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Home My WebLink About11-07-13 (2) � 1505610105 REV�i�ooEX(oz-11)(FI) �� ennsylvan9a OFFICIAL USE ONLY PA Department of Revenue PE„p,�E�, Counry Code Year File Number Bureau of Individual Taxes �`p`�`��` - PO BOX 280601 INHERITANCE TAX RETURN ' Harrisburg,PA 1�128-0601 RESIDENT DECEDENT �I ', � � � ��,� ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death MMDDYYYY Date of Birth MMDDYYYY _ _ _ __ _ _. '201-42-5914 04/03/2012 ' 03/06/1951 DecedenYs Last Name Suffix DecedenPs First Name MI Neil ' ' Sr. Leonard R ' (If Applicable)Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI !,Neil ' ' ' 'Melanie ; S ' Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE 3�4-76-s�56 REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW � 1.Original Return O 2.Suppiementai Return O 3. Remainder Return(Date of Death Prior to 12-13-82) p 4.Limited Estate O 4a.Future Interest Compromise(date of O 5. Federai Estate Tax Return Required death after 12-12-82) O 6. Decedent Died Testate O 7. Decedent Maintained a Living Trust � 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) (Attach Copy of Trust.) O 9.Litigation Proceeds Received O 10.Spousal Poverty Credit(Date of Death O 11. Election to Tax under Sec.9113(A) Between 12-31-91 and 1-1-95) (Attach Schedule O) CORRESPONDENT- THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Telephone Number Thomas P. Gleason (717) 5�2-3270 G � , __ _ _ w �p rn R�,{$ OF WILI�_LJSE Qp�.Y� FT'1 � � C C1> � First Line of Address � A � {� t"''i � � � -� � � 49 West Orange Street ' � �; � � �.y �7 � � "t7 -�7 '�1 ,�;; '�'i Second Line of Address � p .„�y � �` ' p t'- --- C7 ` � �, r... m City or Post Office State ZIP Code 'T7 �ATE FI D � p . __ _ _ _ � 'Shippensburg ' PA ' '17257 CorrespondenYs e-mail address:t01'Tlgl@aSOf1�G tOI71g188SOC118W.COt71 Under penalties of perjury,I declare that I have examined this return,including accompanying schedules and statements,and to the best of my knowledge and belief, it is true,correct and complete.Declaration of preparer other than the personal representative is based on ail information of which preparer has any knowledge. SIGNATURE OF PE-�C�R�ES��FICIGJ�RETURN . ` �� DAT� , �� .�� 1l �JL�G � �.i ADDRESS 15 Airport Road, Shippensburg, PA 17257 SIGNATURE OF PREPARER OTHER THAN REPRESENTATIVE DATE ADDRESS PLEASE USE ORIGINAL FORM ONLY Side 1 � 1505610105 15�5610105 J J 15�5610205 REV-1500 EX(FI) DecedenYs Social Security Number DecedenYs rvama: Leonard R. Neil, Sr. '201-42-5914 ' RECAPITULATION _ __ __ 1. Real Estate(Schedule A). ..... ..... ............... ........... ........ 1. ', 118,000.00 ' 2. Stocks and Bonds(Schedule B) .................... ........ ........... 2. ' 0.00 3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C) ..... 3. : 0.00 4. Mort a es and Notes Receivable Schedule D 4. 0.00 9 9 � )................. ... ....... 5. Cash,Bank Deposits and Miscellaneous Personal PropeRy(Schedule E)....... 5. ; 23,369.08 ' 6. Jointly Owned Property(Schedule F) O Separate Billing Requested .... ... 6. !! 0.00 , 7. Inter-�vos Transfers&Miscellaneous Non-Probate Property (Schedule G) O Separate Billing Requested..... ... 7. 0.00 8. Total Gross Assets total Lines 1 throu h 7 8. i 141,369.08 ' � 9 )............................. 9. Funeral Expenses and Administrative Costs(Schedule H).......... ......... 9. ', 17,060.00 10. Debts of Decedent,Mortgage Liabilities and Liens(Schedule I)............... 10. 10,121.52 11. Total Deductions(total Lines 9 and 10)..... . ........ ............... .... 11. 27,181.52 12. Net Value of Estate(Line 8 minus Line 11) ....................... ... .... 12. 114,187.56 13. Charitable and Govemmental Bequests/Sec 9113 Trusts for which µ� an election to tax has not been made(Schedule J) ................. ... .... 13. 0.00 ' 14. Net Value Sub'ect to Tax Line 12 minus Line 13 14. !�� 114,187.56 ', 1 � ) ...... .................. TAX CALCULATION-SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate,or transfers under Sec.9116 57,093.78 ' (a)(12)X.0 0 15. 0.00 � .. _.... 16. Amount of Line 14 taxable 2,569.22 ' at lineal rate x.0 45 57,093.78 ' �g, ._.._ . . . . _k. _ . . _ 17. Amount of Line 14 taxable 0.00 ' at sibling rate X.12 �.0� ' 17, �. . �. ____. _ _ m.�.__. �.. .m. �.__.. _.� _.�.. . __...... _ , 18. Amount of Line 14 taxable at collateral rate X.15 0.00 ; �g 0.00 ' 19. TAX DUE ............. ... ...... ... ............... .. ............... 19.' 2,569.22 I 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT O Side 2 � 1505610205 1505610205 J _ __ _ _ _ _ _ . ___ _ . _ _ _ _ _ _ REV-1500 EX(FI) Page 3 File Number Decedent's Complete Address: DECEDENT'S NAME Leonard R. Neil, Sr. STREETADDRESS 15 Airport Road CITY ', STATE ' ZIP Shippensburg ', PA 17257 Tax Payments and Credits: 1. Tax Due(Page 2,Line 19) (1) 2,569.22 2. CreditslPayments A.Prior Payments B.Discount Totai Credits(A+B) (2) 0.00 3. Interest (3) 64.24 4. If Line 2 is greater than Line 1+Line 3,enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2,Line 20 to request a refund. (4) 0.00 5. If Line 1 +Line 3 is greater than Line 2,enter the difference.This is the TAX DUE. (5) 2,633.46 Make check payable to: REGISTER OF WILLS, AGENT. �� ' �=`.?i'�t`�rv,�¢'�'� ' �.,:�,�t� IQy�� „ x�: �l� �� <�� i � a." �� n"�'. �.,�'�1 L�'; il�'�1�6'��..�.�(��hu��,..?"-....�4'��i��t�ya�� „..�IIN��I �=:�:»-. . � ,...� . :;.<.��,�e�,v�lvr�.�..�«,.;. .. .�, ,.;�;�'a....:��:,..a��4i��°�ffit�ka'�'�mr�,�,. ,.=; . Z'r,�f��rAr. '�.:��'�P��k�t��.awi.__ .. . . PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred.......................................................................................... ❑ � b. retain the right to designate who shall use the property transferred or its income ............................................ ❑ � c. retain a reversionary interest.............................................................................................................................. ❑ � d. receive the promise for life of either payments,benefits or care?...................................................................... ❑ � 2. If death occurred after Dec.12,1982,did decedent transfer property within one year of death without receiving adequate consideration?.............................................................................................................. ❑ 0 3. Did decedent own an"in trust for"or payable-upon-death bank account or security at his or her death?.............. ❑ Q 4. Did decedent own an individual retirement account,annuity or other non-probate property,which contains a beneficiary designation? ........................................................................................................................ ❑ � IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. �9� �� s�Ww ��: '�"`""�g�" ,ta� E r��.�f.�' �„�� wdc ��arH€ ��?��'�r�.� , ' .,..,u, �,.�:a�,»?. ^�arFlrc'�W��.n;' ,�',"�� . w.�" _.... a,',�.��°., ,,dr,��.��'m'� �.�"�atrw; .... '.��r.., .�.. ..-�+k�.,:::�,x ..»....�•e � .:��,.�i;'.�:�`�„��'k, . , ra�`�:........ ..,v-:»..�+^se. For dates of death on or after July 1,1994,and before Jan.1,1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3 percent[72 P.S.§9116(a)(1.1)(i)). For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent [72 P.S.§9116(a)(1.1)(ii)].The statute does not exempt a transfer to a surviving spouse from tax,and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the suroiving spouse is the only beneficiary. For dates of death on or after July 1,2000: . The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent, an adoptive parent or a stepparent of the child is 0 percent[72 P.S.§9116(a)(1.2j]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent,except as noted in[72 P.S.§9116(a)(1)]. . The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent[72 P.S.§9116(a)(1.3)].A sibling is defined, under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption. REV-1502 EX+(12-12) � pennsylvania SCHEDULE A DEPARTMENT OFREVENUE INHERITANCE TAX REfURN REAL ESTATE RESIDENT DECEDENT ESTATE OF: FILE NUMBER: LEONARD R. NEIL, SR. All real property owned solely or as a tenant in common must be reported at fair market value.Fair market value is defined as the price at which property would be exchanged between a willing buyer and a willing seller,neither being compelled to buy or sell,both having reasonable knowledge of the relevant fads. Real property that is jointly-owned with right of survivorship must be disclosed on Schedule F. Attach a copy ot the settlement sheet if the property has been sold. ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE NUMBER OF DEATH DESCRIPTION 1� 15 Airport Road,Shippensburg,PA(See attached appraisal) 75,000.00 2' 16 Airport Road,Shippensburg,PA(See attached appraisal) 43,000.00 TOTAL(Also enter on Line 1, Recapitulation.) $ 118,000.00 If more space is needed,use additional sheets of paper of the same size. REV-i5o8 EX+(o8-i2) � pennsylvania SCHEDULE E DEPARTMENTOFREVENUE CASH, BANK DEPOSITS & MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF: FILE NUMBER: LEONARD R. NEIL, SR. Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH �. Jones&Martin Auctions LLC for sale of personal property 21,522.19 2, Miscellaneous receivables for Neil's Garage 290.00 3. Refund from Monumental Insurance Co.for unused premiums 162.36 4. Refund from R&R for unused dumpster fee 72.78 5. Refund for unused inspection stickers 102.75 g. Scrap metal cleaned up from 16 Airport Road 822.00 7. Receipts from sale of miscellaneous left over auto parts 147.00 g, Eagle Carport 250.00 TOTAL(Also enter on Line 5, Recapitulation) $ 23,369.08 If more space is needed,use additional sheets of paper of the same size. REV-1511 EX+(08-13) � pennsylvania SCHEDULE H DEPARTMENTOFREVENUE FUNERAL EXPENSES AND INHERITANCETAXRETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER LEONARD R. NEIL, SR Decedent's debts must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1' Fogelsanger Bricker Funeral Home 6,645.00 2. Wagners Memorials 525.00 s. Prince St.Church for Memorial Lunch 150.00 a. Pastor Dave Erisman 100.00 5. 'Pastor James Bolich 50.00 B. ADMINISTRATIVE COSTS; 1. Personal Representative Commissions: Name(s)of Personal Representative(s) Street Address City State ZIP Year(s)Commission Paid: 4,500.00 2. Attorney Fees: 3. Family Exemption: (If decedent's address is not the same as claimant's,attach explanation.) , 3,500.00 claimant Melanie Neil Street Address 15 Airport Road City Shippensburg state PA ZIp 17257 Relationship of Claimant to Decedent Wife 4. Probate Fees; 368.50 5. Accountant Fees: 6. Tax Return Preparer Fees: �. Cumberland Law Journal for Estate Publication 75.00 s. Shippensburg News Chronicle for Estate Publication 96.50 s. Lehman Appraisal Group for appraisal of 15 Airport Road 250.00 t a Ausherman Brothers Real Estate Inc.for appraisal of 16 Airport Road 800.00 TOTAL(Also enter on Line 9, Recapitulation) $ 17,060.00 If more space is needed,use additional sheets of paper of the same size. REV-1512 EX+(12-12) � pennsylvania SCHEDULE I DEPARTMENT OF REVENUE DEBTS OF DECEDENT, tNHERITANCETAX REfURN MORTGAGE LIABILITIES &LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER LEONARD R. NEIL, SR. Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1• 'Penelec for electric bilis for 16 Airport Road from D.O.D. 473.39 2. Fisher Auto Parts for invoices upaid on D.O.D. $2.22 3. Shively Motors for invoices upaid on D.O.D 16.64 4. Gulf Station for invoices upaid on D.O.D 85.00 5. Shetron's Tire Stations for invoices upaid on D.O,D 42.50 6. Vivian Coy,Tax Collector for property taxes on 16 Airport Road 1,852.23 7. Waste Management for invoices upaid on D.O.D 145.70 8. Chambersburg Hospital 613.60 9. Shippensburg Area E.M.S. 992•2� 10. West Shore E.M.S. 1,170.43 11. Nationwide Insurance 32.28 12. Penn National Insurance Co.for P&C and Liability Insurance for 16 Airport Road 1,214.00 13. Auto Zone for invoices upaid on D.O.D 55.98 14. Orrstown Bank for checks for the estate bank account 24.75 15. `R&R Roofing for dumpster and tip fee(2 at$275.00) 550.00 16. Eagle Carpo�ts for price of sample car port 250.00 17. Snap On Tool Credit for unpaid invoice on D.O.D. 2,520.60 TOTAL(Also enter on Line 10, Recapitulation) $ 10,121.52 If more space is needed,insert additional sheets of the same size. REV-1513 EX+(01-10) � pennsylvania SCHEDULE J . DEPARTMENT OF REVENUE INHERITANCE TAX RETURN B E N E FICIARI ES RESIDENT DECEDEM' ESTATE OF: FILE NUMBER: LEONARD R. NEIL, SR. RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S)RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS[Include outright spousal distributions and transfers under Sec.9116(a)(1.2).] 1. Melanie S.Neil, 15 Airport Road,Shippensburg,PA 17257 Wife 50% 2. Leonard R.Neil,Jr., 17 Airport Road,Shippensburg,PA 17257 Son 12.5% 3. William Corey Neil,920 Linwood Road,Hagerstown,MD 21740 Son 12.5% 4. Benjamin D.Neil, 15 Airport Road,Shippensburg,PA 17257 Son 12.5% 5. Elizabeth R.Neil, 15 Airport Road,Shippensburg,PA 17257 Daughter 12.5% ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET,AS APPROPRIATE. II NON-TAXABLE DISTRIBUTIONS A. SGOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN: 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS: L TOTAL OP PART II—ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. $ If more space is needed,use additional sheets of paper of the same size, File No.15 Air ort Road APPRAISAL OF .�:� � �� { .. , � : �� , 5,��e �; � ,�. � :, ��,.;: �, *,` .�"'�t w.�,�:�r'„ y. , _ """`�+n.... -€ ,.:_. LOCATED AT: 15 Airport Road Shippensburg,PA 17257 CLIENT; Estate of Leonard Neil 15 Airport Road Shippensburg,PA 17257 AS OF; April 3,2012 BY: Mark E Lehman File No.15 Air ort Road Estate of Leonard Neii Esiaie of�eonard'Neii 15 Airport Road Shippensburg,PA 17257 File Number: 15 Airport Road In accordance with your request, I have appraised the real property at: 15 Airport Road Shippensburg,PA 17257 The purpose of this appraisal is to develop an opinion of the defined value of the subject property,as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion,the defined value of the property as of April 3,2ot2 is: $75,000 Seventy-Five Thousand Doliars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value,descriptive photographs,assignment conditions and appropriate certifications. Ma�h an f Residential Appraisal Report Faer,o. iSa�rPortRoad The purpose of this appraisal report is to provide the Giern with a credible opinion of the defined value o(the su6ject propeny,given tbe intended use of the appraisal. Client Name/lntended User Estate of LeOnafd Neil E-mail Na � Client Address 15 Air ort Road Ci Shi ensbur State PA Zi 17257 ; Additlonal Intended User s n/a • Intended Use Estat2 A raisal Pro e Address 15 Air ort Road Ci Shi ensbur State PA Zi 17257 ownerotPuhlicRecordLeonard R Neil ca,nt Cumberland L ai oescri tion Cumberland Coun deed book vol.32K a e 729 Assessor's Parcel e 39-33-1873-001 B Taz Year 2012 R.E.Taxes S 1 675.00 Nei hborhood Name Southam tOn Tw Ma Re(erence 39-33-1873-001 B Census Tract 134 Pro Ri hts A aised X Fee Sim le Leasehold Olher describe M research did X dd not reveal an rior sales a Vansfers of the sub'ect ro for the Ihree ears rior to the effecUve date of this a raisal. Prior Sale/Transfer: Date n/8 Price n/8 Source s UbIiC leCOfd Analysisotpriorsaleorvansterhistoryotthesubjectproperty(andcomparablesales,itapplicaMe) no rior sales histo noted forthe sub'ect orcom arable sales within the ast three ears INferings.options and conlracls as o(the ef(ective date o(tbe appraisal ''-'�,,.-�,',.�..V�' �-Fleig�akortti[iti[�CF�eracYef`rsGcjs�-°', :.,'OneUmt.ti�sitig7rel'id��.�.,�� :°,�Drfe-UniCHou5i[ig".; .`PrES,eni�i:mndl3se!% ' Loca6on Urban Suburban X Rural Pm e Values Inaeasin X Stable Declinin PRICE AGE One-Unit 30% 8uilt-U Over 75% X 25-75% Under 25% Demand/5u I ShoRa e X In Balance Over Su I 8 000 rs 2-4 Unit % Growth Ra id X Stable Slow Marketin Time Under3mths X 3-6mths Over6mths 60 Low 0-1 Multi-Famil � ' Neighbornoodeoundaries To include Shi ensbur area.Area is mixed residentiaUa ricultural/c 400 Hi h 50+ Commercial 10% • ommerciai. 