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Home My WebLink About13-7049 Supreme Court.of Pennsylvania Cou; Coom 'n Pleas •� P � et For Prothonotary Use Only: v �JiJf Cumberland - v COU11>�' Docket No: 5.i,1 ,.. 4 The information collected on this form is used solely.for court administration purposes. This form does not supplement or replace the filing and.service of pleadings or other papers as required by law or rules of court. Commencement of Action: S El Complaint El Writ of Summons El Petition ❑x Notice of Appeal ❑ Transfer from Another Jurisdiction ❑ Declaration of Taking E C Lead Plaintifrs Name: Lead Defendant's Name: T Deerfield Development Company, LLC Cumberland County Board of Assessment Appeals I ❑ Check here if you are a Self-Represented (Pro Se)Litigant 0 Name of Plaintiff/Appellant's Attorney: John J.Murphy iu,Esquire N Are money damages requested? : ❑Yes No Dollar Amount Requested: within arbitration limits (Check one) outside arbitration limits A Is this a Class Action Suit? ❑ Yes O No Nature of the Case: Place an"X"to the left of the ONE case category that most accurately describes your PRIMARY CASE. If you are making more than one type of claim,check the one that you consider most important. TORT(do not include Mass Tort) CONTRACT(do not include Judgments) CIVIL APPEALS ❑ Intentional ❑ Buyer Plaintiff Administrative Agencies ❑ Malicious Prosecution ❑ Debt Collection:Credit Card 0 Board of Assessment ❑ Motor Vehicle ❑ Debt Collection:Other ❑ Board of Elections ❑ Nuisance ❑ Dept.of Transportation ❑ Premises Liability ❑ Zoning Board S ❑ Product Liability(does not include ❑ Statutory Appeal:Other E mass tort) Employment Dispute: ❑ Slander/Libel/Defamation Discrimination ❑ C ❑ Other: Employment Dispute:Other T Judicial Appeals ❑ MDJ-Landlord/Tenant I ❑ Other: ❑ MDJ-Money Judgment O MASS TORT ❑ Other: ❑ Asbestos N ❑ Tobacco ❑ Toxic Tort-DES ❑ Toxic Tort-Implant REAL PROPERTY MISCELLANEOUS ❑ Toxic Waste ❑ Ejectment ❑ Common Law/Statutory Arbitration B ❑ Other: ❑ Eminent Domain/Condemnation El Declaratory Judgment ❑ Ground Rent ❑ Mandamus ❑ Landlord/Tenant Dispute ❑ Non-Domestic Relations ❑ Mortgage Foreclosure Restraining Order PROFESSIONAL LIABLITY ❑ Partition ❑ Quo Warranto ❑ Dental ❑ Quiet Title ❑ Replevin ❑ Legal ❑ Medical ❑ Other: ❑ Other: ❑ Other Professional: Pa.R.C.P.205.5 212010 ;m Trio, P TI H ONO Tr'-51�'i" 2011 WGV 27 All 11' 33 CUMBERLAND COUNTY P ENIN'SYLVANIA IN THE COURT OF COMMON PLEAS, CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION — LAW DEERFIELD DEVELOPMENT 3 ,, �O�J T COMPANY, LLC, : r Appellant, REAL ESTATE TAX V. ASSESSMENT APPEAL CUMBERLAND COUNTY BOARD OF ASSESSMENT APPEALS, Appellee. NOTICE OF APPEAL AND NOW, this aS44"day of November, 2013, Appellant, Deerfield Development Company, LLC, by and through its attorneys, Patrono &Associates, LLC, does hereby file this Notice of Appeal and aver as follows: 1. Appellant, having an address of 2121 Old Gatesburg Road, Suite 200, State College, PA 16803, is the titled owner of real estate identified as Tax Parcel Number 39-12- 0320-002, being more commonly known as 1041 Ritner Highway, Shippensburg, PA 17257. 2. Said real estate is situated partly in the Township of Southampton and partly in the Township of Shippensburg, and lies within the Shippensburg Area School District. 3. This filing constitutes an appeal from the decision of the Cumberland County Board of Assessment Appeals dated October 31, 2013, a copy of which is attached hereto as Exhibit "A." 4. Said real estate was reassessed at a value of$2,495,000.00. l03• �� y 1 OF- 5. The decision of the Board of Assessment Appeals was erroneous because: i. The real estate is part of a development known as Deerfield which consists of approximately 127.9796 acres. Said development was purchased in an arms-length transaction on July 30, 2013 for $1,275.000.00 pursuant to the deed attached hereto and incorporated by reference as Exhibit "B"; ii. The real estate consists of 89.2 acres with partial infrastructure improvements but no approved final subdivision plan; iii. The real estate appraised at $1,330,000.00 pursuant to an appraisal setting fair market value as of October 1, 2013 attached hereto and incorporated by reference as Exhibit "C"; and iv. Adjustment of this current fair market value by application of the current common level ratio (1.031) results in a 2010 base year assessed value of $1,371,230.00. 6. Appellant is aggrieved by the decision of the Board of Assessment Appeals, and seeks a hearing de novo, as permitted by the Consolidated County Assessment Law at 53 Pa. C.S. § 8854. 2 WHEREFORE, Appellant respectfully requests that this Court find the decision of the Board of Assessment Appeals erroneous and set the 2010 base year assessed value of Tax Parcel 39-12-0320-002 at $1,371,230.00. Respectfully submitted, PATRONO &ASSOCIATES, LLC �- John J. Murphy I squir Attorney for Appellant 28 West Middle Street Gettysburg, PA 17325 PA# 91299 (717) 334-8098 3 VERIFICATION i, the undersigned, Robert E. Poole, Jr.., Member of Deerfield Development Company, LLC, hereby verify that the statements made in the attached Notice of Appeal are true and correct and understand that false statements made herein are made subject to the penalties of 18 Pa.C.S.A. §4904 relating to unsworn falsification to authorities.. Deerfield Development Company, LLC Date:_ '( by: Robert E. Poole, Jr., MembeT 4 CERTIFICATE OF SERVICE I hereby certify that a copy of the Notice of Appeal was served by certified U.S. mail, return receipt requested, postage prepaid, thiso day of November, 2013, upon the following: Board of Assessment Appeals Cumberland County Courthouse One Courthouse Square, Room 107 Carlisle, PA 17013 Cumberland County Assessment Office Cumberland County Courthouse One Courthouse Square, Room 107 Carlisle, PA 17013 Shippensburg Township P. O. Box 219 Shippensburg, PA 17257 Southampton Township 200 Airport Road Shippensburg, PA 17257 Shippensburg Area School District 317 North Morris Street Shippensburg, PA 17257 John J. Murphy III qu' Attorney for Appellant 5 Cumberland County Assessment Office Cumberland County Board of Assessment Appeals One Courthouse Square Room 107 George A. DeMartyn Carlisle, PA 17013 Kristin Lehman (717) 240-6350 Lloyd W. Bucher John G. French, Solicitor Hours: 8:00am to 4:30pm Bonnie M. Mahoney, Chief Assessor Parcel Identifier: DEERFIELD DEVELOPMENT CO LLC 39-12-0320-002. C/O JOHN J MURPHY III, ESQ 28 WEST MIDDLE STREET MAILING DATE: OCTOBER 31, 2013 GETTYSBURG PA 17325 APPEAL DEADLINE: NOVEMBER 30, 2013 BOARD OF ASSESSMENT APPEALS DECISION NOTICE - THIS IS NOT A TAX BILL This is a notice of a change to the assessed valuation or status of this property. REASON FOR CHANGE: 04 - APPEAL BOARD DECISION (REVISED ASSESSMENT) The Board of Assessment Appeals has issued this decision regarding your tax assessment appeal. You may appeal this decision to the Court of Common Pleas by filing the appropriate paperwork with the Prothonotary's office in accordance with local rules of court. FUTURE TAX BILLING BASIS EFFECTIVE: 01/01/2014 for County/Munic 07/01/2014 for School OLD NEW ASSESSMENT 2,677,800 2,495,000 TAX STATUS Taxable Taxable PROPERTY DESCRIPTION C&G STATUS Not Approved Not Approved Munic. : 39 - SOUTHAMPTON TOWNSHIP School: 7 - SHIPPENSBURG AREA SD MARKET-BASED ASSESSMENT Control Number: 39000330 Password for free Web Access: CUELZLQA OLD NEW (My Property at CourthouseOnline.com/pa-cu-ao) Land 2, 677, 800 2,495, 000 Improvements 0 0 TOTAL 2,677,800 2,495,000 Property Location: 1000 of Market Value at 2010 Base Year Rates. 1041 RITNER HIGHWAY CLEAN AND GREEN (C&G) ASSESSMENT LAND APPROX 89 ACRES OLD NEW Land Size: 89.26 acres Land 71,600 71,600 Improvements 0 0 TOTAL 71, 600 71,600 Property Type: VS Vacant Land - Subdvsn Poten Land value based on rates provided by the State. CHANGE OF TAX BASIS - NET CHANGE Cumberland County Commissioners Barbara Cross COUNTY/MUNIC SCHOOL Jim Hertzler Land -182, 800 -182,800 Gary Eichelberger Improvements 0 0 TOTAL -182, 800 -182, 800 Effects Future Billing Cycles Only cc: DEERFIELD DEVELOPMENT CO LLC [notc—allL] CC: EXHIBIT E dF T 003M RM J� UPI Numbers: �b 39-12-0320-002,39-12-0320-173,39-12-0320-184,39-12-0320-185, 39-12-0320-186, 39-12-0320-293, 39-12-0320-292, 39-12-0320-291, 39-12-0320-290, 39-12-0320-289, 39-12-0320-288, 39-12-0320-287,39-12-0320-286,39-12-0320-285,39-12-0320-284, 39-12-0320-283,39-12-0320-282,39-12-0320-281,39-12-0320-280,39-12-0320-279, 39-12-0320-278,39-12-0320-161,39-12-0320-160,39-12-0320-159,39-12-0320-157, 39-12-0320-156,39-12-0320-155,39-12-0320-154,3Q-12-0320-153,39-12-0320-152, 39-12-0320-151,39-12-0320-150,39-12-0320-149,36-12-0320-066,36-12-0320-065, 36-12-0320-064,36-12-0320-063,36-12-0320-062,36-12-0320-061,36-12-0320-060, 39-12-0320-112,39-12-0320-111,and 39-12-0320-108 Special Warranty Deed This Indenture, made the day of 2013, between FIRST COMMONWEALTH BANK, a Pennsylvania banking' institution with a last known address of P.O. Box 400, 654 Philadelphia Street, Indiana, Pennsylvania 15701, GRANTOR, and DEERFIELD DEVELOPMENT COMPANY, LLC, a Pennsylvania limited liability company with a mailing address at 2121 Old Gatesburg Road, Suite 200, State College, Pennsylvania 16803, GRANTEE. Witnesseth, that said GRANTOR for and in consideration of the sum of ONE MILLION TWO HUNDRED SEVENTY-FIVE THOUSAND and 00/100THS ($1,275,000.00) U.S. DOLLARS paid to the GRANTOR by the GRANTEE does grant, bargain, sell and convey unto the said GRANTEE, their heirs and assigns, ALL THAT CERTAIN tract of land located on the north side of Ritner Highway (SR- 011), also known as US Route 11 and on the west side of Newville Road (SR-0533), also known as PA Route 533, said tract is situate partly in Southampton Township and situate partly in Shippensburg Township, Cumberland County, Pennsylvania, more fully on a Final Subdivision and Land Development Plan of "Deerfield" prepared by ELA Group, Inc. and recorded as Instrument No. 200739185, said tract of land bounded and described as follows: BEGINNING at a point in the centerline intersection of Ritner Highway and Newville Road, thence in the centerline of Ritner Highway, on a curve concave to the south having a central angle of 21 07' 08", a radius of 11,459.16', an arc length of 423.79', and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West, four hundred twenty-three and seventy-seven hundredths feet (S 54° 28' 57" W - 423.771), to a point in Ritner Highway; thence continuing in the centerline of Ritner Highway, South fifty-three degrees twenty-five minutes twenty-three seconds West, one thousand two hundred eighty-six and fifty- four hundredths feet(S 53° 25' 23" W - 1,286.54') to a point in the centerline of Ritner Highway; thence continuing in the centerline of Ritner Highway, on a curve concave to the south, having a central angle of 8° 30' 00", a radius of 5,729.58', an arc length of 850.00', and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West, eight hundred forty-nine and twenty-two hundredths feet (S 49° 10' 23" W - 849.22'), to a point in the centerline of Ritner EXHIBIT a B E m Special Warranty Deed—Page 2 Highway; thence continuing in the centerline of Ritner Highway, South forty-four degrees fifty- five minutes twenty-three seconds West, three hundred eighty-four and eighty-three hundredths feet (S 441 55' 23" W - 384.83'), to a point in the centerline of Ritner Highway; thence leaving Ritner Highway, partially by lands of Amerigas Propane, LP, North forty-five degrees fifty-six minutes thirty-one seconds West, twenty-five and zero hundredths feet (N 45° 56' 31" W - 25.00'), to a point on the existing northern right-of-way line of Ritner Highway; thence along the . existing northern right-of-way line of Ritner Highway, North forty-four degrees fifty-five minutes twenty-three seconds East, three hundred eighty-five and twenty hundredths feet (N 440 55' 23" E - 385.20'), to a point on the existing northern right-of-way line of Ritner Highway; thence continuing on the existing northern right-of-way line of Ritner Highway on a curve concave to the south having a central angle of 00° 28' 13", a radius of 5,754.28', an arc length of 47.22', and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East, forty-seven and twenty-two hundredths feet (N 451 09' 29" E 47.22'), to a point on-the northern existing right-of-way line of Ritner Highway; thence leaving the northern right-of-way line of Ritner Highway, by Lot No.1 of"Deerfield", North forty-four degrees thirty-six minutes twenty-five seconds West, two hundred eighty and thirty-five hundredths feet (N 44° 36' 25" W- 280.35'), to a point; thence continuing by Lot No. 1 of"Deerfield", North forty-six degrees zero minutes forty-nine seconds East, three hundred seventeen and twenty hundredths feet (N 460 00' 49" E - 317.20') to a point; thence continuing by Lot No.l of "Deerfield", North seventy-three degrees fifty-five minutes forty-three seconds East, forty-five and one hundredths feet (N 73° 55' 43" E - 45.01') to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having"a central angle of 30° 41' 27", a radius of 530.00', an arc length of 283.90', and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West, two hundred eighty and fifty- one minutes (N 00° 43' 34" W - 280.51'), to a point on the western right-of-way line of Deerfield Lane; thence continuing on the western right-of-way line of Deerfield Lane, North fourteen degrees thirty-seven minutes nine seconds East, one hundred fifteen and twenty-one hundredths feet (N 140 37' 09" E 115.21'), to a point on the western right-of-way line of Deerfield Lane; thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 74° 13' 16", a radius of 595.001, an arc length of 770.76', the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West, seven hundred seventeen and ninety-nine hundredths feet (N 220 29' 29" W 717.99'), to a point on the western right-of-way line of Deerfield Lane; thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of "Deerfield", South thirty-six degrees fifty minutes fifty- seven seconds West, one thousand six hundred thirty-nine and sixteen hundredths feet (S 360 50' 57" W - 1,639.16') to a point on line of lands of Shippensburg Mobile Estates, Inc.; thence by lands of Shippensburg Mobile Estates, Inc., North forty-five degrees four minutes five seconds West, nine hundred two and ninety-nine hundredths feet (N 45° 04' 05" W 902.99), to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees five minutes two seconds West, one thousand one hundred ninety-five and fifty-five hundredths feet (S 46° 05' 02" W - 1,195.551) to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South thirty-six degrees forty-one minutes thirteen seconds East, four hundred ninety-nine and twenty hundredths feet (S 36° 41' 13" E - 499.20'), to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees thirteen minutes fifty- Special Warranty Deed—Page 3 nine seconds East, six hundred ninety-six and twenty-eight hundredths feet (S 460 13' 59" E - 696.28'), to a point, being the northeastern comer of lands of Pennsylvania Electric Co.; thence by lands of William S. & Mary T. Craig, North forty-six degrees thirty-two minutes one second West, six hundred ninety-six and seventy-one hundredths feet (N 461 32' 01" W 696.71'), to a point; thence by lands of Paul E. & Grace Hornbaker, North thirty-six degrees forty-one minutes forty-five seconds West, five hundred and ninety-three hundredths feet (N 36° 41' 45" W - 500.93 '), to a point; thence by lands of Laverne B. & Norene S. Sensenig, North forty-six degrees five minutes two seconds East, one thousand four hundred thirty-one and ninety-four hundredths feet (N 46° 05' 02" E - 1,431.94'), to a 1" iron pipe (found); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifty degrees forty-two minutes twenty-eight seconds West, five hundred forty and twenty-two hundredths feet (N 50° 42' 28" W- 540.22'), to a No.5 rebar (set); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees thirty-four minutes fifty seconds East, one hundred ninety-five and sixteen hundredths feet (N 15° 34' 50" E - 195.16'), to a 1" iron pipe (found); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees fifty-four minutes two seconds East, six hundred thirty-four and eighty-eight hundredths feet (N 15° 54' 02" E - 634.88'), to a 1" iron pipe (found); thence by lands of Ray E. and Jean L. Thrush, North eighty-five degrees zero. minutes thirty-five seconds East, eight hundred forty-two and ninety-three hundredths feet (N 850 00' 35" E - 842.931), to a 1" iron pipe (found); thence by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, North eighty-five degrees fifty-two minutes twelve seconds East, one thousand Seven hundred eighty-six and fifty hundredths feet (N 85° 52' 12" E - 1,786.50'), to a 1" iron pipe (found); thence continuing by lands'of The Chester L. Smith and Pauline M. Smith Revocable Trust, North thirty-nine degrees fifty-three minutes sixteen seconds East, seventy-four and twenty-six hundredths feet (N 39° 53' 16" E - 74.26'), to a No. 5 rebar (set); thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South forty-seven degrees twenty-eight minutes two seconds East, three hundred twenty- one and ninety-three hundredths feet (S 47° 28' 02" E - 321.93"), to a 30" cherry tree; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,North forty- two degrees forty-four minutes twenty-three seconds East, five hundred thirteen and one hundredth feet (N 42° 44' 23" E - 513.01') to a fence post; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South thirty-five degrees thirty-nine minutes thirty-three seconds East, eighty-five and seventy-six hundredths feet (S 35° 39' 33" E 85.76'), to a railroad spike (found) in the old roadbed of Newville Road; thence in and along Newville Road, South twenty-five degrees twenty-one minutes five seconds East, two hundred twenty-four and nine hundredths feet(S 25° 21' 05" E -224.09'), to a point in or near the existing centerline of Newville Road; thence in or near the centerline of Newville Road, South twenty- nine degrees forty-five minutes ten seconds East, eight hundred fifty-nine and fifty-five hundredths feet (S 29° 45' 10" E - 859.55'), to a point in the centerline intersection of Newville Road and Ritner Highway, the point of Beginning. CONTAINING 127.544 Acres. EXCEPTING therefrom the following tracts of land: i i i Special Warranty Deed—Page 4 ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield Lane and Inverness Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 303 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument #200934950 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 13, 2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 382 on a Final Subdivision Plan of "Deerfield"; recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument #201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co. on February 28, 2011. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which 1 tract was conveyed as Instrument #201013738 recorded in the office for the Recording of Deeds in and for Cumberland Co. on May 27, 2010. i ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 145 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument #200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 27, 2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 146 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tr act of land situate on the southeastern right of way of Deerfield. Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 147 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land I Special Warranty Deed—Page 5 shown more fully as Lot No. 275 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as'Instrument#200739185, which tract was conveyed as Instrument#200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. i ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 276 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument #200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 277 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument #200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. i ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 278 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942677 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 279 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942678 recorded in the office for the Recording of Deeds in and for Cumberland Co. on October 29, 2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 280 on a Final Subdivision Plan of "Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which : tract was conveyed as Instrument#200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co. on December 29, 2009. i BEING THE SAME PREMISES which the Sheriff of Cumberland County, by deed dated December 7, 2011, and recorded February 17, 2013 in the Office for the Recorder of Deeds in and for Cumberland County, Pennsylvania, at Instrument No. 201204906, granted and conveyed unto First Commonwealth Bank. I i _ I Special Warranty Deed—Page 6 I with the appurtenances: To Have and To Hold the same to and for the use of the said I GRANTEE, their heirs and assigns forever, and the GRANTOR for its successors and assigns hereby covenants and agrees that it will WARRANT SPECIALLY the property hereby conveyed. GRANTOR does not warrant specially any right, title or interest in and to any oil, gas, coal bed methane, coal, or any hydrocarbon or non-hydrocarbon minerals or elements or constituents thereof in any physical state or form whatsoever (hereinafter collectively referred to as "mineral rights"); however, GRANTOR does hereby quit claim-unto GRANTEE any right, title or interest in and to any mineral rights which GRANTOR may have acquired by virtue of the conveyance of the property to GRANTOR by the hereinabove mentioned Deed. In Witness Whereof, the said GRANTOR has hereunto set its hand and seal the day and year first above written. WITNESS/ATTEST: FIRST COMMONWEALTH BANK, a Pennsylvania banking institution . I By: EAL) Name: Title: f i i i f Special Warranty Deed—Page 7 ACKNOWLEDGMENT STATE OF A-, COUNTY OF On this, the 3a day of Jo I u 2013, before me, a Notary Public, the undersigned officer, personally appeared Le r- , of First Commonwealth Bank, known to me(or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he/she . executed the same for the purposes therein contained on behalf of First.Commonwealth.Bank in his/her capacity as_;S V� IN WITNESS WHEREOF, I have hereunto set my hand and seal. COMMONWEALTH OF PENNSYLVANIA i [70UGH,OTARIAL SEAL MAZON, NOTARY PUBLIC Notary Publi INDIANA COUNTY ON EXPIRES MAY 1,2017 Certificate of Residence I hereby certify that the precise residence of the GRANTEE herein is 2121 Old Gatesburg Road, Suite 200, State College; Pennsylvania 16803. Signature w. ... ..,,t. ...,: , .: .. ..., .. ORDER OF DEEDS E- VREI UMBERLAND COUNTY COUR THOUSE SQUARE - CARLISLE, PA 17013 r 717-240-6370 Instruu .Number-201325969 Recardi bn 8/6/2013 At 8:14:33 AM *Total Pages-8 * out Type-DEED %ii'. w I "fie Number-143673 User ID-SW *Grantor-FIRST COMMONWEALTH BANK *Grantee-DEED DEVELOPMENT COMPANY LLC *Customer-APPLE LEAF ABSTRACTING&SETTLEMENT CO *FEES STATE TRANSFER TAX $12,750.00 Certification Page STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $23.50 DO NOT DETACH JUSTICE RECORDING FEES — $17.50 RECORDER OF DEEDS This page is now dart '- PARCEL CERTIFICATION $645.00 of this legal document. FEES AFFORDABLE HOUSING $11.50 COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA $6,375.00 SCHOOL DISTRICT SHIPPENSBURG $1,020.00 TOWNSHIP SOUTHAMPTON TOWNSHIP $5,355.00 N TOTAL PAID $26,203.00 I Certify this to be recorded LL� in Cumberland County PA ,y op cUMB� RECORDER O D EDS r750 *-Information denoted by an asterisk may change during the verification process and may not be reflected on this page. f `003MI RM il�IIIIIIf�IIIi(VIII III III i Summary Appraisal Of 89.2 Acres — Residential Land Off Of Ritner Highway Southampton Township Cumberland County, Pennsylvania Prepared For: Deerfield Development Company 2121 Old Gatesburg Road State College,Pennsylvania 16803 Date of Report October 14,2013. I Date of Valuation October 1,2013 Prepared By: APEX VALUATION SERVICES 1 West King Street,Suite 2A ' Shippensburg,Pennsylvania 17257 (717)530-8701 File No: 10-13-1815A ' This report was solely prepared for our client's use. Third parties who receive this report properly from our client may use it for evaluating the property or properties to which it relates for our client. The unpublished report contains confidential information owned by Apex Valuation Services and is protected under the United States Copyright Law. All unauthorized use is prohibited without the prior consent of Apex Valuation Services. 1 EXHIBIT E /1PEX VALUATION SERVIC-7CS ' 1 West King Street.Suite 2A Real Estate Appraising 5 Consulting Shippensburg.PA 17257 Phone 717-530-8701 Fax 717-530.8704 October 14,2013 Deerfield Development Company 2121 Old Gatesburg Road State College,Pennsylvania 16803 Re: Estimate of Market Value ' 89.2+Acres-Residential Land Cumberland County,Pennsylvania ' Dear Client: We are transmitting the summary appraisal report you requested on the 89.2+ acres of residential ' land located off of: Ritner Highway ' Southampton Township,Cumberland County,Pennsylvania. The focus of this analysis is one parcel comprised of approximately 89.2+acres with approximately ' 25% infrastructure in-place for residential development. The land represents future phases on an on-going residential subdivision commonly known as Deerfield. The aerial photo (tax map)below offers the reader a visual of the subject's perimeter and current use. r � y f„ • �..,r fit,}`r r Re: 89.2 Acres-Residential land ' October 14,2013 Page ii ' The subject is best defined as partially raw land with preliminary engineering plans reflecting the potential development of the site with housing. In addition some portions of the parcel has ' infrastructure (roadways and utilities) for the eventual development of dwellings. It is estimated that this infrastructure on-site is approximately 25% of the total site. The subject's Phase 1 was recorded in the Cumberland County Recorder of Deeds Office via Instrument #200739185 in October 2007. The portions of the subject parcel that have infrastructure are represented as some portions of Phase 1. Phase 1 in its entirety was approved for development of 102 townhome lots, 52 duplex lots,32 single lots,and 248 garden apartments(in multiple apartment buildings). ' In authorizing this work, you indicated that the value conclusion would serve as an estimate of market value for the property in"as-is"condition as of the effective date of this report. ' The enclosed report provides the market data and analysis supporting the opinion of market value, estimated as: $1,330,000 One Million Three Hundred Thirty Thousand Dollars. ' for the fee simple interests, as of the effective date of October 1, 2013. This estimate assumes a purchase in cash or its equivalent (in typically available financing terms) and negotiations free of seller or buyer duress. This report has been completed in compliance with the Uniform Standards of Professional p p P Appraisal Practice adopted by the Appraisal Standards Boards of the Appraisal Foundation. This ' appraisal has also been completed in conformity with the Code of Ethics and Standards of Professional Practice of the Appraisal Institute. ' We expect you will find the details of this analysis relevant to your decisions, and we would be pleased to answer any questions you might have. ' Sincerely, APEX VALUATION SERVICES a� Z4 ' Joseph W.Elhajj John E. Cubbage Pennsylvania Certified General Licensed Appraiser Trainee ' Real Estate Appraiser LAT000150 GA-001599-L TABLE OF CONTENTS Letter of Transmittal ' Executive Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i Report Synopsis 1 Valuation Summary Property Introduction Area/Neighborhood Analysis. . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 SiteData . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . 1 Zoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 ' Real Estate Tax Assessment Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Highest and Best Use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 ' Approaches to Value. 23 PP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' Sales Comparison Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Reconciliation and Correlation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 ' Certification g Assumptions and Limiting Conditions and Addenda P �i li I i I 1 I fI f o� i cl,c,-b O/?S i 1 i i i i i 1 I EXECUTIVE SUMMARY Type of Property: The focus of this analysis is one parcel comprised of approximately 89.2+acres ' with approximately 25% infrastructure in-place for residential development. The land represents future phases on an on-going residential subdivision commonly known as Deerfield. The aerial photo tax ma below offers the reader a visual of the subject's perimeter and current use. l Address of Subject Property: The subject parcel is located off of Deerfield Lane via Ritner ' Highway (Route 11) and 100% assessed in Southampton Township, Cumberland County, Pennsylvania. Of note, approximately less than 1% is actually located in Shippensburg Township. No physical addresses have been assigned to the subject parcel by the Cumberland County ' Assessment Office. Identification: The subject parcel is identified on the tax maps of Cumberland County as being in District 39,Tax Map 12-0320,Parcel 002. PropeM Rights Appraised: The property Y ri ghis appraised are the fee sim p le interests in the subject 1 property. Fee simple interest is defined as: "Absolute ownership unencumbered by any other interest or estate; subject only to the limitations of eminent domain,escheat,police power,and taxation."' The Dictionary of Real Estate Appraisal,Appraisal Institute,3'd Edition. 1 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Ownership and Sales History: The subject parcel was acquired by Deerfield Development Company LLC from First Commonwealth Bank for a recorded consideration of$1,275,000 on July 30, 2013 as recorded in the Cumberland County Recorder of Deeds Office via Instrument #201325969. This acquisition was the result of duress by the previous builder(Berks Homes) and included multiple other parcels that are not part of this analysis. Prior to this transfer, First Commonwealth Bank acquired the property from DGK Properties via Instrument #201204906 which represents a transfer from mortgagor to a holder of a mortgage in default. Prior to this transfer,DGK Properties acquired the property from Trust Investment Group in October 2007. To the best of the appraiser's knowledge,the subject property is not professionally listed for sale or under-agreement of sale. Client: Deerfield Development Company, 2121 Old Gatesburg Road, State College, Pennsylvania 16803 Site: The subject site is comprised of approximately 89.2+acres and is irregular in shape with level topography. Tax maps and aerial photos are contained in the body of this analysis to assist the reader. Improvement Description: None apart from some infrastructure. Current Use: Agricultural with some portions available for dwelling development. Current Development Status: The subject is best defined as partially raw land with preliminary engineering plans reflecting the potential development of the site with housing. In addition some portions of the parcel has infrastructure (roadways and utilities) for the eventual development of j dwellings. It is estimated that this infrastructure on-site is approximately 25%of the total site. The subject's Phase 1 was recorded in the Cumberland County Recorder of Deeds Office via Instrument #200739185 in October 2007. The portions of the subject parcel that have infrastructure are represented as some portions of Phase 1. Phase 1 in its entirety was approved for development of 102 townhome lots, 52 duplex lots, 32 single lots, and 248 garden apartments (in multiple apartment buildings). Zonin : Based on engineering plans, approximately 99% of the parcel is currently zoned Village Center (VC) District by Southampton Township, Cumberland County, Pennsylvania. The remaining 1% is located in Shippensburg Township in the Medium Density Residential District (R2)• ii Appraisal of 89+Acres of Residential Land;Southampton Township,Cumberland County,Pennsylvania Highest and Best Use "As if Vacant and Available for Development": Considering the four factors of Highest and Best Use, namely legally permissible, physically possible, financially feasible, and maximally productive, the Highest and Best Use of the subject site, as if vacant and available for development is concluded to be for residential development as permitted by zoning. Highest and best use reflects a basic assumption about real estate market behavior; that the price a buyer will pay for a property is based on their conclusions about the most profitable use of the site or property. The determination of highest and best use must be based on careful consideration of prevailing market conditions,trends affecting market participation and change,and the existing use of the subject property. Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value." Considering the physical characteristics of the site,neighborhood uses,current zoning, location,and financial parameters, the highest and best use of the subject property, as vacant, would be for residential development when market conditions indicate. Most Likely Bu er: The property Y would most likely be purchased by a residential developer for future development. Valuation Issues: The subject's site size has been gleaned from public records and discussion with the owner. Any variations to the subject uncovered after the completion of this assignment may warrant a re-valuation. The subject property has been appraised as raw land that has the potential for residential development(favorable zoning and part ial infrastructure). The scope of this appraisal has not included any environmental audits or testing for hazardous materials. As in the case of all real estate, the ownership of the subject property and/or client is advised to have a complete understanding of the environmental issues surrounding the subject site. As such,a Phase I environmental audit is recommended. • The subject's assessment is 2 677 800• thus applying the published factor Assessment Issues. � $ p 0.97 yields an implied market value of$2,597,466. Value Indications"As Is": Total Estimated Value by Sales Comparison Approach $1,330,000 Estimated Value by the Income Approach Not Developed Estimated Value by the Cost Approach Not Develo ed Final Estimate of"As Is"Market Value $1,330,000 iii Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Scope Of Work ' ➢ Intended Use • The function of this appraisal assignment will be to assist in establishing an ' equitable property tax assessment. ➢ Intended User • This report will be for the client's use only, but a copy of the report may be distributed to other parties. Even once the report is distributed to other parties,the client retains its confidential relationship with the appraiser until the intended uses ' are completed or written release from the client is provided. ➢ Purpose ' • The purpose of this appraisal will be to estimate the "as is" market value of the subject property. ' ➢ Effective Date/Inspection Date/Date of Report • The effective date for this assignment is a date of October 1, 2013 which is the date of inspection and the date of this analysis is October 14,2013. ' ➢ Market Value Definition • "Market value means the most probable price which a property should bring in a ' competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable, 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 where by: ■ Buyer and seller are typically motivated; ' ■ Both parties are well informed or well advised, and acting in what they consider their own best interests; ■ A reason time allowed for exposure in the open market; ■ Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and ■ The price represents the normal consideration for the property sold ' unaffected by special or creative financing or sale concessions granted by anyone associated with the sale." ' ➢ Extraordinary Assumptions and Hypothetical Conditions • No extraordinary assumptions have been used in this analysis. • No hypothetical conditions have been used in this analysis. 2 Uniform Standards of Professional Appraisal Practice(USPAP),2010-2011,Pg.A-105 iv Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania 1 ➢ Research ' • The subject is identified in this analysis by tax records coupled with a review of the current deed(s). • The subject was inspected by all of the appraisers signing the report to catalog its ' physical attributes with a physical inspection of the subject's site, exterior and/or complete interior. • The neighborhood was toured and researched for pertinent characteristics. • Economic conditions and public infrastructure was researched with government publications and third party reports. • Comparable data was selected from the immediate market area and verified. ' Reliable sources are considered to be appraisal files, public records, primary research, and national trade surveys; complemented with exterior inspections of the comparables. ' ➢ Analyses Considered • Highest and best use analysis was completed using inferred methods or ' fundamental methods. • A Summary Appraisal, considering the cost approach, sales comparison approach, ' and income approach. A Summary Appraisal is defined as one in which the appraiser completes thorough subject and market research and completes all applicable approaches to value. ' • The Cost Approach was not developed in this analysis. • Sales Comparison Approach has been developed in this analysis with a qualified adjustment grid. ' • The Income Approach was not developed in this analysis. ➢ Reporting ' • In conformity with USPAP and.also the client's requirements a Summary Report was completed. • This analysis includes a signed certification that is signed by any appraiser. ' providing professional assistance and the principal appraiser.stating the principal appraiser inspected the subject. • This analysis includes statements of standard assumptions & limiting conditions ' including a.statement with the following wording: "Disclosure of the contents of this appraisal report shall be governed by the terms and conditions stated herein, provided, however, that anything contained herein before or hereinafter to the contrary not withstanding, the ' client may distribute copies of this appraisal report to such third parties as may be selected by it,;and provided further that neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media,public relations media, news media, or other media for public communications without prior written consent of the signatories of this appraisal report." v Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Type of Appraisal: This appraisal report is prepared to conform to the requirements of a summary ' appraisal. A summary appraisal report's content is defined by the Uniform Standards of Professional Appraisal Practice by Standard 2-2b at a minimal,as: ' i. state the identity of the client and any intended users by name or type; ii. state the intended use of the appraisal; iii. summarize information sufficient to identify the real estate involved in the ' appraisal, including the physical and economic property characteristics relevant to the assignment; iv. state the real property interest appraised; V. state the type of definition of value and cite the source of the definition; ' vi. state the effective date of the appraisal and the date of the report; vii. summarize the scope of the work used to develop the appraisal; viii. summarize the information analyzed, the appraisal methods and techniques ' employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained; ix. state the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal; and, when an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion; X. clearly and conspicuously: -state all extraordinary assumptions and hypothetical conditions; and -state that their use might have affected the assignment results xi. include a signed certification in accordance with Standards Rule 2-3. Marketing/Enosure Period Estimate ' In considering the marketing period, trends and forecast of future market conditions must be analyzed to appropriately estimate the marketing period for a subject property. ' In considering the marketing period, trends and forecast of future market conditions must be analyzed to appropriately estimate the marketing period for a subject property. The subject property is part of Cumberland County(Pennsylvania)that has reasonable convenience in terms of access to ' major transportation systems and most supporting services and amenities. Rising mortgage rates are coming at the same time as rising home prices. A sharp rise in mortgage ' rates over the last few weeks means it may be too late for some homeowners to benefit from a refinance. This just as thousands were gaining equity in their homes and finally becoming eligible. ' At the same time, the still-low rates are encouraging some renters to buy out of fear that they too will miss the boat on the best conditions for buying a home. Refinances dropped 12% in recent ' weeks, while mortgage applications to purchase a home rose 3% and are now up 14% from a year ago,according to the Mortgage Bankers Association. ' "Rates rose in response to stronger economic data and an increasing chance that the Fed may soon begin to taper their asset purchases," said Mike Fratantoni of MBA in a statement. A ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania The Federal Reserve has poured billions of dollars into the mortgage market since the housing crash ' began,pushing mortgage rates to record lows. But recent remarks by Fed Chairman Ben Bernanke suggest the monthly mortgage market infusions may end