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Home My WebLink About04-09-14 (2) �/ I po 1 l . N ' NON-JUDICIAL SETTLEMENT AGREE�ENT ° � � PURSUANT TO 20 Pa. C.S.A. § 7710� � � � o R, � �, N � z � Dederer Irrevocable Trust � � !? c� ; � C7 �.j p -p "�t"�' o C> � 't� 3 � � TI�IS NON-JUDICIAL SETTLEMENT AGREEMEN�is�ade effec�� this �'t{• day of /U°��/- , 2013, by and am�g STEP�EIW� DEDERER (the "Trustee" or individually by his first name), ROSS W. DEDERER, GftEGORY L. DEDERER, and STUART G. DEDERER, each being adult individuals and referred to herein by their first names or collectively as the "Beneficiaries." WHEREAS, Stephen is the sole trustee of the Dederer Irrevocable Trust (the "Irrevocable Trust") created under an Irrevocable Agreement of Trust dated July 31, 2012 (the "Irrevocable Trust Agreement"), by Susan K. Dederer, deceased ("Mrs. Dederer") as settlor. Mrs. Dederer is the mother of Stephen and grandmother of Ross, Gregory, and Stuart; and WHEREAS, the Irrevocable Trust was created by Mrs. Dederer pursuant to a Family Settlement Agreement entered on August l, 2012, by and among Mrs. Dederer, Stephen, Ross, Gregory, Stuart, Suzanne M. Dederer, who is Mrs. Dederer's daughter, and Kimberly E. Dederer, who is Stephen's wife; and WHEREAS, the Family Settlement Agreement was entered by said parties for purposes of inemorializing the purchase of the Dederer family vacation home located in Ship Bottom, Long Beach Island, New Jersey by Stephen and Kimberly M. Dederer, and the distribution of sales proceeds to Stephen in trust as trustee of the Irrevocable Trust for the benefit of Ross, Gregory, and Stuart; and WHEREAS, it was the intention of Mrs. Dederer that the terms of the Irrevocable Trust be similar to the terms of trusts created under Article F`i.fth and Article Sixth of the Last Will and Testament of Susan K. Dederer dated September 28, 1999; and 1 . ,� , .,_ ... . � �.—�s+.F,.� .,�.,,�, -,.,� � �u >-�t:. .�,. .��-� , ._:�.�... , .�°-m�T�^+a�^,��- e .. .-. . _ WHEREAS, subject of this Agreement is the trust under said Article Fifth for the benefit of Ross and Gregory, and for the separate trust under Article Sixth for the benefit of Stuart (collectively the "Testamentary Trusts"), for which Stephen has been appointed trustee; and WHEREAS, Mrs. Dederer died on October 2, 2012, and her Last Will and Testament was duly probated in the Office af the Register of Wills of Cumberland County, Pennsylvania, on October 9, 2012, as Estate File No. 2012-01100 with Letters Testamentary issued contemporaneously therewith appointing Stephen as Executor of her Estate; and WHEREAS, all inheritance taxes due and payable by Mrs. Dederer's Estate have now been paid, and the parties desire to combine the Testamentary Trusts and merge them into the Irrevocable Trust for the purposes of ease of administration by this Non-Judicial Settlement Agreement entered pursuant to 20 Pa. C.S.A. § 7710.1, and to modify the Irrevocable Trust to incorporate provisions of the Testamentary Trusts into the Irrevocable Trust to reflect Mrs. Dederer's testamentary intent, and to delete now impertinent provisions regarding payment of Mrs. Dederer's long-term nursing home care. NOW THEREFORE, intending to be legally bound, the parties do hereby agree as follows: 1. Recitals. The recitals set forth above are true and correct and made a part of this Agreement. 2. Combination of Trusts; Survivin� Trust. The Testamentary Trusts and all of the principal and income held thereby shall be combined and merged into the Irrevocable Trust to be held by Stephen as trustee and hereafter governed in accordance with the terms set forth in the Irrevocable Trust Agreement and any subsequent modifications thereof. The Irrevocable Trust shall be the surviving trust and shall continue to use the Employer ldentification Number previously issued by the Internal Revenue Service. 