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LAST WILL AND TE3T'A.MENT OF
� ` C. J. FREDRICRSEN
I, C. J. FREDRICKSEN, af Camp Hi31, Cumberland Caunty,
Pennsylvania, da hareby make, pukrlish and cieciare this as and for
my Last Will and Testament, and hereby revoke any Wills or
Codicils thereto by me at anytime heretofore made.
ZTEM I. I order and direc� that all my just deb�s and
�.;;
� � funeral expenses be paid out of my estate by my Executors
�
hereinafter named, as soon as conveniently may be dane after my
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decease.
ITEM II. If my wife, M.F�F2Y JANE FREDRZCKSEN, survives
' me by as many as thirty {30} days, I give and bequ�ath to her all
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�'` of my tanqibZe persanal property, including automobile,
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furniture, furnishings, jewelry and personal effects. If my wife
does not survive me by as many as thirty (30} days, therr I give
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`'` ' and bequea�h all of the above-mentioned tangik�le personal
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�';: property ta my sons, CLEVE LAURANCE FFtEDRICKSEN, BRIAN HAROLD
FF2EDRICKSEN, and TIIOMAS MARIC FREDRICKSEN, to be divided among
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`� them by my Executors in as nearly equal partians as may be cieem�d
� practicable, havinq due reqard far the personal pxeference of my
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�"'� said three sons.
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ITEM III. I give, devise and bequeath all the rest, �c;
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residue and remainder of my estate, of whatsoever nature and �
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wheresoever situate, to DAUPHIN DEPOSIT BANK AND TRUST COMPANY of f�,
Harrisburg, Dauphin County, Pennsylvania, Trustee under a :,�;x '
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Revocable Trust Agreement which I have entered into with it under ,ti,
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date of December 19, 1974, and last amended under date of October �,�!,
_, 1990, my said estate to be held and administered by such .;'
Trustee in trust, in accordance with the terms of that Agreement, rF�
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as it may be amended from time to time. `{ ��
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ITEM IV. All estate, inheritance, legacy, succession �:,:,
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or transfer taxes (including any interest and penalties thereon) ��`;,
imposed by any domestic or foreign laws now or hereafter in force �:' 1,�
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� with respect to all property taxable under such laws by reason of •' � .�:
my death, whether or not such property passes under this, my " ' :��,�;>
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Will, and whether such taxes be payable by my estate or by any ' �'
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recipient of any such property, shall be�paid by my Executors out
� of my residuary estate as part of the expenses of the ` S
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administration thereof.
ITEM V. I hereby nominate, constitute and appoint my
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wife, MARY JANE FREDRICKSEN, and DAUPHIN DEPOSIT BANK AND TRUST ;�
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COMPANY of Harrisburg, Dauphin County, Pennsylvania, its
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successor or successors by any merger, conversion or
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'{� consolidation, as Co-Executors of this, my Last Will and
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=� Testament. If my wife should predecease me or if she is unable
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i?, or unwilling to serve as such Co-Executrix, thet� I he"reby-
nominate, constitute and appoint DAUPHIN DEPOSIT BANK AND TRUST
COMPANY as sole Executor of this, my Last Will and Testament.
ITEM VI. I expressly authorize and empower my
;�
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Executors in their sole and absolute discretion:
� (a) To invest and reinvest all or any part of my
� estate in such stocks, bonds, securities or other property, real
or personal, as may be deemed proper, without being confined to
' ' the investments prescribed by statute as legal investments for
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fiduciaries.
y (b) To sell real and personal property at public or
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` ' private sale, both for purposes of administration and
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E distribution, for such prices and upon such terms as to cash and
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��� credit as may be deemed proper, without liability on the
purchasers ,to see to the application of the purchase money.
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(cj To lease real property and to mortgage, develop,
°'` repair, improve, exchange or join in the partition of real
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(d) To exercise any subscription, purchase or ;�&,
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conversion right in connection with any security held hereunder ���'
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and to consent to or participate in any reorganization, �;,�;;,
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consolidation or merger in any corporation, company or ,4�,
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association, the securities of which may be held hereunder. ;'�
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(e) To compromise any claim, by or against my estate
without the consent of any beneficiary.
(f) To carry investments in the name of a nominee or �:�,, �
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nominees. ,:+ �
(g) To borrow money from any lender, including my ,'�,.�
Executors, and to pledge any assets of my estate as security ,;:�1,�
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therefor. ��:�
(h) To make any distribution hereunder, either in kind �'`t � �
or in money, or partially in kind and partially in money. ,�' .� �°�
(i) Vote in person or by proxy, any securities held by �;`1��
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them hereunder. :' ;�
(j) Keep reasonable amounts of cash in bank °,.. 3
uninvested. ; �
(k) To do all other acts necessary or desirable for ,!; �
the proper management, investment or distribution of my estate.
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IN WITNE3f3 WHEREOF, I, C. J. FREDRICKSEN, the Testator,
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have to this Last Will and Testament written on five (5) sheets
-�`� of paper, set my hand and seal this ���day of October, 1990.
���� Signed, sealed, published )
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.:t� and declared by the above )
��s named, C. J. FREDRICKSEN, )
'�+:� as and for his Last Will )
.;�`' and Testament, in the )
��'t presence of us who have ) �� (SEAL)
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hereunto subscribed our ) C. J. FREDRICKSEN
;i� names at his request as )
witnesses thereto, in the )
j��'� presence of the said )
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ACRNOWLEDGEMENT
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COMMONWEALTH OF PENNSYLVANIA . ;
SS.
COUNTY OF �G�/Yfj(��/eL/¢�J : �� '
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- -- I,-- C.—J. FREDRICKSEN, the Testator whose ltame is signed to ;;�,
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the foregoing Last Will and Testament, having been duly qualified �;
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according to law, do hereby acknowledge that I signed and
executed that instrument as my Last Will and Testament; that I ,�� V
signed it willingly and as my free and voluntary act for t1�e i�'�`�L
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purposes therein expressed.
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C. J.FREDRICKSEN ��� .�w.,�,
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Sworn to and �acknowledged "::
before me by C. J. `
Fredricksen, the Testator, ���.�
this 1���ay of October, � �
1990. �.
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tdOTARY PUBL C
My Commission Expires: ;,+ '
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P�CjA.RLAL SEAt
MARILOU E. COLUP�GA,Noiary Public ��,,
H�rr;,burg, DGuphinCou�ty ,^,:
t�1y Commissiim:�;=':�`�arch 22,1993 �.�;
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'�'" AFFIDAVIT
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' COMMONWEALTH OF PEIVNSYLVANIA .
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�' COUNTX OF ��l3l,��iQL�� •
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'` We, 1N\4!._lm'w^ �\ . V�-'�l� and � H--av,^-4.S � .
�`t;� , the witnesses whase names are siqned ta the
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`� foregoing Will as witnesses, being duly quaiified accardinq to
.�f; law, do depose and say that we were present and saw the Testatar,
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r�`' C. J. Fredricksen, sign and execute the Will as his Last Will and
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f Testament; tha� he signed willingly and that he executed it as
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his free and vo�untary act �or the purpases therein expressed;
,�� tk�at each of us in the hearing and sight of the Testatox signed
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;� the W3.11 as a witness; and that, to the best of our knowledge,
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;_;�'� the Testator was a� that time of sound mzncl, and under_ no._.. . . _.,.Y_- -
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�' �onstraint or undue inf2aence.
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p'�„^, ! • '�+'M1/�/riV/✓�t. G Q V V � ' F"'
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�?�� Swarn or affirmeci to and
� subscribed to before m by ,
'"` ��/7?/�,f c�D and
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:�(, T — this
Fi; ��, day af Oc�ober, 1990.
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f} NG'TARIAZ fiFAC
MARILOJ �. CULUNGA,N�ia�y PubliC
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PETITION FUit pROBATE and GRA.NT �DF LF`�TERS
Fsrare of C• J. FR�DRICKSEN No. �t_.. �pZ "'"' T 4J
rrtsa known ar To. �"'
R�gistcr of Willm�erland
Deceased. County of ia tht " '
Saria!Securrty Na.__�4Q-03-Ob93 • Commonwcalth of Pennsytvanta
� Tho petitian of the undorsignod respectfully represents thar.
Your pctidoner(s},who islare 1$years of ago ar older an the exxut�rs namai
in tha last will af tho above dc�cdent,dated �ctaber 12, � 19 90
and codicii(s} data!
