HomeMy WebLinkAbout05-17-06
REV -1500 EX + (6-00)
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Peffer, Joyce D.
1:81 1 Original Return -0 2. Supplemental Return
o 4 Limited Estate 0 4a. Future Interest Compromise (date of death after
12-12-82)
1:81 6. Decedent Died Testate (Attach copy 0 7 Decedent Maintained a Living Trust (Attach
of Will) copy of Trust)
o 9. Litigation Proceeds Received 0 10. Spousal Poverty Credit (date of death between
'.______ ____ 12-31-91 and 1-1-95) .___
LTHIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
NAME'--~------- . --------- .. . -----!COMPLETE MAILING A[iDRESS---- .. "'-
Stephen L. Bloom
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
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DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
Peffer, John L.
: DATE OF DEATH (MM-DD-YEAR)
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DATE OF BIRTH (MM-DD-YEAR)
08/1 7/2005
04/06/1931
(IF APPLICABLE) SURVIVING SPOUSE'S NAME ( LAST, FIRST AND MIDDLE INITIAL)
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FIRM NAME (It applicable)
Stephen L. Bloom, Esquire
TELEPHONE NUMBER
717/249-77 1 7
1. Real Estate (Schedule A)
2. Stocks and Bonds (Schedule B)
3. Closely Held Corporation, Partnership or Sole-Proprietorship
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)
11. Total Deductions (total Lines 9 & 10)
12. Net Value of Estate (Line 8 minus Line 11)
21 05
COUNTY CODE YEAR
SOCIAL SECURITY NUMBER
00815
NUMBER
172-26-9755
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
186-24-7750
o 3. Remainder Return (date of death prior to 12-13-82)
1:81
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5. Federal Estate Tax Return Required
8. Total Number of Safe Deposit Boxes
o 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
2100 Longs Gap Road
Carlisle, PA 17013
(1) 1,577 ,671.22
(2) None
(3) None
(4) None
(5) None
(6) None
(7) 7,153.00
(8) 1,584,824.22
(9) 33,646.44
(10) 115,565.33
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
(11)
149,211.77
(12)
1,435,612.45
13. Charitable and Governmental Bequests/Sec 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)
15. Amount of Line 14 taxable at the spousal tax rate. 7,153.00 x .00 (15)
or transfers under Sec. 9116(a)(1.2)
z x .045 (16)
0 16. Amount of Line 14 taxable at lineal rate
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"- 17.Amount of Line 14 taxable at sibling rate x .12
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>< 18. Amount of Line 14 taxable at collateral rate .15 (18)
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19. Tax Due (19)
(13)
1,428,459.45
(14)
7,153.00
0.00
20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT.
0.00
>> 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)
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Decedent's Complete Address:
STREET ADDRESS
150 Wolfs Bridge Road
CITY
Carlisle
STATE PA
ZIP 17013
Tax Payments and Credits:
1. Tax Due (Page 1 Line 19)
2. Credits/Payments
A. Spousal Poverty Credit
B. Prior Payments
C. Discount
(1 )
0.00
Total Credits (A + B + C)
(2)
0.00
3. Interest/Penalty if applicable
D. Interest
E. Penalty
B. Enter the total of Line 5 + 5A. This is the BALANCE DUE.
(3) 0.00
(4)
(5) 0.00
(5A)
(5B) 0.00
Total Interest/Penalty (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.
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:
a. retain the use or income of the property transferred;............... ............................................... ..................
b. retain the right to designate who shall use the property transferred or its income;
c. retain a reversionary interest; or......... ............... ...............
d. receive the promise for life of either payments, benefits or care? .....................
2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without
receiving adequate consideration?.
3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?.
4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which
contains a beneficiary designation?...... .................................... ............................. .........................
Yes No
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN.
DATE
75 Goodyear Road
Carlisle, -p A 170] 3
5/1 :jo~
ADDRESS
ADDRESS
DATE
2] 00 Lon,.gs Gap Road
Carlisle, vA 170 I 3
S)i7/C(;
For dates of death 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 PS S9116 (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. S9116 (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. S9116 (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 PS S9116
1.2) [72 PS S9116 (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. S9116 (a) (13)]. 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.
ESTATE OF
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SCHEDULE A
REAL ESTATE
COMMONWEALTH OF peNNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Peffer, John L.
FILE NUMBER
21 - 05 - 00815
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. an~ a .w!lflng seller, nei~her ~eing comPE!lIed to .buy or sell, both having
reasonable knowledge of the relevant facts. Real property which IS JOintly-owned with right of survivorship must be disclosed on
schedule F.
ITEM
NUMBER
1
2
3
4
5
6
7
DESCRIPTION
VALUE AT DATE OF
DEATH
68,000.00
216 Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel #21-07-0467-002)-
valuation per Appraisal Report attached - Decedent's interest is 50% as a tenant in common by virtue of
spousal disclaimer (copy attached)
54.11 acre tract known as 106 and 150 Wolfs Bridge Road, Middlesex Township, Cumberland County,
P A (Tax Parcel #21-07-0467-004) - valuation partially per Appraisal Report attached (prorated based on
acreage not subject to Agreement of Sale hereinbelow mentioned: 46.23 acres x $25,337.28 =
$1,171,342.45), which Appraisal Report notes that existing improvements add no value to land, and
partially based on pending Agreement of Sale to third party purchaser attached (prorated based on acreage
subject to Agreement: 7.88 acres x $53,527.98 = $421,800.48) - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
796,571.47
25 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel
#21-07-0467-005) - valuation per pending Agreement of Sale to third party purchaser attached (prorated
based on acreage: 25 acres x $53,527.98 = $1,338,199.50) - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
669.09975
1.13 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel
#21-07 -0467-004A) - valuation per Appraisal Report attached - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
10,500.00
1.0 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel
#21-07-0467-004C) - valuation per Appraisal Report attached - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
9,500.00
1.0 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel
#21-07-0467-004G) - valuation per Appraisal Report attached - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
9,000.00
2.96 acre tract off Airport Drive, North Middleton Township, Cumberland County, PA (Tax Parcel
#29-17-1587-119) - valuation per Appraisal Report attached - Decedent's interest is 50% as a tenant in
common by virtue of spousal disclaimer (copy attached)
15,000.00
TOTAL (Also enter on Line 1, Recapitulation)
1,577 ,671.22
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COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
Peffer, John L.
FILE NUMBER
21 - 05 - 00815
ESTATE OF
ITEM
NUMBER
This~c_he~LJle mus~e cOrnplete~nd filed if the answe!lo any oJ_~uesti~l1s 1 through 4 on page 2 is yes.
DESCRIPTION OF PROPERTY
lnclude the name of the transferee, their relationship to decedent and the date of transfer
Attach a copy of the deed for real estate
DATE OF DEATH % OF
VALUE OF ASSET DECD'S
INTEREST
EXCLUSION
(I F APPLICABLE)
TAXABLE VALUE
Lincoln Financial Group - Annuity #GA-5573 (Central
Soya)
7,153.00 100%
7,153.00
TOTAL (Also enter on line 7, Recapitulation)
7,153.00
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Peffer, John L.
FILE NUMBER
21 - 05 - 00815
Debts of decedent must be reported on Schedule I.
ITEM
NUMBER
A. FUNERAL EXPENSES:
Malpezzi Funeral Home
DESCRIPTION
AMOUNT
2
Trindle Spring Lutheran Church - Fellowship Hall
3
Trindle Spring Lutheran Church - Set Up
B.
ADMINISTRATIVE COSTS:
1.
Personal Representative's Commissions
Social Security Number(s) / EIN Number of Personal Representative(s):
Street Address
City
Year(s) Commission paid
State
Zip
2.
Attorney's Fees
Stephen L. Bloom, Attorney and Counsellor at Law
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation)
Claimant
Street Address
City
Relationship of Claimant to Decedent
State
Zip
4.
Cumberland County Register of Wills
Probate Fees
5. Accountant's Fees
6. Tax Return Preparer's Fees
7.
]
Other Administrative Costs
The Sentinel - Publication of Legal Notices
2
The Cumberland Law Journal - Publication of Legal Notices
Total of Continuation Schedule(s)
TOTAL (Also enter on line 9, Recapitulation)
8,682.00
]00.00
35.00
20,000.00
7] 5 .00
164.44
75.00
3,875.00
33,646.44
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Schedule H
Funeral Expenses &
Adminislrative Costs continued
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
Peffer, John L.
3
SEK & Co - Accounting and Tax Consultations
4
Diversified Appraisal Services - Real Property Appraisals
FILE NUMBER
21 - 05 - 00815
775.00
3,100.00
Page 2 of Schedule H
ESTATE OF
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
Peffer, John L.
Include unreimbursed medical expenses.
ITEM
NUMBER
1
SCHEDULE I
DEBTS OF DECEDENT, MORTGAGE
LIABILITIES, & LIENS
DESCRIPTION
FILE NUMBER
21 - 05 - 00815
Pennsylvania State Bank - Loan Payable #730032002 - Joint with spouse - Date of death balance
outstanding $231,130.66
TOTAL (Also enter on Line 10, Recapitulation)
AMOUNT
115,565.33
115,565.33
REV-1513 EX+ (9-00)
SCHEDULE J
BENEFICIARIES
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESI DENT DECEDENT
ESTATE OF
PetTer, John L
FILE NUMBER
21 - 05 - 00815
NUMBER
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
RELATIONSHIP TO
DECEDENT
Do Not List Trustee(s)
AMOUNT OR SHARE
OF ESTATE
I. TAXABLE DISTRIBUTIONS (include outright spousal distributions)
Joyce D. Peffer
150 Wolfs Bridge Road
Carlisle, P A 17013
Wife
7,153.00
Annuity Beneficiary
2
Enter dollar amounts for distributions shown above on lines 15 through 18, as appropriate, on Rev 1500 cover sheet
II.
NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT
BEING MADE
Residuary and Disclaimer Trust under Item Five of Decedent's Will. The estate has chosen not to
tax this trust in the estate of John L Peffer. By virtue of the spousal disclaimer, all Schedule A
assets pass into this Trust, which is for the sole benefit of the surviving spouse during her lifetime.
1,428,459.45
2
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
TOTAL OF PART 11- ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET
1.428.459.45
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LAST WILL AND TESTAMENT
I, JOHN L. PEFFER, of Middlesex Township. Cumberland County, Pennsylvania, being of
sound and disposing mind and memory. do hereby make. publish and declare this to be my Last Will
and Testament, hereby revoking any and all former Wills or Codicils by me made.
ITEM ONE
I direct that all my legally enforceable debts. funeral expenses, testamentary expenses and all
inheritance taxes shall be paid to the extent possible from the assets held or passing under ITEM
FIVE hereof as soon as practicable after my decease and as part of the administration of my estate.
ITEM TWO
In the event my spouse. JOYCE D. PEFFER, shall predecease or fail to survive me by thirty
(30) days. then I give such items of personal property as are itemized in a certain list, if any. attached
hereto to the persons named thereon. which list is signed and dated by me at the end thereof.
ITEM THREE
If my spouse. JOYCE D. PEFFER- is living thirty (30) days after my death. then I give.
devise and bequeath all of my estate. whether reaL personal or mixed property, whether tangible or
intangible. and wherever situated. unto my said spouse absolutely. If my said spouse does not so
survive me. then I give. devise and bequeath all of my estate. whether reaL personal or mixed
property. whether tangible or intangible. and wherever situated. unto my Trustee to be held or
distributed by such Trustee under ITEM FIVE. C. hereof.
ITEM FOUR
In the event my said spouse. JOYCE D. PEFFER. shall disclaim all or any portion of any
devise or bequest made to my said spouse under the foregoing ITEM THREE. then the amount
otherwise payable shall be held by my Trustee under ITEM FIVE hereof. For purposes of the Trust
Page 1 of 7 Pages
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established under ITEM FIVE hereof. my said spouse shall not be deemed to have predeceased me
by virtue of my spouse's exercise of the right to disclaim set forth herein.
ITEM FIVE
RESIDUARY AND DISCLAIMER (CREDIT SHELTER) TRUST
My Trustee shall hold the assets received under ITEMS THREE and FOUR hereof. ifany, for
the following purposes:
A. My Trustee shall pay the net income, at least quarter-annually, to my spouse, JOYCE
D. PEFFER for life. In addition, my Trustee in my Trustee's sole discretion, may invade the
principal of the Trust for the proper and adequate support of my said spouse.
B. My Trustee shall further pay to my spouse, JOYCE D. PEFFER. annually, such sum
from the principal of the Trust as my said spouse may request in writing, provided. however. that
said sum may not exceed the greater of Five Thousand Dollars ($5,000.00) or five percent (5%) of
the aggregate value, at the time of said request, of the principal of the Trust hereunder.
