HomeMy WebLinkAbout10-24-13 I
In Re: : IN THE COURT OF COMMON PLEAS OF
: CUMBERLAND COUNTY, PENNSYLVANIA
LINWOOD B. PHILLIPS, JR., : ORPHANS' COURT DIVISION
Deceased NO. 2406-0122 c
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Petition to Mortgage Real Estate in
Accordance with 20 Pa. O.C.R. 12.11 -0 LJ -0
AND NOW comes, Robert G. Frey, Executor of the Last Will and Testament of t
Linwood B. Phillips,Jr.,by and through Frey and Tiley,Attorneys-at-Law, and to es
the following statement in support of his Petition:
1. Petitioner is the Executor of the Last Will and Testament of Linwood B.
Phillips,Jr.by virtue of the Grant of Letters Testamentary issued by the Register of Wills
on DATE to the above-captioned file number.
2. Among the assets of the Estate is a one-half interest, owned jointly with
Robert M. Frey,in various parcels of real estate situate in the Borough of Carlisle and
North Middleton Township,on which there are erected a total of 133 residential
townhouse rental units, which are operated under the name of Phillips and Frey
Townhouses.
3. Said real estate is currently unencumbered by any mortgage.
4. Petitioner believes the real estate to has an approximate value of
$5,825,000.00,based on appraisals that were performed for estate tax valuation in 2006.
5. The townhouses all suffered hail damage to the roofs, all of which are
being replaced and paid for based on an insurance claim that was made by the owners and
approved by the insurance company.
6. Petitioner and Robert M. Frey, in consultation with the property manager
for the townhouses, Linda Stull,who is also a daughter of the decedent and one of the
heirs of the Estate,have decided that it would be expedient to make other improvements
and upgrades to the townhouse units at the same time that the roof replacement is being
performed. These improvements include installing new HVAC systems,energy efficient
windows and energy efficient storm doors.
7. Petitioner and Robert M. Frey believe that after these improvements are
made the units will be more desirable living units for tenants and the tenants will have
significantly lower utility bills. Therefore,they believe they will be able to raise rents,
thereby generating more income to the estate and increasing the value of the assets of the
Estate.
8. The costs of these improvements,based on bids received,will be as
follows:
New HVAC $683,000.00
Electrical upgrade for HVAC 67,000.00
Replacement windows & storm doors 367,370.00
Total $1,117,370.00
9. The liquid assets and income of Phillips and Frey Townhouses is not
sufficient to pay all of the costs of the improvements out of operations.
10. Petitioner believes it is appropriate, in the best long-term interests of the
life-time and residuary beneficiaries of the estate and the best course of action at this time
to borrow money through a mortgage secured by some or all of the above-described real
estate to make possible the payment of the improvements.
11. Petitioner has made contact with three lenders, M&T Bank, Orrstown
Bank and Susquehanna Bank, all of which have expressed an interest in providing a loan
of$1,000,000.00, secured by a first mortgage on the above-described real estate.
12. The lifetime income heirs of the Estate are:
Linda L. Stull Linwood B. Phillips, III
Walnut Bottom Road Centerville Road
Carlisle, PA 17015 Newville, PA 17241
Walter Alan Phillips Merle R. Phillips
65 W. Big Spring Avenue, Apt 3 938 Rockledge Drive
Newville, PA 17241 Carlisle, PA 17013
13. The remainder heirs of the Estate are:
Kellie Diodato John Miller, III
912 Burr Avenue 689 Valley View Drive
Carlisle, PA 17013 Boiling Sprins, PA 17007
April Phillips Michael Phillips
441 Crossroad School Road PO Box 122
Newville, PA 17241 Newville, PA 17241
Mark Phillips Ryan Phillips
344 Pondview Drive 771 Fairground Avenue
Harleysville, PA 19438 Chambersburg, PA 17201
Beyanca Phillips
3 West Main St., Apt. B
Fayetteville, PA 17222
WHEREFORE, Petitioner requests leave of your Honorable Court, pursuant to
Pa.O.C.R. 12.11 to authorize the Executor, Robert G. Frey, to execute a mortgage bond
and mortgage jointly with Robert M. Frey for real estate owned jointly by the Estate and
Robert M. Frey, in the amount of$1,000,000.00, with either M&T Bank, Orrstown Bank
or Susquehanna Bank, as determined by the Executor.
Respectfully Submitted,
Frey & Tiley,
By: � �-
Robert G. Frey, Esquire
Supreme Court Number 46397
5 South Hanover Street
Carlisle, Pennsylvania 17013
(717) 243-5838
I verify that the statements made herein are true and correct and
understand that false statements herein are made subject to the penalties of 18 Pa. C. S.
A. § 4904 relating to unworn falsification to authorities.
October 24, 2013
Robert G. Frey