIioo. I a si\J1ificant item in a comparable property Is superior to, or more favorable than, the subject property, I have made a negative ad;Jstmenl to reduce the adjusted sales price of the comparable and. . a s9ificanl1tem in a comparable property Is Infelior to. or less fawr.lble than the subject property. , have made a positive adjus1menl1o lncrease the adfJsted sales price of the comparable. 2. I have laken inlrl consIderaIion the factors that have 1I1 ~ on value In my development of the eslimale 01 marlrlll value bt the 3IiIH'3isaI report. I have not knowingly wIIhIleIdany slgnlficmt Infonnallon from the appraisal report and I believe, 10 the best of my knowledge, that all slaIemenIs and Informatlon in the appraisal report are true and cooect. 3. I stalEd in the appraisal report only my own personal, unbiased, and professional nfysis, opiniOns, and conclusions, which are subJect only III the contingel1t and Iimlling conditions specIlied in this form. 4. I have no present or prospeqtive interest in lhe property 1haI1s the subject to lhIs report, and I have no present or prospective pel'SOII3I iDlest or bias with respect lD the ~ in the nnsaction. I did not base, either ~ or completEly, my analysis ..vor the estimate ofl11alkel value In the appralsaI report on the 13Ce, color, religion, sex. handicap, f<m(Iial stdus, or national origin of either the prospeclive IlWlIeIS or occupanls of the subject property or of the present OWl1elS or oocupants of the properties In the\'iclnily of the subject property. 5. I have no present or contempIaIBd fIltunllnferest In the subject property, and neither my CUIrel1l or fIltunl erqJIoymenl nor my ~ation lor peIforming this appraisal Is contingent on the appraised value of the property. 6. I was not required to report a predelennined value or direction in value that favor.; the cause of the client or any relaled party, the amoont 01 the value estimate, the attainment of a specific result, or the occunence of a subsequent event in on1er lD receiVe my compensalion and/or employment for pertorming the appraisal. I did not base lhe appraisal report 00 a requested minimum valuation, a specific valuation, or lhe need lD approve a specific IllOltgage loan. 7. I pertormed this appraisal in conformity with the Un.orm Stmdards 01 Professional ApplalsaI Practice that were adop1ed and promulgated by the Appraisal Standards Board 01 The AppraIsal foundation and that were in place as of the effective date of this appraisal, with the exception of the depaIIure provision oIlhose Slandards, which does not apply. I aclaJowIedge that an estimate of a reasonable time lor oposure in the open III3Iket Is a con<ition in the definition 01 mari<et value and the estimate I developed is consistent with the marketing time noted in the neighboIhood seclionof lI1is report, unless I have oIItenvlse staled In the reconciliation section. 8. I have personally inspected the i1lerior and exterior areas 01 the subject property and the lllIIerior of all properties lsted as comparables In the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subjeCt sitE, or on any sitE wllhin the Immediate vicinity of the subject property of which I am aware and have made ad;Jstmenls for these adverse conditions In my analysis of the property value flJ the exleI1lthat I had mari<et evideneelD support them. I have also commented about the effect of the adverse conditions on the maJkel3bl1ity 01 the subject property. 9. I personally prepared all conclusions and opinions about the real esl3Ie that were set forth in the appraisal report. . I relied on slgniflCal1l professional assistance from any Individual or itdividuals in the pertonnance of the appralsaI or the preparation of the appralsaI report,.1 have named such inlivlduaI(s) and d'asclosed the spetifictasks pertormed by them in the reconciliation section of this appraisal report. I certify that any Individual so named is qualified to perform the tasks. I have not auUIorized anyone to make a change to any item in the report; therefore, n an unauthorized change is made 10 the appraisal report, I will tIke no responsibility for it SUPERVISORY APPRAISER'S CERTIFICATION: . a supeMsOI)' appraiser signed the ~ report, he or she cel1ifies and agrees 1hat: I directly supervise the appralSer who prepared the appr.isaI report, have revlewed the appraisal report, agree with 1he stIIemelds and conclusions of the appraiser, agree lD be bound by the appI3ser's cedificaIions oombered 4lhrough 7lDlve, and am tdcing full responsllility lor the appr.isaI and the IppIaisaI report ADDRESS OF PROPERTY APPRAISED: 62 S. Terrace Road. Wormlevsburg, PA 17043 ~ ~~ ="moRY "_ER (_" ftq"'MI' Name: IlIam J.~ I Name: 0aIe Signed: January 26. 2005 Dale Signed: Slate CeItification #: GA-000451-l Slate Celtiftcation #: or Slate license II: or Slate LIcense II: Slate: PA Slate: tlplration 0aIe 01 Certification or license: 06130/05 Expiration 0aIe 01 Certification or license: o Did 0 Did Not Inspect Property fledd'1e Mac form 439 6-93 Page 2 of 2 famie Mae form 10046 6-93 Form ACR - 'TotAl. for Windows" appr.IisaI software by a Ia mode, inc. - 1-800-AlAMOOE I ~ ~ ~ tog CoS e- Tax Parcel No. 47-20-1858-003 DEED This Deed is made the 13th day of March, 2000, BETWEEN RUSSEL E. SCOTT and GRACE J. SCOTT, his wife ("Grantor"), AND RUSSEL E. SCOTT and GRACE J. SCOTT, his wife, to be held as tenants in common without the right of survivorship ("Grantee"): WITNESSETH That the Grantor, in consideration of One and 00/100 Dollar ($1.00), paid by the Grantee to the Grantor, the receipt whereof is hereby acknowledged, does hereby grant and convey to the Grantee: ALL THAT CERTAIN tract ofland situate in the Borough ofWormleysburg, County of Cumberland ~d Commonwealth of Pennsylvania, more particularly bounded and described as follows, to wit: BEGINNING at a point on the eastern line of South Terrace at the dividing line between the lot herein conveyed and Lot No. 63 on the hereinafter mentioned Plan of Lots; thence in an eastwardly direction along the southern line of Lot No. 63 a distance of 175 feet to a point; thence in a southwardly direction by a curve to the right having a radius of 335 feet a distance of 168.69 feet, more or less, to a point on the northern line of Lot No. 61 on said hereinafter mentioned Plan of Lots; thence in a northwestwardly direction along the northern line of Lot No. 61 a distance of 175 feet to a point on the eastern line of South Terrace; and thence along the eastern line of South Terrace in a northwardly direction by a curve to the left having a radius of 160 feet a distance of 80.57 feet to a point, the place of BEGINNING. BOO~: 21 ~i r'A[/1119 . e e . BEING Lot No. 62 in the Plan of Lots known as Pennsboro Manor, Revised, which Plan is recorded in the Office for the Recording of Deeds in and for the County of Cumberland in Plan Book 3, Page 6. BEING the same property which Katharine T. Potter, formerly known as Catherine T. Kessler, and Carl W. Potter, Sr., her husband, by their deed dated June 15, 1972 and recorded in the Recorder's Office of Cumberland County in Deed Book R, Volume 24, Page 106, granted and conveyed unto Russel E. Scott and Grace J. Scott, his wife, the Grantor herein. UNDER AND SUBJECT, nevertheless, to all easements, restrictions, encumbrances and other matters of record or that a physical inspection or survey of the premises would reveal. Grantor hereby covenants and agrees that Grantor will warrant specially the property hereby conveyed. IN WITNESS WHEREOF, the Grantor has hereunto set hand and seal, the day and year first written above. WITNESS: '"t:3I /J~ ~ ~cLu ti:~{~ (SEAL) &~U- c::..P. ~:j(~ -, EAL) THIS IS A CONVEYANCE FROM HUSBAND AND WIFE TO THEMSELVES AND IS THEREFORE EXEMPT FROM THE PAYMENT OF RENNSYLVANIA REALTY TRANSFER TAXES. - 2 - 80011: 217 PACE1120 . , . . COMMONWEALTH OF PENNSYLVANIA SS: COUNTY OF DAUPHIN On this, the I ?,~ day of March, 2000, before me, the undersigned officer, personally appeared Russel E. Scott and Grace J. Scott, his 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 purpose therein contained. In WI1NESS WHEREOF, I have hereunto set my hand and seal. ~I\~al,-,^- Notary Pub ic (SEAL) NOTARIAL SEAL Carol ft... Koppenhaver; Notary Public Harn~uf'!:J' PA Dauphin County My CommIssIon Expires March 6, 2004 ~ c', <::::> c:: c ~ :;0 ~ ~ i1'1:-:0 00 ~ f:.:om N r- ::0 !ll i1>- c:..., :::;.; W .l!': f'~ --I ::0 o,.t :', QC:)t. =:3 o -., -.::: f-.>. c:: C:J fl1 0 2: (TI c) -4fT1r- tn -< 0 IT; BOOK 217 PAGE1121 0 IC/)::U " ~ . , e e , CERTIFICA nON OF ADDRESS I hereby certify that the precise residence of the Grantee herein is as follows: 62 South Terrace Drive Wormleysburg. PA 17043 COMMONWEAL TH OF PENNSYLVANIA SS: COUNTY OF CUMBERLAND RECORDED in the Office for the Recorder of Deeds in and for said County in Deed Book ~, Pagef~. ,-, m8lC h WITNESS my hand and official seal this ~ day of . ~ . ';;;. Recorder of Deeds 800~ 217 PACt1122 119 Associates I_ e . William J. Daylor - MAl Real Estate Appraiser & Consultant January 28, 2004 Sally Ann Keller, Executrix c/o Michael Kunisky, CPA Wildeman & Obrock 515 S. 29th Street Harrisburg, P A 171 04 RE: Grace Scott Estate 2625, 2627 & 2629 Herr Street, Penbrook, P A 17103 Dear Ms. Keller. I am pleased to transmit herewith this limited appraisal developed, prepared, and written in a summary format of my opinion of the retrospective market value (fee simple interest) in the real property as of October 25, 2004. The real property consists of two 2.5-story structures one of which is a 2-famiy structure, a utility garage, and two mobile homes. The structure is situated on a rectangular parcel dimensioned 90'x 180' containing 16,200 square feet or 0.3 719 of an acre. This report sets forth the value conclusion along with supporting data and reasoning that form the basis of my opinion of market value. My opinion of market value reported is qualified by certain definitions, limiting conditions and certifications set forth within this report. The information and opinions contained in this report set forth the appraiser's best judgment This report was not requested with a minimum valuation, specific valuation. My compensation is not contingent on a valuation estimate. The opinion of market value expressed herein is valid only for the intended use/user of this report. It may not be distributed to or relied upon by other persons or entities without my written consent. As a result of my analysis, I am of the opinion that the "as is" market value (as defined in this report), subject to the certain definitions, assumptions and limiting conditions, and certification as set forth in the attached report, as of October 25, 2004 would be: ONE HUNDRED FORTY EIGHT THOUSAND DOLLARS ($148,000) Appraiser GA-000451-L "THIS LEITER MUST REMAIN AITACHED TO mE REPORT PLUS RELATED EXHBrI'S IN ORDER FOR mE ESTIMATE OF VALUE SEF FORTH TO BE CONSIDERED V ALlD" 2335 Forest Lane, Harrisburg, PA 17112. (717) 574-9945. Fax: (717) 671-1263. TIN: 20-1168401 William J. Daylor, MAI- Appraiser e 262'-9 Herr Street, Penbrook, P A I EXECUTIVE SUMMARY I Property Type: The structural improvements consist of two 2.5-story structures one of which is a 2-famiy structure, a utility garage, and two mobile homes. The land area associated with the subject tract consists of 16,200 square feet or 0.3719 acres. Location of Subject Property: The subject property lies along the southern side of Herr Street, within the Borough of Penbrook, being known and numbered as 2625-27-29 and 2629 Herr Street (rear), Pen brook, Dauphin County, PA. The subject property is further identified as Tax Map Parcel Number 49-003-007 and 49-003-008. Real Property Interests Appraisal: The real property interests appraised consist of the fee simple interest in ownership subject to easements and restrictions of record. Ownership: Ownership of the real property is currently titled in the name of Grace J. Scott, who is deceased. Purpose of the Appraisal.- The primary purpose of this appraisal is to provide an opinion of the retrospective market value (fee simple interest) of the subject property which consists of two 2.5-story structures one of which is a 2-famiy structure, a utility garage, and two mobile homes for establishing a value for estate purposes. Intended Use/User of the Report: The intended use of this appraisal report is to provide the intended user, Michael A. Kunisky and his client Sally Ann Keller, with an opinion of the market value for estate purposes. Effective Date of Valuation: October 25, 2004 Date of Report: January 28, 2005 Site: The subject tract, as assembled, consists of a mostly rectangular shaped parcel which contains 16,200 square feet or 0.3719 of an acre, consisting of three separate parcels. The tract has gentle sloping topographical features with the structural improvement erected in accordance with the topographical features of the site, and as such portions of the lower level are exposed at the ground level. The structural improvements are well oriented on the site. Zoning: The subject property is zoned as a Commercial District by the Borough of Penbrook carrying a classification of C-l. The present use of the subject property as it presently exists conforms to the land use pattern and the zoning ordinance currently in effect 2 William J. Daylor, MAl-Appraiser _ 262~9 Herr Street, Penhrook, P A Highest and Best Use: As of the effective date of the appraisal it is in my opinion, the highest and best use of the subject property would be for its continued use investment properties (as assembled). Valuation Issues: > For the purpose of this appraisal assignment, I did not consider the Highest and Best use as vacant since the site, if vacant, could not accommodate the present uses existing on the various parcels. > The subject property is further identified as Dauphin County Tax Map parcels 49-003-007 and 008, which consist of a combination of parcels. A copy of the tax map has been provided. > In developing a real property appraisal, an appraiser must collect, verify, and analyze all information applicable to the appraisal problem, given the scope of work identified in accordance with Standards Rule 1-4(b) and 12-4 (c). Not all specific requirements are applicable to every assignment. When a specific requirement is not applicable to a given assignment, the specific requirement is irrelevant and therefore no departure is needed. The cost approach to value is not a typical practice for such an assignment and would not provide meaningful results in the given assignment. > For the purpose of this