(state ttlevant dreum�tanca,a=,raaunciepao,death of exautor,etc,)
Dxondrnt was darniciled ai death in Cumberland Couuty,Ptnnsylvania with�
" iLig tast family or pripcipal residence at_�620 I:o�an Street, Ant 6C, Camp Ail�
^ {ltst sttaY�numbar usd muncip�l+[Y)
� '' Dtcendcnt,thrn 74 years of agc�dicd � ��nuary 4, � 19 92
� , �A2apYes, Flor3da
- Exccpt as faqows,decedGnt did not marry,was not divorccd and did not have a child born or adoptod
.,. _ _sfter�accutioa of the wiU offored far probate;was not tht victim of a kilting and was n�vor ad,yudicatod
- incompctcnt:
-� Dcceadent at dcath owned property with estimatai valucs as follows:
{If domici3cd in Pa.} All ptrsanal praperty S 1QO,OOQ
{if not dom3ciled le Pa.) Porsaaal property ta Prnnsytvania S
(If aat domin`lcd in Pa.) Personal property In County =
Yalue af rea2 cstate in Peunsylvania �
situatad SS faUows; --...
WHEREFORE, pctitioqtr(s) rr.spcctfully «q'u'csl(s}"t!►"e"probate"bf�the'1a"sC`w�i11'arid:codial(s): ;�`,`'�- -.
presented hercwith aud the grant of tettcrs fiestamen�ary
(tatamauary;admininnt3an c.t.a.;�dminixintioo d.b.n.c.t.a.)
theroa.
' Dayphin Dpposit gank � Trus��Co
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a:� . r' .�t(� tlh�_.�h�+t_�!�.52-�t� ./
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at ,
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�0 1'--Q- T�C�X..29fi1
� flarr�sbtzrg, PA 171 OS
OATH OF PERS(JNAL REPRESENTATIYE � -- �
Ct}MMONWEALTH C1F PENNSYLVANIA � 8�
COUNT�I �F LUMBERLAND
Tha petitiancr(s;atrove-namcd swcar(s)or affum{s}that the statcments in the fortgoing petition art
�rue and corrcc:to the bat af the kaowledge and belief of petitioner(s)and that as personal rcpresru-
tativo(s}cf th�abav�dccedtnt petitioner(s)will wcll and truly administGC thc cstaic according to Iaw.
Sworn to ar :;f�.rmed and subscribed ����G��-K-� �- ��t�'� - c., ��i�,��
_ re me this—,•;,.� _., d y af �" �--�`�:':�:s�� o
��'���`� ° . . ;
T �j w j�AP C. LEWIS
Register �_ �-�1_..• ... � �,;
(� P-;::` �.� �
__ . -_.__-----_- `� �.-a�i_
_ _--__ _
N0. 21 - 92 - 40 .
Estate of C. ;T. FREDRICKSEN , Deceased �
DECREE OF PROBATE AND GRANT OF LETTERS
AND NOW JANUARY 1 4, 19_92.—, in consideradon of the petidon on
the rtverse side hereof, sadsfactory proof having been prescntod before me,:
IT IS DECREfiD that the inswment(a) datc� �C'rOBFR la.., 1990
dcscribed therein be admitttd to probate and filed of record as the Iast will o[
C J FREDRICKSEN ;
and Lettas TESTAMENTA�_
are hereby grantcd to A9b1RY JANE FREDRICKSEN and �_
DAUPHIN DEPO5IT BANK and TRUST COMPAtvl'
WILL BOOK #120
� � ��
PAGE 417 ETC. �z kF S� M����.�WIS l.=:�. �
FEFS ' -
Probate, i,etters, Btc. ......... S 200.00 william ti. Wood, Esquire �`'�,.�
;,.
Short Certificata(1�.......... S 30.00 �TTOxtrEY�up.Ct.t.D.No.)
. Keefer, Wood, Allen & Kahal
Renunc�adon ................ S�a 2�p Walnut Street, Harrisburg, PA 17101
JCP
X-Pages s '�-� �D�
TOTAL _ S� �5 3_n n
F�� ... JANU�RY .14 r..1992........: ; 717-255-8045 _ __
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I
' LAST WILL AND TESTAMENT OF W. HAINES KENT
� I, W. HAINES KENT, Of the Borough of Camp Hill,
Cumberland County, Pennsylvania, being of sound and disposing mind,
memory and understanding, do make, utter and publish this my Last
Will and Testament, hereby revoking all former Wills by me heretofore
made.
1. I order and direct that all my just debts and
funeral expenses be fully paid and satisfied by my Executrix
hereinafter named, as soon as conveniently may be after my decease. .�r_
��
2. �I give, devise and bequeath all my property, real,
personal and mixed, whatsoever nature and wheresoever situate, or
which I shall die seized and possessed, or to which I shall be entitled
at the time of my decease, to my wife, ETIIEL TROSTLE KENT.
3. In the event that my said wife, ETHEL TROSTLE KENT,
should predecease me, or should we die in a common disaster, then
and �n that event, I give, devise and bequeath my Estate as follows:
A. I give and bequeath the sum of TWO THOUSAND ($2,000.00)
DOLLARS to the CAMP HILL PRESBYTERIAN CHURCH, Camp Hill, Cumberland
County, Pennsylvania, its successors and assigns, which said fund
shall be invested by said Church and the income used to perpetuate
my annual contribution and for general Church purposes.
�
B. I give and bequeath the sum of TWO THOUSAND ($2,000. 00)
` �.,
DOLLARS to JUNIATA COLLEGE, Huntingdon, Pennsylvania, its successors
and assigns ,—which shall be invested by said College, and the income
therefrom used to perpetuate the annual gi.ft of ETHEL 1ROSTLE KENT,
Juniata 1918, for general College purposes. g
�..iN�
_..._ _
IN RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
c� :=l .� �
RECEIPT, RELEASE,REFUNDING AND INDEMNITY A(�EMENfi rn �
FOR INTERIM DISTRIBUTIONS FROM MARITAL�ST � '°
� �
�, a s �-e c�
r.�. ` � W n�� �
� � �
THIS AGREEMENT, made this 2°d day of December, 2013, c� �-, � --� ° �
c-a ca -�� � .�:. �'►
� �-�
WITNESSETH : � � ►--' �, ri
�,. cn cn Q
THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows:
1. Cleve J. Fredricksen (the "Decedent", or the "Settlor"), a married man, late of
Camp Hill, Cumberland County, Pennsylvania, died testate on January 4, 1992.
2. On January 14, 1992, the Register of Wills of Cumberland County, Pennsylvania
(the "Register"), issued Letters Testamentary to the Decedent's widow, Mary Jane Fredricksen
and Dauphin Deposit Bank and Trust Company, as co-executors of the Decedent's probate estate
(the "Estate").
3. Manufacturers and Traders Trust Company (the "Bank") is, inter alia, the
corporate successor, by merger, of Dauphin Deposit Bank and Trust Company. All references
herein to the "Bank" mean and include both Dauphin Deposit Bank and Trust Company and also
Manufacturers and Traders Trust Company, as its corporate successor.
4. During his lifetime, the Decedent, as settlor (the "Settlor") established a revocable
inter-vivos trust (the "Trust"), with the Bank (then or later known as Dauphin Deposit Bank and
Trust Company) as trustee (the "Trustee"), by the execution of a Revocable Trust Agreement
originally dated December 19, 1974, as subsequently amended on November 1, 1982, and as
further amended and restated in its entirety on October 12, 1990 (collectively, the "Restated
Trust Agreement"). A copy of the Restated Trust Agreement, entitled "Second Amendment to
Revocable Trust Agreement", dated October 12, 1990, is attached hereto as Exhibit "A", and is
fully incorporated herein by this reference.
5. As provided in the Restated Trust Agreement, upon the Settlor's death the
property of the Trust was divided into two separate shares/trusts: Trust A and Trust B. Trust A
(the "Marital Trust") is a federal estate taY marital deduction trust. As provided in the Restated
Trust Agreement, the Decedent's widow, Mary Jane Fredricksen, was entitled to receive benefits
from both the Marital Trust and from Trust B during her lifetime. Trust B was terminated and
distributed in 1993, as part of the judicial closing of the Estate, as described in paragraph 7
below.
