HomeMy WebLinkAbout05-28-15 � t r, �
iN RE: ESTATE OF ROBERT L. KULP : COURT OF COMMON PLEAS
: ORPHANS COURT D[VISION
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� ` �-f � PI�I:�TON TO TERMINATE TRUST PURSUANT TO 20 PA.C.S&7740.1
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TO TI-�'HONORABLE, JUDGES OF SAID COURT:
AND NOW COMES, Petitioners,TAMEA M.KULP and HALI,I R. WITHERSPOON,by and
through their attorneys, Lisa Marie Coyne, Esquire, and respectfully represent that:
1. Robert L. Kulp, hereinafter "decedent", died on May 23, 2013, while a resident of
Cumberland County, Pennsylvania.
2. Tamea M. Kulp, the surviving spouse of the decedent, is an adult individual currently
residing at 5 Stone Run Road, Mechanicsburg, Cumberland County,Pennsylvania.
3. Halli R. Witherspoon, the sole living child of the decedent, is an adult individual
currently residing at 56 Somerset Court, Downingtown,Pennsylvania
4. Letters Testamentary were issued by this Court on November 13, 2013 to Tamea M.
Kulp. A true and correct copy of the Certificate of Grant of Letters is attached hereto as Exhibit A.
5. The Last Will and Testament (hereinafter "the Will") of the decedent was executed on
Apri123, 2002. A true and correct copy of the Last Will and Testament is attached hereto as Earhibit A.
6. Article 2 of the Will creates a Unified Credit Trust to take full advantage of the federal
applicable exclusion amount for the sole purpose of avoiding the imposition of federal estate tax when the
surviving spouse passes away.
7, The applicable exclusion amount in 2002,when the Will was executed,was $1,000,000.
8. The applicable exclusion amount in 2013,when the decedent died,was $5,250,000.
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9. The only asset in the estate of the decedent is commercial real property located in
Lemoyne, Pennsylvania which has been valued at $550,000 pursuant to appraisal performed by Wolf
Appraisal Group. A true and correct copy of the appraisal is attached hereto as Eachibit B.
10. Petitioners believe that the sole reason for the use of the Credit Shelter Trust in the
decedent's estate plan was to avoid the payment of federal estate tax on the death of the surviving spouse.
11. Petitioners believe it is the best interest of Tamea M. Kulp for the Credit Shelter Trust to
be terminated and allow the commercial real property to pass to Tamea M. Kulp in her sole name.
12. Petitioner, Halli R. Witherspoon, recognizes and understands that the outright transfer to
Tamea M. Kulp exposes the real property to the creditors of Tamea M. Kulp, including for long term care,
and to the possible transfer to a third party by Tamea M.Kulp.
13. Petitioner, Halli R. Witherspoon, as the sole heir of Tamea M. Kulp, does not believe the
risks resulting from the termination of the Credit Shelter Trust and outright transfer warrant the
continuation of the Credit Shelter Trust.
14. Petitioners believe the material purpose of the Credit Shelter Trust was the avoidance of
federal estate tax and that this purpose no longer exists with the substantial increase in the federal
applicable exclusion amount.
15. The Pennsylvania Department of Revenue has an interest in this Petition in that no
inheritance tax will be due as the result of the death of the decedent but the value of the property, to the
extent still held by the surviving spouse,will be subject to tax upon the deatll of the surviving spouse.
16. The Pennsylvania Department of Revenue was served an advance copy of this Petition
and on April 30, 2015, the Department issued a No Objection Letter to tlle proposed termination of the
Credit Shelter Trust. A copy of the No Objection Letter is attached as Exhibit"C".
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17. This Petition has no impact on the taxation of the trust as the Credit Shelter Trust would
qualify as a"sole use"trust for a surviving spouse under the Pennsylvania lnheritance and Estate Tax Act
and would not be taxed until the death of the surviving spouse absent an election to tax it in the current
estate,which election has not been made by the Executor.
WHEREFORE, Petitioner respectfully requests that this Court:
(a) Terminate the Robert L.Kulp Credit Shelter Trust;
(b) Authorize the transfer of the commercial real property by the Executor to Tamea
M. Kulp, in her individual name; and
(c) Authorize the filing of the Pennsylvania inheritance ta�c return reflecting that the
sole heir of the decedent is Tamea M.Kulp.
Respectfully Submitted,
COYNE&COYNE, PC.
, r...°y
By; "��.. ...----�'�
L' a Marie Coyne, Es .
ttorney ID# 53788
3901 Market Street
Camp Hill, PA 17011-4227
(717) 737-0464
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Dated: �-7 � !��5 Attorneys for Petitioner
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REGISTER QF WILLS CERTIFlCATE UF
CUMBERLAND COUNTY GRANT OF �ETTERS
PENNSYLVANIA
No. 2Q�3- 07205 PA No, 21- �3- 1205
Es ta te Qf: RUBERT t KULP
tFirsi,Middlr.,LnsD
La t e Of: �UMBERLAND Co�NTYH�P
Deceased
Soci al Securi ty No: 184-38-0501
WHEREAS, on the I3th day of November 2013 an instrument dated
April 23rd 2002 was admitted to probate as the last will of
ROBERT L KULP
tFirrr,691ireilu,tasrt
late of SILVER SPRING TOWNSHIP, CUMBERLAND County,
who died on the 23rd day of May 2013 and,
WHEREAS, a true copy of the will as probated is annexed hereto.
THEREFORE, I, GLEN�A FARNER STRASBAUGH , Register af Wi11s in and
for CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby
certify that I have this day gran�ed Letters TES�'AMENTARY to:
TAMEA M KULP
who has duly c�ua.Zified as EXECUTOR(R/X)
and has agreed ta admini.ste.� the estate according ta law, all of which
full� appears of recoxd in my office at CUMBERLAND CDUNTY COURT HDUSE,
CARUSLE, PENNSYL VANIA.
IN TESTIMONY WHERE4F, I have hereunto set my fzand and affixed the seal
of my office on the 13th day of November 2013.
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**NOTE** ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST)
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LAST WILL AND TESTAMENT
OF
RC?BERT L. KULP
I, ROBERT L.Ii.ULP, of the Borough of Camp Hill, Cumbtrland County,Pennsylvania,being
of sound and disposing mind and memary, do make, publish and d�clare this ta be my Last Wi11 and
Testament,hereby revoking alI Wills and Codicils by me at any time previously made.
I am married to T:���.M. KITI,P (hereinafter referred to 3s "my Spouse")and the child born
of our marriage is ��I.,LI R KULP. As used herein, the term "cl�ild" shall refer to the aforelisted child
born of my marriage with my Spouse.
1. T.�,NGIBL,E PERSON_�T.TY. I give and beque�ch all of my household furniture and
furnishings, automobiles, ottier motor vehicles, books, picttares, j�welry, china, crystal, appIiances,
silverware, wearin� apparel,recrearional equipment, articles af hnusef�uld or personal use or adornment,
together with all polici�s of insurance thereon, to rny Spouse, if my Spouse survives me. If my Spouse
does not survive me, I D ve such articles to my child living at my death, it being my desire that my child
be guided by any memorandum which I m3y leave with my Wil1. Any cost of packing and shipping said
personalty ta the beneficiaries, including insurance, shall be paid by my Executor as a general
administration cost.
2. UtYIF'IED CREDIT TRUST. If my Spouse survives me,I give,devise and bequeath to
my Trustee hereinafter named, I�i t TR.UST NEVERTHELESS, tn be held, administered and disposed of
� in accordance with this ITEM far the benefit of my Spouse and my child,per stirpes (herein referred to
as the "Unifed Credit Trust") an amount equal to the sum af the balance of the dollar amount not taaced
in my estate du� to the application ta my estate of the (i} the applicante credit amount against federal
estate ta.Y under Section 2010 of the Internal Revenue Code of 1986, as arnended, or any subsequent
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successar or parallel provision thereto (the "t�pplicable Credit"), after deducting therefrom the value, for
federal �state tax purposes, of(_�.) assets included in my federal eross c:state which gass or have passed
other than under the terms of this Will and which will utilize a portian of the Applicabie Credit, (B) any
bequests under the preeeding I"TEM of this Will which will utilize a portiun o�the Applicabte Credit and
(C) adjusted ta.�cable gifts not included in my federal gross estate but included in the computation of the
tentative federal estate ta.�c in my estate; and (ii) the state death ta:c eredit allowed for federal estate tax
purposes (but only to the extent its use will not increase any Death Taxes, other than Pennsylvania .
Inheritance Ta.�c or Pennsylvania Estate Tax, flwing by my estate). �viy Trustee shall have,hold, manage,
invest and reincest the assets of the Unified Credit Trust, collect the income and
(a) ge�inning at my death, my Trustee shall pay over the net income of the Unified
Credit Trust to yiy Sgouse during �iy Spouse's lifetime,in installments not less
&eque7�tly than quarterly. In addition, my Trustee shall pay to my Spouse such
amounts of the principal of such trust as, in the sole discretion of my Trustee,
shall be necessary for the maintenance, support and medical and nursing care of
my Spouse,taking into consideration any other means readiIy available for such
purposes. My Spouse shall have the exclusive and unrestricted right during my
Spouse's lifetime to occupy or atherwi.se use any residenc� held wholly or
partially in this Trust and the Trustee shail, at the request of my Spouse, sell any
interest in any residence held in this Trust and may use the proceeds for the
� purchase of another residence for my.Spouse's use or for investinent in income
.� producing property,as my 5pouse may direct,
(b) Upon the death of my Spause, my Trustee shall distribute the principal and any
undistributed income of the Unified Credit Trust to my child,per stirpes, then
living;provided, ho�vever,that should my chiid or her issue not have attained the
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age of thirry (30) years, then my chiid's or her issue's sh�e shall be retained by
my Trustee, IN TRUST NEVERTHELESS, to be held, administered and
- disposed of as a separate trust estate in acc�rdance with ITEI�4 for the benefit
of each such child (the "Trust for Iv1y G'nild or Her Issue"). Should my child not
be living upon my Spouse's death and should my child have no issue#hen Iiving
then rny Trustee shail distribute the principal and any �mdisinbuted income in
accordance with ITEM 3(a)through ITEiv13(c)of this,my I.ast Will.
3. RESIDITE. I �ive, devise and bequeath all of the cest, residue and remainder of my
property, real, persanal and miYed, not disposed of in the preceding partions of this Will, to my Spouse,
if my Spouse survives me by thirty (30) days. If my Spouse does not survive me, I give and bequeath
said residue to my daughter, HALLI R. KL'LP,p�r stirpes, then living, provided,however, that shauld
my child �r her issue not have attained the age af thirty (30) years, then my child ar her issue's share
sha11 be retained by my Tnistee,IN TRUST N`EVERTHELESS, to b�held,administered and disposed of
as a separate trust estate in accordance with ITE�f 4 for the benefit af my child or her issue (the "Trust
for My Child ar Her Issue"}. If my Spouse and my daughter, H.4I�LI R. KULP or her issue do not
survive me, I give and bequeath the residue of my estate in equal shares as follows:
(a) To my brather-in-law, ALEX J. I��tIS�L�K, JR. of 890 Hawthome Drive,
Mechanicsburg, Cumberland County,I'ennsylvania.