160 Pred. 25 omer vacant 60% � Neighbat,00d Descripaon No adverse conditions were noted in the sub ecYs market area affectin the marketabili of the sub ect ro e . ' The sub'ect has avera e market a eal and is located within reasonabie access to services.Sub�ect confortns to other homes in the area. warice�Cond'nions(nuudingwppactoru,eabovecondusions) Su I and demand are in balance.New construction ro'ects are increasin over2011 however rowth is slower than an avera e market rowth.Mort a e rates va from 3.75%-5%fixed and variable.No other adverse market conditions were noted affectin the future marketabil' of the sub'ect. Dimensions.32 acres qrea.32 acres sna e rectan ular view avera e 5 dficzo�n qassificaGon CM zonin Descri oncommercial/manufacturin Zonin Com iance Le al X Le al Nonconlami Grandfathered Use No Zonin Ille al describe � Is the bghest and best use of Ihe subjed propMy as improved(or as proposed per plans and specificaGons)the present use? X Yes No if No,describe. U[ili[ies Public O[her tlescribe Public O[her tlescribe) Off-si[elm rovemen[5—T e Public Priva[e Elearicii X waier X shared well screei as halt X Gas none Sanita Sewer X Alle none si�e Commerns No adverse easements or encroachments were noted at the time of ins ection. . :ss"�Ei+�+A'I.'�ES�R�RxaC1N��=:�r�. ��;�;��:.�� :A[iN�Ail[#N�,�.��:��i�°,:%�Xi'�Rati�f�bESCmRT�bN�i:�inaterieis'�' :�7i�irEt2loR , a�-"�•'matenais.-i:u��m�; Units X One O�rewlAcc.urd X Concrete5lab CrawlS ace FoundationWalis COnCrete biock/ave Floors hd wd/vinlfair �of Stories 1 Full Basement Partial Basement Exteriw Wails vin I(T7-11/faif Walls d 811! laste�la T X Det. Att. S-Det.lEnd Unit Basement Area 0 s.ft. Roof Surtace 8S halt Shin I/f8i� TrirtVFinish �anCh/fai� X Ezistin Pro osed UnderConst. Basement Firnsh % Gutters&Downs outs elu�i'1iftUR1/evB Bath Floor VI� i/8v@ Desi n S e feflCh OutsideEnt lExil Sum Pum WindowT e dbl hUfl /ave BathWainscol fiber 1855/evB Year BuNt 1930 Slam Sashllnsulated es/ave Car Stora e None EHecliveA e rs 40 Screens eslave Drivewa AofCars 3 Attic None Heatin FWA HW X Radiant Amenilies X WoodStove s A1 Dnvewa Sudace StOf1@ Dro Stair Stairs Olher Fuel BIBCffiC Fire lace s M 0 fence n011e Gara e #of Cars Floor Scuttle Coolin CeMral Air Conditionin PaGofDeck 0 X Porch Cvd ff0�t Car ort a o(Cars Finished Heated Individual Other Pool 0 Other none Att. Det. Built-in A liances X Re(ri eralor X Ran e/Oven Dishwasher Disposal Microwave WasherlD er Olher describe . Finished area above rade wnlains: 6 Rooms 3 Bedrooms 1 Bath s 1 631 S uare Feet of Gross Livin Area Above Grade � Addiuonal Feawres none other than noted above Commems onthe Improvemen�s Ph sical de reciation consists of normal wear&tear.Functional ade uac of the ro e is in line with other ro erties in the eneral vicini .No external de reciation was noted.Sub�ect is in avera e condition for a e no deferred maintenance items were noted.Sub�ect is in fair condition overall. �par� qotlu[N�SiiyAClsdMaeB001748721wewaciwebcom TM1SbmCOpyigtlozpp5p10AqGVisimdl50Claims$m�imsln[NlRiylilsPesimd Page 1014 (gPAR"')Genefal Pmpose Appraaal Reornl 05/2070 GPARtaod 100.5262�t0 ��u,�u�iis�,:,i:�n��rcn Residential Appraisal Report FileNo. 15Airport Road FEATURE SUBJECT COMPARABLE SALEN0.7 COMPARABLE SALE N0.2 COMPARABLESALE N0.3 15 Airport Road 28 Wyrick Ave 956 Baltimore Road 9 Koser Lane Address Shi ensbur Shi ensbur PA Shi ensbur PA Shi ensbur PA Proxim toSub'ea �;,w u„��,�,�-:�,, . Sa�e Price S �^' �.�s..>�:.,:;K E 100 000 "��L�9,��-.._':E 105 000 ��'a�a� ,'';Y 69 900 SalePricrlGrossUv.Area S 0.00 .h. S 46.08 s ft = -:�,�,��,.�":8 78.13 s ft. �-:� .�m:-t S 58.25 s ft =" � ,, _��,' Da�a source s ;',�� m,��"� `�mis/ ublic record mis/ ublic record mis/ ublic record verircaeon source s1 `��"-s��'��`'°G t�'a enU ers ins ection a enU ers ins ection a enU ers ins ection VALUEADJUSTMENTS DESCRIPTION DESCRIPTION ,�.�snausu�em DESCRIPTION .(-)sne'unmem DESCRIPTION .(.�sndusMem �� « 5aleorFinanung : �� ,�Conventional Conventional Conventional Concessions �'��:� �r��subsid 519dom -6 000 none 323 dom none 75dom Dare ot Sateliime ?=�,�� ` �� 6/212011 8/16/2011 9/19/2011 Location �Ufel rural Nfel fU�el LeaseholdlFee Sim le fee Sim I@ fee sim IE fee sim 12 fee sim I8 Sice .32 acres .36 acres .62 acres .34 acres view avera e avera e avera e avera e �esi n si le) ranch ca e cod ranch ranch • qual' ofConscn,aion vin ilTi-11lfair masonite/fair vin I/ave -B 000 vin Uave � ncwal A e 82+/_Years 65 ears 38 ears -9 600 50 ears � Cond��on fair fair avera e -10 000 avera e • lwuv0�tede Total BE�ms BaUS Tdal Bd�ms Baths Tqal Bdrms Baths Total Btlims Baths � R�m Count 6 3 1 6 3 1 6 3 1 6 3 1 : Gross livi Area20.00 1 631 s.h. 2 170 .h. -10 780 1 344 s.It. 5 740 1 2D0 .It. 8 620 � easemen�&Finished Partial unfin full unfin none +2,000 full finished -5,000 � RoomsBelowGrade nOn2 none none fertlil fO0rT1 -5,000 Func�ionaluGlrt functional functional functional functional - Heaun Coolin bb elec bb hw oil central h&a/c -5 000 wa oil E�re Effiderrt Items stm winJdrs stm win/drs stm win/drs stm win/drs Gara e/Car none none 1 car det -5 000 car ort -3 000 PachlPa6olDeck orCh orch orch orch NetAd'ustment otaq �::� ak;� + X - 8 16780 . X• E 29,860 X • S 4,380 Adjusted Sale Price -'�"� _ � ��NetAdj. -16.8% Net Ad. -28.4% NetAdj. -6.3% of Com arades � �GrossA . 16.8% S 83 220 GmssA . 43.2% E 75 140 GrossAd'. 30.9% E 65 520 summa otsaies Com rison a oach A detailed search was conducted to locate the most similar sales based on tocation s le GLA ammenities and market a eal.Sales used in this re ort re resent the best,most recent and most similar sales available in the market area. � .,.. -��P,FP'GiA�k.i'-F�1i� __,�. ;�.? _��,::w.-k�'�``'��° � �%a`--�`�r.,,,`,'�r�i�+,,';�eg'°��. ' ,;�..., . :, �';.,;,r-.';u,."�', i�h�.. _ . .,...., a,.,. . . . _�. . . �. ,._ Sde Value Commems n/a ESTIMATED REPRODUCTION OR REPLACEMEMT COST NEW OPiNION OF SITE VALUE........................................=S f1/e Source of cost dala n/8 Dwellin S.ft.Cd E ......,..=8 0 . Qua' raGn from cost service n/8 Ef(eaive date ot cost data n!a S.Ft.@ E =E • Commerrcs on Cosl A roach ross livin area calculauons,de reciaGon,e�c. n/a Gare elCar ort 0 5.Fl.@ E ............=S 0 • Total EsGmate ot Cost-New ............=S 0 Less Ph ical FuncGonal Exlernal De reciaGOn =E 0 De eciated Cosl of Im rovements................................=8 0 'AS-is'ValueofSitelm rovements................................_$ INDICATED VALUE BY COST APPROACH...................... =8 0 : dDNI��"A,PRIIAwT"f�TbVA�.UE�t`'�e �:.^+$;�",.r�5 ,.;��aarw+n ..�Ar��:i „�''9'��' `�'-v"r`,a �tz�"ni�r..%,�'',^;. � ,. rt.�::,�.c �3.�,..a;;v1-2. 'tc'�.��k7`°m 3�,.,,eS�.°.. 3`,.r��n# ."'a r"i+€. .._-. , � .. . . ... . ,.... � . . . ., . ,. �... . .... .; Estimated Monthl Market Rent E N2 X Gross Rem Mulfi lier n18 =S nle Indicated Value b Income A roach Summary of Income Approach(including support for market rent and GRM) Ne IndicatetlVaNeb: SalesCom arisonA roachE Cos[A roach iftlevelo etl)E 0 IncomeA roach iftlevelo ed)S fl/2 The sales com arison a roach is the most reliable indicator to value. • This appraisal is made X'as is." subject to completion per plans and specifiwGons on the basis oi a hypo�hetical candition that Ihe improvements have been completed, ��wbject lo the foilowing repairs or alteraGOns on the basis of a hypotheGcal condition that the repairs or aherations have been compleled ❑subjectro the(ollowing: Based on the scope of work,assumptions,I imiting conditions and appraiser's certification.my(our)opinion of the tlefined value of the rea I property [hatisthesubjectofthisreportisS 75,000 asof 04/3/2012 ,whichistheeffectivedateofthisappraisal. RoAUCeGirsingAGSdtxae.eW23/8R)wxx.aw.edrnm TM1SImnCoppigfnonpS7l110PCIprisimdl50GaimsSavires,ix.,NlRgh6ResencG. Page 2 M/ (gPAR"")Gmeral Purposc Appiaisal Reoon 092D70 GPAR1ooa too5Mfi10 „�c�k��N::�.��.«kU•: LEHMAN APPRAISAL GROUP Residential Appraisal Report FileNo. 15AirportRoad Scope of Work,Assumptions and Limi[ing Conditions Scope of work is defined in[he Uniform Standards of Professional Appraisal Prac[ice as"[he[ype and ex[en[of research and analyses in an assignment"Inshor[.scopeofworkissimplywhattheappraiserdidanddidnotdoduringthecourseoftheassignmenL Itincludes.butisnot limi[ed[o:the extent ro which the property is iden[ified and inspected,[he type and extent of data researched,[he[ype and extent of analyses appl ied to artive at opinions or conclusions. The scope of this appraisal and ensui ng discussion in this report are speciflc to the needs of the client,other identified in[ended users and to the intended use of the report.This repor[was prepared for[he sole and exctusive use of the clien[and other identified in[ended users for[he identified intended use and i[s use by any other parties is prohibited.The appraiser is no[responsible for unauthorized use of the repor[. The appraiser's certification appearing in this appraisal report is subject to the(oilowing conditions and[o such other specific conditions as are setfor[hbytheappraiserintherepor[.Aliex[raordinaryassumptionsandhypotheticalconditionsarestatedinthereportandmighthaveaffectedthe assignment results. L The appraiser assumes no responsibiliry for matters ot a legal namre alfecGng ihe property appraised or Utle lhereto,nor does the appraiser render any opinion as to the title,which is assumed to be good and marketable.The propeny is appraised as though under responsible ownership. 2.Any sketch in this report may show approximate dimensions and is included only to assisl the reader in visualizing the properry.7he appraiser has made no survey of the propeny. 3.The appraiser is not required to give testlmony or appear in court beca�se o(hadng made the appraisal with reference to Ihe property in question,unless artangements have been previwsiy made Ihereto. . 4.Neither all,nor any part o([he content of this repon,copy or other media thereof(including condusions as to ihe property value,the idenGty o(the appraiser,professional designaGons, w the firm with which[he appraiser is connected),shall be used(or any purposes by anyone but the dient and other intended users as identi6ed in this report,nor shall it be conveyed by anyone to Ihe pubiic through advertising.public rela6ons.news,sales,or other media,without Ihe written consent of the appraiser. _ 5.The appraiser will not disclose the contents of this appraisal report uniess required 6y applirable iaw or as specified in the Unilorm Standards of Professional Appraisal Ractice. 6.InformaGon,estimates,and opinions(urnished to the appraiser,and contained in the repat,were obtained Gom sources considered reliable and believed ro be Uue and correct. However,no responsibiliry for accuracy o(such 0ems furnished ro the appraiser is aswmed by the appraiser. 7.The appraiser assumes that there are no hidden or unapparent conditlons ot the property,subsoil,a strudures,which would render it mwe or less vatuable.The appraiser assumes no responsibiiiry for such conditions,or(a engineering or tesGng,which might be required to discover such factors.This appraisal is not an environmental assessment o(the property and should nW be considered as such. 8.The appraiser specializes in the valualioo of real property and is not a home inspector,building conVaclor,sVUaural engineer,or similar expert,unless otherwise noted.The appraiser did not conduct the intensive type of field observations o(the kind intended to seek and discover property defects.The viewing of the property and any improvements is for purposes of developing an opinion ot ihe de(ned value o(the property,given the intended use of lhis assignmerrt.StatemeMS regarding condiGon are based on wAace observaGons only.The appraiser claims no special eacpertise regarding iswes including,but not limited to:(oundatlon seltlement,basemerrc moiswre problems,wood destroying(or other)inseas,pest infestation, radon gas,lead based pairn,mold or environmental issues.Unless othervdse indicaled,mechanical systems were not activated or tested. This appraisal report should not be used to disdose the condition ol the property as it relates lo the presence/absence of defecGS.The client is invited and encouraged to employ qualified expehs to inspect and address areas o(concem.If nega6ve conditiorrs are discovered,the opinion of value may be al(eUed. Unless otherwise noted,the appraiser assumes the components that constitute the subject property improvemenqs)are fundamentally sound and in working order. Any viewing of the property by the appraiser was limited to readily observable areas.Unless othenvise noted,attics and crawl space areas were not accessed.The appraiser did not move fumipxe,llow coverings or other items that may restria the viewing of the property. 9.Appraisals involving hypothe6cal con�§uons related to completion of new wnsW ctlon,repairs or altera6on are 6ased on the assumptlon that such compleGon,alteraGon or repairs will be competently performed. 10.Unless the intended use of this appraisal speafically includes iswes o(property insurance cmerage,this appraisal should not be used fw such purposes.Reproduclion a Replacemem cost figures used in Ihe cost approach are(or valua6on purposes only,given the intended use ot the assignment.The DefiniUon of Value used in Uris assignmerrt is unlikely to be consistent with the defimtion of Insu2ble Value fa property inwrance coverageluse. 71.The ACI General Purpose Appraisal Report(GPAR'"")is no[intended for use in aansac[ions that require a Fannie Mae 1004/Freddie Mac 70 form, also known as the Uniform Residen[ial Appraisal Report(URAR). . Additional CommenLs Related To Scope Of Work,Assumptions and Limiting Conditions �p��.,� RWU[etlusingFGSdrvxeeW2748R)axwxm¢bcmn TNSbmGppightoppSplOAqOrv6mdISOGaarsSewcsln[NIRgh¢ResttueG. Pagc J d/ (qPARTM)Grnrlal Purpose Appraisal Rcoat Oy2010 GPAR100d 1o�526A10 9�MAUF%w'N:,ut'f*"ui_J!IiWf T.� Residential Appraisal Report Fi1eNo. 15AirportRoad Appraiser's Certification The appraiser(s)certifies that,to the best of the appraiser's knowledge and bel ieF: , 1.The statemenB of tacl contained in lhis report are We and correct. 2.The reported analyses,opinions,and condusions are limited only by the reported assumpuons and limiting conditions and are[he appraiser's personal,impartial,and unbiased professional analyses,opinions,and condusions. 3.Unless othervrise stated,the appraiser has no present or prospedive interest in Ihe property that is the subjec[ot this repon and has no personal interest with respect to the parties involved. 4.The appraiser has no bias with respec[to the property ihal is the subjeu o(this report or to[he parties imolved with this assignmem. 5.The appraisers engagement in this assignment was not conGngent upon developing or reporting predetermined results. 6.The appraisers compensation tor compleGng this assignment is not corrtingent upon Ihe developmmt or reporting of a predetermined value or diredion in value that tavors the cause ot Ihe dient,the amoum of the value opinion,the attainment ot a stlpulated result,w the occurrence of a subsequent event directly related ro the intended use of this appraisal. 7.The appraiser's analyses,opinions,and condusions were developed,and this report has been prepared,in conformiry with the Unifam Standards ot Professional Appraisal PracGce. 8.Unless otherwise noted,the appraiser has made a personal inspection of the property that is the wbjecl of this report. 