2 3. Modification of Irrevocable Trust Agreement. The Irrevocable Trust Agreement is hereby modified pursuant to 20 Pa. C.S.A. § 7710.1(d)(11) as follows: A. AR,TICLE IV. Article IV is hereby deleted in its entirety. B. AR,TICLE V. Asticle V is hereby deleted in its entirety and replaced with the following: ARTICLE V: Operative Provisions. In each Trust established for the Beneficiaries: (a) Principal and Income. The Trustee is hereby authorized to pay so much income and principal as the Trustee shall determine, in his or her sole discretion, to be appropriate for the medical and educational needs of the Beneficiary. (b) Termination of Trust. When the Bene�iciary of a Trust created hereunder attains the age of thirty (30) years, such Trust shall terminate and the remaining net balance of principal and accumulated income shall be distributed to such beneficiary outright and absolutely. (c) Power of Appointment. Upon the death of a Beneficiary prior to termination of his separate Trust, the Trustee shall convey and pay over all of the remaining assets of his separate Truat to one or all or less than all of Settlor's issue, in the amounts and in the estates that the Beneficiary directs, either by written instrument filed with the Trustee during the Beneficiary's lifetime, or by the Beneficiary's Will. This power of appointment may only be exercised by a written instrument specifically referring to this power. (d) Failure to Exercise Power of Appointment. If the Power of Appointment set forth in (c) above is not exercised by the Beneficiary, during the Beneficiary's lifetime, or in the Beneficiary's Will, then upon the death of Beneficiary, the Trustee shall divide the remaining assets of the Trust into as many shares as there are then living children of the Beneficiary 3 and then deceased children of the Beneficiary represented by then living issue. The Trustee shall hold one share for each living child of the Bene�ciary. The Trustee shall divide each share for a deceased child of the Benef'iciary into separate per stirpital shares, one for each issue of the deceased child of the Beneficiary. These shares shall be administered and distributed as provided in ARTICLE VI. C. Ratification and Confirmation. In all other respects, the Trustee and the Beneficiaries hereby confirm and ratify the Dederer Irrevocable Agreement of Trust dated July 31, 2012, as drafted by the Grantor. 4. Representation. Each party agrees that, without further action, he is acting as representative for his descendants and acknowledges that the terms of this Agreement shall be binding upon the descendants of each party as provided in the Pennsylvania Uniform Trust Act. 5. Filin . The parties agree that this Agreement may be filed with the Orphans' Court and/or the Register of Wills of Cumberland County, Pennsylvania. 6. Binding Effect. The parties intend that this Agreement is binding upon each of them and the heirs, successors and assigns of each, and that this Agreement shall be construed in accordance with the laws of the Commonwealth of Pennsylvania. 7. Personal Jurisdiction and Venue. Each of the parties hereto consents to the jurisdiction of the Orphans' Court of Cumberland County, Pennsylvania, in any suit or action arising out of enforcement of this Agreement. Any dispute arising from this Agreement shall be brought in the Court of Common Pleas, Orphans' Court Division, Cumberland County, Pennsylvania, and shall be interpreted according to and governed by the laws of the Commonwealth of Pennsylvania. 8. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be deemed the same agreement. 4 9. Entire Understandin�. This Agreement and those agreements referred to herein represent the entire understanding among the parties hereto with respect to the subject matter hereof, and this Agreement supersedes all previous representations, understandings, or agreements, oral or written, between the parties with respect to the subject matter hereof. No promise or inducement that is not herein expressed has been made to any of the parties, and those parties do not rely upon any statement or representation made by any person. 1�. Modification. This Agreement may not be modified except by a written instrument signed by all of the parties and acknowledged by each of the parties before a notary public or other officer qualified to administer oath. 11. Severabilitv. If any term, condition, clause or provision of this Agreement shall be determined or declared to be void or invalid in law or otherwise, then only that term, condition, clause or provisions shall be stricken from this Agreement. In all other respects, this Agreement shall be valid and continue in full force, effect, and operation. IN WITNESS WHEREOF, and intending to be legally bound hereby, each party has hereunto