HomeMy WebLinkAbout07-21-15 (2) REV-1500 EX(02-11)
1505610143
PA Department of Revenue OFFICIAL USE ONLY
p Pennsylvania county code Year File Number
Bureau of Individual Taxes DEPARTMENT OF REVENUE
PO BOx.280601 INHERITANCE TAX RETURN 2 1 13 1205
Harrisburg,PA 17128-0601 RESIDENT DECEDENT
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death Date of Birth
05 23 2013 07 26 1947
Decedent's Last Name Suffix Decedent's First Name MI
KULP ROBERT L
(If Applicable)Enter Surviving Spouse's Information Below
Spouse's Last Name Suffix Spouse's First Name MI
KULP TAMEA M
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
Prior to 12-13-82)
❑ 4. Limited Estate ❑ 4a,Future Interest Compromise ❑ 5. Federal Estate Tax Return Required
(date of death after 12-12-82)
® 8 Decedent Died Testate ❑ 7• Decedent Attach Copy of Trust)dLiving Trust 8. Total Number of Safe Deposit Boxes
(Attach Copy of Will)
❑ 9. Litigation Proceeds Received ❑ 10.Spousal Poverty Credit(Date of Death ❑ 11.Election to tax under Sec.9113(A)
between 12-31-91 and 1-1-95) (Attach Schedule O)
CORRESPONDENT-THIS SECTION MUST BE COMPLETED.ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
Name Daytime Telephone Number
LISA MARIE COYNE 717 737 0464
REGISTER OF WILLS USE ONLY
First Line of Address
3901 MARKET STREET
N
Second Line of Address en '
C ;:0 . .
2__ C) t_ r.r
City or Post Office State ZIP Code CgGf�ILED
CAMP HILL PA 170114227 :Z M ry --f n
C'?
}.`' C1
Correspondent's e-mail address: lisa@coyneandcoyne.com
Under penalties of perjury,I declare that I have examined this return,including accompanying schedules and statements,and to the be�of my kno�JOdge b li f,
it is true,correct and complete.D claration of preparer other than the personal representative Is based on all information of which.prepader has any knowle e t r�
SI PERSOSPO BLE R ING RETURN DATE rte— (n O
A � Tamea M. Kulp
ADDRESS
5 Stone Run, Mechanicsbur ,, PA 17050
IGNATUREZARE THEIR THAN REPRESENTATIVE DATE
LISA MARIE COYNE �o zoi5—
ADDRESS
Coyne&Coyne, P.C.
3901 Market Street, Camp Hill, PA 170114227
Side 1
L 1505610143 1505610143 J
1505610243
REV-1500 EX
Decedent's Social Security Number
Decedents Name: K U L P, ROBERT L
RECAPITULATION
550 , 000 . 00
1. Real Estate(Schedule A).......................................................................................... 1.
2. Stocks and Bonds(Schedule B)............................................................................... 2.
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. 7 , 500 . 00
6. Jointly Owned Property(Schedule F) ® Separate Billing Requested............. 6. 2 2 , 2 0 3 . 40
7. Inter-Vivos Transfers&Miscellaneous Non-Probate Property
(Schedule G) p Separate Billing Requested............. 7.
8. Total Gross Assets(total Lines 1 through 7).......................................................... 8. . 57 9 , 703 . 40
9. Funeral Expenses and Administrative Costs(Schedule H)..................................... 9. 26 , 768 . 71
10. Debts of Decedent,Mortgage Liabilities and Liens(Schedule 1)............................. 10. 6 , 887 . 76
11. Total Deductions(total Lines 9 and 10).................................................................. 11. 33 , 656 . 47
12. Net Value of Estate(Line 8 minus Line 11)............................................................. 12.
546 , 046 . 93
13. Charitable and Governmental Bequests/Sec 9113 Trusts for which
an election to tax has not been made(Schedule J)................................................. 13.
14. Net Value Subject to Tax(Line 12 minus Line 13)................................................. 14.
546 , 046 . 93
TAX COMPUTATION-SEE INSTRUCTIONS FOR APPLICABLE RATES
15. Amount of Line 14 taxable
at the spousal tax rate,or
transfers under Sec.9116 545 , 844 . 35 15. 0 . 00
(a)(1.2)X.00
16. Amount of Line 14 taxable 9 . 12
at lineal rate X .045 202 5 8 16.
17. Amount of Line 14 taxable
at sibling rate X .12 17.
18. Amount of Line 14 taxable
at collateral rate X .15 18.
19. TAX DUE................................................................................................................... 19. 9 . 12
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 - 13 - 1205
Decedent's Complete Address:
DECEDENT'S NAME
KULP, ROBERT L
STREET ADDRESS
5 Stone Run Drive
CITY STATE ZIP
Mechanicsburg PA 17050
Tax Payments and Credits:
1. Tax Due(Page 2,Line 19) (1) 9.12
2. Credits/Payments
A. Prior Payments
B. Discount
Total Credits(A +B) (2) 0.00
3. Interest (3) 0.00
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) 9.12
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;...................................: H
Nx
c. retain a reversionary interest;or..................................................................................................................
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?....................................................................................................................... ❑ 0
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?...................................................................................................................... ❑
Fil
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.§9196(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)].
•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,w§ether by bloo or adoption.
pennsylvania
,DEPARTMENTOFREVENUE SCHEDULE A
INHERITANCE TAX RETURN REAL ESTATE
RESIDENT DECEDENT
FILE NUMBER
ESTATE OF KULP, ROBERT L 21 - 13- 1205
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 which is jointly-owned with right of survivorship must be disclosed on
schedule F.
Attach a copy of the settlement sheet if the property has been sold.
Include a copy of the deed showing decedent's interest if owned as tenant in common.
ITEM VALUE AT DATE OF
NUMBER DESCRIPTION DEATH
1 Commercial Service Garage located at 1051 Market Street, Lemoyne 550,000.00
(Monro Muffler Property, per Rey Woof Appraisal)
TOTAL(Also enter on Line 1, Recapitulation) 550,000.00
WOOF APPRAISAL GROUP
File No.PVT11082
APPRAISAL OF
l•
ra
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:
REYNOLD R WOOF JR
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
WOOF APPRAISAL GROUP
Fite No.PVT11082
01(0972014
BRADLEY C BAIRD,ESQ.
COYNE&COYNE P.G.
3901 MARKET STREET
CAMP HILL,PA 17011
File Number: pVT11082
BRAD,
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;
REYNOLD R WOOF JR
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
WOOF APPRAISAL GROUP
FIIeNo. PVT11082
PAGE
UNIFORM COMMERCIAUINDUSTRIAL SUMMARY APPRAISAL REPORT-SMALL PROPERTY
Client COYNE&COYNE P.C. File Number PVT11082
Property Use Li Office X Commercial LJ Industrial LJ
Property Address 1051 MARKET STREET Map Reference 21-0267
City LEMOYNE County CUMBERLAND State PA Zip Code 17043-1414
Building Name MONRO MUFFLER&BRAKE Census Tract 3240-0106.00
Owner/Occupant ROBERT LLOYD KULP APN 12-21-0267-180
Typical Buyer: U Owner/User 0 Investor
Property Rights Appraised Q Fee Simple ❑ Leased Fee U Leasehold U Other
Purpose of Appraisal ESTABLISH MARKET VALUE
Intended User(s)of Report TAMMI KULP,EXECUTRIX AND COYNE&COYNE P.C.
Intended Use of Report ESTATE SETTLEMENT
Scope of Work SEE ATTACHED
Complete Appraisal U Limited Appraisal due to the following departures 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,PAGE 1121 01/14/1997 E 1 CASH
Previous E
Previous $
Previous $
Current Contract U Option: Listing Price $
Buyer Contract Price $
Seller Closing Date
Analysis/Comments:
NEIGHBORHOOD DESCRIPTION
Boundaries: 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.
Neighborhood Built Up 100 % Location
Rural X Suburb Urban
Land Use: Single Family 20% Office 20 %Multifamily 10% Development Trend Up ❑X Stable ❑Down
Industrial % Retail 50 %Vacant % Value Trend Up O Stable ❑Down
Undersupply Balanced Oversu ply Vacancy Vacancy Trend Up X Stable O Down
Single Family.. .. .. . X 2% Rental Demand Up X Stable ❑Down
Multifamily.. .. .. .. %
Office X 5% Change in Land Use:
Retail HX 5% 0 Unlikely ❑ Likely ❑Taking Place
Industrial ❑ ❑ ❑ % From To
Rental Rate Range(Exclude Extremes)for Subject Property Type:
Distance-CBD 2 MILES Miles From E 8 /SFNear To f 1B /SF/Year
Distance-FreewaX .. .. .. .. . . .. .. . . .. .. . 1 MILE Miles Age Range(Exclude Extremes)for Subject Property Type:
Distance-Public Transportation 0 Maes From 10 To 60
Neighboring Property Use:DOWNTOWN COMMERCIAL AND RESIDENTIAL USES.THEN OLDER SUBURBAN RETAIL AREA.
Analysis/Comments: THIS ESTABLISHED COMMERCIAL NEIGHBORHOOD IS FULLY DEVELOPED WITH OLDER STRUCTURES BEING
RENOVATED FOR NEWER COMMERCIAL USES.
SITE DESCRIPTION
LegalDescription DEED BOOK 151,PAGE 1121,CUMBERLAND COUNTY COURTHOUSE. ❑ See Addenda
Environmental Problems Known or Suspected Yes U No UX
Site Size 31000 SF Usable Land Area Excess Land Area
Site Dimensions 155 X 200
Street Frontage 155
°Copyright 2001 by The Appraisal Foundation.All rights reserved. pod'.W "0 Aa W..,.a WO n4.8127 ..d...b
WOOF APPRAISAL GROUP
File No. PVT11082
PAGE
SITE DESCRIPTION(continued)
Gd AV Fr Utility: Provided By: Topograph
Ingress/Egress O ❑ Electricity PPL Level X Mod Slope ❑ Steep Slope ❑
Street Frontage X o Gas UGI At Grade(XX Above Grade❑ Below Grade ❑
Shape O Water PAW
Functional U'd ity X Sewer BOROUGH Yes No
Visibility ❑X Telephone VERIZON Comer Lot ❑ 0
Landscaping X Underground Utilities ❑ X
Drainage X Street Improvements: Describe: Railroad Access X
Adequacy of Utilities X Street Width 60 Earthquake ZoneX
Traffic Pattern X Street Paving. MACADAM Flood Hazard Area
Traffic Volume X ❑ E) Sidewalks CONCRETE Map#42041CO281E 'Date 03/16/2009
Curbs&Gutters CONCRETE
Storm Sewers YES
Lighting STREET LIGHTS
Soil Conditions NO KNOW ISSUES
Easements ONLY UTILITY
Encroachments NONE
Current Zoning C•COMMERCIAL Legally Conforming Yes X N.17
Zoning Change: Not Likely X Likely U To
Uses Allowed Under Current Zoning STORES,BANKS,RESTAURANTS,GARAGES,HOTELS,AUTO BODY SHOPS,AND CHURCHES.
Current Use AUTO REPAIR SHOP
Analysis/Comments:THE CURRENT USE AS THE STRUCTURE EXIST IS CONSIDERED THE HIGHEST AND BEST USE OF THE IMPROVEMENTS.
ASSESSMENT AND TAXES
Assessment Year 2013 APN 12-21-0267-160 Tax Rate Year Taxes
Total $438300 Total 0.012674 Current Taxes 2013 $ 5555.01
Land $216500 County .0002274 Estimated Taxes 2014 $ 5800.00
. . . . . .. . . .
Building(s) $221800 City 0.002300 Tax Assessment f 1.13 ISF
.. .. .. .. . . .. . . . .. . . .. .. . . ..
Other E Other 0.009400 Year of Next Reassessment LINK
Special Assessments: NONE KNOWN
Reassessment Issues:NONE KNOWN
Analysis/Comments:ASSESSMENT AND TAXES ARE REASONABLE.