soon. ' That has pushed the rate on the 30-year fixed conventional mortgage to 3.90%, the highest level in a year, dangerously close to the emotional 4%barrier. This, as home prices are jumping higher and faster than expected. "It's amazing to see the frenzied pick-up in home buying, as renters get nervous that both home prices and rates will rise quickly," said Craig Strent, CEO of Maryland-based Apex Home Loans. ' They are trying to catch the beginning of the curve here." Rising rates could not come at a worse time for the housing recovery. Home prices rose over 10% ' in March, according to the latest surveys from S&P/Case-Shiller. Every 1%point rise in mortgage rates reduces the average home buyer's maximum purchase price by 11%, figures Green. First-time home buyers will be hit hardest by rising rates,just as they were beginning to trickle back into the market. They made up just 29% of buyers in April, according to the National Association of Realtors, the lowest level in two years. Historically, they usually account for about 40% of the ' market. The 30-year fixed mortgage hit a record low rate of 3.47%in December of last year. Even though it ' is still well below historical norms,this small rise is already taking its toll. Home sales have increased from last year, and prices are rising more consistently in most areas. Builders are more confident and starting more homes. Still,the housing market has a long way to a full recovery. And many people are unable to take advantage of the low rates, either because they can't qualify for stricter lending rules or they lack the money to meet larger down payment ' requirements. In economic data, the U.S. economy continued to grow at a modest to moderate pace in June and early July, with manufacturing expanding in most areas of the country. The Fed also struck an upbeat note on the housing market,noting that residential real estate and construction increased at a moderate to strong pace in all districts. That in turn is helping to prop up manufacturing. The inumber of Americans filing new claims for jobless benefits dropped more than expected to its lowest level in four months, a possible sign that hiring could pick up in July. The U.S. labor market has shown signs of strength in recent weeks, with 195,000 jobs added to payrolls in June. This has fueled expectations the Federal Reserve will start winding down its massive stimulus program as early as September. After previous recessions, housing accounted for 15% to 20% of overall economic growth. This time, housing contributed just 4% to the economy. The Federal Reserve offered a dim outlook of ' the economy, saying it expects growth will stay weak for two more years. As a result, the Fed said it expects to keep short-term rates near zero through mid-2013. vii Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Recent economical news relates to the "sequestration". The sequestration is a series of automatic, across-the-board cuts to government agencies, totaling $1.2 trillion over 10 years. The cuts would be split 50-50 between defense and domestic discretionary spending. It's all part of attempts to get a handle on the growth of the U.S. national debt, which exploded upward when the 2007 recession hit and now stands at more than $16 trillion. The sequester has been coming for more than a year, with Congress pushing it back as part of the fiscal cliff deal at the end of the last session. It started with the 2011 standoff over the U.S. debt ceiling, when Republicans in Congress demanded spending cuts in exchange for giving the Obama administration the needed legal headroom to pay the federal government's obligations to its bondholders. In the end, Congress and the administration agreed to more than $2 trillion in cuts. About $1 trillion of that was laid out in the debt-ceiling bill and the rest imposed through sequestration -- a kind of fiscal doomsday device that Congress would have to disarm by.coming up with an equal amount of spending reductions elsewhere. Congress put off the sequester actions as part of the last-minute fiscal cliff deal on New Year's Day. Without that agreement, economists warned that the one-two punch of sequestration and the expiration of the 2001 and 2003 Bush tax cuts could have thrown a still-struggling U.S. economy into reverse. The somber outlook marks a dramatic shift from the euphoria that prevailed in 2005/2006. Years of steadily rising home prices had spawned a giddy, greed-driven atmosphere that seemed to make people forget about a basic law of economic gravity: what goes up eventually comes down. As housing prices soared, lenders entrusted more money to borrowers who probably would have been turned away under more normal market conditions. ' From the p eak in 2006, some $6.3 trillion in home equity has evaporated. That's left millions of homeowners owing more on their mortgage than their house is worth. Reasonable exposure time is one of a series of conditions in most market value definitions. Exposure time is always presumed to precede the effective date of the appraisal. Exposure time may be defined as: "The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market." Exposure time is different for various types.of real estate and under various market conditions. It is . noted that the overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. This statement focuses on the time component. i viii Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania j The estimate may be expressed as a range and can be based on one or more of the following: • Statistical information about days on market; • Information gathered through sales verification; and, • Interviews with market participants. Based on the information presented in the body of the report which follows, a reasonable marketing time and exposure time for the subject property at the indicated market value is twelve months or less. The reader should note that exposure time is different than marketing time in that exposure time is always presumed to precede the effective date of an appraisal, whereas marketing time is a time period immediately subsequent to the date of the appraisal. While it is impossible to know exactly how long a marketing period might be, there are some ' indicators, which help to understand the basic dynamics of any market in relation to equilibrium. These elements may include matters such as: volume of sales, occupancy rates, average daily room rates,availability of capital, and investment yield expectations. In addition to the above information regarding market activity, it should be noted that the various ,judgments regarding property performance and investor expectations contained within the appraisal are based on criteria, which are currently in use in this market. Therefore, the estimate of value reflects current market and investment criteria. No changes in the real estate or capital markets are required for the estimate of value to be realized. The reasonable marketing time is an estimate of the amount of time it might take to sell a property interest in real estate at the estimated market value level during the period immediately after the effective date of an appraisal.3 Marketing Time is different from Exposure Time, which is always presumed to precede the effective date of an appraisal. The estimate of marketing time uses some of the same data analyzed in the process of estimating reasonable exposure time as part of the appraisal process and is not intended to be a prediction of a date of sale. The estimate may be expressed as a range and can be based on one or more of the following: • Statistical information about days on market; • Information gathered through sales verification; • Interviews with market participants; and, • Anticipated changes in market conditions. Considering the information presented above regarding market activity and the estimated market value,a reasonable estimate of marketing time for the subject property is twelve(12)months. 3Appraisal Standards Board of the Appraisal Foundation,"Advisory Opinion G-7;Marketing Time Estimates",October 1992. lx Appraisal,of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania AREVNEIGHBORHOOD ANALYSIS The subject property is located in Cumberland County, Pennsylvania (Southampton Township) ' which, in addition to Dauphin and Perry Counties, comprise the Primary Metropolitan Statistical Area("PMSA"), and is also known as the "Tri-County Region." Cumberland County is comprised ' of 550 square miles. The subject property is in proximity to the Franklin-Cumberland County line ' and part of the Shippensburg area. ' Much of the region's economy is influenced by the governmental and service employment sectors relating to the state capital and by the three large military installations located within the Tri-County ' Region. Two of the three are located in Cumberland County: Naval Support Activity and the U.S. Army War College/Carlisle Barracks. The table below reflects the counties recent unemployment rate. Cumberland County has ' maintained a modest unemployment rate and appears to perform relatively better to the state and nation. ' Unemployment Rate.Cumberland County.PA 8.. .. - ' -------- - .. 6%. ' a 4;: 2': ' 10Q3 1064 1161 1162 1103 1164 12(11 1202 1263 1264 13x1 13Q2 ' 1003 1004 11Q1 11Q2 1103 11Q4 1201 1 1202 1 1203 1 1 N 13Q1 1302 •tNed States(NSA) 9.5% 91% 9.5% 89% 9.1% 8.3% 86% 1 80% 81%. 75% 81% 74% Pennsylvarve(NSA) 8.2% 7.8% 8 5% 70% 8.0% 7.4% 82% 7.7% 81% 7.7% 65%1 ?5 ' Cumbalend County(NSA) 68% 6.4% 7 0% 6.7% 6.8% 6.2% 6.8% 1 6S% 6.8% 6.2% 6 9% 64% 1 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Volvo Construction Equipment is the second largest manufacturer in Franklin County and one of ' the largest private employers in Franklin County which is located in the Shippensburg area. In May 2012 the plant, located in the Shippensburg area,began a$100 million plant expansion. This plant ' will serve as the company's headquarters for operations in North and South America. Volvo acquired the facility in 2007 (and other facilities) from Ingersoll-Rand's road construction division. Company representatives indicated that Shippensburg was chosen in part for its desirable location due transportation infrastructure and proximity to population centers. The dominant retail development in the Shippensburg area is located less than one mile from the ' subject known as Shippen Towne Center. This neighborhood shopping center anchored by Wal- Mart includes other tenants such as Holiday Hair, Wine & Spirits, Check N' Go, Subway, Shoe ' Show, EB Games, Mattress Warehouse, China House, and Video Warehouse. Located adjacent to Wal-Mart is a Lowe's Store. A second neighborhood shopping center is located of off Baltimore Road in the Shippensburg area. ' This facility is known as Shippensburg Marketplace which is anchored by Giant Foods with smaller tenants being Alfredo Pizza, Nails, Shippensburg Sleep Diagnostic, China Inn, and ' Holiday Hair. This commercial area also includes Sovereign Bank, Dollar Tree, and Allegany Optical. Also located in the Shippensburg area is Shippensburg University(a Pennsylvania higher education ' school). Shippensburg University ranks #1 in central Pennsylvania in enrollment with Millersville University second and Harrisburg Area Community College third. Shippensburg University offers ' fifty undergraduate programs in the College of Arts and Sciences, the College of Education and Human Services, and the John L. Grove College of Business. Twenty-one programs are offered by the School of Graduate Studies. 2 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania 1 Located in Southampton Township (Franklin County) is on-going construction for a regional ' distribution center. It is rumored that Proctor-Gamble will occupy the building and chose this location due to proximity to Interstate I-81. It has been.estimated 1,000 jobs will be created from this development once complete. Located at Exit 20 of Interstate I-81 (less than ten miles from the subject property) is the Chambersburg Mall. Chambersburg Mall is a 454,423 square foot regional mall anchored by Bon- ' Ton Department Store, Sears, Burlington Coat Factory, and JC Penny with approximately 50 other smaller tenants. The mall incorporates approximately 87 acres and began operations in 1982. ' PROT(Pennsylvania Real Estate Investment Trust)owns the property. Recently,the mall has been listed for sale in an effort by PRETT to reduce debt. PRETT is also selling four other similar ' properties nationally. ' Located at the south side of Exit 24 is planned business park to be named United Business Park. The park is being developed by the Cumberland Valley Regional Development Corporation and ' created from 364 acres. Current plans reflect 15 lots that vary in proposed use from industrial to commercial with sizes that vary from 3 acres to 100 acres. The park is located at a signalized ' intersection of Olde Scotland Road and the off-ramp for the north bound lane of Interstate I-81 at Exit 24. Cumberland County contains five of the top ten industrial and business parks in the Tri-County ' Region. Ranked first is the Carlisle Distribution Center, located along Route 11 at Alien Road which contains 4.1 million square feet of warehouse/distribution space. The park contains 295 acres. 3 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania The graphs on the following page illustrate Cumberland County's per capita personal income and ' median family income levels in relation to state and national levels. In both income categories, Cumberland County has performed relatively in-line with state and national levels. Per Capita Personal Incu me Cumberland County. PA ' -- 1 c 2.291 255 55C, Sd0,00C 535.000 530.000 S25,OOG 520.000 j S15,0W sao,a� l s5,oa UnteaStates Fennsylvanie =ur berlanc vourN=. Median Family Income, Estimated Cumberland County-2013 $80,000 $70.000 $84400 $fi5,as00 ' $60,000 $50,000 1 $40,000 $30,000 $20,000 $10,000 ' $0 US PA Cutrnberlind Counttf 4 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Ranked second is the Logisticenter at Carlisle, located at Newville Road and Meadowbrook Roads which contains 3.9 million square feet of warehouse/distribution space built-out on 300 acres. Ranked sixth is the Upper Allen Business Park, located along Independence Avenue which contains 2.1 million square feet. Ranked seventh and eighth respectively is Hampden Industrial Park and Southpoint Industrial Park both with 1.7 million square feet. Trammell Crow Company and USAA Real Estate Company completed a 700,000 square foot Class A speculative distribution facility at Mountain Creek Distribution Center in Carlisle. Mountain Creek Distribution Center is a two building industrial project situated on 113 acres at Exit 44 of Interstate I-81. The project is approved for 1,302,500 square feet of Class A warehouse/distribution space. A proposed new retail center is in the planning stages located at Exit 44 of Interstate I-81. The Center at Rocky Meadows will be developed on 60 acres. The leasable area will exceed 100,000 square feet and will include several outparcels. The subject property is part of an on-going residential development dating back over five years in which the original homebuilder was Berks Homes. Due financial duress by the original homebuilder, the project is now being built-out by S&A Homes. Deerfield's phase 1 in its entirety ' was approved for development of 102 townhome lots, 52 duplex lots, 32 single lots, and 248 garden apartments (in multiple apartment buildings) of which the apartment buildings are all complete. The acquisition of the subject property by Instrument#201325969 did not include these apartments. Both population and employment have been steadily increasing along Interstate 1-81 in Cumberland, Dauphin, Franklin and Lebanon Counties and the Tri-County Regional Planning Commission anticipates continued growth for the next twenty years to 2020. This growth in the number of residents and jobs has led to rising traffic volumes and congestion along the Interstate. 5 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania 1 1 1 1 1 1 1 /denh'A=afo� hye SITE DATA The subject parcel is located.off of Deerfield Lane via Ritner Highway (Route 11) and 100% assessed in Southampton Township, Cumberland County, Pennsylvania. No physical addresses have been assigned to the subject parcel by the Cumberland York County Assessment Office. The subject parcel is identified on the tax maps of Cumberland County as being in District 39, Tax Map 12-0320,Parcel 002. The following conclusions and observations have been gleaned from public records, an on-site inspection of the subject property,and discussions with representatives of the subject property. ' Tax maps and aerial photos are contained in the body of this analysis to assist the reader. 1 conformi to adjacent sites: The subject site is comprised of approximately 89.2+ Size and relative tv � � p pp y acres and is irregular in shape with level topography. The subject property's configured size,shape, marketability, and development potential is similar to most other parcels in the subject's immediate market. Access and Circulation: The subject property is accessed from Deerfield Lane via Rimer Highway (Route 11). ToP o a Lh y Soils&Drainage: No apparent drainage problems were noted; however,the scope of this appraisal does not include specific tests for adequacy. Similarly, soils have not been tested but are believed to be adequate for this type development. Topography is predominantly level. i Utilities: Public water and sewer are in proximity to the subject property. The subject's general area and development are serviced by public water/sewer. 6 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania � 5 Site Improvements (development status): The subject is best defined as partially raw land with preliminary engineering plans reflecting the potential development with housing. In addition some portions of the parcel has infrastructure (roadways and utilities) for the eventual development of dwellings. It is estimated that this infrastructure on-site is approximately 25%of the total site. The subject's Phase 1 was recorded in the Cumberland County Recorder of Deeds Office via Instrument I #200739185 in October 2007. The portions of the subject parcel that have infrastructure are represented as some portions of Phase 1. Phase 1 in its entirety was approved for development of 102 townhome lots, 52 duplex lots, 32 single lots, and 248 garden apartments (in multiple apartment buildings). Easements and Encroachments: Since a survey of title is beyond the scope of this report, a precise rendering of recorded easements and encroachments was not available. However, from a review of the current deed and from a physical inspection of the subject site, no easements or encroachments are apparent on the subject which would inhibit full utilization of the site. Nuisance Factors: None noted Flood Plain: According to FEMA community panel #42041 C0334E dated March 16, 2009 and preliminary engineering plans, it appears the subject property is not located in a designated flood plain area. Of note,this panel is not printed by FEMA due to no special flood area existing. Environmental Concerns: There were no environmental issues disclosed by the ownership of the subject property. The scope of this appraisal has not included any environmental audits or testing for hazardous materials. As in the case of all real estate, the ownership of the subject property ' and/or client is advised to have a complete understanding of the environmental issues surrounding the subject site. As such,a Phase I environmental audit is recommended. i 7 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Middle SUBJECT LOCATION MAP Spring ShrppensWrq �Jrarva slty 0 Q�0 P'2nnsyylvama j� M 5110 'X8100%�'X8100%M^_0" Shippet1sb +�asris St �.., Che�tn Sh4ppw1burg CMOs tndagniM Park Dykernan Shippmbur g spww.� � We49anci Cleversbutg 0 T rf }td � 8 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania SUBJECT TAX MAP Al •,Y, f�' ,C' .;/ } #.gyp $$ `` 7 SUBJECT AERIAL MAP V S33��, r 9 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania i i 1 Photographs Of Subject DL F-RHELD ................ 