C. Upon the death of my spouse, JOYCE D. PEFFER, my Trustee shall distribute the
remaining principal of the Trust, and any accumulated income thereof, in equal shares, unto my
children. SCOTT J. PEFFER. CAROLYN L. MITCHELL. MARJORIE L. JONES, DIANE M.
BEEMAN. REBECCA S. LICHTENBERGER, DAVID M. PEFFER, KRISTEN L. BITNER and
LAURA R. ROBINSON, with substitution of issue per stirpes, provided, however, that the share of
any beneficiary hereunder who shall be incarcerated or otherwise under legal disability at the time set
for distribution thereof shall be held for such beneficiary by my Trustee, in trust, until such
incarceration or disability shall cease. During such period of trust the principal and income of such
share may bc accumulated or may be used and applied for the support, maintenance and education of
such beneficiary at the sole discretion of my Trustee.
ITEM SIX
POWERS OF EXECUTRIX AND TRUSTEE
In addition to the powers conferred by case law, by statute, and by other provisions hercoL
I11Y Executrix and Trustee and their successors, shall have the following discretionary powers
Page 2 of 7 Pages
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applicable to all property held by them which powers shall be effective without order of any court
and shall exist until tinal distribution:
A. To retain any property of any nature received by them for whatever period they shall
deem advisable:
B. To invest and reinvest all or any part of said property in such stocks, bonds, common
trust funds. securities. accounts, certificates of deposit (including, but not limited to, stocks. bonds.
common trust funds, securities, accounts or certificates of deposit of the Trustee) or other property.
real or personal, as in their discretion they shall deem proper, without regard to statutes limiting the
property which a fiduciary may purchase;
C. To sell. transfer, exchange or otherwise dispose of, any part of said property, for cash
or on terms, publicly or privately, or to lease, even for a term exceeding five (5) years or the duration
of any trust herein, without liability on the purchasers or lessees to see to the application of the
proceeds, and to give options for these purchases without the obligation to repudiate them in favor of
a higher otTer:
D. To execute and deliver any deeds. leases. assignments or other instruments as may be
necessary to carry out the provisions of any trust hereunder:
E. To borrow money, including the right to borrow money from any bank and to
mortgage or pledge any asset of the estate as security;
F. To assume continuance of the status of any beneficiary with regard to death, marriage.
divorce, illness, incapacity and the like in the absence of information deemed reliable without
liability for disbursements made on such assumption;
G. To pay from the trust, or the income therefrom, all debts or claims against my estate.
or any taxes or similar charges on my estate:
H. To make any distribution hereunder either in kind or in money, or partially in kind
and partially in money. Distribution in kind shall be made at the market value of the property
distributed. and my Trustee. in my Trustee's absolute discretion, may cause the share distributed to
any distributee to be composed of property similar to or different from that distributed to any other
Page 3 of 7 Pages
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distributee:
r. To exercise any subscription right in connection with any security held hereunder, to
consent to or participate in any recapitalization, reorganization, consolidation or merger of any
corporation, company or association, the securities of which may be held hereunder, to delegate
authority with respect thereto, to deposit investments under agreements, to pay assessments, and
generally to exercise all rights of investors;
J. To invest in endowment, insurance or annuity policies on the lives of beneficiaries of
any trust hereunder;
K. To continue in any partnership, joint venture, joint ownership or other business
enterprise of which I am a part at the time of my death;
L. To compromise claims;
M. To continue for whatever period of time as they shall deem necessary any ownership
as a tenant in common or as a partner, in real estate or other property and to act as I could have done
had I been living;
N. To lend money to my estate or to any trust created hereunder or to purchase from the
estate or from any trust created hereunder, at the market value thereof at the time of purchase, any
securities or other property tendered to them by my estate or any trust created hereunder at any time
and from time to time within a period of nine (9) months after my death;
O. In the event that any amounts are payable hereunder or under any trust created
hereunder to a minor, or to a person otherwise under legal disability, or to a person not adjudicated to
be an incapacitated person, but who, by reason of illness or mental or physical disability is, in the
opinion offiduciary(ies) hereunder, unable to properly administer such amounts, such amounts may
be paid by the tiduciary(ies) hereunder in his, her or their sole discretion in any of the following ways
as he, she or they may deem best:
1. Directly to such beneficiary;
2. To a legally appointed guardian of such beneficiary for the benefit of such
beneficiary;
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Page 4 of 7 Pages
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j. To a person having custody of such beneficiary for the benefit of such
beneficiary;
4. By the fiduciary(ies) hereunder using such amounts directly to the benefit of
such beneficiary.
Evidence of the application or payment of an amount in such a manner shall be a full and complete
discharge of the fiduciary(ies) hereunder to the extent of such payment or application. This
paragraph shall be applicable to payments of income as well as principal.
P. To employ agents, attorneys and proxies and to delegate to them such power as my
personal representatives and Trustees consider desirable and to pay reasonable compensation for
such services as may be rendered by such agents, attorneys and proxies;
Q. To conduct an inventory of any safe deposit box necessary to the administration of my
estate.
R. To do all other acts in their judgment necessary or desirable for the proper
management, investment and distribution of my Estate, including to reform or amend the terms of
any trust created hereunder to duly qualify same for such treatment for Federal Estate Tax purposes
as shall permit same to be applied against any unified credit amount that might be applicable to my
estate.
ITEM SEVEN
PROTECTIVE PROVISIONS
All income or principal held for the use and benefit of any trust hereunder shall not be in any
way or manner subject to anticipation, assignment pledge, sale or transfer, nor shall any such
interest, while in the possession of my Trustee, be liable for or subject to the debts, contracts.
Jbligations, liabilities or torts of any beneficiary, or to attachments, executions or sequestrations
.mder process of law.
ITEM EIGHT
APPOINTMENT OF EXECUTRIX AND TRUSTEE
I nominate, constitute and appoint my spouse, JOYCE D. PEFFER, as Executrix of my
Page 5 of 7 Pages
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estate. In tl1e event tl1at my saId spouse shall predecease me or tall to act as t"xccutnx, tl1en I appomt
my daughter, MARJORIE L. JONES, as Executrix of my estate. In the further event that my said
daughter shall predecease me or fail to act as Executrix, then I appoint my daughter, LAURA R.
PEFFER, as Executrix of my estatc.
I nominate, constitute and appoint my daughter, MARJORIE L. JONES, Trustee of any trust
created hereunder. In the event that my said daughter shall fail or be unwilling to act or continue to
act as Trustee, then I appoint my daughter, LAURA R. PEFFER, as Trustee of any trust created
hereunder.
ITEM NINE
WAIVER OF BOND
I direct that neither my Executrix nor my Trustee shall be required to file any bond in any
jurisdiction to secure the faithful performance of their duties, nor shall they be required to obtain any
order or approval of any court for the exercise of any power or discretion set forth in this Will.
IN WITNESS WHEREOF I have hereunto set my hand and seal this 5th day of April, 2005.
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.fuhn L. Peffer (
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(SEAL)
SIGNED, SEALED, PUBLISHED AND DECLARED by the above-named Testator, as and
for his Last Will and Testament, in the presence of us, who at his request, have hereunto subscribed
~7L~epresen~he~aw;:::;:
Page 6 of 7 Pages
LUMMUNWEALTH OF PENNSYLVANIA
SS.
COUNTY OF CUMBERLAND
L JOHN L. PEFFER, Testator, 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 that I signed it willingly; and that I signed it as my free and voluntary act
for the purposes therein expressed.
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Sworn or affirmed to and acknowledged before n~e b JOHN L. PEFFER.. ' the Testator, this
5th day of April. 2005. /
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Notary Public . Notarial Seal --,
Sharon E. Bloom. Notary Public
North Middleton Twp., Cumber1and County
My Commission Expires August 5, 2006
Member, Pennsylvania Association Of Notaries
COMMONWEALTH OF PENNSYLV ANIA
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: SS.
)
COUNTY OF CUMBERLAND
We. l.5 f A.on L .DkcfYl and J:{
the witnesses whose n mes are signed to the attached or foregoing instrument, bing duly qualified
according to law, do depose and say that we were present and saw JOHN L. PEFFER. the Testator.
sign and execute the instrument as his Last WilL that the Testator signed willingly and that the
Testator executed it as his free and voluntary act for the purposes therein expressed; that each of us,
in the hearing and sight of the Testator, signed the Will as witnesses; and that to the best of our
knowledge the Testator was at that time 18 or more years of (l,ge, of sound mind and under no
constraint or undue influencc. LL~
Address .?-leo l<J''] \ ~ "y f<?.oc-o cf
c.:vl.dc" /"J/l 1701;:'
I
Q~~)!~-
A ress Fj:5o 1:/101<1, Rtf
CLl'" (/ .sIc Pit /701 -3
Sworn or affirmed to and subscribed before me thi
Notarial Seal
Sharon E. Bloom, Notary Public
North Middleton Twp., Cumber1and County
My Commission Expires August 5, 2006
MemMr. P8nns1/11/:mbl A<:~1inn ()f~
~
~'.\()l1icc - Estate Plalllling\I0455.3h-willdoc
Page 7 of 7 Pages
~(Q)~W
INRE: ESTATE OF
JOHN L. PEFFER. deceased,
late of Middlesex Township
IN THE COURT OF COMMON PLEAS OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-05-0815
DISCLAIMER OF INTEREST IN PROPERTY AND ESTATE
IN ACCORDANCE WITH 20 Pa. C.S.A. ~6201 et. seq.
1.
John L. Peffer ("Decedent") died on August 17, 2005, testate, and has been
survived by thirty (30) days by his spouse, Joyce D. Peffer, an adult individual of
Middlesex Township. Cumberland County, Pennsylvania.
2.
Letters Testamentary on Decedent's estate were granted by the Register of Wills
of Cumberland County on September 13, 2005, at Docket No. 2005-00815, to Marjorie
L. Jones, who duly qualified as Executrix thereof.
3.
At the time of his death, Decedent was a tenant by the entireties with his spouse,
Joyce D. Peffer. of the following real property situate in Cumberland County,
Pennsylvania:
(a) 216 Wolfs Bridge Road, Middlesex Township, Tax Parcel No. 21-07-
0467-002, being the premises more fully described in Cumberland
County Deed Book 252, Page 684;
(b) 106 and 150 Wolfs Bridge Road, Middlesex Township, Tax Parcel No
21-07 -0467 -004, being the residual portion of the premises more fully
described in Cumberland County Deed Book "8", Volume 18, Page
241 ;
(c) 25 Acre Tract off Wolfs Bridge Road, Middlesex Township, Tax
Parcel No. 21-07-0467-005, being the premises more fully described
in Cumberland County Deed Book "S", Volume 25, Page 647;
(d) 1.13 Acre Tract off Wolfs Bridge Road, Middlesex Township, Tax
Parcel No. 21-07-0467-004A, being the premises designated as Lot
No. 1 in Cumberland County Plan Book 31, Page 26;
(e) I.U Acre Tract off Wolfs Bridge Road, Mlddlesexlownshlp, I ax
Parcel No. 21-07-0467-004C, being the premises designated as Lot
No.3 in Cumberland County Plan Book 31, Page 26;
(f) 1.0 Acre Tract off Wolfs Bridge Road, Middlesex Township, Tax
Parcel No. 21-07-0467-004G. being the premises designated as Lot
No. D in Cumberland County Plan Book 36, Page 116; and
(g) 2.96 Acre Tract of Airport Drive. North Middleton Township. Tax
Parcel No. 29-17-1587-119, being the premises more fully described
in Cumberland County Deed Book "C", Volume 21, Page 427.
4.
The laws of the Commonwealth of Pennsylvania provide that to the extent
Decedent's spouse disclaims her interest as a surviving tenant by the entireties in the
aforesaid real property, the one-half interest of Decedent therein becomes part of his
estate.
5.
Decedent's Last Will and Testament and the laws of the Commonwealth of
Pennsylvania provide that his surviving spouse. Joyce D. Peffer, is the beneficiary of his
entire residuary estate.
6.
Joyce D. Peffer. not having accepted same or any of its benefits, and with no
consideration, desires to make an irrevocable and unqualified disclaimer of her entire
interest as a surviving tenant by the entireties in the aforesaid real property and as a
beneficiary of the residuary estate of Decedent.
7.
Therefore, intending to be legally bound hereby, I, Joyce D. Peffer, the
undersigned surviving spouse of Decedent, do hereby disclaim all of my interest as a
surviving tenant by the entireties in the real property referenced hereinabove, and all of
my interest in Decedent's residuary estate to which I am entitled as a beneficiary under
the Decedent's Last Will and Testament and the laws of the Commonwealth of
Pennsylvania. It is my intent in filing this disclaimer that all interests in the aforesaid real
property that I would otherwise receive as a result of the death of Decedent shall fall into
the Decedent's estate and pass accordingly by the terms of his Last Will and Testament
into the Residuary and Disclaimer (Credit Shelter) Trust established thereby.