appraisal assignment the cost approach was considered but not processed. In my opinion, this approach to value was not applicable. However, the appraisal processes peiformed worked well and will result in opinions that are credible. Correlation of Values: Two of the three recognized approaches to value were considered and processed into an indication of value as of October 25,2004, and the respective values are as follows: Sales Comparative Approach: $148,000 Income Approach: $144,000 Cost Approach: Not processed. After all of the factors of this approach for a special purpose property have been carefully weighed for accuracy and quality of data, a final value opinion was concluded. Keeping this factor in mind, the only approach to value applicable were the sales comparison and income approach, which provided a meaningful conclusion. As a result of my analysis, my opinion of market value for the real property subject to the certain definitions, assumptions and limiting conditions, and certification set forth within the report, as of October 25, 2004, would be: ONE HUNDRED FORTY EIGHT mOUSAND DOLLARS ($148,000) 3 William J. Daylor, MAl - Appraiser e 262'-9 Herr Street, Penbroo/c, P A REPORTING TYPE To the best of my knowledge, this is a summaiy report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice (USPAP). As such, it presents only summary discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use as stated below. The appraiser is not responsible for any unauthorized use of this report. CLIENT Sally Ann Keller, Executrix of Grace Scott Estate APPRAISER William J. Daylor, MAl PA State Certified General Appraiser, GA-000451-L IDENTIFICATION OF SUBJECf PROPERTY 2625-27-29 and 29 (rear) Herr Street, Penbrook, PA 17103 PURPOSE OF APPRAISAL The purpose of this appraisal is to provide an opinion of the "as is" market value (fee simple interest) of the subject property which consists of the following properties: 2625 Herr Street: 2.5-story frame single family dwelling 2627 Herr Street: 2.5-story frame 2-family structure 2629 Herr Street: I-story aluminum mobile home 2629 Herr Street (Rear): I-story vinyl mobile home 2625/27 Herr Street (Rear): I-story utility garage The structural improvements are situated on a tract which is divided into three parcels according to a survey. <<I William J. Daylor, MAl - Appraiser e 262.e9 Herr Street, Penbrook, P A I DEFINITIONS I ~ Market Value The most probable sales 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 are the consummation of sale as of a specific date and the passing of title from seller to buyer under conditions whereby: a. buyer and seller are typically motivated b. both parties are well informed or well advised and acting in what they consider their best interest: c. a reasonable time allowed for exposure in the open market: d. payment is made in the terms of cash in u.s. dollars or in terms of financial arrangements comparable thereof: and e. the price represents the normal consideration for the property sold unafficted by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C-Appraisal, 34.42 Definition UJ. ~ "As is" Market Value Is an estimate of the value of the property in the condition observed at the time of inspection and is it physically and legally exists without hypothetical conditions, assumptions, or qualifications as of the effective dote of the appraisal. Source: The Dictionary of Real Estate Appraisal. Appraisal Institute. -I" Edition. ~ Exposure Time The time a property remains on the market. The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. Exposure time is always presumed to occur prior to the effective date of the appraisal. The overall concept of reasonable exposure time encompasses not only adequate, sufficient, and reasonable time but also adequate, sufficient and reasonable effort. Exposure time is different for various types of real estate and value ranges under various market conditions. Source: The Dictionary of Real Estate AppraisaL Appraisal Institute.4th Edition ~ Marketing Time The time it takes an interest in real property to sell on the market subsequent to the dote of the appraisal. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market during the period immediately after the effective dote of the appraisal; the anticipated time required time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of sale at a price supportable by current market conditions. Marketing time differs from exposure time, which is always presumed to precede the effictive date of the appraisal. Source: The Dictionary of Real Estate AppraisaL Appraisal Institute. 4thEdition ~ Fee Simple Interest As ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leasedfee owner) and the leasedfee are specifred by contract terms contained within the lease. Source: The Dictionary of Real Estate Appraisal. Appraisal Institute. 4thEdition. 5 William J. Daylor, MAl-Appraiser e 262_9 Herr Street, Penhrook, P A PROPERTY OWNER OF RECORD Sally Ann Keller, Executrix of Grace Scott Estate INTENDED USE OF THE REPORT It is my understanding that the intended use of this report is to provide an opinion of the "as is" retrospective value (fee simple interest) of the real property for the explicit use of the client in order to establish a market value opinion for estate purposes. INTENDED USER OF TIlE REPORT The intended user of this report is the client, Sally Ann Keller, Executrix. It may not be distributed to or relied upon by other persons or entities without my written consent To the best of my knowledge, this appraisal is written in conformity with the Uniform standards of Professional Appraisal Practice. REAL PROPERTY INTERESTS VALUED The property interests appraised consist of the fee simple interests in ownership subject to easement and restrictions of record. EFFECTIVE DATE OF VALUE October 25,2004 (retrospective value) DATE OF REPORT January 28, 2005 6 William J. Daylor, MAl - Appraiser e 262.e9 Herr Street, Penbrook, P A SCOPE, DEVELOPMENT, PREPARATION, AND REPORTING OF APPRAISAL The client has requested an appraisal to be developed, prepared, and written in a summary format that is compliant with the requirements of the Uniform Standards of Professional Appraisal Practice (USP AP) and appropriatt< regulating agencies. Furthermore, the appraisal has been prepared with prior agreement between the appraiser and client and the appraiser is not respOnSible for unauthorized use of this report. The value conclusion contained within this appraisal is subject to the Assumptions and Limiting Conditions and Certificate within this report. The nature of the assignment required an inspection of the subject property and research of other pertinent data regarding the subject property. The data typically includes sales of improved properties and parcels of vacant land similar or competitive to the subject property (if applicable), market demand, and general economic conditions as of the effective date of the appraisal. In addition, the subject property was vacant and there was no historical income and expense data. The research descnbed above was obtained through a variety of sources such as interviews with real estate professionals (Realtors, appraisers, assessors, etc.), public officials, contractors, grantors and grantees, etc. in the surrounding area. I also used the Internet, public records, and my personal database whenever possible. The Highest and Best Use as vacant was not been analyzed and determined since the site is a pre-existing use permitted to continue in a non-conforming status and if vacant could not accommodate the present use on the individual properties. As a result of the reliability and credibility of the comparative market data, primary emphasis has been placed on the sales comparison and income approaches to value. FoTthe purpose of this appraisal assignment, the cost approach to value was not considered and not processed into an indication of value. This is not a departure of USP AP Standard Rules 1-4 (b) and 1-4 (c) because this approach to value is not a typical practice for such an assignment and would not provide meaningful results in the given assignment. The valuation of the real property was based on its <<as is" condition. The final step in the valuation process is the reconciliation of the data and the correlation of the final valuation conclusion. This conclusion drawn from the reconciliation is based on the appropriateness, accuracy, quantity, and quality of the available data and other evidence set forth within this report. 7 I 262_9 Herr Street, Penbroo1c, P A I William J. Daylor, MAl - Appraiser e I WCATION ANALYSIS I Transportation Map > Regional Description The subject property is located in Dauphin County, which in addition to Cumberland and Peny counties comprise an area known as the "Tri-County Region" and is identified as being within the HarrisburglLebanon/Carlisle Metropolitan Statistical Area (MSA), which includes all of Dauphin, Peny and Lebanon counties and part of Cumberland County. The northern and western sections of Dauphin County are rural in nature. Clusters of municipalities lie somewhat close to the Susquehanna River and the City of Harrisburg. The Susquehanna River bisects the two major counties of the region, Dauphin and Cumberland counties into the East and West Shores. The City of Harrisburg, the capital of the Commonwealth of Pennsylvania is the county seat of Dauphin County and commercial center for the region. It is within 500 miles of forty percent of the United States population. The top United States markets located within this area are presented below. Market, Population and Distance (Dauphin County Economic Development) Distance 160 miles northeast 101 miles east 106 miles south 75 miles south 202 miles west Population and income in the region depend on employment that constitutes the economic base of the area. 1bis base is the economic activity of a community that enables it to attract income form outside its borders. The value of real estate reflects and is influenced by the interaction of basic forces that motivate human activity. The four major categories are social trends, economic circumstances, governmental controls, regulations, and environmental conditions. 8 William J. Daylor, MAl-Appraiser e 262'-9 Herr Street, Penbrook, PA Social Trends }> Population 1980-2000 County Population Estimates (US Census Bureau. 2(01) County 1980 1990 2000 1990-2000 % cballl!e Dauphin 232,317 238,427 251,798 5.60"/0 Cumberland 179,625 197,266 213,674 8.31% Lebanon 108,582 114,049 120,327 5.50"/0 Perry 35,718 41,343 43,602 5.46% Overall MSA 556,242 591,885 629,401 6.48% Development has generally been north, east, and west from Harrisburg along regional arteries that merge with smaller communities surrounding the city and forming suburbs. Many of these arteries have had significant upgrades including additional lanes and signals. The 1990-2000 population growth for the area was 6.48% as compared to the State of Pennsylvania slightly over 3% as compared to the United States slightly over 14%. }> Households The formation of households within this area has increased at a slightly higher rate than its population growth from 1990 to 2000. This is consistent with the national trend for smaller household sizes. The 1990 to 2000 population growth percentage was 6.48% compared to the household growth for the area at 8%. The 1990-2000 household growths within the area were 8% as compared to the State of Pennsylvania slightly less than 4% as compared to the United States slightly more than 14%. }> Age As in most areas of the country the population within this area continues to age. The median age in the area was 34 years in 1990 compared to 37 in 2000. The median age for the State of Pennsylvania was 34 years in 1990, compared to 37 years in 2000. For the United States as a whole, the median age in 1990 was 32 years compared to 35 in 2000. }> Education Higher education is offered through a number of universities and colleges in the area including Harrisburg Area Community College, Dickinson College and Dickinson Law School, Elizabethtown College, Gettysburg College, Lebanon Valley College, Shippensburg University. Additionally there are many branch campuses located in Harrisburg including Duquesne University, Penn State, Temple, Weidner University and Widener Law School, etc. Approximately 18.03% of the area held bachelor's degrees or higher in 1990 compared to 17.95% in Pennsylvania and 20.355 in the United States. }> Cultural and Recreational Resources The area affords numerous cultural and recreational resources such as the State Museum and Civil War Museum, The Whitaker Center for. Cultural Arts, semi-professional sports teams, concerts, the Farm Show Complex, the Forum Building, Hershey Park and surrounding attractions, historical attractions, community theatres and playhouses, etc. 9 WiUiam J. Daylor, MAI- Appraiser e 262'-9 Herr Street, Penbrook, P A ~ Summary Based on the above data it indicates that the area is growing and should continue to grow at a rate that is higher than the overall Commonwealth of Pennsylvania. The growth anticipated for the area should enhance the future prospects of the area. Economic Circumstances Economic forces such as employment growth, labor segmentation, economic base of the area, housing, income, etc. are market characteristics that are significant to real estate value. ~ Employment Top Ten Employers Major financial institutions have located branch offices in the area, which allows easier access to financing for development projects in the area. Allfirst Bank, Commerce Bank, M & T Bank, etc., are among these [mancial institutions. The presence of these large financial institutions allows for greater development potential to local developers. The area is also served by several organizations, which help encourage business activity from businesses and corporations from outside the area. Among these organizations are CREDC (Capital Region Economic Development Corporation), the Chamber of Commerce for the Greater West Shore Area, Mechanicsburg Area and Carlisle Area. CREDC has played a significant role in contributing to the growth of the Harrisburg area by inspiring new development and drawing large corporations to the area to set up headquarters, therefore providing new jobs. MSA Employment Growth Trends Cat 0 1996 - % oCtotal 2001 - %oftotal % chao e Services 88,200 - 25% 104,300 - 29"/0 18% Trade 74,100-22% 78,600 - 22% 5% Government 72,100-21% 69,800 -19"/0 -3% Manu 45,100-13% 42,300 - 12% -6% Trans rtation 23,000- 7% 28,200 - 8% 23% Construction 12,200 - 4% 14,500-4% 18% Finance, Ins., & RE 22,600- 8% 25,000 - 7"/0 10% Total Em 10 ment 337,300 362,600 6% The region benefits from one of the strongest economies in the Commonwealth. From 1996 to 2001 employment grew at an average annual rate.of 1.5%. The economy is aided by the stabilizing influence of the State Government, a good highway system, and lower cost of living. The decline in manufacturing jobs mirrors the statewide trends and is more than offset by increases in transportation and service employment sectors. State and federal downsizing combined accounts for the decrease in government employment. 