6. The Marital Trust was funded in 1992, through several large distributions from
the Trust to the Marital Trust. Since 1992, the Bank, as Trustee, has administered the assets of
the Marital Trust in accordance with the terms of the Restated Trust Agreement, including
periodic payment of all income and required principal distributions of the Marital Trust to Mary
Jane Fredricksen, during her lifetime, as the sole life beneficiary thereof. The Restated Trust
Agreement gave Mary Jane Fredricksen the right to withdraw up to One Hundred Thousand
Dollars ($100,000)per annum and she exercised this withdrawal power annually.
7. In 1993, the Bank, as Trustee of the Trust, prepared and filed its First and Final
Account, accounting for the Trustee's administration of the Trust for the period from December
19, 1974 to August 5, 1993. This Trustee's First and Final Account was filed for adjudication by
the Orphans' Court Division of the Court of Common Pleas, of Cumberland County,
Pennsylvania (the "Court"). The Trustee's First and Final Account was confirmed, absolutely, by
- 2 -
the Court on November 23, 1993, per adjudication of J. Wesley Oler, Jr., Judge. Also on that
date, the Court adjudicated and confirmed, absolutely, the First and Final Account of the Bank
and Mary Jane Fredricksen, as Co-Executors of the Estate.
8. Mary Jane Fredricksen died June 3, 2013, being then a resident of Cumberland
County, Pennsylvania. The Last Will and Testament of Mary Jane Fredricksen, dated May 24,
2005, including the Sole Codicil thereto, dated September 28, 2007 (collectively, "Mary Jane's
Last Will") was duly probated by the Register on June 6, 2013. The Register issued Letters
Testamentary to Richard E. Connell and Deborah Sprang Dewey, as co-executors of Mary Jane
Fredricksen's probate estate.
9. By the Sole Codicil to Mary Jane's Last Will, Mary Jane Fredricksen declined to
exercise the testamentary power of appointment given to her by Article II(c) of the Restated
Trust Agreement. Therefore, upon Mary Jane Fredricksen's death, the remaining assets of the
Marital Trust became distributable to the Beneficiaries, described below, as the remainder
beneficiaries of the Marital Trust, after payment of the Marital Trust's applicable federal estate
taxes and remaining expenses of administration and termination costs.
10. Article II of the Restated Trust Agreement provides the following terms for the
final division and distribution of the Marital Trust upon the death of Mary Jane Fredricksen:
Upon the death of Settlor's wife, the entire remaining principal of Trust
A, together with any undistributed income therefrom, shall be paid over,
conveyed and distributed to or in trust for such appointee or appointees
(including the estate of Settlor's wife), in such manner and in such
proportions as Settlor's wife may appoint in and by her Last Will and
Testament, making specific reference to the power of appointment herein
conferred upon her. In disposing of Trust A, the Trustee shall be
protected in relying upon an instrument admitted to probate in any
jurisdiction as the Last Will and Testament of the Settlor's wife, or in
acting upon the assumption that Settlor's wife died intestate in case the
- 3 -
Trustee has no notice of the existence of a Will of Settlor's wife, within
six (6) months after the death of Settlor's wife.
In default of the exercise of such power of appointment by Settlor's
wife, or insofar as any part of such Trust shall not be effectively
appointed by her, then upon the death of Settlor's wife, the entire
remaining principal of Trust A, together with any undistributed income
therefrom, or the part of such Trust not effectively appointed, shall be
distributed as follows:
If Settlor's wife has not specifically exercised her power of
appointment to pay any part of the estate, succession, death or similar
taxes assessed with respect to the assets of Trust A, then the Trustee shall
pay to the executors or administrators of the estate of the Settlor's wife,
for the purpose of paying such taxes, the amount by which such taxes
assessed by reason of her death shall be increased as a result of the
inclusion of the assets of Trust A in her estate for usch tax purposes.
The balance of the principal of Trust A or all of the principal of Trust
A if no amount is distributed under exercise of the aforesaid power of
appointment, together with any undistributed income therefrom, shall be
added to and become a part of Trust B, and shall be held, administered or
distributed, in whole or in part, as if it had been an original part of Trust
B.
(d) After setting aside the assets to comprise Trust B as hereinabove
provided, all of such assets shall then be divided into three (3) equal
shares, one of which shall be held in a separate trust for Settlar's son,
CLEVE LAURANCE FREDRICKSEN; one of which shall be held in a
separate trust for Settlor's son, BRIAN HAROLD FREDRICKSEN; and
one of which shall be held in a separate trust for Settlor's son, THOMAS
MARK FREDRICKSEN, each of which separate trusts shall be
administered as hereinafter set forth.
The income from each such separate Trust shall be paid in monthly or
other convenient installments to that son for whom the Trust is set aside
until the assets of such Trust are finally distributed as hereinafter
provided. When each of such sons attains the age of thirty-five (35)
years, one-third (1/3) of the principal of the share held in trust shall be
distributed to him, absolutely. When each of such sons attains the age of
forty (40) years, one-half(1/2) of the remaining principal of the share
held in trust shall be distributed to him, absolutely. When each of such
sons attains the age of forty-five (45) years, the entire remainder of the
share held in trust, together with any undistributed income therefrom,
shall be distributed to such son, absolutely.
- 4 -
If the date of the Settlor's death does not occur until after a son shall
attain the age of 45 years, the principal of and any undistributed income
then in that son's share shall be distributed to that son absolutely. Any
principal and undistributed income which shall thereafter be added to
that son's share under the last paragraph Section II(c) of this Trust
Agreement shall be promptly distributed to that son absolutely.
If any such son should die before the date of final distribution of the
last remaining portion of the principal of his share to be held in Trust as
afaresaid, such remaining principal and any undistributed income
therefrom shall be paid as follows:
(1) If such son should leave both a spouse and issue
surviving, one-half(1/2) of the remaining principal and any undistributed
income therefrom shall be paid to that son's spouse and the other one-
half(1/2) thereof shall be paid to his surviving issue, per stirpes.
(2) If such son should leave a spouse surviving but no issue
surviving, then one-half(1/2) of the remaining principal and any
undistributed income therefrom shall be paid to that son's spouse,
absolutely, and the other one-half(1/2)thereof shall be paid to Settlor's
grandchildren, then living, in equal shares.
(3) If such son should leave no spouse surviving but leave
issue surviving, then the entire remaining principal and any undistributed
income therefrom shall be paid to that son's surviving issue, per stirpes.
(4) If such son should leave neither a spouse nor issue
surviving, then the entire remaining principal and any undistributed
income therefrom shall be paid to Settlor's grandchildren, then living, in
equal shares.
If any issue of any one of Settlor's sons or any issue of Settlor taking
under this Subsection(d) is a grandchild of Settlor who is living at the
time of Settlor's death, the share of such grandchild shall be held in a
separate trust for such grandchild, the income from which shall be paid
in monthly or other convenient installments to that grandchild until the
assets of such separate trust are finally distributed as hereinafter
provided. When any such grandchild attains the age of twenty-one (21)
years, one-third (1/3) of the principal of his or her share held in Trust
shall be distributed to him or her, absolutely. When any such grandchild
attains the age of twenty-five (25) years, one-half(1/2) of the remaining
principal of his or her share held in Trust shall be distributed to him or
her, absolutely. When any such grandchild attains the age thirty (30)
- 5 -
years, the entire remaining share of the Trust shall be distributed to him
or her, absolutely.
In addition to the payment of income hereinabove provided for in the
case of each of Settlor's sons and in the case of certain of Settlor's
grandchildren, the Trustee shall have authority, in its absolute discretion,
to pay to or apply for the benefit of any such son or grandchild, from
time to time, such sum or sums from the principal of that son's or
grandchild's share held in Trust as it may deem necessary or advisable to
provide for medical care, education, comfortable maintenance or welfare
for him or her for his or her family, or to improve his or her station in
life.
11. The Settlor had three children from his first marriage, namely, Brian H.
Fredricksen, Thomas M. Fredricksen, and Cleve L. Fredricksen. The Settlor's son Cleve L.
Fredricksen died on August 20, 2007. Cleve L. Fredricksen, deceased, was survived by his wife,
Beverly S. Fredricksen, and by two adult children, namely Cleve M. Fredricksen (age 46) and
Cristi Fredricksen Kyler (age 48). Brian H. Fredricksen, Thomas M. Fredricksen, Beverly S.
Fredricksen, Cleve M. Fredricksen, and Cristi Fredricksen Kyler, as the remainder beneficiaries
of the Marital Trust, are hereinafter collectively referred to as the "Beneficiaries".