(b) The C�tiIP ffiLL PRESBYTEI2IAI�T ���URCH of 101 North 23rd Street,
Camp HilI,Pennsylvania,or its successar.
� ' {c) The Al'�IERIC�'�t CAI�CCER SOCIETY of 22nd and Sipe Avenue, Hershey,
Pennsylvania, or its successor.
If any of the bequests contained in this ITEM lapses because the beneficiary no longer exists, I
r� direct tt�at it be divided among the remaining benefieiaries in this I'�'Eitif.
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�. TRUST FOR NIX CHILD OR HER ISSUE. hIy Trustee shall have, hold, manag�,
invest and reinvest the ass�ts of this Trust,collect the income and
(a) - Unril my child (the "Child") or h�r issue shall have attained the age of thirtY
years, my Trustee shall from time to time pa�r to or far the benefit of my child or
her issue, such amounts of the �et income and principal of this Trust as, in the
sole discretion of my Trustee, shall be necessary far my child or her issue's
maintenance, support, medical and nursin� care and education,including college
and �raduate education, takinb into cunsideration any ather means readily
available for such purposes. At the �nd of each year any unexpended income
shall be added to the principal of this Tz-ust.
(b) After my child or her issue shall have attained thirtY Years, the Trust shall
terrninate and all undistributed income and pnncipal shall be paid to my child or
h�r issue.
(c) Zf my child or her issue shall die leaving no surviving issue before final
distribution of the assets of this Trust is made, the then remainiug principal and
any undistributed income of this Trust shall becorne gart of the residue of my
estate and distributed in accardance with ITEM 3•
�. PERPETUITIES PROVI5IONS. Nothing herein is intended to, nor shall it be
canstrued to,postpone the vesting of any part of the assets af any separate trust estate hereunder for more
��� than twenty-one years after the death of the survivor of ine, my Spouse and my child or her issue living
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at the time of my death. At the e:cpiration of such period the assets of all the trust estates hereunder s a
immediately vest in fee simple absolute in and be distributed outright to the person or persons then
entitled to receive the income therefrom, whether in my Trustee's discretion ar othervvise.
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6. SI'EiVDT��t�k"T PROVISION. No interest in inco�ne or principal of my estat� or any
trust created hereunder shatl be subject to attachment, levy or seir.ure I�y any creditor,spouse,assignee or
trustee or receiver in banla-uptcy of any beneficiary of my estate or of any tr-ust created hereunder prior to
the beneficiary's actual receipt thereof. l�Iy Executor or Trustee st-�all pay over the net ineome and the
principal to the beneficiaries herein designated, as their interests may appear, without regard to any
attempted anticiparion (escept as may be specifically provided herein), pledging ar assignment by any
beneficiary of my estate or of any trust created h�reunder and tivitht�ut regard to any claim thereto or
attempted levy, attachment,seizure or other process a�ainst said beni;ticiary.
7. SURYtV�I, PRESLI�IPTZONS. Any person �vho sliall have died at the same time as I
or under such cireumstances that it is difficult or impossible ta dete�-znine�rho shall have died first, sha11
be deemed to have predeceased me. �ny person other than me wh� shalt have died at the same time as
any then beneficiary of income of my estate ar a trust created hereuncier or under such circumstances that
it is difficult or impossible to determine who shall have died first, shall be deemed to have predeceased
such beneficiary.
g, �"IDUCiAR�t I'flWERS. In the settlement of my estate and durmg the continuance of
any trust created hereunder, my EXecutor and my Trustee shall possess, among others, the following
powers, exercisable without prior court approval, but in all cases to be exercised for the best interests of
the beneficiaries: �
(a) To retain any investments I may have at my death so long as my Executor or
p� Trustee may deem it advisable to my estat� or trust so to do,including securities
3 owned, issued or underv�mtten by any corparate Executor or Trustee or any of
their affiliates.
`�•. (b) To vary investments, when deemed desirable by my Executor or Trustee, and to
� invest in such bonds, stocks, notes,real estate mortgages or other securities or in
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such other real or personal property, including securities owned, ,issued or
undenvritten by any corporate Executor or Tnastee or any of their affiliates,or as
- to which my corporate Executor or Trustee or any of their affiliates are
investment advisors, as my Executar ar Trust�e shall deem wise, without being
restricted to so called"legal investrnents'".
(c) In order to effect a division of the grincipal of nny estate or trust or for any other
purpose, including any final distr-ibution of my estate or trust, my Executor or
Trustee is authorized to make said divisions or distributions of the personalty
and realty partly or wholly in kind. If such division or distribution is made in
land, said assets shatl be divided or distributed at their respective values on the
date or dates of their division or distz�ibutiun. In making any division or
distribution in kind, my Executor or Truste� shall divide or distribute said assets
in a manner which wiil fairly allocate az�y unrealized appreciation among the
beneficiaries.
(d) To sell either at public or private sale anci up�n such terms and conditions as my
E�ecutor or Trustee may deem advantageo«s to my estate or trust,any or all real
or personal estate or interest therein owned by my estate or trust severally or in
conjuncrion with other p�rsons or acquired after my death by my Executor or
Trustee, and to consummate said sale or sales by su.fficient deeds or other
� instruments to the purchaser or purchasers, c�nveying a fee simple title, free and
ctear of all trust and without obligatian or liability or the purehaser ar purchasers
to see to the application of the purchase money or ta make inquiry into the
validiry of said sale or sales; also, to make, c:xecute, aclaiowledge and delivery
any and all deeds, assigiments, optic�ns ar other wrifiings which may be
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neeessary or desirable in carrying ou# an;v of the powers conferred upon my
Executor or Trustee in this paragraph or eIsetivhere in this Wi11.
(e) = To murtgage real estate and to make leases of real estate for any term.
(fl To borrow money from any party, includin;,� my Executar or Tnzstee, to pay
indebtedness of mine or oE my estate or trust, espenses of administration,Death
Ta.Yes or other taxes.
(g) To pay all casts, e:cpenses, legally enforceable del�ts, funeral expenses and.
charges in cunnection with the administration of my estate ar trust.
(h) To vote any shares nf stack which form a part of my estate or trust and to
othenvise exercise all the powers incident tc� the ownership of such stock and ta
acrively manage and operate any incorpurated or unincorporated business,
including any joint ventures and partnerships, and to incorporate any such
unincorporated businzss,with all the rzghts and powers of any awner thereof.
(i) To hold investments in the name of a noininee.
(j) To compromise cantz'oversies.
(k) To disclaim,in whale or in part, any and all i�terests in property owned by me at
the time of rny death, including those passing tome by Will, intestacy, contract,
joint ownership,operation of Iaw or otherwise.
(1) Ta employ and compensate &om incorne or pri:ncipal, in the discretion of my
Executor or Trustee, investment and legal counsel, accountants, brokers and
other specialists, and, whenever there shall be no �orparate Executor ar Trustee
in offic�, a corporate custodian, and to delegate to investrnent counsel discretion
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with respect to the invesrment and reinvestznent of any or all of the assets held
( hereund�r.
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(m) To designate one or mor�persons or a corporatian to act as ancillary fiduciary in
any jurisdietion in which ancillary administration may be necessary, such
: ancillary fiduciary to serve withaut bond ar security and to have ail pawers,
authorities and discretions conferred hereunder.
9. EYCITLPATORY CLAUSES. In the settlement of my estate:
{a) Niy Executar shall not be personally liable for any loss to my estate or to any
beneficiary of my estate resulting frorn an electio�n made in good faith to claim a �
deduction as an income taY deduetion or as an estate tax deduction.
(b) In valuing property in my gross estate for the purpases of any Death Tax, my
Exeeutor shall not be personally liable for any loss Co my estate or to any
beneficiary of my estate resulting from my Executor's decision made in good
faith to use a particular valuation date.
1Q. TAX GZAUSE. All inheritance, estate 3nd similar taxes becoming due by reason of my
death, except if applicabie, any taxes relating to generation skipping transfers imposed under Chapter 13
of Subtitle B of the Internal Revenue Code, as amended ("Death TaYes"), whether such Death Taaces
shall be payable by my estate or by any recipient of any praperty, shall be paid by my Esecutor out of the
property passing under ITF..M 2 of this Will or if sueh assets passin� under TTE14i 2 are not sufficient,
then out af the property passing under ITE�i 3, as an expense and cost of administration of my estate;
provided, however, that if any property held in any testamentary or inter vivos trust created by my
Spouse is includable in my estate for purposes of any Death Tax, then any Death Tax aitributable ta their
inclusion of any such property in my estate for the purposes of that I}eath Ta.c shall be paid out of such
,� property or by the recipients of such property; and, if such Death Ta�ces are nevertheless paid by my
Executor, I direct my E,�cecutor trs obtain reimbursement or cantrivutian for any such tax.es paid by my
Esecutor. Except to the extent abov� provided, my Executor shall have no duty or obligation to obtain
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reimbursement for any Dzath Taxes paid by my Executor, even thau�h paid with respect to proceeds af
insuzance or other property nat passin�und�r this Will.
11. N�N-E1'�RCISE OF POWERS• No provision in this Will is intended to exercise any
power of appointment which I may passess.
12. CUSTC}DL�'Y OF ESTATES. If at any time my chilci or her issue aze under the age of
thirty (30} years shall be entitled to receive any assets free of trust by reason of my death, whzther
payable hereunder, by operarion of law, contract or otherwise, I appoint my Trustee hereinafter named as
Custodian for my child or h�r issue under th�Pennsylvania Uniform Tt:ansfers to�+iinors Act_
13. TRUST:�LERGERS�ti`D TE�ATIONS.
(a} If ther� should be established by my Spouse, eith�r by Last Will and Testam�nt
or by inter vivos Deed or Ag�eement, trusts similar to the trusts herein
established for th�benefit of my child ar her issue,my Trustee herein shall have
the riyht and power to mer�e trusts hezein established with similar trusts for the
same beneficiaries established by my Spouse and to operate each of the merged
trusts as a single mxst.
{b} Lf, in the sole discretion af my Trustee, a:t any time anY trust hereunder is ar
becomes too small to justify its maintena:nce as a separate hvst, my Trustee,
withaut any liability to any person or remainderznan whase interest may be
affected thereby and without the necessity of court approval, shall terminate
Ca,��''� such trust by distributing all the incom� and.principal of the trust to the then
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s � income beneficiary or beneficiaries of said trust. If any additions to any such
trust are received after its termination under this ITEM, such trust shall be
� revived and this provision shall continue to apply to it. The Trustee discrerion
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herein granted shall in no event be construed as giving any pot�ntial di5tributee
of a trust the right to compel a terminatian in whole or in part of such trust.