10 William J. Daylor, MAl - Appraiser tit 262'-9 Herr Street, Penbrook, P A According to the Department of Labor and Industry unemployment rates for the area, Pennsylvania, and the United States were 3.7%, 4.8% and 4.7%, respectively, as of June 2001. Due primarily to the strength of trade as well as professional and related employment, the area economy has continued to expand making unemployment rates consistently lower than national averages. ~ Median Household Income The area had a 1990 median household income of $37,446 and is estimated at $56,114 for 2000. These figures represent a 49.8% increase in average income. Median household income and average household income for Pennsylvania as estimated for 2000 is $43,252 and $55,500 respectively. 46.3% of households in the area had incomes over $50,000 compared to the 42.9<<'/0 in Pennsylvania. ~ Summary of Economic Conditions In summary, compared to the national economy, the area is experiencing minimal problems. The local economy is considered diverse and stable with a favorable mix of industries that should help to insulate the community from a recession impact. As of the effective date of the appraisal the generally mvorable social, economic governmental and environmental forces in the area should continue to contribute to the demand for real estate in the subject area. The presence of the state capital, the historic significance of the region, and the attractions in Hershey, cultural, sports, and recreational opportunities attract significant revenues to the area annually. Transportation 1-83 provides access (via 1-283) to Harrisburg International Airport, and to 1-76, the Pennsylvania Turnpike. It also provides access south to York, Pennsylvania and Baltimore, Maryland. 1-81 provides access north to Wilkes-Barre and Scranton, Pennsylvania and south to Chambersburg, Pennsylvania and Hagerstown, Maryland. 1-81 intersects with 1-78, providing access east to Allentown, Pennsylvania, New Jersey and the New York City area. US Highway 322 provides access east to Lebanon and Philadelphia, Pennsylvania and west to State College, Pennsylvania. US 422, which intersects with US 322 in Hershey, provide access east to Lebanon, Reading and Philadelphia, Pennsylvania. 1-76 (pA Turnpike) provides access east to Philadelphia, Pennsylvania and west to Pittsburgh, Pennsylvania. US Highway 11 provides access south to Carlisle, Pennsylvania and Hagerstown, Maryland and north to Sunbury, Bloomsburg, Wilkes-Barre and Scranton, Pennsylvania. US Highway 15 provides access south to Gettysburg, Pennsylvania and Frederick, Maryland and north to Williamsport, Pennsylvania. Air transportation is available at Harrisburg International Airport, approximately a 20-minute drive form the subject property. General aviation is served by Capital City Airport and Oirlisle airport. Amtrak on Conrail's main line provides rail service. The rail terminal is located in Downtown Harrisburg. There is a good balance of land uses, a strong economic base, an adequate supply of housing and labor and a well developed transportation system. These fuctors have contributed to making the area attractive for commercial, industrial, and residential development and are significant conditions for the long-term growth prospects of the area. Governmental Controls and Regulations Governmental, political and legal forces have important influences on property values. The legal climate can overshadow the natural market forces of supply and demand. The government provides many necessary facilities and services that affect land-use patterns. I looked at the influences of public service, local zoning and building codes (especially those that obstruct or support land use), national, state, and local fiscal policies, and special legislation and there does not appear to be any atypical factors enhancing or limiting growth in the area. Generally, the political environment for real estate development in the area in the future is mvorable. This fuet is demonstrated by the conversion of residential uses to commercial uses within the immediate neighborhood. 11 Willimrl J. Daylor, MAl - Appraiser e 2625_9 Herr Street, Penbrook, P A Environmental Conditions Both natural and man-made environmental forces contribute to the nature and desirability of an area. The topography and climate of the area, in general, are suitable for many types of development. Conclusion The social, economic, governmental control and regulations, and environmental forces in the area contribute to the demand for real estate. Land uses are in balance with commercial, retail, industrial and residential uses located nearby. The economic base is generally solid and the transportation system is good. In general the area is a desirable place to live and work and compatible with the subject property. 12 William J. Daylor, MAI- Appraiser e 262_9 Herr Street, Penbrook, PA I NEIGHBORHOOD I The subject property is situated along the southern side of Herr Street, lying in the community of Pen brook, Dauphin County, PA 17103. The subject property is further identified as Dauphin County Tax Map parcel numbers 49-003- 007 and 008. Neighborhood Map The subject property lies along the southern side of Herr Street within the Borough of Penbrook in a stable neighborhood that has well defined boundary lines lying in the northern quadrant of the Penbrook Borough. The uses within the neighborhood are in balance and consist of residential (single & multi-family), strip and spot commercial, recreational, institutional, etc. The predominant use within the neighborhood is for residential purposes consisting of an older built-up residential community, generally consisting of single family dwellings, which lies adjacent to the City of Harrisburg. The Penbrook Borough is a small conununity lying within close proximity to the City of Harrisburg. As of the 2000 census, the population was 3,044. The City of Harrisburg ranks first in total population within Dauphin County with 48,950. Other adjoining townships have the following population: Swatara Township with a total population of 22,611 and Susquehanna Township with a population of21,895. A neighborhood is defined as a portion of a larger cOmmunity, or an entire community, in which there is a homogeneous grouping of inhabitants, buildings, or business enterprises. Inhabitants of a neighborhood usually have a more than casual community of interest and similarity of economic level or cultural background. Neighborhood boundaries may consist of distinct change in land use or in the character of the inhabitants. The present neighborhood falls within this definition. The neighborhood is served by a good road system, as Walnut Street, Herr Street, and Canby Street serve the subject's neighborhood as well as provide access to the adjoining townships to the east and west The traffic pattern in the immediate area is adequate. The subject property is easily accessible by the present road system including 1- 81,1-83, and U.S. Routes 22, 322, and 422. I am not aware of any apparent adverse trends associated with the neighborhood that would, in my opinion. impact market value. Amenities (such as shopping, bank, restaurants, public transportation) are convenient and adequately support the neighborhood. Both police and fire protection serve the area. There are stabilizers which support and stabilize neighborhood values. 13 William J. Daylor, MAl- Appraiser e 2625_ Herr Street, Penbrook, P A In analyzing the subject, your appraiser gave cohsideration to the following principles: ~ Principle of Conformity Holds that "maximum value" is created and sustained when the characteristics of a property conform to the demands of its market. Source: Appraisal Institute. The Dictionary of Real Estate Appraisal. .(I' Edition. ~ Principle of Balance Holds that "maximum value" is created and sustained when contrasting, opposing, or interacting elements are in a state equilibrium. Source: AppraisalInstitule. The Dictionary of Real Estate Appraisal. .f' Edition The desirability of the neighborhood for the present use is determined by: ./ The overall stability within the existing market area. ./ The roads serving the general and immediate area. ./ Police andfire protection. ./ Land use controls within the market area. In analyzing the general area I have given consideration to the following: ./ Source of Employment - the general Harrisburg market area, which includes the Penbrook Borough, enjoys a stable economic base. ./ Population Trends - the positive population trends within the general area has shown an upward growth pattern. ./ Trend of Disposable Income - the disposable income has been increasing, which is anticipated to continue. In summation,. it can be said that the neighborhood enjoys stability, the uses within the neighborhood are in balance, and the present road system supports the neighborhood. The present use of the subject property is a use that is compatible with the existing land use pattern. 14 William J. Day/or, MAI- Appraiser e 262_9 Herr Street, Penbrook, PA I PROPERTY DESCRIPTION I ~ Tract description The subject tract consists of three separate parcels as identified on the appended survey. Each parcel is identified and bounded as follows: Parcel #1: 22Sx 150' = 3,375 SF Parcel #2: 22.50'x 150'x 22.5'x 30'x 40'x lOO'x 5'x 80' = 4,225 SF Parcel #3: 45'x 80'x 5'x lOO'x 50 'x 180' = 8.600 SF 16,200 SF The entire tract is dimensioned 90'x 180' containing 16,200 square feet or 0.3719 ofan acre. Each parcel is at grade along its Herr Street frontage and slopes downwardly towards its rear property line, a public alley. Both residential structures are built up at the front property line and extend in depth from that point and as such there is a minimal front yard. The mobile homes are typically oriented on the site. Site improvements consist of concrete service walks, macadam off-street parldng area accommodating a 10-car layout, and chain link fencing. Exclusive of the area occupied by the structural improvements and site improvements, the remaining portion of the tract is grass covered and landscaped with hedging, mature tress, and plants. Public electricity, water and sewer have been extended from the main structural improvements to the garage. Herr Street at this point has macadamized curbing lined with curbs and sidewalks. The public alleys each have a macadamized cartway. ~l HERR ST . 50' - _ ~7_JllH~ - - ~ NU " ""- ,.;;., 2 } ?- ,<..~ 7 6 9 10 \j'< 3 4 5 6 ~~,~ ! , -g 1!! t:; ~ .., '" I- WOW1G Al. 16' z w w > ~ f z w ~ ':' I ;;; 20 :: ,.. ~ , I- ,. II z I- ~ I I- Z ~~ , '14 ...c:;.' II 13 15 (I ,: ::- I I f' i _ 5 t ii' - - .,. -- - - -,- PENBROOK AVE. 40' ~5( I, I , <~- tv! ~\" . "'...... Dauphin CQunty Tax Map parcel numbers 49-003"{)()7 and 008 15 William J. Daylor, MAl-Appraiser e 262. Herr Street, Penbrook, P A ~ Site improvement description Exclusive of the area occupied by the structural improvement as well as the site improvements, the remaining portion of the tract is grass covered and landscaped with mature trees, plants, and shrubs and is grass covered. The structural improvements are well oriented on the site conforming to the land use pattern. ~ Hazardous materials At the time of my inspection of the structural improvement, I did notice lead based paint which was chipping. The structural improvements, for the exclusion of the mobile home, were constructed prior to 1978. There was also asbestos tile flooring in the residential structure. ~ Flood data Based on knowledge of the area, the subject property is not situated in a flood hazard zone. Additionally, there is no flood map published for the Borough of Pen brook. ~ Zoning As of the effective date of appraisal the subject property was zoned by the Borough of Pen brook as a Commercial District carrying a C-I classification. The present use of the subject property for commercial purposes (investment property) is a use that is compatible with the existing land use pattern and the zoning ordinance. ~ Services Public water and sewer, electricity, gas and TV cable are available for and of these all are connected to the structural improvement. ~ Real estate assessment and tax analysis The subject property has been assessed in the total amount of $151,400 by the Dauphin County Tax Authority. The assessment represents 1000/0 of the assessor's estimate of Maricet Value, having a base year of 2002. The current Millage Rates are listed as follows: County & Library: 7.226 Municipality: 7.360 School: 11.888 Total: 26.474 Tax Map Parcel Assessment Millage Taxes 49-003-007 & 008 $151,400 26.4740 $4,008.16 ~ History There have been no recent transfers in the past three years. The properties are currently not listed for sale, or under an option t() purchase. None of the parcels of real estate are subject to an agreement of sale. Due to the nature of the division of the parcel, the overlap of property lines, and the utility lines extending over property lines, the property would be sold as a single investment. 