I have hereunto set my hand and seal this 16th day of March, 2006.
:~-
~ 41P#=,
I c~Peffer ~ [SEAL]
COMMONWEALTH OF PENNSYLVANIA
)
)ss.
)
COUNTY OF CUMBERLAND
On this 16th day of March, 2006, before me, the undersigned, a Notary Public in
and for the Commonwealth of Pennsylvania, personally appeared JOYCE D. PEFFER,
satisfactorily proven to me to be the person described in the foregoing Disclaimer. who
acknowledged that she executed the same for the purposes therein contained and that she
desired it to be recorded as such.
(f&AuYJ 'f'~~
Notary Public
Notarial Seal
Sharon E. Bloom, Notary Pub\~unty
North MIddleton Twp., Cumber\a1d
C,ornrTlisSlOO Expires August 5. 2006
My .
"'''''~a Assoc:iatiOf1 Of Notllles
Member, Penns".~, n
('-\()lrlCt' _ (11'llt'r:tll)!1l'llI1l1'n"'; '1 ()()(...\ I ()J'::;'::; ':;di,c'l:1iIl1l'rdor'
APPRAISAL REPORT
216 WOLF'S BRIDGE ROAD
CARLISLE, PENNSYLVANIA
PREP ARED FOR
['HE EST ATE OF JOHN L. PEFFER
BY
LARR Y E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
Cnoy
",-". l
SUMMARY OF IMPORTANT FACTS AND CONCLlJSIONS
LOCATION: 216 Wolfs Bridge Road
Carlisle, Pennsylvania
TAX PARCEL NUMBER: 21-07-0467-002
IMPROVEMENTS: Two-story detached single-family dwelling.
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned by John L. and Joyce D.
PetTer. The property was purchased on June 10, 2002 for
a reported consideration of $134,000 and ownership
transferred on Deed Book 252, Page 684.
SCOPE OF THE ASSIGNMENT: 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: August 17,2005.
HIGHEST AND BEST USE: Continued use as a single-family residence.
COST APPROACH: N.A.
SALES APPROACH: $ 136,000
INCOME APPROACH: N.A.
FINAL VALUE CONCLUSION: $136,000
2
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE EST ATE OF JOHN L. PEFFER
the undersigned personally inspected the following described property:
All those two certain parcels of land, with the improvements thereon erected, situate in
Middlesex Township, Cumberland County, Pennsylvania, bounded and described as follows:
TRACT NO. I: Beginning at a stone in a public road; thence by lands now or fonnerly
of John Durnin, North 87 degrees West, 10 perches to a stone; thence by the same, North 32
degrees 45 minutes West, 33 perches to a stone; thence by lands now or formerly of Hays
Miller, North 86 degrees 20 minutes East, 26.6 perches to a stone in said public road; thence by
said public road, along lands now or fonnerly of Hays Miller, South 2 degrees 30 minutes East,
30 perches to a stone, the place of beginning. Containing 3 acres, 54 perches, more or less.
TRACT NO.2: Beginning at a point in the center of the public road leading from the
Carlisle-Harrisburg Turnpike to Wolfs Bridge; thence along lands now or fonnerly of William
E. Boyer, South 86 degrees 30 minutes West, a distance of 455.5 feet to a stone; thence by
lands now or formerly of Frances Deman, North 32 degrees 30 minutes West, a distance of
96.5 feet to a stake; thence along lands now or fonnerly of John A. Owens and wife, North 86
degrees 30 minutes East, a distance of 516.2 feet to a point in the center of the public road
above described; thence by the center of the public road, South 7 degrees 30 minutes West, a
distance of91.0 feet to the place of beginning. Containing one acre, more or less.
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 17,
2005 is:
ONE HUNDRED THIRTY-SIX THOUSAND DOLLARS
$136,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
Larry . Foote
Certified General Appraiser
GA-000014-L
"
~
St~LI<-CONTAINED APPRAISAL REPORT
54.11 ACRES WITH BlJlLDINGS
106 & 150 WOLFS BRIDGE ROAD
CARLISLE, PENNSYLVANIA
PREPARED FOR
THE ESTATE OF JOHN L. PEFFER
BY
LARR Y E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(7] 7) 249-2758
COpy
TABLE OF CONTENTS
PAGE NO.
Table of Contents.. .... ................... ............... ..... . .... ........ . .................. ............. ... .........2
Letter of Transmittal.. . ..............................................................................3
Summary of Important Facts and Conclusions.......................................................4
Appraisal Certificate . ............ ........ ..........................................................5
Intended Use of the AppraIsal. . ........................................................ 7
Location Analysis .......... ............... .....................................................................8
Zoni ng....................................................................................................................... 10
Ovmership History.. ..... .... ................ ........ ................................................................. 13
Estimated Marketing Time............................................... ..................................... 13
Economic Trends ... ........... ........................................................................13
Site Description............. .. .................................................................................14
Improvements ... ......... .... ............. ....... ... ........... .... .... ............ ................ ....15
Taxes and Assessment................... ................................................. ........... .... ...... .....17
Highest and Best Use.......................... ................... .................. ................ ... .... .... ...... 18
Cost A pproac h .......................................................................................................... 2 1
Sales Comparison Approach........................................................................ ............. 24
Income Approach ............. ........................................................25
Reconciliation and Final Value Estimate ..............................................................33
Underlying Assumptions and Limiting Conditions......................... ......................... 34
Certificate of Appraisal.... ................................................ .................................35
Privacy Notice ....................... ............ .. ............................................................38
APPENDIX
:)ualifications of the Appraiser
Photographs
Location Map
2
Diversified Appraisal Services
Real Estate Appraisers and Consultants
35 East High Street
Carlisle, PA 17013-3052
(717) 249-2758
FAX (717) 258-4701
December 21,2005
TO: The estate of John L. Peffer
FM: Larry E Foote
RE Self-contained Appraisal Report
54. I I tract orland
106 and 150 Wolfs Bridge Road
Carlisle, Pennsylvania
At your request, I have appraised the captioned property. The appraisal report,
which follows this letter, is submitted in support of my opinion of Market Value of the
Fee Simple Interest in the property, as of August 17,2005.
I hereby certify that, to the best of my knowledge and belief: the data, facts, and
opinions set forth therein, are accurate, subject to the Statement of Assumptions and lim-
iting Conditions that is also made a part of the report, and that the indicated Market Value
of the subject property, as of August 17,2005 is:
ONE MILLION THREE HUNDRED SEVENTY-ONE THOUSAND DOLLARS
$ I ,3 71 ,000
This appraisal has been made in conformity with the standards of professional
practice of the National Association of Realtors Appraisal Section. I appreciate your hav-
ing considered me for this assignment and trust that you find the report entirely satisfac-
tory.
Respectfully submitted,
X~
Larry E. Foote
Certified General Appraiser
GA-OOOO 14-L
3
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: 106 and 150 Wolf's Bridge Road
CarlIsle, Pennsylvania
TAX PARCEL NUMBER: 21-07-0467-004
OWNERSHIP: John L. and Joyce D. Peffer.
LAND SIZE: Approximately 54.11 acres.
ZONING: Residential Farm District, with the exception of a 1.2 acre
tract that is zoned Village Center District and the portion
lying in North Middleton Township, which is zoned Subur-
ban Residential District..
FLOOD HAZARD DATA: The subject is not located in a FEMA identified flood haz-
ard area according to map #420363-0015-8.
PROPERTY RIGHTS: Fee simple interest.
SCOPE OF ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an es-
timation of the property's highest and best use, considera-
tion of all three approaches to value, and the application of
those relevant to the val uation of the subject.
IMPROVEMENTS: A four-unit apartment building, garage, mobile home and
storage buildings.
OBJECTIVE: To estimate the market value of the subject property as un-
encumbered.
USE OF THE APPRAISAL: Estate settlement.
EFFECTIVE DATE
August 17. 2005
HIGHEST AND BEST USE: Development into a residential subdivision.
COST APPROACH:
N.A
SALES APPROACH:
$\,371,000
INCOME APPROACH:
N.A
VALUE CONCLUSION:
$1,371,000
4
APPRAISAL CERTIFICATE
I hereby certify that upon application for valuation by:
THE EST A TE OF JOHN L. PEFFER
the undersigned personally inspected the following described property:
All that certain tract of land, with the improvements thereon erected, situate pri-
marily in Middlesex Township and partially in North Middleton Township, Cumberland
County, Pennsylvania, more particularly bounded and described as follows:
All that certain tract of land that was originally described in Cumberland County
deed reference 1 8-B-24 I , less, however, several subdivided parcels of record which are
located along the western side of a tifty foot wide right-of-way that is located ofT of
Wolfs Bridge Road. These parcels are identified as Cumberland County Tax Parcels 21-
07-0467-004A. 21-07-0467-004C and 21-07-0467-004G. The subject site is further iden-
tilled as Cumberland County Tax Parcel 21-07-0467-004. Although no written legal de-
scription of this parcel exists, the Cumberland County Assessment Department records
indicate that the area of this parcel is 54.11 acres.
To the best of my knowledge and belief the statements contained in this report are
true and correct, and that neither the employment to make this appraisal report nor the
compensation is contingent upon the value reported, and that in my opinion the Market
Value as of August 17,2005 IS:
ONE MILLION THREE HUNDRED SEVENTY-ONE THOUSAND DOLLARS
$\ ,3 7] ,000
')
The property was appraised as a whole, subject to the contingent and limiting
,nditions outlined herein.
~~
Larry E. Foote
Certified General Appraiser
GA-000014-L
h
INTENDED llSE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of August 17, 2005.
Market Value is defined as the most probable price which a property should bring
in a competitive and open market under all conditions requisite to a fair sale, the buyer
and seller, each acting prudently, knowledgeably and assuming the price is not affected
by undue stimulus. Implicit in this definition is the consummation of a sale as of a speci-
tIed date and the passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in
what he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of fi-
nancial arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative tlnancing or sales concessions
granted by anyone associated \vith the sale.
Source: Office of the Comptroller of the Currency, 12 CFI ~34.42(f).
7
LoeA TION ANALYSIS
The subject property is located in the south central part of Pennsylvania in Cum-
berland Countv Cumberland County has pronounced boundaries, The Susquehanna
River forms the eastern boundary shared with Dauphin County and the state capitol, Har-
risburg, The Yellow Breeches Creek forms the southeastern boundary with York County,
The boundary then extends to the southwest following the Paney and South Mountains,
That line also constitutes the southern boundary with Adams County, The southwestern
boundary with Franklin County is traced by Laughlin Run, Middle Spring Creek, Gum
Run, and Maines Run while the ridge line of Blue Mountain forms the northern boundary
with Perry County,
Based upon statistics from the Commonwealth of Pennsylvania Department of
Labor and Industry Bureau of Research and Statistics, total civilian labor force in the
Harrisburg-Carlisle-Lebanon MSA as of January, 2003 was 352,200, up 500 from Janu-
ary, 2002, which was 351,700, The unemployment rate for Cumberland County as of
January, 2003 was 3,3 percent, up ,2 percent from January, 2002 which was 3.1 percent
These figures of unemployment are lower than 5A percent for the commonwealth of
Pennsylvania, Over the year service producing industries are down 38,6000 jobs and
goods producing industries are down 37,600 jobs,
Major east-west transportation links serving the general area are U,S, Route 22
and 322, Interstate Route 78, and Interstate Route 76, Major nearby north-south arteries
include Interstate Route 81, Interstate Route 83, and U,S, Routes II and 15, Rail service
is provided by Amtrak on ConRail's line, The rail terminal is located in downtown Har-
R
nsburg. Air transportation includes four airports with Harrisburg International Airport
serving the major carriers of U.S. Air, American, and Pennsylvania Commuter Air Lines.
General aviation is also served by Capital City Airport and the Carlisle Business Airport.
Higher education is offered through the Harrisburg Area Community College, the
University Center at Harrisburg, Pennsylvania State University at Harrisburg, Dickinson
College and Dickinson Law School. Millersville State University, Shippensburg State
University, Susquehanna University, Franklin and Marshall College, and York College,
among others, are all within a one hour drive of the general area.
Carlisle is located in the southeast section of central Pennsylvania, approximately
twenty miles from Harrisburg, the state capitol. The town itself is presently undergoing a
considerable degree of renovation and restoration of older properties. The southeast por-
tion of Carlisle along Interstate 81 is currently experiencing rapid blTowth with restau-
rants, offices, motels and other businesses.