14. EXECUTOR r�3'POINT�VI�NT. I hereby appoint rny Spouse, TA�12EA M. KULP as
Exeeutrix of this Will. If my Spouse should for any reason fail cxr cease to act, I appoint my daughter,
FL4.LLI R �ULP, Executrix of this Last Will or if she should fail qr c;ease to act,I appomt my brother-
in-law, ALEX J. I�TZ��TISH�,K, TR as EYecuior of this Last W ill. �11 references in this Will to my
"Executor"shall refer to my Executor, or to my suceessor Executor, as the case may be.
15. TRUSTEE APPOINTMEiv'I'. I hereby appoint my Spouse, TAMEA M. KULP as
Trustee of any trust created hereunder. If for any reason TAi1�LE�. iYT. KLTLP should fail or cease to act,
I appoint my brother-in-law, AI.,EX J. �IL�+~ISHAK, JR. as Trustee in her place. If for any reason my
Trustee shall desire a Co-Trustee, my Trustee may designate a person or bank to serve as Co-Trustee
with him or her, such desi,narion to be in writing and effecrive withuut court approval. Sa lonb as a
Trustee or the issue af such Trustee is a beneficiary of any tnxst hereunder, such Trustee shall not (i)
participate in any discretionary determination af the Trustee to distribute principal or incorne of such
trust to or for thz benefit of such beneficiary or to his or her issue; or (ii)participate in any discretionary
determination af the Trustee to ternnir��te said trust under the iTEl�i hcreof entitled`�ZUST MERGERS
AND TER�fLNATIONS". An individual Trustee shall be deerned to have failed to serve as Trustee
hereunder if, among other reasans, the treating physician of said individual Trustee shall certify in
� writing that such Trustee possesses pezmanent mental or physical incapacities which preclude such
� Trustee from discharging his or her duties as Trustee hereunder. Any Trustee serving hereunder shall
have the right to resign fram such office at any time, with or without cause and without Court appraval.
—4- No successor Trustee shall be liable for the actions af a resigiin� or r�moved Tnistee occurring prior to
such successor Trustee takin� office. All references in this Will tu my "Trustee" shall refer to my
originally named Co-Trustees or to my successor Trustee(s), as the case may be.
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16. Upon my demise, I direct that rny body be buri�d at a lacation selected by my Executrix.
1'7. �V��IVER OF BO�`tD• �Iy Custodian, E�ceeutor and Tnzstee sllall qualify and serve
without the duty or obli�atian of filing any bond or other security. Any corporate fiduciary shall be
entitled to compensation in accordance with its standard schedule of�ees in effect from time to time.
L�t WITNESS �'VHEREO�', I have set my hand and seal to this, my Last Will and Testamznt,
cansisting of this and the preceding pa�es,this d� day of_5���)/i�t.•�- ,2002.
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ROBERT L.KULP
V�e, the undersi�ed, hereby certify that the faregoin� WiII was signed, sealed, published and
declared by the above-named Testator as and for his Last Will an�Testament,in the presence of us,who,
at his request and in his presence and in the presence of�ach other,have hereunta set our hand�and seals
the day and year above wvritten, and we certify that at the time of the execution thereof,the said Testatar
was of sound and disposin�mind and memory.
r�
f 6 C fs- Gv_ G. s �J„�. 2�. .
' t � (�A- �s-s
residing at �,c..A - •- t'zS �+�� r 7
a �
}�, l.Q.�r�,,.,c,-,- residing at /� �' /�1'° .S� .[��'� -Pr t ��Y�
11
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� x * , ,, ,
CONIlti10NWEAI.TH OF PEi�NSYLVt3NIA )
) ss:
COUNTY OF CLTN�ERLAND )
We, ROBERT L. h'iTLP, ��s�' /k n�<L` C�a y.w' , and
�,�,� ft,�, „�o�.,,,,v�. , the Testator and the witness�.s respectively, whose names are
si�ned to the attached or foregoing instrument, being first duly s�vorn, do hereby declare to the
undersigned authority that the Testator signed and executed the instrument as his Last Will and that he
had signed willingly, and that he executed it as his free and voluntasy act for the purpose therein
expressed, and that each of the witrzesses, in th� presence and hearing nf the Testator, signed the will as
wiUiess and that to the best of his or her lrnowledge, the Testator was at the time eighteen (18) years of
older,of sound mind and under na constraint ar undue influence.
� ,L
ROBERT L. k:ULP
L_ � • -�
W �SS
� �,l�"�"'"" .
w11:t1e5S
Subscribed, sworn and acl�owledged before me ���_.�.' .�. '' by ROBERT L.
Ii'UI,P, the Testator, and subscribed and sworn to before me by L,�� n+�t�' ����
and /'t���. r"t• �°� ,�. � the witnesses, this 2�rc�{day of __�_` ,
� 2002.
Notary Public {SE )
��..�.�....
HE1�FlY F.C�y'NE,Natary F�t�taNC
E'i�n+�de�t7�p..C�mbette�tx3 u�y
MY�'��Ju�e T�,��Olf�t'
' 12
��*i III��"I1111��flll� "
. . , �
WOOF APPRAISAL GROUP
File No.PVT11082
APPRAISAL OF
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—
A COMMERCIAL SERVICE GARAGE
LOCATED AT:
1051 MARKET STREET
LEMOYNE,PA 17043-1414
FOR:
COYNE&COYNE P.C.
3901 MARKET STREET
CAMP HILL,PA 17011
AS OF:
MAY 23,2013
APPRAISED VALUE:
$550,000
BY: ���,•�
��� M
REYNOLD R WOOF JR
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
_ . ���,��,.�n„r. ,
. � . . ,
WOOF APPRAISAL GROUP
File No.PVT11082
01/09/2014
BRADLEY C BAIRD,ESQ.
COYNE&COYNE P.C.
3901 MARKET STREET
CAMP HILL,PA 17011
FileNumber: Pvr��oa2
B RAD,
In accordance with your request, I have appraised the real property at:
1051 MARKET STREET
LEMOYNE,PA 17043-1414
The purpose oF this appraisal is to develop an opinion of the market value of the subject property,as improved.
The property rights appraised are the fee simple interest in the site and improvements.
In my opinion, the market value of the property as of MAY23,2013 is:
$550,000
FIVE HUNDRED FIFTY THOUSAND DOLLARS
The attached report contains the description, analysis and supportive data for the conclusions,
final opinion of value, descriptive photographs, limiting conditions and appropriate certifications.
SINCERELY;
iC 'r '�����
REYNOLD R WOOF JR
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
^ 1 III'�I�1111�1111 "
WOOFAPPRAISALGROUP
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FileNo. PVT11082 �
PAGE1
UNIFORM COMMERCIAL/INDUSTRIAL SUMMARY APPRAISAL REPORT-SMALL PROPERTY
Client COYNE 8 COYNE P.C. File Number P�T���82
Property Use Office X Commercial Indusvial
Property Address 1051 MARKET STREET Map Reference 2�-0267
Cay
LEMOYNE Counry CUMBERLAND State PA Zip Code 17043-1414
Building Name MONRO MUFFLER&BRAKE Census Tract 3240-0106.00
OwnerlOccupant ROBERT LLOYD KULP APN 12-21-0267-180
Typical Buyer. OwnedUser X Invesror
Property Rights Appraised � Fee Simple ❑ Leased Fee Leasehold Other
Purpose of Appraisal ESTABLISH MARKET VALUE
Intended User(s)of Report TAMMI KULP EXECUTRIX AND COYNE&COYNE P.C.
Intended Use of Repon ESTATE SETTLEMENT
Scope of Work SEE ATTACHED
Complete Appraisal Limited Appraisal due ro the following depanures from Standard 1
X Summary Appraisal Report
THREE YEAR OWNERSHIP HISTORY
Owner Recording Reference Date Price Paid Terms of Sale
Most Recent ROBERT LLOYD KULP BOOK 151,PA�E 1121 Ot/14/1997 g 1 CASH
Previous $
Previous $
Previous �
Current Contract Option: Listing Price 8
Buyer Convact Price E
Seller Closing Date
AnalysislComments:
NEIGHBORHOOD DESCRIPTION
Bountlaries: THE NEIGHBORHOOD IS BOUNDED ON THE NORTH BY POPLAR STREET ON THE WEST BY 12TH STREET ON THE EAST BY
3RD STREET AND ON THE SOUTH BY THE RAIL ROAD TRACKS IN THE BOROUGH OF LEMOYNE. X Suburb Urban
Neighborhood Built Up 100 % Location ,, . , . Rural
20 % Office Z� %MuRifamily 1�% DevelopmentTrend ❑Up �Stable ❑Down
Land Use: Single Family ' ' ' ' O U� ❑X Stable ❑Down
Indusvial °h Retail 50 ry Vacant % Value Trend ,, ,, .. . X Stable ❑Down
UnderOsupply Balaonced Over�ply Vacancy Vacancy Trend , , , , . , , �U� O ❑Down
X Z% Rental Demand ❑Up 0 Stable
Single Family , . , , •• �
MulStamily . . . , , ., , ❑ ❑ ❑ %
Office ❑ 0 � 5% Change in Land Use:
Retail ❑ � ❑ 5% Q Unlikely ❑ Likely ❑Taking Place
Indusvial ❑ ❑ ❑ % From To
. . . . . . .. .
Rental Rate Range(Exclude Extremes)(or Subject Propeny ype:
Discance-CBD 2 MILES Miles From $8 1SFIYear To E�8 ISFIYear
Distance-Freeway . , . . .. . . . . . . . . . . . 1 MILE Miles Age Range(Exclude Extremes)(or Subject Propeny Type:
Distance-Public Transportation , , ,, ,, , , , , , , ,
0 Miles From�0 To 60
Neighboring Property Use:DOWNTOWN COMMERCIAL AND RESIDENTIAL USES.THEN OLDER SUBURBAN RETAIL AREA.
Analysis/Commen[s: THIS ESTABLISHED COMMERCIAL NEIGHBORHOOD IS FULLY DEVELOPED WITH OLDER STRUCTURES BEING
RENOVATED FOR NEWER COMMERCIAL USES.
SITE DESCRIPTION
Legal Description DEED BOOK 151 PAGE 1121 CUMBERLAND COUNTY COURT HOUSE.
❑ See Addenda
Environmental Problems Known or Suspected Yes N° x
Site Size 31000 SF Usable Land Area _ Excess Land Area -
Site Dimensions 155 X 200
Sireet Frontage 155
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m Copyright 2001 by The Appraisal Poundation.Ali nghts reserved.
