HomeMy WebLinkAbout12-09-14 (2) 1505610143
REV-1500 Ex`°2_"'
OFFICIAL USE ONLY
PA Department of Revenue pennsylvania County code Year File Number
Bureau of Individual Taxes DEPARTMENT OF REVENUE
PO BOx.280601 INHERITANCE TAX RETURN 21 14 0426
Harrisburg,PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth ,17 2-11
03 11 2014 10 06 JW7
Decedent's Last Name Suffix Decedent's First Name MI
HILDEBRANDT FAY L
(If Applicable)Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
Spouse's Social Security Number
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
1. Original Return 2. Supplemental Return 3. Remainder Return(Date of Death FxJ
Prior to 12-13-82)
4. Limited Estate 4a.Future Interest Compromise 5. Federal Estate Tax Return Required
(date ofdeathafter 12-12-82)
a 6 Decedent Died Testate 7• DecediCoMaintained a Living Trust 0 8. Total Number of Safe Deposit Boxes
(Attach Copy of WiII)
❑ 9. Litigation Proceeds Received F� 10.Sgoustwenl2 31%1 r dit{DatseS�f Death 11.Election to tax under Sec.9113(A)
(Attach Schedule O)
CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
IVO V OTTO III 717 243 3341
REGISTER OF WILLS USE ONLY
fV
C�
First Line of Address C .� -� f 0 rn
CO Cn
10 EAST HIGH STREET a
rn
Second Line of Address f
CO
CD
Ci or Post Office DATE FI D Ta
City State ZIP Code -2
CARLISLE PA 17013 ry m
Cil
[V
Correspondent's e-mail address:
Under penalties of perjury,I declare that I have examined this return,including accompanying schedules and statements,and to the best of my knowledge and belief, >
it is true,correct and complete.Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SI TUR OF PERSON RESPONSIBLE FOR FILI G RETURN DAT
Cathy H. Mabius
ADDRESS
7 Americana Lane Summerdale PA 17093 �z
SIGNATUREPR A7W;THAN ESENTATIVE dATIf
Ivo V. Otto III
ADDRESS
10 East High Street, Carlisle, PA
Side 1
1505610143 1505610143 J
1505610243
REV-1500 EX
Decedent's Social Security Number
Decedent's Name: Hildebrandt, Fay L.
RECAPITULATION
1. Real Estate(Schedule A)....................................................................................... 1. t 1 ,206, 383 . 00
2. Stocks and Bonds(Schedule B)............................................................................. 2. 419, 647 . 93
3. Closely Held Corporation,Partnership or Sole-Proprietorship(Schedule C)......... 3.
4. Mortgages&Notes Receivable(Schedule D)........................................................ 4.
5. Cash,Bank Deposits&Miscellaneous Personal Property(Schedule E)............... 5. 115, 820 . 30
6. Jointly Owned Property(Schedule F) ❑ Separate Billing Requested............ 6.
7. Inter-Vivos Transfers&Miscellaneous Probate Property
(Schedule G) Separate Billinq Requested............ 7. 124 , 080 . 93
8, Total Gross Assets(total Lines 1 through 7)........................................................ 8, 1 , 865, 932 . 16
9. Funeral Expenses and Administrative Costs(Schedule H).................................... 9. 82 , 593 . 59
10. Debts of Decedent,Mortgage Liabilities and Liens(Schedule 1)............................ 10. 5,404 13
11. Total Deductions(total Lines 9 and 10)................................................................ 11. 87 , 997 72
12. Net Value of Estate(Line 8 minus Line 11).......................................................... 12. 1, 777 , 934 . 44
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made(Schedule J)............................................... 13. 14 , 000 . 00
14. Net Value Subject to Tax(Line 12 minus Line 13)............................................... 14. 11763, 934 . 44
TAX COMPUTATION-SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate,or
transfers under Sec.9116
(a)(1.2)X.00 0 . 00 15. 0 . 00
16. Amount of Line 14 taxable 1, 677 , 934 . 44 16. 75,507 . 05
at lineal rate X .045
17. Amount of Line 14 taxable
at sibling rate X.12 0 . 00 17. 0 . 00
18. Amount of Line 14 taxable 12 900 . 00
at collateral rate X.15 86, 000 . 00 18. ,
19. TAX DUE................................................................................................................ 19. 88 , 407 . 05
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. ❑
Side 2
1505610243 1505610243 J
REV-1500 EX Page 3 File Number 21-14-0426
Decedent's Complete Address:
DECEDENT'S NAME
Hildebrandt, Fay L.
STREET ADDRESS
5 Americana Lane
CITY STATE ZIP
Summerdale PA 17093
Tax Payments and Credits:
1. Tax Due(Page 2, Line 19) (1) 88,407.05
2. Credits/Payments
A. Prior Payments 80,000.00
B. Discount 4,210.53
Total Credits(A +B) (2) 84,210.53
3. Interest (3)
4. If Line 2 is greater than Line 1 +Line 3,enter the difference. This is the OVERPAYMENT. (4)
Check box on Page 2,Line 20 to request a refund
5. If Line 1 +Line 3 is greater than Line 2,enter the difference. This is the TAX DUE. (5) 4,196.5'52
Make Check Payable to: REGISTER OF WILLS, AGENT.
PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS
1. Did decedent make a transfer and: Yes No
a. retain the use or income of the property transferred;............................................................................... ❑ ❑x
b. retain the right to designate who shall use the property transferred or its income;.................................. ❑x
c. retain a reversionary interest;or............................................................................................................... ❑x
d. receive the promise for life of either payments,benefits or care?............................................................ ❑ ❑x
2. If death occurred after Dec. 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration?.................................................................................................................... ❑ 51
3. Did decedent own an"in trust for" or payable upon death bank account or security at his or her death?....... ❑ ❑x
4. Did decedent own an individual retirement account,annuity,or other non-probate property which
contains a beneficiary designation?.................................................................................................................. FAI ❑
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES,YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
For dates of death on or after July 1,1994 and before Jan.1,1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse
is 3 percent[72 P.S.§9116(a)(1.1)(i)].
For dates of death on or after January 1,1995,the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent
[72 P.S.§9116(a)(1.1)(ii)]. The statute does not exempt a transfer to a surviving spouse from tax,and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death on or after July 1,2000:
• The tax rate imposed on the net value of transfers from a deceased child 21 years of age or younger at death to or for the use of a natural parent,an
adoptive parent,or a stepparent of the child is 0 percent[72 P.S.§9116(a)(1.2)].
• The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5 percent,except as noted in[72 P.S.§9116(a)(1)j.
• The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent[72 P.S.§9116(a)(1.3)]. A sibling is defined,
under Section 9102,as an individual who has at least one parent in common with the decedent,whether by blood or adoption.
Rev-1502 EX+(01-10)
SCHEDULE A
pennsylvania, REAL ESTATE
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
All real property owned solely or as a tenant In common must be reported at fair market value.Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller,neither being compelled to buy or sell,both having reasonable knowledge of the relevant facts.
Real property that is jointly-owned with right of survivorship must be disclosed on schedule F.
Attach a copy of the settlement sheet ifthe property has been sold
Include a copy of the deed showing decedent's interest If owned as tenant in common.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 5 Americana Lane-Real estate located in E. Pennsboro Twp.,Cumberland Co., PA;known 898,000.00
as Tax Parcel No.09-13-1003-009. See attached appraisal
2 Perry County Cabin-Real Estate located at 1394 Peach Ridge Road, Elliotsburg, Saville 238,383.00
Twp., Perry Co., Pa known as Tax Parcel No.230,083.00-002.016. Value is assessed value x
common level ratio of 1.09. See attached Deed and Tax Notice
3 Radam Street-Real Estate located in E. Pennsboro Twp., Cumberland Co., PA known as Tax 70,000.00
Parcel No.09-13-1003-077. See attached appraisal.
TOTAL(Also enter on Line 1, Recapitulation) 1,206,383.00
(If more space is needed,additional pages of the same size)
Copyright(c)2010 form software only The Lackner Group,Inc. Form PA-1500 Schedule A(Rev.01-10)
Rev-1503 EX+(6-98)
SCHEDULE B
STOCKS & BONDS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
ITEM CUSIP VALUE AT DATE
NUMBER NUMBER DESCRIPTION UNIT VALUE OF DEATH
Merrill Lynch Brokerage 2AR-28W76
Account liquidation
1 3.853 Columbia Tax Exempt FD CL-A 13.56 52.25
Accrued interest on Item 1 through date of death 0.07
2 2,751.778 shares of Franklin Tax Free TR PA T/F INCM A 10.16 27,958.06
Accrued dividend on Item 2 through date of death 34.86
Oppenheimer A09-0117001
3 $25,000 East Penn PA Sch Dist Formerly PA 102.072 25,518.00
Accrued interest on Item 3 through date of death 1.125 181.25
4 $25,000 East Stroudsburg PA Area Sch Dist PA 100.92 25,230.00
Accrued interest on Item 4 through date of death 1.5 79.17
5 $25,000 Huntingdon PA AGC 101.398 25,349.50
Accrued interest on Item 5 through date of death 1.25 173.61
6 $25,000 Monore Twp. PA AGMC 101.472 25,368.00
Accrued interest on Item 6 through date of death 1.375 72.57
7 $25,000 Southern Tioga PA Sch Dist PA ACG 100.802 25,200.50
Total of Continuation Schedule See attached page
TOTAL(Also enter on Line 2, Recapitulation) 419,647.93
(If more space is needed,additional pages of the same size)
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule B(Rev.6-98)
Rev-1503 EX+(6-98)
SCHEDULE B
I'm STOCKS & BONDS
continued
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM CUSIP VALUE AT DATE
NUMBER NUMBER DESCRIPTION UNIT VALUE OF DEATH
Accrued interest on Item 7 through date of death 1.65 403.33
8 $50,000 Springdale Boro PA AGC 101.871 50,935.50
Accrued interest on Item 8 through date of death 1.25 347.22
9 $20,000 State College Boro PA#1 101.403 20,280.60
Accrued interest on Item 9 through date of death 1.325 170.78
10 $5,000 State College Boro PA#2 101.459 5,072.95
Accrued interest on Item 10 through date of death 1.325 42.69
11 $25,000 State Pub Sch Bldg Auth PA 109.145 27,286.25
Accrued interest on Item 11 through date of death 2 22.22
12 $25,000 Wallenpaupack PA Area Sch Dist 104.27 26,067.50
Accrued interest on Item 12 through date of death 1.3 14.44
13 16,999.569 shares of Delaware Tax-Fee PA Fd-Cl A-Date of 7.8700001 133,786.61
death balance-see attached
TOTAL(Also enter on Line 2, Recapitulation) 419,647.93
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule B(Rev.6-98)
Rev-1508 EX+(11-10)
SCHEDULE E
pennsylvania CASH, BANK DEPOSITS, & MISC.
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointlyownedwith the right of survivorship must be disclosed on schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 BFI TAX-Exempt Fund -Cash, Merrill Lynch 2AR-28W76 1,450.00
2 Charles E.Jones-Sale of horse-related items 5,500.00
3 Cindy Fenton Auction Services-Proceeds of Sale-personal property 228.00
4 Cordier Auction-Proceeds of sale-personal property 401.25
5 Cordier Auction-Proceeds of sale-personal property 26.00
6 Cordier Auction-Proceeds of sale-personal property 1,836.25
7 M&T checking 42889693-Date of death balance-see attached valuation 1,900.94
8 M&T Real Estate checking 42889715-Date of death balance-see attached valuation 2,352.49
C
Accrued interest on Item 8 through date of death 0.01
9 Merrill Lynch 2AR-28W76-Cash 0.85
10 Riverview checking 917400-Date of death balance-see attached valutaion 76,238.42
Accrued interest on Item 10 through date of death 9.48
11 2010 Lexus ES-Kelly Blue Book valuation 22,574.00
12 AARP-Refund 20.90
13 CareMark-Perscription refund 0.33
14 Comcast-Refund 22.25
Total of Continuation Schedule See attached page
TOTAL(Also enter on Line 5, Recapitulation) 115,820.30
(If more space is needed,additional pages of the same size)
Copyright(c)2010 form software only The Lackner Group,Inc. Form PA-1500 Schedule E(Rev. 11-10)
Rev-1508 EX+(11-10)
SCHEDULE E
pennsylvania CASH, BANK DEPOSITS, & MISC.
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
15 Continental Casualty-Long Term Care Claim 900.00
16 Continental Casualty-Long Term Care Claim 1,271.06
17 Cook's Magazine-Refund 4.83
18 Holy Spirit Hospital 63.75
19 Montana Outdoors-Refund 11.43
20 PA Game News-Refund 10.50
21 PA Media Group-Refund 133.95
22 PPL-Refund,5 Americana Lane 116.35
23 Readers Digest-Refund 42.94
24 Travelers Insurance-Refund 139.00
25 Travelers Insurance-Refund 61.00
26 Travelers Insurance-Refund 188.00
27 Travelers Insurance-Refund 29.32
28 Travelers Insurance-Refund 287.00
TOTAL(Also enter on Line 5, Recapitulation) 115,820.30
Copyright(c)2010 form software only The Lackner Group,Inc. Form PA-1500 Schedule E(Rev. 11-10)
Rev-1510 EX+(08.09)
SCHEDULE G
pennsylvania INTER-VIVOS TRANSFERS AND
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN MISC. NON-PROBATE PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
This schedule must be completed and filed if the answer to any of questions 1 through 4 on page three of the REV-1500 is yes.
ITEM DESCRIPTION OF PROPERTY DATE OF DEATH % DECD'S EXCLUSION TAXABLE
NUMBER THE DA E OF TRADE NAME NSFER.SATTACN A COPY OF HEIR THE DEED FIP TOOR REAL ESTATE. VALUE OF ASSET INTEREST (IF APPLICABLE) VALUE
1 American General Annuity AN201055-Beneficiary- 124,080.93 100.000% 124,080.93
Cathy H. Mabius,daughter, 100%. See attached
valuaton
TOTAL(Also enter on Line 7, Recapitulation) 124,080.93
(If more space is needed,additional pages of the same size)
Copyright(c)2009 form software only The Lackner Group,Inc. Form PA-1500 Schedule G(Rev.08-09)
REV-1511 EX+ 10.09)
pennsylvania SCHEDULE H
DEPARTMENT OF REVENUE FUNERAL EXPENSES AND
INHERITANCE TAX
RESIDENT DEC ENTTURN ADMINISTRATIVE COSTS
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
Decedent's debts must be reported on Schedule I.
