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Home My WebLink About01-0766 Register of Wills of CUMBERLAND County, Pennsylvania PETITION FOR GRANT OF LETTERS Estate of MARALEE G. ROOK No. C2J -OJ -(J 1 r" also known as , Deceased Social Security No. 203-10-4626 Petitioner(s), who is/are 18 years of age or older, apply}ies} for: (COMPLETE "A" OR "B" BELOW:) G] A. Probate and Grant of Letters and aver that Petitioner(s) is/are the execut OR named in the Last Will of the Decedent, dated DECEMBER L 1992 and codicil(s) dates NONE PRIMARY NAMED EXECUTOR. JOSEPH S. ROOK. SR. IS NO LONGER ALIVE (DOD 11/11/1998) State relevant circumstances, e.g., renunciation, death of executor, etc Except as follows, Decedent did not many, was not divorced and did not have a child born or adopted after execution of the documents offered for probate; was not the victim of a killing and was never adjudicated incapacitated: o B. Grant of Letters of Administration (c.t.a., d.b.n.c.t.a.: pendente lite, durante absentia; durante minoritate) Petitioner(s) after a proper search has/have ascertained the Decedent left no Will and was survived by the following spouse (if any) and heirs: I Name Relationship Residence I (COMPLETE IN ALL CASES:) Attach additional sheets if necessary. Decedent was domiciled at death in CUMBERLAND County, Pennsylvania, with his/her last family or principal residence at 101 MOUNT ROCK ROAD. NEWVILLE. P A 17241 (list street, number and municipality) Decedent, then 83 years of age, died AUGUST 13. ,.~, at 101 MOUNT ROCK ROAD. NEWVILLE. PA 17241 (Location) Decedent at death owned property with estimated values as follows: (if domiciled in PA All personal property ......................................... $ 200.000.00 (if not domiciled in PA Personal property in Pennsylvania .................... $ (if not domiciled in PA Personal property in County.............................. $ Value of real estate in Pennsylvania ........................................................................................ $ 500.000.00 Total ..................................................................................................................... $ 700 .000.00 Real Estate situated as follows: 101 MOUNT ROCK ROAD. NEWVILLE. P A 17241 Wherefor, Petitioner(s) respectfully request(s) the probate of the last Will and Codicil(s) presented with this Petition and the grant of letters in the appropriate form to the undersigned: Typed or printed name and residence OSEPH S. ROOK JR. 6326 MCCUE ROAD HOLT MICHIGAN 48842 RW-1 /7-/-$ Oath of Personal Representative Commonwealth of Pennsylvania County of CUMBERLAND The Petitioner(s) above-named swear(s) and affirm(s) that the statements in the foregoing Petition are true and correct to the best of the knowledge and belief of Petitioner(s) and that, as personal representative(s) of the Decedent, Petitioner(s) will well and truly administer the estate according to law. Sworn to and affirmed and subscribed ?~~~~~, 20,Olv Mary ewis ('~ before me this 17th day of h!! :1#J#JJ DECREE OF REGISTER Estate of MARALEE G. ROOK also known as Deceased No. 21-01-0766 Date of Death: AUGUST 13.2001 Social Security No: 203-10-4626 AND NOW, Auaust 17th ,~ 2001, in consideration of the Petition on the reverse side hereon, satisfactory proof having been presented before me, IT IS DECREED that Letters ~ Testamentary Cl of Administration ((c.t.a.. d.b.n.c.t.; pendente lite; durante absentia; durante minoriate) are hereby granted to JOSEPH S. ROOK. JR. in the above estate and that the instrument(s), if any, dated Decanber 1st, 1992 described in the Petition be admitted to probate and filed of record as the last Will of Decedent $ $ $ $ $ $ $ $ 30.00 FEES Letters .................................... $ 410 . 00 Short Certificates( s) . 1Q......... Renunciation .... ..... .... .... .... ..... Extra Pages (5 ) ............... I. T. R. ...................................... JCP Fee ................................. Inventory ................................ Other ...................................... /~d 15.00 5.00 Attorney: HAMILTON C. DAVIS I.D. No: 10264 Address: P.O. BOX 40 SHIPPENSBURG PA 17257 TOTAL ..~~~~~...~?~~~.~OI $460.00 Telephone: 717 532-5713 August 17th,2001 DATE FILED: MAILED LETTERS 10 ATI'Y HAMIL'ION DAVIS !~O':;.R0~ Cl./S() This is to certify that the information here given is correctly copied fro~ an original certificate of deathdul~ filed with Local Registrar. The original certificate will be. forwarded to the State Vital Records Office for permanent filmg. WARNING: It is illegal to duplicate this copy by photostat or photograph. me as No. ~ \\. ~~~~-tA.~ Local Registrar Fee for this certificate, $2.00 p 7578379 AUG 1 5 2001 Date 21-01-0766 Hl05.143 A"". 2117 COMMONWEALTH OF PENNSYLVANIA · OEPARTMENT OF HEALTH · VITAL RECORDS CERTIFICATE OF DEATH leT 1fT /I( NAME Of DECEDEICT IF.... _. las, SEX STATE filE NUMB"'" SOCIAL SECURITY NUMBER dl . lit. t. Maralee G. AGE l\.aII 8or1rIoeYl UNOER 1 YEAR - Deya ',203-'10 IIIRTHPlACI (CoIy ...., sw. Of f"'_ CeuMVI 8 3 v... s. COUICTV Of CEArH DECEDEICT'S USUAl. OCC\JPlV1OIC ~-=:.:r:..":: '::~:'r ...... cily_. rc:....,.'....^',........ ~'\Ch ~ DUE lOlOR AS A CONSEOUENCE Of): !: DUE lOlOR AS A CONSEQUENCE Of): DUE lO lOR AS A CONSEOUENCE Of): WERE AUlOPSY fiNDINGS MANNER Of DEATH DATE Of INJURY ~PRtOAlO (Manll, o.y, ~ COMPLETlOIC Of CAUSE ......... l!l- 0 OF 0EATl1? Homidde - 0 PendIng '......!gallon 0 No~ _0 No 0 $uIci"- 0 Could IlOlIlll clet.....,ned 0 TIME Of INJURY INJURY AT WORK? DESCRIBE HOW INJURY OCCURRED. _ 0 NoD 'MEDICAL EXAMINER/CORONER On the baall of I..minltlon IndJor InvIIIlgllion,ln my opinion, dulh occurrld lithe liml, dltl, Ind pilei, Ind dUlto the Clu..(lllnd "'eft".. II ""IId., . , , , . , , , . , . . , . . , , . , . .. .. , . . . . , , . .. , .. , , . , . , , .. .. .. , .. .. , . . . . . . , , . . .. , .. . , .. . .. , , . .. , .. .. .. . .. .. , 31.. REGISTRAR'S SIGN"T\;IRE "NO R. ~.~~~ o -. 2Ib, n. CPWT_,o.- only one! 'CEIlTtFYINQ "",SlCIAIC (Ph_c~ cause dI_ ",,,.' M>""''' ""........ has ptonounce<l dea'" ano c~e<ll1em 23) T.....-.e:of"'Yltft,owtedge.de.thoeevff'eddue......c."ae(.).ncflm.nner...t.ted......................................... ............ '1'IlOMOUIlCIIlG AHD CERTIFYING PHYSICIAN (I'hysoc..n l>oIP1 P'onounc"'9 elea'" and c"",'1""9 10 cause ~ del"'\ To'" MM of "'y knowtedgA. ct.a'" oc:eur..... ..the lIMe, daite, and piKe. and due to the C.UH(.) aM manner.. .t.led.. . . . . . . . . . . . . . . . . . . . . . . . . I~ \ I~\ 101 ~ ~ '1 i (( 0l,1-0 /- 07" LAST WILL AND TESTAMENT I, MARALEE G. ROOK of West Pennsboro Township, Cumberland County, Pennsylvania, declare this to be my Last will and Testament and revoke any will or Codicil previously made by me. ITEM I: I direct that all my just debts and funeral expenses, including my gravemarker and all expenses of my last illness, shall be paid from my residuary estate as soon as practicable after my decease as a part of the administration of my estate. ITEM II: I bequeath those articles of my household furni ture and furnishings and those articles of my personal effects and personal property as set forth in a separate memorandum, which I shall place with my will or deposit with my attorney, to the persons therein designated. ITEM III: I give and bequeath all of my tangible personal property (not including cash or securities and not including any tangible personal property utilized by me in any business, including farming) [and not including any items bequeathed above] including, without limitation, personal effects, household furniture and furnishings, automobiles, and the like, together with any policies of insurance in effect at the time of my death applicable thereto, including any prepaid premiums thereon, to my husband, JOSEPH S. ROOK, SR., if he survives me by thirty (30) days. Should my husband, JOSEPH S. ROOK, SR., predecease me or die on or before the thirtieth (30th) day following my death, I bequeath such tangible personalty and the insurance thereon to such of my children as are living on the thirty-first (31st) day after my death to be divided among them by my Executor as nearly as possible in equal shares in such manner as they may agree upon or, failing agreement for any reason whatsoever, then in such manner as my Executor shall determine, giving due regard for their personal preferences. I hereby direct that the costs of moving, shipping or otherwise transporting any such items bequeathed hereunder shall be paid by my Executor as a part of the cost of administration of my estate. ITEM IV: I devise and bequeath the residue of my estate of every nature and wherever situate to FARMERS TRUST COMPANY and JOSEPH S. ROOK, JR., CO-TRUSTEES to be added to and thereafter treated as a part of that certain inter vivos trust created by me on .be.c~ ,} I 'j ~ , of which FARMERS TRUST COMPANY and JOSEPH S. ROOK, JR. are Trustees, to have and to hold, IN TRUST, for the uses and purposes and subject to the terms and provisions thereof, including any alterations or amendments thereto, or any other inter vivos trust which may hereafter be ~ substituted therefor. ~ ITEM V: My Executor and/or Guardian herein appointed shall 1 ~ have, in addition to those powers vested in them by law and any other provisions of my will, all powers granted by me to the 2 ~ ~ , 1 ~ Trustee in the above referenced Trust (and any amendment of or substitute for such) as fully and completely as if the same were set forth herein in their entirety and the same are hereby incorporated herein by reference. ITEM VI: I appoint his or her parent or guardian, Guardian of any property which passes outright either under this will or otherwise to a minor and with respect to which I am authorized to appoint a Guardian and have not otherwise specifically done so, provided that this appointment of a Guardian shall not supersede the right of any fiduciary in it$ discretion to distribute a share where possible to the minor or to another for the minor's benefit. Such Guardian shall have the power to use principal as well as income from time to time for the minor's support and education (including secondary, co~lege education, both graduate and undergraduate, professidnal and other education) without regard to his or her parept's ability to provide for such support and education, or to make payment for these purposes, without further responsibility to the minor or to the minor's parent or to any person taking ca~e of the minor. ITEM VII: I direct that my Executor or Trustees shall pay all estate, inheritance and like taxes, including any interest or penalties thereon imposed by the government of the united states, or any state or territory thereof, or any foreign government or political subdivision thereof, upon any property 3 y 2: ~ 1 ~ passing under this will or otherwise, testamentary or non-testamentary in accordance with the directions and authorizations given by me in the above referenced trust. ITEM VIII: I appoint my husband, JOSEPH S. ROOK, SR., Executor of this my Last Will. Should he fail to qualify or cease to act as Executor, I appoint my son, JOSEPH S. ROOK, JR., Executor of this my Last will. Should both my husband and my son fail to qualify or cease to act as Executor, I appoint FARMERS TRUST COMPANY, Executor of this my Last will. ITEM IX: I direct that my Executor, Trustee, Guardian or their successors shall not be required to give bond for the faithful performance of their duties in any jurisdiction. ITEM X: My individual fiduciary shall be entitled to reasonable compensation for his or her services rendered from time to time unless different compensation has been provided for in a separate letter of agreement. ITEM XI: My corporate fiduciary shall be entitled to compensation based upon its regular schedule of fees for such services in effect from time to time during the period over which its services are performed. IN WITNESS WHEREOF, I hereunto set my hand and seal to this my Last will and Testament, written on six (6) sheets of paper, 4 - I . . dated this , s-J: day of -J).t.ceAM. \'-L4 , , 1992. /J/l~ .$', ~ MARALEE G. ROOK (SEAL) The preceding instrument, consisting of this and five (5) other typewritten pages, each identified by the signature or initials of the Testatrix, wason the day and date thereof signed, published and declared by the Testatrix therein named, as and for her Last will, in the presence of us, who, at her request, in her presence, and in the presence of each other have subscribed our names as witnesses hereto. ~(L residing at APA/~~ ) ~. , </ Vkl~4 Q ~ " / residing at {!{tl~4- At, ~ 5 I ! .. .. COMMONWEALTH OF PENNSYLVANIA SSe COUNTY OF CUMBERLAND I, MARALEE G. ROOK, the Testatrix whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my Last will; and that I signed it willingly and as my free and voluntary act for the purposes therein expressed. l/J(~.k,. 4, /(~ MARALEE G. ROOK (SEAL) Sworn to or affirmed and acknowledged before me by MARALEE G.!OOK, the the Testatrix, this 15 day of P.eceni 6e r , 1992. /dfa~.I1!, ~ Notary Public r.---~~-'-'~,ib. f;,1('i'f:LsEAL VELD/\ M, SEASE, Notary Public Shif->pensburg bora, Cumberland Co., Pa. My Commission Expires April 16, 1994 COMMONWEALTH OF PENNSYLVANIA SSe Sworn to or af befoz;e me b /3/..1" ~ r^J, this Isr day of COUNTY OF CUMBERLAND We, )J,/Yl; f-fah. (. 4-Vj( and tr~l(rA J k~^~ , the witness whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw the Testatrix sign and execute the instrument as her Last Will; that the Testatrix signed willingly and executed it as her free and voluntary act for the purposes therein expressed; that each subscribing witness in the hearing and sight of the Testatrix signed the Will as a witness; and that to the best of our knowledge the Testatrix was at that time eighteen (18) or more years of age and of sound mind and under no constraint or undue in~ (7 L. ~ /r J-zf.lA () ;f:4&#~ irmed and s~bscri'ed to j7 Ii II () h c. 1J(7A/ IJ and , witnesses, a~ h" ~ ~'-, 1992. r::;:r~:~~~~~:~:,~~~~~,~.1 N o'ti-ry PublicI S; eo::,m~,?~l';~~.:'i':i! 16~994 6 CRRTTFTCA TTON OF NOTTCR UNDRR RUT ,R 5.6(a) Name of Decedent: MARALRR G ROOK Date of Death: AUgJI~t 11) 2001 Will No.: 21-01-0766 To the Register: I certify that notice of (beneficial interest) estate administration required by Rule 5.6(a) of the Orphans' Court Rules was served on or mailed to the following beneficiaries of the above- captioned estate on Octoher 1 R, 2001 : Name Addre~~ Io~eph S Rook) Ir 6126 McCue R03rl, Holt, MY 4RR42 C13ri ce A D1 eter 19792 The N3rrow~ Road, W3terford) VA 22190 Notice has now been given to all persons entitled thereto under Rule 5.6(a) except nDnt . / () //2/0 J I / Signature: ~ f 1-:--- Date: Name: H3milton C Davl~ Address: POBox 40) Shippen~hure) P A 17257 Telephone: 717-512-5711 "- Capacity: _ Personal Representative Capacity: ---X- Counsel for Personal Representative APPRt\ISAL REPORT 101 l\'lT. ROCK ROAD NEW"1LLE, PENNSYLVANIA Diversified Appraisal Services Real Estate Appraisers and Consultants APPRA1SAL REPORT OF A SINGLE-F MHL Y D\VELLING LOCATED AT 101 MOUNT ROCK ROAD NE\Vv1LLE, PENNSYL V M1A PREPARED FOR THE ESTATE OF !\.1ARALEE G. ROOK AS OF AUGUST 13, 2001 BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERvlCES EAST HIGH STREET, SUITE 101 CARLISLE. PENNSYL VANIA 17013-3052 (717) 249-2758 SV1\lMARY OF ~IPORT_ANT FACTS AND CONCLUSIONS LOCATION: 101 Mount Rock Road Newville, Pennsylvania T4~X PARCEL ~1JMBER: 46-08-0589-009 IMJ>ROVE~1ENTS: A single-family dwelling, barn and other buildings. PROPERTY RIGHTS: Fee simple interest. SCOPE OF THE ASSIG:N'1\ffiNT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to the valuation of the subject. OBJECTIVE: To estimate the market value of the subject property as unencumbered. EFFECTIVE DATE: As of August 13, 2001. HIGHEST AND BEST USE: Use as a single-family residence and possible subdivision of building lots along Lefever Road. COST APPROACH: $292,000 SALES APPROACH: $289,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $289,000 2 APPRAISAL CERTIFICATION I hereby certifY that upon application for valuation by: THE ESTATE OF M-\RALEE G. ROOK the undersigned personally inspected the following described property: All that certain piece or parcel of land situate in the Township of \Vest Pennsboro, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a set iron pin at the corner of lands now or foanedy of the Joseph S. Rook Estate North 8 degrees 44 minutes 4 seconds East 160.00 feet to a set parker kalon nail in the center of~1ount Rock Road~ thence continuing along same North 82 degrees 17 minutes 51 seconds West 110.00 feet to a set parker kalon nail in the center of~fount Rock Road and Lefever Road~ thence continuing along center of Lefever Road and lands now or formerly of Big Spring School District North 47 degrees 48 minutes 24 seconds East 1,0$5.11 feet to a set iron pin at the comer of land now or fonnerly owned by Big Spring School District and land now or fonnerly of Paul E. and Elinore J. Boyles; thence continuing along land now or formerly of Paul E. and Elinore J. Boyles South 77 degrees 56 minutes 25 seconds East 47.25 feet to an existing railroad spike at the corner of land now or formerly owned by Paul E. and Elinore 1. Boyles and land now or formerly of Tert")l G. and Brenda H. Daniel; thence along land now or formerly owned by Terry G. and Brenda H. Daniel South 12 degrees 8 minutes 17 seconds West 586.00 feet to a set concrete monument~ thence continuing along same South 38 degrees 0 minutes 17 seconds East 466.16 feet to a set iron pin; thence continuing along same South 44 degrees 36 minutes 39 seconds West 104.00 feet to an existing railrQad spike in the center of Mount Rock Road~ thence along other lands of the Joseph S. Rook Estate South 82 degrees 40 minutes 23 seconds West 475.00 feet to a set iron pin~ thence continuing along same North 64 degrees 34 minutes 49 seconds West 426.38 feet to the point and place of beginning. Containing more or less 12.2801 acres. Together with house, barn and other buildings and improvements. Together with easement for waterline across other lands of Rook and across lands conveyed to Big Spring School District. To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the ~1arket Value as of August 13, 2001 is: T\VO HUNTIRED MTI EIGHTY-NINE THOUS~1\JD DOLLARS $289,000 3 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. ~"~' /"'~- , A j.f/,,~f" ' '.#',' t. /". JV C li ", c__/(;../ Larry . Foote Certified General Appraiser GA-000014-L 4 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the subject property as of August 13, 2001. Market Value, as defined by the courts, is the most probable price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time finding a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used. Frequently, it is referred to as the price at which a 'willing seller would sell and a willing buyer would buy, neither being under abnonnal pressure. HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as '"the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that the present use of the improvements and possible subdivision of building lots along Lefever Road is its Highest and Best Use. 5 SITE DATA ADDRESS: 101 ~lount Rock Road TOWNSHIP: Vvest Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: Approximately 12.2801 acres. SEWERS: Two on-site septic systems. WATER: Public utility. ELECTRICITY: PP&L L~~SCAPING: Typical for the area, with a sodded lawn, trees and shrubs. ZONING: Residential District. DETRL~ENTAL mFLUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IMPRO\i'"EMENTS GENERAL DESCRIPTION: Two-story detached single-family dwelling containing approximately 2,950 square feet of gross living area above grade. CONDITION: Exterior: Good Interior: Average ROO~IS: First Floor: Living room, parlor, kitchen, dining room, laundry room and full bathroom. Second Floor: Five bedrooms and a full bathroom. Basement: One-half basement with concrete floor. 6 EXTERlOR: Foundation: Walls: Sash: Gutters: Roof: Storm units: Stone Stone Wood-framed~ single-hung. Aluminum~ painted. Asphalt shingles. Combination throughout. Ceilings: Yellow pine, carpet and vinyl. Plaster, with the exception of wood paneling in one bedroom. Plaster, with the exception of acoustical tile in one bedroom. Wood, painted. INTER10~ PRINCIPAL ROOMS: Flooring: Walls: KITCHEN: Cabinets: Counters: Walls: Flooring: Sink: Trim: W ood~ stained and varnished. Formica Wood paneling and painted plaster. Vinyl Double-bowl, stainless steel. Flooring: Carpet or vinyl. Walls: Formica and painted plaster. Bathtub: Built-i~ with shower or shower stall. Lavatory: Vanity Water closet: Two-piece. Medicine cabinet: Built-in BATHROOMS: CONSTRUCTION: Joists: Beams: Columns: Plumbing: HEATING: Steam, oil-fired. Wood Wood Steel Iron and copper. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-ampere. OTHER: The dwelling has two concrete porches and a concrete block patio. Also located on the site is a stone barn, two silos, butcher house, chicken house, three-car garage, com crib, milk house and a hog pen. GENER.<\L CONDITION: The dwelling is considered to be in good condition on the exterior and average condition on the interior, with the exception of some cracked walls and ceilings in the bedrooms. The kitchen and bathrooms have been remodeled and the mechanical systems 7 appear to be adequate and functioning properly. The farm buildings are considered to be in average to good condition. 8 THE COST APPROACH The Cost Approach to value is based on the principle of substitution, which proposes that an informed buyer will pay no more than the cost of providing a substitute property with similar utility. In estimating the cost of providing a substitute, the following functions are completed. The cost of the improvements, as if new, is estimated. Loss of value due to physical deterioration, functional obsolescence and external depreciation, if applicable, is deducted to represent the cost of a substitute depreciated. The land and the value of depreciated site improvements is added to obtain a value indication of the real estate. The cost new of the improvements was estimated using information from 1\1arshall Valuation Service, adjusted to the local area and verified with local contractors. Ow'elling: 2,950 sq. ft. @ $87.44 = Basement: 560 sq, ft. @ $12.53 = Porches and patio: Barn and other farm buildings: Total Estimated Cost New: Depreciation: Depreciated Cost of Improvements: Misc. Site Improvements 4'as is": Estimated Site Value: $257,948 7,017 2,9 10 ]47,775 415,650 -207.825 207,825 10,000 74,000 Indicated Value by Cost Approach: $291,825 Rounded to: $292,000 9 SALES COl\lPARlSON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration \'\'as given and adjustments 'were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follo\\'5: SALE NO.1: Location: Date of Sale: Sale Price: Size: Unit Price: SALE NO.2: Location: Date of Sale: Sale Price: Size: Unit Price: SALE NO.3: Location: Date of Sale: Sale Price: Size: Unit Price: 165 Creek Road, Newville. July 30, 200 l. $270,000 2,600 square foot farmhouse with guest house on 15.00 acres. $103.85 per square foot. 1970 Enola Road, Carlisle. June 12, 2001. $296,000 2,288 square foot farmhouse, barn and other buildings on 12.56 acres. $129.37 per square foot. 11] 1 Doubling Gap Road, Newville. December S, 2000. $235,500 3,464 square foot farmhouse, barn and other buildings on 7.56 acres. $67.98 per square foot. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $289,000. 10 ITEM Address Proximity to Subject Sale Price: Price i Sq. Ft. GLA Data Source ADJUSTMENTS Salc:s or Financing Concessions Date of Sale,' Time Location Site! View Design and Appeal Construction Age Condition Above Grade Room Count Gross Living Area Basement &Finished Rooms Below Grade Functionall'tility Heatine: ,I Coolin~ Garage j Caroort Porches.. Patios Pools. etc. Special Energy Efficient Items Fireplace(s) Other (e.g. kitchen equip., remodeling) N~ Adj. (total) Indicated Value ofSubiect SlJBJECT 101 Mt. Rock Road N e",,,ille S~~LES COl\IPARISON AN~t\L '.SIS COJ\,fPARABLE #1 165 Creek Road Newville C01-1PARABLE #2 1970 Enola Road Carlisle . :::,:,,::,:<< <: "'"< ,.:. <:. .... .... <....:. N " I:':.',::::,:. $270000 .:.:::<: ::. .:. :::<::1 $"96' 000 , . ..'"\, r."::":::',::<:::,:,,:,::'::: r. ." ::.:.,. .", .:" :::::;<. : .:....:.. '-::.: :[ - , N,A. $103.85 t:<:;....'....:<:;::.::\..:....; $129.31 p.>..:,.......: Inspection Central Penn \fLS Central Penn MLS DESCRIPTION DESCRIPTION ..... <':::.::'): ~':'" ::::..;::::: None [:..:::..::::.-.:::: ::,,::::::"'::::'::'::: :.:'::. Asof8-134l1 7-30-01 Average Inferior 12.2Sacres 15.00acr~ 2-5101')" detached Similar Stone 221 years Average to good Tot. Bed. Ba1l1 9 5 Stone 201 years Superior Tol Bed. Bath S Adjust. +27,000 -13,600 -27,000 21'2 +3.000 DESCRIPTION None 6-12-01 Supt.--rior 12.56 acres Similar Stone 151 years Similar Tat. Bed. Bath COrvfPARABLE #3 1111 Doubling Gap Road Newville 1-)' ".".;.:: :::,1 $235,500 .:.'<{ $67.98 F,:"..?:?;.7J7: Central Penn MLS $ Adjust. -29.600 -2.000 +26.500 T 3000 -1.000 -2.000 -5.100 $290.900 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $289,000 2.950 square teet One-half basement A vera,ge Oil-ftred steam 3-car g-arae:e Two porchc:s and a patio. Typical for the region. None Remodeled. Bam and other farm bldgs. ..::-.:..:.: '::'..:.::- .;.....;:::... :'.:- ',.:=- '.;:::,::.::.: ::-: .;. ;':-:.:::;:::. : tn' .::- ... 2 7 3 2,600 square feet Similar Similar Heat pump 2-car garage Two porches Similar 5 ftreplaces Remodeled. Guest house. ":'.':'/::";' "'::.:: .'. :.;.: ':-::'<"::':-:'::::";;::-:::':.... '......,:::. + 14.000 -3,000 +3.000 -r500 -5.000 +20,000 -+- 18.900 $288.900 9 5 2. 21.2S 2.288 square feet Similar Similar Oil hot water 2-car garage Porch. balconv, pond. Similar 2 fIreplaces Remodeled. Barn and other fann bldgs. '.;.:'.::.:.:.".::): . .')0:.'::"'" .... :;,;..::..\:;::,.:. ..:. :<:'. ." .;. .. ':::. ":'.:::' .. .:.:-c.::.' 11 DESCRIPTION None 12-5-00 Inferior 7.56 acres Similar Brick HI years Similar Tot Bed. S 4 3,464 square feet Similar Similar Oil hot wtr. wlC.A 3-car eardge Porch. 2 sun rooms. 2 oonds. Similar 5 fireplaces Remodeled. Barn and other fann bldgs. ': :>:.'::::: ":::::'':::;.: :"':': .:....:...,: :.-:.:..::::.::.:.:...:....;. ::>::,,:::':::':: :.:.::' $ Adjust. +23.600 T23.600 +IQ,OOO Bath 3 -20,600 -3.000 -5.000 +5,000 +33,600 $269.100 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the follow.ing approaches to value your appraiser used: Value Indicated by Cost Approach Value Indicated by Sales Comparison Approach $292~OOO $289~OOO These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. The value of the cost approach is not disregarded, but given less weight because more errors in judgment can be made in this approach. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. Therefore, as a result of this appraisal and analysis~ it is this appraiser's considered judgment and opinion that the ~farket Value of the subject property, as of August 13, 2001, is: TWO HUNDRED AND EIGHTY-NINE THOUSAND DOLLARS $289,000 12 UNDERLYL~G ASSU~IPTlONS AND LIl\HTING CO~DITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsil;>ility for accuracy can be assumed by me. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. 7. 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 he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the infonnation available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 13 CERTIFICATE OF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. 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. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. ~ly engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. 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. 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal F oundatio~ and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 14 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. /~~~.""t v. "4/ '.' ,.;j' ,: ... ,'/"4.' f . '/ ;;:7)'u. ,-",./'0i. . Larry . Foote C ertitied General Appraiser GA-OOOO 14-L 15 LARRY E. FOOTE REAL ESTATE APPR~JSER EXPERIENCE: 1979-Prcscnt: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker. Colonial Realty, Carlisle. Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes. motels, apartment buildings and complexes, office buildings, service stations. veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GR! I, GR! II, GRI III. Certificate, Realtors National Marketing Institute, Cl101, Cl 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles~ American Institute of Real Estate Appraisers. Residential Valuation~ American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-OOOO 14-L, Commonwealth of Pennsylvania. Real Estate Broker #RB~029729-A. Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, 3\"~;arded by the Realtors Nationall\1arketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association of Realtors Appraisal Section. Carlisle Association of Realtors. Penns)lvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 16 PAST CLIENTS: Borough of Carlisle Keystone Financiall\.1ortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members 1st Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith'5 Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Senlces Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F &M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC rvfortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Various law firms and indhiduals 17 --- I i." PHOTOGRAPHS OF THE SC13.JECT PROPERTY 18 -- -- ii/ ;./ ------------.. ------- / I ! / .~~ ~.,-,-.,.._~' PHOTOGRAPHS OF THE Sl"B.JECT PROPI~RTY 19 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG. PA 17128-0601 REV-1162 EX( 11-96) RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT DAVIS HAMILTON C POBOX 040 SHIPPENSBURG, PA 17257-0040 _n__n_ fold ESTATE INFORMATION: SSN: 203-10-4626 FILE NUMBER: 2101-0766 DECEDENT NAME: ROOK MARALEE G DA TE OF PAYMENT: 05/15/2002 POSTMARK DATE: 05/13/2002 COUNTY: CUMBERLAND DATE OF DEATH: 08/13/2001 NO. CD 001178 ACN ASSESSMENT CONTROL NUMBER AMOUNT 202 I $4,043.93 I I I I I I I I TOTAL AMOUNT PAID: $4,043.93 REMARKS: JOSEPH S ROOK C/O HAMILTON C DAVIS ESQUIRE CHECK# 178 SEAL INITIALS: CW RECEIVED BY: REGISTER OF WILLS MARY C. LEWIS REGISTER OF WILLS COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES DEPT. 280601 HARRISBURG, PA 17128-0601 REV-1162 EX(11-96) RECEIVED FROM: PENNSYLVANIA INHERITANCE AND ESTATE TAX OFFICIAL RECEIPT DAVIS HAMILTON C POBOX 040 SHIPPENSBURG, PA 17257-0040 ___n___ fold ESTATE INFORMATION: SSN: 203-10-4626 FILE NUMBER: 2101-0766 DECEDENT NAME: ROOK MARALEE G DA TE OF PAYMENT: 05/15/2002 POSTMARK DATE: 05/13/2002 COUNTY: CUMBERLAND DATE OF DEATH: 08/13/2001 NO. CD 001177 ACN ASSESSMENT CONTROL NUMBER AMOUNT 101 I $36,563.07 I I I I I I I I TOTAL AMOUNT PAID: $36,563.07 REMARKS: JOSEPH S ROOK C/O HAMILTON C DAVIS ESQUIRE CHECK#177 SEAL INITIALS: CW RECEIVED BY: REGISTER OF WILLS MARY C. LEWIS REGISTER OF WILLS /7 -(- ~ ~ BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. 280601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE NOTICE OF INHERITANCE TAX APPRAISEHENT" ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSHENT OF TAX DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 07-01-2002 ROOK 08-13-2001 21 01-0766 CUMBERLAND 101 '02 ulJL -C) , , c.; .HAMILTON C DAVIS ZULLINGER DAVIS PO BOX 40 SHIPPENSBURG \,. PA 1(7~~1' * REV-1547 EX AFP (o1-D2) MARALEE G Allount Rellitted ) CHANGED (1) (2) (3) (4) (S) (6) (7) 160,775.00 112,852.42 .00 .00 22,862.65 33,750.00 603,320.97 (8) MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE" PA 17013 CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~ REY:is'4-j-Ex-AFP--fol-:02i--NOy-iCE--oF-INHEifiTAifci-TAjrA-PPRA-isEi'-ENT~--ALi-oWAN-CE-oi----------------- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX ESTATE OF ROOK MARALEE G FILE NO. 21 01-0766 ACN 101 DATE 07-01-2002 TAX RETURN WAS: (X) ACCEPTED AS FILED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) 3. Closely Held Stock/Partnership Interest (Schedule C) 4. Hortgages/Notes Receivable (Schedule D) 5. Cash/Bank Deposits/Hisc. Personal Property (Schedule E) 6. Jointly Owned Property (Schedule F) 7. Transfers (Schedule G) 8. Total Assets APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funeral Expenses/Adll. Costs/Hisc. Expenses (Schedule H) 10. Debts/Hortgage Liabilities/Liens (Schedule I) 11. Total Deductions 12. Net Value of Tax Return 13. Charitable/Governllental Bequestsj Non-elected 9113 Trusts (Schedule J) 14. Net Value of Estate Subject to Tax 54,976.30 66.071.97 (11) (12) (13) (14) (9) nO) NOTE: To insure proper credit to your account" subllit the upper portion of this forll with your tax paYllent. 933,,561.04 121.048 27 812,,512.77 .00 812,,512.77 NOTE: I~ an assessment was issued previously, lines 14, 15 and/or 16, 17, 18 and 19 will re~lect ~igures that include the total o~ ALL returns assessed to date. ASSESSMENT OF TAX: 15. Allount of Line 14 at Spousal rate 16. A.ount of Line 14 taxable at Lineal/Class A rate 17. Allount of Line 14 at Sibling rate 18. Allount of Line 14 taxable at Collateral/Class B rate 19. Principal Tax Due TAX CREDITS: (15) .00 X 00 = .00 (16) 812,,512.77 X 045 = 36,563.07 (17) .00 X 12 = .00 (18) .00 X 15 = .00 (19)= 36,,563.07 r",nr;1'I1 rce",e.Lr" n (+J DATE NUMBER INTEREST/PEN PAID (-) AMOUNT PAID 05-13-2002 CDOOl177 .00 36,,563.07 TOTAL TAX CREDIT 36,,563.07 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 . IF PAID AFTER DATE INDICATED" SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1" NO PAYHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT"" (CR)" YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS.) ./ /'7-/-6- BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. Z80601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT * REY-IU7 EX AFP (01-03> HAMILTON C DAVIS ZULLINGER DAVIS PO BOX 40 SHIPPENSBURG '03 JUL 11 1\11 :28 DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 07-07-2003 ROOK 08-13-2001 21 01-0766 CUMBERLAND 202 MARALEE G Aatount Relli tted C~:. CM Yi~1257 MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, subllit the upper portion of this forll with your tax paYllent. CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~ REY=i6ifj-Ex-AFP--coi"".:03.r------...--iNifERITANCE--YAif-STA-fEME-tiY-Or=-ACCouiif--.-..---------------- ----- ESTATE OF ROOK MARALEE G FILE NO. 21 01-0766 ACN 202 DATE 07-07-2003 THIS STATEMENT IS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN THE NAMED ESTATE. SHOWN BELOW IS A SU""ARY OF THE PRINCIPAL TAX DUE, APPLICATION OF ALL PAYMENTS, THE CURRENT BALANCE, AND, IF APPLICABLE, A PROJECTED INTEREST FIGURE. DATE OF LAST ASSESSMENT OR RECORD ADJUSTMENT: 07-07-2003 P R I NC I PAL TAX DUE: ........................................................................................................................................................................................................................... .00 PAYMENTS (TAX CREDITS): PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) TOTAL TAX CREDIT .00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 . IF PAID AFTER THIS DATE, SEE REVERSE TOTAL DUE .00 SIDE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS. ) BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. 280601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE INHERITANCE TAX STATEMENT OF ACCOUNT * REV-li07 EX iFP COI-DS) Fiue: '03 JUL 11 (\1 f '~'9 :11 i .L DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 06-30-2003 ROOK 08-13-2001 21 01-0766 CUMBERLAND 201 MARALEE G HAMILTON C DAVIS ZULLINGER DAVIS PO BOX 40 SHIPPENSBURG Allount Rellitted L..... C'~ j 11-7-25-7 MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, subllit the upper portion of this forll with your tax paYllent. CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~ REY=ic;o-f-ix-AFP--roi-:oii-------...--iNifERITANc'E--yAX-STA-fEMENy-ifF-ACCouiif--...--------------------- ESTATE OF ROOK MARALEE G FILE NO. 21 01-0766 ACN 201 DATE 06-30-2003 THIS STATEHENT IS PROVIDED TO ADVISE OF THE CURRENT STATUS OF THE STATED ACN IN THE NAHED ESTATE. SHOWN BELOW IS A SUHHARY OF THE PRINCIPAL TAX DUE, APPLICATION OF ALL PAYHENTS, THE CURRENT BALANCE, AND, IF APPLICABLE, A PROJECTED INTEREST FIGURE. DATE OF LAST ASSESSMENT OR RECORD ADJUSTMENT: 06-30-2003 P R I NC I PAL TAX DUE: ...........m......m....m....................m............m...................m.....m....m.....mm..m..m.......................................m..._.....m...m.....m...m................ 4,043.93 PAYMENTS (TAX CREDITS): PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) 05-13-2002 CD001178 .00 4,043.93 TOTAL TAX CREDIT 4,043.93 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 . IF PAID AFTER THIS DATE, SEE REVERSE TOTAL DUE .00 SIDE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYHENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT-- (CR), YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FOR" FOR INSTRUCTIONS. ) HAMILTON C DAVIS ZULLINGER DAVIS PO BOX 40 SHIPPENSBURG COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE NOTICE OF DETERMINATION AND ASSESSMENT OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER fic;c:,:' ,u.DATE He" ESTATE OF DATE OF DEATH FILE NUMBER .03 JUL 11 All :F9UNTY ACN *' BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. Z80601 HARRISBURG, PA 171Z8-0601 REY-756 Ell AfP (01-02) 07-07-2003 ROOK 08-13-2001 21 01-0766 CUMBERLAND 202 AIIount Relli tted MARALEE G l..~; ~ j PA 17257CUlnb~ MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE1 PA 17013 NOTE: To insure proper credit to your accountl subllit the upper portion of this forll with your tax payment. CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR FILES ~ REY=736-EX-AFP--[oi:.-oii-----..-NoYic'E--oF--UETERMINATIiii-ANIi-isSESSMENy----------------------------- OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL CLOSING LETTER .. ESTATE OF ROOK MARALEE G FILE NO.21 01-0766 ACN 202 DATE 07-07-2003 ESTATE TAX DETERMINATION 1. Credit For State Death Taxes as Verified 40,607.00 2. Pennsylvania Inheritance Tax Assessed (Excluding Discount and/or Interest) 361563.07 3. Inheritance Tax Assessed by Other States or Territories of the United States (Excluding Discount and/or Interest) .00 4. Total Inheritance Tax Assessed 36..563.07 5. Pennsylvania Estate Tax Due 4..043.93 6. Amount of Pennsylvania Estate Tax Previously Assessed Based on Federal Estate Tax Return 4,043.93 7. Additional Pennsylvania Estate Tax Due .00 TAX CREDITS: PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) TOTAL TAX CREDIT .00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 -IF PAID AFTER THIS DATE, SEE REVERSE SIDE (IF TOTAL DUE IS LESS THAN $11 NO PAYHENT IS REQUIRED FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORH FOR INSTRUCTIONS.) /"" ~--- / - / "- '~".J ~. BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. 280601 HARRISBURG, PA 17128-0601 COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE NOTICE OF DETERMINATION AND ASSESSMENT OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL ESTATE TAX RETURN '* REY-~83 Ell AFP [01-D5) Rec,~. ~rr_~~: '. ' RCL, .03 JUN 30 A 7 :59 DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 06-30-2003 ROOK 08-13-2001 21 01-0766 CUMBERLAND 201 MARALEE G HAMILTON C DAVIS ZULLINGER DAVIS PO BOX 40 SHIPPENSBURG C,ii:;iT PA 1 f2l~fbL. lb. Allount Rellitted MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 NOTE: To insure proper credit to your account, subllit the upper portion of this forti with your tax paYllent. CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR FILES ~ REY=483-EX--AFP--(oi:iiii-----..-NifficE"-oF--liETi-iMINATiOti-AN-li-ASSESSMENY----------------------- ----- OF PENNSYLVANIA ESTATE TAX BASED ON FEDERAL ESTATE TAX RETURN .. ESTATE OF ROOK MARALEE G FILE NO.21 01-0766 ACN 201 DATE 06-30-2003 ESTATE TAX DETERMINATION 1. Credit For State Death Taxes as Verified 40,607.00 2. Pennsylvania Inheritance Tax Assessed (Excluding Discount and/or Interest) 36,563.07 3. Inheritance Tax Assessed by Other States or Territories of the United States (Excluding Discount and/or Interest) .00 5. Pennsylvania Estate Tax Due 36,563.07 4,043.93 4. Total Inheritance Tax Assessed TAX CREDITS: PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) 05-13-2002 CDOO1178 .00 4,043.93 TOTAL TAX CREDIT 4,043.93 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 -IF PAID AFTER THIS DATE, SEE REVERSE SIDE (IF TOTAL DUE IS LESS THAN $1, NO PAYHENT IS REQUIRED FOR CALCULATION OF ADDITIONAL INTEREST. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU HAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) STATUS REPORT UNDER RULE 6.12 Name of Decedent: Maralee G. Rook Date of Death: 08/13/2001 Estate No. 2001-00766 Pursuant to Rule 6.12 of the Supreme Court Orphans' Court Rules, I report the following with respect to completion of the administration of the above-captioned estate: 1. State whether administration of the estate is complete: Yes --=- NoX 2. If the answer is No, state when the personal representative reasonably believes that the administration will be complete: September 2003. 3. If the answer to No.1 is Yes, state the following: a. Did the personal representative file a final account with the Court? Yes_ No_. b. The separate Orphans' Court No. (if any) for the personal representative's account is: c. Did the personal representative state an account informally to. the parties in interest? Yes_ No_ d. Copies of receipts, releases, joinders and approvals of formal or informal accounts may be filed with the Clerk of the Orphans' court and'may be attached to this report. ~t (! J~ '7 J IIID3 f ,; ~ Date: 'Y:!Un~J ;~':'l Hamilton C. Davis, Esquire P.O. Box 40 Shippensburg, P A 17257 (717) 532-5713 SO: [ d l1 lnr [0. Capacity: _ Personal Representative XX Counsel for Personal Representative REV-1500 OFFICIAL'60NLY INHERITANCE TAX RETURN . .. J 7 - 1- COMMONWEALTH OF PENNSYLVANIA ] FILE NUMB2E1R 01 0766 DEPARTMENT OF REVENUE RESIDENT DECEDENT HARR1S~~;;;. ~~0610;128-0601 I COUNTY CODE YEAR NUMBER ----- '.---' - ----- ,.---,"----- ~----- ---,-,.._------,- -----'----- --_._~-----_._- ---- ----_._-----.._---_._-~.._-_._,- '--DECEDENTS NAME (LAs~-FTRST, AND MIDDLe INITIALr------- ____no n__ -----'. -- ----.------ - ---SOCIALSECURrrtNuMBER - -------- '---- Rook, Maralee G. 203-10-4626 ~~~=7(MM=DD-YEAR) --~ -r~A;;;:~~r>1rVmIJ-YEARf-- --- - ~---- --rHISRETURNMUSTBEFlLEDINDUPLICATEWlTHTHE \ (IF APPlicABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL) ~~ -- --- - ~- +-SOCIAL SEc~~~'~l~~ ~~WILLS_ ~.- I nJa, - ~-lriX1. Original Return- ~---'-oX~Supplemeirtal Return .. -~---~.- ~-tJ X3. RemainOerRelUn11daTeOTifeaffipnorfOTZ:13=82)- w ... ~~~ ~15g ulfiil I>. c( REV _ 1501 EX + (6-00) . .. .... "'z Ww II:c II:z 00 01>. . ... z w c w o w c It-- o X 4a. Future Interest Compromise (date of death after 12-12-82) ~ X 6. Decedent Died Testate (Attach copy Pi' X 7. Decedent Maintained a Living Trust (Attach -I- 8. Total Number of Safe Deposit Boxes of Will) copy of Trust) o X 9. Litigation Proceeds Received 0 X 10. Spousal Poverty Credit (date of death between 0 X 11.Election to tax under Sec. 9113(A) (Attach Sch 0) _ _ _~_____12-31-91_andl-1-95) _.____~_______________ THIS SECTIOt,rMUST BE COMPLETED. AU. CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: ~ AME COMPLETE MAILING ADDRESS Hamilton C. Davis 3. Closely Held Corporation, Partnership or Sole-Proprietorship z o ;:: 5 ::> ... a: c( o W II: 4. Mortgages & Notes Receivable (Schedule D) 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) 6. Jointly Owned Property (Schedule F) o ',Separate Billing Requested 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G or L) 8. Total Gross Assets (total Lines 1-7) 9. Funeral Expenses & Administrative Costs (Schedule H) 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) o X 4. Limited Estate IS! X 5. Federal Estate Tax Return Required FlRM--NAME-(ifapplicable)--- ---" -----.----------.--.-- 20 East Burd Street, Suite 6 , Zullinger - Davis P.O. Box 40 ~ELEPHONENUMBER'" -- -- - -- --~~- - -I Shippensburg, PA 17257 717/532-5713 ~- -==h. Real Est;; (SC~e~~le~) ---------=----=--=---- (1) ~---=--- 160,775.00 ~--=- c-OFFlCiAL~SEONL~----C-----= I 2. Stocks and Bonds (Schedule B) (2) - - - 112,852.42- r" 11. Total Deductions (total Lines 9 & 1 0) 12. Net Value of Estate (Line 8 minus Line 11) (3) (4) None None (5) 22,862.65 -- -----..-----.-------.- (6) 33,750.00 ---..-- - ---------- (7) 603,320.97 '....._' (8) 933,561.04 (9) 54,976.30 ------..- -" --'-_..--- (10) 66,071.97 (11 ) 121,048.27 812,512.77 (12) (13) 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) 14. Net Value Subject to Tax (Line 12 minus Line 13) (14) 812,512.77 SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116(a}(1.2} z o ;:: i! ::> I>. :E o o ~ 16.Amount of Line 14 taxable at lineal rate 17. Amount of Line 14 taxable at sibling rate 18. Amount of Line 14 taxable at collateral rate x .00 (15) 812,512.77 x .045 (16) 36,563.07 19. Tax Due x .12 (17) x .15 (18) (19) 36,563.07 20. 