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WOOFAPPRAISALGROUP
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FileNo. pVT11082
PAGE2
SITE DESCRIPTION(continued)
Gd Av Fr Utility: Provided By: Topograph: O
Ingress/Egress Q ❑ ❑ Eleclricity PPL Levf��l � Mod Slope ❑ Steep Slope
Sveec Frontage � ❑ � Gas UGI At Grade � Above Grade❑ Below Grade ❑
Shape
. . . . QX ❑ ❑ Water PAW
Functional Utility � ❑ ❑ Sewer BOROUGH
Yes o
Visibiliry Q ❑ ❑ Telephone. VERIZON Comer Lot X
Landscaping ❑ � ❑ Underground Utllities X
Drainage ❑X ❑ ❑ Street Improvements: Describe: Raitroad Access ❑ OO
Adequacy oF Utilities ❑X ❑ ❑ Sveet Width 60 Earthquake Zone X
Traffic Pattern 0 ❑ ❑ Sveet Paving. MACADAM Flood Hazzrd Area ❑ �
Traffic Volume
❑X ❑ ❑ Sidewalks CONCRETE Map�42041CO281E � �Date 03/16/2009
� � � � � Curbs&Gutters CONCRETE
Storm Sewers YES
Lighting STREET LIGHTS
Soil Condilions NO KNOW ISSUES
Easements ONLY UTILITY
Encroachments NONE
Current Zoning C COMMERCIAL Legally Conforming Yes x No
Zoning Change: Not Likely X Likely To
Uses Allowed Under Current Zoninq STORES BANKS RESTAURANTS GARAGES HOTELS AUTO BODY SHOPS AND CHURCHES.
Current Use AUTO REPAIR SHOP
AnalysislComments:THE CURRENT USE AS THE STRUCTURE EXIST IS CONSIDERED THE HIGHEST AND BEST USE OF THE IMPROVEMENTS.
ASSESSMENT AND TAXES
AssessmentYear 2013 APN �2-2�-0267-180 TaxRate Year Tazes
Total g 438300 Total 0.012674 Current Taxes 2013 y 5555.01
Land $216500 County 0002274 Estimated Taxes 2014 $ 5800.00
' ' ' ' ' '' ' ' ' ' ' � � � � 0.002300 TaxAssessment $ ��3 ISF
Building(s) $221800 City
.. .. .. . . .. . . . .
Other $ Other 0.009400 Year of Next Reassessment UNK
SpecialAssessments: NONE KNOWN
Reassessmentlssues:NONE KNOWN
Analysis/Comments:ASSESSMENT AND TAXES ARE REASONABLE.
IMPROVEMENTS DESCRIPTION
Property Type AUTO REPAIR SHOP Consvuction Type CMU #BuilAings 1 liStwies�
Building Floor Gross SF `Net SF Use Type Net SF Use%
24� � 2,436 2,436 Office 14
696
2472 1 2.472 2,472 Retail . . . . .. . . . . . . . �
1488 B 1,488 0 Warehouse . . . . . . . . . . . . 1776 �
Manufacmring �
Disvibution �
Total 6 396 4,908 Research I Development, . . . . �
`Usable Area � Rentable Area SHOP 2,436 50
Year Built �� Parking: Yes No IndusVial Only
Building Efficiency Ratio. . 77% On Site a o _
QX #Overhe d Do rs
Effective Age .. .. . . . . . . .. .. .. . 20 Adequacy. . .. .. . . . . � ❑ Floor Height. . .. . - FT
.. . . . . . . . . . . . . . . '
Total Economic Life 50 Covered ❑ X Ceiling Height _ FT
Remaining Economic LiFe .. .. .. ., . 30 Parking Garage. .. . , . . ❑ � Column Spacing
" " " " ' 19% Paved Q ❑ FT x _ FT
Floor Area RaUo . . . . . . . . . . . . -
Ground Coverage Ratlo . . . . .. .. .. . �9°� Number of Spaces 3$ Railroad Spur
' ' '� �� � � Spaces 11000SFBA 6 Yes❑ No❑
AnalysislComments:THE IMPROVEMENTS ARE IN AVERAGE CONDITION FOR ITS AGE AND USE.
qppKetl usirg FCI saAwxe,800.2N 812]w�w�.aciwffi.can
m Copyright 2IX11 6y The Appraisal Poundation.All rights reserved.
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WOOF APPRAISAL GROUP
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FileNo. PVT11082 �
PAGE3
IMPROVEMENTS DESCRIPTION(continued}
Building Description Improvement Rating
Foundation CMU O O � ❑
Frame CMU AppeallAppearance ,
� � � � � � � � CONCRETE Floor PIanlDesign X
FloodCover • � ' ' ' ' ' ' '' ' x
Ceiling DROP TILE AND OPEN Consvuction Quality . . . • • • • ' O O D O
Ezterior Walls CMU Exrerior Condition
� � � � � DRYWALL Intenor Condition x
Interior Panitions • • • � • • • �� '' ' X
Roof Cover RUBBER Roof Cover . , , . . . . .. . • • � O ❑ O
Plumbing STANDARD Plumbing , , . . . .. .• • O O ❑ ❑
Heating . . . . . . . . . . FHA Heating . . . . . . . . . . . . .. . � 0 ❑ ❑
AirConditioning ONE WALL UNIT FOR SAIES/WAITING ROOM AREA AirConditioning, , , , .. . • • O O ❑ ❑
Elecvical THREE PHASE Elecvical , , , , . . . . .. • • • ❑ O ❑ O
Elevarors N�A Elevarors , . . . . .. .. • ❑ O ❑ ❑
Parking MACADAM Parking Area , , . . .. . . • • • ❑ ❑ O ❑
Insulation NONE Insulation ., ,, , � O O O
Sprinkler . . NONE Sprinkler . ,
RootSuppon STEELTRUSS Landscaping ,, , x
. •• • • • • • ❑ � ❑
❑ � ❑ ❑
Site Improvements: 20 000 SF OF MACADAM PAVING
Personal Property or Other Non-Realty Interests Included in Valuation: �No ❑ Yes THE SHOP EQUIPMENT IS OWNED BY THE TENANT AND
IS NOT INCLUDED IN THE VALUATION.
AnalysislComments:THE STRUCTURE IS IN AVERAGE CONDITION WITH AVERAGE APPEAL.HIGH VISIBILITY LOCATION.
HIGHEST AND BEST USE
HIGHEST AND BEST USE AS IF VACANT:
Legally Permissible Uses:ALL COMMERCIAL USE ALLOWED UNDER SECTION 27-801 OF THE LEMOYNE ZONING ORDINANCES
Physically Possible Uses:ANY STRUCTURE UNDER 40 FEET IN HEIGHT
Financially Feasible Uses: COMMERCIAL SERVICE OFFICE OR RETAIL USES.
Maximally Productive Use: RETAIL OR SERVICE USES.
Anatysis/Comments:BANKING AND MAJOR CHAIN USES ARE PAYING TOP DOILAR FOR SITES IN THE AREA.
HIGHEST AND BEST USE AS IMPROVED:
Legally Permissible Uses:ALL COMMERCIAL USE ALLOWED UNDER SECTION 27-801 OF THE LEMOYNE ZONING ORDINANCES
Physically Possible Uses:CURRENT USE
Financially Feasible Uses: CURRENT USE
Maximally Productive Use: CURRENT USE
AnalysislComments:THE CURRENT IMPROVEMENTS ARE AT THE PROPERTIES HIGHEST AND BEST USE.
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�Copyright 2001 by The Appraisal Foundation.All rights reserved.
��"1 III"1fl�lllll'flll" �
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FileNo. PVT11082 •
PAGE4
VALUATION METHODS SELECTED
Cost Appmach ❑ Income Approach 0 Direct Sales Comparison Approach �
Reasons(or Ezcluding an Approach:THE COST APPROACH TO VALUE WAS CONSIDERED NO APPLICABLE DUE TO THE AGE OF THE
IMPROVEMENTS.
MARKET VALUE ESTIMATE OF NON-REALTY ITEMS
Market Value of Personal Properry . .. .. .. . . . . . . . . .. . . . . . . . . . . . . . . ..
E �
. .. .. . . .. .. .. .. . . . '$ 0
Market Value oF Other Non-Realty Interests . . . . .. . . . . . . .. . . . . . . . . .$ Q
Total Market Value of Non-Realry Interests . . . . .. .. . . .. .. .. .. . . . . . . .
. .. . . . . . . . . .. .. . . . . . . . .. . . .
AnalysislComments: NO NON-REALIY ITEMS INCLUDED IN THE VALUATION.
COMPARABLE SITE ANALYSIS
Data Sheets AttO Subject Comparable#1 Comparable#2 Comparable X3
LocationlAddress 1051 MARKET STREET
Proximity to Subject
MapReference 21-0267
Deed Reference
Date of Sale
Exposure Time
Data Source
SrteSize SF�Aaes❑ 31�a
Frontage
Zoning
Utilities
Site Improvements
Unit of Companson s
. . . . . . . E
Sales Price $
.. . . . . . . .. . . .. .. . . . . .. .. . . . $ $
Price Per Unit , , ,, .. .
Property Rights Conveyed. .. .. .. . . . . .. .. . . . .
Adjustment . . . . . . . . . . . . . . . . . .. .. . .
Financing . . . . . .. . . . . . . . . . . .. .. ..
Adjustment , , , , ,
Conditions of Sale . . . . .. .. .. . . . . . . . . . . . .
Adjustment . . , ,, ,, ,, , ,
Market Conditions , . , , ,, ,, ,,
Adjusvnent . . . . .. .. .. . . . . . . . . . . . .
Other Adjustments
Location . . . . . . . . . . . . . . . . .. .. . .
Topography . .. . . .. .. . . . . . . . . .. .. . .
Shape/Utility , , ,, , . .
Utilities , , , , , , , , , , , , ,, ,, , ,
Site Improvements . .. .. .. . . . . . . .. .. . .
Total Adjustments . , , , ,. .. .. . $ g
. . . . . .. .. .. . . $
Indicated Value Per Unit
AnalysislComments: THE COST APPROACH TO VALUE WAS CONSIDERED NO APPLICABLE DUE TO THE AGE OF THE IMPROVEMENTS.
Total Site Units: • " " " " " " � ' � � � g
UnitValue . . . . .. .. . . . . . . .. .. .. . . . . .. . . . . . . . . .. .. .. .. .. .. . . .. . . . . . . . . .. . . . . . t
Estimated Site Value • � • • • • • • •� �' ' ' ' ' ' ' '' ' ' '' �� �
. . . . . . . . . . . . . . . . . . . . . . . . . .. . .EXCESSLAND
Excess Land Area Units: •� ' ' ' ' '' ' ' ' ' ' ' �
. . . .. . . . . . . . . . . . . . $
UnitValue .. .. . . . . . . . . .. .. . . . . . . .. .. .. . . . . .. . . . . . . . . . . . . . . . . . . . . .. .. . . . . . $
Estimated Ezcess Land Value •• •• •• • • • • � • �� •� � � � ' ' ' '' ' ' '' ' ' '
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�Copyrigh[2001 by The Appraisal Poundation.Ali nghts reserved.
°�"�11!i'll'I'111141111" '
WOOFAPPRAISALGROUP
�� ' '• '
� File No. PVT11082
PAGES
COST APPROACH
Cost Source
Component No. Size Unit Cost Cost
8 $
S $
$ a
s $
$ a
$ a
Reproduction Replacemen[ U �ost New of Improvemen[s $
Plus:Indirect(Soft Costs) . . . . .. .. . . . . . . . . .. .. .. . . . . . . . . .. . . . . . . .. . .