IMPROVEMENTS DESCRIPTION
Property Type AUTO REPAIR SHOP Construction Type CMU #Buildings 1 #Stories 1
Building Floor Gross SF Net SF Use Type Net SF Use%
2436 1 2,436 2,436 Office 696 14
2472 1 2,472 2,472 Retail 0
.. .. .. . . .. .. .. .
1488 B 1,488 0 Warehouse 1776 36
. .. . . . . .. .. .
Manufacturing 0
Distribution 0
Total 6 396 4,908 Research/Development 0
'Usable Area Rentable Area SHOP 2,436 50
Year Built 1960 Parking: Yes No Industrial Only
. .. . . .. .. .. .. .. .. .. .. .
Building Efficiency Ratio 77% On Site X #Overhead Doors
.. .. .. . . .. .. .. . .. .. .. .. .. .
Effective Age �� �� � 20 Adequacy X Floor Height FT
Total Economic Ufe 50 Covered X Ceiling Height FT
.. .. .. .. .. .. .. . .. .. .
Remaining Economic LiFe 30 Parking Garage X Column Spacing
Floor Area Ratio 19% Paved0 FT x FT
Ground Coverage Ratio 19% Number of Spaces 38 Railroad Spur
Spaces I 1000SFBA 6 Yes❑ No❑
AnalysislComments:THE IMPROVEMENTS ARE IN AVERAGE CONDITION FOR ITS AGE AND USE.
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�Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PVT11082
PAGE
IMPROVEMENTS DESCRIPTION(continued)
Building Description Improvement Rating
Foundation CMU Gd Av Fr NIA
Frame CMU Appeal/Appearance X
Floor/Cover CONCRETE FloorPlan/Design X ❑
Ceiling DROP TILE AND OPEN Construction Qualhy, X ❑ ❑
Exterior Walls CMU Exterior Condition X o O
Interior Partitions DRYWALL Interior Condition X
. .. .. . . .. .
Roof Cover RUBBER Roof Cover X
Plumbing STANDARD Plumbing O X ❑
Heating FHA Heating o X o
At Conditioning ONE WALL UNIT FOR SALESANAITING ROOM AREA Air Conditioning Q ❑
Electrical THREE PHASE Electrical X
Elevators N/A Elevators X
Parking . .. .. .. .. . MACADAM Parking Area .. . . .. . X
Insulation NONE Insulation o X
Sprinkler NONE
Sprinkler . .. .. . . .. .. .. .. . K
Roof Support STEEL TRUSS Landscaping X L_J
Site Improvements: 20,000 SF OF MACADAM PAVING
Personal Property or Other Non-Reahy Interests Included in Valuation: 0 No ❑ Yes THE SHOP EQUIPMENT IS OWNED BY THE TENANT AND
IS NOT INCLUDED IN THE VALUATION.
Analos/Comments: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.
AnalysWComments:BANKING AND MAJOR CHAIN USES ARE PAYING TOP DOLLAR 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
Analysis/Comments:THE CURRENT IMPROVEMENTS ARE AT THE PROPERTIES HIGHEST AND BEST USE.
r
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c Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PV111082
PAGE4
VALUATION METHODS SELECTED
Cost Approach ❑ Income Approach O Direct Sales Comparison Approach O
Reasons for Excluding 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 Property f 0
.. .. .. .. .. . . . . . . .. .. .. . . .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .
Market Value of Other Non-Realty Interests E 0
. . . .. .. .. .. .. .. .. .. . . .. . . .
Total Market Value of Non-Realty Interests f 0
. .. .. . . . . . . .. .. . . . . .. .. .. .. . . . . . . .. .. .. .. .. .. .. .. . . .
Anatysls/Comments: NO NON-REALTY ITEMS INCLUDED IN THE VALUATION.
COMPARABLE SITE ANALYSIS
Data Sheets Att❑ Subject Comparable Al Comparable A2 Comparable 83
Location/Address 1051 MARKET STREET
Proximity to Subject
Map Reference 21-0267
Deed Reference
Date of Sale
Exposure Time
Data Source
She Size SFO Ares❑ 31000
Frontage
Zoning
Utilities
She Improvements
Unit of Comparison
Sales Price E E E
Price Per Unit . .. .. .. .. .. .. .. . . .. .. .. .. . E f f
. .. .. .. .. .. .. .. . . .. .. .. . . .
Property Rights Conveyed
. .. .. .. .. .. .. .. .. . . .
Adjustment
. .. .. .. .. .. . . .. .. .. .. . . .
Financing
. .. . . .. .. .. .. .. . . .. .. .. .. .. .
Adjustment
. . . .. .. .. .. . . .. .. .. .. .. .
Conditions of Sale
. . .. .. .. .. . . .. .. .. .. .. .
Adjustment
. . . .. .. .. .. . . . . .. .. .. .. .
Market Conditions
. . . . .. .. .. . . . . .. .. .. .. .
Adjustment
.. . . . .. .. .. .. . . . . .. .. . . .
Other Adjustments
Location
. .. . . . . .. .. .. .. . . . . .. .. .. .
Topography
. ... . .. .. .. .. .. . . .. .. .. .
Shape/Utility,
. . . . .. .. .. .. . . . . .. .. .. .
Utilities
. .. .. .. .. .. .. .. .. . . .. .. .. .
She Improvements
. .. .. .. .. .. .. .. .. .. .
Total Adjustments
. .. . . .. .. .. .. .. .. .. .. .. .
Indicated Value Per Unit f f E
Analysis/Comments: THE COST APPROACH TO VALUE WAS CONSIDERED NO APPLICABLE DUE TO THE AGE OF THE IMPROVEMENTS.
Total Site Units:
. .. .. .. .. . . . . . . .. .. . . .. .. .. .. .. .. .
Unit Value E
. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. . . .. .. .. .. . . .. .. .. .. .
Estimated Site Value E
. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. .. .. .. . . .. .. . . .. .. .. .. .. .. .. .
EXCESSLAND
Excess Land Area Units:
Unit Value E
. .. . . .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .
Estimated Excess Land Value f
noo eowynaWt .800.zu.8121 ».sn W=
�Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PVT11082
PAGE
COST APPROACH
Cost Source
Component No. Size Unit Cost Cost
a a
s $
E E
$ E _
E E
E $
Reproduction LJ Replacement U cost New of Improvements $
.. .. .. .. .. .. .. . . . . . . .. .. .. . . . . .. .. .
Plus:Indirect(Soft Costs) $
. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . . . .. .. .. .. .. .. .. .
Plus:Entrepreneurial Profit % $
Total Cost New . .. .. . . .. .. .. .. . . .. .. .. .. . . . . .. .. . . .. . . .. .. .$
Less:Physical Deterioration %
. . .. .. .. .. .. .. .. .. .. . . . . .. .. .. . . . . .. . . . .. .. .. .. .. .. .. ..
Less:Functional Obsolescence %
Less:External Obsolescence %
.. . . .. .. . . .. .. .. .. . . . . . . .. .. .. .. . . .. . . .
Total Accrued Depreciation(Deterioration&Obsolescence) ($ )
.. . . . . .. .. .. .. . . .. . . .. .. . . .. . . .. .. .. .. . . .. .. .
Depreciated Value of Building(s) $
.. .. .. . . . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. . . .. .. .
Plus:Contributing Value of Site Improvements $
Depreciated Value of Improvements $
. .. .. . . .. . . .. .. .. .. .. .. .. .. . . . . . . .. .. .. .. .. .. .. . . . . . . .. .. .
Analysis/Comments:
Estimated Site Value $
. .. .. .. .. .. .. . . . . . . .. .. .. .. . . .. .. .. . . . . . . .. .. .. .. .. .. .. . . .. . . .. .. .
Plus: Estimated Excess Land Value
. .. .. . . .. .. .. .. .. . . . . .. .. .. . . .. . . .. .. .. . . .. .. .. . . . . . . .. .. .
Plus: Depreciated Value of Improvements
.. . . . . .. .. .. . . .. . . .. .. .. . . . . . . .. .. .. .. .. .. .. . . .. .. .. .. .
Plus:Market Value of Personal Property and Other Non-Realty Interests 0
. . .. .. .. .. . . . . .. .. . . .. .. .. .. .. . . . . .. .. .
Indicated Value Before Adjustment for Interest Appraisal $ N/A
. .. .. . . . . . . .. .. .. . . .. . . .. .. .. . . .. .. .. .. . . .. .. .. .
Less:Adjustment for Interest Appraised
. .. .. .. .. .. .. . . . . . . .. .. .. .. . . .. .. .. . . .. .. .. .. .. . . .. .. .. .
Value Indication-Cost Approach $ 0
. .. .. .. .. .. .. .. .. . . . . . . .. .. .. . . .. .. .. .. . . . . .. .. .. .. . . .. .. .. .
Rounded: $ 0
. .. .. . . . . .. .. .. . . . . .. . . . . . . . . .. .. .. . . . . . . .. .. . . . . . . .. .. .. . . .. .. .. . . . . ..
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS
Data Sheets Att O Subject Comparable#1 Comparable#2 Comparable#3
Address 1051 MARKET STREET
Proximity to Subject
Map Reference 21-0267
Year Built 1960
Gross Building Area 696
Number of Stories 1
Current Vacancy%
Construction Type
Construction quality
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 $ E $ $
Rent Concessions Adj.
Adjusted Rent Per SF $ $ $ $
Adjustment for
Market Conditions
Adjusted Rent Per SF $ $ $ $
Nasse]using Act sdtxae,800.234.812]wMv.xM+L.mm
o Copyright 2001 by The Appraisal Foundation.All rights reserved.
t WOOF APPRAISAL GROUP
File No. PVT11082
PAGE6
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS(continued)
Location
Quality
Condition
Total Adjustments
Indicated Market Rent f S f f
'Lease Types:Gross Lease(G).Net Lease(N),Triple Net Lease(TN),Modred Gross(MG),Expense Passthroughs(P),
Sales Overage Rents(0),Common Area Maintenance(C),Renewal Options(R)
Analysis/Comments:
SUMMARY OF SUBJECT LEASES
Estimated
Tenant Rented Beginning Lease Current Effective Market
Name Area(SF) Date Tenn Types Rent Rent/SF Rem/SF
MONRO MUFFLER 5,776 09/01/2010 5 NET 61,710 10.68 11.00
Analysts/Comments:
INCOME AND EXPENSE HISTORY AND FORECAST
Income: Actual Comments and Calculations Stabilized
From 09/01/2010 to 08/31/2015 SECOND OF FOUR FIVE YEAR OPTIONS S
Gross Potential Income $ 61,710 S 61,710
Vacancy and Collection S
Loss % ($ 0) (f 0)
Other Income $ 0 $
Effective Gross Income f 61,710 S 61,710
Expenses:
Property Taxes $ 5,555 $ 5,600
Insurance f $
. .. .. .. . . .. .. .
Property Management f $
Utilities S $
.. .. .. .. .. .. .. .
Janitorial f $
. .. .. . . .. .. .. .
Maintenance f $
REPAIRS $ 400 f 400
Reserves $ 1,200 ROOF AND PARKING LOT f 1,200
. .. .. . . .. .. .. .
Total ExpensesS 7,155 $ 7,400
Net Operating Income(N01) $ 54,555 Expense/SF f 1.16 Expense Ratio 11-99% $ 54,310
Anaysis/Comments:
DIRECT CAPITALIZATION
Overall Rate Range 0.08 to 0.09 Equity Dividend Rate Range to
Overall Rate(Ro) 0.09 Mortgage 0.75 x 0.08 . 0.06
Equity 0.25 x 0.10 . 0.03
Overall Rate(Ro) 0.09
N01 (Ro) Estimated Value N01 (Ro) Estimated Value
f 54,310 / 0.09 .S 603,444 $ 54,310 / 0.09 .$ 603,444
Analysis/Comments: 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.
Copyright 2001 by The Appraisal Foundation.All rights reserved. eo0"u*9Aa wft—mozN.eut.+.,n mm
WOOF APPRAISAL GROUP
File No. PVT11082
PAGE
YIELD CAPITALIZATION
Cash Flow Analysis in Addenda Yes❑ No ❑ Market Rent Scenario Contract Rent Scenario
Forecast Holding Period
. .. . . .. .. . . .. . . .. .. .. .. .. .. .. .