Employment opportunities are good, with Commonwealth of Pennsylvania, Her-
shey Foods Corporation, Herco, Inc., Bethlehem Steel, Harrisburg Hospital, Pennsylvania
Blue Shield, Rite Aid Corporation, Hershey Medical Center, Carlisle Barracks, PPG In-
dustries, Carlisle Tire and Wheel and Lear Corp. being the major employers in the area.
9
ZONING
The majority of the subject property is located in an area which is zoned Residen-
tial Farm District. A 1.2 acre portion is zoned Village Center District and the small por-
tion of the site that is located in North Middleton Township is zoned Suburban Residen-
tial District.
RESIDENTIAL FARM DISTRICT: Within this district, the following uses shall
be permitted as a matter of right:
A. Single family dwellings.
B. Crop and tree farming, pasturing, truck gardening, horticulture, greenhouses,
nurseries, aVIaries, hatcheries, apiaries and similar enterprises.
C. Raising and keeping of poultry, rabbits, goats and similar animals.
D. General and specialized farms.
E. Public conservation areas and structures for the conservation of open space, wa-
ter, soi I, forest and wildli fe resources.
F. Public park and recreation areas, forest reserves, camps, game refuges and similar
non-intensive public uses.
G. Public schools and municipal buildings.
H. Municipal and public utility and communication buildings and structures where
operation requirements necessitate locating within the district.
VILLAGE CENTER DISTRICT: Within this district, the following uses shall be
permitted as a matter of right.
A. Single family detached dwellings.
In
B. Single family semi-detached dwellings.
C. Two-family dwellings.
D. Retail sales of goods, prepared foods and/or services, but excluding establish-
ments designed to provide drive-in j~lcilities.
E Eating and drinking places, but excluding establishments designed to provide
drive-in facilities.
F. Personal services.
G. Professional and administrative offices.
H. Financial institutions.
I. Public and semi-public buildings and uses.
J. Essential municipal and public utility services and installations.
SUBURBAN RESIDENTIAL DISTRICT: Within this district, the following
uses shall be permitted as a matter of right:
A. Agriculture, excluding commercial livestock operations and/or commercial
mushroom operations, subject to the standards listed in 9 204-148(2) of this
chapter.
B. Horticulture and forestry-related uscs.
C. Public and/or nonprofit parks and playgrounds, public uses and public utilities
structures.
D. Single-t~lInily detached dwellings.
E. Accessory uses customarily incidental to the above permitted uses, including, but
not limited to, accessory day-care facilities.
F. Home occupations.
II
OWNERSHIP HISTORY
The subject property is owned by John L. and Joyce D. Peffer. The subject is the
majority of a property that was purchased on September 23, 1957 for a reported consid-
eration of $9,600 and ownership transferred on deed reference 18-8-241.
ESTIMA TED MARKETING TIME
It is estimated that if the subject property were offered for sale at the indicated
Market Value, a reasonable marketing time would be six to twelve months. This estimate
is based upon quarterly sales figures published by Central Penn Multi List, Inc.
ECONOMIC TRENDS
Historically, property values for similar properties have steadily increased, with
vacancy rates remaining stable. Financing is readily available to qualified purchasers at
reasonable rates and terms.
11
SITE DESCRIPTION
The subject site is irregular in shape, consists of a total area of approximately 54.11 acres,
and has macadam road frontage along Wolfs Bridge Road. The topography of the site
varies from level to hilly and there does not appear to be any drainage problems. Accord-
ing to the Federal Emergency Management Agency map number 420363-00 15-B, 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 sub-
ject site.
Access to the site is via Wolfs Bridge Road, and visibility of the site from this
roadway is considered to be good.
Utilities available at the site include water, sewer, electricity and telephone ser-
vIce. There appears to be sufficient capacity in each of these utilities to permit optimum
utilization of the site.
14
IMPROVEMENTS
The subject property is improvcd with a two-story detached four-unit apartment
building, a mobile home with addition and three storage buildings.
The apartment building contains approximately 2,894 square feet of gross build-
ing area, constructed upon a partial basement with dirt floor. The exterior walls of this
building are covered with vinyl and aluminum siding. Roofing is of the gable type, cov-
ered with metal sheathing. Gutters and downspouts are of painted aluminum. The exte-
rior doors are of hollow core steel and windows are of the vinyl-clad thermopane type
with screens.
Each tloor is divided into two apartments. The first floor apartment 106-A con-
tains a living room with kitchen, bedroom and a full bathroom. The first floor apartment
106-8 contains a living room with kitchen, two bedrooms and a full bathroom. The sec-
ond floor apartment 106-C contains a living room, eat-in kitchen, bedroom and a full
bathroom. The second floor apartment 106-D contains a living room, eat-in kitchen, two
bedrooms and a full bathroom.
Interior floor coverings are of carpet and vinyl. Interior walls are of wood panel-
ing and vinyl-clad paneling. Interior ceilings are of suspended acoustical tile blocks. In-
tcrior doors are of natural finished wood.
Heating is provided by individual baseboard electric heating units. Electricity is
distributed by individually metered 200-ampere circuit breaker electrical systems. Water
is heated by four 50-gallon electric water heaters and plumbing is of iron, copper and
plastic.
15
Parking is provided by a 500 square foot one-car garage and a stone parking area.
The area around the building is landscaped with a lawn, trees and shrubs. All improve-
ments are considered to be in average to good condition on the interior and on the exte-
rior, with mechanical systems appearing to be adequate and functioning properly.
The mobile home consists of a single-wide 1981 mobile home, containing 980
square feet of gross building area, constructed upon a full basement with a bathroom.
The interior is divided into a living room, eat-in kitchen, two bedrooms and one and one-
half bathrooms. There is also a heated enclosed porch attached to the front of the build-
ing and a wood deck attached to the rear of the building. This mobile home is connected
to an on-site well and an on-site septic system.
The exterior is covered with aluminum siding. Roofing is of the gable type, cov-
ered with shingles. Windows are of the vinyl-clad thermopane type throughout.
The interior noor coverings are of Pergo wood and vinyl. Interior walls are of
wood paneling. Interior ceilings are of vinyl-clad paneling. Interior doors and trim are of
natural finished wood.
The dwelling is heated by an oil-fired hot water heating system. Plumbing is of
plastic and water is heated by the furnace. Electricity is distributed by a 200-ampere cir-
cuit breaker electrical system.
The area around the building is landscaped with a lawn, trees and shrubs. All im-
provements are considered to be in average to good condition on the interior and on the
exterior, with mechanical systems appearing to be adequate and functioning properly.
NOTE: Considering the highest and best use of the subject property, the above de-
scribed improvements add no contributory value to the subject property.
16
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
This Contract of Sale is made on June 23, 2005.
BETWEEN
JOHN L. and JOYCE D. PEFFER
150 Wolfs Bridge Road
Carlisle, PA 17013
or its assigns,
referred to as the Seller
AND
CORNERSTONE DEVELOPMENT GROUP, INe.
200 Bailey Drive, Suite 204
Stewartstown, P A 17363
or its assigns,
referred to as the Buyer
The words "Buyers" and "Sellers" include all Buyers and all Sellers listed above.
1. Purchase Agreement. The Seller agrees to sell and the Buyer agrees to buy the
Property described in this contract.
2. Purchase Price. The purchase price shall be One Million Seven Hundred Sixty
Thousand Dollars ($1,760,000.00), which is conditioned upon Buyer receiving
approval to construct a minimum of tvv'O hundred twenty (220) townhouse units in
accordance with existing zoning. Should less than two hundred twenty (220) units
be approved, the Buyer reserves the right to proceed to settlement per the terms
stated in the Contract of Sale. Should the total number of approved units be more or
less than the number of units designated, the purchase price will be adjusted
accordingly by Eight Thousand Dollars ($8,000.00) per unit based on the approved
number of units. In no event shall the Total Purchase Price of the Property be less
than One Million Seven Hundred Thousand Dollars ($1,700,000.00).
3. Property. The Property to be sold consists of the land and all buildings, all other
improvements and fixtures on the land, and all of Seller's rights relating to the land.
The real Property to be sold is approximately 32.88 acres of land and existing
improvements ("apartment house") located on the parcels being conveyed and
described as Lot 8, Lot 9 and Lot lOaf sketch plan prepared by Hoover Engineering
(Exhibit A) being substantially all of Cumberland County Tax Parcel 21-07-0467-
005 and a portion of Tax Parcel 21-07-0467-004, being generally known as 106
Wolfs Bridge Road, and being located mostly in Middlesex Township and partially
in North Middleton Township, hereafter referred to as "the Property".
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
4. Payment of Purchase Price. The Buyer will pay the purchase price as follows:
a. Purchase Price (See Paragraph 2); $1,760,000.00
b. Deposit to be paid 5 days after signing of this
Contract (See Paragraph 5): $ 20,000.00
c. Second Deposit to be paid 5 days after the due diligence
period. (See Paragraph 5): $ 20,000.00
d. Balance to be paid at closing of title in cash,
or by certified or bank check (subject to adjustment
at closing and for deposit moneys
in accordance with Paragraphs 5 & 6: $1,720,000.00
TOTAL PURCHASE PRICE:
$1,760,000.00
5. Deposit Moneys. The deposit moneys shall be held in interest bearing escrow (for
benefit of Seller) by Seller's Attorney, Stephen L. Bloom, 2100 Longs Gap Road,
Carlisle, P A 17013, (717) 249-7717.
The first deposit of $20,000.00 shall be released to Seller within ten (10)
days of the end of the Due Diligence Period and shall be non-refundable and
applicable. The second deposit of $20,000.00 shall remain in escrow until
the closing and also shall be applicable toward the Purchase Price at the time
of closing.
6. Closing. Closing of the Property will occur within forty-five (45) days of receiving
final subdivision or site plan approval. At that time, Buyer will pay Seller the total
purchase price according to Paragraph(s) 2 and 4 in cash, certified or cashier's check
or by wire transfer of immediately available funds, against which the deposit(s) shall
be credited.
7. Time and Place of Closing. The Buyer and Seller agree to make November 8,
2006, which is approximately eighteen (18) months from the date of the signing of
this Contract of Sale the estimated date for the closing. Both parties will fully
cooperate so the closing can take place on or before this date. The Buyer and Seller
agree that the closing of title will take place forty-five (45) days after all
unappealable approvals have been granted. The closing will be held at a time
mutually agreed upon by both Buyer and Seller at the offices of Buyer's Attorney.
Buyers will be given reasonable extensions for closing, as this Contract of Sale is
contingent on Buyers being able to obtain Final Site Plan and Final Subdivision
Approval or other subdivision approvals acceptable to Buyer. In no event shall the
Seller be responsible for granting "reasonable extensions" to Buyer that would
allow settlement on the Property to occur after November 8, 2007.
Page 2 of 18
CONTRACT OF SALE
John L. and Joyce D. PetTer to Cornerstone Development Group, Inc.
8. Conditions Precedent to Closing. The Contract of Sale is contingent upon Buyer
obtaining final subdivision approval, with normal and customary conditions imposed
by the municipality, for construction of a residential development of a minimum of
two hundred twenty (220) townhouse units in accordance with existing zoning on
the subject Property. In connection therewith, Buyer agrees to be responsible for
posting all necessary performance bonds in order to file the final subdivision map for
the subject Property. Buyer shall seek to obtain said approval in good faith and with
due diligence. Buyer agrees to keep Seller informed of its progress in obtaining
said approvals by providing Seller with written progress reports from time to time
upon Seller's reasonable request.
Buyer shall have the right to determine if there is adequate public sewer, water, gas,
and other utilities servicing this Property or if the land will pass percolation tests for
standard septic systems.
Seller agrees to cooperate with Buyer and hereby agrees to sign any and all normal
and customary documents that may be required by any approving jurisdictions and
hereby authorizes Buyer to make application for any approvals that my be required.
9. Transfer of Ownership. At the closing, the Buyer will pay the Purchase Price to
the Seller and the Seller will transfer ownership of the Property to the Buyer. The
Seller will give the Buyer a properly executed special warranty deed. If the Seller is
a corporation, it will also deliver a corporate resolution authorizing the sale.
Seller shall also convey any easements or right of ways that are required to develop
the Property in accordance with the approved site development plan at no cost to
Buyer, provided these conveyances will not materially impair the use and value of
other lands retained by Seller.
10. Type of Deed. A deed is a written document used to transfer ownership of the
Property. In this sale, the Seller agrees to provide and the Buyer agrees to accept a
deed known as a Special Warranty Deed. Possession is to be delivered at time of
settlement, unless otherwise specified herein.