ITEM DESCRIPTION AMOUNT
NUMBER
A. FUNERAL EXPENSES:
See continuation schedule(s)attached 10,958.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Street Address
City State Zip
Year(s)Commission Paid
2. Attorney's Fees 49,700.00
See continuation schedule(s) attached
3. Family Exemption: (If decedent's address is not the same as claimant's,attach explanation)
Claimant
Street Address
City State Zio
Relationship of Claimant to Decedent
4. Probate Fees 1,148.00
See continuation schedule(s)attached
5. Accountant's Fees
6. Tax Return Preparer's Fees 620.00
See continuation schedule(s)attached
7. Other Administrative Costs 20,167.59
See continuation schedule(s) attached
TOTAL(Also enter on line 9,Recapitulation) 82,593.59
Copyright(c)2009 form software only The Lackner Group,Inc. Form PA-1500 Schedule H(Rev. 10-09)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
Funeral Expenses
1 Funeral-Sullivan Funeral Home 9,387.00
2 Funeral-Enola Lutheran Cemetary,grave opening 850.00
3 Funeral-Romberger Memorials,grave marker 350.00
4 Funeral-Flowers 371.00
H-A 10,958.00
Attorney Fees
5 Martson Law Offices-Estimated Attorneys'fees 49,700.00
H-62 49,700.00
Probate Fees
6 Cumberland County Register of Wills-Probate Fee 798.00
7 Cumberland County Register of Wills-Additional Probate fee 350.00
1-1-134 1,148.00
Tax Return Preparer Fees
8 Boyer&Ritter-2013 1040/PA40 income tax preparation 620.00
1-1-136 620.00
Copyright(c)2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H(Rev.6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
Other Administrative Costs
9 3 Americana Lane-Rental insurance 59.16
10 3 Americana Lane-Eleanor Mutch-Reimbursement for furnace cleaning 160.00
11 3 Americana Lane-Travelers Insurance, pending disposition of real estate 59.16
12 4 American Lane-PPL,April service pending disposition of real estate 86.00
13 4 American Lane-PPL, May service pending disposition of real estate 86.00
14 4 American Lane-PPL,June service pending disposition of real estate 86.00
15 4 American Lane-PPL,July service pending disposition of real estate 86.00
16 4 American Lane-PPL,August service pending disposition of real estate 86.00
17 4 American Lane-PPL,September service,final invoice 95.40
18 5 Americana Lane-PPL,April service pending disposition of real estate 316.00
19 5 Americana Lane-Debbie Lupold,2013 real estate tax pending disposition of real estate 1,487.00
20 5 Americana Lane-PPL, May service pending disposition of real estate 266.00
21 5 Americana Lane-PPL,June service pending disposition of real estate 265.99
22 5 Americana Lane-Debbie Lupold,2013 school tax pending disposition of real estate 4,586.76
23 5 Americana Lane-Travelers Insurance, 1 month coverage pending distribution of real 158.00
estate
Copyright(c)2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H(Rev.6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
24 5 Americana Lane-Personal liability insurance, 1 month, pending disposition of real estate 36.91
25 5 Americana Lane-Best Price Oil,heating oil pending disposition of real'estate 489.30
26 5 Americana Lane-PPL,August service pending disposition of real estate 17.61
27 5 Americana Lane-Travelers Insurance,final invoice 12.00
28 5 Americana Lane-Record Clean and Green Transfer 32.00
29 Agway-Horse feed, pending disposition 78.62
30 Agway-Horse feed pending disposition 129.50
31 Agway-Horse feed pending disposition 68.85
32 Boyd Diller-Trash Service pending disposition of real estate 94.41
33 Boyd Diller-Trash Service pending disposition of real estate 48.52
34 Carlisle Equine Center-Veterinarian service pending disposition 496.81
35 Cumberland County Recorder of Deeds-Recording fee 97.00
36 Cumberland County Register of Wills-Short Certificate 5.00
37 Cumberland Law Jouranal -Advertising Letters Testamentary 75.00
38 Diversified Appraisal Services-Appraisals, 5 Americana Lane&Radam Street 1,600.00
39 DL Reiber-Survey,5 Americana Lane 4,000.00
40 Evaluation Services, Inc. -Merrill Lynch date of death valuation fee 30.00
Copyright(c)2002 form software only The Lackner Group, Inc. Form PA-1500 Schedule H(Rev.6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
41 EVP Stock Valuation -Merrill Edge 4.00
42 Landex-Deed&Map copies 68.50
43 Mike Vannoy -Farrier service pending disposition 100.00
44 Penn Waste-May trash service pending disposition of real estate 65.00
45 Penn Waste-July trash service pending disposition of real estate 65.00
46 Penn Waste-April trash service pending disposition of real estate 65.00
47 Penn Waste-August trash service pending disposition of real estate 65.00
48 Penn Waste-June trash service pending disposition of real estate 65.00
49 Perry County Cabin-Shell Oil,service pending disposition of real estate 97.00
50 Perry County Cabin -PPL,April service pending disposition of real estate 17.58
51 Perry County Cabin-Carol L. Fultz,2014 real estate tax pending disposition of real estate 759.32
52 Perry County Cabin -PPL,June service pending disposition of real estate 15.17
53 Perry County Cabin -PPL, May service pending disposition of real estate 17.92
54 Perry County Cabin-Carol L. Fultz,2014 school tax pending disposition of real estate 2,248.28
55 Perry County Cabin-PPL,July pending disposition of real estate 14.50
56 Perry County Cabin-PPL,August service pending disposition of real estate 14.50
57 Perry County Cabin-PPL,September service,final invoice 12.04
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule H(Rev.6-98)
SCHEDULE H
FUNERAL EXPENSES AND ADMINISTRATIVE COSTS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
58 Perry County Recorder of Deeds-Recording fee 64.00
59 Radam Street-Debbie Lupold,Treasurer, 2014 school tax pending disposition of real estate 594.70
60 Radam Street-Debbie Lupold,Treasurer,2014 real estate tax pending disposition of real 182.95
estate
61 The Sentinel -Advertising Letters Testamentary 201.16
62 Travelers Insurance-Homeowner's insurance pending disposition of real estate 158.00
63 Travelers Insurance-Personal liability insurance pending disposition of real estate 36.91
64 Travelers Insurance-Personal liability insurance,final invoice 7.18
65 US Postal Service-Certified mailings 33.88
H-137 20,167.59
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule H(Rev.6-98)
Rev-1512 EX+(12-08)
SCHEDULE 1
pennsylvania DEBTS OF DECEDENT,
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN MORTGAGE LIABILITIES AND LIENS
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
Report debts incurred by the decedent prior to death that remained unpaid at the date of death,including unreimbursed medical expenses.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1 4 American Lane-PPL,Account payable 55.00
2 5 Americana Lane-PPL,Account payable 316.00
3 Geisinger Health System -Account payable 5.70
4 HealthDrive Podiatry Group-Account payable 13.07
5 Internists of Centrl PA-Account payable 90.00
6 Lifeline-Account payable 31.75
7 M&T checking 42889693-Outstanding checks on date of death 186.65
8 Omnicare of Williamsport-Account payable 19.97
9 PA Department of Revenue-2013 PA40 tax due 74.00
10 Penn Waste-Trash service,account payable 130.00
11 Perry County Cabin -PPL,Account payable 18.64
12 Pinnacle Health Medical Group-Account payable 84.32
13 Riverview checking 917400-Outstanding checks on date of death 564.39
14 Stonebridge Health Center-Account payable 3,492.41
15 Stonebridge Health Center-Account payable 200.00
16 US Postal Service-Account payable, box rental 66.00
17 Verizon -Account payable 56.23
TOTAL(Also enter on Line 10, Recapitulation) 5,404.13
(If more space is needed,additional pages of the same size)
Copyright(c)2008 form software only The Lackner Group,Inc. Form PA-1500 Schedule I(Rev. 12-08)
REV-1513 EX+(9-00)
pennsylvania SCHEDULE J
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN BENEFICIARIES
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
RELATIONSHIP TO
NUMBER NAME AND ADDRESS OF DECEDENTDo Not List SHARE OF ESTATE AMOUNT OF ESTATE
PERSON(S)RECEIVING PROPERTY e (Words) ($$$)
I TAXABLE DISTRIBUTIONS [include outright spousal
• distributions,and transfers
under Sec.9116(a)(1.2)]
See attached schedule
Total 1,763,934.44
Enter dollar amounts for distributions shown above on lines 15 through 18 as anoroDriate.on Rev 1500 cover sheet
II. NON-TAXABLE DISTRIBUTIONS:
A.SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
B.CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
See continuation schedule(s)attached 14,000.00
TOTAL OF PART II-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEETI 14 000.00
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule J(Rev.6-98)
SCHEDULE J
BENEFICIARIES
(Part I,Taxable Distributions)
ESTATE OF:
Fay L. Hildebrandt 03/11/2014 202-20-5072
Item Name and Address of Person(s) Share of Estate Amount of Estate
Number Receiving Property Relationship (Words) ($$$)
1 Priscilla Wagner Allander Niece 10,000.00
140 Wildcat Trail
Liverpool, PA 17045
2 Beverly Moore Edwards Niece 5,000.00
240 Dell Road
Enola, PA 17025
3 Cathy H. Mabius Daughter 1,677,934.44
7 Americana Lane
P.O. Box 150
Summerdale, PA 17093
4 Debbie L. Moore Niece 10,000.00
P.O. Box 186
Summerdale, PA 17093
5 Ronald K. Moore Nephew 5,000.00
601 Tower Road
Enola, PA 17025
6 Susan Moore Volovic Niece 10,000.00
261 Lampost Lane
Hershey, PA 17033
7 Dennis G.Wager Nephew 10,000.00
148 Acorn Lane
Mountville, PA 17554
8 David J.Wagner Nephew 10,000.00
104 Logwood Drive
Mechanicsburg, PA 17050
9 Glenn S.Wagner Nephew 10,000.00
151 S. Lexington Drive
Felton, DE 19943
1
SCHEDULE J
BENEFICIARIES
(Part I,Taxable Distributions)
ESTATE OF:
Fay L. Hildebrandt 03/11/2014 202-20-5072
Item Name and Address of Person(s) Share of Estate Amount of Estate
Number Receiving Property Relationship (Words) ($$$)
10 Paul E.Wagner Nephew 10,000.00
P.O. Box 187
Summerdale, PA 17093
11 John&Amy Whitehead Friend 6,000.00
60 Fleisher Road
Marysville, PA 17053
Total 1.763.934.44
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SCHEDULE J-11B
CHARITABLE AND GOVERNMENTAL
DISTRIBUTIONS
continued
ESTATE OF FILE NUMBER
Hildebrandt, Fay L. 21-14-0426
ITEM
NUMBER DESCRIPTION AMOUNT
I Merrick Fund Foundation 4,000.00
2 Summerdale United Methodist Church 10,000.00
Subtotal 14,000.00
Copyright(c)2002 form software only The Lackner Group,Inc. Form PA-1500 Schedule J-IIB(Rev.6-98)
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Last Will and Testament
of
Fay L. Hildebrandt
1, Fay L. Hildebrandt, a resident of Summerdale, Cumberland County,
Pennsylvania, revoke any prior wills and codicils made by me and declare this to be my
Last Will and Testament.
Article One
Family Information
I have one child, Cathy Hildebrandt Mabius, born on May 26, 1960.
All references in this agreement to "my children" are references to my daughter.
References to"my descendants" are to my Daughter and her descendants.
Article Two
Specific and General Gifts
Section 2.01 Specific Distribution to Priscilla Wagner Allandar
As soon as practicable after my death, I give the sum of $20,000 to Priscilla Wagner V_
Allandar.
If Priscilla Wagner Allandar should predecease me, this distribution shall lapse and the
property subject to this distribution shall instead be distributed under the other provisions
of my will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.02 Specific Distribution to Ronald K. Moore
As soon as practicable after my death, I givethesum of$10,000 to Ronald K. Moore.
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If Ronald K. Moore should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.03 Specific Distribution to Beverly Moore Edwards Su
As soon as practicable after my death, I give the sum of $10,000 to Beverly Moore
Edwards.
If Beverly Moore Edwards should predecease me, this distribution shall lapse and the
property subject to this distribution shall instead be distributed under the other provisions
of my will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.04 Specific Distribution to Debbie L. Moore
As soon as practicable after my death, I give the sum of$10,000 to Debbie L. Moore.
If Debbie L. Moore should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.05 Specific Distribution to Dennis G. Wagner
As soon as practicable after my death, I give the sum of$10,000 to Dennis G. Wagner.
If Dennis G. Wagner should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.06 Specific Distribution to David J. Wagner
As soon as practicable after my death, I give the sum of$10,000 to David J. Wagner.
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I
If David J. Wagner should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.07 Specific Distribution to Susan Moore Volovic
As soon as practicable after my death, I give the sum of $10,000 to Susan Moore
Volovic.
If Susan Moore Volovic should predecease me, this distribution shall lapse and the
property subject to this distribution shall instead be distributed under the other provisions
of my will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.08 Specific Distribution to Glenn S. Wagner
As soon as practicable after my death, I give the sum of$10,000 to Glenn S. Wagner.
If Glenn S. Wagner should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.09 Specific Distribution to Paul E. Wagner
As soon as practicable after my death, I give the sum of$10,000 to Paul E. Wagner.
If Paul E. Wagner should predecease me, this distribution shall lapse and the property
subject to this distribution shall instead be distributed under the other provisions of my
will.
Property passing under this Section shall pass free of any administrative expenses or
death taxes.
Section 2.10 Disposition of Tangible Personal Property
I give all my tangible personal property, together with any insurance policies covering
such property and claims under such policies in accordance with a "Memorandum for
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Distribution of Personal Property" or other similar writing directing the disposition of
such property, which shall be dated and signed by me.
Should I leave multiple written memoranda that conflict as to the disposition of any item
of tangible personal property, the memorandum with the most recent date shall control as
to those items that are in conflict.
If the memorandum with the most recent date conflicts with a provision of this Will as to
the specific distribution of any item of tangible personal property, the provisions of this
Will shall control as to those items that are in conflict.
I intend that the writing qualify to distribute my tangible personal property under
applicable state law.
Section 2.11 Contingent Distribution of Tangible Personal Property
I give any tangible personal property not disposed of by a written memorandum to Cathy
Hildebrandt Mabius if she survives me. If she does not survive me, I give the property to
Wilhelm H. Mabius. If he does not survive me, the property shall become part of my
residuary estate.
My Personal Representative shall incur no liability to any party for any decision made by
my Personal Representative with respect to either the division or sale of my tangible
personal property, and any decision made by my Personal Representative shall be final
and binding on all of my beneficiaries.
Section 2.12 Definition of Tangible Personal Property
For purposes of this Article, my tangible personal property shall include but not be
limited to my household furnishings, appliances and fixtures, works of art, motor
vehicles, pictures, collectibles, personal wearing apparel and jewelry, books, sporting
goods, and hobby paraphernalia.
Section 2.13 Encumbrances and Incidental Expenses of Tangible
Personal Property
My Personal Representative shall distribute property under this Article subject to liens,
security interests or other encumbrances on the property.
My Personal Representative shall pay, as an administration expense, the reasonable
expenses of storing, packing, insuring, transporting and otherwise caring for my tangible
personal property until actual delivery of each article of property to the appropriate
beneficiary.
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Article Three
My Residuary Estate
Section 3.01 Definition of My Residuary Estate
All the remainder of my estate, including property referred to above that is not effectively
disposed of, shall be referred to in my will as my "residuary estate."
Section 3.02 Disposition of My Residuary Estate
I give my residuary estate to Cathy Hildebrandt Mabius. If Cathy Hildebrandt Mabius is
deceased, I give my residuary estate to Wilhelm H. Mabius. If Wilhelm H. Mabius is
deceased, I give my residuary estate to Priscilla Wagner Allandar. If Priscilla Wagner
Allandar is deceased, my Personal Representative shall distribute my residuary estate as
provided in Article Four entitled"Remote Contingent Distribution."
Article Four
Remote Contingent Distribution
If, at any time after my death, there is no person or entity then qualified to receive final
distribution of my estate or any part of it under the foregoing provisions of my will, then
the portion of my estate with respect to which the failure of qualified recipients has
occurred shall be distributed to New Bolton Center at the University of Pennsylvania for
Equine Care of Family-Owned Horses.
Article Five
Designation of Personal Representative
Section 5.01 Personal Representative
I name Cathy Hildebrandt Mabius as my Personal Representative. If Cathy Hildebrandt
Mabius fails or ceases to act as my Personal Representative, I name Wilhelm H. Mabius
as my Personal Representative.
Page 5
Article Six
General Administrative Provisions
The provisions of this Article apply to my probate estate.
Section 6.01 No Bond
No Fiduciary shall be required to furnish any bond for the faithful performance of the
Fiduciary's duties. If a bond is required by any law or rule of court, no surety shall be
required on such bond.
Section 6.02 Fiduciary Compensation
An individual serving as my Fiduciary shall be entitled to fair and reasonable
compensation for the services rendered as a fiduciary. A corporate fiduciary shall be
compensated by agreement with an individual Fiduciary or, in the absence of an
individual Fiduciary or in the absence of an agreement, in accordance with the corporate
fiduciary's published schedule of fees in effect at the time the services are rendered.
My Fiduciary may charge additional fees for services it provides that are not comprised
within its duties as my Fiduciary such as fees for legal services, tax return preparation
and corporate finance or investment banking services.
In addition to receiving compensation, my Fiduciary may be reimbursed for reasonable
costs and expenses incurred in carrying out its duties under my will.
Section 6.03 Employment of Professionals
My Fiduciary may appoint, employ and remove, at any time and from time to time,
investment advisors, accountants, auditors, depositories, custodians, brokers, consultants,
attorneys, expert advisers, agents, and employees to advise or assist the Fiduciary in the
performance of its duties. My Fiduciary may act upon the recommendations of the
persons or entities employed with or without independent investigation.
My Fiduciary may reasonably compensate an individual or entity employed to assist or
advise my Fiduciary regardless of whether the person or entity shall be a fiduciary under
my will or a corporate affiliate of a fiduciary and regardless of whether the entity shall be
one in which a fiduciary is a partner, member, stockholder, officer, director or corporate
affiliate or has any other interest.
My Fiduciary may pay the usual compensation for services contracted for under this
Section out of principal or income of the trust as my Fiduciary may deem advisable. My
Fiduciary may pay compensation to an individual or entity employed to assist or advise
my Fiduciary without diminution of or charging the same against the compensation to
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which the fiduciary is entitled under my will. Any fiduciary who shall be a partner,
stockholder, officer, director or corporate affiliate in any entity employed to assist or
advise my Fiduciary shall nonetheless receive the fiduciary's share of the compensation
paid to the entity.
Section 6.04 Determination of Principal and Income
The Pennsylvania Uniform Principal and Income Act shall govern beneficiaries' rights
among themselves in matters concerning principal and income. If the Pennsylvania
Uniform Principal and Income Act contains no provision concerning a particular item,
my Fiduciary shall determine in a fair, equitable and practical manner what shall be
credited, charged, and apportioned between principal and income.