Beginning NOI $ S
.. .. .. .. . . .. .. .. . . . . .. .. . . .. .. .. .. .
NOI Pattern
.. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. .. .
Reversion Assumption
.. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .
Yield Rate
.. .. .. . . .. .. .. .. .. . . . . .. .. .. .... .. .. .
Value Estimate $ S
.. .. .. .. .. .. .. .. .. . . .. I. .. .. .. .. .. .
Analysts/Comments:
ADJUSTMENT FOR INTEREST APPRAISED
Value Estimate-Market Rent Scenario E
. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. . . .. .
Value Estimate-Contract Rent Scenario S
. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. . . .. .
Difference(Adjustment for Interest Appraised) $
. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. . . .. .
Analysis/Comments:
Value Indicated by Direct CapitalizationlYield Analysis(excluding excess land) $
. .. .. .. .. .. .. .. .. . . . . .. .. .. .
Plus: Estimated Excess Land Value $
. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .
Value Indication-Income Approach $ 0
. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. . . .. .
Rounded $ 600,000
.. .. .. .. . . . . .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . .. .. . . .. .
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS
Comp Sheets Att❑ Subject Comparable 81 Comparable 02 Comparable N3
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 21-0267 12-22.0822-252 13.23-0545-257 38-18-1325.004
Data Source INSPECTION REAL ESTATE DATA SERVICE REAL ESTATE DATA SERVICE REAL ESTATE DATA SERVICE
Gross Building Area 6.396 8,278 1,350 11,900
Net Building Area 4,908 8,278 1,350 11,900
Site Size SFD>< Acres❑ 31,000 20,247 10,450 107,594
Land-to-Building Ratio 4.85 2.45 7.74 9.04
Year Built 1960 1940 1940 1960
Construction Type CMU CMU CMU CMU
Construction Quality AVERAGE AVERAGE AVERAGE AVERAGE
Condition AVERAGE AVERAGE AVERAGE AVERAGE
Parking 38 SPACES 14 SPACES 14 SPACES 40 SPACES
Other
Sale Price $ $ 620,000 $ 225,000 S 800,000
Date of Sale 05/15/2013 03/15/2012 12/312012
Exposure Time UNKNOWN UNKNOWN UNKNOWN
Property Rights Conveyed FEE SIMPLE FEE SIMPLE FEE SIMPLE FEESIMPLE
Adjustment
Financing CONVENTIONAL CONVENTIONAL CONVENTIONAL CONVENTIONAL
Adjustment
Conditions of Sale ARMS-LENGTH ARMS-LENGTH ARMS-LENGTH ARMS-LENGTH
Adjustment
Excess Land NONE NONE NONE 33500
Adjustment 0 +165,000
Non-Realty Interests NONE NONE NONE NONE
Adjustment 0
CE/Terms Adjusted Price $ 0 $ 620,000 S 225,000 f 965,000
Other Adjustments:
Market Conditions AVERAGE AVERAGE AVERAGE AVERAGE
Adjustment
Location GOOD AVERAGE AVERAGE GOOD
Adjustment +150,000 +150,000
Quality AVERAGE AVERAGE AVERAGE AVERAGE
Adjustment
Condition AVERAGE AVERAGE AVERAGE AVERAGE
Adjustment
SQUARE FOOTAGE 5.776 8,278 1350 11900
Adjustment -186,000 +169,000 -412,000
Total Other Adjustments 36,000 +319,000 -412,000
Indicated Value Per
PROPERTY $ $ 584,000 $ 544,000 $ 553,000
cCopyright 2001byThe Appraisal Foundation.All rights reserved. RWusgROaa—SWIUB721—aWtU,mm
WOOF APPRAISAL GROUP
File No. PVT11082
PAGER
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 OPERATING DATA AND RATIOS
Comparable Al Comparable i2 Comparable N3
Fee Simple or Leased Fee FEE SIMPLE FEE SIMPLE FEE SIMPLE
. . . . .. .. .. .... . . .. .. .. .
Gross Potential Income S $ $
. .. . . .. .. .. .. .. .. .. .. . . .
Vacancy and Collection Loss%
Effective Gross Income $ $ $
. .. .. .. .. .. .. .. .. .. .. . . .
Operating Expenses $ E $
. . . .. . . .. .. .. .. .. .. .. .. . . .
ExpenseslSF Gross Binding Area f O E O $ 0
.. .. .. .. .. .. .. .. . . .
Expense Ratio
Net Operating Income $ $ > $
. .. . . .. .. .. .. .. .. .. .. .. .
EGIM
.. .. .. .. .. .. . . .. .. .. .. .. .. .. .. . . .
Overall Rate 0.00 0.00 0.00
. .. .. . . ... . .. .. .. .. .. .. .. .. ...
Equity Dividend Rate
. . . .. . . .. .. .. .. .. .. .. .. . . .
Analysis/Comments: N/A
Building Units PROPERTY
. .. .. . . .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. . . . . .. .. . . .
Value Per Unit $ /Unit
. . . .. .. .. ... . . . .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. . . .. .. . . .
Value Estimate $ $0
. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. . . .. .. . . .
Effective Gross Income $ $61,710
. .. .. . . .. . . .. .. .. .. .. .. .. . . . . .. .. .. .. .. .. .. .. .. .. . . . . .. .. . . .
Effective Gross Income Multiplier(EGIM) x
. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. . . . '
Value Estimate $ $0
. .. . . .. .. . . .. . . .. .. .. . . .. .. .. .. . . .. .. .. .. .. .. .. .. .. . . . . . . .. .. . . .
Analysis/Comments: N/A
Value Indicated by Direct Sales Comparison Approach(excluding excess land) $ $550,000
.. .. .. .. .. .. .. . . .. . . .. .. .. .. . . .. .. .
Plus:Estimated Excess Land Value $ 0
.. .. .. . . . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .
Plus:Adjustment for Interest Appraised $ 0
.. .. . . . . .. .. .. .. .. .. .. .. .. .... .. .. .. .. .. .. .. . . . . .. .. .. .
Value Indication-Direct Sales Comparison Approach $ 550.000
. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. . . . . .. .. .. .
Rounded $ 550,000
. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. . . . . .. .. .. .
RECONCILIATION AND FINAL VALUE ESTIMATES
Cost Approach Indication S N/A
. .. .. .. .. .. .. .. .. .. . . . . . . .. .. .. . . . . .. .. .. . . .. .. .. .. .. . . .. .. .. .
Income Approach Indication $ 600.000
. .. .. .. .. .. . . .. .. . . . . . . .. .. .. . ... .. .. .. . . . . .. .. .. .. . . .. .. .. .
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 REOUIRED FOR THE SUBJECT TO ACHIEVE THE OPINION OF MARKET VALUE
AS OF THE EFFECTIVE DATE OF THIS APPRAISAL IS BETWEEN 120 TO 180 DAYS.
Extraordinary Assumptions,Hypothetical Conditions,and Limiting Conditions: SEE ATTACHED ADDENDUM
Estimated Market Value'As Is" $ 550,000
Effective Date of Valuation
05/2U2013
Market Value of Personal Property Included in Appraisal $ 0
Market Value of Other Non-Reahy Interests Included in Appraisal . .. .. .. .. . . . . .. .. .. . . .. f 0
e Copyright 2001 by The Appraisal Foundation.All rights reserved. Ro°10d V Aa e00234e127—.,m v,�
WOOF APPRAISAL GROUP
File No. PVT11082
PAGE
RECONCILIATION AND FINAL VALUE ESTIMATES(continued)
Appraiser It Property
Signature " /C� Date Inspected
Name REYNOLD R WOOF JR 01/09/2014 Yes U No❑
Certification No.: GA000002L
State:PA Exp.Date: 06/15/2015
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
Appraiser 82
Signature
Name Yes❑ No❑
Cenificauon No.:
State: Exp.Date:
CONTENTS OF ADDENDA
Legal Description ❑ Land Lease ❑ Support for Non-Realty Interest Valuation ❑
Subject Photographs Segregated Cost Sheet.• .. ♦. , . .. •. O Support for Adjustment for Interest Appraised•
Area Map X Soils Survey Map o Copy of Easement
.. . . .. .. .. .. .. .. .. .
Neighborhood Map Subject Leases ❑ Appraiser Qualifications
. .. . .. . . .. .. .. .. .. .. . .. .. .. . . .. .
Zoning Map ❑ Rental Comparable Data Sheets ❑ ❑❑
Flood Zone Map X Rent Location Map
Topographic Map ❑ DCF Analysis O ❑
Site Sketch X Improved Property Sales Data Sheets ❑ ❑
Site Plan Building Sales Location Map ❑X ❑❑
Building Plans Copy of Deed
Tax Assessment CardContract of Sale
Land Sales Data Sheets Construction Cost Contract
. .. .. . . .
. .. .. .. .. . . . . ..
Land Sales Map Support for Personal Property Valuation
. .. .. .. .. .. .. . . . .. ..
DEFINITION OF MARKET VALUE
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale,the buyer and seller
each acting prudently and 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:(1)buyer and seller are typically motivated;(2)both
parties are well informed or well advised,and acting in what they consider their best interests;(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 arrangements comparable thereto;and(5)the price
represents the normal consideration for the properly 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 the client prior to the preparation of this appraisal,unless otherwise indicated,this is a Limited Appraisal because it invokes
the Departure Provision of the Uniform Standards of Professional Appraisal Practice.As such,information pertinent to the valuation has not been
considered and/or the full valuation process has not been applied. Depending on the type and degree of limitations,the reliability of the value
conclusion provided herein may be reduced.
2. Unless otherwise indicated,this is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standard
Rule 2.2(b)of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report.As such,it might not include full
discussions of the data,reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value.Supporting
documentation concerning the data,reasoning and analyses is retained in the appraiser's file. The information contained in the report is specific to
the needs of the client and for the intended use stated in this report.The appraiser is not responsible for unauthorized use or this report.
3. No responsibility is assumed for legal or title considerations. Title to the properly is assumed to be good and marketable unless otherwise stated
in this report.
4. The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this 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 be reliable. However, no warranty is given for its accuracy.
7. All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to 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 that render it more or less valuable. No
responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them.
9. It is assumed that there is full compliance with all applicable federal,state,and local environmental regulations and laws unless otherwise staled
in this report.
10.It is assumed that all applicable zoning and use regulations and restrictions have been complied with,unless a nonconformity has been stated,
defined, and considered in this appraisal report.
11.It is assumed that all required licenses,certificates of occupancy or other legislative or administrative authority from any local,state,or national
governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in
this report are based.
12.Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property.Maps and exhibits found
in this report are provided for reader reference purposes only.No guarantee as to accuracy is expressed or implied unless otherwise stated in this
report. No survey has been made for the purpose of this report.
13.It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is
no encroachment or trespass unless otherwise staled in this report.
(Continued)
Nod..d us gACIr t-800.2742721ww.d.,b—
�Copyright 2001 by The Appraisal Foundation.All rights reserved.
File No. PVT11082
PAGE 10
ASSUMPTIONS AND LIMITING CONDITIONS
14. The appraiser is not qualified to detect hazardous waste and/or toxic materials.Any comment by the appraiser that might suggest the possibility
of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such
determination would require investigation by a qualified expert in the field of environmental assessment.The presence of subtances such as
asbestos,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 properly that would cause a loss in value unless otherwise stated
in this report.No responsibility is assumed for any environmental conditions,or for any expertise or engineering knowledge required to discover
them.The appraisers descriptions and resulting comments are the result of the 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 to determine
if the properly is or is not in conformance with the requirements of the Americans with Disabilities Act.The presence of architectural and
communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value,
marketability, or utility.
16. Any proposed improvements are assumed to be completed in accordance with the submitted plans and specifications.
11. The distribution,if any,of the total valuation in this report between land and improvements applies only under the stated program of utilization.
The separate allocations for 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 publication.It may not be used 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 its entirety.
19. Neither all nor any part of the contents of this report(especially any conclusions as to value,the identity of the appraiser,or the firm with which the
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 certify that,to the best of my knowledge and belief:
•— the statements of fact contained in this report are true and correct.