16 William J. Day/or, MAI- Appraiser e 262e9 Herr Street, Penbrook, PA ~ Improvement description 2527 Herr Street consists of a 2.5-story semi-detached frame 2-family structure containing 1,888 square feet accommodating a I-bedroom apartment at the first level and a 2-bedroom apartment at the upper level. However, the structure lacks a secondary access. The use of the bedrooms at the 3m level for sleeping purposes is illegal. Therefore, for purposes of this appraisal, the structure contains two I-bedroom apartment units. The 1st level contains a living room, bedroom, kitchen, and full bath. This unit is currently leased for $450 per month with the lessor providing both heat and hot water, and the tenant paying for electricity. The 2nd level was not inspected and according to the owner contains a living room, three bedrooms, kitchen, and bath. The 2nd level apartment is leased for $500 per month. The interior finish consists of hardwood, vinyl, and vinyl asbestos tile floors, paneled and painted plaster walls, and finished ceilings. The kitchen contains base cabinetry with a sink insert, range, and refrigerator. The bath contains a three piece bath set. The unit is cooled by a built-in AC unit. There is a full basement which is partially finished. At the basement level is a gas-fired steam heating boiler and an automatic water heater. The main electrical service consists of a single phase 100 amp arrangement. The structure is in an average state of repair but evidences functional obsolescence relating to surplus capacity, modernization, etc. 2529 Herr Street consists of a I-story detached aluminum surfaced mobile home which is dimensioned 14' x 60' containing 840 square feet. The floor plan consists of a living room, kitchen, two bedrooms, and a full bath. The structure is served with a heat pump unit and automatic hot water heater. The interior finish consists of carpet and vinyl flooring, paneled walls, and a finished ceiling. The kitchen contains base and wall cabinetry, a Formica wod area, sink insert, range, fan hood, refrigerator, and dishwasher. The bath contains a three piece bath set. Appended to the structure is a wood deck and a covered patio. The structure is 24 years old and is leased for $475 per month. There is an 8'x 14' utility shed appended to the trailer. The lessor provides water, and the tenant is responsible for heat, electricity, etc. 2529 Herr Street (rear). The structural improvement that is situated on this portion of the tract consists of a I-story manufactured home which contains 800 square feet and accommodates a living room, dining room, two bedrooms, kitchen, and full bath. The structure is currently leased for $500 per month. The interior finish consists of carpet and vinyl flooring, paneled walls, and finished ceilings. The kitchen is adequately equipped, and the bath contains a three piece bath set. The structure is in an average state or repair evidencing a typical level of maintenance and care and is equipped with a heat pump and water heater. The exterior has an open front porch and concrete patio. The yard area is fenced and situated in the yard is a 12.5'x 12.5' utility building. The structure has vinyl siding and a shingled roof. 17 William J. Daylor, MAl - Appraiser e 262'-9 Herr Street, Penhrook, P A 2625 Herr Street is a 2.5-story detached frame single family dwelling containing 1,744 square feet of gross building area The first level floor plan consists of a living room, dining room, kitchen, and bath. There are three bedrooms and a bath at the second level and two finished bedrooms at the 3rd level, which are unheated. The kitchen contains based and wall cabinetry, a Formica work area, built in dishwasher, range, and refrigerator. The bath contains a commode, vanity, and shower unit. The bath at the 2"" level contains a three piece bath set. The interior finish consists of pine, vinyl, and carpet floors, painted, paneled, or papered walls, and finished ceilings. There is a full unfinished basement which houses an oil fired steam heating boiler and an automatic hot water heater. The main electrical service consists ofa single phase 100 amp arrangement. The structure is in an average state of repair. However, there is evidence of functional obsolescence relating to surplus capacity and modernization. Improvements completed in the past few years include replacement windows, upgraded electric servioe, n{;}w furnace, etc. The property is currently leased for $575 per month with the tenant being responsible for electricity, individual heat, and domestic hot water. The garage is 27'6"x 48'6" containing 1,334 square foot and consists of a I-story vinyl sided structure which is served by a l4'x 14' electrically operated overhead door. The structure has a 6" reinforced concrete foundation and floor slab, concrete block perin1eter base wall, vinyl sided exterior and a fiberglass shingle roof served with gutters and downspouts. The structure is insulated with fiberglass walls and ceiling insulation. The interior has a concrete floor, painted plasterboard walls and ceiling. The lighting is of the fluorescent type. There is a partitioned area which houses a powder room and a utility porch. The structure is in a good state of repair and is functionally efficient for its present use. It is heated by a gas fired hot air furnace. Subject Photographs 18 William J. Daylor, MAl-Appraiser e 2625.9 Herr Street, Penhrook, P A 19 William J. Daylor, MAl-Appraiser e 26.9 Herr Street, Penbrook, P A I PROPERTY VALUATION I The purpose of this appraisal is to estimate the "as is" market value of the real property. Traditionally, appraisers use three approaches to value, namely, the sales comparative approach, the income approach and the cost approach. Theoretically, each of these approaches is a method or technique based on factual data presumably extracted from the market by which the appraiser develops separate indications of market value to be reconciled and weighed in order to reach a final estimate of market value. However, the subject property is a special-purpose property and only the cost approach is applicable. In each assignment, the appraiser considers, but may not utilize all three approaches. For a particular property or type of property, the value indication from one approach (or two) may be most significant; yet, when possible, the appraiser uses all three to check against each other. For example, the sales comparative approach is inapplicable for specialized properties such as a modern church; the income approach is similarly inapplicable in the valuation of an owner occupied home and the cost approach is impractical in the valuation of vacant land. Three approaches to value are, however, pertinent to the solution of this appraisal problem. Their use is well . established in appraisal practice and accepted as part of the fundamental procedure. ~ Sales comparative approach A set of procedures in which a value indication is derived by comparing the subject property being appraised to similar properties that have sold recently, applying appropriate units of comparison, and making adjustments to the sale price of the comparables based on the elements of comparison. The sales comparative approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data ore available. Source: The Dictionary of Real Estate AppraisaL Appraisal Institute. 4thEdition. ~ Income capitalization approach A set of procedures by which an appraiser derives a value indication for an income producing property by converting the anticipated benefits (cashflow and reversion) into property value. These conversions can be accomplished in two ways. One year's income expectancy can be rate or at a market derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and a change in value of investment. Alternatively, the annual cash flow for a holding period and the reversion can be discounted at a specific yield rate. Source: The Dictionary of Real Estate AppraisaL Appraisal Institute. 4thEdition. ~ Cost approach A method of estimating market value of a property by estimating the current cost to construct a reproduction of or 11!placement for the existing structure; deducting accrued depreciation from the reproduction or replacement cost and adding the estimated land value plus an entrepreneurial profit. Source: The lJictionary of Real Estate AppraisaL Appraisal Institute. 4thEdition 20 William J. Daylor, MAl - Appraiser e 26.9 Herr Street, Penbrook, PA I IDGHEST AND BEST USE I Basic to 1he determination of a property's value is 1he "highest and best use", which is "1he reasonable and probable use 1hat supports 1he highest present value, as of 1he effective date of 1he appraisal." The reasonably probable and legal use of vacant /and or an impravedproperty, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. Source: The Dictionary of Real Estate AppraisaL Appraisal Institute. 4th Edition. The highest and best use must be: }> Physically possible - the use must be physically possible on the site or in the improvements planned or existing. };> Legally possible- the use must permit under zoning and other municipal, county, state and federal regulations. };> Financially Feasible -the use must be capable of producing a positive return. };> Maximally productive - the use must represent the most maximally productive use for the subject property as of the date of completion. Highest and Best Use - As Vacant For 1he purpose of 1his appraisal assignment, I did not consider 1he Highest and Best use as vacant, since 1he Highest and Best use of 1he site could not be utilized as presently exists wi1h a multitude of uses - dwellings, mobile homes, and utility garage. Highest and Best Use as Improved The highest and best use as improved would be for its continued use a mixed use investment property, which provides sufficient income to support its current use. The structures as erected on 1he site, especially 1he mobile homes are older structures evidencing functional obsolescence, whereas 1he single and two- family residential structure evidence bo1h functional obsolescence and hazardous materials. };> Physically possible The site contains 0.3719 of an acre and 1he physical characteristics (shape, size, accessibility, availability of public utilities) support its current use. };> Legally Permissible The site is currently improved with two 2.5-story structures one of which is a 2-famiy structure, a utility garage, and two mobile homes. The existing improvements are compatible in relation to 1he current zoning ordinance and is a use conforming to its neighborhood surroundings. I am not aware of any . private restrictions, deed restrictions, and environmental regulations 1hat would impact 1he use of1he subject property as improved. 21 William J. Daylor, MAI- Appraiser e 26_29 Herr Street, Penbrook, P A ~ Financially Feasible To determine the highest and best use of a property as improved, uses which are physically possible and legally permissible are analyzed to determine the use that is financially feasible. Uses that are not physically possible or legally permissible are eliminated from further analysis. The use that is expected to produce a positive return is regarded as being financially feasible. The market in general has responded to the current economic climate, and as such there is adequate balance between supply and demand, stable occupancy levels, and stable rental levels. The subject property is located in a neighborhood which is served by an adequate road system and in addition, enjoys compatibility in relation to a wide variety of permitted existing uses. In addition, the property is located in a bedroom community adjacent to the City of Harrisburg. ~ Maximally productive: Of the financially feasible uses, the use that produces the highest residual land value is regarded as the highest and best use. The residual land value is determined by estimating the value of the (land and improvement) and subtracting the cost to create the improvement. The cost to create the improvement includes the cost oflabor, capital and coordination. Implied within the definition of highest and best use is the recognition of the contribution of that specific use to community development goals in addition to wealth maximization of the adjacent property owners and the development trend associated with the general area. It should be noted that the determination of the highest and best use of the subject property is a result of the appraiser's judgment and analytical skills and represents an opinion, not a fact, and in the appraisal practice, the concept of highest and best use represents the premises upon which value is based. The legal possibilities that place controls on the potential uses are zoning, deed restrictions, flood restrictions, setback regulations and environmental controls. Based on the aforementioned, I have concluded that the present use of the subject property is a legal conforming use of the property. ~ Conclusion: I have concluded that the highest and best use of the subject property would be for its continued use as an investment property. 22 William J. Daylor, MAl- Appraiser e 262e9 Herr Street, Penbrook, P A I Sales Comparative Approach I In the valuation of the subject property, analyses of sales of similar type structures were analyzed. Each of the sales considered were located on primary or secondary route enjoying both site view and site identity. The sales considered represented the market for this type of property in the general market area. Each sale was r~duced to a unit price per square feet of gross land area as the acceptable unit of comparison, which includes the structural and site improvements. The sales comparative approach is defined as A set of procedures in which a value indication is derived by comparing the subject property being appraised to similar properties that have sold recently, applying appropriate units of comparison, and ma/dng adjustments to the sale price of the com parables based on the elements of comparison. The sales comparative approach may be used to value improved properties. vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data are available. Source: The Dictionary of Real &tate, ,f' Edition, Appraisallnstitute. The sales comparative approach to value involves the use of appropriate comparative data that is accurate and reliable between the properties being appraised and other comparable properties. The Principle of Substitution underlies the sales comparative approach. The Principle of Substitution is a valuation principle that states that a prudent purchaser would pay no more for real property than the cost of acquiring an equally desirable substitute on the open market. Source: The Dictionary of Real Estate, ,f' Edition, Appraisal Institute. The Principle of Substitution presumes that the purchaser will consider the alternatives available to bimlher that he/she will act rationally or prudently on the basis of the information about those alternatives and that time is not a significant factor. Substitution may assume the form of the purchase of an existing property with ~e same utility or having acquired an investment, which will produce an income stream of the same size with the same risk as that involved in the property in question. Very seldom can an identical property be found in the marketplace that has sold subject to the same physical, legal, and economic characteristics as the subject property. Due to this fact a better Comparison can be drawn