12. Based upon available information, the Bank, as Trustee, understands and believes
that the assets of the Marital Trust are subject to federal estate taxation (at a flat rate of forty
percent (40%)) as a result of the death of Mary Jane Fredricksen. For that reason, the Trustee,
following diligent inquiry and advice of counsel, has determined that it is advisable to retain
approximately sixty percent (60%) of the assets of the Marital Trust, pending the determination,
payment and final settlement of Mary Jane Fredricksen's federal estate tax liability, including
such taxes due from the Marital Trust.
13. For the reasons stated in Paragraph 12 above, the Trustee has determined that it is
advisable to distribute Nine Hundred Forty-Seven Thousand Dollars ($947,000) from the Marital
- 6 -
Trust to the Beneficiaries, in the respective amounts set forth below(collectively, the "Interim
Cash Distribution").
14. In accordance with Article II(d) of the Restated Trust Agreement, the pro-rata
shares of the Beneficiaries in both the Marital Trust (as a whole) and in the Interim Cash
Distribution are as follows:
Trust Interim Cash
Beneficiary Share Distribution
Brian H. Fredricksen 1/3 $315,667
Thomas M. Fredricksen 1/3 $315,667
Beverly S. Fredricksen 1/6 $157,833
Cleve M. Fredricksen 1/12 $ 78,916
Cristi Fredricksen Kyler 1/12 $ 78,917
TOTAL - INTERIM CASH DISTRIBUTION: 947 000
15. The Beneficiaries now desire to execute this Agreement in order to confirm their
receipt of the Interim Cash Distribution, upon the terms and conditions hereinafter set forth.
16. In consideration of the release, refunding and indemnity protections hereinafter
provided to the Trustee, the Trustee is willing to make the Interim Cash Distribution to the
Beneficiaries, upon the terms hereinafter set forth.
17. The Beneficiaries and the Trustee are hereinafter collectively referred to as the
"Parties".
NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound
hereby, severally but not jointly, the Parties for themselves, their heirs, personal representatives,
successors and assigns, hereby agree as follows:
1. Confirmation of Recitals. The Parties represent and warrant that they have read
and understand this Agreement and confirm that the recitals set forth above are
true and correct, to the best of their knowledge, information and belief.
- 7 -
2. Receipt of Interim Distribution. The Beneficiaries hereby acknowledge their
respective receipt of their pro-rata shares of the Interim Cash Distribution, and
further agree and confirm that such amount is being paid to each of them in
partial satisfaction of their respective entitlements as remainder beneficiaries of
the Marital Trust, whether under the Restated Trust Agreement or otherwise.
3. Release of Trustee/Trust. To the extent of the Interim Cash Distribution hereby
made each of them, the Beneficiaries hereby absolutely and irrevocably remise,
release, quitclaim and forever discharge the Trust and the Trustee, including the
Trustee's attorneys, agents, employees, successors and assigns, of and from any
and all actions, payments, accounts, reckonings, liability claims and demands
relating in any way to the Trust.
4. Refundin�Agreement. The Beneficiaries hereby agree to refund, upon demand,
all or any part of their respective parts or shares of the Interim Cash Distribution
which is/are determined by the Trustee, or by the Court, or by any other court of
competent jurisdiction, to have been improperly made.
5. Indemnification of Trust/Trustee. To the extent of their respective parts or shares
of the Interim Cash Distribution,the Beneficiaries hereby agree to indemnify and
hold harmless the Trustee and the Trust, including the Trustee's attorneys, agents,
employees, successors and assigns, from and against any and all claims, losses,
liabilities or damages that may be asserted against the Trustee and/or the Trust
with respect to this Agreement, including with respect to the Interim Cash
Distribution.
6. Consent to Court Jurisdiction. The Parties hereby consent to the Court exercising
personal jurisdiction over them in any suit or action arising out of the
enforcement of this Agreement.
7. Covenant Not to Sue. The Beneficiaries agree not to bring any action, suit or
administrative proceeding contesting the validity of this Agreement or attempting
to negate, modify, or reform it. Any breach of this Covenant Not to Sue shall be a
material breach of this Agreement. The Parties further agree that this Agreement
may be pled as a complete defense and bar to any claim or entitlement whatsoever
which they may assert in any suit or claim against the Trustee, the Trust and/or its
attorneys and involving the Trustee's administration of the Trust, including this
interim distribution of the Trust's assets as provided in this Agreement.
8. Governing, Law. The Parties acknowledge that this Agreement shall be governed
by and construed in accordance with the laws of the Commonwealth of
Pennsylvania, without regard to its conflict of law provisions.
9. Venue. The Parties agree and covenant that the Court shall be the sole venue for
the litigation of any disputes arising under this Agreement.
- 8 -
10. A�reement Bindin�on Heirs. This Agreement shall be binding and shall inure to
the benefit of the Parties and also upon their respective heirs, successors, next of
kin, devisees, legatees, beneficiaries, appointees, executors, administrators,
personal representatives and assigns.
1 l. Entire A�reement. This Agreement constitutes the entire understanding between
the Parties concerning the subject matter hereof, and supersedes any and all prior
written agreements and any and all prior or contemporaneous oral agreements or
understanding relating to the subject matter hereof.
12. Waivers, Amendments. This Agreement may not be amended, modified,
superseded, canceled, renewed or extended, nor may any term or condition hereof
be waived, except by a written instrument or document signed by all the Parties
or, in the case of a waiver, signed by the Party sought to be charged therewith.
No waiver by any Party of the breach of any provision hereof shall be deemed to
constitute a waiver of any continuing or subsequent breach of such provision or
any other provision hereo£ Except as otherwise provided herein, the rights and
remedies expressly granted hereunder shall be cumulative with respect to, and
shall not be deemed to exclude, any other rights and remedies to which any Party
shall be entitled at law or in equity.
13. Construction. References to persons or things shall be deemed to refer to such
persons or things in the singular or plural and in the masculine, feminine or neuter
gender as the context shall require.
14. Agreement Severable. This Agreement shall be deemed to be severable, so that if
any provision hereof shall be determined by the Court, or by any other court of
competent jurisdiction, to be invalid ar unenforceable, the remaining provisions
hereof shall continue to remain valid and enforceable in accordance with their
terms.
15. Counterparts. This Agreement may be executed in multiple counterparts, each of
which may contain the signatures of one or more of the Parties, all of which,
taken together, shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Parties have executed the Consents attached hereto, with
the same to be effective as of the date first above written.
- 9 -
IN RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS'COURT DIVISION
, N0. 21-92-40
CONSENT TO
RECEIPT,RELEASE,REFUNDING AND INDEMNITY AGREEMENT
FOR INTERIM DISTRIBUTIONS FROM MARITAL TRUST �
THE LINDERSIGNED,BRIAN H. FREDRICKSEN,as a one-third (1/3`d)remainder
beneficiary of the Marital Trust established by Cleve J. Fredricksen, by that certain Trust
Agreement originally dated December 19, 1974, as subsequently amended, and as amended and,
restated in its entirety on October 12, 1990,hereby consents to the Receipt,Release, Refunding ,
And Indemnity Agreement For Interim Distribution From Marital Trust,dated December 2, 2013
(the"Agreement"),for the purposes expressed therein. The undersigned further acknowledges
receipt of a copy of the Agreement.
�
AN H. FREDRICKSEN = �
�'
COMMONWEALTH OF VIRGINIA : ss��3 ����� �,
COUNTY OF C� .
On this,the 'J day of �i�CernL�2r ,2013,before me,the undersigned officer,
personally appeared BRIAN H. FREDRICKSEN,known to me, (or satisfactorily proven)to be ,
the person whose name is subscribed to the within instrument,and acknowledged that he i
executed the same as his free and voluntary act for the purposes expressed therein.
IN WITNESS WHEREOF, I hereunder set my hand and official seal. I
�
' �.
�
CAFtRIE ANN KNfGHT No Public �
NOTARY PUBUC �
Commonwealth o#Vkglnia
Reg.#7368071
My rommissicn Expires May 31, �a�
1� �
I
I
IN RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
C01�1SENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT
FOR INTERIM DISTRIBUTIONS FROM MARITAL TRUST
THE IJNDERSIGNED, THOMAS M. FREDRICKSEN, as a one-third (1/3`d) remainder
beneficiary of the Marital Trust established by Cleve J. Fredricksen, by that certain Trust
Agreement originally dated December 19, 1974, as subsequently amended, and as amended and
restated in its entirety on October 12, 1990, hereby consents to the Receipt, Release, Refunding
And Indemnity Agreement For Interim Distribution From Marital Trust, dated December 2, 2013
(the "Agreement"), for the purposes expressed therein. The undersigned further acknowledges
receipt of a copy of the Agreement.