Plus:Envepreneurial Proft , , , . , % , . , .. ,, E
. . . . . . . . . . . . . . . .. .. . . . . . . . . .. .. . . . .. .
Total Cost New • • • •• •• •$
.. . . . . . . . . .. .. .. . . . . .. .. . . . . .. .. . . .. . . . . . . .. .. . . . . . .. . .
. . .
Less:Physical Deterioration % • • • • •• •• •�
.. . . .. . . . . . . . . .. . . . . . . . .. .. .. . . . . . . . . . . . .. ..
Less:Functional Obsolescence . �
. . . . .. . . .. .. .. .. . . . . .. .. . . . . . . .. . . . . .. .. .. .. . . . . .. ..
Less:Ezternal Obsolescence � • • • � • •• � • • � •
. . . . .. .. . . . . . . . . .. . . . . . . .. .. .. . . . . . . . . .
Total Accrued Depreciation(Deterioration&Obsolescence) , . , . . . . .. ..
.(E 1
Depreciated Value oF Building(s) . . . . . . . .. .. .. . . . . . . . . .. .. . . . . . . . . .. . . . . . . .. . .
. . .. . . . . . . . $
Plus:Convibuting Value oF Site Improvements , , , , , , , , . . . . . . . . .. . . .. ..
. . . . . .. . . . . . . . . .. .. .. . . . . .
Depreciated Value oF Improvements . . . . . . . . . . . . .. .. .
Analysis/Comments:
Estimated Site Value . . . . . .. .. .s
. . . . . . . . . .. . . .. .. .. .. .. . . .. . . . . . . .. . . .. . . .. .. . . . . . . . . . .
Plus: Estimated Excess Land Value
. .. .. . . . . . . . . . . . . . . . . .. .. . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . .
Plus: Depreciated Value of Improvements .. . . . . .. . . . . . . . . . . . . . . . . . . .. .. .
Plus: Market Value of Personal Property and Other Non-Realty Interests �
Indicated Value Before Adjusvnent for Interest Appraisal .. .. .. . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. .S N�A
Less: Adjustment for Interest Appraised . . .
Value Indication-Cost Approach . . . . . .. . . .. . . . . .. .. .. . . . . . . . . .. . . . . .. .. . . $ �
. . . .. .. . . . . . . .. .. . ' 0
Rounded: . .. .. .. . . .. .. . . . . . . . . . . . . . . . . .. . . .. . . .. . . .. .. .. . . . . .. .. . . . . . . .. . . . . . . .. E
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS
Data Sheets Att❑ Subject Comparable k1 Comparable d2 Comparable M3
Address 1051 MARKET STREET
Proximity ro Subject
MapReFerence 21-0267
Year Built ���
Gross Building Area 6,396
Number of Srories �
Current Vacancy%
Consvuction Type
Consvuc[ion Quali[y
Condition
Parking
Date of Rent Survey
Asking Rent
Lease Period
Tenant Improvement
Allowance
Concessions
Tenant Name
Beginning Date
Term
Lease Type'
Tenant Size(SF) $ $
Rent Per SF $ $
Rent Concessions Adj. a
Adjusted Rent Per SF $ $ a
Adjustment for
Market Conditions E
Adjusted Rent Per SF $ $ $
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�Copyright 2001 hy The Appraisal Foundalion.All rights reserved.
.,.�.1 III���1'11 111�I1if� e
WOOF APPRAISAL GROUP
, ,� ' ' �
FileNo. PVT11082��
PAGE6
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS(continued)
Location
Qualiry
Condition
Total Adjustments $ E
Indicated Market Rent 5 $
'Lease Types:Gmss Lease(G),Net Lease(N),Triple Net Lease(TN),ModiFied Gross(MG),Expense Passthroughs(P),
Sales Overage Rents(0),Common Area Mainrenance(C),Renewal Options(R)
AnalysislComments:
SUMMARY OF SUBJECT LEASES
Estimated
Tenant Rented Beginning Lease Current Effective Market
Name Area(SF) Date Term Types Rent Rent/SF Rent 1 SF
MONRO MUFFLER 5,776 09/01/2010 5 NET 61,710 10.68 11.00
AnalysislComments:
INCOME AND EXPENSE HISTORY AND FORECAST
Income:
Actual Comments and Calculations Stabilized
From 09/Ot/2010 to 08/31/2015 SECOND OF FOUR FIVE YEAR OPTIONS s 61 710
GrossPotentiallncome $ 61,710
. . . . . . $
Vacancy and Collection
Loss % (E o) (g o)
Other Income $ � $
Effective Gross Income 5
s�,��o a s,,�,o
Expenses: f 5,800
PropenyTazes $ 5,555
. . . . .. .. $
Insurance . ., $ $
Propeny Management. E $
Utilities $
$
Janirorial.. . . . . . . . . .. .. $ E
Maintenance , S E 400
REPAIRS . . . . . . . . . . . $ 400
$ 1,200 ROOF AND PARKING LOT $ 1,200
Reserves $ 7,400
Total Expenses $ 7 155
54,555 Ex enselSF$ 1.16 Expense Ratio 11.99% E 54310
Net Operating Income(N01) 8 P
Analysis/Comments:
DIRECT CAPITALIZATION
0.08 ro 0.09 Equiry�ividend Rate Range to
Overall Rate Range ��5 x Q.pg = 0.06
Overall Rate(Ro) = 0.09 Mortgage 0.10 =
Equity 0.25 x 0.03
Overall Rate(Ro) = 0.09
Estimated Value Ro Estimated Value
N01 (Ro) N01 ( )
q 54,310 1
0.09 =E 603 444 � 54,310 1 0.09 =E 603,444
AnalysislComments: CURRENT MORTGAGE RATE AND EQUITY DIVIDEND RATES ARE EQUAL TO THE RATE OVERALL.INDICATING A INCOME
VALUE FROM THE CURRENT LONG TERM LEASE TO BE$603 444 SAY$600 000.
a�on��e wng aci�rt+��e,eao.t�+e�v ww«.x�wm.�
�Copyright 2001 by The Appraisal Foundalion.All rights reserved.
�,-"1 III'�"�I�11 111'I 111"� �
WOOF APPRAISAL GROUP
I ' � FileNo. PVT11082 •, ' �
PAGE7
YIELD CAPITALIZATION
Cash Flow Analysis in Addenda
Yes❑ No ❑ Market Rent Scenario Convact Rent Scenario
Forecast Holding Period . . .. . . . . . . .. .. . a
Beginning N01 .. .. . . . . . . . . . . . . .. . . .. .. . . .. . . .. . . . $
N01 Pattem , , . . . . . . .. .
.. .. .. . . . . . . . . . . . . . . . . .. . .
Reversion AssumpUon , ,, , , , , ,, ,, ,, ,
. . . . . . .. .. . . . . .. .
Yield Rate S
.. .. .. . . . . . . .. . . . . . . . . .. .. . . .. . . .. . . . $
Value Estimate . . . . . . . . . . . . . . . .. .
AnalysislComments:
ADJUSTMENT FOR INTEREST APPRAISED
Value Estimate-Market Rent Scenario . . . . .. .. . . . . .. .. . . . . . . . . . . .. .. . .
s
. . . .. .. . . . . . . .. .. .. . . $
Value Estimate-Contract Rent Scenario . . . . . . .. .. .. . . .. .. . . . . . . . . . . .. . .
Difference(Adjustment for Interest Appraised) . . . . . . . . . .. . . . . . . . . .. .. .. . . . . . . .. .. . . . . . . . . .. . . . . .
$
Analysis/Comments:
. $
Value Indicated by Direct CapitalizationlYield Analysis(excluding excess land) . . .. .. . . . . . . . . . . . . . .$
Plus: Estimated Excess Land Value . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . .
. . . .. . . . . . . . . . . . . . . '$ 0
Value Indication-Income Approach .. .. . . . . .. .. . . . . . . . . . . . . .. ..
. . .. .. . . . . . . .. .. .. . . . . .. '$ 600,000
Rounded . . . . .. .. .. . . . . . . . . .. .. . . . . . . .. .. . . . . .
. . .. . . . . .. .. .. . . . . . . .. .. . . . . . . .. ..
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS
Comp Sheets Att❑ Subject Comparable N1 Comparable#2 Comparable#3
Address 1051 MARKET STREET 254 LOWTHER STREET 1415 LOWTHER ROAD 6402 CARLISLE PIKE
Proximity to Subject 1.10 miles E 0.82 miles SSE 5.18 miles W
Map Reference 21-026� �2-22-�822'252 13-23-0545-257 3&18-1325-004
Data Source INSPECTION REAL ESTATE DATA SERVICE REAL ESTATE OATA SERVICE REAL ESTATE DATA SERVI�E�
6,396 8 278 1 350
Gross Building Area 1,350 ���
Net Building Area 4,908 $'z�a
31 000 20 247 10,450 107,594
Site Size SFQ Aves❑ �74 g.p4
Land-to-Building Ratio 4.85 2.45 '�O
Year Built 1960 1940 1940
Construction Type CMU
CMU CMU CMU
AVERAGE AVERAGE AVERAGE
Construction Quality AVERAGE AVERAGE
Condition AVERAGE AVERAGE AVERAGE
Parking 38 SPACES
14 SPACES 14 SPACES 40 SPACES
Other
$ $ 620,000 $ 225 000 $ 800 000
Sale Price �2�3��Zp�2
05/15/2013 03/15I2012
Date of Sale UNKNOWN UNKNOWN UNKNOWN
Exposure Time FEE SIMPLE FEE SIMPLE FEE SIMPLE
Propeny Rights Conveyed FEE SIMPLE
Adjustment
Financing CONVENTIONAL CONVENTIONAL CONVENTIONAL CONVENTIONAL
Adjustment ARMS-LENGTH ARMS-LENGTH
Conditions of Sale ARMS-LENGTH ARMS-LENGTH
Adjustment NONE 33500
Excess Land NONE NONE +165 000
Adjustment � NONE
Non-Realry Interests
NONE NONE NONE
Adjustment �
CE/Terms Adjusted Price $
o E 620000 S 225000 E �5��
Other Adjustments: AVERAGE AVERAGE AVERAGE
Market Conditions AVERAGE
Adjustment AVERAGE GOOD
GOOD AVERAGE
Location +150 000 +150,000
Adjusvnent AVERAGE AVERAGE
Quality AVERAGE AVER,4GE
Adjustment qVERAGE AVER.4GE AVERAGE
Condition AVERAGE
Adjustment 1350 ���
SQUARE FOOTAGE 5 776 8 2�8 -412 000
-186 000 +169 000
Adjustment 36 000 +319 000 -412 000
Total Other Adjustments —
Indicated Value Per 5�� $ 544 ppp E 553 000
PROPERTY $ $
pohced usirg ACI wh+are.B�02k 8721 xxw.aciw�.can
�Copyright 2001 by The Appraisal Foundation.All rights reserved.