Section 6.05 Distributions to Incapacitated Persons and Persons Under
Twenty-Five Years of Age
If my Personal Representative is directed to distribute any share of my probate estate to
any beneficiary who is under the age of 25 years or is in the opinion of my Personal
Representative, under any form of incapacity that renders such beneficiary unable to
administer distributions properly when the distribution is to be made, my Personal
Representative may, as Trustee, in my Personal Representative's discretion, continue to
hold such beneficiary's share as a separate trust until the beneficiary reaches the age of
25 or overcomes the incapacity. My Personal Representative shall then distribute such
beneficiary's trust to him or her.
While any trust is being held under this Section, the Trustee shall pay to the beneficiary
for whom the trust is held such amounts of the net income and principal as the fiduciary
determines to be necessary or advisable for the beneficiary's health, education,
maintenance and support.
Upon the death of the beneficiary before that time, the Trustee shall distribute the trust,
including any accrued and undistributed income, to the beneficiary's then living
descendants,per stirpes, or, if none, to my then living descendants,per stirpes. If I have
no then living descendants the property shall be distributed under the provisions of
Article Four entitled"Remote Contingent Distribution."
Section 6.06 Representative of a Beneficiary
The guardian of the person of a beneficiary may act for such beneficiary for all purposes
under my will or may receive information on behalf of such beneficiary.
Section 6.07 Distributions to Beneficiaries
Whenever my will authorizes or directs my Fiduciary to make a distribution of net
income or principal to a beneficiary, my Fiduciary may apply for the benefit of the
beneficiary any property that otherwise could be distributed directly to the beneficiary.
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My Fiduciary shall have no responsibility to inquire into the beneficiary's ultimate
disposition of the distributed property unless specifically directed otherwise by my will.
My Fiduciary may make distributions in cash or in kind, or partly in each, in proportions
and at values determined by my Fiduciary. My Fiduciary may allocate undivided
interests in specific assets to a beneficiary or trust in any proportion or manner that my
Fiduciary determines, even though the property allocated to one beneficiary may be
different from that allocated to another beneficiary.
My Fiduciary may make these determinations without regard to the income tax attributes
of the property and without the consent of any beneficiary.
Section 6.08 Ancillary Administration
In the event ancillary administration shall be required or desired and my domiciliary
Personal Representative is unable or unwilling to act as an ancillary fiduciary, my
domiciliary Personal Representative shall have the power to designate, compensate, and
remove the ancillary fiduciary. The ancillary fiduciary may be either a natural person or
a corporation. My domiciliary Personal Representative may delegate to such ancillary
fiduciary such powers granted to my original Personal Representative as my Personal
Representative may deem proper, including the right to serve without bond or surety on
bond. The net proceeds of the ancillary estate shall be paid over to the domiciliary
Personal Representative.
Section 6.09 Delegation of Authority; Power of Attorney
Any Fiduciary may, by an instrument in writing, delegate to any other Fiduciary the right
to exercise any power, including a discretionary power, granted the Fiduciary in my will.
During the time a delegation under this Section is in effect, the Fiduciary to whom the
delegation was made may exercise the power to the same extent as if the delegating
Fiduciary had personally joined in the exercise of the power. The delegating Fiduciary
may revoke the delegation at any time by giving written notice to the Fiduciary to whom
the power was delegated.
The Fiduciary may execute and deliver a revocable or irrevocable power of attorney
appointing any individual or corporation to transact any and all business on behalf of the
trust. The power of attorney may grant to the attorney-in-fact all of the rights, powers,
and discretion that the Fiduciary could have exercised.
Section 6.10 Merger of Corporate Fiduciary
If any corporate fiduciary acting as my Fiduciary under my will is merged with or
transfers substantially all of its trust assets to another corporation or if a corporate
fiduciary changes its name, the successor shall automatically succeed to the position of
my Fiduciary as if originally named my Fiduciary. No document of acceptance of the
position of my Fiduciary shall be required.
Page 8
Article Seven
Powers of My Fiduciaries
Section 7.01 General Grant of Powers
My Fiduciary may perform every act reasonably necessary to administer my estate and
any trust. My Fiduciary may execute and deliver any and all instruments in writing,
which my Fiduciary considers necessary to carry out any of the powers granted under my
will.
Section 7.02 Investment Powers in General
My Fiduciary may invest in any type of investment that my Fiduciary determines is
consistent with the investment goals of my estate or any trust, whether inside or outside
the geographic borders of the United States of America and its possessions or territories,
taking into account the trust's overall investment portfolio.
Without limiting my Fiduciary's investment authority in any way, I request that my
Fiduciary exercise reasonable care and skill in selecting and retaining investments. I also
request that my Fiduciary take into account the following factors in choosing investments
for my estate or any trust:
The potential return from the investment, both in the form of income and
appreciation;
The potential income tax consequences of the investment;
The investment's potential for volatility; and
The role the investment will play in my estate or the trust's portfolio.
I request that my Trustee, in arranging the investment portfolio of any trust, also consider
the possible effects of inflation or deflation, changes in global and U.S. economic
conditions, transaction expenses, and the trust's need for liquidity.
My Fiduciary may delegate its discretion to manage investments to any registered
investment adviser or corporate fiduciary.
Section 7.03 Banking Powers
My Fiduciary may establish bank accounts of any type in one or more banking
institutions that my Fiduciary may choose. My Fiduciary may open accounts in the name
of my Fiduciary (with or without disclosing fiduciary capacity) or in the name of my
Page 9
estate or the trust. When an account is in the name of my estate or the trust, checks on
that account and authorized signatures need not disclose the fiduciary nature of the
account or refer to my estate, any trust or Fiduciary.
An account from which my Fiduciary makes frequent disbursements need not be an
interest bearing account. My Fiduciary may authorize withdrawals from an account by
check, draft or other instrument or in any other manner.
Section 7.04 Contract Powers
My Fiduciary may sell at public or private sale, transfer, exchange for other property, and
otherwise dispose any property contained in my probate estate or any trust for
consideration and upon terms and conditions that my Fiduciary deems advisable. My
Fiduciary may grant options of any duration for any such sales, exchanges, or transfers of
trust property.
My Fiduciary may enter into contracts, and may deliver deeds or other instruments, as my
Fiduciary deems appropriate.
Section 7.06 Common Investments
For purposes of convenience with regard to the administration and investment of any
trust, my Trustee may invest part or all of the property jointly with trust property of other
trusts for which my Trustee is also serving as a Trustee. For this purpose, a corporate
fiduciary acting as my Trustee may use common funds for investment.
When trust property is managed and invested in this manner, my Trustee shall maintain
records that sufficiently identify that portion of the jointly invested assets that constitute
the property of the trust.
Section 7.06 Environmental Powers
My Fiduciary shall have the right to inspect property held directly or indirectly by my
probate estate or any trust to determine compliance with or to respond to any
environmental law affecting the property. "Environmental law" shall mean any federal,
state, or local law, rule, regulation, or ordinance relating to protection of the environment
or of human health.
My Fiduciary may refuse to accept additional property if my Fiduciary determines that
the property is or may be contaminated by any hazardous substance or is or was used for
any purpose involving hazardous substances that could create liability to my estate, any
trust or to my Fiduciary.
My Fiduciary may use the income and principal of my probate estate or a trust to (i)
conduct environmental assessments, audits or site monitoring; (ii) take remedial action to
contain, clean up or remove any hazardous substance including a spill, discharge or
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contamination; (iii) institute, contest or settle legal proceedings brought by a private
litigant or any local, state, or federal agency concerned with environmental compliance;
(iv) comply with any order issued by any court or by any local, state, or federal agency
directing an assessment, abatement or clean-up of any hazardous substance; and (v)
employ agents, consultants and legal counsel to assist my Fiduciary in these actions.
My Fiduciary shall not be liable for any loss or reduction in value sustained by my
probate estate or a trust as a result of my Fiduciary's retention of property on which
hazardous materials or substances requiring remedial action are discovered unless my
Fiduciary contributed to the resulting loss or reduction in value through willful
misconduct or gross negligence.
My Fiduciary shall not be liable to any beneficiary or to any other party for any decrease
in the value of probate or trust property as a result of my Fiduciary's compliance with any
environmental law, including any reporting requirement.
My Fiduciary may release, relinquish or disclaim any power held by my Fiduciary that
my Fiduciary determines may cause my Fiduciary to incur individual liability under any
environmental law.
Section 7.07 Farm, Ranch and Other Agricultural Powers
With respect to any operating farm or ranch contained in my probate estate or any trust
my Fiduciary may:
Retain, acquire, and sell the farm or ranch, whether as a sole
proprietorship, partnership, or corporation.
Engage in the production, harvesting, and marketing of farm and ranch
products either by operating directly or with management agencies, hired
labor, tenants, or sharecroppers.
Engage and participate in any government farm program, whether state or
federally sponsored.
Purchase or rent machinery, equipment, livestock, poultry, feed, and seed.
Improve and repair all farm and ranch properties; construct buildings,
fences, and drainage facilities, and acquire, retain, improve, and dispose of
wells, water rights, ditch rights, and priorities of any nature.
May do all things I could have done if living to operate the farm or ranch
operation to preserve its value for the benefit of the beneficiaries.
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Section 7.08 Litigation and Settlement Powers
My Fiduciary, in its discretion and at the expense of my probate estate or the trust, may
institute,join, compromise, settle dismiss and defend any probate or trust property in any
judicial or administrative proceeding. This shall include specifically, but not limited to
proceedings or class actions brought against any public entity or government agency or
brought by any such entity for attachment, recoupment, levy, invasion, reformation, or
access of any kind to property of my probate estate or a trust. My Fiduciary is authorized
to retain such legal counsel and ancillary personnel, as my Fiduciary deems appropriate
in the exercise of its discretion.
Section 7.09 'Loans and Borrowing Powers
My Fiduciary may make secured or unsecured loans to any person (including a
beneficiary), entity, trust or estate, for any term or payable on demand, with or without
interest. My Fiduciary may enter into or modify the terms of any mortgage or security
agreement granted in connection with any loan and may release or foreclose on the
mortgage or security.
My Fiduciary may borrow money at interest rates and on other terms that it deems
advisable from any person, institution or other source including, in the case of a corporate
fiduciary, its own banking or commercial lending department.
My Fiduciary may encumber estate and trust property by mortgages, pledges and other
hypothecation and shall have the power to enter into any mortgage, whether as a
mortgagee or mortgagor even though the term may extend beyond the termination of the
trust and beyond the period that is required for an interest created under my will to vest in
order to be valid under the rule against perpetuities.
My Fiduciary may purchase, sell at public or private sale, trade, renew, modify, and
extend mortgages. My Fiduciary may accept deeds in lieu of foreclosure.
Section 7.10 Nominee Powers
My Fiduciary may hold real estate, securities and any other estate or trust property in the
name of a nominee or in any other form without disclosing the existence of my estate, the
trust or fiduciary capacity.
Section 7.11 Payment of Taxes and Expenses
Except as otherwise provided in my will, my Fiduciary is authorized to pay all property
taxes, assessments, fees, charges, and other expenses incurred in the administration or
protection of my estate or any trust. All payments shall be a charge against estate or the
trust, as the case may be, and shall be paid out of income and to the extent that income is
insufficient, then out of principal. The determination of my Fiduciary with respect to the
payment of expenses shall be conclusive upon the beneficiaries.
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Section 7.12 Qualified Real Property Valuation
My Trustee, other than an Interested Trustee, shall have the power to amend the terms of
a trust holding "qualified real property" as defined in Section 2032A of the Internal
Revenue Code, in order to permit the qualified real property to qualify or continue to
qualify for special use valuation permitted under Section 2032A, even if the amendment
changes beneficial interests and that directs the segregation of trust property into more
than one trust.
Section 7.13 Real Estate Powers _.
My Fiduciary may sell at public or private sale, purchase, exchange, lease for any period,
mortgage, manage, alter, improve and in general deal in and with real property in such
manner and on such terms and conditions as my Fiduciary deems appropriate.
My Fiduciary may grant or release easements in or over, subdivide, partition, develop,
raze improvements, and abandon, any real property.
My Fiduciary may manage real estate in any manner that my Fiduciary deems best and
shall have all other real estate powers necessary for this purpose.
My Fiduciary may enter into contracts to sell real estate. My Fiduciary may enter into
leases and grant options to lease trust property even though the term of the agreement
extends beyond the termination of a trust and beyond the period that is required for an
interest created under my will to vest in order to be valid under the rule against
perpetuities. For such purposes, my Fiduciary may enter into any contracts, covenants
and warranty agreements that my Fiduciary deems appropriate.
Section 7.14 Retention and Abandonment of Trust Property
My Fiduciary may retain, without liability for depreciation or loss resulting from
retention, any property contained my estate or any trust at the time of its creation or as the
result of the exercise of a stock option. My Fiduciary may retain property,
notwithstanding the fact that the property may not be of the character prescribed by law
for the investment of assets held by a fiduciary, and notwithstanding the fact that
retention may result in inadequate diversification under any applicable Prudent Investor
Act or other applicable law.
My Fiduciary may hold property that is non-income producing or is otherwise
nonproductive if holding the property is, in the sole and absolute discretion of my
Fiduciary, in the best interests of the beneficiaries. My Fiduciary is permitted to retain a
reasonable amount in cash or money market accounts in order to pay anticipated
expenses and other costs and to provide for anticipated distributions to or for the benefit
of a beneficiary.
My Fiduciary may abandon any trust property that my Fiduciary deems to be of
insignificant value.
Page 13
Section 7.15 Securities, Brokerage and Margin Powers
My Fiduciary may buy, sell, trade and otherwise deal in stocks, bonds, investment
companies, mutual funds, common trust funds, commodities, options and other securities
of any kind and in any amount, including short sales. My Fiduciary may write and
purchase call or put options, and other derivative securities. My Fiduciary may maintain
margin accounts with brokerage firms and may pledge securities to secure loans and
advances made to my Fiduciary or to or for the benefit of a beneficiary.
My Fiduciary may place all or any part of the securities held by my estate or a trust in the
custody of a bank or trust company. My Fiduciary may have all-securities registered in
the name of the bank or trust company or in the name of its nominee. My Fiduciary may
appoint the bank or trust company as the agent or attorney in fact to collect, receive,
receipt for and disburse any income and generally to perform the duties and services
incident to a custodian of accounts.
My Fiduciary may employ a broker-dealer as a custodian for securities held by my estate
or the trust and may register the securities in the name of the broker-dealer or in the name
of a nominee with or without the addition of words indicating that the securities are held
in a fiduciary capacity. My Fiduciary may hold securities in bearer or uncertificated form
and may use a central depository, clearing agency or book-entry system, such as The
Depository Trust Company, Euroclear or the Federal Reserve Bank of New York.
My Fiduciary may participate in any reorganization, recapitalization, merger or similar
transaction. My Fiduciary may exercise or sell conversion or subscription rights for
securities of all kinds and description.
My Fiduciary may give proxies or powers of attorney that may be discretionary and with
or without powers of substitution. My Fiduciary may vote or refrain from voting as to
any matter.
Section 7.16 Tangible Personal Property and Residences
My Fiduciary may acquire, maintain and invest in articles of tangible personal property,
whether or not the property is income producing, and may pay the expenses of the repair
and maintenance of the property.
My Fiduciary shall have no duty to convert the property referred to in this Section to
productive property except as required by other provisions of my will.
My Fiduciary shall have no liability for any depreciation or loss as a result of the
retention of any property retained or acquired under the authority of this Section.
My Trustee may acquire, maintain and invest in any residence for the use and benefit of
the beneficiaries of the trust, whether or not the residence is income producing and
without regard to the proportion that the value of the residence may bear to the total value
of the trust property and even if retaining the residence involves financial risks that
Page 14
trustees would not ordinarily incur, My Trustee may pay or make arrangements for
others to pay all carrying costs of the residence, including, but not limited to, taxes,
assessments, insurance, expenses of maintaining the residence in suitable repair, and
other expenses relating to the operation of the residence for the benefit of the
beneficiaries.
My Trustee may permit any income beneficiary of the trust to occupy any real property
or use any personal property owned by the trust on terms or arrangements that my
Trustee may determine, including rent free or in consideration for the payment of taxes,
insurance,maintenance,repairs, or other charges.
Section 7.17 Power of Personal Representative to Disclaim and to
Distribute Directly to a Beneficiary
If such disclaimer can be treated as a Qualified Disclaimer, I give my Personal
Representative the power to disclaim any interest, in whole or in part, which my estate
may acquire (including an interest in any other estate, trust, insurance proceeds, annuity,
contract or pension plan) for any purpose (including overall reduction in death taxes) and
without regard to whether such disclaimed property will pass to the same persons, at the
same time or in the same manner as if there had been no disclaimer.
If at my death, the terms of a trust created under my will provide that property is to be
distributed outright to a beneficiary, my Personal Representative may make the
distribution to the beneficiary without the intervention of my Trustee.