T MA� . REDR KSEN
STATE OF COLORADO :
: SS.
COUNTY OF �h�✓' :
On this, the S day of ��Nt,�✓ , 2013, before me, the undersigned officer,
personally appeared THOMAS M. FREDRICKSEN, known to me, (or satisfactorily proven) to
be the person whose name is subscribed to the within instrument, and acknowledged that he
executed the same as his free and voluntary act for the purposes expressed therein.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
� tG� �����"
����p�� otary Public
STATE OF GOLORADO
NOYIIRY D 201�/060�'p
M�r Ca'nriiwion E��A�pu�e.2017
- 11 -
1N RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT
�+'(l�il�T'E.�?Tl1%i TJi�T�2IRiTTTOI�TC FRf1M I�AR�'1'AT, T12_LTST
THE UNDERSIGNED, BEVERLY S. FREDRICKSEN, as a one-sixth (1/6th) remainder
beneficiary of the Marital Trust established by Cleve J. Fredricksen, by that certain Trust
Agreement originally dated December 19, 1974, as subsequently amended, and as amended and
restated in its entirety on October 12, 1990, hereby consents to the Receipt, Release, Refunding
And Indemnity Agreement For Interim Distribution From �Vlarital Trust, dated December 2, 2013
(the "Agreement"), for the purposes expressed therein. The undersigned further acknowledges
receipt of a copy of the Agreement.
, �
,<..
BEVE S. FREDRICKSEN
``\"NqN11111N�tp���'
,°.���'"�.A���,,, DEBORAH
��,0:r;,MON�,G:°o: E. POOLE
�o .o r;•:<,,
COMMONWEALTH OF VIRGINI.A : � :;, C �.� � Notary Pubiic
• SS; �• L � � Commonwealth of Virginia
COUNTY OF° oz. �.�,u �L��, : =�o��'•°R���•��?��V�MY Commission Expires�0 07 0�5
� r J �����`/hTqRY��p,Ue��'� Commission!D#166540 �
;_'�
Uri t111S, 211e S��ciay oi��� . , LU 1�i, neiore me, me unciersi�neci oiii�er,
personally appeared BEVERLY S. FREDRICKSEN, known to me, (or satisfactorily proven) to
be the person whose name is subscribed to the within instrument, and acknowledged that she
executed the same as her free and voluntary act for the purposes expressed therein.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
� �?_ Jj�r r(^� (`;J�/
.�R�[.3T1L.ti�.-•!�..�f V? �--�,
Notary �'ub�ic
- 12 -
IN RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COLTNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT
FOR INTERIM DISTRIBUTIONS FROM MARITAL TRUST
THE IJNDERSIGNED, CLEVE M. FREDRICKSEN, as a one-twelfth(1/12`h) remainder
beneficiary of the Marital Trust established by Cleve J. Fredricksen, by that certain Trust
Agreement originally dated December 19, 1974, as subsequently amended, and as amended and
restated in its entirety on October 12, 1990, hereby consents to the Receipt, Release, Refunding
And Indemnity Agreement For Interim Distribution From Marital Trust, dated December 2, 2013
(the "Agreement"), for the purposes expressed therein. The undersigned further acknowledges
receipt of a copy of the Agreement.
r �r
CL . FREDRICKSEN
COMMONWEALTH OF VIRGINIA :
...., : SS.
COLTNTY OF t. � c�q�. :
J
On this, the_ 5� d�v �f ��c_evr�t�C�(', 2Q13, before me, the undersi�ned officer,
personally appeared CLEVE M. FREDRICKSEN, known to me, (or satisfactorily proven)to be
the person whose name is subscribed to the within instrument, and acknowledged that he
executed the same as his free and voluntary act for the purposes expressed therein.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
`\�11h1N1111NHp///� j
;���r��.e:woo°'°�,, LINDA B. WOOD �� ���/
����;o���-���.o ��`
' }' Notary Public otary Public
_ :U�S OF���; �s
_ � " Commonwealth of Virginia �
�, �'•..�'n,4,yN�?:'\G;�My Commission Expires S-- 3/'�
�' v'���""�" � �' Commission ID#166730
/,����'HUr��in UO��\\�
- 13 -
IN RE: ESTATE AND TRUST OF : 1N THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT
FOR INTERIM DISTRIBUTIONS FROM MARITAL TRUST
THE LJNDERSIGNED, CRISTI FRF,DRICKSEN KYLER, as a one-twelfth (1/12tn)
remainder beneficiary of the Marital Trust established by Cleve J. Fredricksen, by that certain
Trust Agreement originally dated December 19, 1974, as su�sequently amended, and as
amended and restated in its entirety on October 12, 1990, hereby consents to the Receipt,
Release, Refunding And Indemnity Agreement For Interim Distribution From Marita] Trust,
dated December 2, 2013 (the "Agreement"), for the purposes expressed therein. The
undersigned further acknowledges receipt of a copy of the Agreement.
' �— ,
F �-----,
C STI EDRICKSEN KYL .'
(
COMMONWEALTH OF VIRGINIA :
' : SS.
COUNTY OF �l (,.l,Q.�, :
� nn this, the �h �
_,,�— day of��'�i;n��•�.J_, 2013, before me, the undersigned officer,
persanally appeared CRISTI FREDRTCKSEN KYLER, known to me, (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument, and acknowledged that she
executed the same as her free and voluntary act for the purposes expressed therein.
IN WITNESS WHEREOF, I hereunder set my hand and official seal.
; �2�'���'j
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- 14 -
IN RE: ESTATE AND TRUST OF : IN THE COURT OF COMMON PLEAS
CLEVE J. FREDRICKSEN, : CUMBERLAND COUNTY, PENNSYLVANIA
DECEASED : ORPHANS' COURT DIVISION
: NO. 21-92-40
CONSENT TO
RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT
FOR INTERIM DISTRIBUTIONS FROM MARITAL TRUST
THE UNDERSIGNED, MANUFACTURERS AND TRADERS TRUST COMPANY,
successor by merger of, inter alia, Dauphin Deposit Bank and Trust Company, in its fiduciary
capacity as Trustee of the Marital Trust established by Cleve J. Fredricksen, by that certain Trust
Agreement originally dated December 19, 1974, as subsequently amended, and as amended and
restated in its entirety on October 12, 1990, hereby consents to the Receipt, Release, Refunding
And Indemnity Agreement For Interim Distribution From Marital Trust, dated December 2, 2013
(the "Agreement"), for the purposes expressed therein. The undersigned further acknowledges
receipt of a copy of the Agreement.
MANL'FACTURERS AND TRADERS,
TRUST COMPANY, Trustee
,,.-;>
,�'� —
�OHN O. CAMPBEL , 'ce resident
COMMONWEALTH OF PENNSYLVANIA :
: SS.
COUNTY OF DAUPHIN .
On this, the il'�`h day of�,�.��zJ , 2013, before me, the undersigned
officer, personally appeared JOHN O. CAMPBELL, who acknowledged himself to be a Vice
President of MANUFACTURERS AND TRADERS TRUST COMPANY, and that he, as such
officer, being duly authorized so to do, executed the foregoing instrument for the purposes
therein contained by signing the name of such bank or trust company by himself as its duly
authorized officer.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
�
�s���� � �
�� �� ���
����M OF PENNSYLVM11q
NoWrial Seal
Bonnie Bettler, Notary Pubiic
- 15 - City of Harrisburg, Dauphin County
My Commission Explres Sept. 20,2017
MEHBER,�ENHSYLVMUq qSSOCIqnON OF t�p7q(u�5
, , _ , -� , ti . .
, � •
SEC4ND AMENDMENT TO REVOCABLS TRQBT AGREEMENT
This "Second Amendment to Revacable Trust Aqreement'� made
Q�z.�
this _� day o� .Octaber, 1990, executed in duplicate by C. J.