9.Unless noted below,no one provided siqnificant real property appraisal assistance to the appraiser signing this certification.Significant real propeny appraisal assistance provided by: n/a Additional Cer[ifications: none DefinitionofValue: QX MarketValue ❑OCherValue: Source of Definition: ADDRESS OF THE PROPERTY APPRAISED: 15 Airport Road Sh�pensburg,PA 17257 EFFECTIVE DATE OF THE APPRAISAL:04/3/2012 APPRAISED VAIUE OF THE SUBJECT PROPERTV E 75,000 APPRAISER SUPERVISORY APPRAISER SignaNre: � ""� Signature: Name: Mark E Lei ta Name: State Certification i 00 652 Stare Certification q or License 1 or License s w Other(desaibe): State s: State: State:PA Expiration Date of Certi6cation or License: Expiration Date a(Certifica6on or License: 6/30/2013 Date of Signature: � Date of Signature and Report: 04/3/2012 Date of Property Viewing: Date o(Propeny Viewing: OSI05/2012 Degree of property viewing: Degree of propeRy viewing: ❑Interior and Exterior ❑Ezleria Only ❑Did not personally view X�Interior and Exterior ❑Extenor Only ❑Did not personally view �pa�.,� rroducedwyan:m�wse eoozaaemw..wau.aowm TNSImnCOppgluo200S2010AC10Nisrond60Claims5evimslrc MRgAt�Neser M Page 1 d 4 (qPARTM)Ge�rel Purpose Appraiul Reoorl 0920t GPAR1061 iD05161010 o�«ra!:=rn�wu,-+��.ni..rr:n LEHMAN APPRAISAL GROUP SUBJECT PROPERTY PHOTO ADDENDUM Client: Estate of Leonard Neil File No.: 15 Airport Road PfOpCftV AddfBSS:15 Airport Road Case No.: Cit :Shi ensbur State:PA Zi :17257 � � � �y =,€�� ' '� � ' -� - FRONT VIEW OF ��„ � � .�°� . ,,, ,,�; � '�,� � SUBJECTPROPERTY v�`y ,S � ',4m q:- y , 5,•.:f`. +�'i ai �.�`� '�""-``'�� ;"�� APPraised Date:April 3,2012 Appraised Value:$75,000 �� . --��:-_: �� ,--� -a x"�c� `�,�„ `4 s�='"` ' REAR VIEW OF .�- ,'"'�"�� , SUBJECTPROPERTY b.��: �. �,,;,-, - _ n' � ,t _ � M, STREETSCENE � �t � �, COMPARABLEPROPERTY PHOTO ADDENDUM Client Estate of Leonard Neil File NO.: 15 Airport Road Property Address•15 Airport Road Case No.: Cit :Shi ensbur Stale:PA Zi :17257 COMPARABLESALE#1 = 28 Wyrick Ave Shippensburg,PA Sale Date:6/2/2011 Sale Price:S 100,000 �W. .. 4� ',;:: �!°E�'� � �'� �� i F � < � �, '�V "..� .�.� , A �� "'m`"� COMPARABLE SALE#2 . �. . , - � . �,�„.�.�._.��..�._ o.,��.� �4� _.,.._,.�.s.,_..�.. : -�-� � . � ''" ��I � � (, �; , ` � I �, " �I � 956 Baltimore Road � Shippensburg,PA ° ' Sale Date:a/1 sl2o�1 Sale Price:S 105,000 COMPARABLESALE#3 9 Koser Lane Shippensburg,PA Sale Date:9/19/2011 Sale Price:S ss,soo ��.: � z � , �.�r�`_, : . • : , , y � FLOORPLAN Client: Estate of Leonard Neil File No.: 15 Airport Road Property Address 15 Airport Road Case No.: Cit :Shi ensbur $ta[e:PA Zi :17257 34.0' 12.0' o PorchT� o � 12.0' � Living Room Bedroom Kitchen 0 v N O a Laundry Bedroom Bath Bedroom 27.0' Family Room o � 19.0' �wro.u� Comments: AREA CALCULATIONS SUMMARY LIYING AREA BREAKDOWN Cotle Deserlptlon .�Size" NetTOteis `Breakdown�: �1 SuMotals� GLA1 Firet Floor 1631.00 1631.00 Firet Floor P/P Porch 72.00 72.00 24.0 x 46.0 1104.00 17.0 x 19.0 323.00 � 6.0 x 34.0 204.00 � � TOTAL LIVABLE (rounded) 1631 3 Calculations Total(rounded) 1631 i ___ _ � �� w.�,�. .: �� ( � � �`� ":�.s`�.i�i'ir &�ns�.w�, . 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' .�.. .. . . .._ .. , � . . __. .... . . .,....-�. . ._ .. . -�� Rod�tl usng ACl sollwue,BW23C 8121 wxx.ern.ebcom rormc�oc SUMMARY APPRAISAL REPORT OF Estate of Leonard Neil 16 Airport Rd Shippensburg, PA 17257 � �� ., � ,�: �_ -=�_,_,, ;.. ,; ' k � _ - NEII�� ---- , ; �_: ._ ;��. �,,, ._� �� € , .... �,�; , - �t _ �. . _ 4 , - ---- . z:. . • , �-�.:: -- T _ '� � -�• ��. . _. i � � �-"� . , - : � ` Nr�Gae < - G ; __ _ _ � _ + , �i - 'F��e� �. . . . �.: � - _ . n�'A�r ..�,_.'�._,�.._ i" _ ..;', F.;` ' '; "` ... ,... . As oF April 3, 2012 PREPARED FOR Thomas Gleason 49 W Orange St Shippensburg, PA 17257 PREPARED BY Ausherman Bros. Real Estate Inc. Daniel M. Mulewich � PA Certified General Real Estate Appraiser Certification#GA003797 ?s e#4 @mawQ Es�Be d Leonerd Neil Fie Nu. Ra Ad�RSS 16 ' Rd Ca� CunbeA� Sp�PA Cak'1T257 te�ter Ea�te d Lcor�ntd Nei APPEiA1SA�AM� REPOR'I' IGEIWTIFtCAT{0t/ Tlds Appr:iwl iie�ort I:me or ne to��o.i.y types: ❑Seli Co�6ioed (A rritl�repvt prepaed uda StsWuds Ruk 2-Z(a) ,Pesra�fotAe Stmpc d Mtork.as d�ciosd el�w4ee w ffiis reporil � S«fr.uy (A+�iles repat cKe�ued..ac�a.aards siWe 2-21b) .a�rsaxt b ue scope a wbtic,a,s drsdos�ebewAee w�rcymil ❑ Rea4ided Uae (A Msihes repart PrePaeA�rAer StsNaNs f�le 2-21c! .Pae�mt to ffie Scope Q Wale.as d�stlose9 elsewYae ro�is repat, /C'fIG(Ed�1b!��!'�I�SG�'�IffiE SpEC�ld C�p�NSll.� Cenne�t� sa Sta�iarils R�le 2-3 1 cefffy qat,b Uc kst d�ry k�ort/Se ud isiet —ne s�ene�6 a f+cr cmtr.W n tlis�epart ae a�e a.�ema+. —iIx repaM�uiysss,opiMO�s.�ad cwrJ�soas�a ii�ited o�yl SY 1te[q�rnld ass�s�ad�as co�YO�s►��uc re�r Peiwu�,np+r*y.aN�NiffiM Prdasio�y auysa.4w�s,aq oo�d�so�s. - . —UNess dYe'iu iadicaled,1�m�o pese�t a paspecB�e i�ci's rie Pupeillr tlu!s be s�i'psf d A�rt�at a�0 w perso��i ukir.si rilh�esped Io tlm pul�s i�mNd. —u.tss abaise i.aeae+.�u�ve atl►an.d.a savi.es.+s i.+qpe�iser a u a.y aLLer c�pa,aly.�eguli.y tAe papay nn i:n�e s�4jer.t a mis�epm.Auu m nrccye�r usio+:r�i+trJr w�n�+■a m�s assy..ar. —i�,�e.o aas wr�eam m a�+y n�a�m S.e�.K ur��a�ti��i..a�+.+r as�ss;y.�.� —MY eq�yafcK n His ass7f��ras aR wra9�4��0 Q�0 P��- —MY aa�pns�lw�far wnplc#N tws assi�r�eN a�wt catil�40��w a��a pre�leeMed vaHe a iQedio�o v�Ye ri�t tarws fie eusr d Me chat 1Me u+w�af rie r�W�+��.be riqi�ft at a stipd�ld res�.a rie oaf�e�ce at a sYSe9�1 car Yzc9y rc�ed io rie�ae d tks ipprrsaL —NY��Y�.oP��s.��d co�ehsio�s wee�ped.a�i�is rtport Mu Men pspaed.�cala�witY rie U�ian Sbdarh d PMessiad Apprafs�i irxlia ria rde in tAat�ge 1'ne ris tepart w�a qepae/. —UNess alMwise ia6e�i,i�rye n�e a persnai iaspemo�d t!e�aQe1y ri�l�9e s�MjW al tiis�t � —U�lss alYeM9u ia6wh�l.w o�e W�hl a��caat�ea PmPary sp�ca�al�asofa�ce b rie i�isl�7uy tids celd'xa��I riee xe axpfo�s.tk nne d eacY idi»d�L{soriiq si��M rnl Rq�e�j1�W�al assish�ce is stbdl elsewYae i�ti"s repat�. Reasaeable Exp�nrc Tir�e My Opiafoo of Reasonable Expasrre Time Tor t6e sabject property at tme maricet value stated in Uis report is_ 6-9 mex�rs basea upon cur+rst rnerlcet eorWiions atl stats irorn me MS. Co��uets eo Aplraisai a■r Re�ar! Ide�tifi¢atio� Na6e any USPAP-rdated issnes requirinp disclosure and aay st�te mandated�eqaire�Ms: APPfA15Et: S�PE�YISOiY APPtNSE3(�sly if rep'veij: Siq.�nre: �J� � � b� ,t A r si�ume M�ne: Darnel M�� HM� Desi��or General C�fied APPtaiser GesNe�� Dah Sigcd: 08/15l20'13 Dat Sy�ed: St�e Catificatio�#: GADD3797 Strte CaaFeatio�#: ar Sta6e Lice�se�R: Q SUk Lix�ss#: Shte: PA � E�iaroa Date d Ce�l7"ic+tiu�a L➢ce�se:06�3012015 6�piraim Wte d Ceti6catio�rn tice�se: S�pev�vY APPr;s�hsP�o�d SUjecd Proqvty: sr�b�m�arwaA$� oarosrzo�z ❑o�e 9ror p r��yma.�r p m«�«�.a�a Fom lD12E—'WnT07AE'�pprais�l sott�xu�hy�1�node,i�c—S-8Q6�ALA,FIOOE Page -2 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 TABLE OF CONTENTS TITLE PAGE USPAP IDENTIFICATION 2 TABLE OF CONTENTS 3 LETTER OF TRANSMITTAL 4 SUMMARY OF IMPORTANT DATA AND CONCLUSIONS 6 APPRAISAL SPECIFFICS 7 APPRAISAL SCOPE g LIMITING CONDITIONS & ASSUMPTIONS 10 AREA ANALYSIS 12 NEIGHBORHOOD DESCRIPTION & MARKET CONDITIONS 14 PROPERTY DESCRIPTION 15 ASSESMENT AND ZONING 29 HIGHEST AND BEST USE 37 VALUATION METHODOLOGY 3g SALES APPROACH TO VALUE 39 RECONCILIATION AND FINAL ESTIMATE 48 CERTIFICATION STATEMENT 49 ADDENDA LEGAL DESCRIPTION PRIVACY NOTICE MULTI-PURPOSE ADDENDUM ENVIRONMENTAL ADDENDUM STATEMENT OF LIMITING CONDITIONS QUALIFICATIONS OF APPRAISER AND CERTIFICATION Page -3 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/20]3 Ausherman Bros. Real Estate Inc. 229 North Second Street www.aushermanbros.com 717-264-6715 Chambersburg, PA 17201 717-264-4973 August 15,2013 Thomas Gleason 49 W Orange St Shippensburg, Pa 17257 Re: Estate of Leonard Neil 16 Airport Rd Shippensburg, PA 17257 Dear Mr. Gleason: Pursuant to your request, we have prepared an appraisal for the above referenced property. The purpose of this appraisal is to estimate the market value of the subject property's fee simple interest for estate purposes. This appraisal is intended for the use of the client only. The summary appraisal report has been completed in accordance with the Uniform Standards of Professional Appraisal Practice(USPAP) and applicable Federal regulations. The attached report details the scope of the appraisal, level of reporting, definition of value, valuation methodology, and pertinent data researched and analyzed in the development of this appraisal. We certify that we have no present or contemplated future interest in the property beyond this estimate of value. Your attention is directed to the Limiting Conditions and Assumptions, located at the end of the report. Acceptance of this report constitutes an agreement with these conditions and assumptions. Page - 4 -of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 August 15, 2013 Page 2 In our opinion,the value of the subject property, as of Apri13, 2012 Value Conclusion $43,000 Further, we estimate the market exposure period necessary for the subject to have achieved this value to be 9-12 months. Respectfully submitted, Ausherman Bros. Real Estate Inc. J � �, � �� Daniel M Mulewich PA State Certified General Real Estate Appraiser Certification#GA003797 Page - 5 - of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Summary of Salient Facts Subject Property: Estate of Leonard Neil 16 Airport Rd Shippensburg, PA 17257 Property Overview: Site Size: .85 acres Building Size: 4,526 �q ft GBA Property Type: Garage/Warehouse Interest Appraised: This appraisal considers the subject's Fee Simple Interest. Highest and Best Use Commercial Usage Land As Vacant: Highest and Best Use Garage/Warehouse As Improved: Zoning: Village Center(VC) Assessment,Ratio and The subject's tax identification is 39-33-1873-OOIA. Equalized Assessment: The total assessed value of the subject is 144,200; the annual tax bill is $2,326. The Implied value of the subject through assessment records is $144,000. Sales Comparison Approach: $43,000 Reconciled Value: $43,000 lmportant Considerations This page is invalid as an appraisal report if detached from the following detailed report, which contains 4y pages and addenda. iVeiiner this summary page nor any oiher section of this report including addenda may be removed from or used outside of the full context of the report. No personal property or business related equipment, inventory or name was considered in this valuation. Page - 6 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Appraisal Specifics Appraisal Purpose The purpose of this appraisal is to estimate the market value of the subject property Intended Use The intended use of this appraisal is for Asset Valuation Purposes. Intended User(s) This appraisal is intended the use of client only. Market Value Definition The term "market value" is defined as "the most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller each acting prudently, knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: . A. Buyer and seller are typically motivated; B. Both parties are well informed or well advised, and each acting in what he/she considers his/her own best interest; C. A reasonable time is allowed for exposure in the open market; D. Payment is made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and; E. The price represents a normal consideration for the property sold unaffected by special or creative financing of sales concessions gained by anyone associated with the sale."� Three-Year Sale History Subject property has not transferred within the previous three years. According to the Franklin County Courthouse,the last recorded transfer was recorded on December 31, 1986 in the amount of$30,000. This transaction was recorded in Deed Book Volume 32K, Page 729. A copy of this deed is part of the addenda of the report. Current ListinglPending Contracts According to the MLS and the owner,the subject property is not listed for sale and has not been listed for sale within the previous year. 1 Title XI of FIRREA, 1989. Page - 7 -of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Appraisal Scope According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser's responsibility to determine the appropriate scope of work. USPAP defines the scope of wark as: The amount and type of information researched and the analysis applied in an assignment. Scope of work includes, but is not limited to, the following: • the degree to which the property is inspected or identified; • the extent of research into physical or economic factors that could affect the property; • the extent of data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. SCOPE OF WORK Appraisal & Report Type: This is a summary appraisal report. Property Identification and The subject has been identified and inspected by the Inspection: appraiser(s) as follows: A complete interior and exterior inspection of the subject was made, and photographs were taken. Analysis of Physical All pertinent physical factors were analyzed. Factors: Analysis of Economic All pertinent economic factors were analyzed. Factors: The Extent of Data The appraiser(s) maintain a current and comprehensive Research: database of commercial sales and listings for the subject's market area. In addition to market data developed in the course of previous appraisal work and retained in the appraiser(s)work files, other sources of iniormaiion inciude: • Courthouse • MLS • Property Owner • Property Inspection Where warranted, market data has been confirmed by a party to the transaction, or other reliable source. Page -8 - of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 The Type and Extent of • Cost Approach: In this case,the income approach is Analysis: not applicable or necessary for a credible appraisal and has not been developed. • Sales Comparison Approach: This approach is applicable, necessary and has been fully developed. • Income Approach: In this case, the income approach is not applicable ar necessary for a credible appraisal and has not been developed. Page -9 - of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Limiting Conditions and Assumptions Acceptance of and/or use of this report constitutes acceptance of the following limiting conditions and assumptions; these can only be modified by written documents executed by both parties. This appraisal is to be used only for the purpose stated herein. While distribution of this appraisal in its entirety is at the discretion of the client, individual sections shall not be distributed;this report is intended to be used in whole and not in part. No part of this appraisal, its value estimates or the identity of the firm or the appraiser(s) may be communicated to the public through advertising,public relations, media sales, or other media. All files,work papers and documents developed in connection with this assignment are the property of Ausherman Bros. Real Estate Inc. Information, estimates and opinions are verified where possible,but cannot be guaranteed. Plans provided are intended to assist the client in visualizing the property; no other use of these plans is intended or permitted. No hidden or unapparent conditions of the property, subsoil or structure, which would make the property more or less valuable, were discovered by the appraiser(s) or made known to the appraiser(s). No responsibility is assumed for such conditions or engineering necessary to discover them. Unless otherwise stated, this appraisal assumes there is no existence of hazardous materials or conditions, in any form, on or near the subject property. Unless stated herein,the property is assumed to be outside of areas where flood hazard insurance is mandatory. Maps used by public and private agencies to determine these areas are limited with respect to accuracy. Due diligence has been exercised in interpreting these maps, but no responsibility is assumed for misinterpretation. Good title, free of liens, encumbrances and special assessments is assumed. No responsibility is assumed for matters of a legal nature. �ro,.o��.,,-� 1 „�A� „P„��tg rnn�Pntg 1Qniclative nr ariminictrativP ai�thnritv frnm anv � 1\��JJW� lIV�11J�J�t/�aaa � v � . b�v�+'••�•" J � local, state or Federal government or private entity are assumed to be in place or reasonably obtainable. It is assumed there are no zoning violations, encroachments, easements or other restrictions which would affect the subject property, unless otherwise stated. The appraiser(s) are not required to give testimony in Court in connection with this appraisal. If the appraisers are subpoenaed pursuant to a court order, the client agrees to pay the appraiser(s) our regular per diem rate plus expenses. Page - 10 - of 49 This page is invalid as an appraisal report if detached itom