Section 7.18 Fiduciaries' Powers Act
In addition to all of the above powers, my fiduciaries may, without prior authority from
any court, exercise all powers conferred by my will or by common law or by the
Pennsylvania Probate, Estates and Fiduciaries Code or other statute of the
Commonwealth of Pennsylvania or any other jurisdiction whose law applies to my will.
My Personal Representative shall have absolute discretion in exercising these powers.
Except as specifically limited by my will, these powers shall extend to all property held
by my fiduciaries until the actual distribution of the property.
Section 7.19 Alternative Distribution Methods
My Fiduciary may make any payment provided for under my will as follows:
Directly to the beneficiary;
In any form allowed by applicable state law for gifts or transfers to minors
or persons under a disability;
To the beneficiary's guardian, conservator, agent under a durable power of
attorney or caregiver for the benefit of the beneficiary; or
Page 15
By direct payment of the beneficiary's expenses, made in a manner
consistent with the proper exercise of the fiduciary's duties hereunder. A
receipt by the recipient for any such distribution shall fully discharge my
Fiduciary.
Article Eight
Provisions for Payment of Debts, Expenses and Taxes
Section 8.01 Payment of Debts and Expenses
I direct that all my legally enforceable debts, secured and unsecured, be paid as soon as
practicable after my death.
Section 8.02 No Apportionment
Except as otherwise provided in this Article or elsewhere in my will, my Personal
Representative shall provide for payment of all estate, inheritance and succession taxes
payable by reason of my death ("death taxes") from my residuary estate as an
administrative expense without apportionment and shall not seek contribution toward or
recovery of any death tax payments from any individual.
Section 8.03 Property Passing Outside of My Will
Except as to Qualified Retirement Benefits, death taxes imposed with respect to property
included in my gross estate for purposes of computing the tax and passing other than by
my will shall be apportioned among the persons and entities benefited in the proportion
that the taxable value of the property or interest bears to the total taxable value of the
property and interests received by all persons benefited. The values as finally determined
in the respective tax proceedings shall be the values used for the apportionment of the
respective taxes.
Section 8.04 Tax Elections
In exercising any permitted elections regarding taxes, my fiduciaries may make such
decisions as they deem to be appropriate in all the circumstances and my fiduciaries shall
be under no duty to make any compensatory adjustment as a consequence of any such
election. My Personal Representative may also pay such taxes or interest and deal with
any tax refunds, interest, or credits as it shall deem necessary or advisable in the interest
of my estate.
Page 16
Article Nine
Definitions and General Provisions
Section 9.01 Definitions
For purposes of my will and for the purposes of any trust established under my will, the
following definitions shall apply:
(a) . Adopted"and Afterborn Persons
A legally adopted person in any generation and his or her descendants,
including adopted descendants, shall have the same rights and shall be
treated in the same manner under my will as natural children of the
adopting parent, provided such person is legally adopted prior to attaining
the age of 18 years. A person shall be deemed to be legally adopted if the
adoption was legal in the jurisdiction in which it occurred at the time that
it occurred.
(b) Descendants
The term "descendants" shall include a person's lineal descendants of all
generations.
(c) Fiduciary
My "Fiduciary" or"Fiduciaries" shall refer to my Personal Representative
and my Trustee, or if they are different persons, either of them. My
"Personal Representative" shall include any executor, ancillary executor,
administrator, or ancillary administrator, whether local or foreign and
whether of all or part of my estate, multiple Personal Representatives, and
their successors.
(d) Legal Representative
As used in my will, the term "legal representative" means a person's
guardian, conservator, personal representative, executor, administrator,
Trustee, or any other person or entity personally representing a person or
the person's estate.
(e) Per Stirpes
Whenever a distribution is to be made to a person's descendants per
stirpes, the distribution shall be divided into as many shares as there are
then living children of such person and deceased children of such person
who left then living descendants. Each then living child shall receive one
Page 17
share and the share of each deceased child shall be divided among such
child's then living descendants in the same manner.
(Q Shall and May
Unless otherwise specifically provided in my will or by the context in
which used, I use the word "shall" in my will to command, direct or
require, and the word "may" to allow or permit, but not require. In the
context of my Trustee, when I use the word "may" I intend that my
Trustee may act in its sole and absolute discretion unless otherwise stated
in my will _ ---- --
(g)
(g) Trust
The term "trust," shall refer to any trusts created under the terms of my
will.
(h) Trustee
The term "my Trustee" refers to any person or entity that is from time to
time acting as the Trustee and shall include each Trustee individually,
multiple Trustees, and their successors.
(i) Other Definitions
Except as otherwise provided in my will, terms shall be as defined in the
Pennsylvania Probate, Estates and Fiduciaries Code as amended after the
date of my will and after my death.
Section 9.02 Contest Provision
If, after receiving a copy of this Section, any person shall, in any manner, directly or
indirectly, attempt to contest or oppose the validity of my will, (including any codicil to
my will), or commences, continues or prosecutes any legal proceedings to set my will
aside, then such person shall forfeit his or her share, cease to have any right or interest in
my estate, and shall, for purposes of my will be deemed to have predeceased me.
This Section shall not apply so as to cause a forfeiture of any distribution otherwise
qualifying for the federal estate tax charitable deduction.
Section 9.03 Survivorship Presumption
If any beneficiary shall be living at my death, but die within 30 days thereafter, then such
beneficiary shall be deemed to have predeceased me for all purposes of my will.
Page 18
Section 9.04 General Provisions
The following general provisions and rules of construction shall apply to my will:
(a) Singular and Plural; Gender
Unless the context requires otherwise, words denoting the singular may be
construed as plural and words of the plural may be construed as denoting
the singular. Words of one gender may be construed as denoting another
gender as is appropriate within the context. The word "or" when used in a
—— - - - list- of more--than- two- items may function as both a conjunction and-a- -
disjunction as the context requires or permits.
(b) Headings of Articles, Sections, and Subsections
The headings of Articles, Sections, and subsections used within my will
are included solely for the convenience and reference of the reader. They
shall have no significance in the interpretation or construction of my will.
(c) Governing State Law
My will shall be governed, construed and administered according to the
laws of the Commonwealth of Pennsylvania as from time to time
amended. Questions of administration of any trust established under my
will shall be determined by the laws of the situs of administration of such
trust.
(d) Notices
Unless otherwise stated, whenever my will calls for notice, the notice shall
be in writing and shall be personally delivered with proof of delivery, or
mailed postage prepaid by certified mail, return receipt requested, to the
last known address of the party requiring notice. Notice shall be effective
on the date personally delivered or on the date of the return receipt. If a
party giving notice does not receive the return receipt but has proof that he
or she mailed the notice, notice shall be effective on the date it would
normally have been received via certified mail. If notice is required to be
given to a minor or incapacitated individual, notice shall be given to the
parent or legal representative of the minor or incapacitated individual.
(e) Severability
The invalidity or unenforceability of any provision of my will shall not
affect the validity or enforceability of any other provision of my will. If a
court of competent jurisdiction determines that any provision is invalid,
the remaining provisions of my will shall be interpreted and construed as
if any invalid provision had never been included in my will.
Page 19
1, Fay L. Hildebrandt, having signed this Will in the presence of
S y5, .-, ': ' �a-&X- and who attested it at my
request on this day, _ NkNgrtiLx/ ho , 2007 at Harrisburg, Pennsylvania, declare
this to be my Last Will and Testament.
Fay L. ildebrandt, Testatrix
Page 20
The above and foregoing Will of Fay L. Hildebrandt was declared by Fay L. Hildebrandt
in our view and presence to be her Will and was signed and subscribed by the said Fay L.
Hildebrandt in our view and presence and at her request and in the view and presence of
Fay L. Hildebrandt and in the view and presence of each other, we, the undersigned,
witnessed and attested the due execution of the Will of Fay L. Hildebrandt on this day,
2007.
esiding at Sa 4 3 5
&aj4o, residing at ((0(0 0 far. 11 -d IM
PENNSYLVANIA SELF PROVING AFFIDAVIT
COMMONWEALTH OF PENNSYLVANIA )
COUNTY OF DAUPHIN )
1, Fay L. Hildebrandt, the testatrix whose name is signed to the attached or foregoing
instrument, having been duly qualified according to law, do hereby acknowledge that I
signed and executed the instrument as my Last Will; and that I signed it willingly and as
my free and voluntary act for the purposes therein expressed.
Sworn to or affirmed and acknowledged before me by Fay L. Hildebrandt, the testatrix,
this day, Vdw-L,4- , 2007.
10
Fay L. 4iddebrandt, Testatrix
l
Notar Public
COMMONWEALTH OF PENNSYLVANIA
Notarial Seal
Jacqueline M.Mindeck,Notary Public
Lower Paxton Twp.,Dauphin County
Page 21 L My Commission Expires Oct.25,2010
Member,Pennsylvania Association of Notaries
COMMONWEALTH OF PENNSYLVANIA )
COUNTY OF DAUPHIN )
We,' �. t. \- zc-e.--erand "hone, e r 4-so rt/ , the witnesses whose names are
signed to the attached or foregoing instrument, being duly qualified according to law, do
depose and say that we were present and saw the testatrix sign and execute the instrument
as her Last Will; that the testatrix signed willingly and executed it as her free and
voluntary act for the purposes therein expressed; that each subscribing witness in the
hearing and sight of the testatrix signed the will as a witness,• and that to the best of our
knowledge the testatrix was at that time 18 or more years of age, of sound mind, and
under no constraint or undue influence.
Witness
Witness
Notar ublic
COMMONWEALTH OF PENNSYLVANIA
Notarial Seal
Jacqueline M.Mindeck,Notary Public
Lower Paxton Twp.,Dauphin County
My Commission Expires Oct.25,2010
Member,Pennsylvania Association of Notaries
Page 22
LEGAL DESCRIPTION
DALE J. AND FAY L. HILDEBRANDT PROPERTY
5 AMERICANA LANE
EAST PENNSBORO TOWNSHIP, CUMBERLAND COUNTY, PENNSYLVANIA
All that certain tract of land being situated along the west side of North Enola Road (S.R.
0011) and along the north side of College Hill Road in East Pennsboro Township,
Cumberland County, Pennsylvania, said tract of land being more particularly bounded
and described as follows:
Beginning at a MAG Nail, said MAG nail being the southeast corner of lands of Cathy
Hildebrandt Mabius, said MAG nail being located 35 feet west, more or less, from the
centerline of North Enola Road, S.R. 0011 (70-foot wide right-of-way); thence along the
west side of North Enola Road, South 25 degrees 05 minutes 36 seconds West a
distance of 50.98 feet to a rebar, said rebar being a corner of lands of Realty Income
Corporation; thence along lands of Realty Income Corporation the three following
courses and distances: 1) North 72 degrees 40 minutes 54 seconds West a distance of
111.85 feet to a rebar; 2) along a curve to the left having a radius of 250.00 feet, an arc
length of 40.18 feet and a chord bearing North 76 degrees 33 minutes 41 seconds West,
a chord distance of 40.14 feet to a rebar; 3) South 25 degrees 26 minutes 23 seconds
West a distance of 174.61 feet to a rebar, said rebar being a corner of lands of St.
Joseph and Mary, Inc.; thence along lands of St. Joseph and Mary, Inc. and lands of
Kumar, Incorporated, respectively, South 34 degrees 42 minutes 54 seconds West a
distance of 421.17 feet to a rebar, said rebar being a corner of lands of Kumar,
Incorporated; thence continuing along lands of Kumar, Incorporated the two following
courses and distances: 1) South 70 degrees 57 minutes 28 seconds West a distance of
203.92 feet to a rebar; 2) South 24 degrees 39 minutes 34 seconds West a distance of
247.03 feet to a rebar, said rebar being on the north side of College Hill Road (50-foot
wide right-of-way); thence along the north side of College Hill Road North 65 degrees 05
minutes 08 seconds West a distance of 44.99 feet to a rebar, said rebar being on line of
lands of Cathy Hildebrandt Mabius and Wilhelm Mabius; thence along lands of Cathy
Hildebrandt Mabius and Wilhelm Mabius the six following courses and distances: 1)
North 25 degrees 36 minutes 09 seconds East a distance of 161.37 feet to an iron pipe;
2) North 64 degrees 53 minutes 53 seconds West a distance of 196.41 feet to an iron
pipe, said last described line having passed over an iron pipe at a distance of 100.00
feet from the last described point; 3) North 25 degrees 16 minutes 09 seconds East a
distance of 430.34 feet to a rebar; 4) North 02 degrees 08 minutes 00 seconds West a
distance of 140.00 feet to a rebar; 5) South 87 degrees 52 minutes 00 seconds West a
distance of 85.00 feet to a MAG nail; 6) North 02 degrees 08 minutes 00 seconds West
a distance of 283.55 feet to a rebar, said rebar being a corner of lands of Central Penn,
Inc.; thence along lands of Central Penn, Inc., North 62 degrees 33 minutes 00 seconds
East a distance of 82.39 feet to an iron pipe, said iron pipe being a corner of lands of
WEB Contracting, Inc.; thence along lands of WEB Contracting, Inc., North 75 degrees
46 minutes 15 seconds East a distance of 276.95 feet to a rebar; thence continuing
along lands of WEB Contracting, Inc. and a portion of lands of Donald and Roseanne
. C �14, /-A11-1 -
Koch, respectively, North 30 degrees 22 minutes 46 seconds East a distance of 105.24
feet to a rebar, said rebar being a corner of other lands of Dale and Fay Hildebrandt;
thence along other lands of Dale and Fay Hildebrandt the two following courses and
distances: 1) South 65 degrees 11 minutes 14 seconds East a distance of 173.15 feet
to a rebar; 2) South 83 degrees 00 minutes 14 seconds East a distance of 61.32 feet to
a rebar, said rebar being on the north side of Third Street Extended (50-foot wide right-
of-way); thence along Third Street Extended the two following courses and distances: 1)
South 25 degrees 05 minutes 38 seconds West a distance of 38.85 feet to a rebar; 2)
South 64 degrees 54 minutes 22 seconds East a distance of 50.00 feet to a rebar, said
rebar being a corner of lands of John Reiff; thence along lands of John Reiff, South 25
degrees 15 minutes 08 seconds West a distance of 150.00 feet to a rebar, thence
continuing along lands of John Reiff, lands of Scott and Michelle King and lands of Fay
Hildebrandt, respectively, South 64 degrees 54 minutes 22 seconds East a distance of
170.00 feet to a rebar, said rebar being a point on line of lands of Cathy Hildebrandt
Mabius, said last described line having passed over a bolt 20.00 from the last described
point; thence along lands of Cathy Hildebrandt Mabius the three following courses and
distances: 1) South 25 degrees 15 minutes 08 seconds West a distance of 75.24 feet to
a rebar; 2) along a curve to the right having a radius of 300.00 feet, an arc length of
31.70 feet and a chord bearing South 75 degrees 53 minutes 22 seconds East, a chord
distance of 31.69 feet to a rebar; 3) South 72 degrees 44 minutes 06 seconds East a
distance of 119.22 feet to a MAG nail, the point of beginning.
Containing an Area of 525,523 Square Feet, 12.064 Acres
Note: The above described tract of land being shown on a "Plan of Boundary Surveys of
Tax Parcels 09-13-1003-006, 09-13-1003-008, 09-13-1003-009, 09-13-1003-009B, 09-
13-1003-011 and 09-13-1003-077 For Cathy And Wilhelm Mabius", dated April 24, 2014,
Drawing Number 14012-001, prepared by D. L. Reiber Associates, Inc., attached hereto
and made a part of this description.
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SUMMARY APPRAISAL REPORT
' 12.133-ACRE SITE ON AMERICANA LANE
' 1.308-ACRE SITE ON RADAM STREET
EAST PENNSBORO TWP., PENNSYLVANIA
' PREPARED FOR
' THE ESTATE OF FAY L. HILDEBRANDT
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
' 35 EAST HIGH STREET, SUITE 101
' CARLISLE, PENNSYLVANIA
17013-3052
(717)249-2758
P ,C 0 MID Y
TABLE OF CONTENTS
PAGE NO.