0 ,CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. >> BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH<< Copyright 2000 form software only The Lackner Group, Inc. Form REV-1500 EX (Rev. 6-00) ,Decedent's Complete Address: STREET ADDRESS 101 Mount Rock Road CITY Newville mUST A fEp A- -, ZIP 17241 i Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount (1 ) 36,563.07 Total Credits (A + B + C) (2) 0.00 3. InteresUPenalty if applicable D. Interest E. Penalty TotallnteresUPenalty (D + E) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 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. A. Enter the interest on the tax due. B. Enter the total of Line 5 + SA. This is the BALANCE DUE. (3) (4) 0.00 (5) (SA) (5B) 36,563.07 36,563.07 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;............................................................................. 0 ~ b. retain the right to designate who shall use the property transferred or its income;................................. 0 ~ c. retain a reversionary interest; or............................................................................................................ 0 ~ d. receive the promise for life of either payments, benefits or care?......................................................... 0 ~ 2. If death occurred after December 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?...... 0 ~ 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation?................... .................................................................. ....... .................. ~ 0 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. Under penalties of pe~uiY,Tdeclare thatThave examined this return. inCtudingaccompanying schedules and statements, and to the bElstofmy knowledge and belieCitls tru~COlTect -and complet..---' Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. ""A' 'O"'''O'"2~'<OR'''~~~_:: ~Jt~l1C~~fd= = = ~ ~ =m'~l ;~"~~ - . -ADURESS- --- - --' -.- 20 East Burd Street, Suite 6 P.O. Box 40 Shippensburg, P A 17257 -- .-- DlITE'----- osll ~/tJ '.2. For dates of d th on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% [72 P.S. 99116 (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% [72 P.S. 99116 (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 twenty-one 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% [72 P.S. 99116 (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%, except as noted in 72 P.S. 99116 1.2) [72 P.S. 99116 (a) (1)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. 99116 (a) (1.3)]. A sibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. *' SCHEDULE A REAL ESTATE COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Rook, Maralee G. I FILE NUMBER 21-01-0766 -"._-~."--_._---_..,----_."_._---_._--,._------'-~------'..._- ----_._------_._-------_.._------~---~..__._-- 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 whicli is jointly-owned witn right of survivorship must \)e disclosed on schedule F. ITEM NUMBER -~.r-.- VALUE AT DATE OF DEATH 1/2 Interest inResfdence less25o/~ Ten.ants in Common Discount(See attached-computation arid--~ ~~-T01,775.00- appraisals). DESCRIPTION 2 Real Estate (Appraisal from Larry Foote, Certified General Appraiser See attached) Parcel No. 6,000.00 46-20-1758-057 A 3 Real Estate (Appraisal from Larry Foote, Certified General Appraiser See attached) Parcel No. 5,000.00 46-20-1758-067 4 Real Estate (Appraisal from Larry Foote, Certified General Appraiser See attached) Parcel No. 9,500.00 46-20-1758-072 5 Real Estate (Appraisal from Larry Foote, Certified General Appraiser See attached) Parcel No. 30,000.00 46-20-1758-077 6 Real Estate (Appraisal from Larry Foote, Certified General Appraiser See attached) Parcel No. 8,500.00 46-08-0591-00 I TOTAL (Also enter on Line 1, Recapitulation) 160,775.00 *' SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN , RESIDENT DECEDENT L _~______________ __ _____________n.__ ________ --- _._-----_.._-_._..-.._-_._~--..~.,----_..,-_.._----_.-- ---.-.---.----- ESTATE OF Rook, Maralee G. .L_______________________ -------lFiLENUMBER----- ---- 21 - 01 - 0766 - --- -- -- - ----- ---- - --- --~--------------- All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM T-- -- ---- ----- - ---------------------r--------'VALUEATDATE ___NUM~ER_.__ _ ___ _ ___ ~ESCRIPTION ___n___~l~NIT VALUE I _ _OF DEATH 1 Adams County National Bank Stocks (from Farmers National Bank Acquisition) i - f8.TTr--14,325.00 791 total shares x $18.11 per share ! 2 Mercersburg Financial Corporation 2100 total shares x $45.00 per share 45.001 94,500.00 I 3 T. Rowe Price Stock 158 total shares x 20.63 20.63 3,259.54 4 Prudential Financial Stock 27 total shares x 28.44 28.44 767.88 ----- ---------------- TOTAL (Also enter on line 2, Recapitulation)--- -0-- 112,852.42 . SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT -~ ESTATE OF Rook, Maralee G. FILE NUMBER 21-01-0766 ~.._-_...._-._-----------_._.._----_..._---_._.__.._-._------- 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 NUMBER ----1- -------------.------ -~.__._-.._-.- DESCRIPTION VALUE AT DATE OF DEATH ---18-,119.-00 Contents of Home Per Appraisal (see attached) 2 Certificate of Deposit -First Union 2,648.61 3 Pennsylvania State Income Tax Refund 41.67 4 Farmers National Bank /Adams County National Bank Checking Account, Account No. 128503 1,505.13 5 M&T Checking Account, Account No. 8892443550 520.49 6 AARP Refund 27.75 ---___________n_____._____________.._______._______ TOTAL (Also enter on Line 5, Recapitulation) 22,862.65 *' SCHEDULE F JOINTLY-OWNED PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT I ~-_..-._-_._- -'E!:iTATE O~-- ------- Rook, Maralee G. ---~-rLE NUMBER-- 21-01-0766 -----------------------.------------..------ -------~----_._._---,_._-- --,_._---_._,_.~ 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 -~Joseph S. RoOk,.rr:--- ~ ADDRESS RELATIONSHIP TO DECEDENT 6326 McCue Roicr---- Holt, MI 48842 Son JOINTLY OWNED PROPERTY: -ITE-M--f LEifER -~~~- ~I 1--d----OfESCRfi ~PTII . Ot~t OtF PROd~b k - ---t --b I DAT-E OF DEAT-H II % OFGATE OF DEATH- FOR JOINT' MADE nc ~ ~ n~me '? ,mancla ms I U Ion an an ,a~coun num er, , DECO'S ' VALUE OF NUMBER _". TENANT I JOINT ,or similar IdentIfying number. Attach deed for JOintly-held real I. VALUE OF ASSET I'NTERES~ D~ECEDENrs INTEREST , 'estate. , , --~----_.~-----+-----_.._-----_._-----_.~-+"_._-_. -"-- ---.- - 1 i A 1992 1500 Shares of Mercersburg Financial Stock . 67,500.00 50% 33,750.00 I \ _ __I_~ ___ _ __.l~____~___ TOTAL (Also enter on line 6, Recapitulation) 33,750.00 SCHEDULE G INTER-VIVOS TRANSFERS & COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN I' MISC. NON-PROBATE PROPERTY L RESIDENT DECEDENT _.__~_____.___._ _____L___.______._~__"___..____._~______________.._._._.. --------.--..-.,---~-.-.-.- ESTATE OF' .--.-..------- --------------------IFILENUMBER-- ---- . Rook, Maralee G. 21-01-0766 _...__.__ ..__..___..______.__.______.___________.___.--L_._.._________.__._ This schedule must be completed and filed if the answer to any of questions 1 through 4 on page 2 is yes. --.-\--.--.-----..--------------,..--.-.,-- . I ..------------ ITEM . DESCRIPTION OF PROPERTY DATE OF DEATH' % OF . I . Include t.he name of the transferee, their relationship to deced. ent and the date of transfer., F .T:I,~E CD'~E.. XCLU SIO.N. " T. AXA. BLE.. V AWE NUMBER Attach a copy of the deed for real estate VALUE 0 ASSE (IF APPLICABLE) . INTEREST I -1- Revocable IllterVivos Trust (417563608) (See attached---t- 276,535.90 100o/~ . -------- 276,535.90- I I valuation and copy of Trust Agreement) I 5 Revocable Intervivos Trust (417560604) (See attached I 100% 298,785.071 . valuation and copy of Trust Agreement) \ January 200 I Gifts - Joseph S. Rook, Jr., Son 10,000.00' 100% 3,000.00\ January 2001 Gifts - Susan Rook, Daughter-in-law 10,000.00 100% I 3,000.00 I I January 2001 Gifts - Clarice R. Dieter, Daughter 10,000.00, 100% 3,000.001 I 10,000.00 I I January 2001 Gifts - Charles Dieter, Son-in-law 100% 3,000.00 298,785.07 2 3 7,000.00 4 7,000.00 7,000.00 6 7,000.00 _______---.-1__.._ ___..---l --_______._____ TOTAL (Also enter on line 7, Recapitulation) 603,320.97 . SCHEDULE H FUNERAL EXPENSES & ADMINISTRA TIVE COSTS COMMONWEALTH OF PENNSYLVANiA iNHERiTANCE TAX RETURN RESiDENT DECEDENT ~.-- ----_._--_._,.._---_._-----~ --.---..------...----------..--- ..-- --~_.._-_.._------_._--_._-,..._--_..._--- -----------.._-- I FILE NUMBER i 21-01-0766 ------.--------..--...---.-----------.------.------.----'- ESTATE OF Rook, Maralee G. Debts of decedent must be reported on Schedule I. -----rr'EMI- --~ ---- -- -- - - DESCRIPTION - - -~ - NUMB~ ~p,:--- , FUNERAL EXPENSES: 1 Egger Funeral Home . + _AMOUNT . _ _ __ 6,367.00 1. ADMINISTRATIVE COSTS: Personal Representative's Commissions B. Social Security Number(s) I EIN Number of Personal Representative(s): Street Address City State Zip Year(s) Commission paid Attorney's Fees Zullinger - Davis -- Hamilton C. Davis 2. 35,000.00 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant nta 101 Mount Rock Road Street Address City Newville Relationship of Claimant to Decedent State P A Spouse Zip 17241 4. Probate Fees Cumberland County Register of Wills 460.00 5. Accountant's Fees 6. Tax Return Preparer's Fees 7. Other Administrative Costs 1 Personal Care Expenses 72.00 2 House Maintenance 1,103.02 3 House Cleaning 924.40 Total of Continuation Schedule(s) I 11,049.88 '~'------- -- --------~._._~----- ---~------------- --j_._-----~-- ---- TOTAL (Also enter on line 9, Recapitulation)' 54,976.30 *' Schedule H Funeral Expenses & COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN Administrative Costs continued _~_~IDEN~EC~ENT-_-~_- ____ __n _____________--'----___~___ ___~ __~ 4 Utility - Sprint I FILE NUMBER I 21-01-0766 ---------T-------------- 252.43 ESTATE OF Rook, Maralee G. 5 6 7 8 9 10 11 12 13 14 15 16 17 Harrisburg Hauling 415.40 300.62 75.00 6.16 228.57 30.00 15.00 53.51 1,155.19 1,718.00 1,550.00 5,000.00 250.00 Utility - PPL Legal Advertising - Cumberland Valley Legal Journal M&T Bank Fee Kough's Oil Service Register of Wills - Short Certificates Vital Statistics - Death Certificates Utility - Newville Sewyer and Water Real Estate Taxes Eric Diffenbaugh - Professional Land Surveyor Larry Foote, Appraiser Reserve for Contingencies and Closing Costs Steve Barret, Appraisal Fee _~___~~_m___~ Page 2 of Schedule H *' SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS -' ,~--,---",-----"---,-,,,-----,-,,--"--'._--'----"~-.- -- ------._--.._,'----._------~----".._--_.,---- COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF .1. FILE NUMBER Rook, Maralee G. _ _____ ___________.________1__..E-~_=_~766______ Include unreimbursed medical expenses. ~_...-._-_._._._--------_..-._._-,._--'_..._.._---- --_.__._-----_.._----_._---_..--_._,._._-'--_.~ ITEM NUMBER --}- Federal1ncorne Tax Liability---------- ------------ DESCRIPTION AMOUNT 48,923.00 2 Pennsylvania Income Tax Laibility 5,627.00 3 Personal Care Expense 6,213.36 4 Utility - Sprint 247.61 5 The Sentinel 5.17 6 Carlisle Medical Center 188.00 7 Dennis Gotshall, Appriaser 140.00 8 Masland Associates 26.92 9 3,685.29 10 Real Estate Taxes Newville Ambulance 5.67 11 YMCA 514.64 12 M&T Bank 10.00 13 Utility - PPL 264.31 14 Vital Statistics - Vital Statistics 21.00 15 Carlisle Regional Hospital 200.00 TOTAL (Also enter on Line 10, Recapitulation) 66,071.97 . . * SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ---------------_._-_..._._~-_...__._..~-----------_._--..---.- .__.__._-_.-._._--------,._---'--~_._-_..__._- . FILE NUMBER _ L___~.~~..07~~_____ , RELATIONSHIP TO ! NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY I DECEDENT ,AMO~~~~:A ~~ARE ------+---.------------- -.--.------- - _.--+-.~QNot.ListT"'ste!!l&___ T'-----------. I. I TAXABLE DISTRIBUTIONS (include outright spousal distributions) I 1 'I Grandchildren's Trust - Ian 1. Dieter, Susan N. Dieter, Margaret R. Dieter, Grandchildren , 298,785.07 , Travis D. Rook and Benjamin J. Rook (M&T Bank Trustee) ESTATE OF Rook, Maralee G. 2 Joseph S. Rook, Jr., 6326 McCue Road, Holt, MI 48842 Son 11/2 Residue I ! 1/2 Residue 3 Clarice A. Dieter, 39792 The Narrows Road, Waterford, VA 22190 Daughter I Enter dollar amounts for distributions shown above on lines 15 through 17, as appropriate, on Rev 1500 cover she~t II. !NON-TAXABLE DISTRIBUTIONS: A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE I I B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET ____________ ____ _____ ________ __________________ .1_____ ~ Estate of Maralee G. Rook File # 21-01-0766 DaD 8/13/01 List of Attachments To Pennsylvania Inheritance Tax Return (in order of Reference) 1 - Copy of Will 2 - Calculation of Value of Decedent's Interest in Residence (with Attached Documentation and Appraisals) - Schedule A 3 - Appraisal of Other Real Estate - Schedule A 4 - Appraisal of Contents of Home - Schedule E 5 - Valuation of Revocable Trust and Copy of Trust Agreement - M&T Trust No. 417563608- Schedule G 6 - Valuation of Revocable Trust and Copy of Trust Agreement and Amendment - M&T Trust No. 417560604 ~ { ~ ~ ~ ~- ("' CERTIFIED to be a true and correct copy ./ ~ LAST WILL AND TE I, MARALEE G. ROOK of West Pennsboro Township, Cumber1and County, Pennsylvania, declare this to be my Last Will and Testament and revoke any will or Codicil previously made by me. ITEM I: I direct that all my just debts and funeral expenses, including my gravemarker and all expenses of my last illness, shall be paid from my residuary estate as soon as practicable after my decease as a part of the administration of my estate. ITEM II: I bequeath those articles of my household furni ture and furnishings and those articles of my personal effects and personal property as set forth in a separate memorandum, which I shall place with my will or deposit with my attorney, to the persons therein designated. ITEM III: I give and bequeath all of my tangible personal property (not including cash or securities and not including any tangible personal property utilized by me in any business, including farming) [and not including any items bequeathed above] including, personal effects, without limitation, household furniture and furnishings, automobiles, and the like, together with any policies of insurance in effect at the time of my death applicable thereto, including any prepaid premiums thereon, to my husband, JOSEPH S. ROOK, SR., if he survives me by thirty (30) days. Should my husband, JOSEPH S. ROOK, SR., predecease me or die on or before the thirtieth (30th) day i ~ following my death, I bequeath such tangible personalty and the insurance thereon to such of my children as are living on the thirty-first (31st) day after my death to be divided among them by my Executor as nearly as possible in equal shares in such manner as they may agree upon or, failing agreement for any reason whatsoever, then in such manner as my Executor shall determine, giving due regard for their personal preferences. I hereby direct that the costs of moving, shipping or otherwise transporting any such items bequeathed hereunder shall be paid by my Executor as a part of the cost of administration of my estate. ITEM IV: I devise and bequeath the residue of my estate of every nature and wherever situate to FARMERS TRUST COMPANY and JOSEPH S. ROOK, JR., CO-TRUSTEES to be added to and thereafter treated as a part of that certain inter vivos trust created by me on ])ec:~ I) "j ~ , of which FARMERS TRUST COMPANY and JOSEPH S. ROOK, JR. are Trustees, to have and to hold, IN TRUST, for the uses and purposes and subject to the terms and provisions thereof, including any alterations or amendments thereto, or any other inter vivos trust which may hereafter be ~ substituted therefor. ~ ~ ITEM V: My Executor and/or Guardian herein appointed shall have, in addition to those powers vested in them by law and any other provisions of my Will, all powers granted by me to the 2 ~ ~ J Trustee in the above referenced Trust (and any amendment of or substitute for such) as fully and completely as if the same were set forth herein in their entirety and the same are hereby incorporated herein by reference. ITEM VI: I appoint his or her parent or guardian, Guardian of any property which passes outright either under this will or otherwise to a minor and with respect to which I am authorized to appoint a Guardian and have not otherwise specifically done so, provided that this appointment of a Guardian shall not supersede the right of any fiduciary in its discretion to distribute a share where possible to the minor or to another for the minor's benefit. Such Guardian shall have the power to use principal as well as income from time to time for the minor's support and education (including secondary, college education, both graduate and undergraduate, professional and other education) without regard to his or her parent's ability to provide for such support and education, or to make payment for these purposes, without further responsibility to the minor or to the minor's parent or to any person taking care of the minor. ITEM VII: I direct that my Executor or Trustees shall pay all estate, inheritance and like taxes, including any interest or penal ties thereon imposed by the government of the United states, or any state or territory thereof, or any foreign government or political sUbdivision thereof, upon any property 3 y ':V ~ ~ 1 passing under this will or otherwise, testamentary or non-testamentary in accordance with the directions and authorizations given by me in the above referenced trust. ITEM VIII: I appoint my husband, JOSEPH S. ROOK, SR., Executor of this my Last Will. Should he fail to qualify or cease to act as Executor, I appoint my son, JOSEPH S. ROOK, JR., Executor of this my Last Will. Should both my husband and my son fail to qualify or cease to act as Executor, I appoint FARMERS TRUST COMPANY, Executor of this my Last Will. ITEM IX: I direct that my Executor, Trustee, Guardian or their successors shall not be required to give bond for the faithful performance of their duties in any jurisdiction. ITEM X: My individual fiduciary shall be entitled to reasonable compensation for his or her services rendered from time to time unless different compensation has been provided for in a separate letter of agreement. ITEM XI: My corporate fiduciary shall be entitled to compensation based upon its regular schedule of fees for such services in effect from time to time during the period over which its services are performed. IN WITNESS WHEREOF, I hereunto set my hand and seal to this my Last Will and Testament, written on six (6) sheets of paper, 4 dated this ~'t- I U_ day of !>tc~ b-u , , 1992. /;1/[ ~ .~. ""~ MARALEE G. ROOK (SEAL) The preceding instrument, consisting of this and five (5) other typewritten pages, each identified by the signature or initials of the Testatrix, was on the day and date thereof signed, published and declared by the Testatrix therein named, as and for her Last Will, in the presence of us, who, at her request, in her presence, and in the presence of each other have subscribed our names as witnesses hereto. #rL residing at A,/&J'~d ) A. , v ~'1, // n f/./ I 'l, Jt <.r /'-:f. < ,! >< 1\ ;t/~c/;I'1'./ f" residing at /J!: . ;1 ,} ( ~, l' /~<' /:(""~' ,,/../ / .0- ,<' '--:_ ,t__ //,;.:rc~ '-'V>i~.'-tj{..-'':''''....- /' Ii 5 COMMONWEALTH OF PENNSYLVANIA ss. COUNTY OF CUMBERLAND I, MARALEE G. ROOK, the Testatrix whose name is signed to the attached or foregoing instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my Last Will; and that I signed it willingly and as my free and voluntary act for the purposes therein expressed. JJ-(.......ok -1/, /(~ MARALEE G. ROOK (SEAL) Sworn to or affirmed before me by MARALEE the Testatrix, this f{, c f?1)l be ,,- and acknowledged G. ,OOK, the /5' day of , 1992. 11l~'{.I- /j(. j:;4--<-. Notary Public L )'"\~.Z:C~::A::~:J)k: -l e"J.. ?:l__ j , .- ~ 6} '1 9~.-J"J 5. COMMONWEALTH OF PENNSYLVANIA ss. COUNTY OF CUMBERLAND We, !flln: {lr;;,- C. L1....v; ". and t rbli rA. ,j k'.e'-^" , the witness whose names are signed to the attached or foregoing instrument, being duly qualified according to law, do depose and say that we were present and saw the Testatrix sign and execute the instrument as her Last will; that the Testatrix signed willingly and executed it as her free and voluntary act for the purposes therein expressed; that each subscribing witness in the hearing and sight of the Testatrix signed the will as a witness; and that to the best of our knowledge the Testatrix was at that time eighteen (18) or more years of age and of sound mind and under no constraint or undue in~ (7 ~. vt" f,'1 it! rJ I,;;,~",j / /"1 Sworn to or af1Jirmed and. s,\1bscribed to .(/ before me by ;"t LIllI III) " (. Vet-v JJ and ;3:...,&,-1\., j, j.<".Y\r- , witnesses, this I j r day of lJ-"'f..' e..PI..,.6e r , 1992. " /.. /.J .' . ,. t'J L be l- );" V_k:..ee.AZ-< Notary Public Co., ?i!~ j O. j~'''~4 6 GEORGE L. EBENER & ASSOCIATES REALTORS m REAL TOIP Residential, Commercial & Farms Appraisals . Sales . Rentals MULTIPLE liSTING SERVICE MI.$ 139 West High Street, Carlisle, PA 17013-2991 (717) 243-6195 August 27 , 1998 Hamilton C. Davis, Esquire P.O.Box 375 Shippensburg, PA 17257 RE: Appraisal of farms and the transferring of property in equal shares to Family. Dear Hamilton: It is our opinion that in the Appraisal Profession when properties are appraised for Owners and I or Estates where the Ownership is as "Tenants in Common", it is appropriate to apply a discount, for lack of marketability, in an amount of 20 - 33% of the full Appraised Value. We are not Tax Consultants or Attorneys, but Appraisers. It is our opinion that if structured properly this percentage should come within the Internal Revenue Service guidelines. We are experienced appraisers having been in the Appraisal Profession for over 35 years doing all types of Real Estate Appraisals. Submitted by, .'7 ~..., _'>'~'(~_c-e~ George L. Ebener Senior Broker I Partner Pa Certification # BA-OO 1 025-L tJ.du~ ~J Charles L. Wenger, GRI Associate Broker I Partner Pa Certification # BA-001849-L Maralee Rook Estate Home Real Estate Calculations Larry Foote Appraisal Steve Barret Appraisal Bill Shearer Market Analysis Average /2= Less 25% Tenants in Common Discount $289,000.00 $295,000.00 $230.000.00 $271,350.00 $135,675.00 $33,900.00 $101,775.00 ~(~ ,~ S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES Fie No. 01-1048 APPRAISAL OF LOCATED AT: 101 Mount Rock Road Newville, PA 17241 FOR: Hamilton C. Davis, Esquire P.O. Box 40 Shippensburg, PA 17257 BORROWER: ROOK, Maralee Estate AS OF: 08(13/2001 BY: Stan A. Skowronek Certified Residential Appraiser 124-126 NORTH HANOVER STREET, CARLISLE, PA 17013 717-243-6646 AND FAX 717-243-6627 " S. W. BARRETT REAL ESTATE & APPRAISAL SERVICES File No 01-1048 r I I' I . 