•-- the reported analyses,opinions,and conclusions are limited only by the reported assumptions and limiting conditions and are my personal,impartial
and unbiased professional analyses,opinions and conclusions.
•— I have no(or the specified) present or prospective interest in the property that is the subject of this report and no(or the specified)
personal interest with respect to the parties involved.
••• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
--- my engagement in this assignment was not contingent upon developing or reporting predetermined results.
-•- my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value
that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event
directly related to the intended use of this appraisal.
•-- my analyses,opinions,and conclusions were developed,and this report has been prepared in conformity with the Uniform Standards of
Professional Appraisal Practice.
••• I have(or have not)made a personal inspection of the property that is the subject of this report.(If more than one person signs this certification,
the certification must clearly specify which individuals did and which individuals did not make a personal inspection of the appraised property).
-•- no one provided significant real property appraisal assistance to the person signing this certification.(If there are exceptions,the name of each individual
providing significant real proper appraisal assistance must be stated).
Appraiser's Signature y '/� Date 01/09/2014
REYNOLD R WOOF JR
State Certification! GA000002L
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
rtoe uWg Ad sdMau M0274a/27de,mn
�Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PVT11082
COMPARABLE SITE ANALYSIS(456)
Data Sheets Alto Subject Comparable#4 Comparable#5 Comparable#6
Location/Address 1051 MARKET STREET
Proximity to Subject
Map Reference 21-0267
Deed Reference
Date of Sale
Exposure Time
Data Source
Site Size SF❑X Acres❑ 31000
Frontage
Zoning
Utilities
Site Improvements
Unit of Comparison
Sales Price $ $ $
.. .. .. . . .. .. .. .. . . . . .. .. .. .
Price Per Unit $ $ $
. .. .. . . .. .. .. .. . . . . .. .. .. .
Property Rights Conveyed
. .. .. .. . . . . . . .. .. .. .
Adjustment
. .. . . .. .. .. .. . . . . .. .. .. .
Financing
. .. .. .. .. .. .. .. .. .. . . .. .. .. .
Adjustment
. .. .. .. .. .. .. .. . . .. .. .. .
Conditions of Sale
.. .. .. .. .. .. .. .. .. .. .. .
Adjustment
. .. .. .. .. .. .. . . .. .. .. . . .
Market Conditions
. . .. .. .. .. . . .. .. .. .. . . .
Adjustment
. . . .. .. .. .. . . .. .. .. .. . . .
Other Adjustments
Location
. .. . . . . .. .. .. . . . . .. .. .. .. .
Topography
. . . .. .. .. .. . . . . .. .. .. .. .
Shape/Utility
. . . . .. .. .. . . . . .. .. .. . . .
Utilities
. .. . . .. .. .. .. . . . . . . .. .. .. .
Site Improvements
. .. .. .. . . . . .. .. .. .. .
Total Adjustments
. .. . . .. .. .. .. . . . . .. .. .. .
Indicated Value Per Unit $ $ $
. .. .. .. .. .. . . .. .. .. .
Analysis/Comments:
Ra V ACI sdlwae,000,234.0727wmv,e k.O.—
o Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PV711082
INCOME APPROACH/RENTAL COMPARABLE BUILDING ANALYSIS(456)
Data Sheets Att❑ Subject Comparable#4 Comparable#5 Comparable#6
Address 1051 MARKET STREET
Proximity to Subject
Map Reference 21-0267
Year Built 1960
Gross Building Area 6,396
Number of Stories 1
Current Vacancy%
Construction Type
Construction Quality
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 E E $ E
Rent Concessions Adj.
Adjusted Rent Per SF E E E E
Adjustment for
Market Conditions
Adjusted Rent Per SF E E E E
Location
Quality
Condition
Total Adjustments
Indicated Market Rent E E E E
'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 Options(R)
Analysis/Comments:
Copyright 2001 by The Appraisal Foundation.All rights reserved. r'°"r°SAG' ,,8°°.zt4.8727 ,.dmb—
WOOF APPRAISAL GROUP
File No. PVT11082
DIRECT SALES COMPARISON APPROACH/COMPARABLE BUILDING ANALYSIS(456)
Comp Sheets Att❑ Subject Comparable#4 Comparable#5 Comparable#6
Address 1051 MARKET STREET
Proximity to Subject
Map Reference 21-0267
Data Source INSPECTION
Gross Building Area 6,396
Net Building Area 4,908
Site Size SFQ Acres❑ 31,000
Land-to-Building Ratio 4.85
Year Built 1960
Construction Type CMU
Construction Quality AVERAGE
Condition AVERAGE
Parking 38 SPACES
Other
Sale Price $ E $ $
Date of Sale
Exposure Time
Property Rights Conveyed FEE SIMPLE
Adjustment
Financing CONVENTIONAL
Adjustment
Conditions of Sale ARMS-LENGTH
Adjustment
Excess Land NONE
Adjustment 0
Non-Realty Interests NONE
Adjustment 0
CE/rerms Adjusted Price $ 0 $ $ $
Other Adjustments:
Market Conditions AVERAGE
Adjustment
Location GOOD
Adjustment
Quality AVERAGE
Adjustment
Condition AVERAGE
Adjustment
SQUARE FOOTAGE 5,776
Adjustment
Total Other Adjustments
Indicated Value Per
PROPERTY 8 $ E $
Analysis/Comments:
RoOi-d wkv AG 5dit re.880.7N.8727 wmv.arN.eb.cpn
�Copyright 2001 by The Appraisal Foundation.All rights reserved.
WOOF APPRAISAL GROUP
File No. PVT11082
FEE SIMPLE OR LEASED FEE OPERATING DATA AND RATIOS(456)
Comparable 64 Comparable Y5 Comparable N6
Fee Simple or Leased Fee
.. .. .. .. .. . . . . . . .. .. .. .
Gross Potential Income S $ E
. .. .. .. .. .. . . . . . . .. .. .. .
Vacancy and Collection Loss%
. .. .. .. ... . . . .. .. .. .
Effective Gross Income S f E
. . . .. .. .. .. .. .. .. .. .. . . .
Operating Expenses $ E E
. .. . . . . .. .. .. .. .. .. .. .. . . .
Expenses/SF Gross Building Area S S E
.. .. .. .. .. .. .. .. . . .
Expense Ratio
..me.. .. .. . . .. .. .. .. .. .. .. .. . ..
Net Operating Incof $ $
. .. . . .. .. .. . . . . .. .. .. .. .
EGIM
.. .. .. .. .. .. .. .. .. .. . . . . . . .. .. .. .
Overall Rate
. .. .. .. .. .. .. .. .. .. . . .. .. .. ...
Equity Dividend Rate
. .. ... . .. .. .. .. . . .. .. .. .. .
AnabOstComments:
Roaceeuag ACI sdnae.SM.274.6727~.w%Kb
o Copyright 2001 by The Appraisal Foundation.All rights reserved.
t. ADDENDUM
Borrower. File No.: PVT11082
Property Address: 1051 MARKET STREET Case No.:
City: 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 LENDER/CLIENT.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 ADDITIONAL INTENDED USERS ARE IDENTIFIED BY THE
APPRAISER.
Aft ndm Pegs 1 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 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:(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 interest;(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 arrangements comparable thereto;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.
'Adjustments 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 readily identifiable since the
seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable 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 for dollar cost of the financing or concession but the dollar amount of any
adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser'sjudgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the
following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The
appraiser assumes that the title is good and marketable and,therefore,will not render any opinions about the title. The property is appraised
on the basis of it 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
included only to assist the reader of the report in visualizing the property and understanding the appraisers 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 identified Special Flood Hazard Area. Because the
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 the value of 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 conjunction with any other appraisal and
are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions(such as,needed repairs,depreciation,the presence of hazardous
wastes,toxic substances,etc.)observed during the inspection of the subject property or that he or she became aware of during the normal
research involved in performing 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
substances,etc.)that would make the properly 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 exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the
appraiser is not an expert in the field of environmental hazards,the appraisal report must not be considered as an environmental assessment
of the property.
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 them to be true and correct. The appraiser does not assume responsibility for the accuracy of such
items that were furnished by other parties.
8. The appraiser will not disclose the contents of 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 subject to satisfactory completion,
repairs,or alterations on the assumption that completion of the 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 identity and professional designations,and references to
any professional appraisal organizations or the firm with which the appraiser is associated)to anyone other than the borrower;the
mortgagee or its successors and assigns;the mortgage insurer;consultants;professional appraisal organizations;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 property description section of the report only to data collection or reporting service(s)
without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before
the appraisal can be conveyed by anyone to the public through advertising,public relations,news,sales,or other media.
Freddie Mac Form 439 6.93 Pagel of 2 Fannie Mae Form 10048 6.93
File No. PVT11082
APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate
to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the
market reaction to those items of significant variation. If a significant item in a comparable property is superior to,or more favorable than,
the subject property,I have made a negative adjustment to reduce the adjusted sales price of the comparable and,if a significant item in a
comparable property is inferior to,or less favorable than the subject property,I have made a positive adjustment to increase the adjusted
sales price of the comparable.
2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the
appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe,to the best of my
knowledge,that all statements and information in the appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal,unbiased,and professional analysis,opinions,and conclusions,which are subject
only to the contingent and limiting conditions specified in this form.
4. 1 have no present or prospective interest in the property that is the subject to this report,and I have no present or prospective personal
interest 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 of either the
prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the
subject property.
5. 1 have no present or contemplated future interest in the subject property,and neither my current or future employment nor my
compensation for performing this appraisal is contingent on the appraised value of the property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party,
the amount of the value estimate,the attainment of a specific result,or the occurrence of a subsequent event in order to receive my
compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation,a
specific valuation,or the need to approve a specific mortgage loan.
7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal,
with the exception of the departure provision of those Standards,which does not apply. I acknowledge that an estimate of a reasonable
time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the
marketing time noted in the neighborhood section of this report,unless I have otherwise stated in the reconciliation section.
8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables
in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements,on the
subject site,or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these
adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented
about the effect of the adverse conditions on the marketability of the subject property.
9. 1 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 specific tasks performed by them in the reconciliation section of this appraisal
report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in
the report;therefore,if an unauthorized change is made to the appraisal report,I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report,he or she certifies
and agrees that:I directly supervise the appraiser who prepared the appraisal report,have reviewed the appraisal report,agree with the
statements and conclusions of the appraiser,agree to be bound by the appraiser's certifications numbered 4 through 7 above,and am taking
full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 1051 MARKET STREET,LEMOYNE,PA 1 7043-1 41 4
APPRAISER: SUPERVISORY APPRAISER(only if required)
Signature: �• ��'/�� � Signature:
Name: REYNOLD R WOOF JR Name:
Date Signed: 01/0912 01 4 Date Signed:
State Certification#: GA000002L State Certification#:
or State License or State License#:
State:PA Stale:
Expiration Date of Certification or License: Os/15=15 Expiration Date of Certification or License:
❑ Did ❑ Did Not inspect Property
PENNSYLVANIA CERTIFIED GENERAL REAL ESTATE APPRAISER
Freddie Mac Form 439 6.93 Page 2 of 2 Fannie Mae Form 10048 6-93
SUBJECT PROPERTY PHOTO ADDENDUM
Borrower: File No.: PVT11082
Property Address:1o51 MARKET STREET Case No.:
QtT LEMOYNE State:PA Zip:17043-1414
Lender:COYNE&COYNE P.C.
FRONT VIEW OF
SUBJECT PROPERTY
Appraised Date:MAY 23,2013
Appraised Value:$550,000
—
Ono I iWFUR anA�E ``�'
:a n
\ REAR VIEW OF
SUBJECT PROPERTY
_ r I
STREET SCENE
i
_ ,4
��i
COMPARABLE PROPERTY PHOTO ADDENDUM
Borrower: File No.: Pvr11oe2
Property Address:1o51 MARKET STREET Case No.:
City: LEMOYNE State: PA Zip:17043-1414
Lender:COYNE&COYNE P.C.