Tableof Contents..................................................................................................... .2
Letter of Transmittal. .:.3
Summary of Important.Facts and Conclusions...........................................................4
' The Valuation Process................................................................................................6
Appraisal Certificate. .9
Intended Use of the Appraisal...................................................................................14
' Location Analysis......................................................................................................15
Zoning. .18
'Ownership History....................................................................................................21
EstimatedMarketing Time........................................................................................21
Economic trends. ...21
ExposureTime..........................................................................................................22
' Site Descriptions.......................................................................................................23
Improvements .25
Taxesand Assessment..............................................................................................26
Highestand Best Use................................................................................................27
Cost Approach .32
Sales Comparison Approach.....................................................................................35
IncomeApproach......................................................................................................50
Reconciliation and Final Value Estimate..................................................................51
Underlying Assumptions and Limiting Conditions..................................................52
' Certificate of Appraisal.............................................................................................55
PrivacyNotice...........................................................................................................57
' APPENDIX
' Qualifications of the Appraiser
Photographs
Location Map
2
Diversified Appraisal Services
Real Estate Appraisers and Consultants 35 East High Street
Carlisle,PA 17013-3052
(717)249-2758
FAX(717)258-4701
May 22,2014
TO: The estate of Fay L. Hildebrandt
FM: Larry E. Foote
RE: Summary Appraisal Report
12.133-acre tract on Americana Lane
1.308-acre tract on Radam Street
East Pennsboro Township, Pennsylvania
At your request,I have appraised the captioned property. The appraisal report,
which follows this letter,is submitted in support of my opinion of Market Value of the
Fee Simple Interest in the property, as of March 11, 2014.
I hereby certify that,to the best of my knowledge and belief,the data, facts,and
opinions set forth therein,are accurate, subject to.the Statement of Assumptions and Lim-
iting Conditions that is also made a part of the report,and that the indicated Market Value
of the subject property,as of March 11, 2014 is:
TAX PARCEL 09-13-1003-009: $898,000
TAX PARCEL 09-13-1003-077: $70,000
This appraisal has been made in conformity with the standards of professional
practice of the National Association of Realtors Appraisal Section. I appreciate your hav-
ing considered me for this assignment and trust that you find the report entirely satisfac-
tory.
Respectfully submitted,
Larry E. Foote
Pa. Certified General Appraiser
GA-000014-L
3
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
' LOCATION: Americana Lane and Radain Street
East Pennsboro Township
Cumberland County,Pennsylvania
TAX PARCEL NUMBER: 09-13-1003-009 and 09-13-1003-077
' OWNERSHIP: The estate of Fay L. Hildebrandt
LAND SIZE: 12.133-acre tract on Americana Lane and 1.308-acre tract
' on Radam Street
ZONING: CG—Commercial General District.
FLOOD HAZARD DATA: The subject is not located in a FEMA identified flood haz-
ard area according to map#42041 C0116E,dated March 16,
' 2009.
' PROPERTY RIGHTS: Fee simple interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
' subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
' those relevant to the valuation of the subject.
CLIENT: The estate of Fay L. Hildebrandt
' INTENDED USER: The estate of Fay L. Hildebrandt
IMPROVEMENTS: Two single-family dwellings,two stables, equipment stor-
age building, and two storage buildings.
' OBJECTIVE: To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: To provide a market value estimate for use by the client in
an estate settlement.
' EFFECTIVE DATE: March 11, 2014.
INSPECTION DATE: May 13, 2014.
4
1
HIGHEST AND BEST USE:Demolition of all structures except the stable and equip-
ment storage building, and use as a commercial develop-
ment.
COST APPROACH: N.A.
SALES APPROACH: TAX PARCEL 09-13-1003-009: $898,000
' TAX PARCEL 09-13-1003-077: $70,000
INCOME APPROACH: N.A.
VALUE CONCLUSION: TAX PARCEL 09-13-1003-009: $898,000
TAX PARCEL 09-13-1003-077: $70,000
1
1
1
i5
1
THE VALUATION PROCESS
' The valuation process is defined in The Appraisal o Real Estate as published b
P PP .r P Y
the Appraisal Institute, as"a systematic set of procedures an appraiser follows to provide
answers to a client's questions about real property value."
It consists of a series of steps that are appropriate to a specific and particular ap-
praisal assignment that begins with a client engaging a real estate appraiser to develop an
' opinion of value for a specific property as of a given effective date and ends when the
appraiser communicates and reports the final conclusions and opinions to the client.
1 Definition of the Appraisal Problem:
The first step in the appraisal process includes the presentation of the following:
1. Identification of the client,the intended use, and the intended users of the ap-
praisal report.
2. The purpose of the appraisal, including a definition of the value being reported.
' 3. Determination of the effective date of the appraisal report.
' 4. Extraordinary assumptions that are applicable to the appraisal assignment.
5. Hypothetical conditions that are applicable to the appraisal assignment.
1
' Scope of Work:
Scope of work is defined in the Uniform Standards of Professional Practice as be-
g type' in "the a and extent of research and analyses in an assignment." This includes the
6
1
' degree and extent of research and the data that is deemed as necessary to develop a credi-
ble opinion of value for the property being appraised.
Data Collection and Analysis:
The appraiser must gather and analyze market area data, subject property data,
and comparable property data that is relative and relevant to the appraisal assignment.
' Development and Application of Traditional Approaches to Value:
The appraiser must consider which of the three traditional approaches to value are
' applicable,relevant, and necessary for developing a credible opinion of value for the sub-
ject property. These three traditional approaches to value include the Cost Approach,
Sales Comparison Approach,and Income Capitalization Approach. When two or more
' of these approaches to value are developed,the appraiser must determine the amount of
' emphasis and consideration to be given to each of those approaches to value, since one or
more may have greater significance in the appraisal of a specific property.
Reconciliation of Value Indications and Final Opinion of Value:
The final step in the valuation process is the reconciliation of the value indications
'
developed b the appraiser. Reconciliation is the analysis of alternative conclusions to
P Y
' arrive at a final value estimate. Reconciliation is required because different value indica-
tions result from the use of multiple approaches to value and within the application of a
single approach. The final value estimate is not derived simply by applying technical and
7
quantitative procedures, rather, it involves the exercise of judgment, and the value con-
clusion reached must be consistent with market thinking.
t
8
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE ESTATE OF FAY L. HILDEBRANDT
the undersigned personally inspected the following described property:
All that certain tracts of land, with the improvements thereon erected, situate.in
the East Pennsboro Township, Cumberland County, Pennsylvania, more particularly
bounded and described as follows:
TAX PARCEL 09-13-1003-009: Tract No. 1: Beginning at a MAG nail being
the southeast comer of lands of Cathy Hildebrandt Mabius, said MAG nail being located
35 feet west,more or less,from the centerline of North Enola Road;thence along the
west side of North Enola Road, South 25 degrees 05 minutes 36 seconds West a distance
of 50.98 feet to a rebar, said rebar being a comer of lands of Realty Income Corporation;
thence along lands of Realty Income Corporation and three following courses and dis-
tances: 1)North 72 degrees 40 minutes 54 seconds West a distance of 111.85 feet to a
rebar; 2)along a curve to the left having a radius of 250.00 feet,an arc length of 40.18
feet and a chord bearing North 76 degrees 33 minutes 41 seconds West,a chord distance
of 40.14 feet to a rebar; 3)South 25 degrees 26 minutes 23 seconds West a distance of
174.61 feet to a rebar,said rebar being a comer of lands of St. Joseph and Mary,Inc.;
thence along lands of St. Joseph and Mary, Inc. and lands of Kumar,Incorporated,re-
spectively, South 34 degrees 42 minutes 54 seconds West a distance of 421.17 feet to a
rebar,said rebar being a comer of lands of Kumar Incorporated;thence continuing along
lands of Kumar,Incorporated the two following courses and distances: 1) South 70 de-
9
grees 57 minutes 28 seconds West a distance of 203.92 feet to a rebar; 2) South 24 de-
grees 39 minutes 34 seconds West a distance of 247.03 feet to a rebar, said rebar being on
the north side of College Hill Road;thence along the north side of College Hill Road
North 65 degrees 05 minutes 08 seconds West a distance of 44.99 feet to a rebar, said re-
bar being on line of lands of Cathy Hildebrandt Mabius and Wilhelm Mabius;thence
along lands of said Mabius the six following courses and distances: 1)North 25 degrees
36 minutes 09 seconds East a distance of 161.37 feet to an iron pipe; 2)North 64 degrees
53 minutes 53 seconds West a distance of 196.41 feet to an iron pipe, said last described
line having passed over and iron pipe at a distance of 100.00 feet from the last described
poinr; 3)North 25 degrees 16 minutes 09 seconds East a distance of 430.34 feet to a re-
bar; 4)North 02 degrees 08 minutes 00 seconds West a distance of 140.00 feet to a re-
bar; 5) South 87 degrees 52 minutes 00 seconds West a distance of 85.00 feet to a MAG
nail; 6)North 02 degrees 08 minutes 00 seconds West a distance of 283.55 feet to a re-
bar, said rebar being a comer of lands of Central Penn, Inc.; thence along lands of Cen-
tral Penn, Inc.North 62 degrees 33 minutes 00 seconds East a distance of 82.39 feet to an
iron pipe, said iron pipe being a comer of lands of WEB Contracting,Inc.;thence along
lands of WEB Contracting,Inc.,North 75 degrees 46 minutes 15 seconds East a distance
of 276.95 feet to a rebar; thence continuing along lands of WEB Contracting, Inc. and a
portion of lands of Donald and Roseanne Koch,respectively,North 30 degrees 22 min-
utes 46 seconds East a distance of 105.24 feet to a rebar, said rebar being a comer of
other lands of Dale and Fay Hildebrandt; thence along other lands of Dale and Fay
Hildebrandt the following courses and distances: 1) South 65 degrees 11 minutes 14 sec-
onds East a distance of 172.15 feet to a rebar; 2) South 63 degrees 00 minutes 14 sec-
10
onds East a distance of 61.32 feet to a rebar, said rebar being on the north side of Third
Street Extended;thence along Third Street Extended the two following courses and dis-
tances: 1) South 25 degrees 05 minutes 38 seconds West a distance of 38.85 feet to a re-
bar; 2) South 04 degrees 54 minutes 22 seconds East a distance of 50.00 feet to.a rebar,
' said rebar being a corner of lands of John Reiff;thence along lands of John Reiff, South
25 degrees 15 minutes 08 seconds West a distance of 150.00 feet to a rebar;thence con-
tinuing along lands of John Reiff, lands of Scott and Michelle King and lands of Fay
' Hildebrandt respectively, South 64 degrees 54 minutes 22 seconds East a distance of
170.00 feet to a rebar, said rebar being a point on line of lands of Cathy Hildebrandt
' Mabius, said last described line having passed over a bolt 20.00 feet from the last de-
scribed point;thence along lands of Cathy Hildebrandt Mabius the three following
courses and distances: 1) South 25 degrees 15 minutes 08 seconds West a distance of
' 75.24 feet to a rebar; 2) along a curve to the right having a radius of 300.00 feet,an arc
length of 31.70 feet and a chord bearing South 75 degrees 53 minutes 22 seconds East, a
chord distance of 31.00 feet to a rebar; 3) South 72 degrees 44 minutes 08 seconds East a
distance of 119.22 feet to a MAG nail,the point of beginning. Containing an area of
12.064 acres.
Tract No. 2: Beginning at a point at the southwest intersection of a 20 feet wide
alley and a 50 feet wide street known as Third Street extension and sometimes known as
' Random Street;thence along the south line of aforesaid 50 feet wide street South 64 de-
grees 41 minutes East,20 feet to a point;thence along lands now or formerly of Fay, L.
Hid gI't
Hildebrandt South 25 degrees 19 minutes West, 150 feet to a point;thence along lands
now of Fay L. Hildebrandt North 64 degrees 41 minutes West, 20 feet to a point;thence
11
4
along other lands now or formerly of Robert L. and Geneva E. Burleson North 25 degrees
19 minutes East, 150 feet to a point,the place of beginning. Containing an area of.069
acre.
TAX PARCEL 09-13-1003-077,: Beginning at a paint on the northerly line of a
40 foot street known as Radam Street at the westerly line of land now or formerly of
Maurice Lightner;thence south 82 degrees 21 minutes west along said line of Radam
Street 11.78 feet to a point on the westerly line of a 50 foot street;thence by the latter line
south 25 degrees 19 minutes west 211.83 feet to a point;thence by land of George F.
Moore and wife north 82 degrees 41 minutes west 60.84 feet to a point;thence by the
same north 64 degrees 52 minutes west 173.15 feet to a point on the southerly line of land
1 of Leah Robbins Memorial Methodist Church;thence by the latter land north 30 degrees
42 minutes east 68.06 feet to a point;thence by the same north 51 degrees east 333 feet to
a point;thence y the same north 82 degrees 21 minutes east 10.22 feet to a point;thence
by land now or late of Maurice Lightner south 7 degrees 39 minutes east 150 feet to a
point on the northerly line of Radam Street,the place of beginning.
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this appraisal report nor the
compensation is contingent upon the value reported, and that in my opinion the Market
Value as of March 11,2014 is:
TAX PARCEL 09-13-1003-009: $898,000
TAX PARCEL 09-13-1003-077: $70,000
The property was appraised as a whole, subject to the contingent and limiting
12
1
' conditions outlined herein.
Larry E. Foote
t Pa. Certified General Appraiser
GA-000014-L
' 13
r
r
INTENDED USE OF THE APPRAISAL
r
The intended use of this appraisal is to estimate the Market Value of the subject
rproperty as of March 11, 2014 for use in an estate settlement.
Market 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 p Y prudently, knowledgeably and assuming the price is not affected
' by undue stimulus. Implicit in this definition is the consummation of a sale as of a speci-
fied date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
rb. Both parties are well informed or well advised, and each acting in
what he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
' d. Payment is made in terms of cash in U.S. dollars or in terms of fi-
nancial arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f).
r14
LOCATION ANALYSIS
The subject property is located in the south central part of Pennsylvania in Cum-
berland County,which is part of the Harrisburg-Lebanon-Carlisle Metropolitan Statistical
Area (MSA), which consists of Cumberland, Dauphin, Lebanon and Perry counties.
Cumberland County has pronounced boundaries. The Susquehanna River forms the east-
em boundary shared with Dauphin County and the state capitol, Harrisburg., The Yellow
' Breeches Creek forms the southeastern boundary with York County. The boundary then
extends to the southwest following the Paney and South Mountains. That line also con-
stitutes the southern boundary with Adams County. The southwestern boundary with
' Franklin County is traced by Laughlin Run, Middle Spring Creek, Gum Run, and Maines
Run while the ridge line of Blue Mountain forms the northern boundary with Perry
'
County.
t3'
' This region is one of the most strategically located areas in the Eastern United
States and the major center for food distribution in the Middle Atlantic market region
which contains over 40 million people.
' Based upon statistics from the Commonwealth of Pennsylvania Department of
Labor and Industry Bureau of Research and Statistics,Pennsylvania's seasonally adjusted
civilian labor force—the number of people working or looking for work—declined by
' 30,000 residents in August, 2010 to 6,363,000. Resident employment dropped by 25,000
' in August, 2010 accounting for all of the labor force growth.Unemployment was down
by 8,000 people. The civilian labor force was down 34,000 from August 2009,with un-
employment up 42,000 during the same time period.
' 15
Pennsylvania's seasonally adjusted unemployment rate fell to 9.2 percent in Au-
gust,down one-tenth of a percentage point from July. Pennsylvania's seasonally adjusted
' unemployment rate remained below the United States' rate of 9.6 percent in August.
Cumberland County's seasonally adjusted rate of unemployment dropped from
7.5 percent in July to 7.3 percent in August,placing it in fourth position from the lowest
' unemployment rate in Pennsylvania. Centre County has the lowest unemployment rate,
at 6.4 percent.
' Major east-west transportation links serving the general area are U.S. Route 22
and 322, Interstate Route 78, and Interstate Route 76. Major nearby north-south arteries
include Interstate Route 81, Interstate Route 83, and U.S. Routes I l and 15. Rail service
' is provided by Amtrak on ConRail's line. The rail terminal is located in downtown Har-
risburg. Air transportation includes four airports with Harrisburg International Airport
serving the major carriers of U.S. Air,American, and Pennsylvania Commuter Air Lines.
' General aviation is also served by Capital City Airport and the Carlisle Business Airport.
' Higher education is offered through the Harrisburg Area Community College, the
University Center at Harrisburg, Pennsylvania State University at Harrisburg, Dickinson
College and Dickinson Law School. Millersville State University, Shippensburg State
University, Susquehanna University, Franklin and Marshall College, and York College,
among others,are all within a one hour drive of the general area.
East Pennsboro Township is located in the southeast section of central Pennsyl-
vania, across the Susquehanna River from Harrisburg, the state capitol. Employment op-
portunities are good, with Commonwealth of Pennsylvania employing approximately
35,000 area workers, Harrisburg being the State Capital. The United States Government
16
' employs approximately 14,000, most of which serve two large supply depots, the Army
' Supply Depot at New Cumberland and the Ship's Parts Control Depot in Mechanicsburg.
Some of the largest employers in the Harrisburg area include the Commonwealth of
' Pennsylvania; the United States Government; United States Postal Service; Hershey
' Foods Corporation; Naval Support Activity, Mechanicsburg; Pennsylvania Blue Shield;
Hershey Medical Center; Defense Distribution Center, New Cumberland; Pinnacle
Health System; Electronic Data Systems; PPG Industries; Giant Food Stores; Ross Dis-
tribution; United States Army War College and Carlisle Barracks; Capital Blue Cross;
and Fry Communications, Inc.