FREDRYCRSEN (Cleve J'. Fredricksen) of Camp Hill, Cumberland County,
Pennsylvania, hereinafter called the "Settlor" and DAUPHIN DEPOSIT
BANR AND TRUST COMPANY (formerly Dauphiri Deposit Trust Campany) of
Harrisburg, Dauphin Caunty, Pennsylvania, hereinafter called the
"Trustee. "
WHEREAS, the Settlor and the Trustee entered into a
Revocable Trust Agreement dated Becember 19, 1974 ; and
, WHEREAS� Axticle XIII of the Revocable Tr�st Agreement . .
provides that the Settlor reserves the right to modify, amend, or
revoke that Agreement, in whole or in part; and �
RHEREAS, on the lst day of November, 1982, the Settlor
and the Trustee executed and delivered a "First Amendment to the
Revocable Trust Agreement"; and
. . ,_ WHEREA3, fihe..Settlor is now desirous of further amending
this "Revocable Trust Agreement" by a Second Amendxnent �.hereto
which restates it in its entirety sa as to include the amendments
' hereinafter set forth, and the Trustee is agreeable to such
amendment and restatement.
NOA, THE':�EFORE, Settlar and Tzustee, intendiizg to be
legally b4und, hereby agree as follows: A TRUE Cdf'Y FROM REC�RD
In Testirnony wf�erof, i hereunto
set my hand and the se�l
ot said Court at Carlisfe,PA
Tiiis�ay of 20Q�--
t � '�o,� �Q,�,
Cie af the Urphan Co _r' , �
Cumberland County
EXHIBIT A
, .
. .
_ . . . . .
� � � Section 1. Article I through XIII, inclusive, of the
Revocable Trust Aqreement are hereby further amended and restated
so that they will read in their entirety as follows:
I. TRLSST PROPERTY
� For good and valuable considerations, the Settlor hereby
transfers and delivers to the Trustee the securities listed ix� the
schedule attached hereto, to have and to hold the same and any
, cash, securities ar other property which the Trustee may, pursuant
to any af the provisions of the Revocable Trust Agreement, as
� amended, at any time hereaftar ho].d or acquire, all of such
property being hereafter referred �o collectively as the "Trust
Estate," for the uses and purpases and upon the terms and
conditions herein set forth.
II. DISPOSITIVE PROVISIONS
The Trustee shall hold, manage, invest, and reinvest the
Trust Estate and shall co].lect the income thereof, and shall
disposa of the net income and_principal as follows.
(a) During the lifetime of the Settlor, the Trustee
shall pay ta the Settlor al]. of the net income therefrom in monthly
ox othex convenient installments. If at any ti�ne the Settlor
shauld become incompetent or, for any other reason be unable to act
in his own behalf, the Trustee may, in its absolute discretivn, pay
to or apply for tY:e benefit of the Settlor, in additian to the
income payments hereinabove provided for him, such amounts from the
_2,.
' ; . ,y • , r , .. �
{ , , '
principal o� the Trust Estate, up ta the whole thereof, as the
Trustee may, from time to time deem necessary or advisable for his
use �nd benefa.t.
(b) Upon the death of the Settlor, if he is suxvived �y
his wife, Mary Jane Fredricksen, the Trustee shall divide,
ma�ntain, and administer the Trust Estate, which shall include any
property which may be added from Sett7.or's general estate, into two
separate Trus�s, hereinafter referred to as "Trust A" and "Trust
B, " the assets of each separate Trust to be ascertained as follows:
TR�TST A
Trust A shall �e equal to fifty (50°s) percent of the principal
�f the Trust Estate, and any undistributed income thereon.
The Trustee sha].1 have the power and the sole discretion t4
establish this Trust A wholly or partly with cash or with assets in
kind; provided, haS�ever, tha� all assets used to establish this
Trust A shall be va3ued at the value �.hereaf as finally determined
for Federal Estate Tax purposes in the Settlor's estate; provided
further, that the Trustee, in establishing Trust A shall di.stribute
to it assets, including cash, having an aggregate fair marke� value
at the date or dates of distribution amaunting ta no less than the
amount of this TrL:st, based on values finally determined for
�'ederal Estate Tax purposes; and provided further, tha� there shall
not ba included in the assets used to establish Trust A, any asset
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� � .. :.i . .- . yl , ... � .
} �
or the proceeds o�' any asset which does nat qualify for the marital
deduction for Federal Estata Tax purposes.
TRUST B
Trust B shall be equal �in amount to the balancs of the Trus�
Estate after deducting the portion of the Trust Estate allocated to
Trus.t A. �
(c) After setting aside the assets ta camprise Trust A as
herea.nabove provided, the Trustee shall pay to Settlor's wife, Mary
� Jane Fredricksen, in mbntYily ar other convenie�t installments, all
of the net income from Trust A during her lifetiine.
Until the exact amount of Trust A is known, the Trustee shall
advance to Settlor' s wife, not less frequently than quarter-
annually� amounts equal to the estimated income to be derived from
Trust A, and the Trustee shall nat have any liability far the
failure of Settlor's wife to return to Trust A any portion of such
advances later determined ta be in excess of the actual income due
her from Trust A.
In addition to the income from Trust A, the Trustee shall pay
to Settlor's wife such sums from the principal of Trust A as she
may, from time to time request in writing, but not exceeding One
Hundred Thousand ($100, 000. 00) Dollars annually, and this right
shall not be cumulative. It is Settlor's intention tha� no
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.., ♦' . . ' ' `-. I{ . �_ ' .
! - � _ �
limitation be placed on his wife as to the reasons for such
invasion of the principal of Trust A.
If at any time Settlor's wife should become incompetent, or
for any other reason be unabl.e to act in her own behalf, the
Trustee may, in its absolute discretion, pay to or apply for her
benefit, in additian ta the payments of income and principal o�
Trust A hereinabave provided for her, such amaunts from the
principal of Trust A, up to the whole thereof, as the Trustee may,
from time to time deem necessary or advisable for her use and
� benef it.
Upon the death of Settlor's wife, the entire remainir�g'
principal af Trust A, together with any undistributed income
therefrom, shall be paid over, conveyed and distributed to or in
trust for such appointee or appointees (including the estate of
Sefitlor's wife) , in such manner . and in such propor�ions as
Settlor's wife may appoznt in and by her Last Will and Testament,
making specific xeference to the power of appointment _ herein
conferred upon her. In dispasing of Trust A, the Trustee shall be
protectsfl in relying upon an instrument admitted ta probate in any
jurisdiction as the Last Will and Testament of the Settior's wife,
or in acting upan the assumption that Settlor's wife died intestate
in case the Trustee has no notice of the existence of a Will of
Settlor's wife, within six (6} months after the death of Settlor' s
wife.
_g_
' . E+' _ �L , �._ • .
' ,
In default of the exercise of such power of appointment by
Settlor's wife, or insofar as any part of such Trust shall not be
effectively appointed by her, then upc�n the death nf Settlor's
wife, �he entire remaining principal af Trust A, together with a�y
undistributed income therefrom, or the part of such Trust not
effectively appointed, shall be distributed as follaws:
I� S�ttlor's wife Yias not specifically exercised her power of
appointment to pay any part of the estate, successian, death or
similar taxes assessed with respect to the assets of Trust A, then
� the Trustee shall pay to the executors or administratdrs of the
estate af the Settlor's wife, far the purpose of paying such taxes,
the amount by which such taxes assessefl by reason o� her death
shall. be increased as a result of the inclusion of the assets of
Trust A in her �estate far such tax purposes.
The balance of the principal of Trust A or all of the
principaJ. of Trust A if no amount is distributed under exercise o�
the aforesaid power of appointment, together with any undistributed
income therefrom, shall be added to and become a part o�' Trust B,
and shall be held, administered or distributed, in whole or in
part, as if it had been an originaZ part of Trust B.
(d) After setting aside the assets to compr9.se Trust B as
herei»above provided, a�.l of such assets shall then be divided into
three (3) equal shares, one of which shall be held in a separate
trust for Settlor' s son, CLEVE LAURANCE FREDRICKSEN; one o� which
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1 . , . ! Y � . - . ' • _
f �
shall be held in a separate trust for Settlor's son, BRTAN HAROLD
FREDRICKSEN; and one of which shall be held in a separate trust for
Settlor' s son, THOMAS MARIi FREDRICKSEN, each of which separate
trusts shall be administered as hereinafter set forth.