COMPARABLE SALE#1
' 254 MA THER STREET
ITE
U!i(ilgglfll
Sale Date:05/15/2013
VINYL RAIING9
� Sale Price:$62o,000
I
COMPARABLE SALE#2
J'" 1415 LOWTHER ROAD
} I" l
Sale Date:03/15/2012
Sale Price:$225,000
r COMPARABLE SALE#3
{ JI
A
6402 CARLISLE PIKE
Sale Date:12/31/2012
Sale Price:$600,o00
i
\ Borrower: File No.: PVT11082
Property Address:1051 MARKET STREET Case No.:
CITY:LEMOYNE State:PA Zip:17043-1414
Lender:COYNE&COYNE P.C.
- — - - , STREET SCENE LOOKING EAST
Q.1 lull
-
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t -
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SALES AND WAITING ROOM
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' TYPICAL POWDER ROOM
TOTAL OF TWO
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+oe�e /a:an eoo.:>r.enr...,wmmm PIM05213013
Borrower: 1 1'
PropertyAddress: o5i MARKET STREET Case No.:
• 117043-1414
'Len
1'r:COYNE&COYNE
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FLOORPLAN SKETCH
Borrower: File No.: Pvr11o82
Property Address:1051 MARKET STREET Case No.:
QtY:LEMOYNE State:PA ZiP:17043-1414
Lender:COYNE 8 COYNE P.C.
P.R.
P.R.
SERVICE AREA
Y
g STORAGE EASEMENT STORAGE. OFFICE
WAITING ROC M
8"b byAp.SkeM vS SOMud^'
Comments:
AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN
Code DescAptlon Net Size Net Totals Breakdown Subtotal$
V�LA1 First Floor 4908.00 4908.00 First Floor
I$SMT Basement
1488.00 1488.00 C 0.5 x 0.0 x 36.0 0.00
0.5 x 97.0 x 0.0 0.00
22.0 x 42.0 924.00
�k 12.0 x 41.0 492.00
` 97.0 x 36.0 3492.00
0.5 x 0.0 x 12.0 0.00
r l
I I
Net LIVABLE Area (rounded) 4908 6 Items (rounded) 4908
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
4
PLAT MAP
Borrower: File No.: PVT11082
Property Address:1051 MARKET STREET Case No.:
CRY:LEMOYNE State:PA ZiP:17043-1414
Lender:COYNE 8 COYNE P.C.
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let
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WIN
170
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6
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Copyright 2011 Esrl.All rights reserved.Thu.Jan 9 2014 02:08:34 PM.
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
LOCATION MAP
Borrower: File No.: PVT110e2
Property Address:1051 MARKET STREET Case No.:
City:LEMOYNE State:PA Zip:17043-1414
Lender:COYNE&COYNE P.C. j
Ila burg
Sumrnerdaleil I
o
JP
n 6i� 2 rr Area
Commur
T7 S Y 'm Colleg,
I7AUAN WE,
CAMPCU
ATIN
nrilleRdL..J qa .e ECtolq�r�f � .
West Fairview
41ir` 1• Sa:• � t
c k Row
t yew a Comparable Sale i y
Good:Hopc Park254 Lowther St
��
6qo Lemoyne,PA 17043
(1.10 miles E)
Comparable Sale 3 _ Vvorn , rg ri
6402 Carlisle Pike
Mechanicsburg,PA 17050 �`. city
(5.18 miles W) o � PSrk
Subject.
1051 Market St a '
C u ''M B F R Lemoyne,PA 17043
Carlrs/ 1 �m Le
A„ ;i
Q - r r s
r ke ` `, �
Market St C11P Camp Hiff,
p rung Hilt- H,I Fiala :F
Hamed Shoppuv) f,eM .�� 581 '� r
Sowmh�p 11 Matt 'piny!
V Park 21. 15
R9h
j+ QA Ga,1kk d
Navallnventory Getrysb1J
Control Point � L e r Allen
t�cA� Comparable Sale 2
=y E. Shireman5tOWr1 1415 Lowther Rd
Camp Hill,PA 17011
�e (0.82 miles SSE)
Ijtsburg .m
`s
KoserRoss oyne Manor'
+� - - -
4 Park
lnecnate
us \ ' !Qe `
nnsylvaniaMk a_lske fir;Aa
Gate al - --� • - , .
Heaven - ;F{y,
'
Cemetery vvi
Windt Hill ° -
2 ,
j �^R
,t mr
`?U L;it riltr J:tilf! -I.;'Alcrwult cut q •tjsrt
r ,mn n
2.7 rtnles r
is Bowrnansdale
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
i
Borrower: File No.: PyT11082
Property Address:1051 MARKET STREET Case No.:
CITY:LEMOYNE State:PA ZiP:17043-1414
Lender:COYNE&COYNE P.C.
StrOME OF THEAPPRAISAL
The $cq* of this appraisal includes 8n analysis Of land use regulations,
economic conditions, physical adaptability of the 'property. regional,.a»d
ateighbor'hood treads, land sales,improved sales;rental .and operational unto,
cost of construction data, and the inspection of the Appraised PrWeny.
Any market data that appears `is Verified through the buyer, seller,broker.
.deed, title company. ,and/or supplying agent as may, the .appropriate. In
Odidbn, a site,inspection of each we arid offering was conduaW.
11e accumulated data is sumtnarored 3n the report and Men processed 'into
a ,market value by eonsi4eration of the three appmachesto value; ;if
'applicable.
'Cost Approach -11pe replacement oust less de rediation ofthe fat lli
P ty,
together with the site and site i.mpmvement values
incotft Approach - Existing leases. if ary. econon tle .reatal`s, and
expenses of Operation are capitallncd.
Direct 'Sakti Comparison Wes and .analysis.of,those!saies,its they
relate '.to Ute Appraisedpropperty.
i
i
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
:. .
Property Address:i osi MARKET STREET Case No.:
-.y ! -' ♦ 1./ �
l 'ON
XN,
. > _�• \
ot
'0� \11" #* 16
all
Ilk
` FLOOD MAP
Borrower: File No.: PVT11082
Property Address:losl MARKET STREET Case No.:
City:LEMOYNE State:PA ZIP:17043-1414
Lender:COYNE&COYNE P.C.
5,
CY
SSk4�i t5� 40P e
' awo Q; Ry ;y, 07-
o
� fey
s, 53 x
como•� o;. Q- o; ;s5
,dd`S A5 St a' O W .
I'rd7 r 9d F
ndars �°°p°` Subject,
r
cla ins' linauo 1051 MARKET STREET a s�KS
g LEMOYNE, .PA 17043,-1414
Keo!- r Hlah St
2 .amp
o N tt) eP
P� 1
u1 ,Vt� s
r plrieb to
�9' er+aa Clralbaen Rd a °
a•
q kf85fap Co-
i ite Hill = g
a- Nina Ave pt Clla"jaI r pt
a
(A * Ra emsonor
tLOR1p
Flood Infor."mati-bW
Pload1 Legend, community:420361-IkMOYNE;BOROUGH.OF,
Flood Zones Properly is not in a FEMA special flood hazard area..
tieaskii,daisabysooyedriloodinp Map Number:42041CO281E' Map-,Date;03(jW009
Panel:0281 E- FIDS:42041
Areas oulslde of"*100-&,W 50ayem&odp4kI Zone:,X '
Press irturwated by toayee flooding
� Areas rtMWWW0 by IN"ar flodding WM velect y imm
moo wglant's NeitherTransamenca Flood Hazard Crirtifiiatlon(7FHC)noiACl make any
representitions or vlatranlies eo any party'oonoertikrp the'conient,aooaracyor'
Fbodxay.mais N4h'wlodty hanrd oomphrteness of 1h5%flood;o0ort,MeludkV any warranty of rimerchantability ov,
Areas of unONermlrnd tnit possNNe flood h meds fitness for a partioular purpose.Neither TFHC not ACI nor the seller:of'thls
- flood report that have.any,liability to any 4hird party foe ahy Use or inisuse'of'
Arm norinapped on any Published F104' this Hood 60orte
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
WOOF APPRAISAL GROUP
File No.PVT11082
INVOICE
File Number:Pvr11o82
COYNE&COYNE P.C.
3901 MARKET STREET
CAMP HILL,PA 17011
Borrower: KULP
Invoice#: PVT11082
Order Date: 12/13/2013
1051 MARKET STREET
LEMOYNE,PA 17043-1414
APPRAISAL $ 1,200.00
..............
Invoice Total $ 1,200.00
Deposit ($ j
..............
Amount Due $ 1,200.00
Terms: DUE UPON RECEIPT
Please Make Check Payable To:
WOOF APPRAISAL GROUP
302 SOUTH FRONT STREET
WORMLEYSBURG,PA 17043
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
Borrower: File No.: PVT11082
Property Address:1051 MARKET STREET Case No.:
CItY:LEMOYNE State:PA Zip:17043-1414
Lender:COYNE&COYNE P.C.
n
Commonwealth of PcnnivWania 12 00631r}
De arc
Bureau of
Pr ten ational Affairs
PO B carr urRA 5-2649
Certificate Type 4; o Certirestt;$t4' 'y
0.
CorMed General Appraiser
Initial Certitication-Dat
0710111991
REYNOLD R WOOF,JR Certifkatc
tY
1354 S MPSON FERRY ROAD (Number
NEW CUMBERLAND PA Nola r`
GA000002L 1;><piratton.Uat.e
1
09/301201 5,;il,
(-aiumYanv�t holmmW wJ Q'cuM+iie�l Allain
I
i
1
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
Borrower: File No.: PVT11082
Property Address:1051 MARKET STREET Case No.:
CITY:LEMOYNE State:PA ZiP:17043-1414
Lender:COYNE&COYNE P.C.
QUAMFICATIONS OF MYNOW R.W011 lh',3R.
PROFESSIONAL EXPERIENCE
NI'onf Appraised Gmup.R'nrnlleysburg.PA 1992—Pretent,01kner appraiser I'or all
Classes of,p optrties.
FlarrisSaving,.;I tank.'Ilarrisburg.I'A J990-1992. Staffippralser for,residernial
proprertics.including construction inspeclioim
K.Jesfw Rei(enhneb Associates_l:td., Lemoyne,PA W81—1989-Vice Orvsiderlt.
Appr;l.iser for all elasses.ol'properties throughout the Eastern United'States.
Porter&.Peck Compaw.6%Columbus,Oltio 1979—1991 5tafr appraiscr.for;all classes of
residential prmperlics.
CERTIFICATIONS,LICENSES.AND DESIGNATIONS
P.A Gcrtified.General Real Estate Appraiser GAW.1021,
117A.5—Natiattal Association of.Independem Fee Appraisers:Senior Member 24551
ED'IWA,f1ONA1.BACKGROUND
Ohio State University.Bachelors of Science in'Business Administration:;Majoring in
Rval'irstste and Urban Analysis.
Appraisal Inctimic Coutses, 101.120:2151.310.410.42.01.510.5411,Narmlivc Report
u`riting',jeminar,UttigalionValuation and yztriuus one day seminars.
F,ACHING
flarrisburg,Area Cotnattuailli'College.)'.ark College,Real'I7stnte Institute or
Pennsylvnnio,,Institute of Real..lystate Studies,and l larrisburg;Rviltors Institute.
EXPERT WITIN SS
FederalCourt.Cumberland.IJauphira.'1 or4;,and 11cr%%-!Gnun6es
302 SOUTH FRONT STREET,WORMLEYSBURG,PA 17043
� pennsylvanla SCHEDULE E
DEPARTMENTNCETA RETURN
CASH BANK DEPOSITS AND MISC.
INHERITANCE TAX RETURN �
RESIDENT DECEDENT PERSONAL PROPERTY
FILE NUMBER
ESTATE OF KULP, ROBERT L
21 - 13- 1205
Include the proceeds of litigation and the date the proceeds were received by the estate.All property jointly-owned with the right of
survivorship must be disclosed on schedule F.