' The economic base of the area is diversified and extends from strong government,
' service related and transportation facilities, and commercial and industrial uses. Unem-
ployment rates are consistently some of the lowest reported in the area. This is due for
' the most part to high State and Federal Government employment, as well as expanding
private sector uses of distribution and office facilities.
' 17
ZONING
The subject property is located in an area which is zoned CG, Commercial Gen-.
eral District. The purpose of this district is to provide reasonable standards for the devel-
opment of commercial uses in areas where such uses already exist and where the devel-
opment of commercial uses is feasible.
A building may be erected or used and a lot may be used or occupied far any of
the following uses:
A. Apartment buildings.
B. Tourist homes and motels.
C. Commercial uses servicing the community.
D. Professional offices and services.
E. Personal services.
F. Newspaper and job printing establishments.
G. Theaters, assembly halls, places of amusement, and commercial recreation estab-
lishments including skating rinks, swimming pools, golf driving ranges, and out-
door movies.
H. Public garages for storage, repair, and servicing of motor vehicles when in a com-
pletely enclosed structure;public and private off-street parking lots.
I. Gasoline filling stations for servicing but not major repairing of motor vehicles.
J. Public and semi-public uses such as churches, libraries, schools, recreational fa-
cilities,and municipal buildings of all types.
K. Post office, central telephone exchanges and transformer substations.
18
L. Undertaking parlors and funeral homes.
M.'Laundry, dry cleaning or dyeing, tailoring, dressmaking, shoemaking and repair
shops when primarily service or service and sales shops and not manufacturing
plants.
N. Wholesale businesses when incidental to a permitted use, but not including
wholesale storage warehouses.
O. Residential use for dwellings in existence at the time of the adoption of this zon-
ing ordinance.
P. Conversion apartments.
Q. Dance or music studios.
R. Dog kennels and veterinary hospitals.
S. Telecommunication antennas.
T. Public utility facilities.
U. Amusement arcade.
V. Auction house.
W. Car wash.
X. Restaurant,fast food.
Y. Restaurant,drive-thru.
Z. Bar or tavern.
AA. Nightclub.
BB. Commercial health club.
CC. Communication equipment enclosure.
DD. Tourist cabins
19
EE. Self service storage facilities.
FF. Municipal recreation areas and facilities.
GG. Group child day care home.
HE Child day care center.
II. Accessory use on the same lot with and customarily incidental to any of
the above permitted uses.
JJ. Any use determined by the zoning officer to be of the same general
character as the above permitted and accessory uses.
20
OWNERSHIP HISTORY
The subject property is owned by the estate of Fay L. Hildebrandt. No sales of
the property have taken place during the past three years.
ESTIMATED MARKETING TIME
The reasonable marketing time is an estimate of the amount of time that it would
take to sell aproperty at the estimated market value during the period of time immedi-
ately after the effective date of the appraisal assignment. It is estimated that if the subject
property were offered for sale at the indicated Market Value, a reasonable marketing time
would be one to two years. This estimate is based upon quarterly sales figures published
by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, property values for similar properties have steadily increased, with
vacancy rates remaining stable. However, the recent lag in the economy has resulted in a
leveling of appreciation rates and.longer marketing times. Financing is readily available
to qualified purchasers at reasonable rates and terms.
21
i
EXPOSURE TIME
The length of time the property being appraised would have been offered on the`
market prior to the hypothetical consummation of a sale at the market value on the effec-
tive date of the appraisal. Exposure time is presumed to precede the effective date of the
appraisal. The reasonable exposure period is a function of price,time and use. It is not an
1 isolated opinion of time alone. Exposure time is different for various types of property
and under various market conditions. It is a retrospective opinion based on an analysis.of
past events,assuming a competitive and open market.It assumes not only adequate,suf-
ficient and reasonable time but adequate, sufficient and a reasonable marketing effort.
Exposure time and conclusion of value are therefore interrelated. Based upon the infor-
mation presented in this report, a reasonable exposure time for the subject property Y
is es-
timated to be one to two years.
' 22
■ SITE DESCRIPTIONS
TAX PARCEL 09-13-1003-009: This tract of land is irregular in shape,consists of a
total area of approximately 12.133 acres, and has macadam road frontage along 'North
Enola Road, College Hill Road and Third Street Extended.
The site is relatively level to rolling throughout, with the exception of a steep em-
bankment along the northern boundary of the site. There does not appear to be any drain-
age problems, and according to the Federal Emergency Management Agency map num-
ber 42041 CO I 16E, dated March 16, 2009, the site is not located in a FEMA identified
flood hazard area.
In the absence of core boring, it has been assumed that there are no mineral de-
posits of a commercial nature underlying the subject site. For the same reason, it is as-
sumed that there are no unusual sub-soil conditions that would adversely affect the sub-
ject site.
Access to the site is via North Enola Road, College Hill Road and Third Street
Extended, and visibility of the site from these roadways is considered to be good.
Utilities available at the site include water, sewer, electricity and telephone ser-
vice. There appears to be sufficient capacity in each of these utilities to permit optimum
utilization of the site. This property is currently enrolled in Cumberland County's"Clean
and Green"reduced agricultural land assessment program.
TAX PARCEL 09-13-1003-077: This tract of land is irregular in shape, consists of a
total area of approximately 1.308 acres, and has macadam road frontage along Radam
Street.
23
The front portion of the site is slightly lower than the surface of Radarn Street,but
becomes relatively level throughout the rest of the site. There does not appear to be any
drainage problems, and according to the Federal Emergency Management Agency map
number 42041 COI 16E, dated March 16, 2009, the site is not located in a FEMA identi-
fied flood hazard area.
In the absence of core boring, it has been assumed that there are no mineral de-
posits of a commercial nature underlying the subject site. For the same reason, it is as-
sumed that there are no unusual sub-soil conditions that would adversely affect the sub-
ject site.
Access to the site is via Radam Street,and visibility of the site from this roadway-
sis considered to be good.
Utilities available at the site include water, sewer, electricity and telephone ser-
vice. There appears to be sufficient capacity in each of these utilities to permit optimum
utilization of the site.
1
1
1
24
IMPROVEMENTS
The site is improved with two single-family dwellings and five non-residential
buildings. One of the single-family dwellings is a 2,533 square foot one-story detached
brick residence. The second single-family dwelling is a 1,222 square foot one-story de-
tached brick residence.
The largest non-residential building is a one-story detached 10,650 square foot
steel siding horse barn with a finished tack room and office. The next largest building is
a one-story detached 3,240 square foot steel siding farm equipment building. There is a
one-story detached 1,440 square foot horse stable with an attached one-car garage. There
are also two one-story detached storage buildings, consisting of a 320 square foot brick
building and a 320 square foot wooden building.
' Due to the highest and best use of the subject property, the two single-family
Y
dwellings, the small horse stable and the two storage buildings are considered to have no
contributory value to the subject property. However, the two steel siding buildings are
considered to add value to the subject property, due to their location on the site, relative
' to the steep drop in elevation at that location. Also, it appears as though these buildings
could be converted into retail sales facilities or other commercial uses.
i
1
1
1 25
i
' TAXES AND ASSESSMENT
t
The real estate tax assessment, synonymous with assessed value, is the official
valuation level of property for advalorem tax purposes. Since the assessment is a dollar
' amount assigned to taxable property by the assessor for the purposes of taxation, it may
not reflect the independent value conclusions found within this report. The following is
the assessment and tax liability for the subject property as determined by the County As-
sessor's Office:
Tax Parcel 09-13-1003-009 Tax Parcel 09-13-1003-077
' Assessment: $438,900 (Clean&Green) $54,000
' Mill Rates:
Township .0009570. .0009570
County .0022740 .0022740
School .0105254 .0105254
Total .0137564 .0137564
Tax Liability:
Township $ 420.03 $ 51.68
County 998.06 122.80
School 4,619.60 568.37
' Total $6,037.69 $742.85
' 26
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a prop-
erty can be put". The opinion of such use may be based on the highest and most profit-
able continuous use to which the property is adapted and needed, or likely to be in de-
m and, in the reasonable near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be rea-
sonably probable, should be excluded from consideration. Also, if the intended use is
dependent on an uncertain act of another person,the intention cannot be considered.
The following tests must be passed in determining the highest and best use of the
subject property.
a. The use must be physically possible. The size, shape, and topography of the
site affect possible uses for which it can be developed.
b. The use must be legal, i.e., permitted under zoning and other municipal,
county, state, or federal regulations.
c. The use must be financially feasible, probable, and not speculative. There
must be an economic, social, or market demand for the existing or proposed
use. All uses that are expected to produce a positive return are regarded as fi-
nancially feasible.
d. Finally, the highest and best use must be that which produced the highest pos-
sible net return for the longest period of time.
27
The highest and best use of the site as vacant may be different from the highest
and best use as currently improved. This is most likely to -occur with older properties,
where physical condition, market changes, and neighborhood changes have been signifi-
cant since the period when originally constructed.
HIGHEST AND BEST USE AS VACANT:
The highest and best use of the property as vacant assumes the site has no existing
improvements. This concept is important to the appraisal report as it is carried through to
the valuation of the land in the cost approach, if applicable. It assists in the selection of
comparable sales of vacant sites to apply to the subject site.
PHYSICALLY POSSILE A detailed de sc ription of the subject site is presented in the.
property description section. The site's physical characteristics are typical of those in the
subject neighborhood. The topography provides adequate drainage and no extensive ex-
.cavation would be required. The existing public utilities are adequate for development of
the site. There are no existing hazards on the site and it is not located in a FEMA identi-
fied flood hazard area. The site's favorable characteristics and surrounding uses support
commercial development.
LEGALLY PERMISSABLE: The applicable zoning is presented in this report. Various
commercial uses are permitted under current zoning. Therefore, use for the construction
of commercial buildings is legally permissible.
FINANCIALLY FEASIBLE: The legally permitted commercial uses constitute the
available choices. The subject site has a favorable location within Cumberland County
for commercial development. The site's proximity to churches, schools, shopping and
transportation, and are considered to be favorable locational attributes for commercial
28
development. The fact that there is limited competition for commercial building sites in
the vicinity of the subject, commercial development of the site will produce the highest
net return or highest present worth.
MAXIMALLY PRODUCTIVE: The highest and best use is usually a long term consid-
eration which represents that use which results in the highest value. Considering the
physical characteristics of the site, neighborhood uses, current zoning, location, and fi-
nancial parameters, it is my opinion that the highest and best use of the subject property
would be for demolition of all of the existing structures, with the exception of the two
large one-story buildings located near the northern boundary of the site, and construction
of several additional commercial buildings.
24
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach
to value.
The cost approach to value is based on the assumption that the reproduction cost
of a building plus land value, tends to set the upper limit to value. A key assumption is
that a newly constructed building would have advantages over the existing building,
therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the
existing building compared to a new facility.
The sales comparison approach to value assumes that under normal conditions, a
given number of parties acting intelligently and voluntarily, tend to set a pattern.from
which value can be estimated. Application of this approach relies on,a comparison of the
subject with a sufficient number of recent transactions of comparable properties in the
market,based on a common unit, such as price per square foot of building area.
The income approach concerns itself with present worth of the future potential
benefits of a property. The initial estimate involves the net income, which a fully in-
formed person is justified in assuming the property will produce during its remaining use-
ful life. This estimated net income is then capitalized into a value estimate, based upon
the level of risk as compared with that of a similar type and class.
Information for the application of the three approaches to value is obtained from
the market through research verification and analysis. It should be noted that, although
the approaches are interrelated, separate indications of value are usually derived from
30
each approach. The reconciliation of these three approaches to value involves an attempt
' to explain the apparent differences and to determine which approach, or combination of
approaches, should be given the greatest consideration. These approaches to value are
considered, and those being appropriate are fully analyzed and presented in the following
' sections of this appraisal report.
' 31
' THE COST APPROACH
The cost approach to value is based on the principle of substitution, which pro-
poses that an informed buyer will pay no more than the cost of providing a substitute
property with similar utility.
In estimating the value of the subject property by the cost approach, the following
' steps must be completed:
' a. Estimate the.value of the site to its highest and best use as though vacant,
which we have done.
' b. Estimate the reproduction or replacement cost of the improvements on the ef-
fective date of the appraisal. This includes direct and indirect costs.
c. Estimate other costs incurred after construction to bring the new,vacant build-
ing u to market conditions and occupancy levels.
g p p Y
' d. Estimate entrepreneurial profit, when appropriate, from an analysis of the
market.
e. Add estimated replacement or reproduction cost, indirect costs, and entrepre-
neurial profit, often expressed as a percentage of total direct and indirect costs
' to arrive at the total replacement or reproduction cost of the primary structure.
f. Estimate the amount of accrued depreciation in the structure, which is divided
' into three major categories; physical deterioration, functional obsolescence,
' and external obsolescence.
' 32
g. Deduct the estimated depreciation from the total reproduction or replacement
cost.of the structure to derive an estimate of the structure's depreciated repro-
duction or replacement cost.
h. Estimate reproduction or replacement costs and depreciation for any acces-
sory buildings and site improvements, and then deduct estimated depreciation
from the reproduction or replacement costs of these improvements. Site im-
provements and minor building improvements are often appraised at their net
value, i.e.,directly on a depreciated cost basis.
i. Add the depreciated reproduction of replacement costs of the structure, the
accessory buildings, and the site improvements to obtain the estimated total
depreciated reproduction or replacement cost of all improvements.
j. Add the land value to the total depreciated reproduction or replacement cost
of all improvements to arrive at the indicated value of the fee simple interest
in the property. .
k. Adjust the indicated fee simple value to reflect the property interest being ap-
praised, if necessary, to produce an indicated value for the interest in the sub-
ject property.
Comparison is the essence of the cost approach to value, similar to the sales com-
parison and income approaches. Construction costs, plus land values, are compared to
the values of existing improved properties. The four principles used for the sale compari-
son approach (substitution, supply and demand, balance, and externalities), are also ap-
plicable to the cost approach.
33
' So the cost approach to value can be derived and equitably compared with the
' other approaches to value, adjustments for accrued depreciation from all causes are de-
ducted from the reproduction cost,including:
a. Physical Deterioration: Physical wearing out of property.
' b. Functional Obsolescence: Lack of desirability in terms of layout, style
and design as compared to that of a new property, serving the same func-
tion.
' c. External Obsolescence: Loss of value from causes outside the property it-
self.
The cost approach to value is most applicable for new properties, where the com-
ponents of physical deterioration and functional and external obsolescence are small.
The Marshal Valuation Service is used in this approach with actual costs for the subject
' property.
The Marshall Valuation Service is a complete, dependable appraisal guide for de-
veloping replacement costs, depreciated values, and insurable values of buildings and
' other improvements. Modifiers are applied to make the cost applicable to any size build-
ing in any locality. Known costs for locally constructed properties are also analyzed and
compared with derived cost estimates.
' The land value is based on comparable land sales using the same techniques as
' applied in the sales comparison approach.
Since the subject property consists of a tract of land with buildings that have lim-
ited contributory' ntributo value and a vacant tract of land, the cost approach to value is inappro-
priate and has,therefore,not been included in the development of this appraisal report.
' 34
1
THE SALES COMPARISON APPROACH
The sales comparison approach is a process of comparing market data, that is,the
prices paid for similar properties, prices asked by owners, offers made by prospective
purchasers willing to buy, and rents and leases.
In applying the sales comparison approach, various appraisal principles are ap-
plied, ensuring that all relevant issues have been included in the analysis. 'The principles
of primary importance are supply and demand, balance, substitution, and externalities.
Additionally, a fundamental premise of the sales comparison approach is the concept,that
from analysis of sales of reasonably similar properties, an appraiser has a factual basis
upon which to estimate the value of the subject. Proper application of the sales compari-
son approach requires that:
a. Only market transactions be weighed, and the date of each transaction be con-
firmed to the greatest extent possible.
b. The degree of comparability of each sale to the subject be considered.
c. The value conclusion be consistent with the analysis of the sales data.
A definition of market value is: "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, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the consummation of a sale as of
a specified date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
35
' b. Both parties are well informed or well advised, and each acting in what he
considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial ar-
rangements comparable thereto.
e. The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone asso-
ciated with the sale.
The degree of comparability that exists between a sale and the subject is often a
function of the volume of sales activity in a market. For any class of real estate, if sales
' are infrequent, the market area must be expanded in scope of time and or geography to
whatever extent is necessary to accumulate sufficient data on which to base a judgment.
' To judge the degree of comparability between a sale and the subject, several
' guidelines can be applied.
a. The sale should be in the same market as the subject. To the extent that a
market is a meeting place for buyers and sellers of real estate of a given type,
' the boundaries of the market are set by the participants in merchandising and
absorbing competitive properties. The boundaries of a market area are conse-
quently economic in character, and not purely physical or geographic.