12/12/2001 I Hamilton C. Davis, Esquire P.O. Box 40 Shippensburg, PA 17257 File Number: 01-1048 In accordance with your request, I have personally inspected and appraised the real property at: : I 101 Mount Rock Road Newville, PA 17241 The purpose of this appraisal is to estimate 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 estimated market value of the property as of August 13, 2001 is: $295,000 Two Hundred Ninety-Five Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. Respectfully submitted, Ir I' ~,-Q. ~cA)I~~'C Stan A. Skowronek Certified Residential Appraiser Ii . r 124-126 NORTH HANOVER STREET, CARLISLE, PA 17013 717.243-6646 AND FAX 717-243-8627 ProDertv OescriDlion File No. 01-1048 Prooertv Address 101 Mou nt Rock Road City Newville State PA Zie Code 17241 Leoal Descrietion Deed Book A-36, Page 408 County Cumberland Assessor's Parcel No. 46-08-0589-009 TaxYear 01-02 R.E Taxa; $ 3,309.00 Soecial Assessments $ None Borrower ROOK, MaraJee Estate Current Owner Same Occuoant: r I Owner r l Tenant i X I Vacant " Pronerlv richts annraised [xl Fee Simele i l Leasehold r Pro'ect Tvne T T PUD 1 : Condominium IHUDNA onlv) HOA$ N/A /Mo. Neiehborheod or Pro'ect Name West Pennsboro Township Man Reference 08-0589 Census Tract 0128.00 Sale Price $ N/A Date of Sale N/A Desa-ietion and $ amount of loan charges/concessions to be eaid bv sellerN/A LenderlClient Hamilton C. Davis, Esquire Address P.O. Box 40, Shippensburg, PA 17257 Aoeraiser Stan A. Skowronek Address 126 North Hanover Street, Carlisle, P A 17013 Location U Urban ~ Suburban U Rural Predominant Single family housing Present land use % land use change Buiitup DOver 75% 00 25-75% 0 Under 25% occupancy PRICE AGE One family ~ o Not likely o Likely S(OOO) (~.) Growth rate o Rapid 00 Stable o Slow 00 Owner 95 ~LOW~ 2-4 family ~ 00 In process Property values 0 Ina-easing 00 Stable 8 Declining o Tenant 300 Hioh 100 Multi-famiiy ~ To: Residential Demand/supply 0 Shortage 00 In balance o...r supply 00 Vacant (0-5%) '~::, Predominant Commercial 0% Marketino time n Under 3 mos. Fx1 3-6 mos. n Over 6 mos. nvacantovlll'5%) 125 I 30 Vacant ) 60% Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: Subject is bounded on the north bv Enola Rd, on the east bv Sprina Rd, on the south by . Old York Rd and on the west by Mt. Rock Rd. . . Factors that affect the marketability of the properties in the neighborhoo~proximity to employment and amenities, employment stability, appeal to market, etc.): . There are no adverse factors to affect marketability of subject. Diverse stable employment and all supporting amenities are " within easv driving distance. SMSA 3240 Market ccnditions In the subject neighborhood (including support for the above conclusions related to tt'lllend of property values, demand/supply, and marketing time _ _ such as data on competitive properties for sal.,;n the neighborhood, description of the prevalence of sales and financing concessions, etc.): Property sales records and MLS statistics show a stead v, moderate increase in property values over the Dast vear. Average marketing time of 80-100 days shows a good balance of supply and demand. Few sales and financing concessions are needed in the nelahborhood. . Project Information for PUDs(lf applicable). - Is the developer/builder in control of theHome Owners' Association (HOA)? U YES UNO Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project N/A Describe common elements and recreational facilities:N/A Dimensions See legal description Topography Rolling Site area 12.28 Acres mil Corner Lot 00 Ves UNo Size Larger than normal Specific zoning classification and descriptionAgricultural Shape Irregular Zoning compliance 00 Legal 0 Legal nonconforming (Grandfathered use) 0 Illegal U No zoning Drainage Appears adequate Hiehest & best use as imeroved: rXT Present use - n Other use (exelainl View ODen country Utilities Public Other Off-site Improvements Type Public Private Landscaping Average Electricity lZJ Street Macadam 00 0 Driveway Surface Gravel Gas 0 Curblgutter None 0 8 Apparent easements None Known Water DWell Sidewalk None 0 FEMA Special Flood Hazard Area U Yes _~ No Sanitary sewer o Septic Street lights None 0 R FEMA Zone X Map Date 03/04/88 Storm sewer n Allev None n FEMAMao No. 4215900010 A Comments (apparent adverse easements, encroachments, special assessmentsslide areas, illegal or legal nonconforming zoning, use, etc.): Well/Septic common for area and have no adverse affect on marketability. There are no adverse easements, encroachments or other adverse conditions. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. ofUnits 1 Foundation Stone Slab None Area Sq.Ft. 610 Roof 0 No. of Stories 2 Exterior Walls Limestone 0'a>M Space Partial % Finished 0% Ceiling -0 Type (DetlAt!.) Detached Roof Surface Asphalt Basement Partial Ceiling Unfinished Walls -0 Design (Style) 2 StOry Gutters & Dwnspts. Aluminum Sump Pump None Walls Stone Floor -0 Existing/Proposed Existing Window Type Wood Frame Dampness None Obs. Floor Concrete None -0 Age (Yrs.) 100 Years Storm/Sa-eens Yes Settlement None Obs. Outside Entry Yes U'known ==00 Effective Aae IYrs. \ 15-20 Manufactured House No Infestation None Obs. Bilco . ROOMS Fover Livino Dinino Kitchen Den Familv Rm. Rec. Rm. Bedrooms # Baths Laundrv Other Area Sq.F!. Basetre!1t Levell X 1 1 1 1 1 1,737 . Level 2 5 1 1,419 . 0 Finished area above orade contains: 8 Rooms' 5 Bedroom's\; 2 Bath(s; 3,156 Snuare Feet of Gross LivinQ Area INTERIOR Materials/Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Floors CarpetIVinvl/Pine Type HWStm Refrigerator 0 None 0 Fireplace(s) #2_ 00 None 0 . Walls PlasterlDrwll/panl Fuel Oil Range/Oven 00 Stairs 00 Patio 0 Garage # of cars Trim/Finish Wood ConditionAv9 Disposal 8 Drop Stair 0 Deck 0 Attached Bath Floor CarpetNinvl COOLING Dishwasher Scuttle 0 Porch 0 Detached 3 Bath Wainscot Stone/OW Central None Fan/Hood R Fioor 00 Fence 0 Buiit-In Doors Wood Other None Microwave Heated R Pool ~ Carport Good Condition ConditionN/ A Washer/Drver Finished Covrd StOOD Drivewav 4/Gravel Additional features (special energy efficient items, etc.): 32x54 Barn. 18x30 Machine Shed. 20x28 Shed. Condition of the improvements, depreciatior(physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: Improve ments are in good condition with no phvsical or functional inadeauacies apparent. . Adverse environmentai conditions (such as, bulnot limited to, hazardous wastes, toxic substances, etc.) present in the improvementson the site, or in the immediate vicinity of the subject property: No adverse environmental conditions are apparent/disclosed. SUMMARY APPRAISAL REPORT UNIFORM RESIDENTIAL APPRAISAL REPORT Freddie Mac Form 70 6.93 PAGE 1 OF 2 T~s form WiIS prodlle&d Qn thl ACI Pevllopmenl Rapid~orms s)'1llm (800)234-8127 Fannie Mae Fam 1004 6-93 Valuation Section SUMMARY APPRAISAL REPORT UNIFORM RESIDENTIAL APPRAISAL REPORT File No 01 1048 - ESTIMATED SITE VALUE. . . = S 81,500 Comments on Cost Approach (such as, sourceof cost estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the Owelling 3,156 Sq. Ft. @ $ 55.00 = $ 173,580 estimated remaining economic life of the property): Bsmt. 610 Sq.Ft.@S~ = 4,880 Cost new from Marshall Swift Valuation Service . F/P,Covrd Stoop = 75,000 Handbook and local cost analvsis. Land value from I Garage/Carport ~ Sq. Ft. @ $~ 7,560 Market Data Comparison. De-Oreciation based on age life = Total Estimated Cost New = S 261,020 observed condition and Market Data Analvsis. Estimated Less PhYSical-I' Fu'n~i~nai I' E~t~n~; . Est. Remaining Econ. Life: 35 Remaining Economic Life is 40-45 Years . Depredation $50,000 0 0 = S 50,000 Depreciated Value of Improvements. ., . = $ 211,020 "As-is" Value of Site Improvements. . .,. . ... . = $ 5,000 INDICATED VALUE BY COST APPROACH. . ., . . " = $ 297,500 ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 101 Mount Rock Road 165 Creek Road 1970 Enola Road 134 Bonnybrook Road Address Newville Newville Carlisle Carlisle Proximity to Subiect -; .,,- 3.85 MI NE 11.70 MI ENE 11.34MIE Sales Price $ N/A "..... ..H" $ 270.000 .: ..>of ..... s 296,000 :.........<'0- S 270,000 Price/Gross Liv. tvea S 0.00 III $ 95.47 III ...... .... $ 129.82 Ill)"':':':"})" $ 77.45 1Il......L...' '\,{ Data and lor Inspection Appr DatalCourthse MLS/Courthouse MLS/Courthouse Records Verification Sources Courthouse Rec VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION I +(-)$ Acfu,tment DESCRIPTION I +(.)SAdjustment DESCRIPTION I +(.)$Adjustment Sales or Financing L:,'fiL None, Cony None,Conv None, Cony Concessions N/A ..<., DOM 274 DOM 21 DOM 215 Date of SalelTime NIA /< 07/30/01 : 06/12/01 : 12/29/2000 : Location Averaae Avg/Good Ava/Good Average LeaseI1oIcI1'ee Si""""' Fee Simple Fee Simple : Fee Simple : Fee Simple Site 12.28 Ac/AvQ 15.3 Ac/Avg : -15,000 12.56 Ac/Avg 6.15 Ac/Avg +30,500 View Open country Open CountrY Open CountrY Residential Desian and Anneal 2 Storv/Avg 2 Story/Avg 2 Story/Avg 2 Storv/Avg Ouaitv ofCooslnJdion Avg/Stone Avg/Stone : Avg/Stone : Avg/Brick : Aae 100 Yrs 100 Yrs : 100 Yrs : 100 Yrs Condition Good Average : +20,000 Good : Good : Above Grade Total ~ edrms I Bait" iatal: Bdrm3 ' Baths Total: 8drms I 8aths : Tolal : 8drm$ I Baths : Room Count 3C 8: 5: 2.00 7: 3: 2.50: -1,000 9: 5: 3.00' -2,000 10: 5: 1.50 : -+-1,000 Gross Livina tvea 3,156 SoFt. 2,828 Sn.Ft. : +9,840 2,280 SoFt. : +26,280 3,486 So.Ft. : -9,900 . Basement & Finished Partial Bsmtl Partial Bsmtl Full Bsmtl Partial Bsmtl Rooms Below Grade Unfinished Unfinished Unfinished Unfinished Functional Utilitv Average Average Average Average Heatina/Coolinn HotWtr/None EHP/CA : -5,000 HW/None : HotWtr/None : . Enerav Effident Items Tvpical Typical Tvpical Average Garaoe/Careort 3 C Det. Garage None +4,000 2 Car Garage : +1,000 None +4,000 Porch, Patio, Deck, Covrd Stoop/ Porches/Balc/ -7,500 Porches/ -2,500 Porches/Balc/ -2,500 FireDlacels\' etc. 2 Fireolaces 5 Fireplaces 2 Fireplaces 1 Fireolace Fence, Pool, etc. Outbuildings 1187sf guesthse : Ingrd Pool/Barn Wkshp/Stable : : Net Adi~(total\ ... .. IXI + I I. :$ 5,340 IX + I 1- :$ 22,780 ixl + r l - '$ 23,100 Adjusted Sales Price ". ........;' GroSs: ~3.W. ~fs:~O';?,1;. hi $ INet:.zll)./:/l'i: $ of Comnarable ..: Net: ..... '2.0% $ 275,340 318,780 293,100 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): Indicated ranoe of value is $275,000 to $319,000. Excess acreage adjustments are made at $5,000/acre. Lack of suitable comparables within the subiects immediate vicinity required an expanded search area. These are the best sales comparables known to be available. ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Date, Price and Data 12/04/92 Source for prior sales $1.00 None None within _ear of aocralsal Courthouse Courthouse Courthouse Courthouse Analysis of any current agreement of saie, option, or listing of the subject property and analysis of any prior sales of subject and comparables witllin one year of the date of app<aisal: No prior sales within the past twelve months. iNDICATED VALUE BY SALES COMPARiSON APPROACH ., . ..... . . ,. $ 295,000 . INDICATED VALUE BY INCOME APPROACH'lf Anolicable\ Estim~;e'd'M~rk~t 'Re~i $ , . N/A Mo. x Gross Rent Multialier N/A = $ N/A This appraisai is made ~ "as is" U subject to the repairs. alterations, Inspections or conditions listed below U subject to completion per plans and spedfications. Conditions of App<aisal: The property has been appraised in current condition. This appraisal is for client onlv, nontransferable. See attached addendum. Final Reconciliation:Cost and Market Analvsis consistently support mv estimated market value. GRM analvsis was found inappropriate for this analysis. Greatest weight is aoolied to the Market Data Analysis. Supporting file information . substantiates these estimates. The purpose of this appraisal is to estimate the market velue of the real property that is the subject of this report, based on the above conditions and tile certification, contingent and limiting conditions, and market value definitiorthat are stated in tile attached Freddie Mac Form 43giFannie Mae Form 1004B (Re,;sed 6/93 ). I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJEC'OF THIS REPORT, AS OF 08/13/2001 . (WHICH IS THE DATE OF INSPECTIQN AND THE E[T1VE DATE OF THIS REPORT) TO BE $.. 295,000 _____ . , APPRAISE~~ a ~ SUPE~~RAI~N'YIFER~ Slqnature '- t.\..- .. . .' \J..J rC'J.t. ~ SlgnatU!'le---. --- ODid OODid Not Name Stan A. Skowronek Name Steven W. Barrett, SRPA, SRA Inspect Property Date Report Signed 12/12/2001 Date ReDort Sioned 12112/2001 State Certification # RL-001572-L State PA State Certification # GA-000298-L State PA Or State License # State Or State License # RB-026921-A State PA "odd.. Moo F"", 70 6-93 Certitlea Keslaemlal Appraiser I,,;ertltleo ueneral AI praiser FaMie Mae Fam 1004 6-93 PAGE 2 OF 2 Ttl<1 rorm wu ""educed on lhlI ACI OeVfllcpmerll RallidForml system (800).234-8727 p STEVEN W. BARRETT REAL ESTATE SKETCH/AREA TABLE ADDENDUM Case No File No 01-1048 Property Address 101 Mount Rock Road City Newville Borrower ROOK, Maralee Estate ---~~ Lender/Client ':lamil~n C. Davis, Esquire Appraiser Name Stan A. Skowronek County Cumberland State PA Zip 17241 UC Ad~ss P.O. Box ~~'2!ppensburg, PA 17257 Appr Address 126 North Hanover Street, Carlisle, PA 17013 ['. Kitchen ~~ Bath o~ v " .~l :::::1 E ~. 0 ~ 0 ~ ~ r:r: - CJ) c --r -I > JJ 0 ....J v. J ,Tnn :~ E o o '- "'0 Q) III . ~ Bath . ~edroom) - = t=:: Bedroom Bedroom Bedroom Comments: I Code : GLAl I GLA2 pip AREA CALCULATIONS SUMMARY .. Description Size Totals First Floor 1736.9997 1736.9997 Second Floor 1419.0000 1419.0000 Front Stoop 70.0000 70.0000 Scale: 1 = 15 LIVING AREA BREAKDOWN ~ Breakdown Subtotals I I First Floor 37.00 x 41.00 1516.99971 10.00 x 22.00 220.0000 i Second Floor ! 33.00 x 37.00 11.00 x 18.00 1221. 0000 198.0000 . TOTAL LIVABLE (rounded) 3156 4 Areas Total (rounded) ~- 3156 I APEX SOFTWARE 600-8sa-9958 Apx81QO.w Apexll Borrower: ROOK, Maralee Estate Property Address: 101 Mount Rock Road City: Newville Lender: Hamilton C. Davis, Esquire SUBJECT PROPERTY PHOTO ADDENDUM File No.: 01-1048 Case No.: State: PA Zip: 17241 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: December 4, 2001 Appraised Value: $ REAR VIEW OF SUBJECT PROPERTY STREET SCENE Borrower: ROOK, Maralee Estate Property Address: 101 Mount Rock Road City: Newville Lender: Hamilton C. Davis, Esauire File No.: 01-1048 Case No.: Slale: PA Zip: 17241 Borrower: ROOK, Maralee Estate Property Address: 101 Mount Rock Road City: Newville Lender: Hamilton C. Davis, Esquire File No.: 01-1048 Case No.: State: PA Zip: 17241 COMPARABLE PROPERTY PHOTO ADDENDUM .. Borrower: ROOK, Maralee Estate Properly Address: 101 Mount Rock Road City: Newville Lender: Hamilton C. Davis, ESQuire State: PA Zip: 17241 ..' File No.: 01-1048 Case No.: COMPARABLE SALE #1 165 Creek Road Newville Sale Date: 07/30/01 Sale Price: $ 270,000 COMPARABLE SALE #2 1970 Enola Road Carlisle Sale Date: 06/12/01 Sale Price: $ 296,000 COMPARABLE SALE #3 134 Bonnybrook Road Carlisle Sale Date: 12/29/2000 Sale Price: $ 270,000 LOCATION MAP Borrower: ROOK, Maralee Estate Pro e Address: 101 Mount Rock Road Ci : Newville Lender: Hamilton C. Davis, Es File No.: 01-1048 Case No.: State: PA Zi : 17241 Counesy of: Ba'Tett Real Estate & Appraisal 717-243-66<16 124-126 NORTH HANOVER STREET, CARLISLE, PA 17013 717.243.6646 AND FAX 717-243-8627 File No. 01-1048 ********* QUALIFICATIONS ********* Tho following chocked itemll are SPECIFIC SPECIAL CONDITIONS that were identified by this appraiser during the inspection of the subject property, the comparables sales, and their neighborhoods and locations. Unless otherwise noted, the conditions that apply to the subject property or the comparable sales used DO NOT AFFECT THE MARKET VALUE OR THE FUTURE MARKETABILITY OF THE SUBJECT PROPERTY BEING APPRAISED. This is not a home Inspection service. This is an appraisal to estimate market value. _1. The subject is located in a rural area and is less than 25% built-up. 2. Commercial/Industrial uses are located within the subject's neighborhood. These uses are typical of similar neighborhoods. _x_3. Vacant and undeveloped land uses are located within the subject's neighborhood. These uses are typical for the area. _x_ 4. The predominant value in the neighborhood is less than that of the market value of the subject property. This is due to the very wide range of value of properties in the area and superior quality ofthe subject property. _5. The subject property is located in a F.E.M.A. Identified Flood Zone. Flood insurance coverage is required and suggested. _6. Dampness Is noted in the basement of the subject. Standing or running water was not present on basement floor. This condition is considered typical in dwellings of this style. _x_7. The subject property Is serviced by private well and/or septic systems which is common for the area. _x_8. The subject is older than five(5) years. All mechanical systems including the heating, electrical and plumbing systems appear upon a visual exterior inspection to be in working order. No warranties are implied in this statement. _9. Repair items were noted in the comments section of the report. These comments on repair items are for descriptive purposes only and are not required repairs. The items listed are cosmetic in nature. _10. The basement floor is a dirt floor. This condition is common and typical for the area. and does not pose a health or safety hazard. _11. The subject property does contain functional obsolescence as noted in the report. This condition is considered typical and common for the area and this style dwelling. _12. The land value exceeds 30% of total value due to the high demand for vacant land in this neighborhood. This condition is considered common and typical for the neighborhood. _13. The iand value exceeds 30% of total value. This is due to the large size of the site. This condition is considered to be typical and common. _14. Individual adjustments were required that exceed 15%. These adjustments were required due to lack of more similar comparables on that individual rating. All comparables used are the best available. _15. Total adjustments exceed 25%. This is due to the lack of comparable sales that were more similar in the subject's market area. All comparables used are the best available. _x_16. One or more comparable sales are older than six(6) months. Although there are comparable properties in the subject's area, none have sold recently; therefore, sales in excess of six(6) months have to be used. All comparables used are the best available. _x_17. One or more comparables used were in excess of one (1) mile from the subject property. Although there are comparable properties in the immediate area, none have soid recently. Therefore, it was necessary to use comparable sales outside of the immediate area. All comparables used are located in similar neighborhoods and within the same marketing area. All comparables used are the best available. _18. The electrical system was not connected during inspection. _19. The water service was not connected during inspection. _20. The heating system was shut down during inspection. _21. Roofing_Plumbing_Electrical_Heating_certification(s) is/are suggested. _22. Inground swimming pool_, out buildings_are Included_,not included_according to lender's guidelines. _23. According to lender's guidelines a maximum of_acres were considered for this valuation. Remaining acreage was given no value. File No. 01.1048 ********* QUALlFICA liONS ********* _24. The subject property is located on a private road. _25. Wood infestation inspection is suggested. _x_26. Last recorded deed transfer: Date_12104/92_, Consideration: $_1.00 _27. Proposed construction/renovation in accordance to plans and specifications to be completed in a workman-like manner. _28. Seller is paying part or all of closing costs. _x_29. All comparable sales are verified closed sales. _x_3D. There are no special conditions or other requirements that would affect market value or future marketability in the Appraisal Report. CHECKED ITEMS ARE SPECIFIC SPECIAL CONDITIONS THAT WERE IDENTIFIED BY THIS APPRAISER DURING INSPECTION. File No. 01-1048 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under ail conditions requisite to a fair sale, the buyer and seiler, 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. doilars 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 com parables 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 markers reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND l.IMITlNG 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 appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Fiood 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 property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do 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. g. 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 Page 1 of 2 Fannie Mae Form 1004B 6-93 File No. 01-1048 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I 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. I 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. I 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. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal 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. I 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. I 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. I 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. I 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. J 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: 101 Mount Rock Road, Newville, PA 17241 APPRAISER: Signature: ~Q~~(A)~<- Name: Stan A. Skowronek Date Signed: 12/12/2001 State Certification #: RL-oO 1572-L or State License #: State: PA Expiration Date of Certification or License: June 30, 2003 SUPERVISORY APPRAISER only if required) Signature: S~ ~ { +}- Name: Steven W. Barrett, SRPA, SRA Date Signed: 12/12/2001 State Certification #: GA-000298-L or State License #: RB-026921-A State: PA Expiration Date of Certification or License: June 30, 2003 o Did IKI Did Not I nspect Property Certified Residential Appraiser Freddie Mac Form 439 6-93 Certified General Appraiser Page 2 of 2 Fannie Mae Form 1004B 6-93 I }.. -r' APPRAISAL REPORT FIVE TRACTS OF LAND ~IOUNT ROCK ROAD WEST PENNSBORO TOWNSHIP C~IBERLAND COUNTY, PENNSYLVANIA Diversified Appraisal Services . Real Estate Appraisers and Consultants , APPRAISAL REPOR1' OF fIVE TRAC1'S OF LAND LOCATED AT MOlJ'NT ROCK ROAD WES1 l'ENNSBORO 10W1'lSHJl' cuMBERLAND couNT>', l'EmlSYL" ANlA pREP ARED FOR 1l-IE ES1A1E OF ~E O. ROOK AS Of AUGUST 13, 2001 BY LARRY E. fOO1'E DIVERSJFIED pJ'l'RAlSJ\L SER \T1CES EAS' mOB s1REE1, suITE 101 cA.RJ.lSLE, l'ENNSYL" ANlA 17013#3052 (717) 249#2758 - 'r " SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: Mount Rock Road Newville, Pennsylvania TAX PARCEL NUMBERS: 46-20-1758-057A 46-20-1758-067 46-20-1758-072 46-20-1758-077 Lot #7 of 46-08-0591-001 DESCRIPTION: Five tracts of vacant land. PROPERTY RIGHTS: Fee simple interest. SCOPE OF THE ASSIGNl'vIENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to the valuation of the subject. OBJECTIVE: To estimate the market value ofthe subject property as unencumbered. EFFECTIVE DATE: As of August 13,2001. HIGHEST AND BEST USE: Use as single-family residential building lots. FINAL VALUE CONCLUSIONS: 46-20-1758-057 A: 46-20-1758-067: 46-20-1758-072: 46-20-1758-077: Lot #7 of 46-08-0591-00 1 : $12,000 $10,000 $19,000 $30,000 $17,000 NOTE: All lots except Lot #7 are assumed to have access from Mount Rock Road and are assumed to be buildable lots. . Also, title to all parcels except 46-20-1758-077 is held as tenancy in common. 2 " APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF MARALEE G. ROOK the undersigned personally inspected the following described property: All those certain pieces or parcels of land situate in the West Pennsboro Township, Cumberland County, Pennsylvania, identified as follows: Tax Parcel Number: 46-20-1758-057A: 46-20-1758-067: 46-20-1758-072: 46-20-1758-077: Lot #7 of 46-08-0591-001: .69 acre .46 acre .57 acre 2.00 acres 8.03 acres with no access To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the Market Value as of August 13, 2001 is: 46-20-1758-057 A: 46-20-1758-067: 46-20-1758-072: 46-20-1758-077: Lot #7 of 46-08-0591-001: $12,000 $10,000 $19,000 $30,000 $17,000 The properties were appraised as a whole, subject to the contingent and limiting conditions outlined herein. NOTE: All lots except Lot #7 are assumed to have access from Mount Rock Road and are assumed to be buildable lots. Also, title to all parcels except 46-20-1758-077 is held as tenancy In common. v~ CX~r~~ Larry E. Foote Certified General Appraiser GA-0000I4-L 3 '1 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the Market Value of the subject property as of August 13,2001. Market Value, as defined by the courts, is the most probable price estimated in terms of money which a property will bring if exposed for sale in the open market, allowing a reasonable time finding a purchaser who buys with knowledge of all the uses to which it is adapted and for which it is capable of being used. Frequently, it is referred to as the price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure. HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above definition and after seeing the site, neighborhood, and area, it is my opinion that use of the subject tracts as single-family residential building sites are their Highest and Best Use. 4 ~ THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to a new facility. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as price per square foot of building area or price per acre. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a fully informed person is justified in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since the subject property consists of vacant tracts of land or existing improvements have insignificant value, in accordance with the departure provision of the Uniform Standards of Professional Appraisal Practice, only the sales comparison approach to value has been applied to the subject properties and is subsequently presented. 5 TAX PARCEL NUMBER 46-2o..1758-057A 6 I) '" SITE DATA ADDRESS: Mount Rock Road TOWNSHIP: West Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: .69 acre SEWERS: None on site. WATER: None on site. ZONING: Low Density Residential District DESCRIPTION OF THE SITE The subject site is rectangular in shape, consists of a total area of approximately .67 acre, measures 150 feet by 200 feet, and has access from Mount Rock Road. The site is relatively level throughout and there does not appear to be any drainage problems. According to the Federal Emergency Management Agency map number 421590-001O-A, the site is not located in an area which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject site. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject site. Access to the site is off of Mount Rock Road, and visibility of the site from this roadway is considered to be fair. Utilities available at or near the site include electricity and telephone service. There appears to be sufficient capacity in each of these utilities to permit optimum utilization of the site. 7 , , SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a' survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. I: Location: Parcel No.: Date of Sale: Deed Ref: Sale Price: Size: Unit Price: SALE NO.2: Location: Parcel No.: Date of Sale: Deed Ref: Sale Price: Size: Unit Price: SALE NO.3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: 91 McAllister Church Road, West Pennsboro Township. 46-08-0583-144 January 10,2001. Book 237, Page 510 $34,000 1.35 acres (150 x 415). $25,851 per acre. 107 Fairway Drive, West Pennsboro Township. 46-08-0583-121 March 1, 2001. Book 240, Page 286. $33,000 1. 10 acres (169 x 306). $30,000 per acre. 2 Springville Road, West Pennsboro Township. 46-07-0475-028F April 18, 2001. Book 242, Page 1052. $29,000 1.56 acres (153 x 301). $18,590 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is 8 , . inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $12,000. " 9 I 1 '1 SALES COMPARISON ADJUSTMENTS The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant .ariation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject~ if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. Sale Price Tenants In Common Title Location Proximity to Public Road Land Size Net Adjustment Indicated Value: SALE # 1 $34,000 -5,100 -6,800 -3,400 -6.600 -2 1.900 $12,100 10 SALE #2 $33,000 -5,000 -6,600 -3,300 . -4.100 -19.000 $14,000 SALE #3 $29,000 -4,400 -5,800 -2,900 8,700 -21.800 $ 7,200 - . , TAX PARCEL NUMBER 46-20-1758-067 11 - , , SITE DATA ADDRESS: Mount Rock Road TOWNSHIP: West Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: .46 acre SEWERS: None on site. WATER: None on site. ZONING: Low Density Residential District DESCRIPTION OF THE SITE The subject site is rectangular in shape, consists of a total area of approximately .46 acre, measures 100 feet by 200 feet and has access off of Mount Rock Road. The site is relatively level throughout and there does not appear to be any drainage problems. . According to the Federal Emergency Management Agency map number 421590-001O-A, the site is riot located in an area which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject site. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject site. Access to the site is off of Mount Rock Road, and visibility of the site from this roadway is considered to be fair. Utilities available at or near the site include. electricity and telephone service. There appears to be sufficient capacity in each of these utilities to permit optimum utilization of the site. 12 , , SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a sUIVey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.2: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: 91 McAllister Church Road, West Pennsboro Township. 46-08-0583-144 January 10,2001. Book 237, Page 510 $34,000 1.35 acres (150 x 415). $25,851 per acre. 107 Fairway Drive, West Pennsboro Township. 46-08-0583-121 March 1,2001. Book 240, Page 286. $33,000 1.10 acres (169 x 306). $30,000 per acre. 2 Springville Road, West Pennsboro Township. 46-07-0475-028F April 18, 2001. Book 242, Page 1052. $29,000 1.56 acres (153 x 301). $18,590 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is 13 I , 1 f inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $10,000. 14 , . SALES COMPARISON ADJUSTMENTS The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value ofthe subject. Sale Price Tenants In Common Title Location Proximity to Public Road Land Size Net Adjustment Indicated Value: SALE # 1 $34,000 -5,100 -6,800 -3,400 -8.900 -24.200 $ 9,800 15 SALE #2 $33,000 -5,000 -6,600 -3,300 -6.400 -21.300 $11,700 SALE #3 $29,000 -4,400 -5,800 -2,900 -11.000 -24.100 $ 4,900 . I I. TAX PARCEL NUMBER 46-20-1758-072 16 . , SITE DATA ADDRESS: Mount Rock Road TOWNSHIP: West Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: .57 acre SEWERS: Public sewer. WATER: Public water. ZONING: Low Density Residential District DESCRIPTION OF THE SITE The subject site is rectangular in shape, consists of a total area of approximately .57 acre, measures 100 feet by 200 feet by 150 feet by 200 feet and haspublic road frontage along Mount Rock Road. The site is relatively level throughout and there does not appear to be any drainage problems. According to the Federal Emergency Management Agency map number 421590-0010-A, the site is not located in an area which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject site. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject site. Access to the site is off of Mount Rock Road, and visibility of the site from this roadway is considered to be fair. Utilities available at or near the site include water, sewer, electricity and telephone service. There appears to be sufficient capacity in each of these utilities to permit optimum utilization of the site. 17 II. 1. SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Parcel No.: Date of Sale: Deed Ref: Sale Price: Size: Unit Price: SALE NO.2: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: 91 McAllister Church Road, West Pennsboro Township. 46-08-0583-144 January 10, 2001. Book 237, Page 510 $34,000 1.35 acres (150 x 415). $25,851 per acre. 107 Fairway Drive, West Pennsboro Township. 46-08-0583-121 March 1,2001. Book 240, Page 286. $33,000 1.10 acres (169 x 306). $30,000 per acre. 2 Springville Road, West Pennsboro Township. 46-07 -04 75-028F April 18, 2001. Book 242, Page 1052. $29,000 1.56 acres (153 x 301). $18,590 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is 18 I! I ~ inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $19,000. 19 I 1 I . SALES COMPARISON ADJUSTMENTS The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. SALE # 1 SALE #2 SALE #3 Sale Price $34,000 $33,000 $29,000 Tenants In Common Title -5,100 -5,000 -4,400 Location -6,800 -6,600 -5,800 Land Size -7,800 -5,300 -9,900 Public Water and Sewer +5,000 +5.000 +5,000 Net Adjustment -14.700 -11.900 -15.100 Indicated Value: $19,300 $21,100 $13 ,900 20 I I I . TAX PARCEL NUMBER 46-20..1758-077 21 .. I . SITE DATA ADDRESS: Mount Rock Road TOWNSHIP: West Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: 2.00 acres SEWERS: None on site. WATER: None on site. ZONING: Low Density Residential District DESCRIPTION OF THE SITE The subject site is irregular in shape, consists of a total area of approximately 2.00 acres, measures 200 feet by 354.09 feet by 256.60 feet by 514.85 feet and has access off of Mount Rock Road. The site is relatively level throughout and there does not appear to be any drainage problems. According to the Federal Emergency Management Agency map number 421590-0010-A, the site is not located in an area which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject site. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject site. Access to the site is off of Mount Rock Road, and visibility of the site from this roadway is considered to be fair. Utilities available at or near the site include electricity and telephone service. There appears to be sufficient capacity in each of these utilities to permit optimum utilization of the site. 22 I, '. SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.2: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: 91 McAllister Church Road, West Pennsboro Township. 46-08-0583-144 January 10,2001. Book 237, Page 510 $34,000 1.35 acres (150 x 415). $25,851 per acre. 107 Fairway Drive, West Pennsboro Township. 46-08-0583-121 March 1,2001. Book 240, Page 286. $33,000 1.10 acres (169 x 306). $30,000 per acre. 2 Springville Road, West Pennsboro Township. 46-07 -04 7 5-028F April 18, 2001. Book 242, Page 1052. $29,000 1.56 acres (153 x 301). $18,590 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is 23 inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $30,000. 24 I. '. SALES COMPARISON ADJUST~''1ENTS The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. SALE # 1 SALE #2 SALE #3 Sale Price $34,000 $33,000 $29,000 Location -6,800 -6,600 -5,800 Proximity to Public Road -3,400 -3,300 -2,900 Land Size +6.500 +9.000 +4,400 Net Adjustment -3.700 -900 -4,300 lndicated Value: $30,300 $32,100 $24,700 25 . I ., LOT #7 OF TAX PARCEL NUMBER 46-08-0591-001 26 , . SITE DATA ADDRESS: Mount Rock Road TOWNSHIP: West Pennsboro COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: 8.03 acres SEWERS: None on site. WATER: None on site. ZONING: Low Density Residential District DESCRIPTION OF THE SITE The subject site is irregular in shape, consists of a total area of approximately 8.03 acres, measures 563.18 feet by 959.04 feet by 219.21 feet by 911.48 feet and has access off of Mount Rock Road. The site is relatively level throughout and there does not appear to be any drainage problems. According to the Federal Emergency Management Agency map number 421590-0010-A, the site is not located in an area which is prone to flooding. In the absence of core boring, it has been assumed that there are no mineral deposits of a commercial nature underlying the subject site. For the same reason, it is assumed that there are no unusual sub-soil conditions that would adversely affect the subject site. Access to the site is off of Mount Rock Road, and visibility of the site from this roadway is considered to be fair. Utilities available at or near the site include electricity and telephone service. There appears to be sufficient capacity in each of these utilities to permit optimum utilization of the site. 27 . . SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a survey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO.1: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.2: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: SALE NO.3: Location: Parcel No.: Date of Sale: Deed Ref.: Sale Price: Size: Unit Price: Lot No. 10 Lawrence Lane, West Pennsboro Township. 46-08-0587-014C April 24, 2001. Book 243, Page 334 $39,900 6.16 acres (150 x 1,256). $6,477 per acre. 372 Kerrsville Road, West Pennsboro Township. 46-09-0521-088 July 10, 2001. Book 247, Page 1720 $45,500 4.27 acres (326 x 548). $10,656 per acre. Lot #2.31 Crossroad School Road, West Pennsboro Township. 46-08-0587-050 October 24, 2001. Book 248, Page 4492 $45,000 5.63 acres (150 x 967) $7,993 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is 28 , . inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $17,000. 29 , , SALES COl\'IP ARISON ADJUSTMENTS The appraiser has analyzed comparable sales and has developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. Sale Price Tenants In Common Title Location Proximity to Public Road Right-of-way to Public Road Land Size Net Adjustment Indicated Value: SALE # 1 $39,900 -6,000 +4,000 -10,000 -20,000 +9 AOO -22.600 $17,300 30 SALE #2 $45,500 -6,800 +4,600 -11 ,400 -22,800 + 18.800 -17.600 $27,900 SALE #3 $45,000 -6,800 +4,500 -11,300 -22,500 + 12.000 -24.1 00 $20,900 . . SUM~lARY OF VALUE CONCLUSIONS The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable approach to value when appraising vacant properties because it reflects the reactions of typical buyers and sellers in the market. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject properties, as of August 13,2001, IS: 46-20-1758-057A: 46-20-1758-067: 46-20-1758-072: 46-20-1758-077: Lot #7 of 46-08-0591-001: 31 $12,000 $10,000 $19,000 $30,000 $17,000 , . UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. 7. 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 he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 32 IIlj . j". CERTIFICATE OF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. 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. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. 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. 7. To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions,. and conclusions expressed herein are based, are true and correct 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 33 I . ~. 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. ;I /"'" .--,.L--- V . J ,v f-l::K7J. t/\$t-7/-c.--../7~ Larry E. Foote Certified General Appraiser GA-OOOO 14-L 34 . . It>',.. LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa. 1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa. Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-OOOO 14-L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZA TION AFFILIATIONS: National Association of Realtors Appraisal Section. Carlisle Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 35 , . .....". PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members 1st Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Various law ftrms and individuals 36 1 " J" . PHOTOGRAPHS OF THE SUBJECT PROPERTY 37 APPRAISAL OF PERSONAL PROPERTY OF THE EST A TE OF MARALEE G. ROOK. DECEASED. 101 MT. ROCK ROAD. NEWVILLE. PA ON AUGUST 29. 2001: Milk House: Wooden doll house, shed, etc. Miscellaneous fancy old hinges Wooden keg on stand Wooden bushel basket w/wooden handles Sugar bucket with lid (not early) Steelyard scales Miscellaneous hand, lawn, & garden tools, etc. Pressed-back high chair (in rough) 3 Odd chairs @$ 5.00 2 Barn lanterns @$ 5.00 Large anvil GaragelWagon shed: Power Pro 21-in. lawn mower Husqvarna YTH 150 hydrostatic lawn tractor Agri-Fab 17 cu. ft. dump cart StihI FS 36 lawn trimmer Chicken Coop: Old rototiIIer Push mower Child's metal wagon Modem bag wagon Craftsman 16-in. chain saw Outside in yard: Porch swing Glider/swing in frame Workshop: Croquet set 2 Step ladders @$ 8.00 Barn lantern 2 Saber saws (rough -lot) Black & Decker circular saw (rough) Miscellaneous hand, lawn, & garden tools Kitchen: Gibson refrigerator G.E. electric stove Samsung microwave Miscellaneous small kitchen appliances Modem ceramic canister set Common dishware in cabinets Miscellaneous kitchen utensils Softwood dry sink Elgin National dual wheel coffee mill $ 20.00 $ 50.00 $ 35.00 $ 30.00 $ 15.00 $ 20.00 $ 15.00 $ 35.00 $ 15.00 $ 10.00 $ 50.00 $ 40.00 $ 700.00 $ 60.00 $ 60.00 $ 20.00 $ no value $ 15.00 $ 5.00 $ 45.00 $ 40.00 $ 55.00 $ 20.00 $ 16.00 $ 5.00 $ 15.00 $ 5.00 $ 15.00 $ 95.00 $ 55.00 $ 45.00 $ 20.00 $ 15.00 $ 20.00 $ 15.00 $ 575.00 $ 350.00 - 2 - Miscellaneous pots & pans Common wooden foot stool 6 American Revolution pewter plates @$ 10.00 Modem deacon's bench Cherry gate-leg drop leaf table Modem braided rug Cane-seat side chair Solid-bottom half spindle arm chair Spindle-back captain's chair (painted green) 4 Modem framed pictures @$ 5.00 Collection of 12 trivets @$ 8.00 2 Framed pictures (dried flowers) @$ 6.00 Wooden potatoes/onions box Wooden bread box Cast frog Laundry Room: Frigidaire automatic washer G.E. dryer (older model) Modem revolving clothes tree Bath off laundry room: Beveled wall mirror Common crock Yellow living room: 2 Cast iron dogs @$ 40.00 Cherry 2-piece corner cupboard with 16-panes over & double blind under................................................ ................... Miscellaneous Blue Willow-type dishes (lot) Miscellaneous shakers in corner cupboard Blue plank-bottom chair Cane seat side chair Columbiana pitcher pump (converted to lamp) Small walnut table/stand with drawer 3 Copper tea kettles @$ 30.00 Blue upholstered sofa RCA XL 1 00 console color television with remote 2 Large modern braided rugs @$ 30.00 Small modern braided rug Window air conditioner (older model) Upholstered wing-type chair Child's arm rocker Painted white bookshelf Miscellaneous books Reproduction History of Bedford, Somerset, & Fulton Counties Book (1966)............................ ..................................... $ 15.00 $ 10.00 $ 60.00 $ 25.00 $ 225.00 $ 30.00 $ 15.00 $ 10.00 $ 10.00 $ 20.00 $ 96.00 $ 12.00 $ 8.00 $ 5.00 $ 30.00 $ 120.00 $ 40.00 $ 15.00 $ 8.00 $ 8.00 $ 80.00 $1,800.00 $ 85.00 $ 15.00 $ 15.00 $ 25.00 $ 35.00 $ 125.00 $ 90.00 $ 35.00 $ 75.00 $ 60.00 $ 10.00 $ 35.00 $ 30.00 $ 55.00 $ 20.00 $ 30.00 $ 25.00 - 3 - Yellow living room (continued): Hanging kerosene lamp (electrified) Common jug Miscellaneous modem framed pictures (lot) Emerson Video Cassette Player Statue of young shepherd boy & sheep Miscellaneous costume jewelry & jewelry boxes Kerosene bracket light (no reflector) Modem revolving clothes tree Blue decorated crock 2 Cast iron bears @$ 40.00 2 Cuckoo clocks @$ 65.00 Plank-bottom chair Finger kerosene lamp Cow bell Counter store bell 2 Brass candlesticks @$ 15.00 Modem glass paperweight 2 Modem Newville crocks @$ 8.00 Gooseneck open arm rocker Common upholstered chair (shows wear) Medium-size copper kettle Blue Ridge dish set for approx. 