from competitive property sales by utilizing units of comparison common to both the subject and the comparative sales. The unit of comparison selected for this approach was price per square foot of gross land area. This unit of comparison, in my opinion, was the most appropriate based on the existing trend of conversion to a higher intensive use along primary and secondary arterial routes. This approach consists of a process of an analysis of similar type properties that have been sold In this valuation process primary and secondary arterial routes were studied in order to find transfers of properties for conversion to a higher intensive use. Typically, an upward adjustment would be made if the comparable is inferior for a greater element of comparison. Similarly, a downward adjustment will be made when the comparable is superior. Generally speaking, elements of comparison consistently include real property interests conveyed, financing terms, conditions of sale, time~market conditions, location, physical characteristics, economic characteristics, use (zoning), etc. 23 William J. Day/or, MAI- Appraiser e 262_9 Herr Street, Penbrook, P A Comparability is a function of the value of sales activity in the present market. Generally speaking, there are guidelines, which are applied to judge the degree of comparability between the comparable sales and the subject property. The sales were typical market transactions with no special financing. The adjustments considered included but were not limited to condition of sale (related parties, foreclosure, etc.), market conditions (time, etc.), location (proximity to amenities, exposure of property, etc.), physical characteristics (size, shape, utility, etc.), etc. The comparative sales approach is a procedure in which a value indication is derived by comparing the property being appraised to similar properties that have recently sold. Applying the appropriate "unit of comparison" and making adjustments to the sales price of the comparative sales based on elements of comparison. The comparative sales approach is used to value improved properties, vacant properties, or land being considered as though vacant. It is most applicable and most preferred method of valuation when reliable sales data is available. There was sufficient market data available (completed transactions) in order to value the subject property. I was able to uncover six comparable sales from which I developed a unit price per square foot of land area as the acceptable unit of comparison for analytical purposes. A substitute buyer would consider the cost of purchasing a vacant parcel of land and constructing a building having similar utility. Adjustments were considered for differences between the comparative sales and the subject property. An adjustment is considered to be a mathematical change made to basic data in order to allow for better comparison and understanding of the comparative data. Comparative sales data is adjusted when favorable financing terms are made available to the seller. The present value of the difference between favorable financing terms tends to indicate an advantage to the comparative property. Of the sales considered for this analysis, I am not aware of any usual financing considerations. Quantitative adjustments are often developed as dollar or percentage amounts while qualitative a4justments are simply expressed through relative comparison (inferior, superior, etc.). Given the availability of data and the imperfect nature of the real estate market, participants often rely on qualitative comparisons. By combining the benefits of both quantitative and qualitative analyses, a blended adjustment technique was utilized. The following indicates the blended adjustment technique. Market participants can often identify superior or inferior characteristics when comparing properties. The following illustrates this analysis: Qualitative Quantitative Slight Differences 5% Moderate Differences 10% Major Differences 15-20010 Extreme Differences 25-30010 The grid adjustments reflect the adjustments when comparing the comparable sales to the subject property. The grid adjustment process is typically applied through other quantitative and qualitative analyses. Quantitative adjustments are often developed as dollar or percentage amounts while qualitative adjustments are simply expressed through relative comparison (inferior, better, etc.). Given the availability of data and the imperfect nature of the real estate market, participants often rely on qualitative comparisons. By combining the benefits of both quantitative and qualitative analyses, a blended adjustment technique was utilized. The following chart indicates the blenc;led adjustment technique. Market participants can often identify superior or inferior characteristics when comparing properties. The following chart illustrates this analysis: 24 William J. Day/or, MAI- Appraiser e 2625.9 Herr Street, Penhrook, P A The sales comparative approach, when data is good., can be considered to be the most definitive indicator of value as it represents the interactions of the marlcet participants. Market value can be measured by the price of acquiring an existing substitute property with the same utility as the subject property. The sales comparative approach is a procedure in which a value indication is derived by comparing the property being appraised to similar properties that have recently sold. Applying the appropriate unit of comparison and making adjustments to the sale prices of the comparable sales based on the elements of comparison. The sales comparative approach may be used to value improved properties, vacant properties, or land being considered as though vacant. It is the most commonly used and most preferred method of land valuation when comparable sales data is available, appropriate, and reliable. Summary of sales of comparable single family residential structures: No. Address Sale Price Unit Rate Sale Date Description I 2837 Booser Ave, $54,900 $27.00 11103 2.5-Story frame, 2,034 SF, 7-4-1 room Penbrook, PA count, 2-car j!,3I'lIge, HW heat. 2 2639 Canby Street, $40,000 $22.23 12103 2.5-Story frame, 1,800 SF, 5-2-1.5 Penbrook, PA sinlde family dwelling, Oil steam heat. 3 24 N. 28" Street, $39,900 $29.08 10103 2.5-Story frame, 1,372 SF, 6-3-1 room Penbrook, P A count, 2-car ~,. 4 2823 Penbrook Avenue, $42,000 $29.33 08104 2.5-Story frame, 1,432 SF, 6-3-1 room Penbrook, P A count, l-car j!,3I'lIge. 5 26 S. 24" Street, $40,000 $22.88 02104 2.5-Story frame, 1,748 SF, 7-4-2 room Penbrook, P A count, 2-car 2l1111l!e, hot air heat. Mean $43,360 $26.10 A series of single family residential comparable sales were analyzed. The sales developed a range from a low of$39,900 to a high of $$54,900. Based on the aforementioned, I selected a value of$6O,000, which includes the contribution of the commercial garage. I allocated $42,000 to the single family dwelling and $18,000 to the garage. Summary of comparable multi-family dwelling located within the Penbrookarea: No. Address Sale Price Price per unit Sale Date Description I 2905 Banks Street, $42,500 $29.31 01104 2.5-story Alum, 2 units, 1,450 SF, Penbrook, PA two I-BR units, Elec baseboard. 2 2825 Herr Street, $52,300 $29.05 IlI03 2.5-story Alum, 3 units, 1,800 SF, two Penbrook, P A 4-BR, one 2-BR units, Elec HP 3 2907 Deny Street, $70,000 $31.82 10/03 3/l-story, 2 units, 2,200 SF, one 2 BR Paxtan2. P A and one 3-BR units, gas heat. Mean $54,933 $30.06 Three comparable sales of multi-family structures were analyzed, being reduced to a unit rate per square foot as the acceptable unit of comparison. The comparable sales developed an unadjusted range from a low 0[$29.05 to a high of$31.82 with a weighted average 0[$30.06. The mobile home units are situated on the site with the 2.5-story two family dwelling, which is reflected by the assessment. The multi-family structure, based on comparable data supported a value 0[$55,000 plus the contributory value of the mobile home units. 25 William J. Day/or, MAl- Appraiser e 262_9 Herr Street, Penbrook, P A Summary of sales of mobile homes: No. Address Sale Price Sale Date Description 1 149 Houston Drive, $13,500 07/04 1-story alum., 1990 age, 980 SF, land HarrisIJurg, PA rent $2701montb, 4-2-2 room count 2 10 Hillcrest Drive, $4,200 09/04 1-story alum., 1970 age, 720 SF, land Harrisburg. PA rent $235/montb, 4-2-1 room count 3 314 Dallas Drive, $16,000 08104 l-story alum., 1993 age, 1,036 SF, land Harris~ PA rent $275/month, central air 4 Lee Drive, $10,000 06104 1-story alum., 1980 age, 980 SF, land Middletown, P A rent $255/montb, 4-2-1 room count 5 197 Palm City Park. $19,900 05/04 1-story alum., 1995 age, central air, Annville, P A land rent $23S/montb, 4-2-1 room cnt Mean $12,720 A series of comparable sales of existing mobile homes. were analyzed. The typical units varied in size and physical characteristics such as age, central air conditioning, etc. The sales were exclusive of land and were reflective of what the market is paying for a unit generally located in an existing mobile home park. I was unable to uncover any sales within residential communities. Based on the aforementioned, I selected a value for the unit exclusive of the land of $10,000, which is slightly below the mean of the sales considered. Conclusion: 2625 Herr Street + garage = $60,000 2627 & 2629 (front & rear) = $88.000 Total: $148,000 The value of the property as of October 25, 2004 is $148,000 by the comparative sales approach and subject to the assumptions and limiting conditions and certification as stated within this report. 26 William J. Day/or, MAl - Appraiser e 262_9 Herr Street, Penhrook, P A I Cost Approach I The cost approach is an analysis that incorporates the replacement value of the structural improvement, as ifnew, deducts depreciation and adds the land as iInproved. The Appraisal Institute defines the cost approach as that approach in appraisal analysis, which is based on the proposition that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility as the subject property. It is particularly applicable when the property being appraised involves relatively new improvement, which represents the highest and best use of the land, or when relatively unique or specialized improvements are located on the site and for which there exist no comparable properties on the market. The Principle of Substitution underlies the theory of the cost approach. ~ Principle of Substitution When several similar or commensurate commodities, goods or services, are available, the one with the lowest price will attract the greatest demand and widest distribution. This is primary principle upon which the cost and sales comparison approaches are based Source: Appraisal Institute. The Dictionary qf Real Estate Appraisal. 411f Edition. Substitution may assume the form of the purchase of an existing property with the same utility or of acquiring an investment, which will produce an income stream of the same size and with the same risk. The land value is as improved plus the reproduction cost of a new building without consideration for accrued depreciation establishes the upper limit of the value range. Depreciation is defined as follows: ~ Physical Depreciation -loss in value due to physical deterioration, wear and tear, and/or deferred maintenance. ~ Functional Obsolescence - loss in value due to the lack of utl1ity or desirabl1ity of part or all of the property inherent to the improvement. ~ Economic Obsolescence - loss in value due to causes outside the property and independent of its intrinsic factors. The cost approach was not processed into an indication of value due to the ages of the structure and the subjectivity associated with accuracy of the approach with dwellings of this nature. 27 William J. Daylor, MAl - Appraiser e 262.9 Herr Street, Penbrook, P A I Income Approach I The Income approach is defined as A set of procedures through which an appraiser derives a value indication for an incoming- producing property by converting its anticipated value (cash flows and reversion) into property value. This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market derived capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specific rate. Source: TIre Dictionary of Real Estate, ,f' Edition, Appraisal Institute. The Principle of Anticipation underlies the income approach. The Principle of Anticipation is based on the perception that value is created by the expectation of benefits derived in the future. Source: TIre Dictionary of Real Estate, "f' Edition, Appraisal Institute. The income approach uses one or more techniques in which the subject property's anticipated net operating income is capitalized into a value indication. The validity of this value indication depends on the quality of the actual or estimated income, vacancy, and expenses to select a capitalization rate. Other important factors concern the characteristics of the income stream, its economic life span, and the method used to convert the net income into a value indication. The following is an overview of the steps utilized in the income approach. ~ Estimate potential gross income. This involves analyzing the subject property's current leases to establish the potential gross income from the leased space, and then estimating the market rent to stabilize the subject property's rental rate by surveying comp((lTable rental properties in the market. ~ Estimate vacancy and credit loss. ~ Estimate expenses. ~ Calculate the reconstructed net operating income. ~ Select a capitalization rate from the market to use in the direct capitalization technique. ~ Perform a discounted cash flow analysis to estimate the value through yield analysis, if applicable. ~ Reconcile a value indication for the income capitalization approach. The two generally accepted techniques used in this approach are direct capitalization and the discounted cash flow (yield) analyses. Direct capitalization is a method used to convert a single year's expected income into an indication of value in one direct step by dividing the net operating income by an appropriate capitalization rate. 28 William J. Daylor, MAl-Appraiser e 2625.9 Herr Street, Penbrook, P A > Analysis of Income At the time of the inspection, there was historical rental data available. The market was researched in order to determine if the actual rents were comparable with the market. Such data as sight view, site identity, curb appeal, and accessibility are positive features, which enhance the value of the subject property. In addition, I have given