the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Ina 08/15l2013 Appraisals are based on the data available at the time the assignment is completed. Amendments/modifications to appraisals based on new information made available after the appraisal was completed will be made, as soon as reasonably possible, for an additional fee. Page - 11 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. OS/15/2013 Area Analysis � OVERVIEW Shippensburg's attributes are its central location and small-town appearance. Shippensburg is located in south central Pennsylvania and is situated in two counties. Franklin County is a small rural area of farming and business. Cumberland County has more of a"big city" atmosphere. Shippensburg is influenced more by the Chambersburg, Franklin County area. The neighboring towns/cities are Chambersburg to the south and both Carlisle and Harrisburg to the north. Philadelphia and Pittsburgh regions are to the east and west. The central location and proximity to major cities offers a wide variety of choices to the people living and working in the community. Shippensburg is also the home of Shippensburg University, a large multi-structure, higher-education institution with approximately 6,500 students. CLIMATE Typical of continental moist climates,the area experiences moderate weather. The average annual temperature is 51°F with summer average temperatures in July of 75°F and winter average temperatures in January of 32°F. Normal annual rainfall is 42 inches and the crop-growing season extends from May through October. TRANSPORTATION Shippensburg is located near the hub of interstate highways and the Pennsylvania Turnpike. Interstate 81 running north and south is about one mile east of town with two exits serving the area. The main street in Shippensburg is King Street, which is U. S. Route 11. The Pennsylvania Turnpike is a distance of approximately nine miles from the area. Interstate 70 running east and west parallels U. S. Route 40 and flows through Hagerstown, Maryland, a distance to the south of 45 miles. The area is conveniently located to rail, air freight and trucking terminals. Harrisburg International Airport is 38 miles away and Washington County Regional Airport is 45 miles. Both provide air parcel and cargo service to major airports. Shippensburg has four trucking firms and major terminals are located in Hagerstown, Greencastle, Chambersburg, and Carlisle. Rail transportation is serviced by ConRail and the Western Railway Co. (CSX)with freight offices just outside Chambersburg. One-third of the majar U.S. markets in the Northeast, Midwest, and South can be reached within one-to-two days travel time using 1 1_'__ ' �___�W,,,. '1,.L1 �1... �� 4..��r�� a4nm �/Tni i m7r�ra4c in��tµ��• LIl�LIUCKlil� 111UUJl11GJ d.Vaita�ic L�ii uic iaii ii�.�wvin�j'�wu�. .•�u�� ...u.uvw . Pittsburgh 180 miles,New York 210 mils, Philadelphia 130 miles, Baltimore 84 miles, Washington, DC 102 miles and Detroit 480 miles. LAND USE The land use within Cumberland County is governed in most cases by local zoning regulations. Land use in townships without zoning laws, is controlled by deed restrictions. Land use covers a wide range of allowable codes such as residential, commercial, and light/heavy manufacturing. Page- 12 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 POPULATION The population of Cumberland County is experiencing growth as illustrated by the Census data shown below: 2006 226,117 2005 223,017 2004 220,974 EDUCATION Educational opportunities in Cumberland County begin with numerous pre-school facilities operated by private companies, local churches, and Shippensburg University. In addition,there is an operating Montessori school in Chambersburg. The public school districts consistently score above national and state averages on standardized tests. Over half of the graduates continue their schooling at college or technical schools. The area has three excellent colleges and universities. Wilson College in Chambersburg is a private, liberal arts college committed to educating women. However, a Continuing Ed Studies Division offers degree, intern programs, certificate and professional development courses to both men and women. The Pennsylvania State University offers degree programs, graduate courses and professional development at its campus in Mont Alto. The largest college level facility is Shippensburg University, which maintains an enrollment of over 7,000 students. EMPLOYMENT The area has a diversified terrain with topography ranging from level and gently rolling to steeply sloping mountains. This varied terrain has provided a mainstay for agriculture, as well as, industrial and manufacturing opportunities. The largest concentrations of employment are in machinery, apparel, and other textile products, printing, and publishing. Additionally,the area supports food and kindred products, lumber,wood, leather, stone-clay glass products and transportation equipment. Agriculture remains a stable base in the local economy with a yield of more than$165 million annually. The Dairy industry represents$94 million in yearly receipts. Local farmers have a strong work ethic and maintain up-to-date technology. Local orchards produce apple and peach crop yields that rank second in the state. The labor poll has a diversified workforce that is productive, dependable and experiences very few strikes or work stoppages. Traditionally,the unemployment rate for the county is lower than the state average. During the past seven yeaxs, the Cumberland County annual average unemployment rate has fluctuated from a high of 4.3% in 2008 to a low of 3.2%in 2007. The annual rate for calendar year 2002 was 4.2%; 2003 was 4.2%; 2004 was 3.9%; 2005 was 3.7%; 2006 was 3.3%; 2007 was 3.2%; and 2008 was 4.3%. The October 2009 unemployment rate for Cumberland County was 7.2%which is the same as the September rate. The state rate for October was 8.8%, while the United States rate was 10.2%. Page - 13 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 CONCLUSION Generally speaking, the economy of the area, because of its wide array of industries coupled with the agricultural base, has been stable during the past decade. However, the area is starting to feel the impact of recent closings and downsizing of some local industries as unemployment rates have increased, home sales have slowed as market time has increased, and fewer new homes are under construction. The economic forecast still appears to be stable. Neighborhood Analysis Neighborhood is bounded by Walnut Bottom to the north, Chambersburg to the south, Cleversburg to the east, and Route 533 to the west. The area is comprised of commercial properties, single family homes, and land utilized primarily for agricultural purposes. Single family homes in the neighborhood have sales prices that range from $40,000- $250,000, with the majority of the homes being sold for$155,000. Shopping and employment are a short commute away in the Chambersburg and Shippensburg areas. Market Conditions The marketing time for properties similar to the subject is currently 6-9 months based off of statistics obtained through the MLS. Currently there are few commercial properties transferring and while the housing market has seen a reduction in lending rates, commercial rates have not been lowered as dramatically. Page - 14 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/I S/2013 Property Description SITE Information Sources: Courthouse and exterior inspection Total Site Size: Subject tract consists of.85 acres Site Shape: Irregular Road Frontage/Access: Subject has frontage along Airport Rd Site Topography: Level Utilities: Subject has public water, sewer, electric, and gas available. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in a flood hazard zone. A copy of the flood map can be found on page 18. FEMA Map Number: 42041 C0361 E FEMA Map Date: March 16, 2009 FEMA Zone Classification: AE Easements/ No adverse easements or encroachments were observed on or around Encroachments: the subject property at the time of inspection. Other: Subject had various trash and debris on site at time of inspection. Appraiser is not an environmental expert and it is not known if there are any hazardous materials or residue on site. IMPROVEMENTS Property Type: Garage Vo�.•R,,;1+• C,�,,h��t.a,��h��;lt in atn,tn,rnximatPlv 195(1 � 1 V 1 L4114• ' Condition: Subject is in poor condition Size: Gross Building Area: 4,526 sq ft FoundationBasement: Subject is built on a concrete slab. Exterior: Subject has a block and frame exterior. There is an abundant amount of peeling paint and rotten wood on the subject. Page - l5 - of49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate]nc. . 08/I S/2013 Roof: Subject has a rubber and metal roof. The roof has holes throughout in which daylight can be seen. Overall condition of the roof appears to be poor. INTERIOR Interior Finish: The interior of the subject consists of several rooms, garage space, utility room, small office and storage areas. The interior has not been touched in sometime. Interior is in very poor condition and is in need of numerous renovations. There have been animal infestations inside as well. The subject has not been utilized as a garage for quite some time and is currently being utilized for storage. Kitchen: Subject does not have a kitchen area. Flooring Flooring throughout is exposed concrete Restrooms: Subject does not have any plumbing inside. MECHANICAL SYSTEMS Heating/HVAC: Subject had oil heat, however, it does not appear that the furnace is operable and hasn't been used in some time. SITE IMPROVEMENTS Parking: Subject has a parking area in the front. There is ample parking for the subject. Drainage: Appears adequate Landscaping: Typical PROPERTY ANALYSIS Functional Utility: Fair Design & Appeal: Overall design is typical for the area and the overall appeal to the market is poor. Page - 16 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 . .u,�r .."' �-�.,,� �,,y }A �q�. 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' t � � `�_�.� _ ZONE X � � � P� et. - � � ,, � � � �NSH �� - , � P�AD. -��,:�• t' i �;, � �� FLOODSCA�E , � �-' ,a� , 1F1�JRT aOAE ,(�� ,�',� �,1,t-I �.� � � Fbod Hazards Map �. �� ; �� . ,.y'� � 1.5ep Wumner �, .., � =M l 42Q41Ca361E ::�_� ' '� - � -�� a� �°� i Effe�trve Dats �; �: ;� �C)Uql tt, ! - �. ;��, , ¢ x� ,��`e 1�1 arch 16.2Q69 k' } '� - c.,`�' ; ,. _. �_ =?�+x.,E _a�__ .�`' �'c .. . �--';- . , �r � y � " ,':; � a�� . .:.. . .> € Jf � TM � � e �' � - �"� �.'� .��`?P}� �1��; � � I� � � �� x `� .�� {�'! : � � ' � �� I ro S , ; � � pa' ' �' 1 ZW' ) �L Y'� 1 � 'Pcrttar_3 by Fbw�:Source � r�'7.7;.FLtAD �, t �,,a �". �° w+ta�.`inatisc>�°tce.qrr, � � � � �; 9 jy�3i3',3 Se+urceProse ar�i+ar FbcKSSomroe Carp�ratians.Ati rights rzs?r�e3.Paterts t�.63�.3�anc9 tS.�73.3t5.Ather p;tents pers3ir,�. F�ir Ir,ia:ir�do�rbnr:�uroe:o�ar. Page - 18 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Improvements Plan 25' 22' � 36' 'r 'A' S � C?ne Story Building 3' 12' v 12' '� 78• vs�sez,��e:x ., . l�ea dculatiaws Summary livitp�4� . � . .. . . . . � , ..... . . . .�{Siculation Pt�1s � .. .. . � . . 710 Fmst Hoor 45?S Sq ft 12 x 4 = 4$ Z2 x 12= 254 � ZS r.Zfi= 65D 45 x JS= 3519 18 x 3 = S1 Total tivi��.ng f�a-��Rounded} 4526 Sq k Page - 19 -of 49 This page is invalid as an appraisal report if detached from the following detailed repoR,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Subject Photographs : - ' " Subject Front � ��. ,� _ - �_ - �ks�� ' , � ,.s � �, , � _,�� - -- .. e .r u�. � � _.._ ,. _ � :... n ��X . ,,. ��. �`� `�_ � .a�, � `"' __ � -- r.�� - �_ I "�*" �` Subject Rear � �� =;,� � k��*��t'�` ' � �� W z� �` - ��;�� ; �,.' ,, . .. ° � __ . • .� a< sc -�, � � 'yv .� � ,: �- ��,` -�..,.� - .��, .� �- �� ;;� �� ' Page -20 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 ��--__�, Subject Left Side � _ �:; ,:. � � _ � ,r� w�. �,� , � � 3 ... � . . �. __ �...<< w�� , � a � _ „�� ,�,,fi � � `'� Subject Right Side , .. � ,� � i �� , �'�� ,t: � � �:' (i �� ;:�� , . � � ��, � '3' i% �I � ,i%� , '�� ' '�= _..S� �� 3: 3,`.X < J � ' j*�� ; �q�-' F t� t : f '�: ti � f ; w,..� y , � �� .�� :�` ,T � �� ..V�!I, � i. ��' 1�� I ,Y�S�` i£ � 4 T _ � h1 �� i �J� Page -21 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 � �` Subject Street �_ �� ; :�,;� �� „ �`= �, x�"�, .:,� -- :. � �� --�_ �: �� " `� ��``��`�'��' �� ,�� - .� Subject Street Alternate ° # { �� > ��_.- �_ $ View �: _ � °� �r��- r � ,.� - , . � �� z �`� ��. , �- _��. �� — �44��.� '`�a -��, x�`.... .., . , �_ .. ... Page -22 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Subject Interior . � � �_ ` - 4��u : � �-� -— �_=; �.,�=' �.`°: �::,. �� ,., � Subj ect Interior �;��_ �- ; .�.�: Page - 23 - of 49 This page is invalid as an appraisal repoR if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Subject Interior � � ;� ; �� :`s ��w��, �.��.>..._ � =: _ ; � ` ` �� ,,,_.^..._� � � Subject Interior � =�..� �� - . � �K � �� _ � �;� y� � � g� £ � 's.� .1 �++�g�"� � t, 'z y,�..�uiL '�'Y "� �rk� �;�.�� ,,'y � �� .� � (}' ��' �{�� y�.� I %�.'� � 0 ;� � � �:� �s �'� � � ��: � � � r � �: �`'�s" � 4. � Y:�:., r,.:;y Page -24 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. 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Ausherman Bros.Real Estate Inc. 08/15/2013 �v..n.'^.�.. d �� -��* �y y ��`��°� Subject Interior ��:p � �� N X `�. " ��g�H, �,. . . �, '� y _�r�'r� �4� i °T Y �..#i uWrr..�- E:�� .. � b+' �- !✓. 47 M�' �' .."�'�y,- 9�^c*,, �'f�� .'S'� � �.�. � �;p�i��¢ ��i Y1 t ;�` ��'. ..�z„$'_'i. _ ,,fr��. .�.�.....:.'�'.: 4'-�� e� �,:5��_31 Y`YS4�'�q"� �.r. � Y - �s. �t- i �'��-��"� � � �� '�...-�� ' ��' .. .. ': �,�.:,. �`��.'"�,�:'� . �_ �; Subject Interior �� ; �.:: � _ �:�- F� .� . �.: _:'` �_; � �� - F= �.__.� Page -27 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 �,p, ° ,� . �� f.r,„ � _ ' ��#�t�' "� =r; .af.: � 1 � ��. ,r �w�j ',� � � �'� �`y� 4:Yy' � -` 9r ',w J � ,) ` � + ' r` .,a�.}.�„ ,.� � p � ,. �� .�,;��€r'!�� i� ` °'k , �� ` ' " .� � ��_,� �i:, s� "�., # �� e��.- � .`Ir.r.� } d�:;M�i �`�t,� .,� �� , ' ,i�.r+ �._.R' �'�,:�. � , ' �,. •y } ��±.^'1r j}, . . ' R � �� .. 'V►E�'^ " `�. a . .. � �a;� " ;y�,''# '*4� ` ' F�' in , . . �' tY .��` ��`'��*�,��;F �P '�`+� . . � '�. ' . , � " $`+�' -� .;�¢.,�« �� 't ..S . +� ,. . � , .. �:i�r4, �.� ,. . . . . . . ,,l . . � µr .�,. .. � . "bw .ti ��.. . . �� .. � . , ,� w. . K r � � � . ,. !'��yy4. '�'_'� �.. .. C � y h�"w` . .. pt � , ;: _ , , . �,_ 7'. '� .,-°\ ... » . 1A. . . _� .. .�-� � y ,pa `y . .�.1�� _��," �_ _ /' � • '�os. � � �`. _ �"�._� � �-a±i" � _ -,�� ,:�_ _ - " � -y� � x'� ` v� �� -. � - � - � _ „ ��- .. �t�r�•,.� -� _. .^k7°'"`�.—""-�n�ae#eu�a�� , °, � °�-: �____---� � , -� _ ;�- �,�-€��°,^+�"�"�'-o--`"ar�.��..� y � -- ,��'.. . � "' ��-��`�-$��w,�,-�`�` �„-,.;-4. - �`-°�..9 . ..�a� . +�'a:�' �" ��'"t ;�'�� . ,,�:� - '": -.,i,.��,+.,,h .`- � - '•� � �„ w�� :�. '��- -."�;� ?. _ ,� . � +� ��. � �.;_�" ".:K� �n.,.,.„��..�€�".�a�.;,,�° �"��..,� �.��'^�r .' . a +�. �- ' .,a. a°'; `f� 4�� -�`-� ' d„� 4^ ',s��`,*.:t�._.. a„a� '.....� �;��.,c, .-� �. �' � � . 1 �.� � . .�� -�� • -� � � � � �- -� •�� '' �� .��• �. � 1: 1 Assessment & Taxes Tax Parcel ID# 39-33-1873-OOOIA Tax Year: 2012 Total Assessed Value: 144,200 Tax Rate: .01612900 Real Estate Taxes: 2,326 Equalization Ratio: 1 Implied Market Value 144,200 Assessment Analysis Equalization ratio is based off the 2011 common level ratio for Cumberland County developed by the Pennsylvania Department of Revenue and is applicable from July 1, 2012 through June 30, 2013. Based upon the assessment data obtained the implied market value rounded: $144,000. Zoning Analysis District: Village Center(VC) Conforming: The subject property is a conforming use. Additional zoning information including a map and uses can be found on the following pages. Page -29 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 _ . Zoning Map _ , _ �� w�. �.� i� �� ! ',�`- � �� ,.` � r�� { ��`,/ , �,- '�� ' . '� ... � , �.� , � .., � � Y . Q �` �' ` � �T�C' I_�� `. A � t _ rc�1 O '� , � `� � "y ;� �'� '�'�, y' _, � .y � � f.... Vr p'� ' < � � � _ �� .'