The income from each such separa�e Trust shall be paid in
monthly or other convenient installments to that son for whom the
Trust is set aside until the assets of such Trust are finally
� distributed as hereinafter provided. When each of such sons
attains the aqe of tha.rty--five (35) years, one-third {1/3) of the
principal of the share held in trust shall be distributed to him,
absoZutely. When each of such sons attains the age of forty (40)
years, one-half (1/2) of the remaininq principal of the share held
in trust shall be distributed to him, absolu�.ely. When each of
such sons attains the ac}e of forty-five (45) years, the entire
remainder of the share held in trust, together with any
undistributed income theLefrom, shall be distributed to such son,
abso7�utely.
If the date of the Set�lor's death does not occur until after
a son shall attain the age of �5 years, the principal of and any
undistributed incame then in that son's shara shall be distributed
ta that son absolutely. Any principal and undistra.buted incame
which shall thereafter be added to that son's share under the last
paragraph Section II(c) of this Trust Agreement shall be promptly
distributed to that son absolutely.
_�_
� ' . .. _ . �..
, . � ' .
If any such son should die before the date af final
distribution of the last remaining portion of the principal of his
share �o be held in Trust as aforesaid, such remaining princ�pal
and any undistributed income therefrom sha11 be paid as follows:
(1) If such son should leave both a spouse and issue
surviving, one--half {1/2) of the remaining principal and any
undistributed income therefrom shall be paid to that son�s spouse
and the other one-half (1/2) thereof shall be paid to his sux-viving
issue, per stirpes.
(2) If such son should leave a spouse surviving but no
issue surviving, then one--half (1/2) of the remaininq principal and
any undistributed income therefrom shall be paid to that son's
spouse, absolutely, and tha other one--half (1/2) thereof shall be
paid to Settlor's grandchildren, �hen living, in eq�al shares.
(3) If such son should leave no spouse surviving but
leave issue surViving, then the entire remaining przncipal and any
undzstributed income thereProm shall be paid to �h�t son �s
.. . . . . _ . _
surviving issue, per stirpes.
(4) Sf such son should leave neither a spouse nor issue
surviving, then the entire remaining principal and any
undistributed income therefrom shall be paid to Settlor's
grandchi7.dren, then living, in equal shares,
If any issue of any ane of Settlar's sons or any issue of
Settlor taking undex� this Subsection (d) a.s a grandchild of Settlor
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! � ' • '
who is living at the time of Settlor's death, the share of such
grandchiZd shalZ be helcl in a separate �rust for such grandchild,
the income from wliich sha1Z be paid in monthly or other conveniant
installments to that grandchild until the asse�s of such separate
trust are finally distributed as hereinafter provided. When any
such grandchild attains the aqe of twenty-one (21) years, one-th�rd
(1/3) of the principal of his or her share held in Trust shall be
distribu�.ed to hi.m or her, absolutely. When any such grandchild
attains the age of �wenty-five (25) years, one-half (1/2) of the
� remaining principal of his or her share held in Trust shall be
distra.buted to him or her, absolutely. When any such grandchild
attains the age thirty (30) years, the entire remazning share of
the Trust shall be distribu�ed to him or her, absolu�ely.
In addition to the payment of income hereinabove provided �
foz in the case of each of Settlor�s sons and zn the case of
certain of Settlor's grandchildren, the Trustee shall have
authority, in its absolute discretian, to pay to or apply for the
benefit of any such son or grandchild, �'ram time to time, such sum
or sums from the principal of that son' s oz grandch�.ld's share he3.d
in Trust as it may deem necessary or advisable to provide f or
medical care, education, comfor�able maintenance or welfare for him
or her or for his or her family, or to improve his or her station
in l,�fe.
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r - '
{e) If Settlor's wife should predecease him, the Trustee
shall hald and administer the entire Trust Estate as Trust B, in
accordance w�th the provisions of the foregoing Subsection {d) .
(f) Notwithstanding anything herein contained to the
cantrary, whenever�, pursuant to the provisions of this Trust
Agreement, all or any part of the principal of any Trust hereunder
shall vest in abs�olute ownership a.n a person who was not yet born
at the time of Settlor's death and who is a minQr, the Trustee is
authorized and empowered, in its absolute discretion, to hold the
- property so veste� in such minor, or any part thereof, in a
separate fund far the benefit of such minor, natwithstanding that
such property may consist of investments not authorized by law for
trust funds, and during the minority of such m.znor �o accumulate
the net income and, in its absolute discretion, to pay �o or apply
for the bene�it of such minor, from time �o time, such sums from
the principal and such income as, in its absolute discretion, it
may deem necessary or advisabl.e to provide �or the med5.ca1 care,
comfortable maintenance, education and wel�are of such minor,
irrespective of the other resources af such minor or his or her
parents. When such minor shall attain the age of eighteen (18)
years, the Trustee shall pay the principal, together with all
accumulated income, to such minor and, i£ such minor shall die
bef�re attaining such aqe, the principal and all accu.mulated incoma
shall be paid over to the estate of such minar. The authority
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' r . •
conferred upon �he Trustee by this paragraph shall be construed as
a power only, and sha11 nat opera�e to suspend the absolute
ownership of such property by such minor or to prevent the absalute
vesting ther�of in such minor. with respect to the administration
of any such property which shall vest in absolute ownership in a
minar, and whi.ch shall be held by the Trustee as authorized in this
paragrapYi, the Trustee shall have all the powers vested in it under .
the provisions of Paragraph IV hereof.
III. TRUSTEE�S POWERS DURING SETTLOR' 3 LIFETIME
In the adminis�ra�ion of the Trust Estate, the Trustee
shall be subject ta the following limitations during the lifetime
of the Settlor: �
(a) The Trus�ee shaZl retai.n as an inves�ment, unless
and until the SettZor by a writinq delivered to the Trustee sha7.l
otherwise direct, all oP the securities and ather property
originally assigned, transferred, or de].ivered ta the Trustee
hereunder ar at any -time forming a part of the Trust Estate,
whether or not such securities �r other property be of the
character authorized by the laws of the Commonwealth of
Pennsylvania for the investment of tx�st funds.
(b) The Tzustee shall purchase, sell, lease, or alter
any investment held under this Trust Agreement, only in accordance
with written directions received by it from the Settlor, whether or
_1Z_
' '� � .. • .. -- , ,
� ,
� . '" iV • '
not the investment sha11 be of the charactar authorized by the laws
of the Commonwealth of Pennsylvania for investment of. trust funds.
Withaut intending in any way to limit the powers conferred upon zhe
Trustee by this Article, the Trustee is specifically authorized and
empowered to retair► as investments of the Trust Estate, or, upon
receiv�.ng a direction in writing from the Settlor so to do, to
invest the whole er any part of the Trust Estate in common or
preferred stocks, or both, of any one or more corporations, or in
any non=income producing securities or other property, or in any
� so-called wasting investments.
Provided •only that it sha31 have attempted in good faith
to comply with the written directions. received by it from the
Sett].or, the Trustee shall not be responsib2e or l�.able in any way
far any action �aken with respect to any investment af the Trust
Estate, or for any loss ar depreciation resulting from the
purchase, retentiQn, sale, exchange, lease, or alteratzon of any
investment, or frbm any want of diversification of the investments
_ ,. . . .. . . . .. _ . . _. . _ .. .. _ _
of the Trust Estate, and shall have no duty to advise anyone with
respect to the desirability of any such action. The Trustee shall
be entitied to assume that the Settlor is s�ill 3.iving until it
shall have received notice in writing of the Settlor's death. �
(c) I�, at any time durzng the Settlor's lifetime, the
Settlar shall deliver to the Trus�ee a notice in writing signed by
the Settlor s�ating in substance that the Settior relinquishes
-�.z-
. . , , _ � .. . ,
� � _ •
3.imitatior�s imposed upon the Trustee by him in the foregoing
Subsections (a) and (b} , or, if at any time during the Settlor's
lifetime Settlor shauld be declared incampetent for any reasan,
then the aforesaid powers reserved to the Settlor will cease and
terminate and, from and after the dalivery of such notice or from
and after such declaration of such incompetency, the Trustee shall
have those powers with respec� to the Trust Estate given to it
under Article IV hereaf.