II. Due Diligence. Seller agrees to allow Buyer to conduct due diligence,
investigations and inspections as the Buyer deems necessary for a period of ninety
(90) days beginning on the date of the execution of this Contract of Sale at which
time Seller shall give all documents in Seller's possession as listed herein of this
Contract of Sale. If at any time during said due diligence period the Buyer
determines, at Buyer's sole option, that the proposed project is not feasible, Buyer
may cancel this Contract of Sale and have its entire deposit money returned and
Buyer and Seller shall have no further obligation to each other.
In the event Buyer elects not to proceed with the purchase of the subject Property all
studies, test results, surveys, or other documentation or information obtained during
Page 3 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
the due diligence period shall be given to Seller without charge. In addition, the
Buyer agrees to restore the Property to its original condition prior to the return of
any deposit monies.
12. Title and Costs.
a. The Property are to be conveyed free and clear of all liens, encumbrances
and easements, EXCEPTING HOWEVER: Existing building restrictions,
ordinances, easements of road, easements visible upon the ground, privileges
or rights of public; service companies, if any; otherwise the title to above
described real estate shall be good and marketable and such as will be
insured by a reputable Title Insurance Company at the regular rates.
b. If the Seller cannot give a good and marketable title, such as will be insured
by a reputable Title Insurance Company at regular rates, then the Buyer has
the option of taking such title as the Seller can give without abatement of
price or of being repaid all monies paid by Buyer to Seller on account of the
purchase and the Seller will reimburse the Buyer for any costs incurred by
the Buyer for inspections, specified herein; and in the latter event there shall
be no further liability or obligation on either of the parties hereto and this
Agreement shall become NULL AND VOID and all copies will be returned
to Seller for cancellation.
c. The Buyer shall pay for the following:
1. The premium for title insurance and/or title search, or fee for
cancellation of same, if any.
2. The premiums for flood insurance and/or fire insurance with
extended coverage, insurance binder charges or cancellation fee, if
any.
3. Appraisal fees and charges paid in advance to mortgagee, if any.
4. Buyer's normal settlement costs.
d. The Seller shall pay for the following:
1. Any surveyor surveys, which may be required by the Title Insurance
Company or the abstracting attorney, because of any identified title
defects, for the preparation of an adequate legal description of the
Property (or the correction thereof) and only to the minimum extent
necessary to resolve the same to the reasonable satisfaction of title
insurer's legal counsel.
[ 3. Cancellation of Contract. If this Contract of Sale is cancelled for any reason prior
to the end of the Due Diligence Period, per the terms of this Contract of Sale, the
Page 4 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
Buyer shall be entitled to the return of the first deposit and the parties will be free of
liability to each other. After the Due Diligence Period, this first deposit is non-
refundable.
14. Adjustments at Closing. All real estate taxes shall be prorated to date of settlement
on a fiscal year basis. All transfer taxes shall be divided equally between Buyer and
Seller.
The Buyer shall be solely responsible for any additional transfer taxes or other
expenses arising from any assignment of Buyer's interest in the Contract of Sale.
15. Possession. At the closing the Buyer will be given possession of the Property
subject to Buyer's right to enter during the term of the Contract to conduct tests and
investigations necessary to develop the Property.
16. Complete Agreement. This Contract of Sale is the entire and only Agreement
between the Buyer and Seller. This Contract of Sale replaces and cancels any
previous agreements between the Buyer and the Seller. This Contract of Sale can
only be changed by an agreement in writing signed by both Buyer and Seller. The
Seller states that the Seller has not made any other Contract of Sale to sell the
Property to anyone else.
17. SeDer Responsibilities and Representations.
a. All engineering (print and electronic), plans and surveys, for this subject
Property, that have been paid for by Seller will be given to Buyer at time of
signing of this Contract of Sale.
b. Seller will give Buyer copies of all existing testing, environmental reports,
plans, surveys, governmental approvals, which are relevant to this Property.
c. Seller is responsible for removing any and all trash that may be found on the
Property prior to closing as a result of intentional or unauthorized dumping.
18. Buyer's Responsibilities and Representations.
Buyer shall only be responsible for the removal of material, debris and demolition of
existing structures on the Property after the signing of the Contract of Sale. Buyer
shall maintain Property in existing condition and not allow any further trash or
debris to be dumped on said Property after the date of signing of the Contract of
Sale.
19. Force Majeure. In the event that either party hereto shall be delayed, hindered
or prevented from the performance of any act required hereunder by reason of
strikes, insurrection, war, act of God, or other reason of a like nature not the fault of
Page 5 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
the party delayed in performing work or doing acts required under the terms of this
Agreement, then performance of such act shall be excused for the period of the delay
and the period for the performance of any such act shall be extended for a period
equivalent to the period of such delay; provided, however, that a moratorium shall
not be a force majeure event. If the period of such delay shall exceed twelve (12)
months, then the Seller, or the Buyer at their respective sole options, may terminate
this Agreement by giving written notice thereof to the other party, whereupon the
Deposit shall be returned to Buyer and neither party hereto shall have further
obligations hereunder.
20. Realtor's Commission. Buyer shall be responsible for payment of any realtor's
commission to REIMAX Realty Professionals, Inc., 4775 Linglestown Road,
Harrisburg, P A 17112, (717) 652-4700 as per the Compensation Agreement
attached hereto (Exhibit B). Buyer and Seller hereby represent to the other that it
has not engaged, dealt with or otherwise discussed this transaction with any other
broker or agent, other than listed above. In the event that any claim for commission
is brought by any person or entity as a consequence of the transaction contemplated
hereby and as the result of any action or omission of either Buyer or Seller, then
Buyer or Seller (the Party responsible for such action or omission), as the case may
be, shall hold harmless the other Party against any loss, cost or expense of any nature
arising as a consequence of the claim for the commission.
21. Parties Liable. This Contract of Sale is binding upon all parties who sign it and all
who succeed to their rights and responsibilities.
22. Notices. No notices, requests, consent, approval, waiver or other communication
under this Agreement shall be effective unless, but any such communication shall be
deemed to have been given if, the same is in writing and is mailed by registered or
certified mail, return receipt requested, postage prepaid, addressed to the parties at
the addresses noted hereinabove. Copies of all notices shall be provided to the
attorney for each party at the following addresses:
If to Seller:
John L. and Joyce D. Peffer
150 Wolfs Bridge Road
Carlisle, P A 17013
(717) 243-8328 Telephone
and
Stephen L. Bloom, Esquire
2100 Longs Gap Road
Carlisle, P A 17013
(717) 249-7717 Office, (717) 249-7757 Facsimile
If to Buyer:
Sam Juffe
Page 6 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
Cornerstone Development Group, Inc.
1100 Centennial Avenue, Suite 201
Piscataway, NJ 08854
(732) 981-1004 Office, (732) 981-1044 Facsimile
and
Albert G. Blakey, Esquire
Blakey, Yost, Bupp & Rausch, LLP
17 East Market Street
York, PA 17401
(717) 845-3674 Office, (717) 854-7839 Facsimile
23. Execution. This Contract of Sale and amendments thereto, may be executed by the
parties by way of Facsimile (FAX) machine transmission. Such a copy shall have
the same legal enforceability and binding effect upon the parties as though it were
signed by all parties in original form.
24. Recording. This Contract of Sale shall not be recorded in the Office of the
Recorder of Deeds or in any other office or place of public record. Any recordation
or attempt to record this Contract of Sale will render same voidable by Seller.
25. Assignment. This Contract of Sale shall be binding upon the parties, their
respective heirs, personal representatives, guardians, and successors and assigns.
Buyer may assign this Contract of Sale to an entity of its choice with approval of
Seller.
26. Partial Invalidity. If any provision of this Contract of Sale or application thereof to
any person or circumstances shall to any extent be invalid, the remainder of this
Contract of Sale or the application of such provision to persons or circumstances
other than those as to which it is held invalid shall not be affected thereby and each
provision of this Contract of Sale shall be valid and enforced to the fullest extent
permitted by law.
27. Jurisdiction. This Contract of Sale shall be interpreted in accordance with the laws
of the Commonwealth of Pennsylvania.
28. Representations, Warranties, and Covenants.
a. Seller represents to Buyer that the following are true and correct to the best
of its actual knowledge without independent investigation on the date hereof,
which representations and warranties where the context so indicates, shall
also be true on the date of each closing of title hereunder.
1. There are not now outstanding with respect to the Property, any
notice of any uncorrected violations of any laws, statutes, ordinances,
Page 7 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
rules or regulations and any such notices hereafter issued prior to
closing will be satisfied by Seller.
2. There are no agreements, written or oral, with the municipality, the
county, or any other governmental agencies, which would materially
adversely affect or impair the development of the Property as
contemplated hereunder or the construction of a residential
development or other improvements thereon except for the current
zonmg.
3. The Property is free of: (A) any unusual accumulation of waste or
debris either on the surface or in the subsurface; (b) any more than
trace amounts (as defined by applicable federal, state, or local
environmental or health law or regulation) of: (I) "petroleum"
including oil, petroleum products, petroleum by-products, and crude
oil or any fraction thereof; (2) "hazardous waste" as defined by the
Resource Conservation and Recovery Act of 1976 and as amended
by the Solid Waste Disposal Act of 1980, or as otherwise amended
from time to time, and regulations promulgated thereunder; (3)
"hazardous substance" as defined by the Comprehensive
Environmental Response, Compensation and Liability Act of 1980
and as amended by the Superfund Amendments and Reauthorization
Act of 1986, or as otherwise amended from time to time, and
regulations promulgated thereunder; (C) "asbestos", without
limitation as defined by the Toxic Substances Control Act of 1976,
or as otherwise amended from time to time, and regulations
promulgated thereunder; and (D) "underground storage tanks", as
defined by the Storage Tank and Spill Prevention Act of 1989, or as
otherwise amended from time to time, and regulations promulgated
thereunder, of any capacity, either regulated or exempt from
regulation, and currently in use, temporarily our of use, or
permanently closed.
4. Seller represents that for as long as it has owned the Property, the
Property has been a farm or virgin vacant land except for the
apartment house.
5. Seller is the owner of the Property.
6. Seller has the full right and authority to execute this Agreement and
consummate all of the transactions hereby contemplated.
7. There are no actions, suits or proceedings pending, or to the best of
Seller's knowledge and belief, threatened against Seller, adversely
affecting any portion of the Property, at law or in equity, or before or
Page 8 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
by any federal, state, municipal or other governmental department,
commission, board, bureau, agency of instrumentality, domestic or
foreign.
8. There are no attachments, executions, assignments for the benefit of
creditors or voluntary or involuntary proceedings in bankruptcy
pending, contemplated or threatened against Seller.
9. Seller is not a foreign person (as the term is defined in Section 1445
of the Internal Revenue Code, as amended by the Foreign Investment
in Real Property Tax Act of 1980 [FIRPT A]) and Seller shall provide
Buyer with an affidavit to that effect in compliance with FIRPT A at
closing.
10. Seller warrants and represents that the Property shall be free
and clear of all tenancies on or before closing of title.
29. Litigation. Any pending judicial, quasi-judicial, administrative or other proceeding,
attacking an Approval, appealing a denial thereof or involving any matter with
respect to the development of or title to the Property, the building permits
contemplated aforesaid, or the zoning or any other ordinance applicable to the
Property or which would prevent, preclude or interfere with the furnishing of any
service necessary for development of the Property, or which would otherwise
materially interfere with the proposed use of the Property, shall be finally adjudicat-
ed with all time for further appeal having expired (without such appeal having been
instituted). In such case, all time periods and limitations stated in this contract shall
be tolled until settlement or judicial determination of the litigation. In no event shall
the tolling of time periods and limitations be extended beyond November 8, 2007.
30. Moratorium. Any moratorium by an appropriate governmental entity preventing
applications for or issuance of Approvals, building permits, utility hook-ups or the
like, shall have expired or otherwise been lifted, repealed or terminated. In such
case, all time periods and limitations stated in this contract shall be tolled until said
Moratorium is lifted. In no event shall the tolling of time periods and limitations be
extended beyond November 8, 2007.
31. Condemnation. If prior to the closing any part of the Property is condemned or
taken pursuant to any governmental or other power of eminent domain, or if oral or
written notice of taking or condemnation is used or threatened, or if proceedings are
instituted or threatened to be instituted by any governmental or other authority
having the power of eminent domain, Seller shall immediately notify Buyer. Buyer
shall have the right, at any time after receiving such notification, to terminate this
Agreement effective upon written notice to Seller. If Buyer terminates, the Deposit
shall be returned to Buyer and neither Seller nor Buyer shall have any further rights,
claims or obligations against one another arising out of this Agreement. If Buyer
Page 9 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
does not elect to terminate, then Buyer shall accept the Property net of the area taken
by eminent domain. In such event, if the condemnation award in respect of the
taking is paid prior to the Closing, the Purchase Price shall be reduced by an amount
equal to the proceeds of the award. If the award has not been made or has not been
paid as of the Closing Date, then Seller shall assign to Buyer at the closing, by
documents reasonably satisfactory to Buyer and Buyer's counsel, all rights of Seller
to the award, in which case there shall be no adjustment in the Purchase Price by
reason of the taking.