1 � b Y. 10 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Photographs Of Subject Ail 1 ✓r. a d WITH PARTIAL INFRASTRUCTURE �T. h� d J y' s w 1 11 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Photographs Of Subject v ' WITH PARTIAL INFRASTRUCTURE 1 12 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' Photographs Of Subject , 7, ' r , 1 1 <�'W'+'b• w+�y�' `S ,•�,k^�� Nov n ti� � � .'A„�y. e 13 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Photographs Of Subject 14 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ZONING Based on engineering plans, approximately 99% of the parcel is currently zoned Village Center (VC)District by Southampton Township, Cumberland County,Pennsylvania. The remaining I%is located in Shippensburg Township in the Medium Density Residential District(R2). Permitted Uses in Village District: Detached dwellings, semi-detached dwellings, attached dwellings, apartments, professional. offices,and retirement housing. Permitted Uses in Medium Density Residential District: Detached dwellings,semi-detached dwellings,and attached dwellings. The subject is best defined as partially raw land with preliminary engineering plans reflecting the potential development of the site with housing. In addition some portions of the parcel has infrastructure (roadways and utilities) for the eventual development of dwellings. It is estimated that this infrastructure on-site is approximately 25% of the total site. The subject's Phase 1 was recorded in the Cumberland County Recorder of Deeds Office via Instrument #200739185 in October 2007. The portions of the subject parcel that have infrastructure are represented as some portions of Phase 1. Phase 1 in its entirety was approved for development of 102 townhome lots, 52 duplex lots, 32 single lots,and 248 garden apartments(in multiple apartment buildings). The Declaration.of Covenants, Conditions, and Restrictions were also recorded in the Cumberland County Recorder of Deeds Office via Instrument #200822038 for Phase 1 reflecting the site to be built-out with various housing uses(detached,duplexes,and townhomes). 15 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania 1 ZONING MAP (Southampton Township) r" Shippensburg ' ` Township 4. y/ Zoning Agricultural/Conservation-AC Commercial-C CommerciallManufacturing-CM ' Village Center-VC Woodlands Conservation-WC 16 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ZONING MAP (Shippensburg Township) SOUTHAMPTON ' TOWNSHIP ' � 1 f � i�t � .e7cwxn f ' ®Agricultural i Open Space (A) Low Denslh-Resldertlal (R-1) C�Medium Dersit'j Resicenfial(R-2) KlIxed Use (NIU) 1 �Sea,e Cor^mErLla) (C-'.j Ge•ierl C� merclal - :I ®I:1au61-dal fai 17 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' REAL ESTATE TAX ASSESSMENT ANALYSIS t The 2013 assessment for the subject property is $2,677,800. Legislation passed in 1982 empowered the State Tax Equalization Board to establish the Common Level Ratio of each county. The common level ratio for 2013 in York County is 103.1% (0.97 factor) as published by the Commonwealth of Pennsylvania's State Tax Equalization Board 4 ' Based on this 0.97 factor, the implied market value of the subject property Y b Cumberland County ' is approximately$2,597,466 which results in$2,677,800 times 0.97. ' Real estate taxes for the subject property (taxed by Southampton Township), have been estimated based on the most current millage information 12.674 mills. Based on the market value derived in this appraisal report, the indicated assessed value has been Pp re p calculated. To estimate the potential assessment the estimated value is multiplied by the common level ratio,as follows: ' Calculation of Potential Assessment $1,330,000 x 103.1% = $1,371,230 ' The potential tax liability resulting from this market-based assessment is calculated by multiplying the potential assessment by the actual current millage rates. The chart below summarizes the assessment analysis for the subject property. ' Current Current Appraised Market Tax I.D. Assessment Taxes Factor Implied Value Value Milla a Est Taxes 39-12-0320-002 S2,677,800 $33,938 0.97 $2,597,466 $1,330,000 0.012674 $16 350 ' If properly assessed, the real estate taxes for the subject property would be approximately $16,350 ' versus the current taxes of$33,938. ° Published July 2013 18 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania i a ,t t , ,t �t 't ,t es Re's us ;1 y t 1 1 , G �1 1 ;1 f �1 t HIGHEST AND BEST USES ' Highest and best use reflects a basic assumption about real estate market behavior; that the price a buyer will pay for a property is based on their conclusions about the most profitable use of the site ' or property. The determination of highest and best use must be based on careful consideration of prevailing market conditions,trends affecting market participation and change, and the existing use tof the subject. Highest and best use may be defined as "the reasonably probable and legal use of vacant land or an ' improved property, which is physically possible, appropriately supported, financially feasible, and ' results in the highest value." ' Because the use of land can be limited by the presence of improvements, highest and best use is determined separately for the land or site as though vacant and available to be put to its highest and ' best use,or for the property as improved. ' The first determination reflects that land value is derived from potential land use. Land has limited value unless there is a present or anticipated use for it. The amount of value depends on the nature ' of the land's anticipated use according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are ' made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. This is the"classic"definition of a land residual analysis. For the purpose of analysis, the appraiser assumes that the parcel of land in question is vacant. ' Even a site with a large building on it can be made vacant by demolishing the building. The question to be answered is: If the land were vacant, what new improvement(s) should be constructed on the site? s The Appraisal of Real Estate,Appraisal Institute,11th Edition,1996,Page 297. 19 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing structures. The implication is that the existing improvement should be renovated or retained so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. The determination of the highest and best use of land as though vacant is useful for land or site ' valuation. Determining the highest and best use of an improved property provides a decision regarding continued use or demolition of the property. [The reader should note that demolition is 1 indicated when the land as though vacant has more value than the parcel as presently improved:] t The relationship etween the supply of and demand for land adaptable to a articular use is P pP Y � p P ' significant in determining highest and best use. A site or improved property may be placed under an interim use until demand is sufficient to support its highest and best use. If a more profitable use ' must be delayed due to insufficient present demand, the interim use will continue until the value of the land as though vacant, minus the cost of demolishing the existing improvements, exceeds the total value of the improved property at its current use. ' When properties are devoted to temporary, interim uses, the concept of consistent use must be addressed. Consistent use is the concept that land cannot be valued on the basis of one use while ' the improvements are valued on the basis of another. Improvements that do not represent the land's highest and best use, but do have substantial remaining physical lives, may have an interim use of ' temporary value,or they may have no value at all. 20 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania The highest and best use analysis requires the employment of various categories of use-oriented decisions. To conclude that a given use is the highest and best use, the use must meet four criteria. The highest and best use must be: 1)legally permissible; 2)physically possible; 3)financially feasible; and 4)maximally profitable. In sequential order,usually from the most general to the most specific, each criteria is considered in turn, thereby eliminating at each level, proposed uses that do not qualify. This process stimulates the thought process of the rational and informed decision maker and helps the appraiser identify the most likely users and buyers for the subject property. Highest and Best Use As Though Vacant and Available for Development Highest and best use of land or a site as though vacant is defined as the use of a property based on the assumption that a parcel of land is vacant or can be made vacant through demolition of any improvements 6 The four factors of highest and best use, that is whether the use is legally permissible, physically possible, financially feasible, or maximally profitable will be developed for the property as though it were vacant and available for development. Legally Permissible: The subject community currently is zoned Village Center under regulations set forth in the Southampton Township,Cumberland County,Pennsylvania Zoning Ordinance. Based on a review of the zoning ordinances, permitted uses in the District include a large range of permitted residential uses. 6 The Appraisal of Real Estate,Appraisal Institute,11th Edition,1996,Page 300. 21 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' Physically Possible: The physically possible uses are determined by characteristics such as size, shape, location, topography, availability of utilities, and any other physical aspect of the site that would restrict or prevent any of the legal uses of the subject site. After consideration of the subject's size, 1 topography,neighboring uses,and utility availability, it appears to be physically possible to develop the subject site with a residential community. Financially Feasible: 1 Various residential uses would be financially feasible on the subject site and could benefit from the subject's location. ' Maximally Profitable: 1 The maximally profitable use for the subject site is the financially feasible use which produces the highest return. Based on the subject's current zoning and the physical characteristics of the subject site, residential development when market demand is sufficient is concluded to be the maximally profitable use for the subject site. i 1 1 1 1 1 1 i 22 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' THE APPROACHES TO VALUE In estimating the market value of a given property, it is normal appraisal practice to assemble as ' much relevant data from the marketplace as possible. This data is then applied in the three recognized approaches to value: the Income Approach, the Cost Approach, and the Sales Comparison Approach. The Income Approach analysis is concerned with the present worth of anticipated future benefits tderived from the ownership of a property, expressed in terms of rental income which the ownership of a property may be expected to produce. The anticipated stabilized net operating income ' available from the ownership of a property is then converted into a value estimate by means of the application of an appropriate rate derived from market observations. In this appraisal the Income ' Approach has not been developed. ' In the Cost Approach,an estimate of the site's value is first derived by comparing the site with other similar sites which have been sold. The site is valued in accordance with the conclusions reached ' in the Highest and Best Use -As Though Vacant. In this appraisal the Cost Approach has not been developed. ' The Sales Comparison Approach uses the sales of similar properties as the basis of an indication of. P PP P P ' value for the subject property. This comparison may be made on a square foot, cubic foot, front foot, or any other basis which is recognized in the marketplace and provides an adequate unit of ' measure of indicated market value. In this appraisal,the unit of comparison is the price per acre for the comparable properties since this is what most market participants place the most weight for ' properties similar to the subject property. The Sales Comparison Approach is essential to almost every appraisal of real property. This approach best mirrors the actions of buyers in the ' marketplace for similar-type properties. The Sales Comparison Approach is the only appropriate method of estimating the market value of the subject property. This approach is presented on the ' following pages. 23 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania •, ,,(, k ., - r r .,� I $� t err y'k�.;. � f s 01 3 aso✓� des Ak p r°� y � e #;3�3 / � 7 ;iM ��?°'.^3.'-:1_ - ., .. �k. �,•..t_ _ _ ._.... - .,_. �=.'W�` -.z :+s3�:z 1 az-..,...e... ;va:�s,� .° .-„,.yam,..,�.�.. �.Y.';E�f. -...3 W...,�s, .y..i;� ,..w...,..r,.,.:w Wit,t�ee��'.. 1"' SALES COMPARISON APPROACH ' The Sales Comparison Approach is a method of estimating market value where the subject property is compared to similar properties which have been sold. This approach is based on the Principle of ' Substitution which states that if several competing commodities, goods, or services are available then the one with the lowest price will attract the greatest demand and receive the widest ' distribution.7 When applied to real estate,this comparison focuses on those elements of comparison which cause prices to vary. ' The Sales Comparison Approach is considered important to most appraisal problems since it indicates the price paid for similar properties by typically knowledgeable buyers in the open market. ' It is applicable to the appraisal of all properties for which there are a sufficient number of comparable sales. This approach is most reliable when the property type under analysis is bought and sold regularly. Applying this approach is a systematic procedure where similar sales are ' researched and analyzed through the most relevant elements of comparison. Adjustments are made for differences in the sales that reflect market reaction. The following pages contain outline profiles of the comparables used in this analysis of the subject property. A narrative analysis of the adjustments indicated by these sales is included following the outline profiles. t 7 The Dictionary of Real Estate Appraisal,Appraisal Institute,3rd Edition,1993 24 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' Comparable Land Sale #1 LOCATION: Address: Off of Cardinal Drive(Meadowsgreen) Shippensburg and Southampton Townships Cumberland County,Pennsylvania Tax Map: 36-12-0320:(50,56,57,&58) ' 39-12-0320: (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33,34,35,36,37,38,39,40,41,42,43,44,45,46,47, 48,49,50,51,52, 53,54, 55,65,66,67,68,69,70,71, 72,73,74,75,76,77,78,79,80,81,101, 102, 103, 104, t &105) LEGAL Sale Date: June 2012 INFORMATION: Liber/Folio: Instrument#201219213 Grantor: Fountainhead SPE,Inc. Grantee: Garnet Shippensburg Real Estate LLC ' CONSIDERATION: Sale Price: $661,840 Price Per Acre: $13,100 per acre Financing: Cash to seller ' SITE Cumulative Site Size: 50.7 Acres DESCRIPTION: Zoning: Commercial (C) District as set forth by Southampton Township and Commercial/General(CG) as set forth by ' Shippensburg Township. The subject owner received conditional uses for the property to be developed with residential development on March 8, 2005 (Shippensburg Township Permit#5-3) and on April 11, ' 2005(Southampton Township Permit#2005-01). Utilities: Public water and sewer Shape: Irregular ' COMMENTS: Property was in lieu of duress and is comprised of multiple parcels of which some infrastructure and some is raw land. Property is located in proximity to the subject property. Property is now for sale by Landmark Commercial Realty for$1,562,000. ' According to broker's data,the asking price is$812,000 for 58 partially completed lots and $750,000 for 43+undeveloped acres. Phase 1 was recorded in the Cumberland County Recorder of Deeds Office in Plat Book 92 Page 123 on July 21,2006. 25 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania LOCATION-AERIAL MAPS—Land Sale #1 Zq 4 v' fi- i Arrows above show com arables location in relation to subject a: a� vrr x o-- 26 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Comparable Land Sale #2 LOCATION: Address: Black Gap Road Greene Township Franklin County,PA Tax Map: 09-OC13-008B LEGAL Sale Date: December 20112 INFORMATION: Liber/Folio: Instrument#20114360 Grantor: Washco-Orchard Ridge,LLC ' Grantee: F.Martin et al CONSIDERATION: Sale Price: $1,050,000 Price Per Acre: $7,900 Financing: Assumed cash to seller SITE Site Size: 132.7 acres DESCRIPTION: Zoning: Medium Density Residential(R2) Utilities: Public water and sewer Shape: Irregular ' COMMENTS: Sale represents agricultural land currently used for farming purposes off of Route 997. Property was originally acquired for residential development. Due declining market conditions, seller sold property. Comparable does have public water/public sewer in proximity; however Greene Township currently has a moratorium in-place for sewer taps. LOCATION MAP r 1 � 696 9 !d:.,_ J ry 27 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Comparable Land Sale #3 LOCATION: Address: Off of Kline Road(Hampden Commons) Southampton Township Cumberland County,Pennsylvania Tax Map: 39-12-0324-010 LEGAL Sale Date: October 2011 INFORMATION: Liber/Folio: Instrument#201129624 Grantor: Indian Springs Associates Grantee: Velocity Partners iCONSIDERATION: Sale Price: $825,000 Price Per Acre: $21,100 per acre Financing: Cash to seller SITE Cumulative Site Size: 39.0 Acres DESCRIPTION: Zoning: Village Center Utilities: Public water and sewer Shape: Irregular COMMENTS: The property is a 39.0+/- acre parcel with plans to be developed for residential purposes. Plans reflect the subject will be comprised of 12 duplex lots and 253 townhome lots developed in two phases to be known as Hampden Commons. Phase 1 is comprised of 10 duplex lots and 175 townhomes and Phase 2 is comprised of 2 duplex lots and 78 townhomes. The property currently functions as Indian Springs, a mobile home park originally intended to be developed with 159 site pads of which Mproxirnate!y 25 pads have infrastructure. 1 28 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania l ,T Wi'g6f1 l'r u ' T .. ' ''94 f••y '4' M f , l + -s At r# A s a ?fi c'rs e Y' (fib • Comparable Land Sale #4 ' LOCATION: Address: Black Gap Road Southampton Township Franklin County,Pennsylvania 1 Tax Map: 09-Oc14-16, 17A,19B,&188 ' LEGAL Sale Date: December 2012 INFORMATION: Liber/Folio: Instrument#201225658 Grantor: State Capital Investments Grantee: K.Gayman CONSIDERATION: Sale Price: $1,125,000 Price Per Acre: $6,800 per acre ' Financing: Cash to seller SITE Cumulative Site Size: 165.8 Acres DESCRIPTION: Zoning: Residential Utilities: Public water and sewer Shape: Irregular ' COMMENTS: Sale represents.agricultural land currently used for farming purposes off of Route 997. Property was originally acquired for residential development, specifically for a mobile home park to be comprised of 237 pad sites. Due declining market conditions, seller sold property. Comparable does have public water/public sewer in proximity;however ' Greene Township currently has a moratorium in-place for sewer taps. 30 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' TAX MAP & AERIAL PHOTO — Land Sale #45' 0 o� 0 0�0 0 ti O, 19 30.4AC ~ j *f e A �f 7 �1 O p 16 Op O 117.6. M WA + 5,73AC 'p' \ A \\\? u47 I C I7_6 AG .SUBJECT PROPERTY s T P t / a 31 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania General Discussion of Elements of Comparison ' In general, there is an upward adjustment if the comparable is inferior to the subject for a given element of comparison and a downward adjustment where the comparable is superior to the subject for a given element of comparison. Property Rights Conveyed: This adjustment normally attempts to equate differentials associated with investor versus owner purchases as well as the positive and negative effects of leasehold ' interests on a property. As noted previously, this is an appraisal of the fee simple interest in the subject property;therefore,no adjustments are necessary. Financing Adjustments: The comparable sales have been adjusted for financing terms, if ' necessary. In this analysis, none of the comparable sales required adjustments for financing in relation to the subject. Conditions of Sale: Conditions of sale adjustments typically reflect the motivations of the buyer ' and seller. Comparable Sale #1, Comparable Sale #2, and Comparable Sale #4 required upward ' adjustments for duress in this analysis. Date of Sale Adjustments (time): After adjusting all the comparables to a cash equivalent price the sales must be brought current by means of a time adjustment to account for changing market conditions from the date of each comparable sale to the effective date of this appraisal. In this analysis, none of the comparable sales required adjustments for date of sale in relation to the ' effective date of this analysis. Location Adjustments: These are based on the relative strength of the surrounding land uses and accessibility to major activity centers and access ways. This adjustment is based on each ' comparable's location relative to the subject. In this analysis,none of the comparable sales required adjustments for location in relation to the subject. 