..M.�ti�af'I'1�tIR1�11". . 4
WOOF APPRAISAL GROUP
I � FileNo. pVT11082
PAGEB
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS(continued)
Analysis/Comments: MY MARKET RESEARCH AND RESULTS SALES LISTING AND PENDING SALES WERE RESEARCHED FOR SIMILAR AGE,
STYLE SIZE LOCATION AND CONDITION COMMERCIAL PROPERTY FROM THE AREA.THE LIMITED SALES OF SIMILAR LOCATION
PROPERTIES REQUIRED THE USE OF TWO SALES WITH INFERIOR LOCATIONS.AFTER ADJUSTING FOR LOCATION BUILDING SIZE.AND
EXCESS LAND THE THREE SALES PROVIDED A REASONABLE VALUE RANGE.MARKET DATA OF CLOSED SALES WAS STILL CONSIDERED
SUFFICIENT TO ARRIVE AT AN OPINION OF VALUE. ALL SALES WERE CLOSED AND CONSIDERED EQUALLY WHEN ARRIVING AT MARKET
VALUE.
FEE SIMPLE OR LEASED FEE OPERATWG DATA AND RATIOS
Comparable#1 Comparable A2 Comparable#3
Fee Simple or Leased Fee FEE SIMPLE FEE SIMPLE FEE SIMPLE
. . . . . . .. . . . . . . . . .. .. .. . $ $ $
Gross Potential Income
. . . . . .. .. .. . . . . .. .. .. . . .
Vacancy and Collection Loss%
. .. .. .. . . . . . . $
Effective Gross Income E $
. . . . . . . . . . . . . . . . . .. .. .. . $ $ $
Operating Expenses
ExpenseslSF Gross Buiiding Area . . .. .. . . .. .. .. .. . . $ 0 S 0 $ 0
Ezpense Ratio
. . . . . . .. .. .. .. . . . . .. .. . . .
Net Operating Income $ $
. . . . . .. .. .. . . . . . . . . . . . . .
EGIM
.. . . .. . . . . . . . . .. .. .. . . . . . . . . . . . . . 0.00 0.00 0.00
Overall Rate
. .. .. . . .. . . . . .. . . . . . . . . .. .. .. .
Equiry Dividend Rate
. . . . . .. . . . . . . . . . . . . .. .. .. .
AnalysislComments: N/A
Building Units PROPERTY
. .. .. . . . . .. .. .. . . . . . . . . .. . . . . . . .. .. . . . . . . . . . .
Value Per Unit $ /Unft
. . . . . . . . . . . . . . . .. .. . . . . . . .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . .
Value Estimate E �
. . . . . . . . . . . . . . . .. .. . . . . . . . . .. . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . .
Eflective Gross Income $ ��'���
. .. .. .. . . .. .. .. . . . . . . . . . . . . .. .. .. .. .. . . . . .. .. .. .. . . . . . . .. . . .
Effective Gross Income Multiplier(EGIM) , , . , ,, , , ,
.. . . .. . . . . . . . . . . . . . . .. .. .. . . . . . . .. .. .. .. . .
Valce Estimate $ $�
. . . .. .. .. . . . . . . . . . . . . . . . . .. . . . . . . .. .. .. .. . . . . .. .. .. . . . . . . . . .. . . .
AnalysislComments: N/A
Value Indicated by Direct Sales Comparison Approach(excluding excess land) $ $550,000
. . . . . . . . .. .. .. . . . . . . . . . . . . . . . . .. .. .
Plus:Estimated Excess Land Value f 0
Plus:Adjustment for Interest Appraised , ,, ,, ,, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , $ �
.. . . . . . . . . . . . . . . .
Value Indication-Direct Sales Comparison Approach E 550,000
. .. .. . . . . . . . . .. .. .. . . . . .. . . . . . . . . . . . . . . . . . . . . .. .
Rounded E 550,000
. . . . . .. . . . . . . . . . . . . . . . . .. .. . . .. . . . . . . .. .. .. .. .. .. .. .. . . . . . . . . . . . . .. .. .
RECONCILIATION AND FINAL VALUE ESTIMATES
Cost Approach Indication , , , , , , , , , , , , , , , , , ,
. . . . . .. .. . . . . . . . . .. . . . . . . .. .. .. . . . . . . . . . . . . .
Income Approach Indication , ,
$ 600,0
Direct Sales Comparison Approach Indication $ 550,000
. . . . . . . .. . . . . . . .. .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. .
Reconciliation:ALL THREE APPROACHES TO VALUE WERE CONSIDERED.HOWEVER MOST WEIGHT WAS PLACED ON THE MARKET DATA
APPROACH DUE TO THE AGE OF THE SUBJECT.
Estimated Exposure Time:THE EXPOSURE TIME THAT WOULD BE REQUIRED FOR THE SUBJECT TO ACHIEVE THE OPINION OF MARKET VALUE
AS OF THE EFFECTIVE DATE OF THIS APPRAISAL IS BETWEEN 120 TO 180 DAYS.
Exvaordinary Assumptions,Hypothetical Conditions,and Limiqng Conditions: SEE ATTACHED ADDENDUM
Estimated Market Value"As Is" E 550,000
. . .. .. . . . . . . . . . . . . . . . . . . .. .. .. . . . . .. .. .. . . . . . . . . . . . . . . .. .. .
Etfective Date of Valuation 05/23/2013
Market Value of Personal Property Included in Appraisal ,, ,, , , , , , , ,, , , , , , , , , ,, ,, , , , , , , ,, ,, , $ �
Market Value of Other Non-Realty Interests Included in Appraisal. , . . , , , , , , , , , , , , , , , ,, ,, , $ �
RoJuc tl using ACI wkxxe.800.23/811]wxx.a�ixeb.can
m Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
• . ,
FileNo. PVT11082'
PAGE9
RECONCILIATION AND FINAL VALUE ESTIMATES(continued) `
Appraiser Ni �7��� Property
Signature Date Inspecred
Name REYNOLD R WOOF JR 01/09/2014 Yes Q No❑
Certifiwtion No.: GA000002L
State:PA Exp.Date: ��15/2015
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
Appraiser N2
Signawre
Name Yes❑ No❑
Cenification No.:
State: Exp.Date:
CONTENTSOF ADDENDA '
Legal Description � Land Lease ❑ Suppon for Non-Realry Interest Valuation ❑
Subject Phomgraphs QX Segregated Cost Sheet ❑ Suppon for Adjustment for Interest Appraised ❑
Area Map ❑X Soils Survey Map , . .. , , . . .. , ❑ Copy of Easement ❑
Neighborhood Map � Subject Leases . ❑ Appraiser Qualifications ❑
Zoning Map ❑ Rental Comparable Data Sheets ❑ ❑
Flood Zone Map QX Rent Location Map Q ❑
Topographic Map � DCf Analysis . . . , . . ❑ ❑
Site Sketch QX Improved Pmperty Sales Data Sheets ❑ ❑
Site Plan � Building Sales Location Map QX ❑
Building Plans. . . . . . . . .. .. . . . . . ❑ Copy oF Deed . .. .. .. . . . . . . .. O ❑
Tax Assessment Card ❑ Convaa of Sale
Land Sales Data Sheets ❑ ConsVuction Cost ConVac( ❑
. .. .. .. . . . . . .. . . . . . . ..
Land Sales Map Q Suppon for Personal Property Valuation
. . . . . .. .. .. . . . . .
DEFINITION OF MARKET VALUE
The most probable price which a property should bring in a competitive and open markel under all conditions reyuisite to a fair sale.Ihe buyer and seller
each acting prudently and knowledgeably and assuming the price is not affecled by undue stimulus.Implicit in chis definition is the consummation of a
sale as of a specified date and the passing of title From seller to buyer under conditions whereby�.(1)buyer and seller are typically molivated;(2)hoth
parties are well informed or well advised,and acting in what they consider lheir 6est inte�ests; (3) a reasonable time is allowed for exposure
in the open market;(4)payment is made in terms of cash in U.S.dollars or in terms of financial arranyements comparable Ihereto;and(5)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.�
1 USAP 2001 Glossary
ASSUMPTIONS AND LIMITING CONDITIONS
1. As agreed upon with Ihe clienl prior to Ihe preparation of Ihis appraisal,unless otherwise indicated,ihis is a Limited Appraisal hecause it invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice.As such,informalion perlinent ro Ihe valuation has not been
considered and/or the full valuation process has not been applied. Depending on Ihe type and Aegree of limitations,the reliability of the value
conclusion provided herein may be reduced.
2. Unless otherwise indicated,this is a Summary Appraisal Reporl which is intended to comply with the reporting requirements set forth under Standard
Rule 2-2(b)of the Uniform Standards of Professional Appraisal Praclice for a Summary Appraisal ReporL As such,it might not include full
discussions of the data,reasoning and analyses thal were used in the appraisal process to develop the appraiser's opinion of value.Supporting
documentation concerning the data,reasoning and analyses is relained in Ihe appraiser's file. The information contained in Ihe report is specific to
the needs of the client and for the intended use slated in lhis reporL The appraiser is not responsible for unauthorized use of this report.
3, No responsibility is assumed for legal or tiUe considerations. Title ro lhe property is assumed to be gooA and markelable unless olherwise stated
in this report.
4. The property is appreised free and clear of any or all liens and encumbrances unless otherwise statt:�d in Ihis report.
5. Responsible ownership and competent property management are assumed unless otherwise stated in this report.
6. The information furnished by others is believed to 6e reliable. However, no warranty is given fot its a[curaty.
1. All engineering is assumed to be correcL Any plot plans and illustrative material in this report are indude;d only ro assist the reader in visualizing
the property.
8. It is assumed that there are no hidden or unapparent conditions of the property,subsoil,or structures ihat render it more or less valuable. No
responsi6ility is assumed for such conditions or for arranging lor engineering studies that mny 6r required lo discover them.
9. It is assumed that there is full compliance with all applicable federal,state,and local environmental regulations and laws unless otherwise stated
in this report.
10,It is assumed that all applicable zoning and use regulations and restrictions have been complied with,unless a nonconlormity has been stated,
defined, and considered in this appraisal report.
11.It is assumed Ihat all required licenses,certificates of occupancy or other legislative or administrative authority from any local,state,or nalional
governmen[al or private entity or organization have been or can be obtained or renewed for any use on which Ihe value estimates tontained in
Ihis report are based.
12.Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing Ihe properly.Maps and exhibits found
in this reporl are provided for reader reference purposes only.No guarantee as to accuracy is expressed ur implied unless otherwise stated in this
reporL No survey has been made(or Ihe purpose of this report.
13.Il is assumed that lhe ulilization ol the land and improvements is within the boundaries or property lines of the property descri6ed and that there is
no encroachment or trespass unless otherwise stated in this report.
(Continued)
AOAcetl using ACI sollwae.8110.73/.812]wx.v.ac'iw�.axn
m Copyright 2001 by The Appraisal Foundalion.All rights reserved.