' b. Physical characteristics of the sale and subject should be as similar as possible
in terms of size and amenities customarily found within the applicable class of
1
real estate.
c. Real estate price trends over time must be taken into consideration.
' 36
' d. The functional adequacy of the sale property and the subject should be com-
petitive in terms of the ability of each to support similar functions.
In arriving at this conclusion of the value of the subject property, your appraiser
made a survey of properties that have been sold recently or are now offered for sale
within the general area.
Sales, terms of sale, and price were verified,by a personal examination and/or in-
terview with the sales brokers.
As it was impossible to find an identical property to that of the subject, since no
two properties are ever identical, it was necessary to make adjustments on each compara-
ble sale and offering for sale as related to the subject property.
Consideration was given and adjustments were made on each comparable sale, of-
fering for sale as to time of sale, size, location, and utility, as well as all other factors that
'
might affect value.
A resume of the most similar sales used by your appraiser are listed on the follow-
ing pages:
t
37
! PARCEL 09-13-1003-009 SALE NO. 1:
Location: Corner of Valley Road and Millennium Way
Hampden Township
Tax Parcel Number: 10-14-0838-005, 10-14-0838-006, 10-14-0838-007
and 10-14-0839-015
Date of Sale: June 7, 2012
Deed Reference: 201217170
Type: Vacant tract of commercial land.
Zoning: Commercial Park Limited District.
Size: 14.91 acres.
Road Frontage: 401.35 feet on Valley Road and 504.84 feet on
Millennium Way.
Topography: Level
Utilities: Water, sewer,electricity,and telephone.
Grantor: Dolbin,Gill,RDJAM L.P. and Sullenberger
Grantee: Weis Markets,lnc.
Sale Price: $2,343,500
Unit Price: $157,176 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
! 38
PARCEL 09-13-1003-009 SALE NO. 2:
Location: Allen Road
Dickinson Township
Tax Parcel Number: 08-08-0581-006
1 Date of Sale: March 31,2011
Deed Reference: 201109926
Type: Vacant tract of commercial land.
Zoning: Business Recreational District.
Size: 29.33 acres.
Road Frontage: 523.69 feet on Allen Road.
Topography: Level to rolling.
Utilities: Water,sewer, electricity and telephone.
Grantor: Loyal Order of Moose
Grantee: Center at Rocky Meadows L.P.
Sale Price: $2,288,442
Unit Price: $78,024 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
39
PARCEL 09-13-1003-009 SALE NO. 3:
Location: Hartzdale Drive
Lower Allen township
Tax Parcel Number: 13-23-0551-1-11
' Date of Sale: August 20, 2013
' Deed Reference: 201327692
Type: Vacant tract of commercial land.
' Zoning: Regional Commercial District.
' Size: 17.20 acres.
Road Frontage: 760.79 feet on Hartzdale Drive and 1,358.93
' feet on Capital City Mall Drive.
"Topography: Level
' Utilities: Water, sewer, electricity and telephone.
' Grantor: George G. Forbes, II
Grantee: Wal-Mart Real Estate Business Trust
Sale Price: $4,850,000
Unit Price: $281,977 per acre.
Data Source: Cumberland County Assessment Office records and
' visual inspection.
1
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' 40
Your appraiser, in addition to the sales listed, also considered several additional
sales in arriving at his final opinion of value. After making all of the necessary adjust-
ments, as explained in the opening paragraphs under this approach to value, it is your ap-
praiser's considered opinion that the Market Value of Parcel 09-13-1003-009 by the Sales
Comparison Approach is best estimated at$898,000.
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' SALES ADJUSTMENTS
PARCEL 09-13-1003-009
' The appraiser has analyzed comparable sales and has developed dollar adjust-
ments, reflecting market reaction to those items of significant variation between the sub-
ject and comparable properties. If a significant item in the comparable propertyis supe-
rior to, or more favorable than the subject property, a minus (-) adjustment is made, thus
reducing the indicated value of the subject; if a significant item in the comparable is infe-
rior to, or less favorable than the subject property, a plus (+) adjustment is made, thus in-
creasing the indicated value of the subject.
SALE#1 SALE#2 SALE#3
Sale Price 2,343,500 2,288,442 4,850,000
Price Per Acre 157,176 78,024 281,977
' Location -31,400 -7,800 -84,600
' Topography -15,700 -28,200
' Public Road Frontage -31,400 -7,800 -84,600
Net Adjustment -78,500 -15,600 -197,400
Indicated Value Per Acre: 78,676 - 62,424 84,577
$62,424 x 12.133 acres=$757,512
' +140,000 contributory value of 2 bldgs.
$897,512
Rounded to: $898,000
' 42
EXPLANATION OF ADJUSTMENTS
PARCEL 09-13-1003-009
' COMPARABLE SALE NO. 1: A 20 percent negative adjustment was made for the
inferior location of the subject property. A 10 percent negative adjustment was made for
the inferior topography of the subject property. A 20 percent negative adjustment was
' made for the subject property's smaller amount of public road frontage.
COMPARABLE SALE NO. 2: A 10 percent negative adjustment was made for the
' inferior location of the subject property. A 10 percent negative adjustment was made for
the subject property's smaller amount of public road frontage.
COMPARABLE SALE NO. 3: A 30 percent negative adjustment was made for the
' inferior location of the subject property. A 10 percent negative adjustment was made for
' the inferior topography of the subject property. A 30 percent negative adjustment was
made for the subject property's smaller amount of public road frontage.
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' PARCEL 09-13-1003-077 SALE NO. 1:
Location: Good Hope Road
Hampden Township
Tax Parcel Number: 10-14-0840-031
' Date of Sale: May 30,2013
Deed Reference: 201317735
Type: Vacant tract of commercial land.
' Zoning: Office Park District.
' Size: 1.95 acres.
Road Frontage: 163.57 feet on Good Hope Road.
Topography: Level
' Utilities: Water, sewer, electricity and telephone.
Grantor: Leroy J. Shive
' Grantee: SIKH Society of Harrisburg
' Sale Price: $175,000
Unit Price: $89,744 per acre.
' Data Source: Cumberland County Assessment Office records and
visual inspection.
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' 44
PARCEL 09-13-1003=077 SALE NO. 2:
Location: West Lisburn Road
Upper Allen Township
Tax Parcel Number: 42-30-2110-050
Date of Sale: April 4,2012
Deed Reference: 201209769
Type: Vacant tract of commercial land.
' Zoning: Highway Commercial District.
Size: 2.27 acres.
Road Frontage: 328.25 feet on West Lisburn Road,447.20 feet on
Park Ridge Drive, and 338.98 feet on Mill Road.
Topography: Level
Utilities: Water, sewer, electricity p and telephone.
Grantor: Country Square Partnership
Grantee: Rossmoyne Condominium Partners
Price: 250
Sale P ce. 000$ ,
Unit Price: $110,132 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
' 45
PARCEL 09-13-1003-077 SALE NO. 3:
Location: Gettysburg Pike
Upper Allen Township
Tax Parcel Number: 42-29-2458-222
Date of Sale: April 23,2014
Deed Reference: 201408205
Type: Vacant tract of commercial land.
' Zoning: Neighborhood Commercial District.
' Size: 2.94 acres.
Road Frontage: 493.25 feet on Gettysburg Pike.
Topography: Level
' Utilities: Water, sewer, electricity and telephone.
Grantor: Professional Office Developers, LLC
Grantee: 635 Associates, LLC
iSale Price: $395,000
Unit Price: $134,354 per acre.
Data Source: Cumberland County Assessment Office records and
visual inspection.
46
' Your appraiser, in addition to the sales listed, also considered several additional
' sales in arriving at his final opinion of value. After making all of the necessary adjust-
ments, as explained in the opening paragraphs under this approach to value, it is your ap-
praiser's considered opinion that the Market Value of Parcel 09-13-1003-077 by the Sales
Comparison Approach is best estimated at$70,000.
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SALES ADJUSTMENTS
PARCEL 09-13-1003-077
1
' The appraiser has analyzed comparable sales and has developed dollar adjust-
ments, reflecting market reaction to those items of significant variation between the sub-
ject and comparable properties. If a significant item in the comparable property is supe-
rior to, or more favorable than the subject property, a minus (-) adjustment is made, thus
reducing the indicated value of the subject; if a significant item in the comparable is infe-
rior to, or less favorable than the subject property, a plus( J
+) adjustment is made, thus in-
creasing the indicated value of the subject.
SALE#1 SALE#2 SALE#3
Sale Price 175,000 250,000 395,000
' Price Per Acre 89,744 110,132 134,354
Location -18,000 -22,000 -26,900
Topography -18,000 -22,000 -26,900
Public Road Frontage -22,000 -13,400
Net Adjustment -36,000 -66,000 -67,200
Indicated Value: 53,744 44,132 67,154
$53,744 x 1.308 acres=$70,297
Rounded to: $70,000
1 48
EXPLANATION OF ADJUSTMENTS
PARCEL 09-13-1003-077
COMPARABLE SALE NO. 1: A 20 percent negative adjustment was made for the
inferior location of the subject property. A 20 percent negative adjustment was made for
the inferior topography of the subject property.
COMPARABLE SALE NO. 2: A 20 percent negative adjustment was made for the
inferior location of the subject property. A 20 percent negative adjustment was made for
the inferior topography of the subject property. A 20 percent negative adjustment was
made for the subject property's smaller amount of public road frontage.
COMPARABLE SALE NO. 3: A 20 percent negative adjustment was made for the
inferior location of the subject property. A 20 percent negative adjustment was made for
the inferior topography of the subject property. A 10 percent negative adjustment was
made for the subject property's smaller amount of public road frontage.
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THE INCOME APPROACH
The income approach is a method of converting income streams into present
worth. Using this approach, the net operating income should be sufficient to cover total
' mortgage payments and offer a return on equity investment. In order to arrive at this in-
come stream, it is necessary to compare the subject property with comparable properties
to substantiate the economic rent, vacancy rate, operating expenses, and capitalization
rate. The net operating income is then capitalized to obtain an estimate of value by in-
come approach.
' The subject consists of a tract of land with buildings that have limited contribu-
tory value and a vacant tract of land. Since it is unlikely that these tracts of land would
be used for income producing purposes, the income approach to value is considered to be
inappropriate ro riate and has, therefore, not been included in the development of this appraisal
' report.
50
' RECONCILIATION AND FINAL VALUE ESTIMATE
Reconciliation is the analysis of alternative conclusions to arrive at a final value
estimate. Reconciliation is required because different value indications result from the
' use of multiple approaches to value and within the application of a single approach.
The final value estimate is not derived simply by applying technical and quantita-
tive procedures; rather, it involves the exercise of judgment. The value conclusion
' reached must be consistent with market thinking.
The parts of this appraisal report are the following approaches to value your ap-
praiser used:
' Value Indicated by Cost Approach N.A.
Value Indicated by Sales Comparison Approach 09-13-1003-009: $898,000
09-13-1003-077: $70,000
' Value Indicated by Income Approach N.A.
These approaches are representative of the market value of the property. I have
' carefullyexamined each step in each method, and I believe the conclusions accurately
p
treflect the attitude of typical purchasers of this type property in this neighborhood. It is
my belief that this reexamination has confirmed the original conclusions.
As a result of this appraisal and analysis, it is this appraiser's considered judgment
and opinion that the Market Value of the subject property, as of March 11, 2014 is:
TAX PARCEL 09-13-1003-009: $898,000
' TAX PARCEL 09-13-1003-077: $70,000
' 51
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
' 1. I assume no responsibility for matters legal in nature, nor do I render any opinion
as to the title, which is assumed to be marketable. The property is appraised as
though under responsible ownership.
' 2. The legal description used herein is correct.
3. I have made no survey of the subject property, and the boundaries are taken from
records believed to be reliable.
' 4. I assume that there are no hidden or unapparent conditions of the property, subsoil
' or structures which would render it more or less valuable. I assume no responsi-
bility for such conditions.or for engineering which might be required to discover
such factors.
5. The information, estimates, and opinions furnished to me and contained in this re-
port were obtained from sources considered to be reliable and believed to be true
and correct. However,no responsibility for accuracy can be assumed by me.
' 6. This appraisal report is to be used in its entirety and only for the purpose for
1 which it was rendered.
7. Neither all nor any part of the contents of this appraisal report, (especially any
' conclusions as to value, the identity of the appraiser or the firm with which he is
' connected) shall be reproduced, published, or disseminated to the public through
advertising media, public relations media, sales media, or any other public means
' 52
of communication, without the prior written consent and approval of the ap-
praiser.
8. Unless otherwise stated in this report,the existence of hazardous material, includ-
ing without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or
agricultural chemicals, 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 or in the property. The appraiser, however, is not qualified to
detect such substances. The presence of substances such' as asbestos, urea-
formaldehyde foam insulation, or other potentially hazardous materials may affect
the value of the property. The value estimate 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 any such conditions, or for any expertise or engi-
neering knowledge required to discover them. The client is urged to retain an ex-
' pert in this field, if desired.
9. I do not have knowledge or experience required to evaluate whether physical
changes have to be made to existing facilities to conform to the Americans With
Disabilities Act regulations or whether alterations or new construction meets the
' requirements. Therefore,the value reported is based upon the assumption that the
subject property conforms to the ADA regulations. The client is urged to retain
an expert in this field,if desired.
L10.Acceptance of and/or use of this appraisal report constitutes acceptance of the
foregoing assumptions and limiting conditions.
r53
' 11. Adherence to the confidentiality requirement of the Uniform Standards of Profes-
tsional Appraisal Practice requires that,prior to making any copies of the appraisal
report or having discussions related to this appraisal assignment with anyone
' other than the client, approval from the client be obtained in writing. Upon re-
ceipt of said written authorization, copies of the appraisal report shall be produced
or discussions with a third party may be held. Fees for these additional services
shall be mutually agreed upon and are payable in advance.
12. This appraisal was prepared under the extraordinary assumption that any ease-
ments or rights of way of record have no adverse impact upon the highest and best
' use or value herein reported. A title search was not requested nor included in the
' scope of work for this assignment.
13. This appraisal was prepared for the exclusive us of the client identified in this ap-
praisal report. The information and opinions contained in this appraisal set forth
the appraiser's best judgment in light of the information available at the time of
the preparation of this report. Any use of this appraisal by any other person or en-
ti reliance or decisions based on this appraisal are the sole responsibility
t3'� or any
and at the sole risk of the third party. The appraiser accepts no responsibility for
damages suffered by any third party as a result of reliance on or decisions made or
actions taken based on this report.
54
1
CERTIFICATE OF APPRAISAL
' I certify that,to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
' 2. The reported analysis, opinions,inions, and conclusions are limited only by the reported
P Y
assumptions and limiting conditions and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this
' report and no personal interest with respect to the parties involved..
4. I have no bias with respect to the property that is the subject of this report onto,
theP arties involved with this assignment.
' 5. My engagement in this assignment was not contingent upon developing or report-
ing predetermined results..
' 6. My compensation for completing
this assignment is not contingent upon the de-
velopment 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 stipu-
lated result, or the occurrence of a subsequent event directly related to the in-
tended use of this appraisal.
' 7. My analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of professional Appraisal
' Practice.
' 8. I have made a personal inspection of the property that is the subject of this report.
55
' 9. No one provided significant real property appraisal assistance to the person sign-
ing this certification.
10. I have performed no services, as an appraiser or in any other capacity,regarding
the property that is the subject of this report within the three-year period immedi-
ately preceding acceptance of this assignment.
1 Larry E. Foote'
Pa. Certified General Appraiser
' GA-000014-L
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56
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PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999,effective July 1, 2001,apprais-
ers, along with all providers of personal financial services are now required b federal
q Y
law to inform their clients of the policies of the firm with regard to the privacy of client
nonpublic personal information. As professionals,we understand that your privacy is
veryimportant to you and are leased to provide you with this information.
p Y p p
jIn the course of performing appraisals,we may collect what is known as"nonpub-
lic personal information" about you. This information is used to facilitate the services
that we provide to you and may include the information provided to us by you directly or.
received by us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of
our engagement with our clients to nonaffiliated third parties,except as necessary or as
required by law. By way of example,a necessary disclosure would be to our independent
-contractors, and in certain situations,to unrelated third party consultants who need to
know that information to assist us in providing appraisal services to you. All of our inde-
pendent contractors and any third party consultants we engage are informed that any in-
formation they see as part of an appraisal assignment is to be maintained in strict conf.-
dence within the firm. A disclosure required by law would be a disclosure by us that is
ordered by a court of competent jurisdiction with regard to a legal action to which you are
a party.
We will retain records relating to professional services that we have provided to
you for a reasonable time so that we are better able to assist you with your needs. In or-
57
der to protect our nonpublic personal information from unauthorized access by thud par-
ties,we maintain physical, electronic,and procedural safeguards that comply with our
professional standards to insure the security and integrity of your information.