consideration to such factors as desirability of the rental units, the caliber of surrounding properties and comparative rental offerings by comparing the subject property to its competition. The "principle of substitution" i$ the basis for developing economic rental estimates for the subject property. Based on discussions with several commercial Brokers and market participants I have concluded that the rents for the subject property are compatible with the market The lessee would generally be responsible for the operational costs such as electricity, heat and air conditioning, water and sewer, trash removal, and lawn care. As of the effective date of valuation, all of the rental units were under a lease agreement. The details of the rentals are offollows: Pro e Address Monthl rental 2625 Herr Street $575 2627 Herr Street $450 2627 Herr Street $500 2629 Herr Street $470 2629 Herr Street (rear) $500 2627 Herr Street (rear $500 $2,995 The gross monthly income of $2,995 annualized is $35,940. Gross annual income: $35,940 <Vacancy> Vacancy is the function of market activity and local market conditions. The subtraction from the forecasted gross annual income accounts for income lost during periods when the property is not fully leased, tenant turnover, or tenant unable to pay rent in a timely manor. For purposes of this appraisal assignment and giving weight to historical occupancy levels associated with the property, I selected a vacancy factor of 5% or $1,797. Effective gross income: $34,143 <Expenses> Expenses are charges against the property and are related to fixed, operating and reselVes for replacement. There were no historical expenses for the subject property. However, comparisons were made with similar type properties in order to determine operating expenses for the subject property. The total expenses were determined to be $19,398. Stabiliud Net Operating Income: $14,745 29 William J. Day/or, MAl-Appraiser e 262_9 Herr St1'eet, Penbrook, P A ~ Income/Expense Recapitulation Gross Annual Income: $35,940 Less: Vacancy/Credit Losses (5%) <$1.797> Effective Gross Income: $34,143 Operating Expenses: Fixed Expenses: Real Estate Taxes* $4,008 Insurance $1.500 $5,508 Variable Expenses: Utilities $4,900 Sewer ** Water Tenant Refuse Tenant Lawn Care $975 Repairs $1,600 Management $3,415 Professional Fees $1,500 Miscellaneous $1,500 $19,398 Total Operating Expenses: $19.398 Stabilized Net Operating Income: $14,745 *Face value * * Sewer expense is included in real estate taxes 30 William J. Daylor, MAl - Appraiser e 262_9 Herr Street, Penbrook, P A ~ Risk Analysis The current economic conditions in general have had a stabilizing impact on the real estate market based on discussions with market participants. The real estate activity has been increasing from a sales and absorption standpoint. Based on the aforementioned, it would appear that the real estate market is entering an increasing trend. However, I have concluded that the subject property is a parcel of real estate which enjoys an average level of risk in today's real estate investment market for a single user property. ~ Direct Capitalization Technique In order to convert the net income to an indication of value that is reflective of current market conditions, a capitalization rate (Ro) was determined from the market data. As indicated this capitalization rate blends the rate required to serve the typical mortgage (Rm) with the rate required attracting equity investment (Re) with similar risk. The blending of these two rates is known as the Band of Investment. The net income is then capitalized into an indication of value by the capitalization rate (Ro). The overall capitalization rate by the Band of Investment technique breaks down the return tequirements of both the lender and equity investor. The calculation is weighted average between the different mortgage components (mortgage debt and equity contributions). The lender requires periodic payments on the loan and the investor expects a return that is competitive with other investments. Inquiries with mortgage brokers and real estate lending officers indicate interest rates range from 6.25% to 7.00% with an amortization term between 15 and 20 years. Most lenders are requiring a premium over the to-year Treasury bill, which is currently 4250/0, plus basis points. In many cases, the rate is tied to the existing prime rate, which is currently 5.00%. ~ Band of Investment Method Loan ratios have been ranging between 70% and 80% depending on the risk associated with the property even though the subject property is a single user structure. The potential income generated from the subject property is capable of supporting a 75% loan to value ratio. The following are the terms and rates for similar type investment type real property: Debt Portion Equitv Portion Mortgage Term - 15 years Equity Ratio - 25% Mortgage Interest Rate - 6.500/0 Equity Dividend - 10.00% Mortgage Ratio - 75% Annual Constant - 0.10453 Loan Term - 20 yr. Amortization, stated term (5 year fixed) The rate developed is an average, which will satisfy both the mortgage constant requirements of the lender and the equity dividend requirements of the investor. The formula is: Ro = M x R". + (l-M) x Re. Ro = Overall Rate M = Loan to Value Ratio R... = Mortgage CapitaIization Rate R.. = Equity Dividend Rate Ro = (0.75 x 0.10453) + (0.25 x 0.10) 0.078398 + 0.025000 Ro = 0.103398 31 William J. Daylor. MAl-Appraiser e 262~9 Herr Street, Penhrook, P A ~ Debt Coverage Ratio Method The debt coverage method is an indirect method. This method is frequently used as a measure of risk by lenders wishing to determine the margin of safety and by purchasers who are analyzing a leverage position. The debt coverage method can be used to test the reasonableness of a project in relation to a lender's loan specifications. Lenders typically utilize the debt coverage ratio as a quick test to determine feasibility. The debt coverage ratio has two basic components, net operating income (NOI) and annual debt coverage (OCR). Area lenders indicate a required debt coverage ratio of at least 1.30. More risky investments require a higher ratio. Based on the above the indicated formula the overall rate would be 0.101917 (1.30 x 0.75 x 0.10453). Some of the different ways to derive an overall capitalization rate have been indicated and the conclusion of these methods is as follows: Band of Investment Method 0.103398 Debt Coverage Ratio Method 0.101917 ~ Sensitivity Analysis The range reflects the differences in motivation and perception of real estate lenders versus investors. The overall rate embodies all of the inherent positives and negatives of the local market, as well as the anticipation of future supply and demand interaction. Method NOI Ro (Overall Rate) = Value Band of Investment Method $14,745 0.103398 $142,604 Debt Coverage Ratio Method $14,745 0.101917 $144,677 In the final conclusion, I selected a blended value, giving weight to each of the values for determining a final value by each rate of conversion of $ 144,000. I Conclusion: I $144,000 The indicated "as is" value of the subject property as of the effective date of the appraisal, October 25, 2004 by the income approach, subject to assumptions and limiting conditions and certification as stated within this report, would be $144,000. 32 William J. Daylor, MAl-Appraiser e 2625.9 Herr Street, Penhrook, P A EXPOSURE TIME AND MARKETING PERIOD Generally, exposure time relates to what has occurred (retrospective) and what is occurring (current) in the market, whereas marketing period is a projection (prospective) of what is likely to occur in the market. Any sound opinion of value must consider what has occurred and what will most likely occur. Both time periods are a function of price, time, use, and the cost and availability of funds. The primary difference between the two time periods is that for marketing period, anticipated changes in market conditions (trends) are also to be considered. Verification of sales data, such as days on the market for both listed and sold properties, and interviews with market participants, is the primary source for both time estimates. Other important factors are an understanding of buyers' and sellers' motivations, their financial assumptions, who the most likely purchasers will be, and how financing influences their buying decision. Based on my interviews with Realtors, appraisers, assessors, and combined with data obtained in the sales verification process, it is my opinion that an exposure time of six months is reasonable. Furthermore, assuming professional marketing of the subject property to potential purchasers as well as investors at or near the market value concluded within this report. I estimate the marketing period to be less than four (4) months. CORRELATION AND FINAL VALUE CONLUSION Correlation For the purpose of arriving at a value conclusion for the subject property the three traditional approaches to value were considered; however, only the comparative market approach and the income approach were independently processed. Each approach established an individual value. The approaches and their respective values are as follows: Comparative Approach $148,000 Income Approach $144,000 Cost Approach Not processed ~ Sales Comparative Approach Of the approaches indicated above, the sales comparative approach is the most dominant as it reflects the interactions of the typical market participants. The market was researched for vacant land parcels that were deemed to be appropriate for comparison purposes. Purchasers usually view the value of property in relationship to the prices at which competitive properties have sold. As indicated, this technique represents the interactions of the informed buyers and sellers. These factors determine, and will influence, a price that a purchaser is willing to pay. The sales comparison approach produces the best indication of value when sales are appropriate and reliable. This appraisal technique has developed an indication of value for the subject property. The sales comparison approach was the dominant approach and was given the greatest weight. ~ Income Approach The income approach generally concerns itself with the present worth of the future potential benefits of the subject property. The estimate involves the net income, which a fully informed person is justified in assuming the property should produce during its remaining economic life. This approach is based on the' assumption that a definite relationship exists between the amount of income a property can generate and its overall value. The estimated net income is capitalized into a value estimate based upon the level of risk as compared with investments of similar type and classification. In the income approach, the selection of a capitalization technique is important. By utilizing historic rents, the income approach to value provided a reliable value conclusion, which supported the value conclusion indicated by the sales comparative approach 33 William J. Daylor, MAl-Appraiser e 262_9 Herr Street, Penbrook, P A ~ Cost Approach The cost approach is based on the premise that value is related to the cost to replace the improvements on a comparable site. In the cost approach, land value is typically supported by the comparative market data. The replacement cost (new) of the improvement is estimated and deducted from the cost new is accrued depreciation. The resulting figure is added to the value of the site as improved in order to determine the total value of the property. The age and condition of the improvement, the demand for this type of building, and economic or functional obsolescence are based on marlcet evidence. Typically, the cost approach is applicable for new, upgraded, and/or rehabilitated structures where depreciation is minimal. The cost approach was not processed for this appraisal assignment. Valuation Issues In developing a real property appraisal, an appraiser must collect, verify, and analyze all information applicable to the appraisal problem, given the scope of work identified in accordance with Standards Rule 1-4(b) and 1-4 (c). Not all specific requirements are applicable to every assignment. When a specific requirement is not applicable to a given assignment, the specific requirement is irrelevant and therefore no departure is ne.eded The cost approach to value is not a typical practice for such an assignment and would not provide meaningful results in the given assignment due to age, depreciation, physical depreciation, and functional obsolescence. Final Value Conclusion After analyzing all of the valuation issues pertinent to arriving at a final value conclusion for the subject property, it is my opinion that the retrospective "as is" market value of the subject property based on it's highest and best use as improved and conditions prevailing in the market as of October 25, 2004 would be: ONE HUNDRED FORTY EIGHT THOUSAND DOLLARS ($148,000) 34 William J. Daylor, MAl- Appraiser e 26_29 Herr Street, Penhrook, P A ASSUMPTIONS AND LIMITING CONDITIONS This is a summary report, which is intended to comply with the reporting reqnirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a summary report. As such, it presents the data considered, the appraisal procedures followed, and the reasoning employed in the appraisal. A summary report only summarizes each item required to develop the appraiser's estimate of value. Supporting documentation concerning the data, reasoning, and analyses is retained the appraiser's file. The depth of discussion contained in this report is specific to the needs to of the client and for the intended use stated herein.. The appraiser is not responsible for unauthorized use of this report. I do not accept the responsibility of unknowns or conditions, which fall into bodies of knowledge or disciplines in which I do not have expertise. Consequently, in order to present this appraisal report in a professional manner, I have listed below and throughout this report specific assumptions and limiting conditions, which are made part of this report. The estimate of value expressed herein are valid only for the stated purpose, only for the effective date of the appraisal and subject to the assumptions and limiting conditions that are contained herein and made part (jfthis Report. 1. I assume no responsibility for matters legal in character nor do I render any opinion as to the Title, which is assumed to be good. All existing liens and encumbrances if any have been disregarded and the property is appraised as though free and clears under responsible ownership and competent management. 