ITEM DESCRIPTION VALUE AT DATE OF
NUMBER DEATH
1 2004 Key West Boat-- Private Sale 5,500.00
2 2005 Rolls Axle Trailer-- Private Sale 2,000.00
TOTAL(Also enter on Line 5, Recapitulation) 7,500.00
REV-1609 EX+(01-10)
pennsylvania SCHEDULE F
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN JOINTLY-OWNED PROPERTY
RESIDENT DECEDENT
ESTATE OF FILE NUMBER
KULP, ROBERT L
21 - 13- 1205
If an asset was made joint within one year of the decedent's date of death, it must be reported on schedule G.
SURVIVING JOINT TENANT(S)NAME ADDRESS RELATIONSHIP TO DECEDENT
Lloyd Kulp 807 West Trindle Road Father
A Mechanicsburg, PA 17055
Halli R. Witherspoon 56 Somerset Court Daughter
B Downingtown, PA 19335
Tamea Kulp 5 Stone Run Drive Wife
C Mechanicsburg, PA 17050
JOINTLY OWNED PROPERTY: E� pp TY
ITEM LETTER DATE Include name oilna tial 11n�titullon anOdPbank account numbe DATE OF DEATH %OF DATE OF DEATH
NUMBER FOR JOINT MADE or similar identifying number.Attach deed forjointl -held real VALUE OF ASSET DECD'S VALUE OF
TENANT JOINT 9 I y INTEREST DECEDENT'S INTEREST
estate.
1 B 12/23/2011 PSECU Savings 5.01 50% 2.51
Account#xxxxxxxxx8144
2 B 12/23/2011 PSECU Checking 400.13 50% 200.07
Account#xxxxxxxxx8144
3 C 08/25/2010 Integrity Bank 1,011.10 50% 505.55
Account#xxxxxx4287
4 C 01/20/2010 Wells Fargo Bank 42,990.54 50% 21,495.27
Account#xxxxxx6803
TOTAL(Also enter on line 6, Recapitulation) 22,203.40
11/26/2013Fn
5 np /F # �
- �(
' h DEC 2 _ Z0
13
Coyne& Coyne,P.C. lay
Ms. Lisa Marie Coyne,Attorney
3901 Market St.
Camp Hill.,Pa 17011-4227
Re: ROBERT KULP,Deceased.
PSECU Reference#0700705098144
Dear Attorney Coyne:
The above referenced person is a j,oint,owner., Halli Kulp's account with-PSECU. The
Share accounts were jointly held by Halli Kulp.and R.obert__Ku_lp-The account was opened on
was
September 1, 2011 and Robert Kulp added as a joint owner on December 23, 2011.
The following are the May 23, 2013 Date of Death Balances for this account with PSECU:
Account Date of Death Balances Interest—May 1-23
Shares:
(S1) Savings $5.01 $0.00
(S4) Checking $400.10 $0.03
If you have any questions,please contact our department toll-free at(800)237-7328,press 6,
extension 3120 or email accountservices(a,psecu.com.
Sincerely,
Sandy Fay ftr
Member Service Representative
PSECU
Pennsylvania State Employees Credit Union
1 Credit Union Place, P.O. Box 67013, Harrisburg, PA 17106-7013 • 800.237.7328 • >>psecu.com
THIS CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION.EQUAL OPPORTUNITY LENDER.
i
11/25/2413
DEC 2 -- 2013
Coyne&Coyne, P.C. By
Ms. Lisa Marie Coyne, Attorney
3901 Market St.
Camp Hill,PA 17011-4227
Re: ROBERT KULP,Deceased. -
PSECU Reference# 1705516441645
Dear Attorney Coyne:-
The above referenced person has an account with PSECU which was opened on
April 15, 1974. The Share accounts were jointly,held by Robert Kulp and,Tamea M.Kulp
The following are the Date of Death Balances for ROBERT KULP's account with PSECU:
Account Date_of Death Balances Interest—May 1-23
Shares:
(SI) Savings $18,124.30 $1.71
(S4) Checking $21,559.85 $1.27
The account has been closed. if you have any questions,please contact our department toll-
free at(800)237-7328,press 6, extension 3120 or email accountservices cni,psecu.com.
Sincerely,
andy Fa ley
Member Service Representative
PSECU
Pennsylvania State Employees Credit Union
1 Credit Union Place, P.O. Box 67013, Harrisburg, PA 17106-7013 • 800.237.7328 • >>psecu.com
THIS CREDIT UNION IS FEDERALLY INSURED BYTHE NATIONAL CREDIT UNION ADMINISTRATION.EQUAL OPPORTUNITY LENDER. {
r
11!26(2013AN
Coyne& Coyne, P.C.
Ms.Lisa.Marie Coyne, Attorney
3901 Market St.
Camp Hill,Pa 17011-4227
- Re: ROBERT L KULP,Deceased.
PSECU Reference#9793035280535
Dear Attorney Coyne:
The above referenced person has an account with PSECU which was opened on
February 11, 1997. The Share accounts were jointly held by Robert_L._Kulp and
Tamea M..Kulp ,
The following are the Date of Death Balances for ROBERT L KULP's account with
PSECU: y•,� . ti
Account Date of Death Balances Interest—May 1-23 Shares:
(SI) Savings $22,713.82 $2.15
(S4)Checking $18,776.75 $1.18
The account has been closed.If you have any questions,please contact"our department
toll-free at(800) 237-7328,press 6, extension 3120 or email accountservices(a-),psecu.com. .
Sincerely,
/andygFaa ey A&
Member Service Representative
PSECU
Pennsylvania State`Employees Credit Union
1 Credit Union Place, P.O. Box 67013, Harrisburg, PA 17106-7013 •800.237.7328 • >>psecu.com
THIS CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION rnmi noanoT11K11Tv 1 C&1nco
Custoiner Corresponn,
MAC P6102-03A
i P.O.Box 6995
Portland,OR 97228-6995
Date of,Death Balance Request Response Form
Decedent: Robert L.Kulp Case number: 75557776
Date of death: Thursday,May 23:2013 Completed by: Volletta Wiley VeN. �-^.
Requested by: Lisa Marie Coyne Contact number: 540-562-9031 '
Mail: Coyne 8z Coyne,P.C. Date: December 9,2013 _
Attorneys at Lam,
3901 Market Street
Camp Hill,PA 17011-4227 "✓
` �.'�.� •� 7— Priiiczpa�balaarcc liiYet'b.�tp�ixd .'tic(.riled ))atebfdeatlt ,
Acccai i3t title Affiliation Acdouii t ij pe Atcoditt huinber v€fir t6 Hath of
5 a's of ilatc b dedih `death interest,. ; ;baRvIft
r' r
Robert L.Kulp A int Owner Checking xxxxxxxxx6803 $42,990.54 $0.00 $0.00 $42,990.54
Tamea M.Kulp Joint Owner ,r}`
Opened on 01/20/2010
Note:Money Market Checking and Money Market Access accounts pay dividends only.
Comments:
No Safe Deposit Box was found for the decedent.
Checking Accounts,•
Number:` 1CJ ,Z eP' ��D Z1Z 912 a1V -
. — ff
Date Opened: ��
Balance at Date c
of Death: (� �
i
Name of Joint `
Owner, if,any: leazo
Savings Accounts:
Number:
Date Opened: I
Balance at Date
of Death:
Name of Joint
Owner,if any:
Certificates of eoosit:
i
Number.
Date Opened: -
Name of Joint
Owner,if any:
Balance at Date
of Death: '
f
Maturity Date:
Interest Rate:
Interest laid Quarterly,
Semi-Annual,etc.
Debts:
Estate of. Robert L.Kulp Name of Bank: integrity Barely <
Date of Death: May 23,2423
SignatuK of k or Savings Assoc.Official
Revaeos ex.(o1-1o) SEPARATE BILLING REQUESTED
pennsylvania
DEPARTMENT OF REVENUE SCHEDULE F
sad INHERITANCE TAX RETURN JOINTLY-OWNED PROPERTY
RESIDENT DECEDENT
ESTATE OFFILE NUMBER
KULP, ROBERT L I
21 - 13- 1205
If an asset was made joint within one year of the decedent's date of death,it must be reported on schedule G.
SURVIVING JOINT TENANT(S)NAME ADDRESS RELATIONSHIP TO DECEDENT
Lloyd Kulp 807 West Trindle Road Father
A Mechanicsburg, PA 17055
Halli R. Witherspoon 56 Somerset Court Daughter
B Downingtown, PA 19335
Tamea Kulp 5 Stone Run Drive Wife
C Mechanicsburg, PA 17050
JOINTLY OWNED PROPERTY: E N p Ty
ITEM LETTER DATE Include name o�Ffina clal lnAi lon anOd bank account numbe DATE OF DEATH %OF DATE OF DEATH
NUMBER FOR JOINT MADE or similar identi in number.Attach deed for joint) -held real VALUE OF ASSET DECD'S VALUE OF
TENANT JOINT 9 I y INTEREST DECEDENT'S INTEREST
estate.
1 A 01/22/2000 Members 1st Regular Savings 1,924.33 50% 962.17
Account#xxxx74-00
2 A 11/17/2011 Members 1st Investment Savings 398,214.93 50% 199,107.47
Account#xxxx74-05
3 A 01/22/2000 Members 1st Checking 4,625.72 50% 2,312.86
Account#xxxx74-11
4 A 11/19/1996 Santander Checking 21,812.44 50% 10,906.22
Account#xxxxxx6652
5 A 03/08/1997 Santander Savings 547.46 50% 273.73
Account#xxxxxx1546
TOTAL(Also enter on line 6, Recapitulation) 213,562.45
,VEF,LTH OF PENNSYLVANIA REV-1162 EX01-96)
MENT OF REVENUE
�--� .4U OF INDIVIDUAL TAXES
T.280601 _
IARRISBURG,PA 17128-0601
PENNSYLVANIA
,�EIVED FROM: INHERITANCE AND ESTATE TAX
OFFICIAL RECEIPT
NO. CD 018900
sIE
rFP
KULP TAMEA M� I
5 STONE RUN DRIVE `.. AR 2014
MECHANICSBURG, PA 17050 '
ACN
ASSESSMENT AMOUNT
CONTROL
NUMBER
-------- told
__________ --------
101 $9,610.31
ESTATE INFORMATION: SSN:
FILE NUMBER: 2113- 1205
DECEDENT NAME: KULP ROBERT L
DATE OF PAYMENT: 03/18/2014
POSTMARK DATE: 03/17/2014
COUNTY: CUMBERLAND
DATE OF DEATH: 05/23/2013
TOTAL AMOUNT PAID: $9,610.31
REMARKS: RECEIPT TO ATTY
CHECK# 110
INITIALS: DMB
SEAL RECEIVED BY: LISA M. GRAY SON, ESQ:
REGISTER OF WILLS
> -
L L
TAXPAYER �� "`
-' fop
DEC 6 2013
Santander Bank-"°m" B -
ESTATE OF Robert L Kulp
SOCIAL SECURITY#:
DATE OF DEATH: May 23, 2013
Account#: 1681.706652 Type: Checking Open date: ^11/19_/1996
In the'name of: Lloyd M Kulp or Robert L Kul t
Date of Death Balance: $21,811.50
Int.(YTD) from 1/1/2013 to 5/21/2013 $0.92
Accrued interest to date of death: $0.02
Otherlhfo:
Account#: 1684001546 Type: Savings Open date: 3/8/1997
In the name of: _Robert L Kulp or Lloyd M Kulp
Date of Death Balance: $547.36 ,
Int.(YTD) from. 1/1/2013 to 4/26/2013
Accrued interest to date of death: $0.02
Other Info:
Account#: 00233-000174 Type: Safe Deposit Box Open date: 5/10/2002 .
In the name of: Robert L Kulp or Tamea M Kulp
- —.---Date`of Death Balance:. _.. .
-' Int.(YTD)._from.- to
Accrued interest to date of death:
Other Info: 168 South 32nd Street, Camp Hill, PA 17011
r
Page 1 of 1
r 2
�IL' Ml
NOV 2Z 2013 -
MEMBERS 11t .