58
LARRY E. FOOTE
' REAL ESTATE APPRAISER,
EXPERIENCE:
1979-Present: Chief Appraiser,Diversified Appraisal Services,Carlisle,Pa.
Principal Broker,LaRue Development Company,Carlisle,Pa.
1976-1979: Associate Broker,Colonial Realty,Carlisle,Pa.
1972-1976: Realtor Associate,Jack Gaughen Realtor,Carlisle,Pa.
Appraisal experience included undeveloped land,farms,building lots,single-family dwellings,
mobile home parks,medical centers,nursing homes,motels,apartment buildings and complexes,
office buildings, service stations,veterinary clinics,rehabilitation centers,retail buildings,day-
care centers,warehouses,and manufacturing facilities.
' EDUCATION:
Bachelor of Business Administration,Pennsylvania State University, 1976.
' Associate Bachelor of Business Administration,Harrisburg Area Community
College, 1974.
Diploma,.Carlisle Senior High School, 1965.
Certificate,Pennsylvania Realtors Institute,GRI I,GRI II,GRI III.
Certificate,Realtors National Marketing Institute,CI 101,Cl 102,CI 103,Cl 104,
CI 105.
Standards of Professional Practice,American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles,American Institute of Real Estate Appraisers.
Residential Valuation,American Institute of Real Estate Appraisers.
Appraisal Procedures,Appraisal Institute.
Principles of Income Property Appraising,Appraisal Institute.
Case Studies in Real Estate Valuation,Appraisal Institute.
Report Writing and Valuation Analysis,Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser#GA-000014-L,Commonwealth of Pennsylvania.
Real Estate Broker#RB-029729-A,Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNATIONS EARNED:
GRI: Graduate of the Pennsylvania Realtors Institute,awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist,awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member,awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
59
i
1
PAST CLIENTS.
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal.Credit Union
Pennsylvania State Bank
1 Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members VFederal Credit Union
Pennsylvania National Bank-
Evans
ank-Evans Financial Corporation.
Greenawalt&Company,CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes,Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust.Company
National City Mortgage Corporation
Washington Mutual Home Loans,Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence,Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries,Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services,Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services,Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Various law firms and individuals
60
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PERRY
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oIRSEHAIP ESTATr: '1'.y1c lvV1'ilZ (IIII�f�IIIIIIIII�IIIIIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII� Daterol: FEB 01,12014
Payable CAROL L. FULT2 TAX COLLECTOR Assessment Land Building Total
TO: 292 WALLETT ROAD 74,500 144,200 218,700
ICKESBURG, PA 17037 Description Rate - Discount Face + Penalty
MARCH 28,29,31 9AM-5PM COUNTY R/E 3.31250 M 709.95 724.44 796.88
OFFICE MAY 30 9AM-4PM
Hovis MUNIC REAL ESTATE 0.15950 M 34.18 34.88 38.37
MAY 31 9AM-12NOON
PHONE FOR APPOINTMENT 717-438-3565
PARCEL 230,083.00-002.016
LOCATION 1394 PEACH RIDGE ROAD
TOTAL TAX AMOUNT DUE > 744.13 759.32 835.25
BETWEEN BETWEEN AFTER
TAX HILDEBRAND, FAY L 02/01/2014 04/01/2014 06/01/2014
PAYER 5 AMERICANA LANE q 03/31/2014 05/31/2019
PO BOX 219 2015 ANNUAL APPEALS ARE DUE BY 4PM, SEPTEMBER 2, 2014 4707
SUMMERDALE PA 17093 UNPAID BILLS TO TAX CLAIM JANUARY 1, 2015.
Return Bill with Payment. For Receipt, Forwarding escrowed real estate bills is the taxpayer's responsibility
Enclose Self-Addressed Stamped Envelope Accommodations will be made for the Physically Impaired
(VIEW PROPERTY INFO AT COVRTHOUSEONLINE.COM CONTROL-00516820 PASSWORI=PROINEMY)
i
201-CT—Warranty Deed—Short Form 1909—Double Sheet
Henry Hall, Inc., Indiana, Pa.
r
MADE THE l :, day of }1...L..... ,.„.,/,_�r.
in the year
of our Lord one thousand nine hundred and. s ixty-e i ght (1968)
BETWEEN GEORGE F. MORE and. RUTH C. MOORE, his wife, of East
Pennsboro Township, Cumberland County, Pennsylvania,
Grantors ,
and DALE J. HILDEBRANDT and. FAY L. HILDEBRANDT, his wife,
of the same place
Grantee s
WITNESSETH, that in consideration of
One ($1.00) Dollar Dollars,
in hand paid, the receipt whereof is hereby acknowledged, the said grantors do hereby grant
and convey to the said grantees ,
ALL THAT CERTAIN lot of land. sitlate in the Township of East Pennsboro,
Cumberland County, Pennsylvania, bounded and. described as follows:
BEGINNING at a point .on the northerly line of a 40 foot street known as
Radam Street at the westerly line of land now or formerly of Maurice Lightner;
thence .south 82 degrees 21 minutes west along said line :of Radam Street Eleven
and seventy-eight one-hundredths (11.78) feet to a point on 'the westerly line of
a 50 foot street; thence by the latter line south 25 degrees 19 minutes west Two
Hundred. Eleven and. eighty-three one'-hundredths (211.83) feet to a point; thence
by other land. of George F. Moore and. wife north 82 degrees 41 minutes west Sixty
and eighty-four one hundredths (60.84) feet to a point; thence by the same north `
64 degrees 52 minutes west One Hundred, seventy-three and fifteen one-hundredths
(173.15) feet to a point on the southerly line of land. of Leah Robbins Memorial
Methodist Church; thence by the latter land north 30 degrees 42 minutes east
Sixty-eight and six one-hundredths (68.06) feet to a point; thence by the same
north 51 degrees east Three Hundred thirty-three feet (333) to a point; thence by
the same north 82 degrees 21 minutes east Ten and, twenty-two hundredths (10.22)
feet to a point; thence by land now or late of Maurice Lightner south 7 degrees
39 minutes east One Hundred Fifty (150) feet to a point on the northerly line of
Radam Street, the place of Beginning.
BEING Tract No. 1 and Tract No. 2 in the Deed. of George F. Moore to George
F. Moore and Ruth C. Moore, his wife, dated. January 14, 1963, recorded in Deed.
Book 20-W, Page 271, Cumberland County Records:
Fay L. Hildebrandt, one of the Grantees, is the daughter of the Grantors.
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IN WITNESS WHEREOF, said grantors have hereunto set their hand s and seal s
the day and year first above written.
grtgneb, *eateb aub vettvereb ..:........... SEAL
to the Prearnce of GEORGE F. MOORE
-..._:�--- s ------------- 1 �: �� "------------------ SEAL
..-._.............—................................................... ...................«....................«..................................... SEAL
State of PENNSYLVANIA
8s.
County of CUNMERLAND '
On this, the r. day of `s s : ,,:..•r--.. . , 1968 , before me,
the undersigned officer, personally appeared George F. Moore and Ruth C. More
known-tomer,(or satisfactorily proven) to be the person s whose name s are subscribed to the
`w •avi*ii iat1►u nt,;and acknowledged that they executed same for the purposes therein
IN wrT,�v1S, , 3±VHEREOF, I hereunto set my hand and official seal.
R ,r r
� � �, •.
------------- := ,'....... ........... ----`---=---._ SEAL
y4�Pj''-yU•.� ~• •''w ..«__i;:.. ----------- ---- ------
��,� t '� p J 4;• Title of Officer.
State of
88.
County of
On this, the day of ' 19 , before me,
the undersigned officer, personally appeared
known to me (or satisfactorily proven) to be the person whose name subscribed to the
within instrument, and acknowledged that executed same for the purposes therein
contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
._._.._..-_-..�.«.--- .... «--------------------------- SEAL
------------------------------„.....«................................................
Title of Officer.
do hereby certify that the precise residence and complete post office address
of the within named grantee is (. 2 , S- c �, r ('24 /7
r%� •.. i 19 , ..
...................... . zr�----- --
for 4--::
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COMMONZVE /JTH OF. PENNSYLVANIA
61 " SS.
County of
RECORDED on this ------___.:� �O---------- day
A. D. 194-x:, in the Recorder's office of the said County, in Deed Book
Vol. ------ Page -------i
Given under my hand and the sVal the said officethe date above ritten.
i ___ ;Recorder.
Estate Valuation
Date of Death: 03/11/2014 Estate of: Fay L. Hildebrandt Estate
Valuation Date: 03/11/2014 Account: 15607.1
Processing Date: 06/06/2014 Report Type: Date of Death
Number of Securities: 2
File ID: 15607.1.hildebrandt
Shares Security Mean and/or Div and Int Security
or Par Description High/Ask Low/Bid Adjustments Accruals Value
1) 3.853 COLUMBIA FDS SER TR I (197651,850)
TAX EXEMPT A
Mutual Fund (as quoted by NASDAQ)
03/11/2014 13.56000 Mkt
13.560000 52.25
Daily Div. Accrual as of 03/11/2014 0.07
2) 2751.778 FRANKLIN TAX FREE TR (354723801)
PA T/F INCM A
Mutual Fund (as quoted by NASDAQ)
03/11/2014 10.16000 Mkt
10.160000 27,958.06
Daily Div. Accrual as of 03/11/2014 34.86
Total Value: $28,010.31
Total Accrual: $34.93
Total: $28,045.24
Page 1
This report was produced with EstateVal, a product of Estate Valuations & Pricing Systems, Inc. If you have questions,
please contact EVP Systems at (818) 313-6300/dor www.evpsys.com. (Revision 7.3.1)
FFEr�fc . r s4 �!4- 2
(")PPENHEIMEk William H. Roberts
Senior Director-Investents
m
Oppenheimer&Co.Inc.
1.015 Mumma Road
Worinleysburg,PA 17043
May 13, 2014 Phone 717-763-8200
Fax 717-763-1765
1*611 Free .1.-800-722-3294
Cathy H. Mabius william.roberts@opco.com
P.O. BOX 150 Transacts Business on all Principal Exchange:
Summerdale, PA 17093-0150
RE: Fay L. Hildebrandt(Deed 3-11-2014)
A/C# A09-0117001-All
Dear Cathy,
Please find Date of Death Valuations listed below as of March 11, 2014, for the above
account:
25,000 East Penn PA Sch Dist Formerly PA
2.25% due 11/15/16 B/E UGO OID Call 05/15/15 @100 102.072
25,000,East Stroudsburg PA Area Sch Dist PA
-AGC 3% due_08/01/18 B/E_U_CO Call 08/01/14@100 100.920
25,000 Huntingdon PA AGC 2.5% due 12/01/16
B/E UGO OID Call 12/01/14@100 101.398
25,000 Monroe Twp PA AGMC 2.75% due 08/01/20
B/E UGO OID Call 02/01/17@100 101.472
25,000 Southern Tioga PA Sch Dist PA AGC 3.3% due 03/15/19
B/E UGO OID Call 03/15/15@100 100.802
50,000 Springdale Boro PA AGC 2.5% due 12/01/18
B/E UGO OID Call 12-01-15@100 101.871
20,000 State College Boro PA 2.65% due 11/15/17
B/E UGO OID Call 11/15/14@100 101.403
5,000 State College Boro PA 2.65% due 11/15/17
B/E UGO OID Pre-Ref 11/15/14@100 101.459
25,000 State Pub Sch.Bldg Auth PA 4% due 03/01/17
B/E Rev Non-Call 109.145
25,000 Wallenpaupack PA Area Sch Dist 2.6% due 09/01/19
B/E UGO OID Call 03/01/17@100 104.270
If you need further information, please call me.
Thank you.
Very truly,
This rerorr `n. Ilu +; t.. :,r„ns on t is not and should no
be coastruerl1e,&Co.Inc.account
statement or s=nrm S;U.,a 'a ^,I-,.'n: F, e,wri uann for tax reporting.
purposes. MarKet 9ncrss aia+cter :_ a:; ;f -J_- 0 t and'
are from sources beiie,!ee.co no-eraolrt w.r:ire not warranted by us as
to accuracy or compietnnPss!m� "r�nrwnit guaranteed r"�` Siam H. Roberts
for the securities. This a}larrna,,o,;rs suo Er;;rpritaiige. Commtss o ,
WHR/lo sales charges or deterred t;nar;es m:nn:snow of the account wer$tanlor Director—Investments
immediately liqusdateo inop '• + , o. inc.,nor any of its
employees or affiliates does nor over regal or tax advice.
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Delaware
Investments 0
A member of Macquarie Group MACQUARIE
May 14,2014
CATHY H MABIUS
7 AMERICANA LANE
PO BOX 219
SUMMERDALE PA 17093-0219
RE: Delaware Investments
Reference Number: 9606358662/4155938
Account: 0007-)CCCXXX8758
Registration: FAY L HILDEBRANDT
CATHY H MABIUS POA
Dear Cathy H. Mabius:
Thank you for contacting Delaware Investments®.
As of the close of business on March 11, 2014,the above referenced account was valued at
$133,786.61. This value is based on a balance of 16,999.569 shares at the Net Asset Value
(NAV)price of$7.87 per share. Changing market conditions may cause the NAV price to
fluctuate on a daily basis. Therefore,the account value is subject to change.
At Delaware Investments,we appreciate the opportunity to assist you. If you have any further
questions,please contact one of our Service Representatives at(800) 523-1918,Monday through
Friday, 8:30 a.m.to 6:00 p.m. Eastern Time.
Sincerely,
Bharat Karia
Customer Service Representative
MBTBarik
499.Mitchell Road,Millsboro,DE 19966 Records Management
Phone 888-502-4349
F ax (302)934-2955
May 12,2014
Cathy Hildebrandt Mabius
.Executrix of the Estate of Fay L. Hildebrandt
7 Americana Lane
P.O. Box 150
Summerdale,PA 17093
Re: Estate of.Fay L.Hildebrandt
Social Security:
Date of Death: March 11,2014
Dear Sir or Madam:
Per your inquiry on May 6,2014,please be advised that at the time of death,the above-named decedent had on
deposit with this bank the following:
1. Type ofAccount Checking Account
Account Number 42889693
Ownership Names of) Fay L.Hildebrandt
Cathy H.Mabius(POA)
Opening Date 0812811964
Balance on Date of Death S 1,900.94
Accrued Interest $ .00
Total $1,900.94
2. Tjpe of Account Checking Account
Account Number 42889715
Ownership(Names off) Fay L.Hildebrandt
Cathy H.Mabius(POA)
Opening Date 081'2811972
Balance on Date of Death S2,352.49
Accrued Interest $ .01
Total $2,352.50
2
RIVE RVI E W BANK
AN'DATS OPERATING DIVISIONS
200 Front Street,PO Box B,Marysville,PA 17053
www.riverviewbankpa.com
May 8,2014
Cathy Hildebrandt Mabius Executrix RE: Fay L Hildebrandt
7 American Lane-PO Box 150 DOD:3/11/2014
Summerdale PA 17093
Account Number(s) 917400
Type of Account Checking
Date Opened August.22,2007
Principal Balance at date of death $76,238.42
Interest Rate 0.4500%
Accrued Interest not $9.48
disbursed as'of:date of death
Maturity Date
Primary Owner of Account Fay L Hildebrandt
Name of Joint Owner(s),if any
Beneficiary;if any
Date Joint Ownership was
Established
f-within bear-ofdeath-eP-------- � .....
Decedent could prior Account
Be traced'intoo-a prior Joint
Account in existence over
1 year prior to death of
Decedent
N/A
Safe Deposit Bo s a ocati
By:
Steven �WiJliams
Halifax Bank Marysville Bank
300 Market Street 200 Front Street
i, PO Box A MA
PO Box B
Ha fax Batik Halifax,PA 17032 Marysville;PA 17053
www.halifaxbankpa.com www.marysvillebankpa.com
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American General Life Insurance Company
The United States Life Insurance Company in the City of New York
July 2,2014
CATHY MABIUS
PO BOX 150
SUMMERDATE PA 17093
Re: Annuity Contract: AN201055
Deceased: Fay Hildebrandt
Dear Ms. Mabius:
Thank you for your recent inquiry regarding the above referenced annuity contract. We
would like to take this opportunity to respond to your request.
The accumulated value of this contract as of March 11, 2014,the date of death, is
$124,080.93.
Ms. Mabius, we appreciate the opportunity to assist you. Should you have any questions,
please contact our Client Care Center at 1-800-424-4990.
Sincerely,
Brittani Jordan
Annuity Claims Department
Annuity Service Center• P.O. Box 871 -Amarillo,TX 79105-0871
Administrator for Renaissance Life&Health Insurance Company of America - Administrator for John Alden Life Insurance Company
LH-AGUUSL