2. The analyses contained in this report necessarily incorporate estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, may not materialize and unanticipated events and circumstances may occur. Therefore, actual results achieved during the period covered by our analyses may vary from our estimates and the variations may be material. While I have made an earnest effort to make reasonable assumptions and accurate projections, I cannot guarantee their accuracy. 3. The tax maps contained herein are included in lieu of surveys or plot plans to assist the reader in visualizing the property. Furthermore, a diligent effort was made to identify all easements and/or rights-of-way involving the subject property. Consequently, I assume no responsibility for adverse effects on the subject properties caused by easements or rights-of way not mentioned herein.. 4. After diligent research, the information that I collected is assumed to be accurate and reliable, but I assume no responsibility in connection with such matters. The infotDlation collected (except that supplied by the client) remains the property of the appraiser. The appraiser will respect the confidential nature of all information supplied by the client. 5. I was not provided data relative to subsoil conditions nor did I observe subsoil conditions when I inspected the subject site. Consequently, I do not accept responsibility for matters pertaining to subsoil conditions. I have assumed, therefore, that the subject site is capable of physically supporting existing improvements for their remaining economic life. 6. Toxiclhazardous wastes and/or contaminants. such as not limited to radon gas, asbestos, urea formaldehyde foam insulation., lead-based paint, and PCB's may exist on or in the subject real estate. I have neither the technical knowledge to identify nor the ability to measure items or conditions listed or implied above. The market values of the subject properties could be materially affected should one or more of the aforementioned items or conditions exist. 35 William J. Day/or, MAl - Appraiser e' 262_9 Herr Street, Penbrook, P A In summary, I appraised the subject property as though free and clear of any/all adverse conditions as outlined above. I do not warrant against the existence of one or more of the above; thus I am not responsible for such matters. If there is a doubt, an expert should be retained. 7. My search for physical defects in the building was diligent, but limited to reasonably accessible areas only. No responsibility is assumed for unobserved factors that may adversely affect the values oCthe properties. 8. All mechanical components included but not limited to heating, cooling, ventilating, electrical and plumbing equipment is assumed for unobservable factors that may adversely affect the values of the property. 9. The Americans with Disabilities Act (ADA), effective January 26, 1992, requires that newly constructed and altered buildings and facilities are readily accessible to and usable by individuals with disabilities in terms of architecture, design, and communications. I have not made a specific compliance survey and analysis of this property to determine if it is in conformity with the various detailed requirements of ADA. However, a compliance survey of the property, together with a detailed analysis of the requirements of ADA would reveal that the property is in compliance with the requirements of the act because of the age and condition of the building. 10. The submission of this report does not carry with it a requirement to give testimony before the judicial or quasi-judicial bodies (including county assessment appeal board) or to attend conferences without prior specific arrangement for such services. 11. Neither all nor any part of the contents ofthis report, especially the valuation conclusions, our identity or William J. Daylor and/or his individual staff members, shall be conveyed to the public through advertising, public relations, news, or other media without the written consent and approval by the analysts identified herein. 12. Possession of this report or a copy thereof does not carry with it the right of publication; nor may it be used by anyone other than the client without the prior written consent of William J. Daylor. 13. The client (s) by receipt of the appraisal, shall indemnify and hold harmless William J. Daylor and/or his individual staff members from and against all damages, expenses, claims demands and costs, including legal fees incurred in investigating and defending any claims arising from or in any way connected to the inclusion of the aforesaid reference to William J. Daylor. In any event, the maximum damages recoverable from William J. Daylor and/or his individual staff members relative to this engagement shall be the amount of the monies actually collected by William J. Daylor for this appraisal assignment and under no circumstances shall any claim for consequential damages are made. In addition, there is no accountability or liability to any third party. 36 William J. Daylor, MAl - Appraiser e 262_9 Herr Street, Penhrook, P A CERTIFICATE OF APPRAISAL I certify that, to the best of my knowledge and belief- A. The statements of fact contained in this report are true and correct. B. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, impartial, and unbiased professional analyses, opinions, and conclusions. C. I have no present or prospective interest in the property that is subject of this report, and no personal interest with respect to the parties involved. D. I have no bias with respect to the property that is the subject of this report or the parties involved with this assignment. E. My engagement in this assignment was not contingent upon developing or reporting predetermined results. F. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. G. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Appraisal Institute's Code of Professional Ethics and Standards of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal Practice. R. I have made a personal inspection of the property that is the subject of this report. I. This appraisal report constitutes a limited appraisal written in a summary format, which complies with the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, which includes the Uniform Standards of Professional Appraisal Practice (USP AP) of the Appraisal Foundation. J. As of the date of this report, William J. Daylor is a Pennsylvania State Certified General Appraiser GA-000451-L and has completed the continuing education of the Commonwealth of Pennsylvania K. No one provided significant real property appraisal assistance to the person signing this certification. L. e use of this report is subjectto the requirements of the Appraisal Institute relating to review by duly authorized r resentatives. 37 William J. Daylor, MAl- Appraiser e 262.29 Herr Street, Penbrook, P A I Addendum I Appraiser's Qualifications William J. Daylor, MAl Presentation of Qualifications State CertiflCations/Lkenses Pennsylvania Certified General Appraiser (GA-000451-L) Pennsylvania Real Estate Broker (RB-022 1 23) Florida Certified General Appraiser (RZ-2571) Designations Member of American Institute of Real Estate Appraisers - MAl - 1976 (Certificate Number 5620) Certified Review Appraiser - CRA - 1975 Senior Real Property Appraiser - SRP A - 1975 Senior Residential Appraiser - SRA - 1967 American Society of Appraisers - ASA - 1967 Professional Associations Appraisal Institute - General Member -MAl Experience 2002-Present The Daylor Group, Inc., Harrisburg, P A Senior Review Appraiser 1998-200 1 Christopher P. Daylor, Certified General Appraiser, Palmyra, P A Senior Review Appraiser 1987-1997 Real Estate Appraisal Specialists, Inc., Harrisburg, P A Real property appraisal and consulting services on various types of real property for a select clientele of attorneys, commercial brokers, developers, health care systems, investors, mortgage lenders, real estate tax counselors, government entities, etc 1962-1987 WiUiam J. Daylor Real Estate Appraiser, Harrisburg, P A Real property appraisal and consulting services on various types of real property; taught real estate courses at Penn State University (Berks and Harrisburg Campuses) and Harrisburg Area Community. Expert Witness 1967-Present Various counties within the Commonwealth of Pennsylvania Property Types Appraised and Clients Appraisal reports prepared and written and counseling assignments provided for a select clientele of attorneys, commercial brokers, developers, healthcare systems, investors, mortgage lenders, real estate tax counselors, government entities, etc. on various types of real property. 38 l William 1. Daylor, MAl-Appraiser e 262_9 Herr Street, Penbrook, P A 39 ,. (. e e 3sct - rm M&fBank ;3\.{-I- 499 Mitchell Road, MiIlsboro, DE 19966 Mail Code DE-MB-12 Phone (888) 502-4349 Fax (302) 934-2955 December 7, 2004 McNees Wallace & NurickLLC Attorneys At Law 100 Pine Street - PO Box 1166 Harrisburg, Pennsylvania 17.108-1166 Re: Estate of: Grace J Scott Social Security: 174-20-7819 Date of Death: October 25. 2004 Dear Sir or Madam: Per your inquiry dated November 23, 2004, please be advised that at the time of death, the above-named decedent had on deposit with this bank the following: 1. Type of Account Checking Account Account Number 76351378 ~ Ownership (Names of) Grace J Scott Opening Date 6/28/80 Closed 11/29/04 , Balance on Date of Death $1,216.61 Accrued Interest $ 0.00 Total .--sl;217{iiT----------.---.---.-----------.....-----..-.--------.--------------...--..--..- 2. 1Ype of Account Checking Account Account Number 76384101 Ownership (Names of) Grace J Scott Sally Ann Keller, POA Opening Date 11/28/88 Balance on Date of Death $412.77 Accrued Interest $ 0.15 Total .-$412~92------------------------------------------------------- ... .. e . 3. Type of Account Home Equity Loan Account Number 1646429 Ownership (Names of) Grace J Scott Russell EScott Opening Date 10/8/04 Balance on Date of Death $62,759.60 Current Balance $65,794.25 Total --s2Jiij9~47f------------'-'--------'---------------'----------- Please be advised, there was no safe deposit box found for the above decedent For further account information, regarding ownership, closures and/or reimbursement of funds, etc., please call the Penbrook Office # 717-255-2266. Sincerely, ~dar Nancy Clagett Records Management . J#o_ .. Register of Wills of Cumberland County, Pennsylvania INVENTORY Estate of Grace J. Scott No. 2004-01073 known as Date of Death October 25, 2004 , Deceased Social Security No. 174-20-7819 Sally Ann Keller Personal Representative(s) of the above Estate, deceased, verify that the items appearing in the following inventory include all of the personal assets wherever situate and all of the real estate in the Commonwealth of Pennsylvania of said Decedent, that the valuation placed opposite each item of said Inventory represents its fair value as of the date of the Decedent's death, and that Decedent owned no real estate outside of the Commonwealth of Pennsylvania except that which appears in a memorandum at the end of this inventory. I/We verify that the statements made in this Inventory are true and correct. I/We understand that false statements herein are made subject to the penalties of 18 Pa. C.S. Section 4904 relating to unsworn falsification to authorities. Name of "~~"0'Zv Jr .d&d Attorney: Richard W. Stevenson, ESQ. 1.0. No.: 7120 Address: McNees Wallace & Nurick LLC Dated 7-30-03 100 Pine Street, P.O. Box 1166 HarrisburQ, PA 17108 Telephone: (717) 237-5208 Description Value SEE ATTACHED $ ,_ 357 ,504~5S ,) (:::> TJ .C) C.....-1 1";.' Co, 'n . / . ''l . .) C~) ";') : ~:;J I l:) j-r; N C:J :::) ", I -'-I -~.- (5 '"'-~"~ -. 1'~'1 .. c.n en Total: $ 357,504.53 (Attach Additional Sheets if necessary) NOTE: The Memorandum of real estate outside the Commonwealth of Pennsylvania may, at the election of the personal representative, include the value of each item, but such figures should not be extended into the total of the Inventory. Form RW.7 (Dauphin County ~ Rev, 9/92) {A277079:} ..... " . ... Estate of GRACE J. SCOTT Estate Inventory Valued as of Date of Deatb Cash & Cash Equivalents Checking Account No. 76351367 $ 1,216.61 Checking Account No. 76384101 412.77 Interest at Date of Death 0.15 Total Cash & Cash Equivalents $ 1,629.53 Miscellaneous PA Department of Revenue - 2004 Income Tax Refund $ 375.00 Total Miscellaneous 375.00 Real Property 50% Tenants in Common Interest in real estate known as 62 South Terrace, Worm1eysburg, Pennsylvania $ 207,500.00 Real Estate known as 2625, 2627 & 2629 Herr Street, Borough of Penbrook, Dauphin County, Pennsylvania 148,000.00 Total Real Property 355,500.00 Total Inventory $ 357,504.53 ~ Page 1 (1 ) COMMON'i!lJ~~Jlt"SYlVANIA DEPART~ENT OF REVENUE BUREAU OF INDIVIDUAL TAXES 2GJP,~U~;lG3 2~~t8 HARRISBURG, PA 17128-0601 Telephone (717) 787-3930 FAX (717) 772-0412 August 1, 2005 (', MCNEES, WALLACE & NURICK, llC ATTORNEYS AT LAW PO BOX 1166 100 PINE STREET HARRISBURG, PA 17108-1166 ',J ----: (~) "'-1 -1 -C) ,- - ~~_~ '~S ~-.> 0.:."'::> \:J "~,, co >, :~ ~ :::-u ,"11 c-:> C) 'J b ..,n ~---) C:J (~ ,', :-~J c') __ :-71 /;CJ 1 ~ (=.:.: ii-:J I vl "....