�i _., <'� ' _ _ , , , • �- � �; -� �: � <'�� , , � z� - 1 ' ` , i � � � � > ` ` -, � , �.� � , ° - � � ; ,po . . . �{� -. �l . �. --j' - i�.. a ` ..�,, � �� `:� , ,.,.._^��.-" � �'� .lgy�-��.��- '� � t `\1, •� � ' ` �� 5 kk�/ /_•�^k"� � ,��;,�,�,L`4� , C� .` �'�' ��' f ' �rr ;j l �� . � �� , �� y�� '�,.�; `�,�-� �., � Q. `'� _ ,. � y ij � �, - __ ` � \ �� . 0�., / �- '.� . �� ' . ` ';' p�-N _ �;��j -•,.� � � �'" � '4 .�/ ''�""� ' i . Q- � .`" ,t�' �l - � � j�` ^ , Ql 6{'' �.. �`�j �f' ...t7 ` ,,.% � .�-:�� f`�' �':! �''�" � :r,. f � �' (� � .4 • nsburg Twp. .> CI�I '';, .�- � .f" l - �-�� >>_.� :` .;-, ;�� _ � . ; .�,=�� J;r:�� •, �,._-� _ ; �, � _ �r-�- � :� i ' . � • _� -s=�, �'` , � � . �' _, �,, �� ! � ,,.o� � -_ , / u rg Bor �;:�� ;`, �__„_ ��`��-=�--� ',S ,� �� _ __ _ _. / ` i �•'7 � �'`��J j/ /"'"� , ,� �y_x'� �7 � � �_: . i � _ / sR'�} ' /�' �'��`-},! __ t C ^'�`� � 1' .. �/ / .r �� k.. —y_—t,". �� 4' '. ,��, �/,� �s� ��.�N -�� -?'� � ` _ t?�. � t Q� �`�, � f fi,uc � �-��,�' 1 � �,;- �-�� ,, , � �ti �;�}�_; � ,,_ � �. � `{ � �, ,�,. —} � � � �1,�II � 4 '�'� \ �'-✓�.. '\"�. � '" / f r �.�i`-x-„'„z. `-��\;1�,-�.,:1� -�y s �.—.'c�l 14_. / �f � � , ,��y � -�,�, � y,� , � ��, `s�� : � �_ ; r � t� �,. •, � � ,, „ , � �� , ; ..�� '�-.,=+ '� '�-; ��t_.. rr _�� ;' ,h _� A'9� '`�'�m Y1 ��J.�� _ ��i^-�.'� �� i► �`j� � �� . .. , ,.•_ . �r;,• ��, � . " . o �'-�~ . � �4.� , r.` �Y� � `�-�� ` :, 1 ' ., ... ., ,/��+i. � , � ,, �: �, ; , '; _. 7 /"'l�V -1,=r �;. � . : � # -t� =�._._-� ,' � TN�EE TUR , -� � � �� . ��--�- , �-� i �- ` � , � �� ---- r , � r � � � ;��'�-. ,, � � � ��} ' l Y , '=�"'�'c� "_-�`� - t ,��`i �', 1�`� �° Kr `°'�` �'s` � � Y�^ 1 ; � 4` O �r ,. �'�,`` t C`-^ `f �� . �� f _ t F+ yp� r�F i��`� �� f i!' afK �' �,' -'Y+ �#,�--�•--r �S'� / `Q,� � y �G,��' < ��``-- � '�'�' � t °-.�S n � u_ �7r'�/ �{._ i�y, ; _�;y r . �� _� � � � ��'� < �� :� ti , , � �� '��-� -�-1 '�� ,,,�. � �.,a �- ��_ 4' .'''`j� � �� `", ' i Page -30 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 .- - ARTICLE7. VR,VILLAGE CENTER DISTRiCT 7.01 Purpose The Village Center District is intended to provide a variety of housing opportunities,along with a mix of service oriented and limited retail uses,in areas where public utilities are,or could be extended. It is designed to encourage more dense development relative to other zoning districts within this ordinance, and provide for retail and service faciliries which primarily serve the needs of the immediate surrounding neighborhood. Li a Village Center District the regulations set forth in this article and referenced by this article shall apply. 7.02 Permitted Uses Tn a Village Residential District,no structure or land shail Ue used,and no structure shall be erected which is arranged,intended or designed to be used for other than one or more of the following uses. A. Single-family Detached Dweltings. B. Serr►i-Detached Dweltings(duplex). C. Attached Dwellings(townhouses). D. Multiple Family Dwellings(apartments). E. Places of Worship. F. Day Care Centers. G. Boarding Houses/Bed and Breakfast. H. ProfessionalOf�ices. I. Financiaf Institutions. J. Rerirement Housing. K. Home Occupations. L. Accessory Apartment. PAGE 7-1 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE Page-31 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate[nc. 08/15/2013 ARTICLE 7. VILLAGE CENTER DIS1'RICT M. Aublic or Private Schools and Municipal Buildings and other Municipal Ilses. 7.63 Accessory Uses The following customary accessory uses and buildings incidental to any permitted uses shall be permitted: A. Uses and structures which are customarily associated with the permitted uses such as storage buildinss, outdoor storage areas,yards, gardens, play azeas and parking areas,including private garages. B. Garden House,tool house,playhouse,wading pool or swimming pool incidental to the residential use of the premises and not operated for gain. C. The keeping of a reasonable number of customary household pets or domestic animals but excluding the commercial breeding or keeping of same. All such household �rets or domescic animals shall not be penned or housed within the applicable mnumum yard requirements of any lo� Commercial kennels shall not be permitted. D. All stora�e accessory to any permitted principal use, other than off-street parking and loading,or trailer,boat,mobile home and agricultural storage shall be carried on in completely enclosed buildings. E. Signs,as provided in Article 13 of this ordinance. 7.04 Conditional Uses The following uses and activities may be permitted by Conditional Use upon approval of die Board of Supervisors after a public hearing and recommendation by the Planning Agency. Uses by Conditional Use shall be subject to the requirements specified in Article l 1 and elsewhere in this ordinance. A. Uses which, in the opinion of the Board of Supervisors, are of the same general character as those listed as permitted uses and which will not be detrimental to the intended purposes of this district. PAGE 7-2 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE Page -32 -of 49 This page is invalid as an appraisal repoR if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 ARTICLE 7. VILLAGE CENTER DiSTRICT B. Conversion of established single family dwellings into two or more apartment dwelling units,provided that sanitary sewer is available,each lot or parcel of land so used has an area of not tess than ten thousand(10,000) square feet and a width of not less than eighty(8�)feet at the building line and no more than a totai of eight(8) dwelling uniu are located within the structure. Each dwelling unit within converted buildings shall have not less than two thousand,five hundred(2,500)square feet of land area per dwelling unit and a minimum of five hundred (500) square feet of floor area per each unit; but, in no case,shall the total land area be less than ten thousand(10,000)square feet. C. Business conversions. Conversion of an existing residential structure to a non-residential use that meefs the reyuirements of(D)below. The conversion can be a total conversion from residendal use or a conversion of a portion of the premises, with the retention of one or more dwelling units. (As in the case of a first-floor retail or office use with apartment(s)on the second and higher floors. D. Retail business,business services,personal services,repair services,drive-in service places and shopping centers not to exceed five(5)acres in gross area,subject to the following: 1. Each business shall be located only within the first floor of any building,and be not more than 3,500 sq.ft. 2. No outside storage of materials shall be permitted. 3. The applicant shall demonstrate that sufficient off-street pazking facilities will be provided to accommodate the ne�ds generated by such use, 4. The applicant shall demonstrate that adeyuate lot area and set-back provisions have been made in accordance with the purpose of this District. 5. Such businesses shall be of such a size and scope of activity that they do not constitute an unreasonable commencialization of the district which would adversely affect nearby residential uses. E. Mobile Home Parks. Subject to the requirements set forth in the Subdivision and Land Development Ordinance. F. Group Horaes. PAGE 7-3 SOUTHAMPTON TOWNSH]P ZONING ORDfNANCE Page -33 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 ARTICLE 7. VILLAGE CENTER DISTRICT B. Conversion of established single family dwellings into two or more apartment dwelling units,provided that sanitary sewer is available,each lot or parcel of land so used has an area of not less than ten thousand(]0,000) square feet and a width of not less than eighty(80)feet at the building line and no more than a total of eight(8) dwelling units are located within the structure. Each dwelling unit within converted buildings shall have not less than two thousand,five hundred(2,500)square feet of land area per dwelling unit and a minimum of five hundred (500) square feet of floor area per each unit; but, in no case,shall the total land area be less than ten thousand(10,000)square feet. C. Business conversions. Conversion of an existinb resideatial structure to a non-residential use that meets the requirements of(D)below. The conversion can be a total conversion from residential use or a conversion of a portion of the premises, with the retention of one or more dwelling units. (As in the case of a first-floor retail or office use with apartment(s)on the second and higher floors. D. Retail business,business services,personal services,repair services,drive-in service places and shopping centers not to exceed five(5)acres in gross area,snbject to the following: 1. Each business shall be located only within the first floor of any buiiding,and be not more than 3,500 sq.ft. 2. No outside storage of materials shall be peimitted. 3. The applicant shall demonstrate that sufficient off-street parking facilities will be provided to accommodate the needs generated by such use. 4. The applicant shall demonstrate that adequate lot area and set-back provisions have been made in accordance with the purpose of this District. 5. Such businesses shall be of such a size and scope of activity that they do not constitute an unreasonable commercialization of the district which would adversely affect nearby residential uses. E. Mobile Home Parks. Subject to the requiremenu set forth in the Subdivision and Land Development Ordinance. F. Group I-Iomes. PAGE 7-3 SOUTHAMPTON TOWNSHIP ZONING ORDiNANCE Page -34 -of 49 This page is invalid as an appraisal report if detached from the following detaited report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 ARTICLE 7. VILLAGE CENTER DISTRICT SETBACK AND HEIGHT REGULATIONS ON-LOT WATER ANll SEWER OR PUBLIC WATER ONLY SINGLE-FAMILY DETACHED MINIMUM FRONT YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,35 FT. MINIMUM SIDE YARD SETBACK(EACH):,,,,,,,,,,.15 FT. MII�IIMUM REAR YARll SETBACK;,,,,,,,,,,,,,,,,,,,,,,,25 FT. MAXIMUM HEIGHT:..................................................30 FT. SEMI-DETACHED(DUPLEX)(PER DWELLING UNIT) MINIMUM FRONT YARD SET'BACK;,,,,,,,,,,,,,,,,,,,,,35 FT. MTNIMUM SIDE YARD SETBACK(EACH):,..,.,,,.,.15 FT. MINIMUM REAR YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,,,25 FT. MAXIMUM HEIGHT:..................................................30 FT. ATTACHED(TOWNHOCJSE)(PER D11�LLING UNTT) NOT PERMITTED WITHOUT PUBLIC SEWER MULTIPLE FAMILY(APARTMEN'I)(PER DWELLING UNIT') NOT PERMITTED WITHOUT PUBLIC SEWER PUBLIC SEWER ONLY OR PUBLIC WATER AND SEWER SINGLE-I'AMILY DETACHED MINIMUM FRONT YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,35 F'1'. MINIMUM SIDE YARD SETBACK(EACH):,,...,,,,._l 5 FT. • MINIMUM REAR YARD SE1'BACK;,,,,,,,,,,,,,,,,,,,,,,,25 FT. MAXIMUM HEIGHT:..................................................30 FT. SEMI-DETACHED(DUPLBX)(PER DWELLING UNIT) MINIMUM FRONT YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,35 FT. MINIMUM SIDE YARD SE'I'BACK(EACH):..,.,.,..,,I S FT. MINIMUM REAR YAItD SETBACK;,,,,,,,,,,,,,,,,,,,,,,,25 FT'. MAXIMUM HEIGHT:..................................................30 FT. ATTACHED(TOWI�iHOUSE)(PER DWELLING UNIT) MINIMUM FRONT YARD SETBA.CK;,,,,,,,,,,,,,,,,,,,,,35 FT. MINIMUM SIDE YARD SETBACK(EACH):,,,,,,,,,,,15 F'T. MINIMUM REAR YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,,,25 PT. IvIAXIMUM HEIGHT:..................................................40 FT. PAGE 7-5 ' SOU'1'HAMPTON TOWNSHIP ZONING ORD]NANCE Page -35 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 ARTICLC 7. VILLAGE CENTER DISTRICT MULTIPLE FAMILY(APARTMENT}(PER DWELLING UNtT) MTNIMUM PRONT YARD SETBACK;,,,,,,,,,,,,,,,,,,,„35 FT. MINIMUM SIDE YARD SETBACK(EACH):.,,.,.,,,,,30 FT. MINIMUM REAR YARD SETBACK;,,,,,,,,,,,,,,,,,,,,,,,50 FT. MAXtN1UM HEIGHT:..................................................40 FT. B. Land proposed for uses other than residential, or for a mix of residential/office or residentiaUcommercial in the same building, shall be of safficient area to accommodate the physical structure(s) when complying with of�street pazking regulations and any other appticable regulations of this ordinance, and the following: FRONT SBTBACK: ,,,,,,,,,,,,,,,,,,,,,,,,50 FT.(Min.8 fr.landscaped) EACH SIDE SETBACK: ,,,,,,,,,,,,,,,,,,,,,,,,30 FT.(Min. 10 ft.landscaped) REAR SETBACK; ,„,,,,,,,,,,,,,,,,,,,30 FT.(Min. 10 fl.landscaped) MAXIMUM BLTILDING COVERAGE;,,,,,,,,,,,,,,,,,,,,,,,,,,,„_„25% ' MAXIMUM IMPERVIOUS COVERAGE;,,,,,,,,,,,,,,,,,,,,,,,,,,60°/a 7.06 Off-Street Parking Off-street parking shall be provided as required by Article 13,Section 13.15. 7.07 Signs The placement,type and size of alI signs erected in the Village Residential District shall be as regufated by the provisions of Article 13,Section]3.]6. PAGE 7-6 SOUTHAMPTON TOWNSHIP ZONING ORDINANCE Page-36 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Highest and Best Use Highest and best use may be defined as: the reasonably probable and legal use of vacant land or improved property, which is physically possib Ze, appropriately supported, financially feasible, and that results in the highest value. • Permissible Use. What uses are permitted by zoning and other legal restrictions? -The permissible commercial uses of the subject property are provided on the previous page. The most likely uses of the site would be for a retail business or offices and or garage/warehouse. • Possible Use. To what use is the site physically adaptable? -The subject's site is generally level; however, it is located within a flood hazard zone limiting its potential. • Feasible Use. Which possible and permissible use will produce any net return to the owner of the site? - The subject is located just off of Walnut Bottom Road which is primarily of commercial or retail properties. 'The subject site is less than a 2 miles from the Interstate 81 interchange. However, most surrounding properties are residential. The most feasible use would be for commercial or retail purposes. • Maximally Productive. Among the feasible uses which use will produce the highest net return, (i.e., the highest present worth)? - The m�imally productive use that would produce the highest net return would be for a commercial type property. Highest and Best Use As Vacant After reviewing the property, I have determined the highest and best use would be for commercial usage; given the subject's location, size, and visibility; as well as the current zoning. Highest anci Best Use As improved After reviewing the property, I have determined the highest and best use would be for its current use as an garage/warehouse type building. z The Appraisal of Real Estate 11`�`Edition,Page 297,Appraisal Institute Page -37 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/IS/2013 Valuation Methodology Three basic approaches may be used to arrive at an estimate of market value. They are: • The Cost Approach • The Income Approach • The Sales Comparison Approach The Cost Approach is summarized as follows: Cost New • Depreciation + Land Value = Value The Income Approach converts the anticipated flow of future benefits (income)to a present value estimate through a capitalization and or a discounted process. The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of conelation and analysis, a final indicated value is derived. The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. Different properties require different means of analysis and lend themselves to one approach over the others. This appraisal includes the following: • Cost Approach: In this case,the cost approach is not applicable or necessary for a credible appraisal and has not been developed. • Sales Comparison Approach: This approach is applicable,necessary and has been fully developed. • Income Approach: In this case, the income approach is not applicable or necessary for a credible appraisal and has not been developed. Page -38 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/I S/2013 Sales Comparison Approach The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principals of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. ➢ The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. ➢ The most pertinent data is further analyzed and the quality of the transaction is determined. ➢ The most meaningful unit of value for the subject property is determined. ➢ Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. ➢ The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. We have researched and analyzed three closed comparable sales and one active listing for this analysis. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. Page -39 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 COMPARABLE SALE NO. 1 GRANTOR: David & Mary Hade GRANTEE: Mary& Kristopher Deal LOCATION: 9044 Tomstown Rd, Quincy Township Waynesboro PARCEL NO.: L-13Q-SSA DATE: February 29, 2012 INSTRUMENT NUMBER: 2012-04188 CONSIDERATION: $74,985 SITE SIZE: .74 ac DESCRIPTION: One block building used as a garage having 2,000 square feet and sold in average condition. This property was utilized as garage/warehouse space. Comparable sold for$37.49 per square foot. � � � � �s � � � � � � z � � � .:r...- �'""� ..w�`� �� .� �� pu "� �: ��, _ �� r�'t�"`'� � � �� `�" :� � ��.s.��V tf. �� _�i-� ��c��+�x � 4� I ��a��t � � � f .��"��`.. Y ��" Page -40 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc: 08/15/2013 COMPARABLE SALE NO. 2 GRANTOR: Pierre B Turchi GRANTEE: St Thomas Township Munic�pal Authority LOCATION: 175 St Thomas-Edenville Rd, St Thomas Township, St Thomas, PA PARCEL NO.: M-13-43A DATE: July 8, 2011 INSTRUMENT NUMBER: 2011-13102 CONSIDERATION: $85,000 SITE SIZE: .574 acres DESCRIPTION: One story brick building previously used as office space having 2,400 square feet and sold in average condition. Comparable sold for$35.42 per square foot. � � ��_ �� r� � , � 1- � f ' � a ��.x � ¢'� ��fi, _��!�� . �a �"� :�� "�,_�:: � I i` „ ��rr-° _ --��. Page -41 - of 49 This page is invalid as an appraisal report if detached from the following detailed repoR,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 COMPARABLE SALE NO.3 GRANTOR: Landis & Izer Partnership GRANTEE: Alan& Ann Chocha LOCATION: 276 Independence Ct, Borough of Chambersburg Chambersburg, PA PARCEL NO.: 1B-48-28A DATE: January 21, 2011 1NSTRUMENT NUMBER: 2011-022924 CONSIDERATION: $50,000 SITE SIZE: .574 acres DESCRIPTION: One story block and metal garage having 2,525 square feet. This property was utilized as garage/warehouse space. Comparable sold for$19.80 per square foot. .,� � ==� �, � �.-- „ � � � � � �, ' � �. . ��= ,��'"'�� > -,�. . � 5-.=�� Page -42 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Comparables Map � fwao a la mode, inc: J��`��'� �,.:t�J �*°`� y' Q ��p G��<n SV��nq pnne Run p�� -.,:y�� o u� 4 � �,.,.. ...� �A � � Newburq N y ��e_�..�/y � � t�,.YV�Ii. ..:� 1��,. u' F9.Nyo N�. �� Mu..ir>.�na �9i < 8 w.Aq'^ Wi�lc.w M�11 L��9�n �� C`Ag' ' M.J�Ie � i. �;° „ a s�,.,v Fannehsbu.y UnV�'rsi...u.y � ..�/,M�'.w � Orrz�own � m.,sam Mai ,,. ., Shippensburg ,r' ��o..a+a. � p�oy i � .� R.q_ a n q , . �� : � � ,� SeuHU^�Pl��(�, . � , ,. r _ i a ..,..� . .i.i li:p T. 4 " rvy�..�u: e - �� .., .. .,. rX s . . ..__ '>a:. �c��,�vmw� ,ry' 4, ' � /,i y� S�o�land amAlun fdew�d�`� '�nW ' 2 . iawna�iy EOCnrdle i I .�__�'-'' � � � ChaTbefSbufg y�� Wuoaswr.k �� _ x� l"kw�3I .HN'n�9 . _ F� !•� �'i� SW^9 »l 5�Twn.as .. W ....�.a a.� ��' FayMteville . . . . . ' 8,��wm. �•Kan MwY _ ��e [uktloi��a V�r4 ��"��M94 �c fl.n�'! TwkeYleoi SWWir4e`1f�%' Nev.'s�.uNli�. iown d �± 2 �•V Y �� µ 6 PorM Bank � - !�'i�,` �.. g . Iluuaum � � +�`� � Guilford - w..,m� �a .� m° t� kav wu�.m.o� 91• Mont Allo ��t��M�� IWtwin . . �.� r � � �I 3. � . i ....�,„ . . 1 .. [lar Mill S j� ,,, .v�K 15� UG�o��. -t� irvvlo�\� OUI(Ity A u''M,b^r.,e � t'- oinFo�y�� w GreencasHe�1 Hron�m�s s, ;� .'� s�...a.,c.v �. se r �o.r �"'_°" � 2;; �nm..� zo.a.m.� R�� rAn�oi � Waynesboro �s .�.oi &�w Wayne Heights -� F Rouzerville � Nuva `��, ,� � ' � 91ue Ridqe Summrt .. 5(at�e U��e MWVa4� Its; 550 . . . ..�z3r�........ � Ro�k. . ..�..... ....__. ..., .... .. y�Or`�" HigM Id Cascade �y ... laf�ma��s�Nill Sabd�!asv�i3e •w "„ywqe '4" Ei �; ra°pc a.wfl°•ea RinggolC . : f'nle.v M It M g svi(le E �p[ � '� 2 5 mJea , t �- b�(�..a.�v...,s „ .., Leitertbura 5' •-.J .__ • . . • •"' Page - 43 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of: , • Property Rights Sold • Economic Trends (time) • Financing • Location • Conditions of Sale • Physical Characteristics On the following page is a sales comparison grid displaying the subject property,the comparables and the adjustments applied. Page - 44 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 0 � V � � � m � � x ...e O�„ m � � c� C) ^ $ � m c� Qr p^ x O ,�d, [n � �C d, m O Cp — �p S 00 � � CO N g � � O a O � � p .r Q�0 � as � a � N � � tio � �' Or�" `� °�ss � o � �s°sw'6o � r�r�" p � � ° � o b Q? Itf E9 m d9 � y N � � � aZ dv9 > y� � !9 ,c_ � .. v� � d z � cA O � � N b � .-' ,� U N x U v N � � q m 3 m p�+ � �.. V y,Y. O ~ m � O d� N � O � p M E . �� b�$ G � O � °' � ~ � �c� aci � ��1 � � � ��`y�j [Np � � � � � 'a p � �O :4 O� G OtA C � � E t H � P h O .. i5 N Q cq T Cy � ffl 0. � N [O � p � � � d � EH r� {p O �' (A '� ''� iR tA �. E. � Z � U � � co s� N 0 s. �i �. O M � � � �t a � � N x � ^ � � 00 m �� n o � � oa. '� � � � �d � G ' op ° � °�ag rn° °' � ° � ca o V � � q � � M � � v o h � �' fR t*J tR o t�j � tA � O m u� A � � [n '"� M th � � o � � � � � � � � o � `� � N � z � � a � 0. � �� c�n "" a � � � �, 3 �, � � ~ � ro N N � •�-� � �j C �" V h�' a :d � t CC1 � � m .-w. � a A O � � � � a g � � � � r� �m � � ° '�"� `o � o °' °' fl � p°', 4 Z C� � � ro ,-. � � � N � es, ..�; �" b' � � � � �, m � ..�i � �. C� � � �qp � : M sn ro � u � a a m � m p. � v « > � y �. a �' w r '� .°' d M � " � a •: m 'd D � x .dr di .Ci. � ... d �' !f1 � C � D ~ '0 ttl N U •o �o � •. � a fn '� A � � A 'd OC C� � `ti � 'd � a � m ~ z ~ Page - 45 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Adjustment Notes No Conditions of Sale No adjustments were required for condition of sale. Economic Trends No adjustments were required for economic trends. Date of Sale No adjustments were required for date of sale. Location/Access All three sales were given negative deductions for having superior locations and not being in a flood plain. Site Size Size adjustments were utilized to make the comparable sales the same size as the subject at a rate of$5,000 an acre.. Building Size Size adjustments were utilized to make the comparable sales the same size as the subject at a rate of$5.00 per square foot. Condition/Utility All three sales were given a negative deduction for having superior conditions and utility. Site Improvements Comparable sales#1 and #3 were given negative deductions for having public utilities in place. Page- 46-of 49 This page is invalid as an appraisal repoR if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Sales Comparison Reconciliation Three closed comparable sales were considered for this valuation. Presently there have been very few transfers of properties similar to the subject,therefore it is necessary to use sales which differ in design, size, amenities, and require more adjustments than desired. All four sales have larger Gross Building Areas (GBA)to that of the subject. Most weight was placed upon sale#1 as it is the most similar I use and is most recent sale as of the effective date of this report. Sales Comparison Approach Conclusion Based on the above analysis, we have reconciled to a value of$43,000, as of April 3, 2012, and subject to the Limiting Conditions and Assumptions of this appraisal. Page -47 -of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Final Reconciliation The process of reconciliation involves the analysis of each approach to value. The quality of data applied,the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. In this appraisal,two approaches to value were applied. Each approach has been considered separately and comparatively with each other. Value Indication Sales Comparison Approach ................................. $43,000 Cost Approach In this case,the cost approach is not applicable or necessary for a credible appraisal and has not been develop due to the age and condition of the improvements. Sales Comparison Approach In the Sales Comparison Approach, the Appraiser researched sales over the past three years that would be considered comparable to the subject property and through a series of plus and minus to the comparable sales, arrived at the indicated value. This approach best represents the action of buyers and sellers in the market place. Income Approach Income Approach: In this case, the income approach is not applicable or necessary for a credible appraisal and has not been developed. Value Conclusion Based on the data and analyses developed in this appraisal, we have reconciled to a value estimate of$43,000, as of Apri13, 2012 subject to the Limiting Conditions and Assumptions of this appraisal.No personal property or business related equipment, inventory or name was considered in this valuation. Page - 48 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Certification Statement I certify that,to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analyses, opinions and conclusions. • I have no present or contemplated future interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. • My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client,the amount of the value estimate,the attainment of a stipulated result, or the occurrence of a subsequent event. • My analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice(USPAP). • I have made a personal inspection of the property that is the subject of this report. • No one provided significant professional assistance to me in the development of the conclusions contained in this report. • The Appraiser has established sufficient competence to appraise this property through education and experience, in addition to the internal resources of the appraisal firm. • My value conclusion and other opinions expressed herein are not based on a requested minimum value, a specific value or approval of a loan. Daniel M Mulewich � ` �%�f� � Page -49 - of 49 This page is invalid as an appraisal report if detached from the following detailed report,which contains 49 pages and addenda. Ausherman Bros.Real Estate Inc. 08/15/2013 Ausherman Bros.Real Estate Inc. Pa e#4 PRIVACY NOTICE Pursuant to the Gramm-Leach-Bliley Act of 1999, effective July 1, 2007,Appraisers,along with all providers of personal financiai services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. Tvnes of NonRublic Personal Information We Collect In the course of performing appraisals,we may collect what is known as"nonpublic personal information"about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directy or received by us from others with your authorization. Parties to Whom We Disclose Information We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties,except as necessary or as required by law. By way of example,a necessary disclosure would be to our employees,and in certain situations,to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our empioyees and any third party consultants we employ are informed that any information they see as part of an appraisal assignment is to be maintained in strict wnfidence within the firm. A disciosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal adion to which you are a party. Contidentiality and Security We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties,we maintain physical,electronic and procedural safeguards that comply with our professionai standards to insure the security and integrity of your information. Please feel free to call us any time iF you have any questions about the co�dentiality of the information that you provide to us. Form PRV_LG—"WinTOTAL"appraisal soflware by a la mode,inc.—1-800-ALAMODE Pa # MULTI-PURPOSE SUPPLEMENTAL ADDENDUM FOR FEDERALLY RELATED TRANSACTIONS Ausherman Bros.Real Estate Inc. Borrower Estate of Leonard Neil Pro ert Address 16 Air ort Rd Ci Shi ensbur Coun Cumberland State PA Zi Code 17257 Lentler Estate of Leonard Neil This Mutti•Purpose Supplemer�al Atltlentlum for Federaly Related Transactions was designetl to provide the appraiser with a convenient way to comply with the current appraisal stantlards and requiremer�s of the Fetleral Depasit Insurance Corporation(FDIC),ihe Office of ihe Comptroller of Currency(OCC),The Office of Thrifl Supervision(OTS),the Resolution Trust Corporation(RTC),and the Federal Reserve. This Multl-Purpose Supplemental Addendum is for use with any appraisal. Only U�ose sfatements which have been checked by the appraiser apply to the property being appraised. � PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as definetl herein. The function of the appraisal is to assist ihe above-named Lender in evaluating the subject praperty for lending purposes. This is a federally related transaction. � EXTENT OF APPRAISAL PROCESS � The appraisal is basetl on the information gathered by the appraiser from public recortls,other itleMrfied saurces,inspection of the subiect property and neighborhood,and selection of compara6le sales within ihe subject market area. The original source of the comparables is shown in the Data Source section of ihe market gritl along with ihe source of co�irtnation,'rf available. The original source is preseMed first. The sources and data are cansidered reliable. When cor�licting informatian was provided,the source deemed most reliable has beea used. Data 6elieved to be unreliable was not included in the report nor used as a hasis for the value canclusian. � The Reproduction Cast is based on Marshall Swift supplemeMed by the appraiser's knowletlge of the local market. � Physical depreciatian is based on ihe estimated effective age af the subject property. Functional and/or e�emal depreciation,'rf preseM,is specificaily addressed in the appraisal report or other addenda. In estimating the site value,me appraiser has relied on personal knowletlge of the bcai market.This knawledge is based on priar and/or curtem analysis of site sales and/or abstraction of site values from sales of improved properties. ❑ The subject praperty is locatetl in an area of primarity own�-accupied single family residences and ihe Income Approach is not consideretl to be meaningful. For this reasan,the Income Approach was not used. � The Estimated Market Rem and 6ross Rent Mulfiplier util¢ed in ihe Income Approach are based on the appraiser's knawledge af the subject market area. The reMal krrowledge is based on prior antl/or cur�eM rerAal rate surveys of resider�ial properties. The Gross Rent Muttiplier is based on prior antl/or currem anaysis of prices and market rates for resideMial properties. � For income producing propeRies,actual rems,vacancies and expenses have been reported and anayzed. They have been used to project future reMs, vacancies and e�enses. � SUBJECT PROPERTY OFFERING INFORMATION Accortling to MLS the subject property: � has nat been affered for sale in the past: ❑30 days �1 year ❑ 3 years. ❑ is curremty offered for sale for$ ❑ was affered far sale within the past: ❑30 tlays ❑1 year ❑ 3 years for$ ❑ Offering irrformatian was considered in The final reconciliation of value. ❑ Offering information was not considered in the final reconciliation of value. ❑ Offering iMormation was not available. The reasons for unavailability and ihe steps take�by the appraiser are explainetl later in this addendum. � SALES HISTORY OF SUBJECT PROPERTY According ta Cumberland Countv Courthouse the subject property: � Has not transfened ❑ in the past iwelve moMhs. �in the past thirty-six mo�hs. ❑ in the past 5 years. ❑ Has transferred ❑ in the past twelve mor�hs. ❑ in the past thirty-six moriths. ❑ in the past 5 years. ❑ All prior sales which have occurred in ihe past 3 years are listetl below and reconciletl to the appraised value,either in the body of the report or in the addenda. Date Salea Price Document# Sellsr Bu er � FEMA FLOOD HAZARD DATA � Subject praperty is not located in a FEMA Speciai fbotl Hazard Area. � Subject properly islpGated in a fEMA Special Fbod Hazartl Area. Zone FEMA Map/Panel# Map Date Name ot Community AE 42041 C0361 E 03/16/2009 Southam ton Townshi ❑ The cammunity tloes not particioate in the National Flood Insuranee Pragram. ❑ The community does artio cioate in the National Flaod Insurance Program. ❑ It is covered by a�gqul�i program. ❑ It is coveretl by an emer°encv program. Page 1 M 2 Form MPA3—"WinTOTAL"appraisal software by a la mode,inc.