32 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania Development Status: The subject property currently has engineering plans, some infrastructure on-site, and some is essentially raw land. Comparable Sale#2 and Comparable Sale#4 are inferior in overall development status. For this reason,these referenced comparables were adjusted upward in relation to the subject property. Size: Asa general rule properties with more land area sell for lower prices per acre than properties g �P p p with less land area, due to economies of scale. Comparable Sale#1 and Comparable Sale#3 were adjusted downward for size in relation to the subject property. In addition, Comparable Sale#2 and Comparable Sale 94 were adjusted upward for size in relation to the subject property. Utilities: As a factor in land pricing, before purchasing a site a developer will take into consideration if utilities such as water, sewer, and electric are readily available to the site. The availability of such utilities to a site will increase the value of land purchased since monetary reserves are not necessary to provide utilities to the site. Greene Township is currently experiencing a sewer moratorium limiting the sewer tap availability. For this reason, Comparable Sale#2 and Comparable Sale#4 were adjusted upward in relation to the subject property. Zoning Pla nn ed Development: The subject property is zoned Village Center planned for residential development. No adjustments to the comparables were warranted for zoning in relation to the subject property. Specific Analysis of the Comparable Sales After the appropriate adjustments have been made, the adjusted unit prices (price per acre) for the comparable sales are: Sale# Adjusted Price per Acre 1 $14,900 -2 $13,300 3 $19,100 4 $12,300 MEAN $14,900 33 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania The comparables indicate a value range of$12,300 per acre to $19,100 per acre with a mean of $14,900 per acre. Equal weight has been placed on all comparables. Based on these specific comparables and discussion, the appraiser is of the opinion that the subject's"as is"market value is best represented by$14,900 per acre. ' Conclusion It is concluded that the subject property's market value as of the inspection date of October 1, 2013 is equivalent to $14,900 per acre. Applying $14,900 per acre to the subject's area of 89.2 acres indicates an `as is' market value of the subject of$1,329,080 rounded to $1,330,000 (One Million ' Three Hundred Thirty Thousand Dollars). An adjustment grid is presented on the following page. 1 i 34 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania 1 cc 71 CL c a. I-A — — — — e b da n ,s H �1. a � r. 8 N jI as � LLI t1 6 O � O! to III W 35 Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania �e con ci '�a�oo ' 1 ' RECONCILIATION AND CORRELATION . One of the three generally accepted approaches, namely the Sales Comparison Approach, has been developed to appraise the subject parcel comprised of 89.2+acres located off of Ritner Highway in Southampton Township, Cumberland County, Pennsylvania. The following chart summarizes the indicated value estimates: ' Value Indications"As Is": Total Estimated Value by Sales Comparison Approach $1,330,000 ' Estimated Value by the Income Approach Not Developed Estimated Value b y the Cost Approach Not Developed Final Estimate of"As Is"Market Value $1,330,000 In this appraisal, the Income Approach and the Cost Approach have not been presented because the subject is primarily unimproved land. ' The Sales Comparison Approach is an approach to value wherein the appraiser seeks out sales of similar type properties that have recently sold in the subject's market area. These sales have been ' compared to the subject and adjusted for dissimilarities between the comparable properties and the subject to arrive at an indication of value. Theoretically, the Sales Comparison Approach reflects the activities of both buyers and sellers in the market. ' The inherent weakness in the Sales Comparison Approach is that no two sales or properties are exactly alike. Therefore, adjustments may be applied to each comparable sale based on ' interpretations of market information. This approach is most reliable when there are relatively homogeneous properties or when there are certain strong, similar traits which transcend the sales ' sample. 36 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' The Sales Comparison approach was the only reasonable approach to estimate the market value of the subject. Therefore, in terms of the 89.2+ acres of residential land located off of Ritner Highway in ' Southampton Township, Cumberland County,Pennsylvania it is concluded that the market value of the fee simple interests of the subject property as of the effective date of October 1, 2013 is ' estimated as: $1,330,000 ' (One Million Three Hundred Thirty Thousand Dollars). 1 37 ' Appraisal of 89+Acres of Residential Land,Southampton Township,Cumberland County,Pennsylvania ' BASIC ASSUMPTIONS AND LIMITING CONDITIONS(LAND) ' This appraisal report has been made with the following general assumptions: ' • The valuation estimate and any market or feasibility conclusions apply only to the property specifically identified and described in this report. ' • No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. ' • The property is appraised free and clear of any or all liens encumbrances, encroachments,easements and restrictions,unless otherwise stated. ' • Responsible ownership and competent property management are assumed. • Information and data contained in the appraisal, although obtained from public record and other reliable sources and, to the extent possible, carefully checked by the appraiser, are accepted as satisfactory evidence upon which rest our final conclusions of value. Any information furnished by others is ' believed to be reliable, but no responsibility for its accuracy is assumed. Unless otherwise noted, it is assumed that all information known to the client and relative to the valuation has been accurately furnished and that there are no undisclosed leases, agreements, liens or other encumbrances affecting the ' use of the property. Any financial information provided to us with respect to the operation of the property, such as financial statements and reports, rent rolls and lease data, is assumed to be complete, true and correct. Any lease, ' mortgage, deed of trust or other agreement or instrument relating to the property reviewed by us is assumed to be legal,valid,binding and enforceable in accordance with its express terms. • All engineering studies are assumed to be correct. The appraiser has made no legal survey nor has he commissioned one to be prepared; therefore, any plot plans or other such illustrative materials in this report are included only to ' help the reader visualize the property. • It is assumed that there are no hidden or unapparent conditions of the ' property, subsoil or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the appropriate engineering studies that may be required to discover them. Unless otherwise ' noted, the property is not located in an area in which the purchase of flood insurance is required as a condition for federal related financial assistance. • No responsibility beyond reason is assumed for matters of a legal nature, ' whether existing or pending. • It is assumed that the property is in full compliance with all applicable federal, state and local laws and environmental regulations unless the lack of compliance is stated,described and considered in the appraisal report. • It is assumed that all required licenses,certificates of occupancy, consents and other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. • It is assumed that the use of the land and/or improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. • Unless otherwise noted in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The valuation is subject to modification if any such potentially hazardous materials or conditions are detected by a qualified expert in these areas. The appraiser reserves the right to modify this valuation if so warranted. • The appraiser is not an engineer and any references to physical property characteristics in terms of quality, condition, cost, suitability soil conditions, floor risk, obsolescence, etc., are strictly related to their economic impact on the property. No liability is assumed for any engineering-related issues. • If the.appraisal is for property to be built or under construction, it is assumed that construction will be completed as outlined in the report. The appraiser reserves the right to review finalized plans,require a current on-site inspection prior to the release of any funds and/or recertify any values reported herein. ■ i 1 i • Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability or utility. • An appraisal is inherently subjective and represents only an estimate of a property's value. ' • .The conclusions stated in the appraisal apply only as of the date indicated and no representation is made as to the effect of any subsequent events. • The values reported herein are only applicable to the Property Rights Appraised in conjunction with the Purpose of the Appraisal and the Function of the Appraisal as herein set fourth; the appraisal is not to be used for any other purposes or functions. • Any allocation of the total value estimated in this report between the land and the improvements applies only to the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are not valid if so used. • No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted ' in the appraisal. • Possession of the report,or any type of copy thereof,does not carry with it the right of publication. • The appraiser, by reason of this appraisal, shall not be required to give testimony as Expert Witness in any legal hearing or before any court of law with reference to the property in question unless arrangements have been previously made for just and fair compensation for such services. ' • Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or Apex Valuation Services) shall be disseminated to the public through advertising, public ' relations, news, sales or other media without the prior written consent and approval of the appraiser. • The forecasts, projections and operating estimates contained herein are based ' on current market conditions, anticipated short-term supply and demand factors and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. This appraisal is based on the ' condition of local and national economies, purchasing power of money and financing rates prevailing at the effective date of value. • This appraisal shall be considered only in its entirely and no part of this appraisal shall be utilized separately or out of context. Any separation of the signature pages from the balance of the appraisal report invalidates the conclusions established herein. ' • The liability of Apex Valuation Services is limited to the client only and to the fee actually received by the appraiser. Further, there is no accountability, ' obligation or liability to any other party. If this report is placed in the hands of anyone other than the client, the client shall make such party aware of all limiting conditions and assumptions of the assignment. Apex Valuation ' Services is in no way to be responsible for any costs incurred to discover or correct any deficiencies of any type present in the properties — physically, financially or/or legally. Acceptance and use of this analysis by the client or any third party constitutes acceptance of the above conditions. The appraiser has no liability to any parties other than the client. • The value conclusions found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from these Basic Assumptions and Limited Conditions. 1 f SPECIAL ASSUMPTIONS AND LIMITING CONDITIONS In addition to the Basic Assumptions and Limiting Conditions presented previously, this appraisal report has been made with the following Special Assumptions and Limiting ' Conditions: This is a summary appraisal report that is intended to comply with the reporting ' requirements set forth under Standards Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice for a summary appraisal report. As such, it does not present detailed discussions of the data,reasoning and analyses that were used in the appraisal process to develop the opinions of value. Supporting ' documentation concerning the data, reasoning and analyses is retained in the appraiser's file. APPRAISER CERTIFICATION ' File No: 1815 - ' I certify that, to the best of my knowledge and belief. Apex Valuation Services has not provided any services regarding the subject property within ' the prior three years in any capacity. The statements of fact contained within this report are true and correct. ' The appraiser has acted in an independent capacity and the appraisal engagement is not based on a requested minimum valuation, or the approval of a loan. ' The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased ' professional analyses, opinions and conclusions. I have no [or the specified] present or prospective interest in the property that is the subject tof this report and no [or the specified] personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties ' involved with this.assignment. My engagement in this assignment was not contingent upon delivering 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 result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ' My analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. ' I have made a personal inspection of the property that is the subject of this report. ' John Cubbage provided significant real property appraisal assistance to the person(s) signing this certification. Joseph W. Elhajj John E. Cubbage ' Certified General Appraiser Licensed Appraiser Trainee #GA-001599-L #LAT000150 Joseph W. Elhaj j Appraisal Qualifications Current Position President,Apex Valuation Services Previous Position Weinstein Realty Advisors, Certified General Real Estate Appraiser Weinstein Realty Advisors, Pennsylvania Licensed Real Estate Sales Agent ' Weinstein Realty Advisors,Real Estate Tax Consultant. Real Estate Certificate and Licenses Pennsylvania State Licensed Real Estate Standard Broker#SB065397 (2008 to Current) ' Pennsylvania State Certified General Real Estate Appraiser#GA-001599-L(1998 to Current) Pennsylvania State Licensed Real Estate Sales Agent#RS-194417L ' Delaware State Certified General Real Property Appraiser#X 1-0000504 Virginia State Certified General Real Estate Appraiser#4001014037 ' Work Experience 1994 - 1998 Certified General Real Estate Appraiser,Weinstein Realty Advisors ' 1998 -Present President,Apex Valuation Services ' Real Estate Investment Activity 1992 -Present Owner: Lincoln Investments, Shippensburg, PA ' Various Multi-family and Single-family Residential Dwellings 1992 -Present Owner/Partner: BJ Realty Investments, Shippensburg, PA ' Various Multi-family Residential Dwellings Commercial/Office Properties 2004-Present ' Owner/Partner: 615 Lincoln Way West Associates, LLC, Shippensburg, PA Various Multi-family Residential Dwellings Commercial/Office Properties ' 2007 - Present Owner: Nick's Properties, Ltd, LLC, Shippensburg,PA Various Multi-family Residential Dwellings t General Education 1988-1990 Pennsylvania State University; Business Administration Real Estate Education Commercial Investment Real Estate Institute Financial Analysis for Commercial Investment Real Estate, Course CI 101 — Las Vegas,NV, 2000 Appraisal Institute ' Section 8/HUD: Rent Comparability Course—Washington, DC, 2001 Basic Income Capitalization, Course#310- Boulder Colorado, 1997 Advanced Income Capitalization, Course#510-Boulder Colorado, 1997 Affordable Housing Valuation—Atlanta Georgia, 1997 Appraisal Principals, Course#110 -Pittsburgh Pennsylvania, 1995 Appraisal Procedures, Course#120-Pittsburgh,Pennsylvania, 1995 Pennsylvania Realtors Institute Appraisal Standards and Ethics, Course#RA5, 1994 Current Appraisal Topics, Course#RA8, 1994 Penn State University REST 5200 Contemporary Legal Issues Affecting Real Estate Transactions, Course#00198M, Chambersburg, Pennsylvania Institute of Real Estate Studies PA Appraisal Law and Emerging Issues, 2007 Residential Construction II, 2005 Basic Income Property Valuation, 2005 Fifteen Hour USPAP Compliance, 2005 Real Estate Investment I, 2005 1 Real Estate Investment II,2005 Basics of Residential Valuation& Sales Comparison Approach, 2005 Residential Valuation Using Cost&Income Approach, 2005 Narrative Valuation Report,2005 &2007 Real Estate Law, 2005 Real Estate Finance I, 2004 Real Estate Finance II,2004 Home Inspections, 2004 Brokerage & Office Management, 2004 Residential Construction I,2004 Pennsylvania Real Estate Salesperson Licensing Requirements, 1991 The Real Estate School of York County Property Investment, 1998 "Let's Get It Right", 1998 New Home Construction, Course III, 1996 ' Maryland Association of Appraisers FHA Review Guidelines, 1998 Education Division of Don Paul Shearer Inc. USPAP and State Appraiser Law Updates, 2005 Fifteen Hour USPAP Compliance, 2003 Professional Liability,2003 Tax Assessment Law& Tax Appeals in Pennsylvania, 2003 New Concerns and Issues of Real Estate Practice in Pennsylvania,2002 Contemporary Legal Issues, 2001-2001 Income Capitalization and Partial Interest, 1999 McKissock 2012-2013 National USPAP Update Equivalent(7 Hours), 2013 Land and Site Valuation, 2013 Appraising and Analyzing Industrial/Flex Buildings for Mortgage Underwriting, 2013 Appraising and Analyzing Retail Shopping Centers for Mortgage Underwriting, 2013 Financial Reform,Fannie Mae and Appraisers, 2011 Delaware Appraisal Laws and Regulations, 2011 Two Hour Mandated Law Course, 2011 Income Capitalization(Pennsylvania&Delaware), 2011 ' Appraising Apartments: The Basics, (Pennsylvania&Delaware), 2011 The Art.of Addenda, 2011 Introduction to Expert Witness Testimony, 2011 Technology for Today's Appraiser,2009 Private Appraisal Assignments, 2009 Made in America: Appraising Factory Built Housing,2009 Published Articles "Better Measurement of Apartment Vacancy and Collection Loss" The Appraisal Journal, January, 1998 "Assessment of Low Income Housing Tax Credit Projects" The Advisor,A publication of Weinstein Realty Advisors; Volume 1, Issue 2, July ' 1997 1 Expert Court Testimony Board of Assessment Appeals -Adams County Board of Assessment Appeals -Berks County Board of Assessment Appeals -Blair County ' Board of Assessment Appeals -Cumberland County Board of Assessment Appeals -Dauphin County Board of Assessment Appeals -Franklin County Board of Assessment Appeals -Lancaster County Board of Assessment Appeals—Lebanon County Board of Assessment Appeals -Luzerne County ' Board of Assessment Appeals—Mifflin County Board of Assessment Appeals—Northumberland County Board of Assessment Appeals—Schuylkill County ' Board of Assessment Appeals—York County Blair County Court of Common Pleas Dauphin County Court of Common Pleas Franklin County Court of Common Pleas Fulton County Court of Common Pleas ' Types of Properties Appraised Apartment Complexes ' Joseph W. Elhajj has personally appraised over 10,000 apartment units in more than 100 complexes which ranged in size from 40 to 800 units. Primary geographic areas for apartment appraisals in Pennsylvania have been Adams County, Berks County, Blair County, Cumberland ' County, Dauphin County, Fayette County, Franklin County, Greene County, Lancaster County, Lawrence County, Lebanon County, Luzerne County, Mifflin County, and York County. Additionally, apartment appraisals have been performed in Delaware, New Jersey, and ' Maryland. Apartment appraisals have been completed for various clients including but not limited to local lenders, regional lenders, property owners, Pennsylvania Department of Housing and Urban Development, and subcontract work from other appraisal firms. ' Various other smaller apartment complexes have also been completed for various local lenders. Smaller apartment communities have varied in size from four to forty units. Commercial Facilities ' Commercial appraisals previously appraised include strip shopping centers, regional malls, self- storage units, fast food restaurants, retail stores, gas stations, and convenience stores. The geographic area of focus for commercial facilities has been primarily south-central Pennsylvania; ' however, various commercial appraisals have been performed throughout Pennsylvania; and also in Delaware,Maryland, Virginia and West Virginia. ' Office buildings Office appraisals have been performed all across central Pennsylvania and include facilities ' ranging in size from 2,800 square feet to 250,000 square feet. Both owner-occupied and investor-owned office facilities have been analyzed. The investor-owned facilities have been both single-tenant and multi-tenant and have ranged from large nationally ranked tenants to ' small local professional firms as well as government facilities. ' Industrial Facilities Industrial appraisals have been performed for both new construction and existing facilities throughout Pennsylvania. Industrial properties appraised have ranged in size from 9,000 square feet to over 800,000 square feet. Both owner-occupied and investor-owned industrial facilities ' have been appraised. 