FEDERAL CREDIT UNION By
s
PRIMARY OWNER: LLOYD KULP
REGULAR SAVINGS ACCOUNT:
Account Number/Suffix 165474-00
Date Account Established 01/31/1997
Principal Balance at Date of Death $1,924.16
Accrued Interest to Date of Death $.0.17
Total Principal-and Accrued Interest $1,924.33
Name of Joint Owner Robert L Kulp
Date Joint Added 01/22/2000
INVESTMENT SAVINGS ACCOUNT:
Account Number/Suffix 165474-05
Date Account Established 11/17/2011
Principal Balance at Date of Death $398,118.95
Accrued Interest to Date of Death $95.98
Total Principal and Accrued Interest $398,214.93
Name of Joint Owner Robert.L Kulp C�
Date Joint Added 11/1.7/2011
CHECKING ACCOUNT:
Account Number/Suffix 165474-11
Date Account Established 01/31/1997
Principal Balance at Date of Death $4,625.58
Accrued Interest to Date of Death $0.14
Total Principal and Accrued Interest, $4,625.72
Name of Joint Owner Robert L Kulp
—
Date Joint Added 01/22/2000
MEMBERS 1sT FEDERAL CREDIT UNION
Tessa L Klugh
Lending Insurance Support Specialist
November 26, 2013
4
Estate of: ROBERT L KULP
Date of Death: 05/23/2013
Social Security.Number: 184-38-0501
5000 Louise Drive P.O.Boa 40 Mechanicsburg,Pennsylvania 17055 (800) 283-2328 wwwmemberslst.org
I
REV-1811 EX+(10-09)
Q7pennsylvania SCFEDLILEH
DEPARTMENT OF REVENUE FLqqB?AL E)GIMWS AM
INHERITANCE TAX RETURN
RESIDENT DECEDENT ACIMMMATM COM
ESTATE OF KULP, ROBERT L FILE NUMBER
21 - 13- 1205
Decedent's debts must be reported on Schedule 1.
ITEM
NUMBER FUNERAL EXPENSES: DESCRIPTION AMOUNT
A. 1 Musselman's Funeral Home 2,095.00
2 Memorial Service/Reception 600.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative(s)
Street Address
City State Zip
Year(s)Commission Paid
2. Attorneys Fees Coyne&Coyne, P.C. 8,000.00
3. Family Exemption: (If decedent's address is not the same as claimant's,attach explanation)
Claimant Tamea M. Kulp 3,500.00
Street Address 5 Stone Run Drive
City Mechanicsburg State PA Zip 17050
Relationship of Claimant to Decedent Spouse
4. Probate Fees Cumberland County Register of Wills 303.50
5. Accountant's Fees 2,100.00
6. Tax Return Preparer's Fees 500.00
7. Other Administrative Costs
1 Patriot News-- Legal Advertisement 116.45
TOTAL(Also enter on line 9, Recapitulation) 26,768.71
Schedule H
Funeral Expenses&
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN Aldmin'istratiivle Costs continued
RESIDENT DECEDENT
ESTATE OF KULP, ROBERT L FILE NUMBER
21 - 13- 1205
2 Cumberland Law Journal-- Legal Advertisement 75.00
3 Postage 55.00
4 Reserves 3,000.00
5 Mileage for Executrix @$0.55/mile 220.00
6 Bank Fee--Santander Bank 20.00
7 Filing Fee for Motion to Terminate Trust 15.00
8 Real Estate Taxes for Lemoyne Real Estate 6,087.76
9 Recording Fee for Deed 81.00
Page 2 of Schedule H
> pennsylvania SCHEDULE I
DEPARTMENT OF
AXRET DEBTS OF DECEDENT MORTGAGE
INHERITANCE TAX RETURNRN �
RESIDENT DECEDENT LIABILITIES & LIENS
FILE NUMBER
ESTATE OF KULP, ROBERT L 21 - 13- 1205
Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses.
ITEM
NUMBER DESCRIPTION AMOUNT
1 Uncleared Checks 800.00
2 Real Estate Taxes for Lemoyne Property 6,087.76
TOTAL(Also enter on Line 10, Recapitulation) 6,887.76
REV-1613 EX+(01.10)
pennsylvania SCHEDULE J
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN BENEFICIARIES
RESIDENT DECEDENT
ESTATE OF KULP, ROBERT L FILE NUMBER
21 - 13- 1205
RELATIONSHIP TO SHARE OF ESTATE AMOUNT OF ESTATE
NUMBER NAME AND ADDRESS OF PERSON(S) DECEDENT (Words) ($$$)
RECEIVING PROPERTY Do Not List Trustee(s)
ITAXABLE DISTRIBUTIONS[include outright spousal
distributions,and transfers
under Sec.9116(a)(1.2)]
1 Mrs. Tamea M. Kulp Wife 100%of Estate
5 Stone Run Drive
Mechanicsburg, PA 17050
Enter dollar amounts for distributions shown above on lines 15 through 18 on Rev 1500 cover sheet,as appropriate.
II. NON-TAXABLE DISTRIBUTIONS:
A.SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN
B.CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11-ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET 0.00
JUN 8
IN RE: ESTATE OF ROBERT L. KULP : COURT OF COMMON PLEAS
CUMBERLAND COUNTY,PENNSYLVANIA
ORPHANS COURT DIVISION
Estate NO.21-13-1205 -
DECREE
AND NOW,this A�day o 2015 after consideration of the annexed
Petition, it is ORDERED,ADJUDGED and DECREED that
(a) The Robert L.Kulp Credit Shelter Trust is terminated;
(b) The Executor is authorized to transfer the decedent's commercial real property to
Tamea M.Kulp, in her individual name; and
(c) The Executor shall file the Pennsylvania inheritance tax return reflecting that the
sole heir of the decedent is Tamea M.Kulp, survivin s ou a t.
BY THE C T
J.
Tho as A. Placey
Common Pleas Judge
CF: Lisa Marie Coyne,Esq.,
Counsel for Petitioners and Estate
-c)
Office of Chief Counsel,Dept. of Revenue � c
' Ice)} cn -
q co
pennsylvania -
DEPARTMENT OF REVENUE
Aril 30 2015
April �lLf A4AY � - 20f5
Bln—r_
Lisa Marie Coyne, Esq. 5
Coyne& Coyne, P.C.
3901 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 tax 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.
Please contact me if you or the Court has any question's or concerns. Thank you.
Sincerely,
Lora A. Kulick
Senior Counsel
_LAK:rm
458287
Office of Chief Counsel
Lora A.Kulick I Ikulick@pa.gov
PO BOX 281061 1 Harrisburg, PA 17128-1061 1 Phone:717.346.4644 1 Fax:717.772.1459 www.revenue.state.pa.us
REGISTER OF WILLS CERTIFICATE OF
CUMBERLAND COUNTY GRANT OF LETTERS
PENNSYLVANIA
No. 2013- 01205 PA No. 21- 13- 1205
-r Es to to Of r ROBERT L KULP
(First,Middle,Casr/
Late Of: SILVER SPRING TOWNSHIP
CUMBERLAND COUNTY
Deceased
Social Security No:
i
WHEREAS, on the 13th day of November 2013 an instrument dated
April 23rd 2002 was admitted to probate as the last will of
ROBERT L KULP
/First.Middle,Lost/
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, GLENDA EARNER STRASBAUGH Register of Wills in and
for CUMBERLAND County, in the Commonwealth of Pennsylvania, hereby
certify that I have this day granted Letters TESTAMENTARY to:
TAMER M KULP
who has duly qualified as EXECUTORIRIX)
and has agreed to administer the estate according to law, all of which
fully appears of record in my office at CUMBERLAND COUNTY COURT HOUSE,
CARLISLE, PENNSYL VA NIA.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal
of my office on the 13th day of November 2013.
RQ—m g
eglster of Wills
/
epury
r �
1
**NOTE** ALL NAMES ABOVE APPEAR (FIRST, MIDDLE, LAST)
i �
LAST WILL AND TESTAMENT
OF.
ROBERT L. KULP
I, ROBERT L.XULP, of the Borough of Camp Hill, Cumberland County,,Pennsylvania,being
of sound and disposing mind and memory, do make, publish and declare this to be my Last Will and
Testament,hereby revoking all Wills and Codicils by me at any time previously made.
I am married to TAM[EA M.KULP (hereinafter referred to as"my Spouse")and the child born
of our marriage is MALLI R.KULP. As used herein,the term"child"shall refer to'the aforelisted child
born of my marriage with my Spouse.
I
1. TANGIBLE PERSONALTY. I give and bequeath all of my household furniture and
furnishings, automobiles, other motor vehicles, books, pictures, jewelry, china; crystal, appliances,
silverware, wearing apparel,recreational equipment, articles of household or personal use or adornment,
together with all policies of insurance thereon, to my Spouse, if my Spouse survives me. If my Spouse
does not survive me,I give such articles to my child living at my death, it being my desire that my child
be guided by any memorandum which I may leave with my Will. Any cost of packing and shipping said
personalty to the beneficiaries, including insurance, shall be paid by my'Executor as a general .
administration cost.
2. UNIFIED CREDIT TRUST. If my Spouse survives me,I give,devise and bequeath to
my Trustee hereinafter named,IN TRUST NEVERTHELESS, to be held, administered and disposed of
in accordance with this ITEM for the benefit of my Spouse and my child,per stirpes(herein referred to
as the "Unified Credit Trust")an amount equal to the sum of the balance of the dollar amount not taxed
in my estate due to the application to my estate of the (i) the applicable credit amount against federal
estate tax under Section 2010 of the Internal Revenue Code of 1986, as amended, or any subsequent
1
successor or parallel provision thereto(the "Applicable Credit"), after deducting therefrom the value, for
federal estate tax purposes, of(A) assets included in my federal gross estate which pass or have passed
other than under the terms of this Will and which will utilize a portion of the Applicable Credit, (B) any
bequests under the preceding ITEM of this Will which will utilize a portion of the Applicable Credit and
(C) adjusted taxable gifts not included in my federal gross estate but included in the computation of the
tentative federal estate tax in my estate; and (ii) the state death tax credit allowed for federal estate tax
purposes (but only to the extent .its use will not increase any Death Taxes, other than Pennsylvania .
Inheritance Tax or Pennsylvania Estate Tax, owing by my estate). My Trustee shall have,hold,manage,
invest and reinvest the assets of the Unified Credit Trust, collect the income and
(a) Beginning at my death, my Trustee shall pay over the net inci ome of the Unified
Credit Trust to My Spouse during.My Spouse's lifetime,in installments not less
frequently 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 readily available for such
purposes. My Spouse shall have the exclusive and unrestricted right during my
Spouse's lifetime to occupy or otherwise use any residence held wholly or
partially in this Trust and the Trustee shall, 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 investment in income
producing property, as my Spouse may direct.
(b) Upon the death of my Spouse, my Trustee shall distribute the principal and any
undistributed income of the Unified Credit Trust to my child,per stirpes, then
living;provided, however,that should my child or her issue not have attained the
2
age of thirty (30) years, then my child's or her issue's shaic shall be retained by
my Trustee, IN TRUST NEVERTHELESS, to be held, administered and
disposed of as a separate trust estate in accordance with.ITEM4 for the benefit
of each such child(the "Trust for My Child or Her Issue'). Should my child not
be living upon my Spouse's death and should my child have no issue then living
then my Trustee shall distribute the principal and any undistributed income in
accordance with ITEM 3(a)through ITEM 3(c)of this,my Last Will.
3. RESIDUE. I give, devise and bequeath all of the rest, residue and remainder of my
property,real,personal and mixed,not disposed of in the preceding portions 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, XIALLI R. KULP,per stirpes, then living,.provided,however,that should
my child or her issue not have attained the age of thirty (30) years, then my child or her issue's share
shall be retained by my Trustee,IN TRUST NEVERTHELESS, to be held,administered and disposed of
as a separate trust estate in accordance with ITEM 4 for the benefit of my child or her issue (the "Trust
for My Child or Her Issue"). If my Spouse and my daughter, JIALLI 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 brother-in-law, ALEX J. AVMSHAK, JR. of 890 Hawthorne Drive,
Mechanicsburg,Cumberland County,Pennsylvania.
(b) The CAMP HILL PRES)BYTERLkN CHURCH of 101 North 23rd Street,
Camp Hill,Pennsylvania,or its successor.