—t-800-ALAMODE Pa e#6 � CURRENT SALES CONTRACT � The subject prope�ty is currerrty nai under coMract. ❑ The comract and/or escrow instructions were not available for review. The unavailability of the comract is e�lained later in the addenda section. ❑ The coMract and/or escrow instructions were reviewed. The following summarizes the comract: Contract Date Amandment Date Contract Prlce Seller ❑ The comract indicatetl that persanal property was not included in the sale. ❑ The coMract indicated that personal property 1�as_i[ICluded. tt consisted of Estimatetl contributory value is$ ❑ Personal property was not included in the final value estimate. ❑ Personal property Y13S_iIlGludCi in the final value estimate. ❑ The contract indicatetl no financinq concessians or ather incentives. ❑ The coritract indicated the foliowinp concessians or incentives: ❑ If concessions or incemives exist,the comparables were checked for similar cancessions and appropriate adjustments were made,rf applicable,so that the final value conclusian is in compliance with the Market Value defined herein. � MARKET OVERVIEW IncludeanexpWnationoicurrentmarketcond�bnsandtrends. 6-9 moMhs is considered a reasonable marketing period for the subject properry based on MLS statistics � ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) The analyses,opinians and conclusions were devebped,and this report was prepared,in coMormity with the Unrfarm Standards af Professianal Appraisai Practice(°USPAP"),except that the DepaRUre Provision of the USPAP daes nat apply. (2) Their compensation is not contingem upan ihe reporting of predetermined value or direction in value that favors the cause of the ciiem,ihe amount of the value estimate,the attainmer�of a stlpu�ted resutt,or the occurrence of a subsequem event. (3) This appraisal assignment was not based on a requested minimum valuation,a specific valuation,ar the approval of a loan. � ADDITIONAL (ENVIRONMENTAL) LIMITIN6 CONDITIONS The value estimated is based an the assumption that the praperty is not negativey affected by the existence of hazardous substances or detrimemal enviranmemal conditions unless otherwise stated in this report. The appraiser is nat an experl in the idemfication af hazardaus substances ar detrimental enviranmeMat conditions. The appraiser's routine inspection of antl inquiries about the subject property did not dev�op any informatian that indicated any apparent significant hazardaus substances ar detrimental environmemal conditions which would affect the property negativety unless otherwise stated in this repart. tt is possible ihat tests and inspectians made by a qualffied hazardous substance and emironmemal expert woultl reveal the existence af hazartlaus substances or detrimeMal emironmemal conditions an or around ihe praperty that woukl negativey affect its vaiue. ❑ ADDITIONAL COMMENTS � APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Appraiser's Signat � � Da /0�2 1 Date Prepared 08/15/2013 Appraiser's Name(prim) Daniel M Mulewich Pfwne# (717)264-6715�Q07 State PA ❑License �Certificatian# GA003797 Tax ID# 25-1552788 ❑ CO-SIGNING APPRAISER'S CERTIFICATION ❑ The co-signing appraiser haspersonal�y inspected the subject property,both inside and ou1,and has made an exterior inspection of all comparable sales listed in the repoR. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepis responsibiliry for the coMeMs of the report including the value conclusions and the limiting conditions,and cor�irms that the certifications apply fully to the co-signing appraiser. ❑ The co-signing appraiser has not personally insoecied the interior of the subject property and: ❑ has not inspected the exterior of the subject property and all comparable sales listed in the report. ❑ has inspected the exlerior of the subject property and all comparabie sales listed in the repart. ❑ The report was prepared by the appraiser under direct supervision oi the co-signing app2iser.me co-signing appraiser accepts respansibility for the coMems of the report,including ihe value conclusions and the limiting contlitions,and corrfirms that the certifications apply fully to the co-signing appraiser with the exception af the cert'rfication regarding physical inspections.The above describes the level of inspection performed by the co-signing appraiser. ❑ The co-signing appraiser's ievel of inspection,invoNemem in the appraisal process and�ertification are coveretl elsewhere in the addentla sectian of this appraisal. ❑ CO-SIGNING APPRAISER'S SI�NATURE & LICENSE/CERTIFICATION Co-Signing Appraiser s Signalure Effective Date Date Prepared Co-Signing Appraiser's Name(print) Ptrone# SWte ❑License ❑Certification# Tan ID# Page 2 of 2 Form MPA3—"WinTOTAL°appraisal software by a la motle,inc.—1-800-ALAMODE Pa e#7 ENVIRONMENTAL ADDENDUM APPARENT*HAZARDOUS SUBSTANGES AND/OR DETRIMENTAL ENVIRONMENTAL CONDITIONS Borrower Estate of Leonard Neil Address 16 Airport Rd City Shippensbur4 County Cumberland State PA Zip code 17257 Lender Estate of Leonard Neil *Ap ag rent is defined as thet which is visible,obvious,evident ar manifest to the evaluetor. This universal Environme�hal Addendum is for use with any real estate evaluation. Ony the statemenis which have been checked by the evaluator apply to the ro e bein evaluated. This atldendum repoRs the resutts of the evaluator's routine inspection of antl inquiries aboutthe subject properry antl�s surrounding area. tt also states what assump6ons were made about the existence(or nonexistence)of any hazardous substances and/or detrimer�al environmental conditions. The evaluetor is not an exoert environmental insoector and therefore might be unaware of existing hazartlous substances and/or detrimental environmental conditions which may have a negative effect on the satety and value oi the property. It is possible that tests and inspections made by a qualrfied environmemal inspector would reveal tl�e existence of hazardous materials and/or detrimental environmentai conditions on or around the property ihat would negatively affect its safety and value. DRINKIN6 WATER _Drinking Water is supplied to ihe subject trom a municipal water supply which is considered safe.However the ony way to be absolutely certain that the water meets published standards is to have it tested at all discharge points. _Drinking Water is supplietl by a well or other non-municipal source. It is recommended ihat tests 6e made to be certain that the property is suppiied with atlequate pure water. _Lead can get into drinking water from its source,tlie pipes,at all discharge points,plumbing fixWres and(or appliances.The only way to be certain that water does not comain an unacceptable lead level is to have it�ested at all discharge points. X The value estimated in this evaluatbn is based on the assumption that ihere is an adequate suppty ot safe,leed-hee Drinking Water. Comments SANITARY WASTE DISPOSAL Sanitary Waste is removed irom the propetty by a municipal sewer system. Sanitary Waste is disposed oi by a septic system or other sanilary on sAe waste disposal system.The only way to determine that tl�e disposal system is atlequate and in good working condition is to have it inspected by a qualitied inspector. X The velue estimated'm thre evaluatan is based on the assump[ion that the Sanitary Waste is disposed of by a municipal aewer or an adequete properly pertnilted altemate ireatment system in goad ca�d'Aan. Comme�s SOIL CONTAMINANTS _There are no aooarent signs of Soil Contaminants on or near the subject property(except as repoRed in Comments bebw). tt is possible that research,inspection and testing by a qual'rfied environmental inspector would reveal existing and�or potemial hazardous substances and/or detrimemal environmental conditions on or arountl the property that woultl negativey affect its satety and value. X The value estimated in this evaluation is based on the assumption that the subject property is(ree of Soil Contaminents. Comments ASBESTOS All or part of the improvements were construcfed before 1979 when Asbestos was a common building material.The onty way to be certain that the property is tree oi friable and rron-friable Asbestos is to have it inspected and tested by a qualified asbestos inspector. The improvements were constmcted atter 1979.No a are iriable Asbestos was observed(except as repoded in Comments bebw). X The value estimated in tliis evaluatan is based on the assumptbn that there is no unconWined iriable Asbestos or other hazardous Asbestos mater�al on the property. Comments PCBs(POLYCHLORINATED BIPHENYLS) I There were no a r leaking fiuorescent light ballasts,capacitors or transformers anywtiere on or nearby the property(except as reported in Comments bebw). _There was no a en visible or documented evidence known to the evaluator of soil or groundwater comamination trom PCBs anywhere on the property(except as reported in Comments below). X The value estimated in this evaluation is based on the assumpian lhat there are no uncorAained PCBs on or nearby the property. Comments RADON The evaluator is not aware of any Radon tests made on the subject property within the past 12 months(except as reported in Comments below). The evaluator is not aware of any intlication that the local water supplies have been fauntl to have elevated levels of Radon or Radium. _The evaluator is not aware of any nearby properties(except as reportetl in Comments below)that were or curtently are usetl for uranium,thorium or radium extraction or phosphate processing. X The value estimated in ffiis evaluatbn is based on the assumption that the Radon level is at or bebw EPA recommended levels. Gomments Ausherman Bros.Real Eskte Inc. Form 69A—"WinTOTAL"appraisal sotiware by a la mode,inc.—1•S00-ALAMODE Pa e#8 USTs UNDERGROUND STORAGE TANKS ' There is no ren visible or documented evidence known to the evaluator of any USTs on the property nor any known historical use of tlie properry ihat would likely have had USTs. _There are no�parent petroleum storage antl/or delivery facilities(including gasoline stations or chemical manNacturing plants)located on adjaceM properties(except as reportetl in CommeMs below). _There are�pp�re signs ot USTs existing now or in the past on the subject property.It is recommentletl that an inspection by a qualified UST inspector be obtained to tletermine the IocaGon oi any USTs together with their condition and proper registra6on if they are active;antl if they are inactive,to determine whether they were tleactivated in accordance with sountl industry practices. X The value estimated in this evaluafan is based on the assumpiion thet any functioning USTs are not leaking and are property registered and that any abandoned USTa are iree from contamination and were properly drained,filled and seeled. Comments NEARBY HAZARDOUS WASTE SITES _There are no aooarent Hazardous Waste Sites on the subject property or nearby the subject property(ezcept as reported in Comments below).Hazardous Waste Site search by a trainetl environmeMal engineer may determine that ihere is one or more Hazardous Waste Sites on or in the area of The subject property. x The velue estimeted in this evaluatan is based on the assumptan thet there are no Hanrdous Waste S'des on or nea�by lhe subject propeny thet negetivey aftect the value a safety of the property. Commems UREA FORMALDEHYDE NFfI�INSULATION _All or part of the improvements were constructetl before 1982 when UREA ioam insulation was a common building material.The only way to be eertain that the property is free oi UREA formaldehyde is to have it inspected by a qual'rfied UREA formaldehytle inspector. The improvements were constructed after 1982.No aooarent UREA tormaldehytle materials were observed(except as reportetl in Comments bebw). X The value estimated in ihis evaluation is 6ased on the assumpt'an that there is no signiticant UFFl insulatan or other UREA tormaldehyde material on the property. Comments LEAD PAINT _All or part of the improvements were constructetl before 1980 when Lead PaiM was a common building material.There is no aouarent visible or known documented evidence oi peeling or ilaking Lead Paim on the floors,walis or ceilings(except as reported in Comments bebw).The onty way to be certain ttiat the property is iree ot surface or subsurface Lead Paint is to have it inspected by a quaNied inspector. The improvements were constructed after 1980.No a°°areM Lead Paint was observed(ezcept as reportetl in Comments bebw). X The value estimated in this evaluaiion is based on the assumption ihat there k no flaking or peeBng Lead Paint on the property. Comments AIR POLLUTION There are rw aooarent signs of Air Pollution at the time of the inspection nor were any reported(except as reported in CommeMs below).The onty way to be cerlain ihai the air is lree of pollution is to have it tested. X The value estimated in this evaluation is based on the assumpYron that the property is free of Air Pollution. CommeMs ` WETLANDS FLOOD PLAINS The site does not comain any a°°areM Wetlands/Flood Plains(except as reported in Comments below).The only way to be certain that the site is free of Wetlands! Flood Plains is to have it inspected 6y a qualifietl environmental protessional. X The value estimated in this evaluatan is based on the assumptpn that there are no Wetlands/Flood Plains on ihe property(exce�as repoded in Comments bebw). Comments MISCELLANEOUS ENVIRONMENTAL HAZARDS There are no other aooarent miscellaneous hazardous substances and/or detrimental environmental conditions on or in ihe area ot the site except as indicated below: Excess Noise _ Ratliation+Electromagnetic Aadiation _ Light Pollution _ Waste Heat _ Acitl Mine Drainage _ Agricuttural Pollu6on Geobgical Hazards _ Nearby Hazardous Property Imectious Metlical Wastes Pesticides _ Others(Chemical Slorage+Storage Drums,Pipelines,etc.) x The value estimated in lhis evaluation is based on ihe assumption that there are no Miscellaneous ernironmental Harards(ezcept ttase reported above)that would negatively attect the value of the property. When any of the environmenial assumptfons made in this addendum are not corzect,the estimated value in this evaluatfon may not be valid. Form 69A—"WinTOTAL"appraisal sottware by a la mode,inc.—1-B00-ALAMODE Pa e#9 DEFINITION OF MARKET VALUE: The most probabie price which a property should bring in a competitive and open market under ail conditions requisite to a tair sale,the buyer and seller, each acUng prudently, knowledgeably and assuming the price is not attected by undue stimulus. Implicit in this defini6oa is the consummation of a sale as of a specifietl date and the passing of 6Ue from seller 10 buyer under conditions whereby: (1)buyer and seller are typicaly motivated;(2)Doth parties are well ir�ormed or well advisetl,and each acting in what he considers his own best iMerest;(3)a reasonable time is albwed for exposure in the open market;(4)payment is made in terms ot cash in U.S.dollars or in terms of tinancial arrangements comparable thereto;and (5)the price represents the normal consideration tor the property sold unaftected by special or creative financing or sales concessions*graMed by anyone associatetl wiffi the sale. *Atljustmer�s to the comparables must be made for special or creative financing or sales concessions. No adjustmeMs are necessary for those wsts which are normally paid by sellers as a result of tradition or law in a market area; ihese costs are readity ideMifiable since the seller pays these costs in virtualty ail sales hansactions. Speciat or creative ti�ancing adjustments can be made to ihe comparable property by comparisons to financing terms oflered by a third parry institutional lender that is not already invoivetl in the property or transaction. Any adjustment should not be calculated on a mechanical douar for dollar cost of ihe financing or concession but the dollar amount oi any adjustrnent should approximate ihe markeYs reaction to the tinancing or concessions based on ihe appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITIN6 CONDITIONS: The appraiser's certification that appears in the appraisal report is subject ro ttie following conditions: 1. The appraiser will rrot be responsible for matters of a legal nature ihat attect eilher ihe property being appraised or the title to it. The appraiser assumes Uiat the fitle is good and marketable and,therefore,will not tender any opinions aboul the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has providetl a sketch in the appraisal report to show approximate dime�sions of the improvemerrts and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's tletermination of its size. 3. The appraiser has examined the available tlood maps ihat are provided by the Federal Emergency Management Agency(or other data sources)and has notetl in ihe appraisal report whetl�er the subject site is bcated in an identifietl Special Flood Hazard Area. Because tl�e appraiser is rwt a surveyor,he or she makes no guarantees,express or implied,regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal oi the property in question,unless specific arrangemeMs to do so have been made beforehand. 