1 i ' Land Land valuations have included vacant, undeveloped land in commercial, industrial, residential, manufacturing, agricultural and various other zoning districts. Appraisals have been performed on vacant land for new construction purposes and simply asset management purposes. ' Consulting assignments for vacant land include various highest and best use analyses for determining potential development strategies, easements and right of ways. ' Other Other special purpose properties such as government facilities, nursing homes, residential ' subdivisions, mobile home parks, recreational facilities and golf courses have been appraised in various locations across Pennsylvania, Delaware, Maryland,Virginia and West Virginia. ' Residential Residential appraisal reports are primarily limited to Franklin and Cumberland Counties; ' however, have been completed in Adams, York, Dauphin and other Central Pennsylvania Counties. Both limited summary and narrative residential appraisals have been completed based on the needs of our clients. Initial license Date ' 10/10/2008 JOSEPH ELHAJJ License Number APEX VALUATION SERVICES ' 1 WEST KING STREET-SUITE 2A SB065397 SHIPPENSBURG PA 17257 Expiration Date 05/31/2014 Commit.sumer of Pmtcsional and Ommational •\Hairs 1 t Commonwealth of Pennsylvania 12 0099815 Department of State Bureau of Professional and Occupational Affairs PO Box 2649 Iiarrisburg PA 17105-2649 Certificate Type -,� H Certificate Status rL I . IZ Certified General Appraiser ©�- v� � - V '//> Active 1 .11 Initial Certification Date, 12/15/1997 JOSEPH W ELHAJJ Certificate 1 WEST KING STREET Number SUITE 2A SHIPPENSBURG PA 17257 GA001599L Expiration Date 06/30/2015 Sigma Commissioner of Professional and Occupational A laus J a STATE OF DELAWARE NOT TRANSFERABLE LICENSE NO XI-0000504 DIVISION OF PROFESSIONAL REGULATION 861 Sliver Lake Bivz Cannon Building,Suite 203 Dover,DE 19904-2467 PROFESSICR,' Certified General Real Property Appraise EXPIRATION DATE 10/31/2013 iSSUEU Joseph W. Elhah MAILiNl,ADDRESS Joseph W. ElhaB 1 7747 Lincoln Way East PROFESSIONAL LICENSE Fayetteville PA 17222 THIS CMnFIES THAT 4A,MED IS HEREBY UCEMSE;.L, ,^' ✓ ' —, CONDUCT OR ENGAM IN THE PROFESSION INDICATED ABOVE THIS �----� 3 2 4 9 51 DOCUMENT IS DUI.v ISSUM UNDER THE LAWS OF THE STATE OF Or,.i,•:••r.. .* i ! 1 1 1 1 1 1 DEPARTMENT OF PROFESSIONAL AND OCCUPATIONAL REGULATION 1 --- --- COMMONWEALTH OF VIRGINIA EXPIRES ON NUMBER 9960 Maylana Dr.. Suite 000,Richmond, VA 23233 01-31 -2015 Telephone: (800)367-5500 4001 014037 REAL ESTATE APPRAISER BOARD CERTIFIED GENERAL REAL ESTATE APPRAISER JOSEPH W ELHAJJ 1 1 WEST KING STREET SUITE 2A � SHIPPENSBURG PA 17257 0000 ALTERAPON OF TWS UOCUNEIIT USE AiTER E%PIRAT,pN.ki VVE HY PERSONS OP G1RM5 OTHEP Gordon N. Dixon, Dlrcaor THAN THOFt NAMED MAY RESULT IN CR""L PROSECUT:OW UNDER THE CODE Of VIAGINIA (SEE REVERSE SIDE FOR NAME ANDIOR ADDRESS CHANGE) 1 i 1 1 i 1 i 1 1 1 1 1 rd P' Commonwealth of Pennsvlvania 12 0059770 Department of State Bureau of• Professional and Occupational Affairs PO Box 2649 Harrisburg PA 17105-2649 License Type License Status CL 1z Licensed Appraiser Trainee U. _ ' y Active " Initial License Date t � JOHN E CUBBAGE License Number 10/07/2010 1137 ANTHONY HIGHWAY CHAMBERSBURG PA 17201 LAT000150 ' Expiration Date , 06/30/2015 r ("mmissioner of Professional and Occupational AI%Vrn PENNSYLVANIA STATE BOARD OF CERTIFIED REAL ESTATE APPRAISERS ' REQUIRED CHECKLIST FOR LICENSED APPRAISAL TRAINEE THE BOARD REQUIRES THIS CHECKLIST BE USED WHEN A LICENSED APPRAISAL TRAINEE IS UTILIZED IN THE PERFORMANCE OF AN APPRAISAL. THIS CHECKLIST MUST BE SIGNED BY THE CERTIFIED APPRAISER AND MADE PART ' OF THE APPRAISAL REPORT THAT IS SUBMITTED TO THE CLIENT AND RETAINED IN THE APPRAISAL WORKFILE. BY COMPLETING THIS CHECKLIST AND MAKING IT PART OF THE APPRAISAL REPORT SUBMITTED TO THE CLIENT, THE TRAINEE AND SUPERVISORY APPRAISER HAVE MET APPLICABLE USPAP REQUIREMENTS FOR ACKNOWLEDGMENT AND ' DISCLOSURE OF SIGNIFICANT REAL PROPERTY APPRAISAL ASSISTANCE. THE BOARD CANNOT GRANT EXPERIENCE HOURS FOR APPRAISAL ASSIGNMENTS IN WHICH THE LICENSED APPRAISAL TRAINEE IS NOT PROPERLY ACKNOWLEDGED IN THE REPORT. ' SUBJECT PROPERTY ADDRESS:RITNER HIGHWAY, SOUTHAMPTON TOWNSHIP, CUMBERLAND COUNTY, PA The licensed appraisal trainee to the certified real estate appraiser has contributed significant real property appraisal assistance in this appraisal assignment. Specifically,the licensed appraisal trainee: Yes No N/A X Assisted in the preparation of the workfile with all forms and general information for the appraisal. ' X Assisted in determining the scope of work of the appraisal. X Assisted in gathering and entering data as follows:tax assessment information and map,flood hazard information and map, zoning information and map,location map and similar information ' X Inspected the subject property. If yes,accompanied by supervisor? Yes (yes/no) Type of inspection(check one): interior X exterior ' X Assisted in analyzing the highest and best use of the subject property. Assisted in gathering information for comparable land sales data,verified and analyzed the comparable land sales data. — Assisted in gathering data for the cost approach,including estimates of cost new and accrued depreciation. X ' Assisted in data and analysis for the income approach,including estimates of market rent,vacancy/expense analysis,and X development of GRM or capitalization rate. X Assisted in gathering and verifying comparable sales data,and analysis of the comparable sales. X Assisted in the exterior inspection of the sales,rentals,land and/or other comparables. ' X Assisted in sketch drawing. X Assisted in entering subject and comparable data on the form and in the comment areas. ' X Assisted in reconciliation and final opinion of value for the subject property. X Assisted in the final review of this report. X Other 89 acres of residential land G L'/ ' SIGNATURE OF THE APPRAISAL TRAINEE PRINT/TYPE NAME: JOHN E.CUBBAGE The supervising certified real estate appraiser certifies that the named individual did assist with the items checked above,and also certifies that he/she reviewed all work done by the trainee.The supervising appraiser further certifies that the person ' signing this report as trainee understands the concepts and processes associated with the appraisal process. ' SIGNATURE OF SUPERVISING CERTIFIED REAL ESTATE APPRAISER: 1 1 1 1 1 1 � Ao�dP� c�a 1 1 1 1 1 1 1 1 1 Pq t APEX V ALUATI00N SERVICES 1 West King Street.Sulte 2A Real Estate Appraising&Consulting Shippensburg PA 17257 Phone 717-530-6701 ' Fax 717°$30.6704 1 September 11,2013 i Mr Richard F ortney Deerfield Development Company, LL.0 2121 Old Gatesburg Road ' State College, PA 16803 ' Re: Real Estate Appraisal of: Real Estate identified as parcel,or parcel numbers As they relate to the Deerfield Subdivision Located off'of;and along,Deerfield Lane Southampton/Shippensbwg Townships j Cumberland County,Pennsylvania ' Dear Mr, Fortney, _ ' Thank you for the opportunity to provide an appraisal on the above referenced property. j the purpose of the appraisal will be to estimate the market value of the subject property. Market i ' Value is defined as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeable,and assuming the price is not affected by undue stimulus., Implicit ' in this definition are the consummation of a sale as of a specified date and the passing of title fiom seller to buyer under-certain specified conditions, as included in the Uniform Standards of Professional:Appraisal Practice•(USPAP). This appraisal is to be provided for,the purpose of tax assessment appeal.. ' METHODOLOGY A field inspection will be made of the subject property.. Research of applicable data and ' consideration of the recognized approaches to value (comparable sales approach, income approach and cost approach), and a final value conclusion will be developed through currently accepted methods and valuation techniques.. Our appraisals are in conformity with the Standards ' of Professional Practice, FIRREA• The appraisal will be a complete, summary, narrative appraisal in accordance with USPAP. 1 September 11,2013 Page 2 FEE The fee for the appraisal report, board testimony and any pre-trial conference testimony will be Six Thousand ($6,000.00) Dollars. One half of the fee, in the amount of Three Thousand ($3,000..00) Dollars, is due upon the signing of this contract and the balance of Three 'Thousand ($3,000..00) Dollars is due in full upon receipt of the completed appraisal report.. An interest charge of 1..5% will be assessed on any unpaid balance after- 30 days of delivery of the final product, and every month thereafter-until the balance is paid in full.. Expert court testimony or, ; personal appearance negotiations/preparations beyond the above mentioned, if'required, will be j billed separately:at a rate of One Hundred Fifty($150.00)Dollars per-hour. f REPORT One (1) PDF version and 7 original color- copies of the appraisal will be submitted to the undersigned,or their representative. Additional copies,ifneeded,will be provided at$50 each. COMPLETION OF APPRAISAL REPORT We will have the completed appraisal document delivered to you no later,than October- 18, 2013, which is approximately Ihirteen(13)days prior to the hearing date; subsequent to our-receipt of the ratified agreement and the following,if'deemed applicable: _X_Building Plans _X_Site Plans j _X_Projected income/expenses _X_Historical income/expenses for-the past three(3)years i ' X_Construction Costs _X Deed/Legal Description _)C Lease sample Any expense attributable to the attainment of the above information is the responsibility of the ! client. Any expenses incurred by Apex Valuation Services in procurement of this information i will be billed to the client in addition to our-fee..(None anticipated) 1 i i • September- 11,2013 Page 3 INDEPENDENCE/FIDUCIARY RESPONSIBILITY It must be emphasized that the employment to make this appraisal, and the fee, is NOT contingent upon reporting a predetermined value, our-market value, or-future value of'the subject o ert Pr p Y 1 E Apex Valuation Services has no personal interest or bias with respect to the subject matter,of the appraisal report or-the parties involved.. CONFIDENTIALITY Deerfield Development Company, LLC and/or any Representatives thereof; agree not to discuss the appraisal's content without the expressed written consent of Apex Valuation Services with any third party Apex Valuation Services and Employees thereof, agree not to discuss or divulge any confidential information pertaining to the subject property. i AUTHORIZATION Your- authorization to proceed with the appraisal assignment can be initiated by returning a signed copy of this letter- which will constitute an agreement between Deerfield Development Company, LLC, or its representative(s), and Apex Valuation Services, for services and fees as j described herein, i We look forward to this .opportunity to assist you in your real estate appraisal requirements. Please sign and return the enclosed copy of'this letter-to the undersigned, acknowledging receipt 1 ofthis letter-and the facts stated in it.. Cordially, I agree with the above terms and conditions, APEX VAL UAmN SERvim i i L � Date: � .Joseph W Elhajj Ridhard Fortney APEX VALUAT TON SERVICES REPRESENTATIVE FOR DEERHET DEVELOPMENT Co,LLC i 0 MRM a UPI Numbers: A 39-12-0320-002,39-12-0320-173,39.12-0320-184,39-12-0320.185, 39-12-0320-186, 39-12-0320-293, 39-12-0320-292, 39-12-0320-291, 39-12-0320-290, 39-12-0320-289, 39-12-0320-288, 39-12-0320-287,39-12-0320-286,39-12-0320-285,39-12-0320-284, 1 39-12-0320-283,39-12-0320-282,39-12-0320-281,39-I2-0320-280,39-12-0320-279, 39-12.0320-278,39-12-0320-161,39-12.0320-160,39-12-0320-159,39-12-0320-157, 39-12-0320-156,39-12-0320-155,39-12-0320-154,312-0320-153,39-12-0320-152, 39-12-0320-151,39-12-0320-150,39-12-0320-149,36-12-0320-066,36-12-0320-065, ' 36-12-0320-064,36-12-0320-063,36-12-0320.062.36-12-0320-061,36-12-0320-060, 39-12-0320-112,39-12-0320-111,and 39-12-0320-108 ' Special Warranty Deed ' This Indenture, made the _�O day of 2013, between FIRST COMMONWEALTH BANK, a Pennsylvania bankiP4 institution with a last known address of P.O.Box 400,654 Philadelphia Street,Indiana,Pennsylvania 15701,GRANTOR,and ' DEERFIELD DEVELOPMENT COMPANY,LLC,a Pennsylvania limited liability company with a mailing address at 2121 Old Gatesburg Road, Suite 200, State College, Pennsylvania 16803,GRANTEE. Witnesseth, that said GRANTOR for and in consideration of the sum of ONE MILLION TWO HUNDRED SEVENTY-FIVE THOUSAND and 001100THS ($1,275,000.00)U.S. DOLLARS paid to the GRANTOR by the GRANTEE does grant,bargain, sell and convey unto the said GRANTEE,their heirs and assigns, ' ALL THAT CERTAIN tract of land 'located on the north side of Ritner Highway (SR- 011),also known as US Route 11 and on the west side of Newville Road(SR-0533),also known as PA Route 533, said tract is situate partly in Southampton Township and situate partly in Shippensburg Township, Cumberland County, Pennsylvania, more fully on a Final Subdivision ' and Land Development Plan of "Deerfield" prepared by ELA Group, Inc. and recorded as Instrument No. 200739185,said tract of land bounded and described as follows: ' BEGINNING at a point in the centerline intersection of Ritner Highway and Newville Road, thence in the centerline of Ritner Highway, on a curve concave to the south having a central angle of 2°07'08",a radius of 11,459.16',an arc length of 423.79', and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West, four hundred twenty-three and seventy-seven hundredths feet (S 54° 28' 57" W -423.77),to a point in Ritner Highway; thence continuing in the centerline of Rimer Highway, South fifty-three degrees ' twenty-five minutes twenty-three seconds West,one thousand two hundred eighty-six and fifty- four hundredths feet(S 530 25'23"W- 1,286.54)to a point in the centerline of Rimer Highway; thence continuing in the centerline of Ritner Highway,on a curve concave to the south,having a central angle of 8° 30' 00", a radius of 5,729.58', an arc length of 850.00', and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West, eight hundred forty-nine and twenty-two hundredths feet(S 49" 10'23" W-849.22),to a point in the centerline of Ritner ' Special Warranty Deed—Page 2 Highway; thence continuing in the centerline of Ritner Highway, South forty-four degrees fifty- five minutes twenty-three seconds West, three hundred eighty-four and eighty-three hundredths feet (S 44° 55' 23" W - 384.83'),to a point in the centerline of Ritner Highway; thence leaving 1 Ritner Highway, partially by lands of Amerigas Propane, LP, North forty-five degrees fifty-six minutes thirty-one seconds West, twenty-five and zero hundredths feet (N 450 56' 3l" W - 25.00'),to a point on the existing northern right-of-way line of Ritner Highway;thence along the 1 existing northern right-of-way line of Ritner Highway, North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 440 55' 23" E - 385.20'), to a point on the existing northern right-of-way line of Ritner Highway; ' thence continuing on the existing northern right-of-way line of Ritner Highway on a curve concave to the south having a central angle of 00°28' 13", a radius of 5,754.28', an are length of 47.22', and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East, forty-seven and twenty-two hundredths feet (N 45° 09' 29" E - 47.22), to a point on the ' northern existing right-of-way line of Ritner Highway; thence leaving the northern right-of-way line of Ritner Highway, by Lot No.I of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 441 36125"W - ' 280.35'), to a point; thence continuing by Lot No. I of"Deerfield",North forty-six degrees zero minutes forty-nine seconds East,three hundred seventeen and twenty hundredths feet(N 460 00' 49" E - 317.20') to a point; thence continuing by Lot No.1 of"Deerfield", North seventy-three ' degrees fifty-five minutes forty-three seconds East, forty-five and one hundredths feet(N 730 55' 43" E - 45.01) to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having a central ' angle of 30° 41' 27", a radius of 530.00, an arc length of 283.90', and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West, two hundred eighty and fifty- one minutes(N 00°43' 34"W-280.511,to a point on the western right-of-way line of Deerfield Lane; thence continuing on the western right-of-way line of Deerfield Lane, North fourteen degrees thirty-seven minutes nine seconds East,one hundred fifteen and twenty-one hundredths feet (N 14° 37' 09" E 115.21'), to a point on the western right-of-way line of Deerfield Lane; ' thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 740 13' 16",a radius of 595.00',an arc length of 770.76', the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West, seven ' hundred seventeen and ninety-nine hundredths feet(N 22° 29' 29" W 717.99), to a point on the western right-of-way line.of Deerfield Lane; thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of"Deerfield", South thirty-six degrees fifty minutes fifty- seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 36°50' 1 57" W - 1,639.16') to a point on line of lands of Shippensburg Mobile Estates, Inc.; thence by lands of Shippensburg Mobile Estates, Inc., North forty-five degrees four minutes five seconds West, nine hundred two and ninety-nine hundredths feet(N 45° 04' 05" W 902.99), to a point; ' thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees five minutes two seconds West, one thousand one hundred ninety-five and fifty-five hundredths:feet (S 46° 05' 02" W 1,195.55) to a point; thence continuing by lands of Shippensburg Mobile Estates, Inc., South thirty-six degrees forty-one minutes thirteen seconds East, four hundred ' ninety-nine and twenty hundredths feet(S 360 41' 13" E-499.201),to a point;thence continuing by lands of Shippensburg Mobile Estates, Inc., South forty-six degrees thirteen minutes fifty- , r ' Special Warranty Deed—Page 3 ' nine seconds East, six hundred ninety-six and twenty-eight hundredths feet (S 46° 13' 59" E - 696.28'), to a point,being the northeastern corner of lands of Pennsylvania Electric Co.; thence by lands of William S.&Mary T. Craig,North forty-six degrees thirty-two minutes one second ' West, six hundred ninety-six and seventy-one hundredths feet (N 460 32' 01" W 696.71), to a point; thence by lands of Paul E. &Grace Hombaker,North thirty-six degrees forty-one minutes forty-five seconds West, five hundred and ninety-three hundredths feet (N 36° 41' 45" W - ' 500.93 '), to a point; thence by lands of Laverne B. & Norene S. Sensenig, North forty-six degrees five minutes two seconds East, one thousand four hundred thirty-one and ninety-four hundredths feet(N 46° 05' 02" E - 1,43194'), to a 1" iron pipe (found); thence continuing by ' lands of Laverne B. and Norene S. Sensenig,North fifty degrees forty-two minutes twenty-eight seconds West,five hundred forty and twenty-two hundredths feet(N 50°42,28"W- 540.22'),to a No.5 rebar (set); thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees thirty-four minutes fifty seconds East, one hundred ninety-five and sixteen ' hundredths feet(N 15° 34' 50"E- 195.16'),to a 1" iron pipe(found);thence continuing by lands of Laverne B. and Norene S. Sensenig, North fifteen degrees fifty-four minutes two seconds East, six hundred thirty-four and eighty-eight hundredths feet(N 15° 54'02"E-634.88'),to a 1" ' iron pipe(found);thence by lands of Ray E. and Jean L. Thrush,North eighty-five degrees zero minutes thirty-five seconds East, eight hundred forty-two and ninety-three hundredths feet (N 850 00' 35" E 842.93'), to a 1" iron pipe(found);thence by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,North eighty-five degrees fifty-two minutes twelve seconds East, one thousand Seven hundred eighty-six and fifty hundredths feet (N 85° 52' 12" E - 1,786.50), to a 1" iron pipe (found); thence continuing by lands of The Chester L. Smith and ' Pauline M. Smith Revocable Trust,North thirty-nine degrees fifty-three minutes sixteen seconds East, seventy-four and twenty-six hundredths feet (N 39° 53' 16" E - 74.26), to a No. 5 rebar (set); thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South forty-seven degrees twenty-eight minutes two seconds East, three hundred twenty- one and ninety-three hundredths feet (S 47° 28' 02" E - 32193"), to a 30" cherry tree; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust,North forty- ' two degrees forty-four minutes twenty-three seconds East, five hundred thirteen and one hundredth feet (N 42° 44' 23" E - 513.01') to a fence post; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust, South thirty-five degrees thirty-nine ' minutes thirty-three seconds East, eighty-five and seventy-six hundredths feet (S 35° 39' 33" E 85.76'), to a railroad spike (found) in the old roadbed of Newville Road; thence in and along Newville Road, South twenty-five degrees twenty-one minutes five seconds East, two hundred twenty-four and nine hundredths feet(S 25°21'05"E-224.09'),to a point in or near the existing ' centerline of Newville Road; thence in or near the centerline of Newville Road, South twenty- nine degrees forty-five minutes ten seconds East, eight hundred fifty-nine and fifty-five hundredths feet(S 29°45' 10" E- 859.55'), to a point in the centerline intersection of Newvil l e ' Road and Ritner Highway,the point of Beginning. i CONTAINING 127.544 Acres. ' EXCEPTING therefrom the following tracts of land: Special Warranty Deed--Page 4 ' ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield 'Lane and Inverness Lane,located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 303 on a Final Subdivision Plan of "Deerfield", ' recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument #200739185, which tract was conveyed as Instrument#200934950 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 13,2009. ' ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land ' shown more fully as Lot No. 382 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co.on February 28,2011. ' ALL THAT CERTAIN tract of lan d situate on the southeastern right of way of Deerfield � Y Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#201013738 recorded in the office for the Recording of Deeds ' in and for Cumberland Co.on May 27,2010. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield ' Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 145 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which ' tract was conveyed as Instrument#200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 27,2009. ' ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown morc fully as Lot No. 146 on a Final Subdivision'Plan of"Deerfield", recorded in the ' office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185, which tract was conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ' ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 147 on a Final Subdivision Plan of"Deerfield", recorded in the ' office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185, which tract was conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. r ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land Special Warranty Deed—Page 5 shown more fully as Lot No. 275 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 276 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 277 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument#200739185,which tract was conveyed as Instrument#200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 278 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942677 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County, Pennsylvania. Said tract of land shown more fully as Lot No. 279 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co., as Instrument 4200739185,which tract was conveyed as Instrument#200942678 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township, Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 280 on a Final Subdivision Plan of"Deerfield", recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185, which tract was conveyed as instrument 4200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co.on December 29,2009. BEING THE SAME PREMISES which the Sheriff of Cumberland County, by deed dated December 7, 2011, and recorded February 17, 2013 in the Office for the Recorder of Deeds in and for Cumberland County, Pennsylvania, at Instrument No. 201204906, granted and conveyed unto First Commonwealth Bank. Special Warranty Deed—Page 6 with the appurtenances: To Have and To hold the same to and for the use of the said GRANTEE, their heirs and assigns forever, and the GRANTOR for its successors and assigns hereby covenants and agrees that it will WARRANT SPECIALLY the property hereby conveyed. GRANTOR does not warrant specially any right, title or interest in and to any oil, gas, coal bed methane, coal, or any hydrocarbon or non-hydrocarbon minerals or elements or 1 constituents thereof in any physical state or form whatsoever,(hereinafter collectively referred to as "mineral rights"); however, GRANTOR does hereby quit claim unto GRANTEE any right, title or interest in and to any mineral rights which GRANTOR may have acquired by virtue of the conveyance of the property to GRANTOR by the hereinabove mentioned Deed. In Witness Whereof,the said GRANTOR has hereunto set its hand and seal the day and year first above written. WITNESS/ATTEST: FIRST COMMONWEALTH BANK, a Pennsylvania banking institution lv�' By: EAL) Title: tSpecial Warranty Deed—Page 7 ' ACKNOWLEDGMENT STATE OF ' COUNTY OF TA ono On this, the 1_ day of jo],t 2013, before me, a Notary Public, the undersigned officer, personally appeared t &r , of First Commonwealth Bank,known to me(or satisfactorily proven)to be the person whose name is subscribed to the within instrument, and acknowledged that he/she executed the same for the purposes therein contained on behalf of First Commonwealth Bank ' in his/her capacity as -SY- IN WITNESS WHEREOF, I have hereunto set my hand and seal. COMMONWEALTH OF PENNSYLVANIA PUBLIC Notary Publi INDIANA BOROUGH,INDIANA COUNTY MY COMMISSION EXPIRES MAY 1,2017 Certificate of Residence ' I hereby certify that the precise residence of the GRANTEE herein is 2121 Old Gatesburg Road, Suite 200,State College,Pennsylvania 16803. Signature 1 ROBERT P. ZIEGLER. RECORDER OF DEEDS CUMBERLAND COUNTY , 1 COURTHOUSE SQUARE CARLISLE,PA 17013 717-240-6370 Instrument Number-201325969 Recorded On 8/6/2013 At 8:14:33 AM *Total Pages-8 *Instrument Type DEED Invoice Number-143973 User 10-SW ' *Grantor-FIRST COMMONWEALTH BANK *Grantee-DEERFIELD DEVELOPMENT COMPANY LLC *Customer-APPLE LEAF ABSTRACTING&SETTLEMENT CO *FEES STATE TRANSFER TAX $12,750.00 Certification Page STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $23.50 DO NOT DETACH ' JUSTICE RECORDING FEES — $17.54 RECORDER OF DEEDS This page is now part ' PARCEL CERTIFICATION $645.00 of this legal document. FEES AFFORDABLE HOUSING $11.50 COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA $6,375.00 SCHOOL DISTRICT ' SHIPPENSBURG $1,020.00 TOWNSHIP SOUTHAMPTON TOWNSHIP $5,355.00 ' TOTAL PAID $26,203.00 I Certify this to be recorded in Cumberland County PA f /'d ' RECORDER O D DS t�eo *-Information denoted by an asterisk may change during the verification process and may not be reflected on this page. (I11 003MR''MII'' Ifl i��IIII��I�IWI(III III ` 00 2JZK ' Tax Parcel Nos. 39-12-0320-002 3942-0320-173 39-12-0320-184 39-12-0320-185 ' 39-12-0320-186 39-12-0326-293 39-12-0320-292 39-12-0320-291 39-12-0320-290 39-12-0320-289 39-12-0320-288 39-12-0320-287 ' 39-12-0320-286 39-12-0320-285 39-12-0320-284 39-12-0320-283 ' 39-12-0320-282 39-12-0320-281 39-1.2-0320-280 39-12-0320-279 39-12-0320-278 39-12-0320-161 39-12-0320-160 39-12-0320-159 ' 39-12-0320-157 39-12-0320-156 39-12-0320-155 39-12-0320-154 39-12-0320-153 39-12-0320-152 39-12-0320-151 39-12-0320-150 39-12-0320-149 36-12-0320-066 36-12-0320-065 36-12-0320-064 ' 36-12-0320-063 36-12-0320-062 36-12-0320-061 36-12-0320-060 39-12-0320-112 39-12-0320-111 3942-0320-108 Know all Men by these Presents That I,Ronny R. Anderson,Sheriff of the County of Cumberland,In the State of Pennsylvania,for and in consideration of the sum of$1.00(One Dollar),to me in hand �I ' paid,do hereby grant and convey to First Commonwealth Bank,. �I 2011-6863 Civil Term ' First.Commonwealth Bank Vs 1DGK Properties LP ' Atty:Susan P.Peipher ALL THAT CERTAIN tract of land located on the north side of Ritner Highway(SR-011),also ' ]mown as US Route 11 and on the west side of Newville Road(SR-0533),also known as PA Route 533,said tract is situate partly in Southampton Township and situate partly in Shippcnsburg Township,Cumberland County,Pennsylvania,more fully on a Final Subdivision ' and Land Development Plan of"Deerfield"prepared by ELA Group,Inc.and recorded as Instrument No.200739185,said tract of land bounded and described as follows: .._ .w ..— —...-rw..y,.w�+i..w-w.iil.'.'.'."'..'�`.{'.. ........r�'rr+rrtr...w«ew.....e...-...... .......-+...r. 't............�....Yir.. ' BEGINNING at a point in the centerline intersection of Ritner Highway and Newville Road, thence in the centerline of Ritner Highway,on a curve concave to the south having a central angle of 26 07'08",a radius of 11,459.16',an arc length of 423.79',and the chord thereof being South fifty-four.degrees twenty-eight minutes fifty-seven seconds West,four hundred twenty-three and seventy-seven hundredths feet(S 546 28'57"W-423.77'),to a point in Ritner Highway;thence continuing in the centerline of Ritner Highway,South fifty-three degrees twenty-five minutes twenty-three seconds West,one thousand two hundred eighty-six and fifty-four hundredths feet ' ($536 25' 23"W- 1,286.54')to a point in the centerline of Ritner Highway;thence continuing in the centerline of Ritner Highway,on a curve concave to the south,having a central angle of 86 30'00",a radius of 5,729.58',an are length of 850.00,and the chord thereof being South forty- nine degrees ten minutes twenty-three seconds West,eight hundred forty-nine and twenty-two hundredths feet(S 49610'23"W-849.22'),to a point in the centerline of Ritner Highway; thence continuing in the centerline of Ritner Highway,South forty-four degrees fifty-five minutes twenty-three seconds West,three hundred eighty-four and eighty-three hundredths feet(S 446 55' 23"W-384.83'),to a point in the centerline of Ritner Highway;thence leaving Ritner Highway, partially by lands of Amerigas Propane,LP,North forty-five degrees fifty-six minutes thirty-one seconds West,twenty-five and zero hundredths feet(N 456 56'31"W-25.00'),to a point on the ' existing northern right-0f--way line of Ritner Highway;thence along the existing northern right- of-way line of Ritner Highway,North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 446 55'23"E-385.20'),to a point on the existing northern right-of-way line of Ritner Highway;thence continuing on the existing northern right-of-way line of Ritner Highway on a curve concave to the south having a central angle of 006 28' 13",a radius of 5,754.28',an arc length of 47.22',and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East,forty-seven and twenty-two ' hundredths feet(N 456 09'29"E-47.22'),to a point on the northern existing right-of--way line of Ritner Highway;thence leaving the northern right-of-way line of Ritner Highway,by Lot No. 1 of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 446 36'25"W-280.35'),to a point;thence continuing by Lot No. I of"Deerfield".North forty-six degrees zero minutes forty-nine seconds East,three hundred seventeen and twenty hundredths feet(N 466 00'49"E-317.20')to a point; thence continuing by Lot No. I of"Deerfield",North seventy-three degrees fifty-five minutes ' forty-three seconds East,forty-five and one hundredths feet(N 736 55'43"E-45.01)to a point on the western right-of-way line of Deerfield Lane;thence along the western right-of-way line of Deerfield Lane on a curve concave to the east,having a central angle of 306 41'27",a radius of ' 530.00',an arc length of 283.90',and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West,two hundred eighty and fifty-one minutes(N 006 43'34"W- 280.5l'),to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield Lane;North fourteen degrees thirty-seven minutes nine ' seconds East,one hundred fifteen and twenty-one hundredths feet(N 14°37'09"E- 115.2 V),to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-0f--way line of Deerfield Lane on a curve concave to the west having a central angle of 746 ' 13' 16"1 a radius of 595.00',an arc length of 770.76',the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine seconds West,seven hundred seventeen and ninety-nine hundredths feet(N 226 29'29"W 717.99'),to a point on the western right-of-way line of Deerfield Lane;thence leaving the western right-of-way line of Deerfield Lane and by Lot No.3 of"Deerfield".South thirty-six degrees fifty minutes fifty-seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 366 50' 57"W- 1,639.16')to a point on line of lands of Shippensburg Mobile Estates,Inc.;thence by lands of Shippensburg Mobile Estates, ' Inc.,North forty-five degrees four minutes five seconds West,nine hundred two and ninety-nine hundredths feet(N 456 04'05"W 902.99'),to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc.,South forty-six degrees five minutes two seconds West,one thousand one hundred ninety-five and fifty-five hundredths feet(S 46°05'02"W 1,195.55 )to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc.,South thirty-six degrees forty-one minutes thirteen seconds East,four hundred ninety-nine and twenty hundredths feet(S 360 41' 13"E-499.20'),to a point;thence continuing by lands of Shippensburg Mobile Estates, Inc.,South forty-six degrees thirteen minutes fifty-nine seconds East,six hundred ninety-six and twenty-eight hundredths feet(S 46°13'59"E-696.28'),to a point,being the northeastern comer of lands of Pennsylvania Electric Co.;thence by lands of William S.&Mary T.Craig,North forty-six degrees thirty-two minutes one second West,six hundred ninety-six and seventy-one hundredths feet(N 460 32'01"W 696.71'),to a point;thence by lands of Paul E.&Grace Ilornbaker,North thirty-six degrees forty-one minutes forty-five seconds West,five hundred and ninety-three hundredths feet(N 36°41'45"W-500.93'),to a point;thence by lands of Laverne B.&Norene S.Sensenig,North forty-six degrees five minutes two seconds East,one thousand four hundred thirty-one and ninety-four hundredths feet(N 46°05'02"E-1,431.94'),to a 1" iron pipe(found);thence continuing by lands of Laverne B.and Norene S.Sensenig,North fifty degrees forty-two minutes twenty-eight seconds West,five hundred forty and twenty-two hundredths feet(N 500 42'28"W-540.22'),to a No.5 rebar(set);thence continuing by lands of Laverne B.and Norene S.Sensenig,North fifteen degrees thirty-four minutes fifty seconds East, one hundred ninety-five and sixteen hundredths feet(N 15°34'50"E-195.16'),to a 1"iron pipe (found);thence continuing by lands of Laverne B.and Norene S. Sensenig,North fifteen degrees fifty-four minutes two seconds East,six hundred thirty-four and eighty-eight hundredths feet(N 150 54'02"E-634.88'),to a 1"iron pipe(found);thence by lands of Ray E.and Jean L.Thrush, North eighty-five degrees zero minutes thirty-five seconds Fast,eight hundred forty-two and ninety-three hundredths feet(N 850 00' 35"E 842.93'),to a 1"iron pipe(found);thence by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North eighty-five degrees fifty-two minutes twelve seconds East,one thousand seven hundred eighty-six and fifty hundredths feet(N 85°52' 12",E- 1,786.50'),to a 1"iron pipe(found);thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North thirty-nine degrees fifty-three minutes sixteen seconds East,seventy-four and twenty-six hundredths feet(N 390 53' 16"E-74.26'),to a No.5 rebar(set);thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,South forty-seven degrees twenty-eight minutes two seconds East,three hundred twenty-one and ninety-three hundredths feet(S 47°28'02"E-321.93"1,to a 30"cherry tree;thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,North forty-two degrees forty-four minutes twenty-three seconds East,five hundred thirteen and one hundredth feet(N 42°44'23"E-513.01')to a fence post;thence continuing by lands of The Chester L.Smith and Pauline M.Smith Revocable Trust,South thirty- five degrees thirty-nine minutes thirty-three seconds East,eighty-five and seventy-six hundredths feet(S 35°39'33"E 85.76'),to a railroad spike(found)in the old roadbed of Newville Road; thence in and along Newville Road,South twenty-five degrees twenty-one minutes five seconds East,two hundred twenty-four and nine hundredths feet(S 25°21'05"E-224.09'),to a point in or near the existing centerline of Newville Road;thence in or near the centerline of Newville Road,South twenty-ninc degrees forty-five minutes ten seconds East,eight hundred fifty-nine and fifty-five hundredths feet(S 29°45' 10"E-859.55'),to a point in the centerline intersection of Newville Road and Ritner Highway,the point of Beginning. CONTAINING 127.544 Acres. BEING THE SAME PREMISES which Trust Investment Group,LLC,a Pennsylvania Limited Liability Corporation,by deed dated October 12,2007 and recorded October 16,2007 in the Office for the Recorder of Deeds in and for Cumberland County,Pennsylvania,to Instrument No. 200739593,granted and conveyed unto DGK Properties,LP,its successors and assigns. EXCEPTING therefrom the following tracts of land: ALL THAT CERTAIN tract of land situate at the north intersection of Deerfield Lane and Inverness Lane,located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.303 on a Final Subdivision Plan of"Deerfield", i recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument i #200739185,which tract was conveyed as Instrument#200934950 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 13,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Jericho Lane, . located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.382 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#201106706 recorded in the office for the Recording of Deeds in and for Cumberland Co.on February 28,2011. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, ' located in Southampton'Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 144 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#201013738 recorded in the office for the Recording of Deeds in and for Cumberland Co.on May 27,2010.. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No. 145 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200936393 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 27,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.146 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942672 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the southeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.'147 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942673 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.275 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942674 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ' ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.276 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as instrument#200739185,which tract was conveyed as Instrument#200942675 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate.on the northeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.277 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942676 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.278 on-a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942677 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, ' located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown more fully as Lot No.279 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was conveyed as Instrument#200942678 recorded in the office for the Recording of Deeds in and for Cumberland Co.on October 29,2009. ALL THAT CERTAIN tract of land situate on the northeastern right of way of Deerfield Lane, located in Southampton Township,Cumberland County,Pennsylvania. Said tract of land shown .more fully as Lot No.280 on a Final Subdivision Plan of"Deerfield",recorded in the office for the Recording of Deeds in and for Cumberland Co.,as Instrument#200739185,which tract was 1 conveyed as Instrument#200942679 recorded in the office for the Recording of Deeds in and for Cumberland Co.on December 29,2009. t The same having been sold by me to the said grantee on the.7th day of December, Anno Domini Two Thousand and Eleven(2011)after due advertisement according to ' law,under and by Virtue of a Writ of Execution issued on the 22nd of July Anno Domini 2011 out of the Court of Common Pleas of Cumberland County,Pennsylvania,.as of Civil Term,Two Thousand and Eleven(2011)Number 6863 at the suit of ' First Commonwealth Bank v DGK Properties,I.P. t ' In Witness Whereof,I have hereunto affixed my signature this 17th day of January Anno Domini Two Thousand and'Twelve(2012) t o R.Anderson,Sheriff ' Commonwealth of Pennsylvania,ss. County of Cumberland ' Before the undersigned,David D.Buell,Prothonotary of the Court of Common ' Pleas of Cumberland County,Pennsylvania,personally appeared Ronny R.Anderson, Sheriff of Cumberland County aforesaid,and in due form of law declared that the facts tSet forth in the foregoing Deed are true,and that he acknowledged the same in order that Said deed might be recorded. Witness my hand and seal of said Court,this 1 7th day ' of January Anno Domini Two Thousand and Twelve (2012) s Proth tary ' No;honotary.QndmNjWle Catide.PA 1•1Y'Cnmm(f w E*ka dw Malay of jai.2011 ' I hereby certify at the residence +' And Post Office address of the Within Grantee is 654 Phildelphia Street ' Indiana,PA 15701 ��'.� ,...•r. ly,i/. Solicitor y f 1 1 1 ` Rev-183(04-10) RECORDER'S USE ONLY ' Pennsylvania REALTY TRANSFER TAX State Tax Paid .