8 Brass kettle Plank-bottom half spindle chair (painted red) 2 Flow blue platters @$ 30.00 Flow blue soup bowl Belgium bowl Miscellaneous plates & platters Small Belgium bowl Miscellaneous dishes (in bottom of built-in cupboard) Common crock Softwood comer cupboard with blind door over & under Opalescent bowl Ironstone covered tureen with extra lid 4 Mercersburg Academy plates @$ 15.00 2 Dolphin dishes @$ 15.00 Flow blue plate Miscellaneous dishes (inside top of comer cupboard) Majolica-type pitcher Carnival bowl Steubenville leaf plate Majolica-type plate Vasoline glass sugar & creamer $ 225.00 $ 20.00 $ 15.00 $ 30.00 $ 20.00 $ 25.00 $ 35.00 $ 20.00 $ 95.00 $ 80.00 $ 130.00 $ 20.00 $ 35.00 $ 25.00 $ 10.00 $ 30.00 $ 10.00 $ 16.00 $ 35.00 $ no value $ 65.00 $ 65.00 $ 30.00 $ 10.00 $ 60.00 $ 45.00 $ 30.00 $ 65.00 $ 10.00 $ 30.00 $ 8.00 $ 650.00 $ 20.00 $ 35.00 $ 60.00 $ 30.00 $ 30.00 $ 35.00 $ 65.00 $ 55.00 $ 20.00 $ 60.00 $ 65.00 -4- Yellow living room (continued): Majolica-type cup German cup "A Present" Miscellaneous pressed & pattern glass (top of built-in cupboard) Italy pitcher Milk glass chicken on the nest Entrance foyer: Large deacon's bench Eureka upright vacuum cleaner Drop-handled milk can Painted white bookshelf Miscellaneous books Miscellaneous invalid walkers, etc. Sears AMIFM stereo system Walnut-finish stand/table with drawer Horse collar mirror (mirror cracked) 3 Framed Mercersburg Academy prints @$ 20.00 Modem clothes tree (not perfect) 3 Framed pictures (flowers) @$ 8.00 Blue living room: Allen Digital Computer dual keyboard organ Sony portable color television Patriotic upholstered sofa Graduated string of brass sleigh bells Miscellaneous books Miscellaneous Ip records Railroad lantern 2 Modem brass candlesticks @$ 3.00 Oak kitchen shelf clock Common sofa J. Raymond Smith cherry footstool Large copper apple butter kettle Walnut-finish stand/table with new drawer Trestle-type hutch table (settle) Pitcher pump (converted to lamp) Miscellaneous framed pictures 3 Cane seat side chairs @$ 25.00 Common card table Copper wash boiler (dented - no lid) Buggy seat Cherry-finish drop leaf table with drawer Spindle-back rocker with rush seat Large flax wheel NYC Railroad lantern $ 15.00 $ 15.00 $ 35.00 $ 5.00 $ 15.00 $ 225.00 $ 35.00 $ 20.00 $ 20.00 $ 30.00 $ 25.00 $ 15.00 $ 120.00 $ 30.00 $ 60.00 $ 5.00 $ 24.00 $ 350.00 $ 65.00 $ 60.00 $ 95.00 $ 5.00 $ 10.00 $ 60.00 $ 6.00 $ 95.00 $ 10.00 $ 125.00 $ 325.00 $ 65.00 $ 175.00 $ 35.00 $ 35.00 $ 75.00 $ 5.00 $ 35.00 $ 60.00 $ 140.00 $ 60.00 $ 225.00 $ 75.00 - 5 - Blue living room (continued): Oak Mission-style wall clock Wooden butter bowl Tin paint-decorated teapot 2 Brass spittoons @$ 30.00 Captain's chair (painted red) Common milk can Cast iron pot with 3-foot Modem floor light Upholstered chair (shows wear) Cast iron bootjack Square braided rug Common blue footstool Heavy pine footstool (with painted boy/girl on top) Stairway landing: Modem grandfather's clock Common candle stand Upstairs hallway: Cherry dry sink Plank bottom chair (painted red) Spindle-back plank bottom chair Pink bedroom: Conn saxaphone in case Luna ukulele 3 Tambourines @$ 15.00 Electric fan Large modem braided rug Small modem braided rug Poplar comer cupboard with double blind doors over & under Empire-style pillar front chest of drawers Aladdin kerosene lamp (electrified) Amberina bowl Quilt rack Double bed complete with mattress & box spring Dovetailed blanket chest (painted red & blue) Arm chair with rush seat (painted blue) Oak dry sink Coffee mill (converted to lamp) Small grain-finish stand Blue bedroom: Empire-style chest of drawers Miscellaneous marbles Ironstone wash bOwl/pitcher lamp Modern revolving clothes tree $ 140.00 $ 35.00 $ 55.00 $ 60.00 $ 25.00 $ 15.00 $ 40.00 $ 15.00 $ no value $ 15.00 $ 30.00 $ 5.00 $ 15.00 $ 350.00 $ 10.00 $ 350.00 $ 10.00 $ 15.00 $ 45.00 $ 30.00 $ 45.00 $ 8.00 $ 25.00 $ 8.00 $ 650.00 $ 225.00 $ 45.00 $ 15.00 $ 25.00 $ 45.00 $ 90.00 $ 25.00 $ 325.00 $ 45.00 $ 140.00 $ 200.00 $ 40.00 $ 95.00 $ 30.00 - 6- Blue bedroom (continued): Paint-decorated arm rocker 2 Plank bottom half-spindle chairs (painted blue) @$ 15.00 Small stand with new drawer Cheny blanket chest Empire chest of drawers with glass pulls Miscellaneous common rag dolls (lot) Nursery rocker with split hickory seat Old braided rug Spool-type quilt rack Modem brass double bed with mattress & box spring Modem braided rug Modem mirror Shadow box-type battery clock Framed quilted picture Diehl oscillating fan Modem shadow box Yellow bedroom/sitting room: Mahogany secretary Set of 17 Shakespeare books Miscellaneous books 2 Plank bottom chairs @$ 15.00 Maple arm rocker Ladderback chair with rush seat Miscellaneous pictures 3-Drawer metal file cabinet Burroughs adding machine Royal typewriter Miscellaneous marbles Wooden desk (painted green) Quilt rack Modem coverlet & miscellaneous bedding Exercise bike Modem braided rug Double glass door bookcase (painted blue) Off-white master bedroom: Fedders air conditioner (older model) Maple chest of drawers, dresser with separate mirror, and night stand (set). ......................... .......................... Cedar blanket chest Queen-size mattress & box spring on frame Hand-stitched quilt on bed Quilt top only Miscellaneous costume jewelry $ 140.00 $ 30.00 $ 30.00 $ 80.00 $ 280.00 $ 15.00 $ 40.00 $ 30.00 $ 40.00 $ 25.00 $ 5.00 $ 5.00 $ 5.00 $ 5.00 $ 15.00 $ 5.00 $ 225.00 $ 40.00 $ 5.00 $ 30.00 $ 25.00 $ 30.00 $ 10.00 $ 10.00 $ 3.00 $ 1.00 $ 15.00 $ 30.00 $ 45.00 $ 20.00 $ 8.00 $ 25.00 $ 15.00 $ 20.00 $ 225.00 $ 60.00 $ 70.00 $ 95.00 $ 30.00 $ 5.00 -7- Off-white master bedroom (continued): 2 Milk glass dresser lights (set) Miscellaneous framed pictures Lane paint -decorated cedar chest Miscellaneous bedding Empire-type chest of drawers Ingraham shelf clock with eagle (not original) Upholstered chair Ladderback nursing rocker with rush seat Common box fan Quilt rack Chrome clothes rack Wooden folding drying rack Large braided rug 2 Smaller braided rugs @$ 20.00 3 Common pocketknives @$ 2.00 $ 25.00 $ 10.00 $ 80.00 $ 30.00 $ 175.00 $ 40.00 $ no value $ 45.00 $ 10.00 $ 25.00 $ 5.00 $ 5.00 $ 40.00 $ 40.00 $ 6.00 Attic: 2 Flat-top trunks @$ 30.00 2 Camel-back trunks @$ 75.00 4 Storage footlockers @$ 10.00 Wooden footed butcher tub Wooden sugar bucket Enameled coffee pot Ceramic washbowl/pitcher set 3 Glass lamp shades @$ 5.00 Child's crib Miscellaneous Christmas decorations Ironstone wash pitcher only Wooden stomper Milk can lamp 2 Wooden leafshelves @$ 5.00 White treadle sewing machine Doll cradle (painted red) Oak wall telephone Coal hod Reproduction cobbler's bench coffee table Miscellaneous modem games Tin tray for scales Chandelier with glass shades Common 3-drawer chest of drawers Common crock Small prayer bench Horse collar $ 60.00 $ 150.00 $ 40.00 $ 65.00 $ 25.00 $ 20.00 $ 15.00 $ 15.00 $ 8.00 $ 10.00 $ 20.00 $ 15.00 $ 15.00 $ 10.00 $ 55.00 $ 25.00 $ 275.00 $ 35.00 $ 30.00 $ 5.00 $ 10.00 $ 25.00 $ 20.00 $ 15.00 $ 35.00 $ 5.00 - 8 - Basement: G.E. Chest freezer Small meat bench 2 Wooden cupboards with double glass doors (painted) @$ 20.00 Wooden Dad's Root Beer crate TOTAL: $ 75.00 $ 15.00 $ 40.00 $ 5.00 $ 18,119.00 APPRAISL.. BY: i 'L~ Dennis L. Gotshall, Auctioneer/Prop. Dan Hershey Auctioneering Service P A Lie. #AU-002306-L 3 Brown Road Shippensburg, P A 17257 MAY. 8. 2002 3:57PM M&T INVESTMENT GROUP NO. 970 P. 3 ..0 ..0 t..I "" W ("') ;;I;) I\) - - e ~ r'1 (l) I\) t..I "" w (II ..... -0 w (l) r,..l c.o ... I 0 0 I\l 3; :;t 3: -0 ..., ;;I;) "T1 .... \C \C ~ \11 -i I I I I , % c- o.. 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'- ...... ..... ... ........ -' ... ...- --t"l (AI 1.00 WQ loJO 100>0,., ......- ......- ......\J'J 'J:" ......CN "0 "". 1\)- 1\). 11,). 1\). 0;;1;) 0 00 OVl 00- OCJl 0.&:)>- 0> 00 0\0 001 O~ Qc..-lO ...... ...0 -.0:: -..., _.l: -...,,..,,.., I\) .&: , 0 % )> I\) I\) ... ;J;I ...., ~ ..., I\) I\) I\) I\l ::J:: 0'1 I\l 1.1'I 0- 0'1 VI ." . .. . . ~ ~ -l \J'J V'I 0- ~ ~ I\l 0> .... W .l::' '" I\l ..... U1 <: ." VI ..,. \1l co ... \C > ". ,- ~ .0 Q 0 \Q VI 0> 0 W <:: ." 0 0 0 0 .e- o Q:l 0 CIl M YV1~,- ,~",)r Yo ; I 7 S ~ 3 6 f) 0'. CERTIFIED to be a true and correct copy ~4J/I" r L;-' REVOCABLE STANDBY TRUST of THIS AGREEMENT OF TRUST executed in duplicate this j)?c~h~ /d day , 1992, between MARALEE G. ROOK of 101 Mount Rock Road, Newville, Pennsylvania 17257 (hereinafter called "SETTLOR"), and FARMERS TRUST COMPANY of One West High Street, carlisle, Pennsylvania 17013, and JOSEPH S. ROOK, JR. of 6326 McCue Road, Hol t, Michigan 48842, (hereinafter collectively called "TRUSTEE") . WIT N E SSE T H : WHEREAS, SETTLOR has created this Trust by this Agreement and by deposit with TRUSTEE of the sum of $10.00; and WHEREAS, SETTLOR or other persons may, by inter vivos transfer, Will, beneficiary designation or otherwise, contribute or add cash or other property to this trust; and WHEREAS, SETTLOR may designate TRUSTEE as beneficiary under certain life insurance policies which (when such designation occurs) will be described and listed on a Schedule to be attached hereto and made a part hereof. NOW, THEREFORE, TRUSTEE agrees to hold any property, real or personal, that has been or may be contributed or added to the Trust, either before or after the insurance or similar policies or plans, to collect the proceeds of such policies upon maturity thereof by the death of the insured and to hold such property and proceeds and additions (such property and proceeds and additions being hereinafter called the Principal), IN TRUST, as follows: FIRST: During the SETTLOR's lifetime, the TRUSTEE shall invest and manage the Principal as a separate trust and make distributions as follows: A. TRUSTEE shall pay from the net income therefrom such periodic installments to SETTLOR for and during his lifetime as SETTLOR shall request, provided that if, in the opinion of TRUSTEE, SETTLOR should by reason of age, illness, or for any other cause become incapable of disbursing income TRUSTEE may then apply the net income of this Trust for the support of SETTLOR to maintain her in the station of life to which she is accustomed at the creation of this trust. Any income in excess of $500.00 not disbursed hereunder or as directed by SETTLOR under ARTICLE NINTH shall periodically be added to principal. B. As much of the accumulated income and Principal of this Trust as TRUSTEE in their sole discretion may from time to time think advisable for the support of SETTLOR to maintain her in the station of life to which she is accustomed at the creation of this trust, or during illness or emergency, shall be either paid to him or else applied directly for her benefit by TRUSTEE. SECOND: At SETTLOR's death, if SETTLOR's husband, JOSEPH S. ROOK, SR., survives SETTLOR (and he shall be presumed to have 2 survived her unless it appears unmistakably that he predeceased her) and if the federal estate tax falling due because of SETTLOR's death will be reduced by making this gift for his benefit, then upon SETTLOR's death, TRUSTEE shall set aside in a separate trust under this ARTICLE SECOND the least amount (based upon values as finally determined for federal estate tax purposes) as shall be needed for the federal estate tax marital deduction to reduce the federal estate tax to the lowest possible figure after full use of all other deductions and credits allowable in calculating the federal estate tax, except such amounts shall be calculated without regard to the augmenting of SETTLOR's estate by reason of generation-skipping transfers and without regard for any credit for state death taxes that would not otherwise be payable. This ARTICLE SECOND is intended to take advantage of the unlimited marital deduction provided in Internal Revenue Code Section 2056 (as amended) or such other similar section as may be in effect at the time of SETTLOR's death. Accordingly, it is agreed that: A. The amount of this gift shall be undiminished by any income, estate, succession, legacy, death, inheritance, or any generation-skipping tax or any interest or penalties thereon. B. The amount of the gift shall take into consideration the value of any property, including property or interests in property under those provisions of this Trust, by rights of survivorship, by operation of law, by insurance, annuity, or 3 endowment contract or otherwise, which SETTLOR's husband, JOSEPH S. ROOK, SR., has received prior to SETTLOR's death or at SETTLOR's death will receive other than pursuant to this ARTICLE SECOND, which is includable in SETTLOR's gross estate for Federal Estate Tax purposes and with respect to which the marital deduction or other similar benefit is allowable. C. No property ineligible for the marital deduction, or any similar benefit, shall be distributed to this gift for SETTLOR's husband, JOSEPH S. ROOK, SR., pursuant to this ARTICLE SECOND. D. Either cash or investments or both may be allocated to the gift under this ARTICLE SECOND. E. Any property allocated under this ARTICLE SECOND in kind shall be valued at the value at which it is finally included in SETTLOR's gross estate for Federal Estate Tax purposes, but in no event shall any such property be valued at less than its fair market value on the date of allocation to this gift. F. SETTLOR's, husband, JOSEPH S. ROOK, SR., shall be paid the entire net income from the Principal of this gift in such periodic installments as TRUSTEE shall find convenient, but at least as ofte~ as quarter-annually. G. SETTLOR's, husband, JOSEPH S. ROOK, SR., is hereby given a power to appoint by will to his estate or to others, 4 in such manner and for such estates as he may appoint, exercisable only by specific reference by him alone and in all events over the Principal of this trust. H. SETTLOR's, husband, JOSEPH S. ROOK, SR., is hereby given a power to appoint from time to time during his lifetime, to any of SETTLOR's then living issue, either outright or in trust, such amounts of the Principal of this Trust as he is his sole discretion shall designate by written instrument delivered to SETTLOR's TRUSTEE during his lifetime with specific reference hereto. I. As much of the Principal of this Trust as SETTLOR's TRUSTEE may from time to time, in their discretion, think advisable for the support of SETTLOR's husband, JOSEPH S. ROOK, SR., and for the protection and preservation of his property or during illness or emergency shall be either paid to him or else applied directly for his benefit by SETTLOR's TRUSTEE. J. If SETTLOR's, husband, JOSEPH S. ROOK, SR., shall fail, either wholly of in part to exercise effectively the power of appointment created in either sub-PARAGRAPH G or H hereof, the unappointed Principal shall be added to, and thereafter treated as part of, the principal of the Trust passing under ARTICLE THIRD hereof. THIRD: TRUSTEE shall hold all of the Principal not subject 5 to ARTICLE SECOND hereof as a separate Trust under this ARTICLE THIRD for the following uses and purposes: A. To pay the net income therefrom to SETTLOR's husband, JOSEPH S. ROOR, SR., for and during his lifetime. B. As much of the Principal of this Trust as TRUSTEE in their sole discretion may from time to time think advisable for the support of SETTLOR's husband, JOSEPH S. ROOK, SR., and for the protection and preservation of his property or for the support and education of SETTLOR's children or grandchildren and their spouses, including college education, both graduate and undergraduate and other post high school professional or vocational eduction leading to a recognized degree), or during illness or emergency, shall either be paid to him or them or else applied directly for his or their benefit by TRUSTEE after taking into account his or their other readily available assets and sources of income. c. TRUSTEE may apply the net income of this Trust for the support of SETTLOR's husband, JOSEPH S. ROOK, SR., should he by reason of age, illness or any other cause in the opinion of TRUSTEE be incapable of diSbursing it. D. In addition to the above provisions, SETTLOR's husband, JOSEPH S. ROOK, SR., shall have the power to direct TRUSTEE to pay to him or to apply out of Principal in each year including the year of SETTLOR's death and the year of his 6 death an amount not in excess of the greater of Five Thousand Dollars ($5,000.00) of Five Percent (5%) of the then aggregate value of the trust Principal. This power is noncumulative and can be exercised only by an instrument in writing intended to take effect during his life, signed by SETTLOR's husband, JOSEPH S. ROOK, SR., and delivered to the TRUSTEE. E. Upon the death of SETTLOR's husband, JOSEPH S. ROOK, SR., the then remaining principal and any undistributed income shall be distributed to SETTLOR's issue, per stirpes; provided, however, the share for any person who shall not have attained the age of thirty (30) years shall be held by TRUSTEE in a separate trust to be administered and distributed in accordance with the provisions hereinafter set forth. 1. During the minority of each such person, TRUSTEE shall distribute so much of the net income and principal of the trust to or for the benefit of such person as TRUSTEE in their sole discretion shall deem advisable for the support, education and health of such person and for the protection and preservation of his property. Any income not so distributed shall be accumulated, invested, administered and distributed as a part of the principal. 2. Upon such person's attaining the age of eighteen (18) years or upon the death of the survivor of SETTLOR's husband, JOSEPH S. ROOK, SR., and SETTLOR if such person 7 shall then be over the age of eighteen (18) years, TRUSTEE shall distribute the net income of such person's trust to hum or for his benefit during his life. Such person shall be entitled, during his lifetime, to withdraw sums of Principal from his trust in accordance with the following formula: (a) At any time after attaining the age of twenty-five (25) years and prior to attaining the age of thirty (30) years, such sums as shall not exceed one-half (\) of the market value of the Principal as constituted on his twenty-fifth (25th) birthday or on the creation of his separate trust, whichever shall last occur; (b) At any time after attaining the age of thirty (30) years, any and all Principal remaining. (c) Upon the death of any person, his trust shall terminate and the then remaining Principal shall be distributed, per stirpes, to his then living issue, or, if there shall be no such issue, to SETTLOR's then living issue, per stirpes. FOURTH: The interests of the beneficiaries hereunder shall not be subj ect to anticipation or to voluntary or involuntary alienation. FIFTH: TRUSTEE shall have the power, but not the duty, to 8 make such expenditures out of the Principal allocated to the Trust in ARTICLE THREE as he in his uncontrolled discretion may consider desirable in order to facilitate the settlement of SETTLOR's estate and also in the event SETTLOR's husband survives him, in order to facilitate settlement of his estate provided that in no event in settlement of SETTLOR's estate shall any payment for such purposes be made out of the assets allocable to the share in ARTICLE TWO; and further provided that no property which would be otherwise exempt from federal estate or state death taxes shall be used to make any paYments under this ARTICLE, or in any other fashion, so as to make the property so used become subject to federal estate or state death taxes. In exercising such power, TRUSTEE may pay, in whole or in part, any or all of the following items: the expenses of SETTLOR's or her husband's last illness and burial, including cost of gravemarker; her debts: her income taxes; the death taxes on any or all property included in her gross estate for tax purposes and not including any generation-skipping transfer tax for which SETTLOR might be liable as a transferor under Section 2603(a) (3) of the Internal Revenue Code, including any interest or penalty imposed in connection with such tax; and all other items in connection with the settlement of his or her estate. Any such i terns may be paid directly by TRUSTEE or the funds for their payment may be transferred by TRUSTEE to SETTLOR's or SETTLOR's husband's Executor or Administrator; and neither such Executor or 9 Administrator nor any beneficiary of SETTLOR's or SETTLOR's husband's estate shall be required to reimburse TRUSTEE for any funds so paid or transferred. All such death taxes on present or future interests shall be paid at such time or times as TRUSTEE may think, regardless of whether such taxes are then due. SIXTH: SETTLOR's TRUSTEEs, Executors and Guardians (herein sometimes referred to as "fiduciaries" or "fiduciary") shall have the following powers in addition to those vested in them by law and by other provisions of SETTLOR's will or this Trust applicable to all property, whether principal or income, including property held for minors, exercisable without court approval, and effective until actual distribution of all property: A. Any fiduciary hereunder may renounce or resign at any time with or without cause. B. No fiduciary shall be required to file bond, execute any instrument appointing anyone to accept service of process, or file inventories or accounts of any kind, except as ordered to do so by a court of competent jurisdiction or as required to do so under a state statute not providing for release of such requirements by a testator or settlor. Any beneficiary, however, will have the right at reasonable times to request of and receive a complete accounting of such matters as are pertinent to that beneficiary. c. If there is no corporate fiduciary acting hereunder, 10 TRUSTEE may designate a corporation (regardless of where organized or headquartered) with fiduciary powers to act as agent or custodian hereunder, may delegate to it such duties as may be appropriate (including investment recommendation duties), may pay to it reasonable compensation for its services, and may discharge it with or without cause. D. To retain any or all of the assets of SETTLOR's estate, or this Trust, real or personal, including stock of any corporate fiduciary, without regard to any principal of diversification or risk. If the assets of any Trust hereunder consist of any interest in residential real estate, whether it be a full fee interest; a leasehold interest; a fractional interest; a life tenancy or a remainder interest; the right to income shall include the right to possession of such residential real estate (and if the income beneficiary is SETTLOR's spouse, he shall have the right to share that possession with such other members of SETTLOR's family as he shall determine). The costs of obtaining, maintaining, insuring, operating, repairing and/or replacing such real estate shall be considered appropriate costs to be paid by TRUSTEEs and shall be allocated to income or principal in accordance with the character of the cost paid. TRUSTEE shall consult with SETTLOR's husband prior to sale or other disposition of such residential real estate, and shall not 11 dispose of such residential real estate without the consent of SETTLOR's spouse or his or her agreement concerning a substitute or replacement residence. TRUSTEE is authorized to execute and deliver such Deeds, assignments or other documents as may be necessary and desirable to effectuate the transfer of ownership of any interest in any real estate. E. To invest in all forms of property, including stock, common trust funds, and mortgage investment funds whether operated by SETTLOR's fiduciary or others, without restriction to investments authorized for Pennsylvania Fiduciaries, as they deem proper, without regard to any principle of diversification or risk. F. To sell at public or private sale, to exchange, or to lease for any period of time, any real or personal property and to give options for sales, exchanges or leases, for such prices and upon such terms or conditions as they deem proper. G. To allocate receipts and expenses to principal or income or partly to each as they from time to time think proper in their sole discretion, but in no event shall the income of the marital deduction share be reduced by the exercise of this power. H. To borrow from or to sell to SETTLOR's Executor or other TRUSTEE even though such Executor or other TRUSTEE may be also be SETTLOR's TRUSTEE hereunder. 