IV. TROSTEE'8 POWERS A�`TER SETTLOR�S DEATH
In the administration of the Trust Estate and any Trust
provided for hereunder, the Trustee shall have the following powers
durinq the lifetime of the Settlor to the exte�t not inconsiatent
with the provisions of Article III hereof, and shall hava the
following powers without restriction, either after the deiivery af
the notice referred to in Subsection (d) of Article III hereaf, or
after the declaration of incompetency referzed �o in that
Subsection ar after the death of the Settlor: �
(a) Ta retain, whe�her oriqinally a part of the Trust
Estate or subsequently acquired, and to purchase or otherwise
acquire and to re�ain, any property, whether ar not such property
is authorized by law for investment by fiduciaries, or a.s
unsecured, unproductive, oz of a wasting nature, all without
diversification as to kind and amount; provided, however, that, if
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the stock of AMP Incorporated incZuded among the assets of any
Trust at the time of 5ettlor's death or at any time thereafter,
should comprise more than fifty (50%) percent of the then market
value of the entire corpus of that Trust, the Trustee shall dispose
of ten (l00) percent of the total market value of such stock as of
the end of the previous year g'radually during the year, as the
Trustee, may deem advisable under the circumstances then exi.sting.
(b) To transfer, sell, exchanqe, partition, lease,
mortgage, pledge, give options upon, or otherwise dispose of any
. property at any time held by it, at public or private sale or
otherwise, for cash or other consideration or on credit, and upon
such terms and conditions, with or without security, and for such
price, as it may deterinine.
(c) To hold any par� of the assets of any Trust in cash
ar uninvested for any period deemed advisable.
(d) To extend, modify, ar waive the terms of any bond
and mortgage at any time forming part of any Trust; to foreclose
any such mortgage or take title to the property securing it by deed
in lieu of foreclosure or o�herwise; to protect or redeem any such
property from forfeiture for non-payment of taxes or other liens;
and generally to exercise as to such bond and mortgage or such
praperty all powers that an absolute owner might exercise.
(e) To exercise any option, right or privilege ta
cvnvert bonds, notes, stocks, or other securities, or t� subscribe
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o � • . :.��
� Por additional or ather bonds, notes, stocks, or other securities;
ta make such conversions or subscriptions; to make payments
therefar, and to �advance or borrow money for the purpose of
exercising any such option, right or privilege; and to hold as
investments such bonds, notes, stocks, and other securities so
acquired, natwithstanding that they are not of a . character
authorized for investments by law or by other provisions of this
Trust Agreement.
(f) To vote any corporate stock held by it through its
designees, or by proxy, with or without power of substitution, and
to execute authority or proxies to one or more designees or
norninees.
(g) To borrow money from the Trustee's banking
department ar from any other lender for any Trust purpose and to
pledge all or part of any Trust to secure such b4rrowing, withaut
incurring any personal liab9.lity therefor.
(h) To pay, extend, renew, modify, or compromise, upon
such terms as �t may determine, and upon such evidence as it may
deem sufficient, any obligation or claim, including taxes, either
in favar of or against any Trust.
(i) To hold or register any securities or other property
of any Trust in the names of a nominee or in such form as to pass
by delivery, with or without indicating the fiduciary character of
such ,securities or other property.
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(j} Ta Yiold any separate parts or shares of any Trust
wholly or partly. in undivided farm far convenience of investment
and administration.
(k) To divide and distribute any Trust in kind or in
money, or partly in each, or by way of undivided interests, and �or
such purposes to value any property to be thus divided or
distributed at fair mairket values at the date or clates of
distribution..
V. ADDITIUNAL �ROPERTY
Tha Settlor reserves the right for himself, or,any other
person, to increase the Trust Estate by transferring or delivering
assets to the Trustee, vr by having the proceeds of insurance
policies made payable to the Trustee, or by bequest or devise by
Will. The Settloz will notify the Tr�stee in writing of any
policies so made payable to it, or deli.ver such policies to the
T�ustee as custadian thereof. The duties and liabi.lities of the
Trustee hereunder sha13. under no circumstances be substantially
increased, except with its written consent.
VI. MERGER OR CONSOLTDATI4N AFFECTING TRBSTEE
If the Trus�ee shall tnerge with or be consolidated with
another corporatian, said other corporation shal� succeed to all
the duties and aJ.l the powers, including discretionazy powers
herein granted to sach Trustee.
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, • , j ' .
VII. PRESDMPTION OF SURVIVAL
If the Settlor and his wife sha11 die simultaneously or
under circumstances which would make it difficult to determine
which of them died first, it is directed that Settlor's wife shall
be deemed ta have survived him, for the purposes of this Revocable
Trust Agreemerit and the Trus�s herein provided for. It is fur.ther
darected that the provisions af this Revocable Trust Agreement
shall be construed upon that assumption, irrespective of ar�y
provisions of law establishing a contrary presumption.
VIII. ACCOUNTING BY TRUSTEE
The Trustee shall keep all, the accounts and records of
f.he Trusts created hereunder and semi-annualiy, a� oftener, sha3.1
render to the Sett?or during his l.ifetime statements showing all
receipts, disbursements,. and investment transactions. After the
death of the Settlor, the Trustee shall render, at least annually,
to each adult beneficiary then entitled to income under the terms
of any Trust created hereunder, a statemen� shawing in detail
receipts, disbursemants, and distributions of both pr�.s�cipal and
income of the Trust involved.
IX. COMPENSATION OF TRUSTEE
The compensation of the Trustee for services performed
hereunder shall be as agreed upon from time �o time by the Settlor
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, • . • .
.
and the Trustee and set forth in a written Fee Agreement which
i
shall be attached hereto.
%. SPENDTHRIFT CLAUSL ,
No interest of any beneficiary under any Trust created
hereunder, either in i.ncome or in principal, shall be subj ect to
pledge, assiqnment, sale, or �ransfer in any manner, nor shall any
beneficiary have the power i.n any manner to anta.cipate, charge, or
encumber his interest, either in income or principal, nor shal].
such interest of any beneficiary be liable or subject in any manner
for the debts, contracts, liabiiities, enqageme�ts, or torts of
such beneficiary.
XI. TA% PROVISTON
The Trust Estate sha11 not be charged with the payment of
any Federal Estate Taxes, or any Inheritance Taxes, upon the
Settlor's death, except to the extent that the assets in the
Settlor's testamentary estate shall be insufficient to discharge
such taxes. The Trustee may re].ay canclusively upan written advice
from the Executors or Executor of the Settl.or's testamentary
estate, or upon any other evidence, as to the existence of such
insufficiency and the amount thereof. If the Trustee sha�l be
required to pay any such taxes, they shall be charged. against the
coxpus of Trust B.
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xiz. szTUs
This Revocab2e Trust Agr�ement shall be construed in all
respects according to the laws of the Commonwealth of Pennsylvana.a.
XII2. AMENDMENT AND REVOCATION
The Settlor reserves the right at any ti.me, and from
time to time, by instrument in writing, signed and delivered to the
Trustee, during his lifetime, to modify, amend ar revoke, in whole
or in part, this Revocable Trust Agreement or any of the Tzusts
hereby created. To the extent thus revoked, the Trustee shall
deliver the principal ot the Trust or Trusts involved to the
Settior upon receivinq a pxoper receipt, and shall execute and
deliver any instruments required to release all interests o� the
Trustee in such property. No modification shall diminish the
compensation of the Trustee or increase its obligation without its
consent in writing. .
Section 2 .
The aforementioned Revocable Trust Agxeement entered a.nto
December 19, 1974 , and the First Amendment thereto entered i.nto
November 1, 1982, and the attachments thereto shall continue in
�ul}. force and effect, as amended in Sec�ion 1 hereof.
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� �
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; ; . '
IN AITNE5S WFiEREOF, the Settlor has set his hand and
seal , and the Trustee, in acceptance of this "Second Amendment to
Revocable Trust Agreement," has caused these presents to be
executed and attested by its praper afficers and its corporate seal
affixed, the date and year first above written.
WITN SES:
C. J, FREDRICKSEN, Settlor
. (CLEVE J. FREDRICKSEN)
�' �d ���
ATTEST: DAUPHIN DEPOSIT BANK AND TRUST
COMPANY
�O..n-�.� �. ka� � By:
Q.�a.n7�. Se retary � v fJ r Trustee
(C:9rporate Seal)
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� SCHEDIILE
87,500 Shares of AMP, Incorporated
Common Stock in Revocable Trvst at
Dauphin Deposit Bank and Trust Company
12, 600 Shares of Dauphin Deposit Bank
and Trust Company Common Stock 'in
Revacable Trust at Dauphin Deposit Bank
and Trust Company
30, 000 Shares of Harsco Carporation
Common St�ck in Revocable Trust at
Dauphin beposit Bank and Trust CQmpany
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