32. Cooperation. Buyer and Seller hereby agree to cooperate with each other in
accomplishing each and every condition precedent to closing contemplated
hereunder, and to that end agree, when necessary, to join in all applications and to
execute all other normal and customary documents, declarations and maps required
to be signed by either of them for such purpose provided that Seller shall be given a
reasonable opportunity to review any normal and customary documents required in
connection hereunder and such inspection shall involve no cost or expense to Seller.
33. Buyer's Default. In the event of default by Buyer the sole remedy of Seller shall be
to retain the deposit paid hereunder. It is expressly understood and agreed that Seller
will not have the right to declare Buyer in default until Buyer has received a written
notice of default and been given thirty (30) days to cure such default.
34. Seller's Default. In the event of Seller's willful default hereunder, Buyer shall be
entitled to seek any and all legal and/or equitable relief to which it may be entitled
including, without limitation, an action for damages and/or specific performance. It
is expressly understood agreed that Buyer shall not have the right to declare Seller in
default until Seller has received a written notice of default and been given thirty (30)
days to cure such default.
35. Modifications. The terms contained in the document may be modified,
amended or otherwise changed only by a further written document containing such
modified, amended or changed provisions, with specific reference to this agreement
and signed by all parties.
36. Preparation of Agreement. The parties acknowledge that this Agreement was
prepared jointly and, therefore, this Agreement shall be construed on a parity basis
as between the parties.
37. Rollback Taxes. Seller shall each be responsible for the payment of all Rollback
Taxes and or Clean and Green assessments.
38. Signs. For no additional consideration from Buyer to Seller, after receipt of
Preliminary Plan approval, Buyer shall have the right to erect signs on the Property
in accordance with any applicable ordinance of Middlesex Township, Cumberland
County advertising Buyer's proposed development.
Page 10 of 18
CONTRACT OF SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
39. Sales Trailer. For no additional consideration from Buyer to Seller, after receipt of
Preliminary Plan approval, Buyer shall have the right to place a sales trailer on the
Property in accordance with the ordinance of the township.
40. Utilities. It shall be Buyer's responsibility to bring telephone, electric, gas, if
available and cable TV to service said Property.
41. Right of First Refusal. Buyer shall have the right to purchase Seller's additional
contiguous fifty (50) acres. Said option shall become exercisable at the time Seller
notifies Buyer of his intent to sell said contiguous Property. Purchase Price of this
Option shall be detennined upon Seller's notification of intent to sell in accordance
with Right of First Refusal Agreement and contained herein (Exhibit C).
42. Exclusivity. During the term hereof, and until Contract of Sale termination or date
of closing, Seller, and any Seller's Agent, agree(s) to cease negotiations with any
other party and to refrain from offering the Property to any others by any means
public or private. Seller, or Seller's agent, will remove all physical advertisement
signs from the Property within five (5) days after the Attorney Review Period
expires. Seller authorizes Buyer to remove said signs if Seller, or Seller's agent,
fails to comply herewith. Seller and Seller's agent, shall be permitted to divulge any
provision contained in this Contract of Sale to other professional advisers,
consultants and family members, in addition to Seller's legal Counsel.
43. Like Kind Exchange. In the event Seller wishes to enter into a tax
deferred exchange for the subject Property, pursuant to Section 1031 of the
Internal Revenue Code, Buyer agrees to cooperate with the Seller in connection
with such exchange, including the execution of such documents as may be
reasonably necessary to conduct the exchange, provided that there shall be not
delay in the agreed to settlement date, and that the Buyer will not incur any
additional costs due to the exchange. Buyer is aware that Seller anticipates
assigning their interest in such Contract to a third party under an Exchange
Agreement and does hereby consent to such assignment.
44. Arbitration. Any controversy arising out of or relating to this Agreement, or
relating to the breach hereof, shall be settled by arbitration conducted in
Pennsylvania in accordance with the Commercial Arbitration Rules of the American
Arbitration Association then in effect (except if otherwise expressly provided in this
Agreement). The award rendered by the arbitrator(s) shall be final and judgment
upon the award rendered by the arbitrator(s) may be entered upon it in any court
having jurisdiction thereof. The arbitrator(s) shall possess the powers to issue
mandatory orders and restraining orders in connection with such arbitration. The
expenses of the arbitration shall be borne by the losing party unless otherwise
allocated by the arbitrator(s). The agreement to arbitrate shall be specifically
enforceable under the prevailing arbitration law. During the continuance of any
Page 11 of 18
CONTRACT U.F SALE
John L. and Joyce D. Peffer to Cornerstone Development Group, Inc.
arbitration proceedings, the parties shall continue to perform their respective
obligations under this Agreement.
45. Attorneys' Fees. In the event of any legal action or arbitration proceeding
between the parties regarding this Agreement or the Property (an "Action"), the
prevailing Party shall be entitled to payment by the non-prevailing Party of its
reasonable attorneys' fees and litigation or arbitration expenses as determined in the
course of the proceeding. The prevailing Party is the Party who receives
substantially the relief sought, whether by judgment, settlement or otherwise.
46. Entire Agreement. This document represents the entire Agreement between the
parties and contains all of the representations and supersedes all prior negotiations,
representations, or Agreements, either written or oral.
SIGNED AND AGREED BY:
Date
comersQe Deve opment Group, Inc.
By )J~
Sam luffe, esi ent - Buyer
(Q -l~_oj
~-Ls-oj
~-
6-;;.t'-os-
-~
Contract Cornerstone Peffer Middlesex Township Final 06-23-05
Page120f18
APPRAISAL REPORT
THREE VACANT LOTS
OFF OF WOLFS BRIDGE ROAD
CARLISLE, PENNSYLVANIA
PREPARED FOR
THE EST A TE OF JOHN L. PEFFER
BY
LARR Y E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
C'2' ~ 'y
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: Off of Wolfs Bridge Road
Carlisle, Pennsylvania
TAX PARCEL NUMBERS: 21-07-0467-004A, 004C and 004G.
DESCRIPTION: Parcel 004A: A l.134-acre tract of vacant land.
Parcel 004C: A 1.00-acre tract of vacant land.
Parcel 004G: A l.OO-acre tract of vacant land.
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject lots are owned by John L. and Joyce D.
Peffer. The lots are a portion of a larger tract that was
purchased on September 23, 1957 for a reported
consideration of$9,500 and ownership transferred on
deed reference 18-B-241.
SCOPE OF THE ASSIGNMENT: 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 lots as
unencumbered.
EFFECTIVE DATE: As of August 17,2005.
HIGHEST AND BEST USE: Use as residential building lots.
COST APPROACH: N.A.
SALES APPROACH:
Parcel 21 -07-0467-004A:
ParceI21-07-0467-004C:
Parcel 21-07-0467-004G:
$21,000
$19,000
$18,000
INCOME APPROACH:
N.A.
FINAL VALUE CONCLUSION: Parcel 21 -07-0467-004A:
Parcel 21-07-0467 -004C:
Parcel 21-07-0467-0040:
$21,000
$19,000
$18,000
2
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE EST ATE OF JOHN L. PEFFER
the undersigned personally inspected the following described property:
All those certain pieces or parcels of land situate in Middlesex Township, Cumberland
County, Pennsylvania, bounded and described as follows:
PARCEL 21-07-0467-004A: All that certain tract ofland identified as Lot No. I on the
Subdivision Plan for John L. and Joyce D. Peffer, recorded in Cumberland County Plan Book
31, Page 26, containing 1.134 acres with 291.20 linear feet of road frontage along a fifty foot
private right-of-way.
PARCEL 21-07-0467-004C: All that certain tract ofland identified as Lot No.3 on the
Subdivision Plan for John L. and Joyce D. Peffer, recorded in Cumberland County Plan Book
31, Page 26, containing 1.00 acres with 250.00 linear feet of road frontage along a fifty foot
private right-of-way.
PARCEL 21-07-0467-004G: All that certain tract of land identified as Lot No. 0 on the
Subdivision Plan for John L. and Joyce D. Peffer, recorded in Cumberland County Plan Book
36, Page 116, containing 1.00 acres with 220.00 linear feet of road frontage along a fifty foot
private right-of-way.
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 17,
2005 is:
PARCEL 21-07-0467-004A: $21,000
PARCEL 21-07-0467-004A: $19,000
PARCEL 21-07-0467-004A: $18,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
K~
Larry E. Foote
Certified General Appraiser
GA-OOOO 14-L
3
APPRAISAL REPORT
96-ACRE SITE ON AIRPORT DR.
CARLISLE, PENNSYLVANIA
PREPARED FOR
'HE EST ATE OF JOHN L. PEFFER
BY
LARR Y E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
170 I 3-3052
(7] 7) 249-2758
(;np\
SlJMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: Airport Drive
Carlisle, Pennsylvania
TAX PARCEL NUMBER: 29-17-1587-119
DESCRIPTION: A 2.96-acre tract of vacant land.
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned by John L. and Joyce D.
Peffer. The property was purchased on February I, 1964
for a reported consideration of $1.00 and ownership
transferred on deed reference 21-C-427.
SCOPE OF THE ASSIGNMENT: 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 17,2005.
HIGHEST AND BEST USE: Use as a residential building site.
COST APPROACH: N.A.
SALES APPROACH: $30,000
INCOME APPROACH N.A.
FINAL VALUE CONCLUSION: $30,000
')
AI'PKAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE EST A TE OF JOHN L. PEFFER
the undersigned personally inspected the following described property:
All that certain piece or parcel of land situate in North Middleton Township,
Cumberland County, Pennsylvania, bounded and described as follows:
Beginning at an iron pin on the southern side of a proposed street to be known as
Airport Drive; thence by land now or formerly of James R. and Mary K. Barrick, South 8
degrees I minute 30 seconds West 313.06 feet to an iron pin; thence by land now or formerly
of Mary B. Rasp, North 89 degrees 9 minutes West 92.32 feet to an iron pin; thence by the
same, South 67 degrees 55 minutes 10 seconds West 102.30 feet to an iron pin; thence by the
same, North 76 degrees 19 minutes 20 seconds West 138.00 feet to an iron pin; thence by land
now or formerly of James R. and Mary K. Barrick, North 14 degrees 32 minutes 20 seconds
East 326.09 feet to an iron pin; thence by the same North 57 degrees 45 minutes West 88.00
feet to an iron pin; thence by the same, North 32 degrees 15 minutes East 150.00 feet to an iron
pin; on the southern side of Airport Drive aforesaid; thence by the southern side of Airport
Drive, South 57 degrees 45 minutes East 328.00 feet to the place of beginning.
Containing 2.968 acres.
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 17,
2005 is:
THIRTY THOUSAND DOLLARS
$30,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
x~
Larry E. Foote
Certified General Appraiser
GA-OOOO 14-L
3
n Lincoln
Financial Group
PO Box 7880
Fort Wayne IN 46801-7880
December 29, 2005
STEPHEN L BLOOM
ATTORNEY AT LAW
2100 LONGS GAP RD
CARLISLE PA 17013
RE: GA-5573 Central Soya
C-1563 John L. Peffer, deceased 8-17-05
C-1563A Joyce D. Peffer
Dear Mr. Bloom:
We were previously notified of Mr. Peffer's death, by his wife, Joyce D. Peffer. She is
currently receiving the survivor portion of her late husband's annuity contract. This benefit is
payable for her lifetime only. No further payments will be due, after her death.
The value of this annuity, as of the date of death, was approximately $7,153.00.
If you have any questions, please contact us on our toll-free number (800) 454-6265,
extension 8200.
Sincerely,
tL/c
Cheryl Mi r
Pension Annuity Claims
A..//
Michael}. Malpezzi, Owner · Jeremy J. Shartzer, FUlleral Director
H Market Plaza Way · Meclzallicshurg, PA /70SS . Plume: (717) 697-4691
i\ug.ust 2.1. 2005
Joyce D. Peffer
\50 Wolf Bridge Rd.
Carlis\c. P i\ 17013
The hlIleral Servlcc ['or J olm I. Pe efeI'
We sincerdy appI'ecI,\te the conlidence you have placed 1Il us and will continue to assist you in every way we can. Please
feci free to contact llS If you have any questions in regard to this statement.