12 I. To cause the title to any property held hereunder to stand in the name of a nominee or nominees. J. To repair, alter or improve any real or personal property; to borrow money, including the right to borrow money from any fiduciary hereunder, and to pledge, mortgage, or create a security interest in any property held by them as security therefor, and to make loans, secured or unsecured, for such purposes and upon such terms and conditions as they may deem advisable, including loans to SETTLOR's estate, with or without interest, for any purpose whatsoever, and to exercise options of any kind. K. To subscribe for or to exercise options for stocks, bonds or other investments; to join in any plan of lease, mortgage, merger, consolidation, reorganization, foreclosure or voting trust and to deposit securities thereunder; to vote securities in person or by proxy, in such connection to delegate discretionary powers; and generally to exercise all the rights of security holders or employees of any corporation. L. To compromise, submit to arbitration or release any claim of SETTLOR's estate or any trust against others and to pay, compromise, or submit to arbitration any claim of others against SETTLOR's estate or any trust hereunder. M. To exercise any law-given option to pay death taxes 13 in installments, the payment of interest due on such installments to be a charge against principal. N. To exercise any law-given option to treat administrative expenses either as income tax or as estate tax deductions, without regard to whether the expenses were paid from principal or income, without regard to whether the size of the marital deduction share created in ARTICLE TWO hereof will be increased thereby and without requiring reimbursement. o. To receive other property of any type acceptable to the TRUSTEE, including, but not in way of limitation, life insurance proceeds, which may be devised, bequeathed, assigned, granted, conveyed or made payable to the TRUSTEE by any other person, to be added to and administered in accordance with the then applicable provisions of this Trust; provided, however, if more than one trust is then being administered hereunder, such other person may specify, in the instrument of transfer, among which trusts, and in what proportions such property shall be allocated. P. To treat the entire trust estate as a common fund for the purpose of investment, notwithstanding any provision herein for division thereof into shares or separate trusts. Q. Any trust beneficiary will have the right at reasonable times to request of and receive from the TRUSTEE a complete written accounting of such matters pertaining to 14 the administration of the trust as are pertinent to that beneficiary. In the TRUSTEE's discretion, income tax returns of the trust may be used to satisfy such request. R. In making distribution of this Trust, TRUSTEE is hereby granted the power to make non-prorata distribution of assets in kind. s. TRUSTEE in addition to other powers granted shall have the authority to purchase life insurance on the lives of any or all beneficiaries of the trust. In addition, specific authority or power is granted to pay premiums on existing policies as well as those purchased after the creation of the trust even though said policies may not be owned by or payable to the TRUSTEE as beneficiary. Premiums may be paid from the income of the trust estate or, if necessary, from principal. T. Should the principal of any trust herein provided for be or become so small that, in the TRUSTEE's discretion, establishment or continuance of trust is inadvisable, TRUSTEE may make immediate distribution of the then remaining principal and any accumulated or undistributed income outright to the person or persons and in the proportions they are then entitled to. If any such person is then a minor, distribution may be made to that person's guardian, or to a person selected by the TRUSTEE to be custodian for such person until the age of twenty-one (21) years under the Pennsylvania Uniform Gifts 15 to Minors Act. u. To continue the operation of any business in which SETTLOR may be interested or engage at the time of SETTLOR's death (regardless of the form or organization of any such business), which business or an interest in which shall be received by SETTLOR's fiduciary. This authorization shall include the right to change the form of any such business by the reorganization or incorporation thereof, or the formation of a general or limited partnership with respect thereto, and shall also include the right to invest in any such business including the right to invest in any business the property of any trust hereunder for such periods of time and upon such terms and conditions as my fiduciary shall deem advisable. No fiduciary shall be liable for any loss resulting from continuing any such business, but SETTLOR's fiduciary may, in SETTLOR's fiduciary's discretion, sell, liquidate or otherwise discontinue any such business at such time or upon such terms and conditions as SETTLOR's fiduciary shall deem advisable. v. SETTLOR's fiduciaries, generally, shall have full power and authority to exercise all rights and privileges appurtenant to any property held by them, and to execute and deliv~r any and all instruments which may be necessary or expedient in the exercise of the powers granted herein: provided, however, that no TRUSTEE hereunder shall have any 16 power in the administration of the trust created under ARTICLE TWO hereof which would in any way disqualify such trust for the purposes of the marital deduction afforded by the Federal Estate Tax Laws. W. Any fiduciaries are authorized to make distributions in any manner which he or she deems to be in the best interest of a beneficiary, including: 1. To such beneficiary directly, including mailing to his or her last-known address or depositing to his or her bank account or to a bank account to be opened by him or her; and 2. To an existing trust (or fund thereof) for the sole benefit of such beneficiary and providing no less a right to present enjoyment of income and principal that would be the case under the trust hereunder; and 3. Directly to third persons for the sole benefit of such beneficiary or such beneficiary's dependents. 4. The receipt for any distribution made in conformity with the above provisions will fully discharge TRUSTEE from any further liability for that distribution. 5. No fiduciary will exercise any discretionary authority to distribute principal or income for the benefit of any beneficiary to reimburse any governmental entity which may have incurred expense for the benefit 17 of that beneficiary or pay any obligation of a beneficiary if that expense or obligation is otherwise payable by any governmental entity or pursuant to any governmental program of reimbursement or payment. Testator does hereby specifically waive, renounce and disclaim any rights which he, his heirs and assigns, and any other person or entity may otherwise have to seek invasion of the assets of his estate or any TRUST hereunder, pursuant to any statute of any jurisdiction. X. The situs of this Trust shall be in the County of Cumberland and State of Pennsylvania, and all questions pertaining to the construction or validity of the provisions of this instrument shall be governed by the laws of that state. Despite the foregoing, the TRUSTEE may, at any time and from time to time, change the situs of any trust created hereunder as the TRUSTEE in his sole discretion deems desirable for the benefit or security of this trust. The TRUSTEE may elect (or decline to elect) the law of a different jurisdiction and thereafter the court of such other jurisdiction shall have the power to effectuate the purposes of this instrument to such extent. The TRUSTEE may change the situs of any trust created hereunder, and may change the situs of one trust without changing the situs of other trusts created hereunder. This is a continuing power which will not 18 be exhausted by its use. The determination of the TRUSTEE as to the change of situs shall be conclusive and binding on all persons interested or claiming to be interested in any trust hereunder. Y. In any proceeding, legal or equitable, formal or informal, in court or out of court, in any jurisdiction, concerning any property or personal rights or interests, whether vested or contingent, which arise hereunder, the interests of the following persons shall be represented as hereinafter provided for: 1. In the case of beneficiaries whose whereabouts cannot be ascertained, TRUSTEE or Executor will represent them. 2. In the case of beneficiaries who are unborn, unknown, incompetent, or otherwise subject to the appointment of a guardian and a guardian for such beneficiary has not been designated, the following persons in the order named will represent them: a. The oldest competent parent, or if there is no competent parent, the oldest competent grandparent, of such beneficiary. b. The oldest competent sibling. c. The oldest competent child, or if there is no competent child, the oldest competent child of 19 a sibling of such beneficiary. 3. Unborn beneficiaries will be represented by their parent who is related most closely to me. No person will represent a beneficiary if it could or would result in an increase of federal or state income, gains, gift, death or other taxes. z. If there are co-fiduciaries serving hereunder, they may delegate any and all management duties and responsibilities to one of them. Such co-fiduciaries may, for example, designate one of them to maintain a bank account or accounts, and in that instance the signature of only that fiduciary shall be required to open and maintain such account, to deposit funds to such account and to write checks on such account. AA. The individual fiduciaries shall have jointly with the corporate fiduciary all the powers given to the fiduciaries, except that no individual fiduciary shall participate in the exercise of any discretion to determine the proprietary or amounts of payments of income or principal to himsel f or hersel f or to any person to whom he or she is legally obligated, or possess any of the incidents of ownership with respect to any policy of insurance on his or her life, and the remaining fiduciaries alone shall exercise that discretion and possess those incidents of ownership. 20 BB. In the event of any disagreement between or among SETTLOR's fiduciaries, the decision of the individual fiduciary, except as limited by PARAGRAPH AA above, shall control. No fiduciary shall be liable for any loss resulting from a decision in which that fiduciary did not join. SEVENTH: Where appropriate, TRUSTEE is hereby authorized and empowered: To (1) allocate any of SETTLOR's unused federal generation-skipping transfer tax exemption to any property of which SETTLOR is the transferor for the purposes of such tax (whether or not passing under this Trust); (2) exclude any such property from any such allocation; and (3) make any related election all as they in their sole and conclusive discretion deems most advantageous and equitable. SETTLOR directs that no party in interest to the transfer of any such property shall have any claim against his Executor or TRUSTEE or his estate or this Trust or any claim for equitable reimbursement or any other cause. EIGHTH: TRUSTEE shall have no duty to pay any premiums on the life insurance policies sUbject hereto and the companies issuing such pOlicies shall have no responsibility to see to the fulfillment of this Trust or the application of the proceeds of such policies and TRUSTEE shall have no duty to bring suit upon any of the life insurance policies subject hereto unless it holds funds hereunder out of which it may be indemnified against all costs, legal fees and other expenses of suit. 21 NINTH: SETTLOR reserves to herself the following rights (each of which may be exercises by SETTLOR alone whenever and as often as SETTLOR may wish): A. All rights now or hereafter vested in SETTLOR as the owner and the insured under the life insurance policies subject hereto, including, but not limited to, the rights to change beneficiaries, to borrow on policies either from the issuing companies or from other institutions or other persons, to assign and pledge policies for any loan and to receive dividends and all other payments available to the owner and the insured; and D. The right by an instrument in writing intended to take effect during SETTLOR's lifetime signed by SETTLOR and delivered to TRUSTEE to revoke or amend this Agreement in whole or in part or to withdraw sums of income and/or principal or to direct payments of income or principal to others, provided that the duties, powers and liabilities of TRUSTEE shall not be substantially changed without their written consent. TENTH: Subject to the approval of TRUSTEE, anyone may add property, real or personal, to the Principal of this Trust by Deed, Will or otherwise. In addition, SETTLOR specifically authorizes TRUSTEE to receive property transferred into the Trust by SETTLOR's attorney-in-fact (including transfers from TRUSTEE acting as 22 attorney for SETTLOR) . ELEVENTH: TRUSTEE shall receive compensation for the performance of its functions hereunder in accordance with its standard schedule of fees in effect from time to time during the period over which it services are performed, provided that any increase over its present schedule of fees must be approved by SETTLOR or after SETTLOR's death by a majority of the income beneficiaries who are living and sui juris and then entitled to receive income currently. If TRUSTEE is an individual, TRUSTEE shall receive reasonable compensation for performance of functions, from time to time hereunder. TWELFTH: In the event either TRUSTEE, for any reason desires to resign or is unable to continue as TRUSTEE, HAMILTON C. DAVIS of P.O. Box 375, Shippensburg, Pennsylvania 17257, shall be successor Co-TRUSTEE and shall have all the powers given the TRUSTEE under this Agreement, but shall not be liable for any acts or omissions of the prior TRUSTEE. The terms "TRUSTEE" or "TRUSTEES" shall mean the TRUSTEE or TRUSTEES serving at the time in question. IN WITNESS WHEREOF, the parties hereto have executed or caused this instrument to be executed the day and date first above 23 written. WITNESS: ~~;:~. v J?; 6-t.~ :;;r ~ Maralee G. Rook, SETTLOR Farmers Trust Company, TRUSTEE Attest: By: lr~ / .I" . , i/..if j J / if'. ''''VI.. ",I f, J ,/'; ....f i. ~:--:.A/: .-r -. 1 :' Its / j (':;' le;o::> r ~, "'.::- /' -;-' ??l:'" (l -;;::'"" J ,~.'If ,..f--' ~,-'-'"".~:(,tI~''''''.'''1 '-.- .." ~""-,<<,~ .~)f~~/ ('E/.,2 \!JDA~ ~ Its U S"t:Ll2.fTltKY ,i~- '\,:/, \~//, '" " '" ."(/, ,C</:",:e<-;;~!''-'''7 '--;C~ ~/ p./1..,-"" ~.>,-</:;~~;:?-- WITNESS: COMMONWEALTH OF PENNSYLVANIA SSe COUNTY OF CUMBERLAND On this, the /'2:: day of ~~ t~ , 1992, before me, the undersigned officer, personally appeared MARALEE G. ROOK, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed same for the purposes therein contained. NOTARIAL SEAL. bUc HAMILTON C" D1\'JIS, N"~?-t~o" PA North N~~nnl'p'I'rc~U~t&mb&r 22. \996 My CommrS5t" ..~ ~" my hand 2nd 0" ficial seal. / /"l;/ -- // ( " ~ Notary Public IN WITNESS WHEREOF, I hereunto se 24 COMMONWEALTH OF PENNSYLVANIA . . . . SSe COUNTY OF CUMBERLAND . . On this, the ,sJ day of ~~~ , 1992, before me, the undersigned officer, personally appeared ~~~ ~~ who acknowledged himself to be the y,~., I".,->~_ of FARMERS TRUST COMPANY, a corporation, and that he as such Vi, ~ ;?~.s#~j~ , being authorized to do so, executed the foregoing instrument for the purposes therein.contain7~.b~signing the name of the corporation by himself as 1./,<.< l'/1'f,rt'~ . IN WITNESS WHEREOF, I hereto set my hand and official UrJJ Notary Public seal. NOTARIAL SEAL HAMILTON C. DAVIS, Notary Public No~lh NeWbn Twp., Cumberland Co., PA My Commissiun Expires September 22, 1996 r- ..-/ COMMONWEALTH OF PENNSYLVANIA SSe COUNTY OF CUMBERLAND On this, the 22-hL day of ~tAvt.~ , 1992, before me, the undersigned officer, personally appeared JOSEPH S. ROOK, JR., known to rue (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. NOT ARIAL SEAL . HAMIl. TON C. DAVIS, NotarY ~ICpA North Nl!wtDiol'l TExWPplf:'e~L1~:-r:r 22: 1996 My ComlTllG8 n v,. ~ ;fa~-;iiC 25 MAY. 8. 2002 3:57PM M&T INVESTMENT GROUP NO. 970 P. 2 \0 '-0 "'" -..I ~ C".l :;0 I\l .... "'" "'" e ~ ,." Cl:l I\) \0 \0 '" l/'l ~ w OJ ..." '-" ~ I g C I'\) 0'\ '-" 3: ~ "'" ..,., -.l I\l \0 ..0 VI -4 I I I I I ::z Ql '" .r: ... r'l c: 0 "'0 .-:: c 0 0 " 3: I ~ I I I , I to 0- 0\ ... "'" <.01 \Q IT\ 0 I\) :0 I 0 J:: '"oJ 3< OC:: -t -I 0"'1 0 ):>- eel' -1M Ul ::c ::l'~ ,." " ::c 1;10 IT\ 0 '-" ~- ... 0 0 (') ~ = ""0 l:'::D :c ~ ..... c: 1tt ...:Z .....1"1 l'Tj ,." ......0 :::a ~ 3: ~~ O~ ;I> } "'1- ~ "0 \CM -4 t.. ::z c:z 'c ;;0 ::D , -< 0 c: ::l,!:~ I\)::D - _r- (II .." Cl-l 0< (') C"l \00 1;1 l'1\ > - 0 ,." ,.., \0)- ,." "0 (') f"tf'" Ilt:.... 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U1 ... ... ... :z .... - Cl:l CC .... .... 0 (') VI "" .... ~ I,Il 0 0 0 ...., \J\ 0\ 0 C ~ . . .. 0 0 .r::- Q\ \0 a- N 0 ,.. C 0 0 0 w .f:" w 0 0 c: .., 0 0 0 0 0 ." Cl:l Cl:l Cl:l CC Cl:l :0 ...... , , ...... ..... ... ~I\) .......0 "" wO WI\) ""0'" .......... ,... '''' .....w ........ "'0 "J. 1\). 1\)- 1\). 1\)- OA:! 0 00 0"" 00 o.&:' OOl>- CD 00 00 0- 0"'" O~...C') ..... -0 ..0 ....0 -0 _t,..,,.., I\) R ..... 0 3: ;I> I\l I'\) I\) ;:0 \0 \0 .. I\) .... I\) :t; Cl> Cl:l t "" cc '" 0\ ,." ... ~ ... ... ... ... -1 "'" ..., Cl:l Cl:l e- I\) N Cl:l Cl:l ..... ...., 0- .... < ." '-" "" ..., VI '-" VI )- ;I> . . . r- C> 0 0 0 0 '" 0 lJl e- O e ,.., .... 0 0 "'" .... 0 J: 0 0 M ... YV\'\' T -; {LVi > j- J'I u-.. j, t/\ ifJ -"] 5"bO (; O~ERTIFIED to be a true and correct copy FUNDED REVOCABLE TRUST AGREEME THIS AGREEMENT OF TRUST executed in duplicate this oct \1,tA - ..~ day of , 1992, between JOSEPH S. ROOK, SR. and MARALEE G. ROOK, husband and wife, of 101 Mount Rock Road, Newville, Pennsylvania 17241, (hereinafter whether during the joint lives of both or the life of the survivor of them, called SETTLORS), and FARMERS TRUST COMPANY of One West High Street, Carlisle, Pennsylvania 17013, (hereinafter whether singular or plural, masculine or feminine, individual or corporate, called TRUSTEE) . WIT N E SSE T H I. SETTLORS establish with TRUSTEE a TRUST the original Principal of which shall be as shown on Schedule "A" attached hereto and made a part hereof by incorporation herein, receipt of which TRUSTEE acknowledges by executing this Agreement, which sum, together with all other property, real or personal, that may be added to the TRUST (such cash and additions being hereinafter called "Principal"), shall be held by TRUSTEE, IN TRUST, upon the following terms: II. TRUSTEE shall manage all property comprising the Principal of this TRUST and shall collect the Income therefrom (hereinafter called "Income") and accretions thereto and shall pay the net Income and hold and distribute the Principal of the TRUST as follows: A. TRUSTEE shall pay from the net Income therefrom to SETTLORS or the survivor of them for and during their lifetimes such periodic installments, in such amounts, as SETTLORS shall request, provided that if, in the opinion of TRUSTEE, SETTLORS should by reason of age, illness, or for any other cause become incapable of disbursing Income TRUSTEE may then apply the net Income of this TRUST for the support of SETTLORS to maintain them or the survivor of them in the station of life to which they are accustomed at the creation of this TRUST. Any Income in excess of $500.00 not disbursed hereunder or as directed by SETTLORS under ITEM VIII shall be added periodically (but at least annually) to Principal. B. As much of the accumulated Income and Principal of this TRUST as TRUSTEE in its sole discretion may from time to time think advisable for the support of SETTLORS to maintain them or the survivor of them in the station of life to which they are accustomed at the creation of this TRUST, or during illness or emergency, shall be either paid to them or else applied directly for their benefit by TRUSTEE. C. Upon the death of the second SETTLOR to die, after payment of SETTLOR's debts, taxes and administration expenses as is herein provided for, TRUSTEE shall hold and distribute 2 all the remaining Principal and any accumulated and undistributed income in CONTINUING TRUST, as follows: 1. To accumulate the net income and to expend and apply so much of the net income, accumulated income, and principal of this TRUST as TRUSTEE in its sole and absolute discretion deems advisable for the support and education (including college education, both graduate and undergraduate and other post high school professional or vocational eduction leading to a recognized degree) of SETTLORS' grandchildren after taking into consider- ation their other readily available assets and sources of income, or during illness or emergency. TRUSTEE shall expend the funds as equitably among SETTLORS I grand- children as is practicable but not necessarily equally, having in mind that the main purpose of this trust provision is to make possible an adequate education for all of such grandchildren. 