, FileNo. PVT11082'
PAGE 10
ASSUMPTIONS AND LIMITING CONDITIONS
14. The appraiser is not qualified to detect hazardous waste and/or toxic materials.Any commenl by[he appraiser that might suggest lhe possibility
of the presence of such substances should nol 6e taken as confirmation of lhe presence of hazardous waste and/or roxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment. The presence of subtances such as
asbesros,urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property.The appraiser's value
estimate is predicated on the assumption that there is no such material on or in the properry that would cause a loss in value unless otherwise stated
in this repo«.No responsibility is assumed for any environmental conditions,or for any expertise or engineering knowledge required to discover
Ihem.The appraiser's descriptions and resulting comments are the result of Ihe routine observations made during the appraisal process.
15. Unless otherwise slated in this report,the subject property is appraised without a specific compliance survey having been conducted ro determine
if the property is or is not in conformance with the requirements of the Americans wilh Disabilities Aci.The presence of archilectural and
communications 6arriers Ihat are structural in nature that would reslrict access by disabled individuals may adversely afFect the properly's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specificalions.
17. The distribution,if any,of the total valuation in this report between land and improvements applies only unAer the stated program of utilization.
The separate allocations(or land and buildings must not be used in conjunction with any other appraisal and are invalid if so used.
18. Possession of this report,or a copy thereof,does not carry with it the right of pu6lication.It may not 6e useA for any purpose by any person other
than the party to whom it is addressed, and in any event, only with the proper written qualiFication and only in i[s enUrety.
19. Neither all nor any pa«of lhe contents of this report(especially any conclusions as to value,the identity of the appraiser,or Ihe firm with which lhe
appraiser is connected)shall be disseminated to the public through advertising,public relations,news sales,or other media without prior written
consent and approval of the appraiser.
CERTIFICATION
I cerlity that,m lhe best of my knowledge and belief:
--- the statements ol fact contained in this report are true and correct.
--- the reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting r,onditions and are my personal,impartial
and unbiased professional analyses,opinions and condusions.
--- I have no(or lhe specified) presenl or prospective interest in the property that is the subject of this report and no(or Ihe speciFied)
personal interest with respect ro Ihe parties involved.
--- I have no bias with respect m the property that is Ihe subject of this report or to the parties involved with ihis assignment.
-- my engagement in this assignment was not contingent upon developing or reporting predetermined results.
-- my compensation for completing this assignment is not contingent upon the developmen(or reporting of a predetermined value or direction in value
thal favors the cause oF the client,the amount of lhe value opinion,lhe allainmenl of a slipulated result,or the ocwrrence of a su6sequent evenl
direclly related to the intended use of this appraisal.
--- my analyses,opinions,and conclusions were developed,and this reporl has been prepared in conformity with lhe Uniform Standards o(
Professional Appraisal Practice.
--- I have(or have not)made a personal inspeclion of the property that is the subject o(this reporL(If more than one person signs lhis certification,
lhe cerli(ication must clearly specify which individuals ditl and which individuals did not make a personal inspection of the appraised property).
--- no one provided significant real property appraisal assistance to Ihe person signing this certification.Qf there are exceptions,the name oF each indivitlual
providing significant real propert appraisal assistance must 6e stated).
Appraiser's Signature�v►�r �i^�-1�� Date Ot/09/2014
REYNOLD R WOOF JR
State Certification# GA000002L
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
pob�ceJ ising ACI sollwae.800.23181P]xw,v.xNreb.m+i
�Copyrigh[2001 by The Appraisal Foundation.All righls reserved.
,��� ur�ri�n�rnnu�_ e
WOOF APPRAISAL GROUP
� �� � �
� . ., ,
FileNo. PVT11082
COMPARABLE SITE ANALYSIS(456)
Data Sheets Att❑ Subject Comparable p4 Comparable#5 Comparable#6
Location/Address 1051 MARKET STREET
Proximity ro Subject
MapReference 21-0267
Deed Reference
Date of Sale
Exposure Time
Data Source
SiteSize SF�Aaes❑ 31000
Frontage
Zoning
Utilities
Sae Improvements
Unit of Comparison
Sales Price $ $ $
.. . . . . . . .. .. .. . . . . . . . . . . . . .
Price Per Unit $ $ $
. . . . . . . .. .. .. . . . . . . .. . . .. .
Property Rights Conveyed
. . . .. . . . . . . . . .. .. . . .
AdjusVnent
. . . . . . . . . .. . . . . . . . . . . . . .
Financing . .. . . .. .. .. . . . . . . .. . . . .
Adjustment
. . . . . . . . . . . . . . . . . .. .. . . .
Conditions of Sale
. . . . .. .. .. . . . . . . . . .. . . .
Adjustment
Market Conditions
. . . . .. . . . . . . . . . . .. .. . . .
Adjustment
. . . . . .. .. .. . . . . . . . . . . . . .
Other Adjustments
Location
. . . . . . . .. .. .. .. . . .. .. .. . . .
Topography
ShapelUtility . . .. . . . . .. . . . . . . .. .. . .
Utilities
. . . . . . . . . . . . . . . . . . . .. .. . . .
Site Improvements
. .. .. .. .. .. . . .. .. . . .
Total Adjustments
. . . .. .. .. . . .. . . .. .. . . .
Indicated Value Per Unit S $
. .. .. .. . . . . . . . . . . . . .
AnalysislComments:
poEuced using ACI wTvare.8�0.23/.8121 wew.xiweb.mm
m Copyright 2001 by The Appraisal Foundation.All righls reserved.
WOOFAPPRAISALGROUP
' " . . �, � � �
FileNo. pVT11082
INCOME APPROACH/RENTAL COMPARABLE BUILDWG ANALYSIS(456)
Data Sheets Att❑ Subject Comparable#4 Comparable k5 Comparable#6
Address 1051 MARKET STREET
Pmximay ro Subject
MapReference 21-0267
YearBuilt ��
Gross Building Nea 6,396
Number of Srories �
Current Vacancy%
Consvuction Type
Consvuction Quality
Condition
Parking
Date of Rent Survey
Asking Ren[
Lease Period
Tenant Improvement
Allowance
Concessions
Tenant Name
Beginning Date
Term
Lease Type'
Tenant Size(SF)
Rent Per SF $ $ E b
Rent Concessions Adj.
Adjusted Rent Per SF $ $ $ $
Adjustment for
Market Conditions
Adjusted Rent Per SF $ $ $ E
Loca[ion
Quality
Condidon
Total Adjustments
Indicated Market Rent $ $ $ $
`Lease Types:Gross Lease(G),Net Lease(N),Triple Net Lease(TN),Modified Gross(MG),Expense Passthroughs(P).
Sales Overage Rents(0),Common Area Maintenance(C),Renewal Optiuns{R)
AnarysislComments:
hotlucetl uslrg FCI wM1ware,800.23/A)2]xwx.eciwW.mm
�Copyright 2001 by The Appraisal Foundation.All tights reserved.
WOOFAPPRAISALGROUP
� FileNo. pVT11082'
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS(456)
Comp Sheets Att❑ Subject Comparable#4 Comparable u5 Comparable N6
Address 1051 MARKET STREET
Proximity to Subject
MapRe(erence 21-0267
Data Source INSPECTION
Gross Building Area 6,396
Net Building Area 4��8
SiteSize SFDAcres❑ 31��
Land-to-Building Ratio 4.85
YearBuilt ��
Consvuction Type CMU
Consvuction Quality AVERAGE
Condition AVERAGE
Parking 38 SPACES
Other
Sale Price $ $ $ a
Date of Sale
Ezposure Time
Propeny Rights Conveyed FEE SIMPLE
Adjustment
Financing CONVENTIONAL
Adjustment
Conditions of Sale ARMS-LENGTH
Adjustment
Excess Land NONE
Adjustment �
Non-Realry Interests NONE
Adjustment a
CElTerms Adjusted Price $ � $ $ $
Other Adjustments:
MarketCond¢ions AVERAGE
Adjustment
Location GOOD
Adjustment
Quality AVERAGE
Adjustment
Condition AVERAGE
Adjustment
SQUARE FOOTAGE 5,776
Adjustment
Total Other Adjustments
Indicated Value Per
PROPERTY $ E $ $
AnalysislComments:
ApeuceU using ACI soM1wxe,p10.23/81t1 m�w.evxeb mm
m Copyright 2001 by The Appraisal Foundation.All rights reserved.
ADDENDUM
Borrower: File No.�. PVT11082 . ,
Pro e Address: 1051 MARKET STREET Case No.�.
Cii LEMOYNE State� PA Zip� 17043-1414
Lender: COYNE 8 COYNE P.C.
Extraordinary Assumptions and Lim.Cond.
STATEMENT OF ADDITIONAL LIMITING CONDITIONS AND ASSUMPTIONS
THIS APPRAISAL REPORT HAS BEEN PERFORMED FOR THE CLIENT INDICATED IN THE PRECEDING,WITH WHOM
PROFESSIONAL STANDARDS REQUIRES ME TO MAINTAIN A STRICT REQUIREMENT OF CONFIDENTIALITY.
I,BY REASON OF THIS REPORT,AM NOT REQUIRED TO GIVE TESTIMONY IN COURT WITH REFERENCE TO THIS
APPRAISAL.IF ANYONE WISHES MY APPEARANCE,IT CAN BE ARRANGED ONLY BY PRIOR ARRANGEMENT
BEING MADE WITH ME.SUCH APPEARANCES SHALL BE MADE AS AN EXPERT WITNESS AND THE FEE FOR SUCH
APPEARANCES SHALL BE AT THE RATE OF$125/HOUR PORTAL TO PORTAL,PLUS ANY REASONABLE COST
INCURRED BY ME.
PURPOSE:
THE PURPOSE OF THIS APPRAISAL IS TO ESTIMATE THE MARKET VALUE OF THE FEE SIMPLE INTEREST IN THE
TITLE OF THE PROPERTY.THE VALUE IS AS OF THE DATE OF DEATH,WHICH IS NOT THE DATE THE PROPERTY
WAS LAST VIEWED IN ITS ENTIRETY AND PHOTOGRAPHED.
SIGNATURE:
THE ELECTRONIC SIGNATURE USED IN THIS REPORT ARE PROTECTED BY THE APPRAISER AND ONLY THE
APPRAISER HAS COMPLETE CONTROL OF THE SIGNATURE.
ADDITIONAL CERTIFICATION:
THE INTENDED USER OF THIS APPRAISAL REPORT IS THE LENDERlCLIENT.THE INTENDED USER IS TO
EVALUATE THE PROPERTY THAT IS THE SUBJECT OF THIS APPRAISAL FOR AN ESTATE,SUBJECT TO THE
STATED SCOPE OF WORK,PURPOSE OF THE APPRAISAL,REPORTING REQUIREMENTS OF THIS APPRAISAL
REPORT FORM,AND DEFINITION OF MARKET VALUE. NO ADOITIONAL INTENDED USERS ARE IDENTIFIED BY THE
APPRAISER.