TIfE FOLLmVI:\(j IS A:\ ITE,vlI1U) STAT!.:\;1F:\T Of Till: SlRVIC!S !'t\CI UTI L':S. t\l;T0\;10TIV1,. 1'()L1P\;1E~T,
A:\D MERCf IA!\DlSE THAT VOl SLLLCT!:D WHI'::\'v1AKI:\(j Till: H:\L1{A! ARRA'J(jl:MLi'\TS
1. PROFESSIO.'\AL SER\'ICES
SCr\iccs o!' FUllcr,i1 Dil'cC!(wSI:df
\,;S4S()()
FU~ERAL HO\1E SERVICE CIIARCES
SELECTED \lERCHA.'\DISE:
Sol id Oa!-; Caskct
13uri;i1 Vault
Rq~lsll:r, F"ldcr". Ackll
250 ..\ddII1<1I1:11 \1C:llwnal Foldc:rs
TlIF COST OF OLR SER\'ICES, EQLIP\IEYI,\'D \IU-/'CII.\:\DISE TIIAT VOL HAVE SELECTED
AT 1111: Tlv1! n:!\IR.'\! ARRA\:(ilvll:\IS WI.RI \1'\DI. \\I\D\.\\:CID (Tln..\I, P..\ Y\1L:\TS TO OTflERS AS A\
ACCOM.'v10DAIIO\ 11l1: FO!!()\\I,(; IS A,.\CCCll,\TI\:(j /()R IIIOSI CIIAR(iES.
S3545.00
~." .-
~'.dlv,
~c..c..(.J \ (
~.i.j'.) Vl'
S2S6S00
\ I ()XS.()()
SSSO()
)41100
$7]89WO
tI JI~'i'i ..: L'
CASH AI>\A,'\CES
OpCl1111g (jr:I\C:
CCI1lCtC:I)' hjUlplllCll1
Cc:nilic:d Ikath Cc:rllt"lc;ltc:s
,\'cw,p"pcr :\O{ICCS - P~ltri(\1
\C:W"P:IPcr ,\(\IICC" - SCIIIIl1c.j
Ckr'gy.\1ass Olf':I'll1g
Flowcr,
)50000
) II (J(J()
SlJ()()()
S I S2()11
S II ()IJO
S20(J(HI
S2120()
51383.00
TOTAL CASH ADVA:\CES A'\D SPECIAL CIIARCES
SU3-TOTi\l.
1'-./1'1..\/ 1'.\ Y.\-II-\T DISCOLNT' CRI-DIIS
Si\hs2.00
TOTAL A\-IOU'\T DUE 58682-.(10
f'.-~ ", Ie' 1t y", ':l.) c'
~ \}~)
H'H 'H ',//1(/ I /)e,~,- i lilll{~ roll" """ ",....
(
(\IH~11 tV
I
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_ ...._J2 .{?J~k~:::oo n J~_~UI2.~5J}<J~ '.. JbHI .'. ,___.__-JJ.:!!:ju. ..85 .k..._IeiLc._'__'_h"_'___"'_
..___._a____cl...Q_Q.A1:~'tl.A/._____.P_i2____fJQ12.'__~.tL__.._..___.__.______._._....________
.- .-.-.-......-.......-.-.... ...-...... .----. ''''h_ ......-..-. .... nh..... .... --- ..- ... ....u..._h. ..... .-..........._. . 'r . '--.--. . ...__.._.......m._...___..__h._____.
.. I(Jlf-{.t-1&-- r;-(t1/ P1 LL:tJhe!J.fifIJ C;h:1JIU/~__u._._________..__._
"__"_'__'~ .._..__ ..__._1...;5....._._ST4J~...._IZ~t..._h_.______h__ .___..____...__..______._.
.____....... "'....___ ..._u.Jn ~vh.{1J.!! _~S.b..~. ~....._. . ..P/t~... .....) .lltZ-5. <2___0....._____..__..___.__________
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.... -...-..-..---..-.-... 3..._.1.____ ..-- _ E.. lL_._.5_t_ .:j--- f--- ..-.-.. ....m-.-----..--~J---_...-.-.L4::.~___
_. ...__ft~!- ...e x1?}/l:. .f1j~ ;t<~ J/f D_t: ... ilK-'JJi2-/? f;:? fJ:l J /<?-tkJ..____. __"__00.
.__hh___-Ut!L ooudp~Id.. 1p. '. .A~a ~{>1- ~ _ .1?.~~P~:'___. '.._._ ___________.__._.__.____..
.. .... - ~=~~=,'.'j ~I:i=-~_~'ft.L;iZ.~~--~:=~~==_-=_
__...___.,0._._,__ .__oo.__.._.___._.._.PJ..e~ B.LI!I..~.g.k!l~. .... ._/!Il~. ._!._2e-=-$...~___..___.__
'--r '
. .__u.m.~unv.LI. ...;!;/ft.tl
. I f\1C/L .t:VL/'i .0 CL//?c::' _
~==~=~iB~:~~=t.. :.r:::.=~~~'~~~===
....... .~_2:=~~lLY.~..~~__'te.~ krfu>=~~~~:.==:
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~.~.....:._..n.IJlIL~~~~ZI)j=-...___.~.I5:.... C.~.g..~
i(\ Cl rs 1 e- () ")0 C.llJ.lk,
(1\ G -tKbiL -30 (l~CLJl~
() {\f\ ()\ \.[1'\ -1 0 Q (lx~d\..~
..........n~ .--------.----.;;:,1..---.. --------.--
t~ 1LM~---t;.V2~ .
STEPHEN L. BLOOM
A TTORNEY AND COUNSELLOR AT LAW
\Ii W W I' R ^ C T J C ^ L C () I J N S I.: Leo M
2 1 0 0 L () .'.: ( ; s G .\ I' R () .\ I)
C\ J{ I J S L I.., P F :--.;, S Y J \'.\ :--.; I A 1 7 0 I .'
S 1\ J (, () \1 ({t I' J{ ,\ ( T I ( ,\ /( () I :--.; S F I. c: ().\I
Invoice submitted to:
Peffer, John L. Estate
c/o 75 Goodyear Road
Carlisle, PA 17013
Marjorie L. Jones, Executrix
December 15, 2005
In Reference To: Estate Administration - Initial Interim Billing Statement
Invoice #1678
Professional Services
8/16/2005 Telephone conference with Cornerstone
8/19/2005 Preliminary preparation for matters of estate administration and
evaluation of tax implications, disclaimer requirements and basis
adjustment; Correspondence and related matters
8/23/2005 Preliminary administrative, tax planning and estate matters;
Correspondence
8/24/2005 Research real estate title matters and review documentation
8/25/2005 Administrative and estate matters; Office conference with clients;
Renunciation; Preliminary preparations for probate and administration
of estate; Disclaimer matters; Correspondence
8/26/2005 Correspondence with client
9/7/2005 Correspondence
9/12/2005 Administrative and estate matters; Preparation of Petition for Probate
and Grant of Letters Testamentary, Oath of Personal Representative,
Proposed Decree of Probate and Grant of Letters, Estate Information
Document, Renunciation, and Exhibits for filing; Preparation of IRS
Form SS-4 and correspondence with IRS re same
T F J I. I' II ( ) ". 7 I 7 . 2 -\ ') . 7 7 l 7
f A c: S I .\1 I I. I. 7 I 7 . 2 -\ ') . 7 7 ~ :'
l' () I. I. I~ I{ I J H 7 :' . ~ -\ H . l) i) ::: 2
Hrs/Rate Amount
0.08 16.67
200,OO/hr
2.27 454.00
20000/hr
1.12 223.50
200.00/hr
0.35 70.56
200,00/hr
3.36 672.33
200.00/hr
0.09 1744
200.00/hr
0.17 33.33
200.00/hr
1.46 29183
200.00/hr
PRACTICAL COUNSEL + CHRISTIAN PERSPECTIVE
Peffer, John L. Estate
9/13/2005 Preparation for presentation of Petition; Telephone conference with
Appraiser; Appearance at Register of Wills for Probate, conference with
Executrix and review/file Certificate of Grant of Letters and Short
Certificates
9/14/2005 Correspondence; Conference with Cornerstone and client; File
memoranda
Telephone conferences re banking matters
9/16/2005 Correspondence with client
Telephone conference and correspondence with real estate appraiser;
Documentation of properties involved
9/21/2005 Review correspondence from Cornerstone; Correspondence with same
9/22/2005 Telephone conferences with Cornerstone
9/23/2005 Correspondence
9/28/2005 Correspondence
10/4/2005 Review correspondence from Cornerstone; Correspondence with client
10/6/2005 Review correspondence from Cornerstone; Telephone conference and
correspondence with client; Miscellaneous matters
10/17/2005 Correspondence
11/7/2005 Telephone conferences with J.D. Eckman re contract matters; File
memorandum
11/8/2005 Telephone consultations with client; Telephone conference with
Cornerstone; File memoranda; Draft proposed release arrangement
with J.D. Eckman
12/7/2005 Telephone consultation with client
12/14/2005 Correspondence; J. D. Eckman, Inc, Release matters; Telephone
conference with Mr. Perloski re same; Preparation of required Notice of
Beneficial Interest in Estate Under Rule 5.7, Certification of Notice
Under Rule 5.6(a), Required Legal Notices for Publication in
PRACTICAL COUNSEL >I< CHRISTIAN PERSPECTIVE
Page
2
Hrs/Rate
Amount
1.75
20000/hr
350.72
1.10
200.00/hr
22000
0.13
200.00/hr
26.56
0.13
200.00/hr
2628
1.02
200.00/hr
20306
0.63
200 OO/hr
12667
0.20
200.00/hr
40.00
0.10
200.00/hr
20.00
0.17
200 OO/hr
3333
0.41
200.00/hr
8217
0.48
200.00/hr
95.06
0.17
200.00/hr
33.33
0.25
200.00/hr
5000
1.05
200.00/hr
209.00
0.46
200.00/hr
91.33
2.95
200.00/hr
58928
Peffer, John L. Estate
Cumberland Law Journal and Sentinel, DPW Estate Recovery Inquiry,
Valuation Inquiries (M& T Bank, Pennsylvania State Bank)
10/10/2005 Review correspondence from Cornerstone; Escrow of second deposit;
Administrative matters re same
11/8/2005 Telephone conference with Cornerstone
12/15/2005 Administrative and estate matters; Correspondence with Lincoln
National and ADM/Northern Trust re valuation information
For professional services rendered
8/25/2005 Payment - thank you
Total payments and adjustments
Balance due
PAYABLE UPON RECEIPT - THANK YOU
Page
3
H rs/Rate
Amount
0.33 66.67
200.00/hr
0.10 20.00
200.00/hr
0.74 147.06
200.00/hr
-_._~~
2107 $4,21018
($3,500.00;
($3,50000;
$71018
P R 1\ c: TIC: J\ I. C () U N S E I. + C H R 1ST I AN PER S P E c: T I V E
STEPHEN L. BLOOM
A TTORNEY AND COUNSELLOR AT LAW
w w W I'R ACT I C i\ I. C () II N S E I. C () M
lIe:! L():,-:<;sC.\I'Rc).\lJ
C .\ R I I S I. F, P I. :'-: :'-: S Y 1 \ :\ :'-: 1:\ 1 7 0 1 -'
S B I () C ) \1 !lO I' I( :\ ( . T I ( . :\ I (. ( ) I . :'-: S F I (: ( ) \.1
Invoice submitted to:
Peffer, John L. Estate
c/o 75 Goodyear Road
Carlisle, PA 17013
Marjorie L. Jones, Executrix
April 05, 2006
In Reference To Estate Administration - Interim Billing Statement
Invoice #1727
Professional Services
12/20/2005 Correspondence with J. D. Eckman and Executrix
12/21/2005 Correspondence with Executrix and J.D. Eckman Inc.