2. When there is no grandchild living and under the age of twenty-three (23) years, then TRUSTEE shall divide the then remaining principal and accumulated or undis- tributed income into as many equal shares as there are living grandchildren and deceased grandchildren survived by then living issue, without regard to distributions made under Subparagraph 1 hereof, and each share shall 3 be distributed as soon as is practicable to the beneficiary, whereupon this TRUST shall terminate. III. The Principal and Income of this TRUST shall be free from anticipation, assignment, pledge or obligation of SETTLORS or of any beneficiary and shall not be subject to any execution or attachment or to voluntary or involuntary alienation. IV. SETTLORS appoint Farmers Trust Company of Carlisle, Pennsylvania, guardian of any property which passes, either under this TRUST or otherwise, to a minor and with respect to which SETTLORS are authorized to appoint a guardian and has not otherwise specifically done so, provided that this appointment of a guardian shall not apply to property distributable under this TRUST to a minor for whom special provision has otherwise been made herein and provided further that this appointment of a guardian shall not supersede the right of any fiduciary in its discretion to distribute such share to the minor or to another for the minor's benefit. Such guardian shall have the power to use Principal as well as Income from time to time for the minor's support and education (including college education, both graduate and undergraduate) without regard to his or her parent's ability to provide for such support and education, or to make payment for these purposes, without further responsibility, to the minor or to the minor's parent or to any person taking care of the minor. V. TRUSTEE shall have the power, but not the duty, to make 4 such expenditures out of this TRUST as it, in its uncontrolled discretion, may consider desirable in order to facilitate the settlement of either SETTLOR's estate. In exercising such power, TRUSTEE may pay, in whole or in part, any or all of the following items: the expenses of either SETTLOR's last illness and burial, including cost of gravemarker; his or her debts; his or her income taxes; the death taxes on any and all property included in his or her gross estate for tax purposes; and all other items in connection with the settlement of his or her estate. Any such items may be paid directly or transferred by TRUSTEE to either SETTLORS' executor or administrator; and neither such executor or administrator or any beneficiary of either SETTLORS' estate shall be required to reimburse TRUSTEE for any funds so paid or transferred. VI. TRUSTEE and guardian shall have the following powers in addition to those vested in it by law and by other provisions of this TRUST, applicable to all property, whether Principal or Income, including property held for minors, exercisable without court approval, and effective until actual distribution of all property: A. To retain any or all of the assets of this TRUST, real or personal, including stock of a TRUSTEE, without regard to any principle of diversification or risk. B. To invest in all forms of property, including stock, 5 common funds and mortgage investment funds whether operated by a TRUSTEE or by others, without restriction to investments authorized for Pennsylvania fiduciaries, as it deems proper, without regard to any principle of diversification or risk, and including investments in Farmers Trust Company in the form of stock, checking accounts, savings accounts, certificates of deposit or other investments without limitation as to Federal Deposit Insurance Corporation (or other similar agency) insurance limits for such investments. C. To sell at public or private sale, to exchange, or to lease for any period of time, any real or personal property and to give options for sales, exchanges or leases, for such prices and upon such terms or conditions as it deems proper. D. To allocate receipts and expenses to Principal or Income or partly to each as TRUSTEE from time to time thinks proper in its sole discretion. E. To compromise any claim or controversy. F. To distribute in cash or kind or partly each. G. To purchase assets from either SETTLOR'S estate and to lend money to either SETTLOR'S estate. H. To hold property in its name without designation of any fiduciary capacity, or in the name of a nominee or unregistered. I. To repair, alter or improve any real or personal 6 property; to borrow money including the right to borrow money from any fiduciary hereunder, and to pledge, mortgage, or create a security interest in any property held by its as security therefor, and to make loans, secured or unsecured, for such purposes and upon such terms and conditions as the TRUSTEE may deem advisable, including loans to either SETTLOR'S estate, with or without interest, for any purpose whatsoever, and to exercise options of any kind. J. To subscribe for or to exercise options for stocks, bonds, or other investments; to join in any plan of lease, mortgage, merger, consolidation, reorganization, foreclosure or voting TRUST and to deposit securities thereunder; to vote securities in person or by proxy, in such connection to delegate discretionary powers; and generally to exercise all the rights of security holders or employees of any corporation. K. To continue the operation of any business in which either SETTLOR or both may be interested or engaged (regardless of the form or organization of any such business, whether the same be a sole proprietorship, a partnership or a corporation in which either SETTLOR or both owns all or a substantial portion of the stock and including any farming business and the rental of farm land which either SETTLOR or both may own, either solely or as a co-tenant, including 7 individual fractional interests), which business or an interest in which shall be received by either SETTLOR'S fiduciary, subject to the terms of any agreement either SETTLOR or both may have made for the sale of such business or interest or any assets thereof, until such time as either SETTLOR'S respective fiduciaries deem it advisable to sell, liquidate or distribute the same in kind. Either SETTLOR'S fiduciaries shall have all the rights and powers in connection with such business as either SETTLOR or both had when living, including by way of example and not limitation the powers to operate or join in the operation thereof as a going concern, the right to change the form of any such business by the reorganization thereof, or the formation or re-formation of a general or limited partnership with respect thereto, and also including the right to invest in any business or make agreements for the utilization in any business or lease to or in conjunction with any business the property of either SETTLOR'S estate or any TRUST hereunder for such periods of time and upon such terms and conditions and to liquidate or sell the same or any part thereof, all as either SETTLOR'S respective fiduciaries shall deem advisable for the best interests of either SETTLOR, either SETTLOR'S estate and of the beneficiaries thereof, without any liability for loss resulting from the operation of said business except where 8 such loss in the result of gross negligence or fraud on the part of the particular fiduciary. Either SETTLOR'S executor and TRUSTEE shall be entitled to received, for services in connection with such business, such additional compensation as may be commensurate therewith. Either SETTLOR'S fiduciaries are specifically authorized and empowered to engage the services of such persons as may be reasonably necessary or desirable to provide legal, accounting and business management expertise to or for such business and to engage employees and agents therefor and to agree for the compensation of said persons in addition to the additional compensation of either SETTLOR'S respective fiduciaries provided for above. L. To pay from the Income of the TRUST created herein, monthly payments on any mortgage on real estate owned by either SETTLOR individually or jointly with another person if TRUSTEE deems it advisable not to prepay andy such mortgage. M. TRUSTEE, generally, shall have full power and authority to exercise all rights and privileges appurtenant to any property held by it, and to execute and deliver any and all instruments which may be necessary or expedient in the exercise of the powers granted herein. N. In making distribution of any TRUST, TRUSTEE is hereby granted the power to make non-prorata distribution of 9 assets in kind. O. TRUSTEE in addition to other powers granted shall have the authority to purchase life insurance on the lives of any or all beneficiaries of the TRUST. In addition, specific authority or power is granted to pay premiums on existing policies as well as those purchased after the creation of the TRUST even though such policies may not be owned by or payable to the TRUSTEE as beneficiary. Premiums may be paid from the Income of the TRUST estate, or, if necessary, from principal. P. To exercise any law-given option to pay death taxes in installments, the payment of interest due on such installments to be a charge against Principal. Q. To exercise any law-given option to treat administrative expenses either as Income tax or as estate tax deductions, without regard to whether the expenses were paid from Principal or Income. R. Should the Principal of any TRUST herein provided for be or become too small in TRUSTEE's discretion so as to make establishment or continuance of TRUST inadvisable, TRUSTEE or either SETTLOR'S personal representative may make immediate distribution of the then remaining Principal and any accumulated or undistributed Income outright to the person or persons and in the proportions they are then entitled to. If 10 any such person is then a minor, distribution may be made to that person's guardian, or to a person selected by the TRUSTEE to be custodian for such person until the age of twenty-one (21) years under the pennsylvania Uniform Gifts to Minors Act. S. To receive other property of any type acceptable to the TRUSTEE, including, but not in way of limitation, life insurance proceeds, which may be devised, bequeathed, assigned, granted, conveyed or made payable to TRUSTEE by any other person, to be added to and administered in accordance with the then applicable provisions of the TRUST or TRUSTs hereunder; provided, however, if more than one TRUST is then being administered hereunder, such other person may specify, in the instrument of transfer, among which TRUSTS, and in what proportions such property shall be allocated. T. To treat the entire TRUST estate as a common fund for the purpose of investment, notwi thstanding any provision herein for division thereof into shares or separate TRUSTS. VII. The situs of this TRUST for administrative and accounting purposes shall be in the County of Cumberland and Commonwealth of Pennsylvania, and all questions pertaining to the construction or validity of the provisions of this instrument shall be governed by the laws of that Commonwealth. Despite the foregoing, the TRUSTEE may, at any time and from time to time, change the situs of any TRUST created hereunder as the TRUSTEE in 11 his sole discretion deems desirable for the benefit or security of this TRUST. The TRUSTEE may elect (or decline to elect) the law of a different jurisdiction and thereafter the court of such other jurisdiction shall have the power to effectuate the purposes of this instrument to such extent. The TRUSTEE may change the situs of any TRUST created hereunder, and may change the situs of one TRUST without changing the situs of other TRUSTS created hereunder. This is a continuing power which will not be exhausted by its use. The determination of the TRUSTEE as to the change of situs shall be conclusive and binding on all persons interested or claiming to be interested in any TRUST hereunder. VIII: SETTLORS reserve the right by an instrument in writing intended to take effect during either SETTLOR's lifetime signed by either SETTLORS or the surviving SETTLOR and delivered to TRUSTEE to withdraw sums of principal, to direct paYments of accumulated Income or to revoke or amend this Agreement in whole or in part provided that the duties, powers and liabilities of TRUSTEE shall not be substantially changed without its written consent. It is the intention of SETTLORS in establishing this TRUST that their interests herein and hereunder shall be as joint tenants with the right of survivorship (and not as Tenants by the Entirety or as Tenants in Common) such that (whether as to income or principal and regardless of whether contributed assets came from property previously held jointly or separately by SETTLORS) upon the death 12 of the first of SETTLORS to die, the surviving SETTLOR is by operation of law and the terms of this TRUST the sole and absolute survivor in interest as SETTLOR. It further is the intention of the SETTLORS and by joining herein they each agree individually that during their joint lifetime, the powers reserved herein for the SETTLOR may be exercised by either SETTLOR acting alone. Either SETTLOR may disclaim his or her income or principal interest in this TRUST at any time. Any income interest so disclaimed shall pass to the remaining spouse. If the other spouse: has predeceased the disclaiming spouse; disclaims the disclaimed interest; has previously disclaimed all of his or her interest in the TRUST; or is disabled by reason of illness, age or other cause so as to be incapable of appropriately receiving, dealing with or disbursing his or her interest or should he or she be a resident of a nursing home for more than ninety (90) days, such interest shall pass to those persons entitled to receive distribution pursuant to the provisions of ITEM II.c. above. IN WITNESS WHEREOF, SETTLORS have hereunto set their hands the day and year first above written and TRUSTEE has executed this 13 instrument and caused its corporate seal to be affixed hereto (or TRUSTEE has signed this instrument). ::;tit (.~ ucj (S EAL) ?)Lwv~.ij. I~ MARALEE G. ROOK ( SEAL) FARMERS TRUST COMPANY Attest: " -+~ 14 COMMONWEALTH OF PENNSYLVANIA SSe COUNTY OF CUMBERLAND : On this, the J.rt day of Oc \Vl,~ , 1992, before me, the undersigned officer, personally appeared JOSEPH S. ROOK, SR. and MARALEE G. ROOK known to me (or satiSfactorily proven) to be the persons whose names are subscribed to the within instrument, and acknowledged that they executed same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. NOTARIAL SEAL HAMILTON C. DAVIS. Norary Public Nol1h NewIDn Twp., Cumberlarid Co., PA My Commission Expires September 22, 1995 COMMONWEALTH OF PENNSYLVANIA SSe COUNTY OF CUMBERLAND n I On this, the /~ day of G)~hCA. , 1992, before the un ersigned officer, personally appeared DAv~J 6-o..rf, of FARMERS TRUST COMPANY, orate Trustee known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he/she executed same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my NOTARIAL SEAL N HAMILTON C. DAVIS. No~ Public orth N~WlDn Twp., Cumberfarid Co PA My COIMlIssion Expires September 22: 1996 15 SCHEDULE "A" ORIGINAL PRINCIPAL OF FUNDED REVOCABLE TRUST AGREEMENT BETWEEN JOSEPH S. ROOK, SR. AND MARALEE G. ROOK, SETTLORS AND FARMERS TRUST COMPANY, TRUSTEE DATED: October 1, 1 992 Farmers Trust Company Certificateof Deposit # 1-A34091-C, Faae Value $17,500.00 T. Rowe Price New Era Fund Account # 310825492-0 - 563.565 shares @ 12-31-91 T. Rowe Price New Horizons Fund Account # 10137958-8, 911.062 shares @ 12-31-91 Meridian Bank Check - $100,000.00 , Trustee Settlor F 111Jft~ ~;?~ Maralee G. Rook, Settlor (: .... VfIct I t.M) r f~ iI7:;bD6tJ4f CERTiHI::D to oe a true and correct copy AMENDMENT TO FUNDED REVOCABLE TRUST AGREEMENT PI THIS AGREEMENT, executed in multiple counterparts this ) 0 - day of August, 2001, by and between MARALEE G. ROOK, of 101 Mount Rock Road, Newville, PA, 17241 (herein SETTLOR) and MANUFACTURERS & TRADERS TRUST COMPANY, successor by mergers to FARMERS TRUST COMPANY, of Carlisle, P A (herein TRUSTEE). WHEREAS, SETTLOR is the surviving SETTLOR of a certain Trust established under agreement dated October 1, 1992, of which the SETTLOR and her late husband, JOSEPH S. ROOK, SR., were joint settlers with right of survivorship (and JOSEPH S. ROOK, SR. has since died); and WHEREAS, SETTLOR pursuant to the provisions of Article VIII of the aforesaid agreement (herein "The Agreement"), reserved the right to amend The Agreement, and SETTLOR wishes hereby to amend The Agreement. NOW, THEREFORE, the SETTLOR and TRUSTEE do mutually agree that The Agreement is amended as follows: 1. To Article II, paragraph C., there is hereby added a sub-paragraph 3, as follows: "3. Provided, however, that if there is any beneficiary hereunder who is, in TRUSTEE'S opinion, subject to a disability by reason of age, illness or other cause, such that the beneficiary is incapable of appropriately receiving, dealing with or disbursing any funds herefrom (and it is presumed that SETTLOR'S granddaughter SUSAN N. DIETER, is so incapacitated) then as to such beneficiary the following provisions shall apply and shall take precedence over and supercede any other provisions hereof to the contrary. (a) During the life of such beneficiary, no portion of the principal of this Trust or share hereof shall be paid to him or her or expended for his or her benefit nor distributed for any other purpose whatsoever except as hereinafter expressly provided. (b) No payments of income shall be made from this Trust or share hereof to or for the benefit of such beneficiary until the Trustee shall have taken into consideration all of such beneficiary's available assets and sources of income . .. I , .. including entitlement to benefits and services from any local, state or federal government or agency (or from any private agency). (c) During the life of such beneficiary, no portion of this Trust or share hereof, either principal or income, shall be subject to anticipation, pledge, assignment or obligation of such beneficiary's wife or husband nor be subject to any reimbursement, execution, attachment, levy or sequestration or other claims of or interference from the creditors of such beneficiary or of his or her estate or of anyone who may be obligated for his or her support, including any government or governmental agency or private agency which has provided benefits or services to such beneficiary. (d) During the life of such beneficiary, subject to the considerations and stated in sub-Paragraph (b) hereof, Trustee may expend upon such beneficiary for his of her health and medical care, support and maintenance in reasonable comfort, so much of the income of this Trust or share hereof as Trustee shall determine. Trustee shall have sole and absolute discretion in determining whether such expenditure for such beneficiary are to be made. It is SETTLOR'S desire that the Trustee provide such resources and experiences as will contribute to and make such beneficiary's life as pleasant, comfortable and happy as is feasible. Trustee may consider input from SETTLOR'S children to ascertain such beneficiary's needs and desires and may follow their recommendations in making payments and expenditures in such beneficiary's behalf. Nothing herein shall preclude the Trustee from purchasing those services and items which promote such beneficiary's happiness, welfare and development, including, but not limited to, vacation and recreation trips away from places of residence, expenses for traveling companions if requested or necessary, entertainment expenses, supplemental medical and dental expenses, social services expenses, transportation costs, private room, telephone and television services, a mechanical bed, an electric wheelchair, personal care services, and the like. Any income of the Trust or share hereof not so expended shall be accumulated for the benefit of the other beneficiaries or paid in equal shares unto SETTLOR'S other hereinafter named remainder beneficiaries as set forth in Paragraph (h) hereof. It is SETTLOR'S intention that this Trust or share hereofbe a Supplemental Needs Trust (and not a Support Trust) for the supplemental and special needs of such beneficiaries. (e) During the life of such beneficiary, all payments from this Trust or share hereof which go to his or her direct benefit shall be direct payments to the person or entities supplying goods or services to him or her at the request of the Trustee. (f) During the life of such beneficiary, the Trustee may distribute such amounts of accounting income, capital gain or principal to or for the benefit of SETTLOR's other grandchildren as the Trustee, in Trustee's discretion, deems advisable for the education, health, support and maintenance in reasonable comfort, or the protection and preservation of their property, of SETTLOR's other grandchildren after taking into consideration other income or assets which are available to them. I .. '" . . 1 .. (g) Should the exisdmce of this Trust or share hereof disqualify any such beneficiary from eligibility for any substantial governmental or private aid or benefits or services, then this Trust or share hereof may, in the sole discretion of the Trustee, be terminated as to that beneficiary and the then remaining principal and any accumulated and undistributed income of the share of such beneficiary held for the benefit of or be distributed to my remainder beneficiaries under Paragraph (h) hereof. It is my intention in creating this Trust or share hereof to provide a supplement for the comfort and happiness of such beneficiary without interfering with, reducing or disqualifying him or her from aid, benefits or services he or she would otherwise be entitled to and to maximize the ultimate distributive shares for my remainder beneficiaries. I do hereby specially waive, renounce and disclaim any rights which I, my heirs and assigns, and any other person or entity may otherwise have to seek invasion of the assets of this Trust or share hereof pursuant to any statute or rule of law of any jurisdiction. (h) Upon the death of such beneficiary, this Trust or share hereof shall terminate as to such beneficiary and all principal and any accumulated and undistributed income shall be distributed in equal shares unto my other grandchildren, provided, however, that should any of my grandchildren be deceased at the time of the death of such beneficiary his or her share shall be distributed to his or her issue, per stirpes, living on such date, and in default of such then living issue, his share shall be added to the shares for my other grandchildren or the then living issue of any deceased grandchild." 2. Except as amended hereby, The Agreement shall remain in full force and effect. ;Jess: mil.., c. ~ IN WITNESS WHEREOF, the partie~fhereto have executed this Amendment intending it to be effective on the ~ day of --4-vt7 lA5 f ,2001. BJY jbtdJ ~~ ftflll'J6d h, A~ (S{ALquF. 'MARALEE cr. ROOK, S LOR MANUF ACTURERS & TRADERS TRUST COMPANY TRUSTEE . 11" . I' d By. ,11IL.tL// 1..- "fJ&~ (SEAL) / I / . I i