5. The appraiser has estimated the value of the lantl in the cost approach at its highest and best use and the improvements at their contribu[ory value.These separate valuations ot the land and improvements must not be usetl in conjunction with any other appraisal and are invalitl if ffiey are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.)observetl during the inspection ot the subject properry or that he or she became aware of during the normal research invoNed in performing the appraisal. Unless othenvise stated in tlie appraisal report, the appraiser has no knowledge oi any hidden or unapparem conditions oi the property or adverse environmemal conditions (inclutling ihe presence ot hazardous wastes,toxic subsknces,etc.)tliat would make the properiy more or less valuable,and has assumed ihat there are no such conditions and makes rw guarar�ees or warra�es, express or implietl, regarding the contlition ot ihe properly. The appraiser will not be responsibk for any such eonditions that do exist or for any engineering or testing thai migM be required to discover whether such conditions exist. Because the appraiser is rwt an e�ert i� ihe tield of environmerrtxl hazartls, the appraisaf report must rrot be considered as an environme�al assessmem oi the property. 7. The appraiser obtained the imormation, estimates, and opinions that were expressetl in the appraisal report irom sources that he or she considers m be reliable and believes them to be true antl corred. The appraiser does not assume responsibility for the accuracy oi such items that were turnished by other parties. 8. The appraiser will not tlisclose the co�ems o1 ihe appraisal report except as provided for in ihe Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report antl valuation conclusion tor an appraisal that is subject to satlsfactory completion, repairs, or alterations on ihe assumption mat comple�on of the improvements wiil be performed in a workmanlike manner. 10. The appraiser must provide his or her prior writlen consent before the IendeVclient specified in the appraisal report can tlistribute the appraisal report (including conclusions about the property value, the appraiser's ideMity and protessional designations, and reterences to any protessional appraisal organizations or ihe firm with whieh the appraiser is associated)to anyone other than the borrower;the mortgagee or its successors antl assigns;the mortgage insurer; consuttants; professional appraisal organizations; any staie or federally approved financial instih�ion; or any departrnent, agency, or instrumentality of the United States or any state or the District ot Columbia;except that the IendeVclient may tlisVibute the property description section oi the report onty to data collection or reportng service(s) without having to obtain the appraiser's prior written consent. The appraiser's written conseM and approval must also be obtained before �e appraisal can be conveyed by anyone to the public through advertising, public rela6ons, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 oi 2 Fannie Mae Form 10046 6-93 Ausherman Bros.Real Estate Inc. Form ACR—"WinTOTAL"appraisal sottware by a ia mode,inc.—t•800-ALAMODE Pa e#10 APPRAISER'S CERTIFICATION: The Appraiser certities and agrees that: t. I have researched the subject market area and have selected a minimum of three reeent sales ot properties most similar and prozimate to the subject properry � for consitleration in ihe sales comparison analysis antl have made a dollar adjustment when appropriate to reflect the market reaction to those items ot significant variation. K a signiticant item in a comparable property is superior to,or more favorable than,the subject property,I have made a negative adjustment to reduce the adjusted sales price of ihe comparable and,if a signi(icaat item in a comparable property is inferior to,or less favorable than the subject properry,I have matle a positive adjustment to increase the adjusied sales price of the comparable. 2. I have taken ir�o consideration the factors that have an impact on value in my developme�oi ihe estimate of market value in the appraisal report. I have rat knowingly withheld any sign'rficar�information irom ihe appraisal report and I believe, to ihe best of my knowledge,that all statemeMs and iniormation in the appraisal report are hue and correct. 3. i stated in the appraisal report only my own personal,unbiased,and professional analysis,opinions,and wnclusions,whieh are subject only to The contingent and limiting conditions specitied in mis form. 4. I have no present or prospec6ve interest in tt�e property that is ihe subject to this report,and I have no present or prospective personal interest or bias with respect to the participants in the transactlon.I ditl not base,either partially or completely,my analysis and/or the estimate ot market value in the appraisal report on the race,cobr,religion,sex,handicap,tamilial staius,or national origin oi either the prospective owners or occupants of the subject property or of the preser� owners or occupants oi the properties in ihe vicinity oi ihe subject property. 5. I have no preser�or corttemplatetl fuhire imerest in ihe subject properry,antl neitlier my current or fuhire employmeM nor my compensation tor performing this appraisal is contingent on the appraised value oi the propetty. 6. I was not requiretl to report a predeterminetl value or direction in value mat tavors the cause of the client or any related parry,U�e amouM oi ihe value estimate, the attainment of a specific resuft,or ihe occurrence oi a subsequem evem in order to receive my compensation and/or empbyment tor performing the appraisaL I tlid not base the appraisal report on a requested minimum valuation,a specitic valuation,or ihe need to approve a spec'rfic mortgage ban. 7. I performetl tl�is appraisal in�onformity with the Unitorm Standards ot Professional Appraisal Practice that were adopted and promulgated by tF�e Appraisal Standards Board of The Appraisal Fountla6on and that were in place as oi the ettective date ot this appraisal,with the exception oi tlie deparNre provision oi those Standards,which does not apply.I acknowledge ihat an estimate ot a reasonable 6me for exposure in the open market is a condition in the detinition of market value and the estimate I developed is consistent with me marketing time noted in ihe neighborhood section of tl�is report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and e#erior areas of the subject property and the exterior of all properties�isted as comparables in the appraisal report. I further certify that I have noted any appareM or known adverse conditions in ihe subiect improvements,on the subject site,or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse contlitions in my analysis of the properry value to the exte�that I had market evitlence to support them. I have also commentetl about the eflect of ihe adverse conditions on ihe marketability of the subject property. 9. I personatiy preparetl all conclusions antl opinions about the real esiate ihat were set forth in the appraisal report. li I relietl on significaM protessional assistance from any individual or individuals in the pertormance oi ihe appraisal or the prepara6on oi ihe appraisal repoR, I have named such individuai(s)and disciosetl ihe speciiic tasks performed by them in the reconciliation section ot mis appraisal report I certify that any individuai so named is qualified to perform the tasks.I have not auThorized anyone to make a change to any item in the report:merefore,ii an unauthorized change is made to ihe appraisal report I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: M a supervisory appraiser signed the appraisal report.he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the statements and conctusions of ihe appraiser, agree io be bound by the appraiser's certitications numbered 4 through 1 above,and am taking fuB responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 16 Airport Rd,Shippensburg,PA 17257 APPRAIS : SUPERVISORY APPRAISER (only if requlred): Signature: Signature: Name: Danie Name: Date Signed: 08/15/2013 �ate Signed: � State Certitication#: GA003797 State GertiticaUon#: or State License#: or State Ucense#: State: PA State: Expiration Date oi Cert�ication or License:06/30/2015 �Cpiration Date of CerUfication or License: ❑Did ❑ Did Not Inspect Property Freddie Mac Form 439 6•93 Page 2 of 2 Fannie Mae Form 10048 6•93 Form ACR—"WinTOTAL"appraisal software by a la mode,inc.—1-BOD-ALAMODE Assumptions and Limiting Conditions Continued The Americans with Disabilities Act (ADA) became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one ar more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Ausherman Bros. Real Estate Inc. 229 North Second Street ' Chambersburg, PA 17201 717-264-6715 • Fax 717-264-4973 Federal Tax#25-1552788 QUALIFICATIONS OF DANIEL M MULEWICH I have been engaged in the general real estate practice since 2002. I am experienced in the sale, management, and appraisal of real estate. I obtained my Pennsylvania State Residential Real Estate Appraiser Certification in 2007 and my General Residential Real Estate Appraiser Certification in 2010. The following represents a partial list of appraisal clients serviced by Ausherman Bros: - First National Bank of Greencastle - Susquehanna Bank - First National Bank of Mercersburg - Orrstown Bank - F &M Trust Co. - First Horizon - Patriot Federal Credit Union - Lenders Service - Various Individuals - Attorneys - United States Dept. of Agriculture, Rural Development - Franklin County Teachers Credit Union PROFESSIONAL AFFILIATIONS Pennsylvania Real Estate Salesperson License No. RS276306 Pennsylvania General Appraiser Certification#GA003797 EDUCATIONAL COURSES Uniform Standards of Professional Appraisal Practice (USPAP); Institute of Real Estate Studies 2003 Appraisal Principles; The Appraisal Institute 2003 Appraisal Procedures; The Appraisal Institute 2003 Residential Case Studies; The Appraisal Institute 2003 Narrative Valuation Report Writing; Institute of Real Estate Studies 2007 Fundamentals of Income Properties; Institute of Real Estate Studies 2007 Environmental Problems in Real Estate; Institute of Real Estate Studies 2007 Real Estate Finance; Institute of Real Estate Studies 2007 FHA Current Appraisal Requirements;NAIFA 2008 Various continuing education classes to maintain certification 2007- Present Pa e#11 ADDITIONAL CERTIFICATION Borrower Estate of Leonard Neil File No. Pro e Address 16 Air ort Rd City Shi ensbur Coumy Cumberland State PA Lp Code 17257 Lender Estate of Leonard Neil APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have researched the subject market area and have seleded a minimum of three recent sales of properties most similar and probmate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items or sign�cant variation.If a significant item in a comparable property is superior to,or more favorable than,the subject property,I have made a negative adjustment to reduce the adjusted sales price of the comparable and,if a significant item in a comparable property is inferior to,or less favorable than the subject property,I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report.I have not knowingty withheld any significant information from the appraisal report and I believe,to the best of my knowledge,that all statements and information in the appraisal report and true and correct. 3. i stated in the appraisal report only my own personal,unbiased,professional analyses,opinions,and conclusions,which are subject only to the contingent and limiting conditions specfied in this form.I certify that,to the best of my knowledge and belief:The stateme�ts of fact contained in this report are true and correct.The report analyses,opinions,and conclusions are limited only by the reported assumptions and limding conditions,and are my personal,impartiai,and unbiased professional analyses,opinions and conclusions. 4. I have no present or prospective interest in the property that is the subject of this report,and no personal interest with respect to the parties invoived.I did not base,efther partially or completey,my anaysis and/or the estimate of market value in the appraisal report on the race,color, religion,sex,handicap,familial status,or national origin of either the prospective owners or occupants of the subject properry or the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present of contempiated future interest in the subject property,and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. My engagement in this assignment was not contingent upon developing or reporting predetermined results.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 resuR,or the occurrence of a subsequent event directty related to the intended use of this appraisal. 7. My analyses,opinions,and conclusions were developed,and this report has bee�prepared,in co�formity with the Uniform Standards of Professional Appraisal Practice in place,as of the effective date of this appraisal,with the exception of the departure provision of those Standards,which does not appy.I acknowledge that an estimate of a reasonable time for e�osure in the open market is a condition in the definition of the market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report,unless I have othervvise stated in the reconciliation sedion. 8. I have made a personal inspection of the property that is the subject of this report.I furtfier certify that I have noted any apparent or known adverse conditions in the subject improvements,on the subject site,or on any sde within the immediate vicinity of the subject properiy of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them.I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. No one provided significant professional assistance to the person signing this report. If I relied on significant professional assistance from any individuais in the performance of the appraisal or the preparation of the appraisal report,I have named such individual(s)and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individuai so named is qualified to perform the tasks.I have not authorized anyone to make a change to any item in the report, therefore,if an unauthorized change is made to the appraisal report,I will take no responsibility for it. APPRAISE : SUPERVISORY APPRAISER (only tt required): SignaNre: Signature: Name: Danie ` Name: Date Signed: 08/15/2013 Date Signed: State Certification#: GA003797 State Certification#: or State License#: or State License#: State: PA 5tate: Expiration Date of Certification or License:06I30/2015 Expiration Date ot Certification or License: ❑Did ❑ Did Not Inspect Property Ausherman Bros.Real Estate Inc. form ID4—"WinTOTAL"appraisal software by a la mode,inc.—1-800-ALAMODE