12/28/2005 Correspondence with Appraiser; Correspondence with Executrix
12/29/2005 Correspondence; Review documents re Eckman matter; Preliminary
review of real estate Appraisal Reports; Review of valuation information
from Pennsylvania State Bank re accounts
1/4/2006 Correspondence
1/5/2006 Administrative and estate tax planning matters; Review and file
correspondence from Department of Public Welfare, Estate Recovery
Division; Review and file date of death account valuation
documentation from M& T Bank; Tax analysis matters; Correspondence
1/6/2006 Correspondence; Disclaimer matters
1/13/2006 Correspondence: Telephone conference with Executor
2/3/2006 Correspondence; Tax Matters
P R ;\ (T Ie :\ r. C () L' " S L r. + ell R 1ST 1:\ N P }.: R S PEe T I\' F
T F I F I' I I ( ) :'-: I. 7 1 7 - 1 .. ') . 7 '7 I -
F :\ C S I \11 I F 7 1 7. 1 .. ') 7 - ~ -
T () I. l r f( F I X 7 7 . ~ .. x . ') I, C ~
Hrs/Rate Amount
0.37 73.72
20000/hr
0.38 76.67
200.00/hr
0.31 61.17
20000/hr
0.64 128.28
200.00/hr
0.33 83.33
25000/hr
4.72 1,180.42
250.00/hr
0.25 6250
25000/hr
0.17 4167
25000/hr
0.17 41.67
25000/hr
Peffer, John L. Estate
2/3/2006 Administrative and estate matters; Correspondence with The Sentinel
2/17/2006 Telephone conferences with Attorney Said is re property disposition
matters; Preparation of proposed letter to Township re same;
Correspondence
2/21/2006 Administrative and estate matters; Review
correspondence/documentation from ADM and Lincoln National;
Review and file Proofs of Publication of Legal Notice (The Sentinel);
Correspondence with CPA and Personal Representative; Tax Analysis;
Draft Disclaimer of Interest in Property and Estate in Accordance with
20 PA CSA Section 6201 et. seq. for filing at Clerk of Orphans' Court
and recording at Recorder of Deeds Office; Confirm filing requirements
for same
2/22/2006 Administrative and estate matters; Analysis of interests to be disclaimed
3/15/2006 Administrative and estate matters
3/16/2006 Finalize Disclaimer of Interest in Property and Estate in Accordance
with 20 Pa.C.SA 6201 et. seq.; Analysis of Federal Estate Tax
matters; Review and file Proofs of Publication of Legal Notices
(Cumberland Law Journal); Review and file expense information; Office
consultation with Executrix and beneficiaries
3/21/2006 Administrative and estate matters
3/23/2006 Administrative and estate matters
4/1/2006 Administrative and estate matters; Research and analysis of beneficial
Pennsylvania Inheritance Tax treatment of entireties property
disclaimed by surviving spouse after six months from date of probate
but within nine month Federal disclaimer period; Tax analysis and
correspondence; Preparation of fiduciary Deeds of Conveyance for real
property interests of Decedent and related Realty Transfer Tax
Exemption Statements
4/5/2006 Research at Recorder of Deeds Office re Deed and Subdivision Plan
Records; Finalize Fiduciary Deeds of Conveyance for Execution;
Preparation and filing of IRS Form SS-4 regarding Trust
For professional services rendered
Previous balance
12/22/2005 Payment - thank you
2/22/2006 Payment - thank you
Page
2
Hrs/Rate
Amount
0.22 54.65
250.00/hr
0.84 208.89
25000/hr
7.18 1,79389
250.00/hr
0.14 3507
25000/hr
0.17 4167
250 OO/hr
2.48 619.58
250.00/hr
0.23 58.68
25000/hr
0.13 3160
250.00/hr
709 1,772.64
250.00/hr
4.44 1,10979
250.00/hr
30.26
$7,475.89
$71018
($4,210.18)
($3,500.00)
P R :\ C TIC :\ I. C ( ) l' ~ S \.: I.
+ CIIRISTI:\]'..; PERSPECTIVE
Peffer, John L. Estate
Page
3
Amount
Total payments and adjustments
Balance due
($7,710.18
$475.89
PAYABLE UPON RECEIPT - THANK YOU
P R :\ C TIC A L c: () l. " S I.: L + c: II R 1ST I f\ '" PER S PEe T I\' L
STEPHEN L. BLOOM
ATTORNEY AND COUNSELLOR AT LAW
WWW PRAClICAI.COUNSi:I. COM
2 1 :::::::: L () \: c; S G .\ I' R () ,\ j)
C ;\ 1\ 1 IS!. 1', PI'\: \: S y 1. \' ;\ \: I ,\ 1 7 :::: 1 -'
S 1\ I. () () \1 @ I' R ;\ c: TIC: :\ 1. c: () l' \: SF!. c: 0 \1
Invoice submitted to
Peffer, John L Estate
c/o 75 Goodyear Road
Carlisle, PA 17013
Marjorie L. Jones, Executrix
May 17, 2006
In Reference To: Estate Administration - Interim (and Estimated Final) Billing
Statement
Invoice #1751
Professional Services
4/5/2006 Consultation with client and execution of documents; Appearance at
Register of Wills and Recorder of Deeds for filing/recording of
Disclaimer
4/7/2006 Appearance at Register of Wills Office to file Disclaimer in Orphans
Court records and Recorder of Deeds Office to record Disclaimer in
land records; Filing of same/receipts
4/13/2006 Review and file correspondence from Cornerstone
5/16/2006 Estate and Trust Administration Matters; Realty Transfer Tax Affidavits;
Recordation at Register of Wills; Tax Matters - PA Inheritance Tax
Return and Schedules; Assembly of documentation for same;
Inventory; Federal Form 706; Tax, Deduction, and Unified Credit
Calculations
5/17/2006 Administrative and estate matters: Prepare exhibits for death tax
returns; Conference with Execturix/Trustee; Correspondence;
Appearance at Register of Wills for filing of Inventory and Inheritance
Tax Return and Certification of Will; Telephone conferences with M& T
Bank and Cumberland County Tax Mapping (Assessment) Office
Estimated reserve for final administrative and estate matters
For professional services rendered
Previous balance
TEI.EI'110\:F 717-249-7717
F ,\ c: S 1 \11 1. F 7 1 7 - 2 4 9 - 7 7 'i j
TOI.I.FRFF 877-'i48-96Cc
Hrs/Rate Amount
0.57 14229
25000/hr
0.50 125.00
25000/hr
0.08 20.83
25000/hr
9.84 2,461.04
250.00/hr
4.92 1,230.97
250.00/hr
17.34 4,33382
25000/hr
33.25 $8,313.95
$47589
P R 1\ C TIC :\ L C () U :-.: S E L + C H R 1 S T I :\ N PER S PEe T I V E
Peffer, John L Estate
Page
2
Amount
4/5/2006 Payment - thank you
($3,975.89)
Total payments and adjustments
($3,975.89)
Balance due
$4,813.95
PAYABLE UPON RECEIPT - THANK YOU
P R ,\ (T I c: ,\ I. c: 0 L N S [.: I. 0{< C fI R 1ST I AN PER S PEe T [ \' E
~ECEIPT FOR PAYMENT
-------------------
-------------------
GLENDA FARNER STRASBAUGH
Cumberland County - Register Of Wills
One Courthouse Square
Carlisle, PA 17013
PEFFER JOHN L
Estate File No. :
Paid By Remarks:
Recetpt Date:
Rece~pt Time:
Recelpt No. :
9/13/2005
11:15:18
1041892
2005-00815
J PEFFER
VZ
------------------------ Receipt Distribution ----------------------__
Fee/Tax Description
PETITION LTRS TEST
RENUNCIATION
WILL
JCP FEE
AUTOMATION FEE
SHORT CERTIFICATE
Check# 1147
Total Received.........
Payment Amount
660.00
5.00
15.00
10.00
5.00
20.00
Payee Name
CUMBERLAND COUNTY GENERAL FUN
CUMBERLAND COUNTY GENERAL FUN
CUMBERLAND COUNTY GENERAL FUN
BUREAU OF RECEIPTS & CNTR M.D
CUMBERLAND COUNTY GENERAL FUN
CUMBERLAND COUNTY GENERAL FUN
$715.00
$715.00
S>'
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82/24/2005 83:45
7177757805
CEPALD Jm~ES
PAGE 81
r;-dT.r-r~~
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804 Wayne A venue
ChxrnbersblJre PA 17201
Invoice Date:
February 15, 2006
3216697
(nvolce Number:
JOHN L. & JOYCE D. PEFFER
150 WOLFS llRmGF. ROAD
Client Nomhu:
32PE050Q 001
CARLISLE. PA 17013
-..-.---....---..-
Fo7" prnf"t>sntmDI se.~e.'i rendered:
Review of Steve Blcom'~. em!!il dl!t~d February 5, 2Q06 cCln(".tm'!in~ t,he E~t'lltr. of John L. Pefrer,
calculation of eState and income tal{ exposure based on different scenarios at Steve's request, and
cC!'"..!!!!!:!!!cJ!no!! to Stev~ V;:;t ......m:tiJ l!ntr.cl Fehruary II, 2006
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775.00
Toullnvoicf Amount
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775.00
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T=:: cf;:e.ymcn Me 30 days with Wlpaid ba!R!!ce5 atT~ 10 tI"Y~lQJhject to 1.500% 1'eI' month !CI'Viee charge.
Diversified Appraisal Services
Real Estate Appraisers and Consultants
INVOICE
35 East High Street
Suite 101
Carlisle, Pennsylvania 17013-3052
DA TE: December 22, 2005
Tel: 717.249.2758
Fax: 717.258.4701
TO: The estate of John L. PetTer
AMOUNT: $3,100.00
FOR: Appraisal Reports
Wolfs Bridge Road and Airport Drive properties
Carlisle, Pennsylvania
Thank You,
~
TERMS: Due upon receipt
Larry E. Foote
Certified General Appraiser
GA-000014-L
Tax ID Number 206-36-6731
Hegister of Wills of Cumberland County, Pennsylvania
INVENTORY
Estate of
Peffer, John L.
No. 21 - 05 - 00815
also known as
Date of Death 8/17/2005
, Deceased
Social Security No. 172-26-9755
Marjorie L. Jones
The Personal Representative(s) of the above Estate, deceased, verify that the items appearing in the following Inventory
include all of the personal assets wherever situate and all of the real estate located in the Commonwealth of Pennsylvania
of said Decedent, that the valuation placed opposite each item of said Inventory represents its fair value as of the date of the
Decedent's death, and that the Decedent owned no real estate outside of the Commonwealth of Pennsylvania except that
which appears in a memorandum at the end of this Inventory. l!We verify that the statements made in this Inventory are true
and correct. l!We understand that false statements herein are made subject to the penalties of 18 Pa. C. S. Section 4904
relating to unsworn falsification to authorities.
.;
Attorney:
Stephen L. Bloom
Signature:
1.0. No.:
49811
Signature:
Signature:
Address:
2100 Longs Gap Road
Carlisle, PA 17013
Address: 75 Goodyear Road
Carlisle, P A 17013
Telephone: 717/249-7717
Telephone: 717-776-7806
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Dated:
Real Estate
216 Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax Parcel
#21-07-0467-002) - valuation per Appraisal Report attached - Decedent's interest is 50% as a
tenant in common by virtue of spousal disclaimer (copy attached)
68,000.00
54.11 acre tract known as 106 and 150 Wolfs Bridge Road, Middlesex Township, Cumberland
County, P A (Tax Parcel #21-07 -0467 -004) - valuation partially per Appraisal Report attached
(prorated based on acreage not subject to Agreement of Sale hereinbelow mentioned: 46.23
acres x $25,337.28 = $1,171,342.45), which Appraisal Report notes that existing improvements
add no value to land, and partially based on pending Agreement of Sale to third party purchaser
attached (prorated based on acreage subject to Agreement: 7.88 acres x $53,527.98 =
$421,800.48) - Decedent's interest is 50% as a tenant in common by vir1ue of spousal
disclaimer (copy attached)
796,571.47
25 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, PA (Tax
Parcel #21-07-0467-005) - valuation per pending Agreement of Sale to third party purchaser
attached (prorated based on acreage: 25 acres x $53,527.98 = $1,338,199.50) - Decedent's
interest is 50% as a tenant in common by virtue of spousal disclaimer (copy attached)
669,099.75
(Attach additional sheets if necessary)
Total Personal Property and Real Estate
$1,577 ,671.22
~
Register of Wills of Cumberland County, Pennsylvania
INVENTORY
continued
Estate of
Peffer, John L.
No. 21 - 05 - 00815
also known as
Date of Death 8/17/2005
, Deceased
Social Security No. 172-26-9755
1.13 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, P A (Tax
Parcel #21-07-0467-004A) - valuation per Appraisal Report attached - Decedent's interest is
50% as a tenant in common by virtue of spousal disclaimer (copy attached)
10,500.00
1.0 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, P A (Tax
Parcel #21-07-0467-004C) - valuation per Appraisal Report attached - Decedent's interest is
50% as a tenant in common by virtue of spousal disclaimer (copy attached)
9.500.00
1.0 acre tract off Wolfs Bridge Road, Middlesex Township, Cumberland County, P A (Tax
Parcel #21-07-0467-004G) - valuation per Appraisal Report attached - Decedent's interest is
50% as a tenant in common by virtue of spousal disclaimer (copy attached)
9,000.00
2.96 acre tract off Airport Drive, North Middleton Township, Cumberland County, P A (Tax
Parcel #29-17-1587-119) - valuation per Appraisal Report attached - Decedent's interest is
50% as a tenant in common by virtue of spousal disclaimer (copy attached)
15,000.00
Total Real Estate
$1,577 ,671.22
2