Pddendun Page 7 of 1
. � � , „
., �
File No. PVT11082
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market
under all conditions requisite ro a fair sale,the buyer and seller,each acting prudently,knowledgeably and assuming the price is not
af(ected 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:(1)buyer and seller are typically motivated;(2)both parties are well informed or well advised,
and each acting in what he considers his own best interesC(3)a reasonable time is allowed(or exposure in the open market(4)payment
is made in terms of cash in U.S.dollars or in terms of financial arrangements comparable thereto;and(5)the price represents the normal
consideration(or the properry sold unaffected by special or creative financing or sales concessions'granted by anyone associated with the
sale.
'Adjustmen[s to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for
those costs which are normally paid by sellers as a result of tradition or law in a market area;these costs are readiiy identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparabie property
by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any
adjustment should not be calculated on a mechanical dollar(or dollar cost o(the financing or concession but the dollar amount of any
adjustmen[should approximate the marke['s reaction[o the financing or concessions based on the Appraiser'sjudgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITWG CONDITIONS: The appraiser's certification that appears in tl�e appraisal report is subject ro the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that af(ect either the properry being appraised or the title to iL The
appraiser assumes that the title is good and marketable and,there(ore,will no[render any opinions abou[the tiUe. The properry is appraised
on[he basis of i[being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is
induded only to assist the reader o(the report in visualizing the property and understanding the appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency(or other data
sources)and has noted in the appraisal report whether the subject site is located in an identi(ied Special Flood Hazard Area. Because Ihe
appraiser is not a surveyor,he or she makes no guarantees,express or implied,regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal oF the property in question,unless specific
arrangements to do so have been made beforehand.
5. The appraiser has estimated[he value o(the land in the cost approach at its highest and best use and the improvements at their
contributory value. These separate valuations of the land and improvements must not be used in conjunc[ion wi[h any other appraisal and
are invalid if[hey are so used.
6. The appraiser has noted in Ihe appraisal report any adverse conditions(such as,needed repairs,deprecia[ion,the presence of hazardous
wastes,toxic substances,etc.)observed during the inspec[ion of the subject property or tha[he or she became aware of during the normal
research involved in per(orming the appraisal. Unless otherwise stated in the appraisal report,the appraiser has no knowledge of any hidden
or unapparent conditions of the property or adverse environmental conditions(including the presence of hazardous wastes,toxic
subs[ances,etc.)Ihat would make Ihe property more or less valuable,and has assumed that there are no such conditions and makes no
guarantees or warranties,express or implied,regarding the condition of the property. The appraiser will not be responsible for any such
conditions that do exis[or for any engineering or testing that might be required to discover whether such conditions exisL Because the
appraiser is not an expert in the field of environmental hazards,the appraisal report mus[no[be considered as an environmental assessment
of the properry.
7. The appraiser obtained the information,estimates,and opinions that were expressed in the appraisal report from sources that he or she
considers to be reliable and believes[hem ro be Uue and correcL The appraiser does not assume respo�sibiliry for the accuracy of such
i[ems that were furnished by other par6es.
8. The appraiser will not disclose the contents o(the appraisal report except as provided for in the Uniform Standards of Professional
Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subjeU to satisfactory completion,
repairs,or altera[ions on[he assumption that completion of[he improvements will be performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent beFore the lender/client specified in the appraisal report can distribute the
appraisal report(including conclusions about the property value,the appraiser's identiry and professional designations,and references to
any professional appraisal organizations or the firm wi[h which the appraiser is associated)to anyone other than the borrower,the
mortgagee or its successors and assigns;the mortgage insurer,consultants;professional appraisal orqanizations;any state or federally
approved financial institution;or any department,agency,or instrumentality of the United States or any state or the District of Columbia;
except that the lender/client may distribute the properry description section of the report only to data collection or reporting service(s)
without having ro obtain Ihe appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before
the appraisal can be conveyed by anyone ro the public Ihwugh advertising,public relations,news,sales,or other media.
Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 10048 6-93
� � � , . � � �
File No. PVT11082
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees thar.
1. I have researched the subject marke[area and have selec[ed a minimum of three recent sales of properties most similar and proximate
to the subject property(or consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of signiticant variation. If a significant item in a comparable properry is superior to,or more favorable than,
the subject properry,I have made a negative adjustment ro reduce the adjusted sales price oF the comparable and,if a significant item in a
comparable properry is inFerior ro,or less Favorable than the subject property,I have made a posi[ive adjustment to increase the adjusted
sales price of the comparable.
2. I have taken into consideration the factors that have an impac[on value in my development of the estimate o(market value in the
appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe,to the best of my
knowledge,that all statements and informaUon in the appraisal report are true and correct.
3. I stated in the appraisal report only my own personal,unbiased,and professional analysis,opinions,and conclusions,which are subject
only ro the contingent and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report,and I have no present or prospective personal
in[erest or bias with respect to the participants in the transaction. I did not base,either partially or completely,my analysis and/or the
estimate of market value in the appraisal report on the race,color,religion,sex,handicap,familial status,or national origin o(either the
prospective owners or occupants of the subject property or of the present owners or occupants o(the properties in the viciniry of the
subject property.
5. I have no present or contemplated fuwre interest in the subject properry,and neither my currenf or future employment nor my
compensation(or per(orming this appraisal is contingent on the appraised value o(the property.
6. I was not required[o report a predetermined value or direction in value that favors the cause of fhe client or any related parry,
the amount of[he value estimate,the attainment o(a specific result,or the occurrence of a subseyuent event in order to receive my
compensation andlor employment for perForming the appraisal. I did not base the appraisal report on a requested minimum valuation,a
specifc valuation,or the need to approve a specific mortgage loan.
7. I performed this appraisal in con(ormiry with the Uni(orm Standards of Professional Appraisal Practice that were adopted and
promulgated by[he Appraisal Standards Board of The Appraisal founda[ion and that were in place as of the effective date of this appraisal,
with the exception o(the departure provision of those Standards,which does not apply. I acknowledye that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estfmate I developed is consistent with the
marke[ing time noted in the neighborhood section of[his report,unless I have otherwise sta[ed in the reconciliaUon section.
8. I have personally inspected the interior and exterior areas o(the subject properry and the exterior of all properties listed as comparables
in the appraisal reporL I further certify[hat I have noted any apparen[or known adverse conditions in the subject improvements,on the
subject site,or on any site within the immediate viciniry of the subject property o(which I am aware and have made adjustments for these
adverse conditions in my analysis of the properry value to the ex[ent that I had market evidence to support them. I have also commented
about the efFect o(the adverse conditions on the marketabiliry of the subject properry.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on
significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal
report,I have named such individual(s)and disclosed the speci(ic tasks per(ormed by them in the reconciliation section of this appraisal
reporL I certi(y that any individual so named is qualified ro perform the tasks. I have not authorized anyone to make a change to any item in
the report;[herefore,if an unau[horized change is made ro the appraisal report,I will[ake no responsibility(or it.
SUPERVISORY APPRAISER'S CERTIFICATION: IF a supervisory appraiser signed the appraisal report,he or she certifies
and agrees that:I direcUy supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the
statements and conclusions oF the appraiser,agree ro be bound by the appraiser's certifications numbered 4 through 7 above,and am taking
(ull responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 1051 MARKET STREET LEMOYNE PA 17043-1414
APPRAISER: SUPERVISORY APPRAISER(only if required)
Signature: � ��� Signature:
Name: REYNOLD R WOOF JR Name:
Date Signed: 01/o9/2ot4 Date Signed:
Sta[e Certification#: GA000002L State Certification#:
or State License#: or State License#:
State:PA State:
Expiration Date of Certification or License: osi�5/20�5 Expiration Date of Certification or License:
❑ Did ❑ Did Not Inspect Properry
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10046 6-93
.'"1�!II}41��f'iE'lmil'"� �
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� pennsylvan�a
DEP,4RTMENT OF REVENUE
�� � � � � � �
Apri130, 2015 �[��� �A� `� - �'�1�
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Lisa Marie Coyne; Esa.
Coyne & Coyne, P.C.
3 901 Market Street
Camp Hill, PA 17011-4227
Re: Estate of Robert L. Kulp, deceased
Court of Common Pleas of Cumberland County
Petition to Terminate Trust
Dear Ms. Coyne:
The Department of Revenue, Office of Chief Counsel, received a copy of your draft petition in
the above-referenced matter. The petition proposes to terminate a credit shelter trust created by
decedent's will. As the trust would have qualified for inheritance t� deferral as a sole use trust,
there are no inheritance tax implications.
Please be advised that the Commonwealth has no objection to the requested termination.
I trust that this is a sufficient representation of the Commonwealth's position on this matter.
'�icaS� CuT'iia�i il3c ii yGu OT i.�E i GuY%�iaS 211y Cju�S�lOI1S Or CO11C2I'I1S. 1'113IIK yOU.
Sincerely,
Lora A. Kulick
Seniar Cour�sel
LAK:rm
#saas�
���b�,�
„ � „
Office of Chief Counsel
Lora A.Kulick� Ikulick@pa.gov
PO BOX 281061 � Harrisburg, PA 17128-1061 � Phone:717.346.4644�Fax:717.772.1459(www.revenue.state.pa.us
:'°"7 IOf11'.1..31�111'771."' . "
� � • , a • • �
IN RE: ESTATE OF ROBERT L. KULP : COURT OF COMMON PLEAS
: ORPHANS COURT DIVISION
: CUMBERLAND COUNTY,PENNSYLVANIA
. NO.
VERIFICATION
We,Tamea M.Kulp and Halli R. Witherspoon,being duly affirmed according to law, depose and
say that the facts set for the in the foregoing Petition is true and correct to the best of their knowledge,
information and belief.
This Verification is made subject to the penalties of 18 Pa. C.S.A. Section 4904 relating to
unsworn falsifications to authorities.
r,_..___._...._
`i � ��.�'- ��, `"'I ' )
Date: �
Tamea M. Kulp -
4 %' �,' Il1
� €... � ;
Date: `'� C} ' �
Halli . Witherspoon
r,..,���i�rm����ir��n��n�^' r
� � • . , • • �
CERTIFICATE OF SERVICE
I, Lisa Marie Coyne, Esq., hereby certify that I am serving a copy of the foregoing document
upon the person(s) and in the manner indicated below, which service satisfies the requirements of the
Pennsylvania Rules of Civil Procedure, by depositing a copy of same in the United States Mail at
Mechanicsburg, Pennsylvania, with first-class postage,prepaid, as follows:
Commonwealth of Pennsylvania
Office of Chief Counsel
Dept. 281061
Harrisburg, PA 17128-1061
COYNE&COYNE,P.C.
By. � �� �� �_,,...�
isa Marie Coyne, quire
Supreme Court LD.No. 53788
3901 Market Street
Camp Hill,PA 17011-4227
(717) 737-0464
Dated: � a7 v20/�' Attorneys for Petitioner