-.. ,~ , Re: Estate of GRACE J. SCOTT File Number 2104-1073 c'l ro Dear Sir/Madam: This is in response to your request for an extension of time to file the Inheritance Tax Return for the above estate. In accordance with Section 2136 (d) of the Inheritance and Estate Tax Act of 1995, the time for filing the return is extended for an additional period of six months. This extension will avoid the imposition of a penalty for failure to make a timely return. However, it does not prevent interest from accruing on any tax remaining unpaid after the delinquent date. The return must be filed with the Register of Wills on or before 01/25/06, Because Section 2136 (d) of the 1995 Act allows for only one extra period of six (6) months, no additional extension(s) will be granted that would exceed the maximum time permitted. ~ C'> S ,L BUREAU OF INDIVIDUAL TAXES.' INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT REV-1607 EX AFP (03-05) L DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 10-17-2005 SCOTT 10-25-2004 21 04-1073 CUMBERLAND 101 GRACE J RICHARD W~TEVENSON ESQ MCNEES ETAl PO BOX 1166 HBG PA 17108 Amount Remitted MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WIllS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment. CUT ALONG THIS lINE ~ RETAIN lOWER PORTION FOR YOUR RECORDS +- REV-1607 EX AFP (03-05) --------------------------------------------------------------------------- *** INHERITANCE TAX STATEMENT OF ACCOUNT KKK ESTATE OF SCOTT GRACE J FILE NO.21 04-1073 ACN 101 DATE 10-17-2005 THIS STATEHENT IS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN THE NAHED ESTATE. SHOWN BELOW IS A SUHHARY OF THE PRINCIPAL TAX DUE, APPLICATION OF ALL PAYHENTS, THE CURRENT BALANCE, AND, IF APPLICABLE, A PROJECTED INTEREST FIGURE. DATE OF lAST ASSESSMENT OR RECORD ADJUSTMENT: 10-07-2005 PRINCIPAL TAX DUE: .00 PAYMENTS (TAX CREDITS): PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) TOTAL TAX CREDIT .00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 If IF PAID AFTER THIS DATE, SEE REVERSE TOTAL DUE .00 SIDE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CRJ, YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS. J C ~~f\ BUREAU OF INDIVIDUAL'rAX~-' ' INHERITANCE TAX DIVISION, PO BOX 280601 HARRISBURG PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT REV-1607 EX AFP (03-05) RICHARD W STEVENSON ESQ MCNEES HAL PO BOX 1166 HBG PA 17108 DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 10-17-2005 SCOTT 10-25-2004 21 04-1073 CUMBERLAND 102 GRACE J Anount Renitted MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, subnit the upper portion of this forn with your tax paynent. CUT ALONG THIS LINE ..... RETAIN LOWER PORTION FOR YOUR RECORDS 4-- REV-1607 EX AFP (03-05) --------------------------------------------------------------------------- ~~~ INHERITANCE TAX STATEMENT OF ACCOUNT ... ESTATE OF SCOTT GRACE J FILE NO.21 04-1073 ACN 102 DATE 10-17-2005 THIS STATEHENT IS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN THE NAHED ESTATE. SHOWN BELOW IS A SUHHARY OF THE PRINCIPAL TAX DUE, APPLICATION OF ALL PAYHENTS, THE CURRENT BALANCE, AND, IF APPLICABLE, A PROJECTED INTEREST FIGURE. DATE OF LAST ASSESSMENT OR RECORD ADJUSTMENT: 10-07-2005 PRINCIPAL TAX DUE: 9,331.44 PAYMENTS (TAX CREDITS): PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) 01-24-2005 CD004878 466.57 9,700.00 10-14-2005 REFUND .00 835.13- TOTAL TAX CREDIT 9,331.44 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 II IF PAID AFTER THIS DATE, SEE REVERSE TOTAL DUE .00 SIDE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CRJ, YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS. J cn~ .. BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE ji - . f~~; ~ NOTICE OF INHERITANCE TAX '"'::APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX DATE ESTATE OF DATE OF DEATH FILE NO. COUNTY ACN REV-1547 EX (06-ll5) PC "-'."-""'. r~" (~'i :j 10-17-2005 Grace J. Scott 10-25-2004 2104-1073 Cumberland 101 Appeal Date: (See reverse side under Objections) Amount Remitted I I MAKE CHECK PAYABLE AND REMIT PAYMENT TO: Register of Wills Cumberland County Courthouse Carlisle, PA 17013 CUT ALONG THIS LINE c:> RETAIN LOWER PORTION FOR YOUR RECORDS ~ '"R"EV~1547 E)('(os"-osfpc""""""""""""" -NOTit-E"()FrN~IERff A"NCin'A5( AP"PR-Ais-EMENT~"A't.:LOWANCE" OR"" -""""-"""" - - --"" -"""""""" -""""" DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX Grace J. Scott FILE NO. 2104-1073 ACN 101 DATE 10-17-2005 TAX RETURN WAS: (D) ACCEPTED AS FILED ( [gI ) CHANGED see attached RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN Richard W. Stevenson,E:sq. McNees Walla~'e& Nurick LLC" 1 00 Pine Strciet POBox 1166 Harrisburg Pa 17108 ESTATE OF 1, Real Estate (Schedule A) 2, Stocks and Bonds (Schedule B) 3, Closely Held Stock/Partnership Interest (Schedule C) 4, Mortqaqes/Notes Receivable (Schedule D) 5, Cash/Bank Deposits/ Misc, Personal Property (Schedule E) 6, Jointly Owned Property (Schedule F) 7, Transfers (Schedule G) 8, Total Assets APPROVED DEDUCTIONS AND EXEMPTIONS: 9, Funeral Expenses/Adm, Costs/Misc, Expenses (Schedule H) (9) 19,034,96 10, Debts/Mortqaqe Liabilities/Liens (Schedule I) (10) 31,379,80 11, Total Deductions (11) 50,414,76 12, Net Value ofTax Return (12) 307.089,77 13, Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) (13) 0,00 14, Net Value of Estate Subiect to Tax (14) 307,089,77 NOTE: If an assessment was issued previously, lines 14, 15 and/or 16,17 and 18 will reflect figures that include the total of ALL returns assessed to date. (1 ) (2) (3) (4) (5) (6) (7) 355,500,00 0,00 0,00 0,00 2.004,53 0,00 0,00 (8) NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment. 357.504,53 ASSESSMENT OF TAX: 15, Amount of Line 14 at Spousal rate 16, Amount of Line 14 taxable at Lineal/Class A rate 17, Amount of Line 14 taxable at Siblinq rate 18 Amount of Line 14 taxable at Collateral/Class B rate 19, Principal Tax Due TAX CREDITS: PAYMENT RECEIPT DISCOUNT (+) DATE NUMBER INTEREST/PEN PAID _ (15) (16) (17) (18) 99,724.33 X ,00 X ,045 X ,12 X ,15 (19) 0,00 0,00 AMOUNT PAID 0.00 IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. TOTAL TAX CREDIT 0,00 BALANCE OF TAX DUE 0,00 INTEREST 0,00 TOTAL DUE 0,00 (IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A CREDIT (CR), YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) Rf. REV-1470 EX (6-88) INHERITANCE TAX EXPLANATION OF CHANGES COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES PO Box. 280601 HARRISBURG PA 17128-0601 DECEDENT'S NAME FILE NUMBER REVIEWED BY ACN 2104-1073 101 Grace J. Scott Harry A. Herr SCHEDULE ITEM NO. EXPLANATION OF CHANGES The tax due on all current interests is reflected on the attached Inheritance Tax Assessment. The tax due on all future interest uncertainties is covered on the attached compromise tax assessment,(ACN 102). ROW Page 1 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES PO Box 280601 HARRISBURG, PA 17128-0601 10-17-2005 Telephone 717 783-6070 Richard W. Stevenson, Esq. McNees Wallace & Nurick LLC 100 Pine Street POBox 1166 Harrisburg, Pa 17108 Re: Estate of Grace J. Scott File Number 2104-1073 Date of Death: 10-25-2004 Dear Mr. Stevenson,: Enclosed is a "Notice of Inheritance Tax Appraisement, Allowance or Disallowance of Deductions and Assessment of Tax," (REV-1547 EX), ACN 101 establishing the tax applicable to all present interests in the above estate. Also enclosed is a "Notice of Inheritance Tax Appraisement, Allowance or Disallowance of Deductions and Assessment of Tax," (REV-1547 EX), ACN 102 establishing the tax applicable to future interests where the rate of tax is uncertain. Based on the provisions of the above decedent's Will, Deed of Trust and the information reported on Schedule M by the estate representative, the Department concurs with the estate representative's compromise proposal, and the tax on the future interests have been assessed as shown on the ACN 102 assessment notice. All existing inheritance and/or estate tax payments have been appropriately applied. Any changes which become necessary as a result of a protest decision or an order of court will be reflected in adjustments to both ACN 101 and ACN 102. Please contact me at the telephone number above if you have any questions. Sincerely, ~:~~ #~ Trust Valuation Specialist Inheritance Tax Division Enclosure BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION PO BOX 280601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE Appeal Date: (See reverse side under Objections) Amount Remitted I I MAKE CHECK PAYABLE AND REMIT PAYMENT TO: Register of Wills Cumberland County Courthouse Carlisle, PA 17013 CUT ALONG THIS LINE ____~___~~_~~I~_~~~~~_~g_~:r_'~~_~()_~_y_C?~~_~~~~~I?_~__~____ ____________ _______ _ __ _ __ _______ --R-EV~1547E-'nOEf-05fpc--m------mNOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX Grace J. Scott FILE NO. 2104-1073 ACN 102 TAX RETURN WAS: ( D ) ACCEPTED AS FILED ( D ) CHANGED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN Richard W. Stevenson, Esq. McNees Wallace & Nurick LLC 100 Pine Street POBox 1166 Harrisburg Pa 17108 NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX DATE ESTATE OF DATE OF DEATH FILE NO. COUNTY ACN REV-1547 EX (06-05) PC 10-17-2005 Grace J. Scott 10-25-2004 2104-1073 Cumberland 102 ESTATE OF DATE 10-17-2005 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) 3. Closelv Held Stock/Partnership Interest (Schedule C) 4. Mortqaqes/Notes Receivable (Schedule D) 5. Cash/Bank Deposits/ Misc. Personal Property (Schedule E) 6. Jointlv Owned Property (Schedule F) 7. Transfers (Schedule G) 8. Total Assets APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) (9) 0.00 10. Debts/Mortqaqe Liabilities/Liens (Schedule I) (10) 0.00 11. Total Deductions (11) 0.00 12. Net Value ofTax Return (12) 207,365.44 13. Charitable/Governmental Bequests: Non-elected 9113 Trusts (Schedule J) (13) 0.00 14. Net Value of Estate Subiect to Tax (14) 207,365.44 NOTE: If an assessment was issued previously, lines 14, 15 and/or 16,17 and 18 will reflect figures that include the total of ALL returns assessed to date. (1 ) (2) (3) (4) (5) (6) (7) 0.00 0.00 0.00 0.00 0.00 0.00 207,365.44 (8) NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment. 207,365.44 ASSESSMENT OF TAX: 15. Amount of Line 14 at Spousal rate (15) 16. Amount of Line 14 taxable at Lineal/Class A rate (16) 17. Amount of Line 14 taxable at Siblinq rate (17) 18. Amount of Line 14 taxable at Collateral/Class B rate (18) 19. Principal Tax Due TAX CREDITS: PAYMENT RECEIPT DISCOUNT (+) DATE NUMBER INTEREST/PEN PAID (- 1-24-2005 CD004878 466.57(+) x .00 207,365.44 X .045 X .12 X .15 (19) 9,331.44 9,331.44 AMOUNT PAID 9,700.00 IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. TOTAL TAX CREDIT BALANCE OF TAX DUE INTEREST TOTAL DUE (IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A CREDIT (CR), YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) 10,166.57 835.13 Cr f Cumberland County - Register ITf Wills One Courthouse Square Carlisle, PA 17013 Phone: (717) 240-6345 Date: 9/14/2006 STEVENSON RICHARD W MCNEES WALLACE & NURICK LLP 100 Plrt! Sh-eet Po~)( Illo~ \-\ O,Xy\ :::.~, b ~A- II \ oB RE: Estate of SCOTT GRACE J File Number: 2004-01073 Dear Sir/Madam: This notice is to serve as a reminder that the Status Report by Personal Representative under Rule 6.12 is due on the below listed date. As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES, NO. 103 SUPREME COURT RULES DOCKET NO. I, for decedents dying on or after July I, 1992, the personal representative or his counsel, within two (2) years of the decedent's death, shall file with the Register of wills a Status Report of completed or uncompleted administration. This filing is due by: 10/25/2006 Please feel free to contact this office with any questions you may have. If you have already filed your Status Report, please disregard this notice. Sincerely, G~::~~r Clerk of the Orphans' Court cc: File Personal Representative(s) ~. Cumberland County - Register Of Wills One Courthouse Square Carlisle, PA 17013 Phone: (717) 240-6345 Date: 9/14/2006 KELLER SALLY ANN 310 STUART PLACE HARRISBURG, PA 17109-5726 RE: Estate of SCOTT GRACE J File Number: 2004-01073 Dear Sir/Madam: This notice is to serve as a reminder that the Status Report by Personal Representative under Rule 6.12 is due on the below listed date. As per the AMENDMENTS TO SUPREME COURT ORPHANS' COURT RULES, NO. 103 SUPREME COURT RULES DOCKET NO. I, for decedents dying on or after July I, 1992, the personal representative or his counsel, within two (2) years of the decedent's death, shall file with the Register of Wills a Status Report of completed or uncompleted administration. This filing is due by: 10/25/2006 Please feel free to contact this office with any questions you may have. If you have already filed your Status Report, please disregard this notice. Sincerely, ~~~ Glenda Farner Strasbaugh Clerk of the Orphans' Court cc: File Counsel ~ Register of Wills of Cumberland County STATUS REPORT UNDER RULE 6.12 Name of Decedent: Grace J. Scott Date of Death: October 25, 2004 Estate No.: 2004-01073 Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: Yes 0 No ill 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: As soon as deeds conveying real estate are recelved. 3. If the answer to No.1 is Yes, state the following: a. Did the personal representative file a final account with the Court? Yes IKl No 0 b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? Yes m No 0 c. Copies of receipts, releases, join rs and approval offonnal or informal accounts maybe filed with the Cle of the Orphans' ourt and may be attached to this report Date: l~!"").oQ 16Co R chard W. Stevenson, Esq. Name McNees Wallace & 100 Pine Street, Address Nurick LLC P. O. Box 1166. Harrisburg, PA 171 08 ;vl (717) 237-5208 Telephone No. ('"', . ' '::lU " -' ... \. .) ..'... Capacity: 0 Personal Representative ~ Counsel for personal representative ~rJ AVfr McNees Wallace & Nurick LLC attorneys at law LINDA M. ESHELMAN ESTATE PARJ~LEGAL DIRECT DIAL (717) 237-5210 E-MAIL ADDRESS:LESHELMAN@MWN.COM October 20, 2006 Register of Wills Cumberland County Courthouse One Courthouse Square Carlisle, PA 17013-3387 RE: ESTATE OF GRACE J. SCOTT Cumberland County No. 2004-01073 Status Report Our File: 22941-0001 Ladies and Gentlemen: Enclosed is an interim status report for the above-referenced estate. Please date-stamp the copy enclosed and return to us in the stamped elope provided. Thank you. \ y urs~1J~ Linda M. Eshelman Estate Paralegal LME/lme Enclosures cc: Sally Ann Keller (w/encl.) P.O. Box 1166.100 PINE STREET' HARRISBURG, PA 17108-1166 . TEL: 717.232.8000 . FAX: 717.237.5300 . WWWMWN.COM COLUMBUS, OH . STATE COLLEGE, PA' LANCASTER, PA' HAZELTON, PA. WASHINGTON, DC Pa. O.C. Rule 6.12 STATUS REPORT REGISTER OF WILLS OF CUMBERLAND COUNTY, PENNSYLVANIA Name of Decedent: GRACE J. SCOTT Date of Death: OCTOBER 25,2004 File Number: 2004-01073 Pursuant to Pa. O.c. Rule 6.12, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: . . . . . . . . . . . . . . . . . . .. IZI Yes [J No 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: 3. If the answer to No. 1 is YES, state the following: a. Did the personal representative file a final account with the Court? . . . . . ., DYes IZINo b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to the parties in interest? ............................... DYes IZINo d. Copies of receipts, releases, joinders and a: provals of formal or informal accounts may be filed with the Clerk of the Orphans' Court may be attached is report. Capacity: [JPersonal Representative IZICounsel Date~~?\OI RICHARD W. STEVENSON, ESQ. Name of Person Filing this Form MCNEES WALLACE & NURICK LLC Address PO BOX 1166, HARRISBURG, PA 17108 717-237-5208 '.='1"' 11\ ~- v t t t:t'J 'Ii .~~ Telephone ~.', ,. " ',. Form RW-JO rev. 10.13.06 ~