set his hand and seal effective the day and year first above written. WITNESS: TRUSTEE: /'�' ��" �� (SEAL) STEPHEN D. DEDERER . BENEFICIARIES: � � � (SEAL) --� OSS W. DEDERER 1 (SEAL) G EG Y�. DE ED RER (SEAL) STUART G. DEDERER 5 - _� . � _ F � � ��- � ,��_�_: _ _ COMMONWEALTH OF PENNSYLVANIA : . SS. COUNTY OF . On this � day of �°�°�"�`>� - , 20�-�, before me, the undersigned officer, personally appeared STEPHEN D. DEDERER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non- Judicial Settlement Agreement, and acknowledge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. C.DMMONWEALTH OF PENNSYLVANIA f "� " NOTARIAL SEAL `---°''� � � DEBORAH A. RAILING,Notary Public S.Middleton Twp.,Cumberland County Notary Public My Commission Expires February 4,2014 COMMONWEALTH OF PENNSYLVANIA : . SS. COUNTY OF �O F l�. . On this l Z�'day of d� , 20f�, before me, the undersigned officer, personally appeared ROSS W. DEDERER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non-Judicial Settlement Agreement, and acknowiedge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. COMMONWEALTH OF PENNSYW� � oa�i�.n�i�t,r�ia�y�,eu� Notary Public wsslanpbo�11kp.,r«tc Gou,hy M CArtNnkslOn Expires Merd126,2t114 Membet,Pen�yNrania lssodation W Notarles 6 COMMONWEALTH OF PENNSYLVANIA : : SS. COUNTY OF �p�� . On this IZ`�` day of � , 20(�, before me, the undersigned officer, personally appeared GREGORY L. DEDERER, knawn to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non- Judicial Settlement Agreement, and acknowledge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. COMMONWFALTH OF NSYLVANL4 � � No�l Seal Danlel).Aibert,Wotary Publk wastNnybon TWp.,York County MY��Mmd126,xoi4 Notary Pub 'c "►ember,Pennsvlvanla 0.�a�qon ot Noqrtes STATE OF MARYLAND . . SS. COUNTY OF . On this day of , 20_, before me, the undersigned off'icer, personally appeared STUART G. DEDERER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non-Judicial Settlement Agreement, and acknowledge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. Notary Public 7 9. Entire Understandin�. This Agreement and those agreements referred to herein represent the entire understanding among the parties hereto with respect to the subject matter hereof, and this Agreement supersedes all previous representations, understandings, or agreements, oral or written, between the parties with respect to the subject matter hereof. No promise or inducement that is not herein expressed has been made to any of the parties, and those parties do not rely upon any statement or representation made by any person. 10. Modification. This Agreement may not be modified except by a written instrument signed by all of the parties and acknowledged by each of the parties before a notary public or other officer qualified to administer oath. 11. Severability. If any term, condition, clause or provision of this Agreement shall be determined or declared to be void or invalid in law or otherwise, then only that term, condition, clause or provisions shall be stricken from this A�reement. In all other respects, this Agreement shall be valid and continue in full force, effect, and operation. IN WITNESS WHEREOF, and intending to be legally bound hereby, each party has hereunto set his hand and seal effective the day and year first above written. WITNESS: TRUSTEE: (SEAL) STEPHEN D. DEDERER BENEFICIARIES: (SEAL) ROSS W. DEDERER (SEAL) GREGO Y L. DEDERER (SEAL) S UAR . DERER 5 . µ: a:� � :ry� �.�,�, �:_��.� , . COMMONWEALTH OF PENNSYLVANIA : : SS. COUNTY OF : On this day of , 20_, before me, the undersigned officer, personally appeared GREGORY L. DEDERER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non- Judicial Settlement Agreement, and acknowledge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set Yny hand and official seal. Notary Public � , ��'Y?�1'tit�r(.��-c�-��.. �' : SS. COUNTY OF �� : On this � day of , 20 l�before me, the undersigned officer, personally appeared S UART G. DEDERER, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Non-Judicial Settlement Agreement, and acknowledge that he executed the same, in the capacities indicated, as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto s y hand and official seal. �, � SUSAN MARIE HALL NOTARY PUBLIC Notar �P lic Commonwealth of Virginia Reg.#7217963 M Commloolon 6x lra�Nov�30,Zo16 7