__. - DEPARTMENT Of REVENUE STATEMENT OF VALUE Book Number ,111 Bureau of Individual Taxes Dept.280603 See Reverse for Instructions Pape Number 0 Harrisburg,PA 171284603 I Date Recorded AMUR Complete each section and file in duplicate with Recorder of Deeds when(1)the full value/consideration Is not set forth in the deed,(2)the deed is without consideration or by gift,or(3)a tax exemption is claimed. A Statement of Value is not required if the transfer is wholly exempt from tax based on family relationship or public utility easement. If more space is needed,attach additional sheets. A. CORRESPONDENT—All inquiries maybe directed to the following person: Name Telephone Number ' Susan P.Peipher,Esq..Blakinger.Byler&Thomas,P.C. (717)299.1100 i Street Address City TPA te ZIP Code i 28 Penn Square Lancaster P 7603 ' B. TRANSFER DATA C.Date of Acceptance of Document: l Grantor(s)/Lessor(s) Grantee(syLessee(s) Sheriff of Cumberland County First Commonwealth Bank I Melling Address Mailing Address 1 Courthouse Square,Room 303 654 Philadel hie St. City htam IP Code City State ZIP Code Carlisle PA 17013 Indiana PA 15701 D. REAL ESTATE LOCATION Street Address City,Township,Borough 1041 Ritner Highway Shippensburg,Southam ton Townshi County School District Tax Parcel Number Cumberland Shippensburq 139-12-0320-002 E. VALUATION DATA–WAS TRANSACTION PART OF AN ASSIGNMENT OR RELOCATION? O Y ■N 1.Actual Cash Consid lion 2.Other Consideration 3.Total Consideratim +$0.00 7 4.County Assessed Value 5.Common Level Ratio Factor 6.Fair Market Value _67TAN.00 1.0 2.677.800.00 F. EXEMPTION DATA 1a.Amount of Exemption Claimed 1b.Percentage of Grantor's Interest in Real Estate 1c.Percentage of Grantor's Interest Conveyed 10000 1000/0 - 100% Check Appropriate Box Below for Exemption Claimed. ' ❑ Will or:intestate succession. (Name of Decedent) (Estate File Number) • Transfer to a trust. (Attach complete copy of trust agreement identifying all beneficiaries.) ' • Transfer from a trust. Date of transfer into the trust if trust was amended attach a copy of original and amended trust. ❑ Transfer between principal and agent/straw party.(Attach complete copy of agency/straw party agreement.) t ❑ Transfers to the Commonwealth,the U.S.,and instrumentalities by gift,dedication,condemnation or in lieu of condemnation. (If condemnation or in lieu of condemnation,attach copy of resolution.) ■ Transfer from mortgagor to a holder of a mortgage in default. (Attach copy of mortgage and note/assignment.) ' ❑ Corrective or confirmatory deed.(Attach complete copy of deed to be corrected or confirmed.) ❑ Statutory corporate consolidation,merger or division.(Attach copy of articles.) d Other(Please explain exemption claimed.) Under peipitles of law, t declare that I have examined this statement, including accompanying Information, and to the best of my ' knowleduii and belief a rrect and complete. - Slgnatureof e t Ay Date f � 1 i ' FAILUR P THIS FOr PROPERLY OR ATTACH REQUESTED DOCUMENTATION MAY RESULT IN THE RECORDER'S REFUSAL TO RECORD THE DEED. + + ROBERT P. ZIEGLER. RECORDER OF DEEDS CUMBERLAND COUNTY L 1 COURTHOUSE SQUARE - CARLISLE,PA 17013 - 717-240-6370 4 Instrument Number-201244906 Recorded On 2/17/2012 At 1:38:38 PM *Total Pages-9 *Instrument Type-DEED-SHERIFF'S Invoice Number-102288 User ED-MSW *Grantor-DGK PROPERTIES LP *Grantee-FIRST COMMONWEALTH BANK *Customer-BLAW LAGER BYLER&THOMAS *FEES STATE WRIT TAR $0.50 Certification Page STATE JCS/ACCESS TO $23.50 JUSTICE DO NOT DETACH RECORDING FEES $18.50 RECORDER OF DEEDS PARCEL CERTIFICATION $430.00 This page is now part FEES of this legal document. AFFORDABLE HOUSING $11.50 COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA SCHOOL $0.00 DISTRICT SHIPPENSBURG TOWNSHIP $0.00 SOUTHAMPTON TOWNSHIP $0.00 TOTAL PAID $489.00 I Certify this to be recorded in Cumberland County PA u , RECORDER O D DS •-Information denoted by ae asterisk may change during the verification process and may not be reflected on this page. 1 1111111�1102J11�1��11{ ' y Prepared by: Bradley A.Zuke,Esq. Appel&Yost LLP 33 North Duke Street Lancaster,PA 17602 (717)394-0521 Return to: Bradley A.Zuke,Esq. ' Appel&Yost LLP 33 North Duke Street Lancaster,PA 17602 (717)394-0521 �. Parcel 11)4: Part of 39-12-0320-015 Part of 39-12-0320-002 DEED THIS INDENTURE made the of Cat,GL4.- in the year Two Thousand Seven(2007). BETWEEN,TRUST INVESTMENT GROUP,LLC,a Pennsylvania limited liability company,with offices at 95 Brim Boulevard,Chambersburg,Pennsylvania,(hereinafter called the Grantor)party of the one part, AND DGK PROPERTIES,LP,a Pennsylvania limited partnership,with offices at 408 West James Street, Lancaster,Pennsylvania,(hereinafter called the Grantee)party of the other part, ' WITNES SETH that the said Grantor for and in consideration of the sum of Six Million Three Hundred Thousand and 00/100($6,300,000.00)Dollars,lawful money of the United States of America unto it well and truly paid by the said Grantee,at or before the sealing and delivery thereof,the receipt whereof is hereby acknowledged,has granted, bargained and sold.released and confirmed,and by these presents does grant,bargain and sell,release and confirm unto the said Grantee, its successors and assigns, ALL THAT CERTAIN tract of land located on the north side of Ritner Highway(SR- ' 011). also known as US Route 11 and on the west side ofNewville Road (SR-0533), also known as PA 'Route 533,said tract is situate partly in Southampton Township and situate partly in Shippensburg Township,Cumberland County,Pennsylvania, more fully on a Final Subdivision and .Land.Development Plan of"Deerfield"prepared by ELA Group,Inc.and recorded as t ' Instrument No.200739185,said tract of land bounded and described as follows: BEGINNING at a point in the centerline intersection of Ritner Highway and Newville Road, thence in the centerline of Ritner Highway,on a curve concave to the south having a central angle of 2'07' 08",a radius of 11,459.16',an arc length of 423.79',and the chord thereof being South fifty-four degrees twenty-eight minutes fifty-seven seconds West, four hundred ' twenty-three and seventy-seven hundredths feet(S 54'28' 57"W 423.77'),to a point in Ritner Highway; thence continuing in the centerline of Ritner Highway,South fifty-three degrees twenty-five minutes twenty-three seconds West,one thousand two hundred eighty-six and fifty- ' four hundredths feet(S 53' 25' 23"W- 1,286.54')to a point in the centerline of Ritner Highway;thence continuing in the centerline of Rimer Highway,on a curve concave to the south, having a central angle of 8' 30' 00",a radius of 5,729.58',an arc length of 850.00',and the chord thereof being South forty-nine degrees ten minutes twenty-three seconds West,eight hundred ' forty-nine and twenty-two hundredths feet(S 49' 10' 23"W- 849.22'),to a point in the centerline of Ritner Highway;thence continuing in the centerline of Ritner Highway, South forty- four degrees fifty-five minutes twenty-three seconds West,three hundred eighty-four and eighty- ' three hundredths feet(S 44' 55' 23"W-384.83'),to a point in the centerline of Ritner Highway; thence leaving Ritner Highway,partially by lands of Amerigas Propane,LP,North forty-five degrees fifty-six minutes thirty-one seconds West,twenty-five and zero hundredths feet(N 45' ' 56' 31"W 25:00'),to a point on the existing northern right-of-way line of Ritner Highway; thence along the existing northern right-of-way line of Ritner Highway,North forty-four degrees fifty-five minutes twenty-three seconds East,three hundred eighty-five and twenty hundredths feet(N 44'55' 23"E-385.20'),to a point on the existing northern right-of-way line of Ritner Highway;thence continuing on the existing northern right-of-way line of Rimer Highway on a curve concave to the south having a central angle of 00'28' 13",a radius of 5,754.28',an arc ' length of 47.22',and the chord thereof being North forty-five degrees nine minutes twenty-nine seconds East,forty-seven and twenty-two hundredths feet(N 45' 09' 29"E-47.22'),to a point on the northern existing right-of-way line of Ritner Highway;thence leaving the northern right- ' of-way line of Ritner Highway,by Lot No. 1 of"Deerfield",North forty-four degrees thirty-six minutes twenty-five seconds West,two hundred eighty and thirty-five hundredths feet(N 44' 36' 25"W -280.35'),to a point;thence continuing by Lot No. 1 of"Deerfield",North forty-six ' degrees zero minutes forty-nine seconds East,three hundred seventeen and twenty hundredths feet(N 46' 00' 49"E 317.20')to a point;thence continuing by Lot No. I of"Deerfield", North seventy-three degrees fifty-five minutes forty-three seconds East, forty-five and one hundredths ' feet(N 73" 55' 43"E -45:01')to a point on the western right-of-way line of Deerfield Lane; thence along the western right-of-way line of Deerfield Lane on a curve concave to the east, having a central angle of 30'41' 27",a.radius of 530.00',an arc length of 283.90',and the chord thereof being North zero degrees forty-three minutes thirty-four seconds West,two hundred eighty and fifty-one minutes(N 00'43' 34" W-280.512).to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield lane, North fourteen degrees thirty-seven minutes nine seconds East, one hundred fifteen and twenty- one hundredths feet(N 14' 37' 09"E- l 15.21'),to a point on the western right-of-way line of Deerfield Lane;thence continuing on the western right-of-way line of Deerfield Lane on a curve concave to the west having a central angle of 74' 13' 16",a radius of 595:00', an arc length of ' 770.76',the chord thereof being North twenty-two degrees twenty-nine minutes twenty-nine �I I� ' seconds West,seven hundred seventeen and ninety-nine hundredths feet(N 22'29' 29"W- 717.99'),to a point on the western right-of-way line of Deerfield Lane;thence leaving the western right-of-way line of Deerfield Lane and by Lot No. 3 of"Deerfield", South thirty-six ' degrees fifty minutes fifty-seven seconds West,one thousand six hundred thirty-nine and sixteen hundredths feet(S 36' 50' 57"W- 1,639.16')to a point on line of lands of Shippensburg Mobile Estates,Inc.;thence by lands of Shippensburg Mobile Estates, Inc.,North forty-five degrees four ' minutes five seconds West,nine hundred two and ninety-nine hundredths feet(N 45'04' 05"W- 902.99 ),to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc., South forty-six degrees five minutes two seconds West,one thousand one hundred ninety-five and fifty- ' five hundredths feet(S 46'05' 02"W- 1,195.55')to a point;thence continuing by lands of Shippensburg Mobile Estates,Inc.,South thirty-six degrees forty-one minutes thirteen seconds East. four hundred ninety-nine and twenty hundredths feet(S 36'41' 13"E-499.20'),to a point; thence continuing by lands of Shippensburg Mobile Estates,Inc.,South forty-six degrees thirteen minutes fifty-nine seconds East,six hundred ninety-six and twenty-eight hundredths feet(S 46' 13` 59"E- 696.28'),to a point,being the northeastern corner of lands of Pennsylvania Electric Co.;thence by lands of William S.&Mary T.Craig,North forty-six degrees thirty-two minutes one second West,six hundred ninety-six and seventy-one hundredths feet(N 46' 32' 01"W - 696.71'),to a point;thence by lands of Paul E. &Grace Hombaker,North thirty-six degrees forty-one minutes forty-five seconds West,five hundred and ninety-three hundredths feet(N 36' ' 41' 45"W 500.93'),to a point;thence by lands of Laverne B. &Norene S. Sensenig,North flirty-six degrees five minutes two seconds East,one thousand four hundred thirty-one and ninety-four hundredths feet(N 46'05' 02"E- 1,431.94'),to a 1"iron pipe(found);thence ' continuing by lands of Laverne B.and Norene S. Sensenig,North fifty degrees forty-two minutes twenty-eight seconds West, five hundred forty and twenty-two hundredths feet(N 50`42' 28"W -540.22'), to a No. 5 rebar(set);thence continuing by lands of Laverne B.and Norene S. ' .Sensenig,North fifteen degrees thirty-four minutes fifty seconds East,one hundred ninety-five and sixteen hundredths feet(N 15' 34' 50"E- 195.16'),to a I"iron pipe(found);thence continuing by lands of Laverne B. and Norene S. Sensenig,North fifteen degrees fifty-four minutes two seconds East,six hundred thirty-four and eighty-eight hundredths feet(N 15' 54' 02"E-634.88 ),to a I"iron pipe(found);thence by lands of Ray E.and Jean L. Thrush,North eighty-five degrees zero minutes thirty-five seconds East,eight hundred forty-two and ninety- three hundredths feet(N 85'00' 35"E- 842.93'),to a 1"iron pipe(found);thence by lands of ' The Chester L. Smith and Pauline'M. Smith Revocable Trust.North eighty-five degrees fifty-two minutes twelve seconds East,one thousand seven hundred eighty-six and fifty hundredths feet (N ' 85'52' 12" E 1,786.50'),to a 1"iron pipe(found);thence continuing by lands of The Chester I_Smith and Pauline M. Smith Revocable Trust,North thirty-nine degrees fifty-three minutes sixteen seconds East,seventy-four and twenty-six hundredths feet(N 39' 53' 16"E-74.26'),to a no. 5 rebar(set);thence continuing by lands of The Chester L. Smith and Pauline M. Smith ' Rex•ocable Trust,South forty-seven degrees twenty-eight minutes two seconds East.three hundred twenty-one and ninety-three hundredths feet(S 47'28' 02"E-321.93"),to a 30"cherry tree; thence continuing by lands of The Chester L. Smith and Pauline M. Smith Revocable Trust. ' North forty-two degrees forty-four minutes twenty-three seconds East,five hundred thirteen and one hundredth feet(Ni 42'44'23"E-513.01')to a fence post;thence continuing by lands of The Chester L. Smith and Pauline M.Smith Revocable Trust,South thirty-five degrees thirty-nine minutes thirty-three seconds East,eighty-five and seventy-six hundredths feet(S 35' 39' 33"E - 85.761),to a railroad spike(found)in the old roadbed of Newville Road;thence in and along Newville Road,South twenty-five degrees twenty-one minutes five seconds East,two hundred twenty-four and nine hundredths feet(S 25°21',05"E-224.09'),to a point in or near the ' existing centerline of Newville Road;thence in or near the centerline of Newville Road, South twenty-nine degrees forty-five minutes ten seconds East,eight hundred fifty-nine and fifty-five hundredths feet(S 29'45' 10"E-859.55'),to a point in the centerline intersection of Newville ' .Road and Ritner Highway,the point of Beginning. CONTAINING 127.544 Acres ' BEING PART OF THE SAME PREMISES which Robert C. Smith,single,by Indenture dated 08-31'-05 and recorded 09-26-05 in the Office of the Recorder of Deeds in and for the ' County of Cumberland in Deed Book 271,Page 605,granted and conveyed unto Trust Investment Group,LLC, a Pennsylvania limited liability company. AND BEING PART OF THE SAME PREMISES which Mickey W.Nye,a.k.a.Mickey ' Wade Nye,a.k.a.W.Mickey Nye,a.k.a.Wade Mickey Nye,J. Harold Kauffman, a.k.a. J. Harold. Kaufman,and Frank C.Nye,as Administrators C.T.A.,a.k.a.Co-Executors of the Estate of Frank I .Hollar,Jr.,deceased,by Indenture dated 01-06-06 and recorded 01-17-06 in the.Office ' of the Recorder of Deeds in and for the County of Cumberland in Deed Book 272,Page 3962, granted and conveyed unto Trust investment Group,LLC,a Pennsylvania Limited Liability Corporation. ' The realty transfer taxes shall be split as follows: ' Southampton Township 90.0% $56,700.00 Shippensburg.Township 10.0% 6.300.00 100% $63,000.00 AND the said Grantor covenants that it will warrant SPECIALLY the property hereby conveyed. ' IN WITNESS WHEREOF the undersigned Grantor has executed this Deed the day and year first above written. ' WITNESS: Trust Investment Group,LLC .�•. By ' �: Brian McNew,Member By Albert L. Kirkner,Member I hereby certify that the precise residence of the within grantee is: ' PO Box 1998 ' 408 West James Street Lancaster,PA 17608-1998 APPEL& YOST, LLP BY a ' ''Bra ley A Zuke 'I COMMONWEALTH OF PENNSYLVANIA ) )SS. COUNTY OF LANCASTER ) On this " day of d 7 2007,before me,the undersigned.officer, personally appeared,Brian Whew and Albert L. Kirkner,who acknowledged themselves to be the members of Trust investment Group,LLC and that they as such officers,being authorized to do so,executed the foregoing instrument for the purposes therein contained by signing the name of the corporation by themselves as members. IN WITNESS THEREOF,I hereunto set my hand and icial s 1. Notary Public COMMO M MANIA_ NO ft MIDI L4=MM 9Vft*W 121,A11 ftW&*aW-a AssoeuNon N t�oants COMMONWEAC(H OF PENNSYLVANIA NDteAel Seel Pame13 R FIO kft Notuy Publc 0tjF of L&=dsr.Lancaster 000* My CoetmlWM E>altrt Sept 21,21111 Member.Pennsyivanla Assodatlon of Notaries I ROBERT P. ZIEGLER RECORDER OF DEEDS CUMBERLAND COUNTY 1 COURTHOUSE SQUARE CARLISLE,PA 17013 717-240-6370 ' I . r 1 1 Instrument Number-200739593 Recorded On 10/15/2007 At 9:49:35 AM *Total Pages-7 *Instrument Type-DEED Invoice Number-6771 User ID-AF *Grantor-TRUST INVESTMENT GROUP LLC *Grantee-DGK PROPERTIES LP *Customer-AARDVARK *FEES ' STATE TRANSFER TAX $63,000.00 Certification Page STATE WRIT TAX $0.50 STATE JCS/ACCESS TO $10.00 DO NOT DETACH JUSTICE RECORDING FEES - $15.50 This page is now part RECORDER OF DEEDS AFFORDABLE HOUSING $11.50 of this legal document. COUNTY ARCHIVES FEE $2.00 ROD ARCHIVES FEE $3.00 SHIPPENSBURG AREA $31,500.00 ' SCHOOL DISTRICT SNIPPENSBURG $3,150.00 ', TOWNSHIP SOUTHAMPTON $28,350.00 TOWNSHIP TOTAL PAID $126,042.50 I Certify this to be recorded in Cumberland County PA. RECORDER O D DS -Information denoted by an asterisk may change during 1 the verification process and may not be reflected on this page. 1 0007GK II[Illlllllllll�iflll[II 1 3 1 1 - �-'" Prepared By: Barley Snyder 1 r,, 501 Washington Street P.Q.Box 942 Reading,PA 19603-0942 (610)376-6651 Return To: Charles B.Haws,Esquire Instrument No. 200739185 1 ' DECLARATION OF COVENANTS,CONDITIONS AND.RESTRICTIONS FOR MERKEL%A PLANNED COMMUNITY Pursuant to the provisions of the Pennsylvania Uniform Planned Community Act, 68 Pa.C.S. §5101 et M. ("Act") 1� 04/1112013 11:47:10 AM CUMBERLAND COUNTY Intl 200822038-Page 1 of 66 .F Eft Vill,111111 iLt ! g + ' r : ��! nx at ►aa* Ac R IMF 0P LLJ uj LL ! 5 RSS SSSSiiSS3S1fSi LJ t6EED6°OLte°6EE6 —: ► _ E 4 � 1 Q < It �i�1 elf t ! i.# E ,1 }�}.�� ! ! 't, $E R`i•,,rrI�Y' f'�,� ii1li��!�(((�€ p.� �}i tPti �� .�� Q itf�}} �#ti �t `t ¢a � ��!'EIr �� (}#! !} i i� III PR ON; '� ��I E r}! 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' lrvA.d tl.WWbYl MGNiG�'I - tlGM a IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant _.. No. 13-7049 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEA,t© OF ASSESSMENT APPEALS Z cc:). Appellee , Praecipe to Intervene and---' ` y' Entry of Appearance Filed on behalf of : SHIPPENSBURG AREA SCHOOL DISTRICT Counsel of Record for this Party: DAVID P. ANDREWS, ESQUIRE Solicitor, Shippensburg Area School District Pa. I.D. # 25439 ANDREWS & BEARD 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603 (814) 943-7796 (814) 943-0519 (Fax) dandrewsa-andrewsbeard.com 4 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant No. 13-7049 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEAL OF ASSESSMENT APPEALS Appellee PRAECIPE TO INTERVENE AND ENTRY OF APPEARANCE TO THE PROTHONOTARY: The Shippensburg Area School District, Intervenor, hereby intervenes in the above-captioned matter. Please also enter the appearance of the undersigned on behalf of Shippensburg Area School District. ANDRE S & BEARD By David P. Andrews, Esquire P.A. I.D. No. 25439 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603-1311 (814) 943-7796 J IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA DEERFIELD DEVELOPMENT CIVIL DIVISION — LAW COMPANY, LLC, Appellant No. 13-7049 V. REAL ESTATE TAX CUMBERLAND COUNTY BOARD ASSESSMENT APPEAL OF ASSESSMENT APPEALS Appellee CERTIFICATE OF SERVICE I, David P. Andrews, Esquire, hereby certify that the foreVday PRAECIPE TO INTERVENE AND ENTRY OF APPEARANCE was served this of December, 2013, via US First Class Mail, on the following: Cumberland County Board of Assessment Appeals: Cumberland County Assessment Office: Board of Assessment Appeals Cumberland County Assessment Office Cumberland County Courthouse Cumberland County Courthouse One Courthouse Square, Room 107 One Courthouse Square, Room 107 Carlisle, PA 17013 Carlisle, PA 17013 Shippensburg Township: Southampton Township: Shippensburg Township Southampton Township P.O. Box 219 200 Airport Road Shippensburg, PA 17257 Shippensburg, PA 17257 Deerfield Development Company, LLC: John J. Murphy, III, Esquire Patrono &Associates, LLC 28 West Middle Street Gettysburg, PA 17325 A WS & E David P. Andrews, Esquire P.A. I.D. No. 25439 3366 Lynnwood Drive P.O. Box 1311 Altoona, PA 16603-1311 DEERFIELD DEVELOPMENT COMPANY, LLC, Appellant v. CUMBERLAND COUNTY BOARD OF r., ASSESSMENT APPEALS, Appellee IN THE COURT OF COMMON PLEAS OF THE NINTH JUDICIAL DISTRICT 2013 -07049 CIVIL TERM ASSESSMENT APPEAL IN RE: NOTICE OF APPEAL ORDER OF COURT AND NOW, this 10th day of March 2014, upon consideration of the Notice of Appeal, a de novo HEARING is scheduled for 13 August 2014 at 9:30 a.m. in Courtroom Number Six of the Cumberland County Courthouse, Carlisle, Pennsylvania. PETITIONER shall serve the Notice of Appeal and this Order of Court upon all interested parties. BY THE COURT Thomas A. Placey Distribution: ./.,John J. Murphy III, Esq. ,,,../(o-hn G. French, Esq., Solicitor 'nnie Mahoney, Chief Assessor e- es Mit LEL 3 %ir1ly C.P.J. C) rn rrl .c 4 );:.