(c) The AINMRICAN CANCER 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
direct that it be divided among the remaining beneficiaries in this ITEM.
3
4. TRUST FOR MY 4tI D OR HER ISSUE. My Trustee shall have, hold, manage,
invest and reinvest the assets of this Trust collect the income and
(a) Until my child (the "Child") or her issue shall have attained the age of thirty
years, my Trustee shall from time to time pay to or for the benefit of my child or
her issue, such amounts of the net income and principal of this Trust as, in the
sole discretion of my Trustee, shall be necessary for my child or her.issue's
maintenance, support:medical and nursing care and education,including college
and graduate education, taking into consideration any other means readily
available for such purposes. At the end of each year any unexpended income
shall be added to the principal of this Trust.
(b) After my child or her issue shall have attained thirty years, the Trust shall
terminate and all undistributed 'income and principal shall be paid to my child or
her issue.
(c) If My child or her issue shall die leaving no surviving issue before final
distribution of the assets of this Trust is made,the then remaining principal and
any undistributed income of this Trust shall become part I of the residue of MY
estate and distributed in accordance with ITEM 3.
5. PERPETUITIES PROVISIONS, Nothing herein is intended to, nor shall it be
construed to,postpone the vesting of any part of the assets of any separate trust estate hereunder for more
than twenty-one years after the death of the survivor of me,my Spouse and my child or her issue living
at the time of my death. At the expiration of such period the assets of all the trust estates hereunder shall
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 or otherwise.
4
6. SPENDTBRUT PROVISION. No interest in income or principal of my estate or any
trust created hereunder shall be subject to attachment,levy or seizure by any creditor,spouse,assignee or
trustee or receiver in bankruptcy of any beneficiary of my estate or of any trust created hereunder prior to
the beneficiary's actual receipt thereof. My Executor or Trustee shall pay over the net income and the
principal to the beneficiaries herein designated, as their interests may appear, without regard to any
attempted anticipation (except as may be specifically provided herein), pledging or assignment by any
beneficiary of my estate or of any trust created hereunder and without regard to any claim thereto or
attempted levy, attachment,seizure or other process against said beneficiary.
7. SURVIVAL PRESUINPTIONS. Any person who shall have died at the same time as I
or under such circumstances that it is difficult or impossible to determine who shall have died first,shall
be deemed to have predeceased me. Any person other than me who shall have died at the same time as
any then beneficiary of income of my estate or a trust created hereunder or under such circumstances that
it is difficult or impossible to determine who shall have died fust, shall be deemed to have predeceased
such beneficiary.
8. )F'IDUCL4.RY POWERS. In the settlement of my estate and during 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 T may have a:t my death so long as my Executor or
Trustee may deem it advisable to my estate or trust so to do,including securities-
owned,
ecuritiesowned, issued or underwritten by any corporate Executor or Trustee or any of
their affiliates.
y (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
5
such other real or personal property, including securities owned,.issued or
undenvritten by any corporate Executor or Trustee or any of their affiliates, or as
to which my corporate Executor or Trustee or any of their affiliates are
investment advisors, as my Executor or Trustee shall deem wise, without being
restricted to so called"legal investments".
(c) In order to effect a division of the principal of my estate or trust or for any other
purpose, including any final distribution 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
kind,said assets shall be divided or distributed at their respective values on the
date or dates of their division or distribution. In making any division or
distribution in kind, my Executor or Trustee shall divide or distribute said assets
in a manner which will fairly allocate any unrealized appreciation among the
beneficiaries.
(d) To sell either at public or private sale and upon such terms and conditions as my
Executor or Trustee may deem advantageous to my'estate or trust,any_or all real
or personal estate or interest therein owned by:my estate or trust severally or in
conjunction with other persons or acquired after my death by my Executor or
Trustee, and to consummate said sale or sales by sufficient deeds or other
d� instruments to the purchaser or purchasers,conveying a fee simple title, free and
clear of all trust and without obligation or liability or the purchaser or purchasers
to see to the application of the purchase money or to make inquiry into the
validity of said sale or sales; also, to make, execute, acknowledge and delivery
any and all deeds, assignments, options or other writings which may be
6
i
necessary or desirable in carrying out any of the powers conferred upon my
Executor or Trustee in this paragraph or elsewhere in this Will.
(e) To mortgage real estate and to make leases of real estate for any term.
(f) To borrow money from any party, including my Executor or Trustee, to pay
indebtedness of mine or of my estate or trust, expenses of administration,Death
t
Taxes or other taxes.
(g) To pay all costs, expenses, legally enforceable debts, ,funeral expenses and..
charges in connection with the administration of my estate or trust.
(h) To vote any shares of stock which form a part of my estate or trust and to
otherwise exercise all the powers incident to the.ownership of such stock and to
actively manage and operate any incorporatedor unincorporated business,
including any joint ventures and partnerships, and to incorporate any such
unincorporated business,with all the rights and powers of any owner thereof.
r
(i) To hold investments in the name of a nominee.
(j) To compromise controversies.
-.(k) To disclaim,in whole or in part, any and all interests in property owned by me at
the time of my death, including those passing tome by Will,intestacy, contract,
joint ownership,operation of law or otherwise.
(1) To employ and compensate from income'or principal, in the discretion of my
Executor or Trustee, investment and .legal counsel, accountants, brokers and
other specialists, and, whenever there shall be no corporate Executor or Trustee
in office, a corporate custodian,and to delegate to investment counsel discretion
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with respect to the investment and reinvestment of any.or all of the assets held
hereunder.
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(m) To designate one or more persons or a corporation to act as ancillary fiduciary in
any jurisdiction in which ancillary administration may be necessary, such
ancillary fiduciary to serve without bond or security and to have all powers,
authorities and discretions conferred hereunder. i
9. EXCULPATORY CLAUSES. In the settlement of my estate:
(a) My Executor shall not be personally liable for any loss to my estate or to any
beneficiary bf my estate resulting from an election made in good faith to claim a, .
deduction as an income tax deduction or as an estate tax deduction.
(b) In valuing property in my gross estate for the purposes of any Death Tax, my
Executor shall not be personally liable for any loss to 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.
10. TAX CLAUSE. All inheritance,estate and similar taxes becoming due by reason of my
death, except if applicable, any taxes relating to generation skipping transfers imposed under Chapter 13
of Subtitle B of the Internal Revenue Code, as amended (`death Taxes"), whether such Death Taxes
shall be payable by my estate or'by any recipient of any property,shall be paid bymy Executor out of the
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property passing under ITEM 2 of this Will or if such assets passing under ITEM,2 are not sufficient,
then out of the property passing under ITEM 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 attributable to their
inclusion of any such property in my estate for the purposes of that Death Tax shall be paid out of such
y property or by the recipients of such property; and, if such Death Taxes are nevertheless paid by my
Executor, I direct my Executor to obtain reimbursement or contribution for any such taxes paid by my
Executor. Except to the extent above provided, my Executor shall have no duty or obligation to obtain
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reimbursement for any Death Taxes paid by my Executor, even though paid with respect to proceeds of
insurance or other property not passing under this Will.
11. NON-EXERCISE OF POWERS. No provision in this Will is intended to exercise any
power of appointment which I may possess.
12. CUSTODIAN OF ESTATES. If at any time my child or her issue are under the age of
thirty (30) years shall be entitled to receive any assets free of trust by reason of my death, whether
payable hereunder, by operation of law,contract or otherwise,I appoint my Trustee hereinafter named as -
Custodian for my child or her issue under the Pennsylvania Uniform Transfers to Minors Act.
13. TRUST MERGERS AND TERNIINATIONS.
i (a) If there should be established by my Spouse, either by Last Will and Testament
I or by inter vivos Deed or Agreement, trusts similar 'to 'the trusts herein
established for the benefit of my child or her issue,my Trustee herein shall have
the right and power to merge trusts herein established with similar trusts for.the
same beneficiaries established by my Spouse and to operate each of the merged
trusts as a single trust.
(b) If, in the sole discretion of my Trustee, at any time any,trust hereunder is.or
becomes too small to justify its maintenance as a separate trust, my Trustee,
without any liability to any person or remainderman whose interest may be
affected thereby and.without the necessity of court approval, shall terminate
such trust by distributing all the income and.principal of the trust to the then
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 discretion
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herein granted shall in no event be construed as giving any potential distributee
of a trust the right to compel a termination in whole or in part of such trust.
14. EXECUTOR APPOETUM ENT. I hereby appoint my Spouse,TAINMA M. KULP as
Executrix of this Will. If my Spouse should for any reason fail or cease to act,I appoint my daughter,
HALLI R KULP,Executrix of this Last Will or if she should fail or cease to act,I appoint my brother-
in-law, ALEX J. INIMSHAK, JR. as Executor of this Last Will. All references in this Will to my
"Executor"shall refer to my Executor,or to my successor Executor,as the case may be.
15. TRUSTEE APPOINTMENT. I hereby appoint my Spouse, TAMER M.-KULP as
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Trustee of any trust created hereunder. If for any reason TAMEA M. KULP should fail or cease to act,
I appoint my brother-in-law,ALEX J.NffiVSM4K, JR. as Trustee in her place. If for any reason my
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Trustee shall desire a Co-Trustee, my Trustee may designate a person or bank to serve as Co-Trustee
with him or her, such designation to be in writing and effective without court approval. So long as a
Trustee or the issue of such Trustee is a beneficiary of any trust hereunder, such Trustee shall not (i)
participate in any discretionary determination of the Trustee to distribute principal or income of such
trust to or for the benefit of such beneficiary or to his or her issue; or (ii)participate in any discretionary
determination of the Trustee to terminate said trust under the ITEM hereof entitled`°IRUST MERGERS
AND TERMINATIONS". An individual Trustee shall be deemed to have failed to serve as Trustee
hereunder if, among other reasons, the treating physician of said individual Trustee shall certify in
writing that such Trustee possesses permanent 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 from such office.at any time, with or without cause and without Court approval.
No successor Trustee shall be liable for the actions of a resigning or removed Trustee occurring prior to
such successor Trustee taking office. All references in this Will to 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 my body be buried at a location selected by my Executrix.
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17. WAIVER OF BOND. My Custodian, Executor and 'Trustee shall qualify and serve
without the duty or obligation of filing any bond or other security. Any corporate fiduciary shall be
entitled to compensation in accordance with its standard schedule of fees iri effect,from time to time..
IN WITNESS WBEREOI~, I have set my hand and seal to this, my Last,Will and Testament,
consisting of this and the preceding pages,this day of LItwL- ,2002.
.. D
ROBERT L.KULP
We, the undersigned, hereby certify that the foregoing Will was signed, sealed, published and
declared by the above-named Testator as and for his Last Will.and Testament,in the presence of us;who,
at.his request and in his presence and in the presence of each other,have hereunto set our hands and seals
the day and year above written, and we certify that at the time of the execution thereof,the said Testator
was of sound and disposing mind and memory.
ni'�residing at l�l.Q.v f t.z �+�� /I +
residing at lv Sf- Z -�'t 1 791
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COMMONWEALTH OF PENNSYLVANIA )
ss:
COUNTY OF CUMBERLAND )
We, ROBERT L. KULP, 1rs M /jf 02e ee to",5 and
A4nC Al, J)-0 J-A-"— , the Testator and the witnesses respectively, whose names are
signed to the attached or foregoing instrument, being first duly sworn, 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 voluntary act for the purpose therein
expressed, and that each of the witnesses, in the presence and hearing of the Testator,signed the will as
witness and that to the best of his or her knowledge, the Testator was at the time eighteen (18)years of
older,of sound mind and under no.constraint or undue influence.
ROBERT L.KULP .
W ess
Witness ,
Subscribed, swom and acknowledged before me err. - lcn7�7. by ROBERT L.
KULP, the Testator, andsubscribed and swornto before me by
and pnnc Nt• oA_r-�,.� , the witnesses, this .2 3 rr4day of 10,
2002. !
Notary Public (SEA
)
iitEWacmY F COYNE,�pubs
A Jim
.,,CaanberlendCoLft
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