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HomeMy WebLinkAbout09-07-06 REV-l500 E"'~ (&-00) REV-1500 INHERITANCE TAX RETURN RESIDENT DECEDENT COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT. 280601 HARRISBURG, PA 17128-0601 .... Z W Q W (.) w Q DECEDENT'S NAME (LAST. FIRST, AND MIDDLE INITIAL) Mundorff H. Ra aJkJa Mundorff Har Ra DATE OF DEATH (MM-DD-Year) DATE OF BIRTH (MM-DD-Year) 04/25/2006 06/18/1912 (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) W I- lIl:: ~U) o D::lIl:: wo.o :J: 00 oD::-I ~ID < [X] 1. Original Return o 4. Limited Estate [X] 6. Decedent Died Testate (Attach copy of Will) o 9. Litigation Proceeds Received o 2. Supplemental Return o 4a. Future Interest Compromise (date of death after 12-12-82) D 7. Decedent Maintained a Living Trust (Attach copy afTrust) o 10. Spousal Poverty Credit (date of death between 12-31-91 and 1-1-95) OFFICIAL USE ONLY FILE NUMBER 2 1 -0 6 0 4 0 2 COUNTYcooe -YEAR- - - NuMaER-- SOCIAL SECURITY NUMBER 1 6 2 - 0 7 - 6 7 9 4 THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS SOCIAL SECURITY NUMBER o 3. Remainder Return (date of death prior to 12-13-82) o 5. Federal Estate Tax Return Required Q.. 8. Total Number of Safe Deposit Boxes o 11. Election to tax under Sec. 9113(A) (Attach Sch 0) NAME Joel R. Zullin er FIRM NAME (If Applicable) Zullin er Davis P.C. TELEPHONE NUMBER 717 264-6029 COMPLETE MAILING ADDRESS 14 North Main Street, Suite 200 Chambersbur z o t= <( ...J ~ .... ii: <( (.) w ex: 1. Real Estate (Schedule A) (1) 2. Stocks and Bonds (Schedule B) (2) 3. Closely Held Corporation, Partnership or Sole-Proprietorship (3) 4. Mortgages & Notes Receivable (Schedule D) (4) 5. Cash, Bank Deposits & Miscellaneous Personal Property (5) (Schedule E) 6. Jointly Owned Property (Schedule F) (6) o Separate Billing Requested 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7) (Schedule G or L) 8. Total Gross Assets (total lines 1-7) 9. Funeral Expenses & Administrative Costs (Schedule H) (9) 10. Debts of Decedent, Mortgage liabilities, & Liens (Schedule I) (10) 11. Total Deductions (total lines 9 & 10) 12. Net Value of Estate (line 8 minus Line 11) 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been made (Schedule J) 14. Net Value Subject to Tax (Line 12 minus Line 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES -' J 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) 0.00 X _ (15) 241.677.93 X .045 (16) 0.00 X .12 (17) 0.00 X .15 (18) (19) 16. Amount of line 14 taxable at lineal rate :J '- 17. Amount of Line 14 taxable at sibling rate ") ') 18. Amount of Line 14 taxable at collateral rate 19. Tax Due 20. [R} CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 17201 o OFFI~USEONL~- ;g c..-, ~ P"5 -r'-' fl1 G) C> $:'" " -0 (:'') :!.~ ..,. Fn t ".--i i:::J ""-:; .:n !"it r"h (j') ^ -.J :=-0 0 000 __ C:,)o .." :i: ""'Ii., 829 c: -:;: :!J . iJ:O N ::::S, C) . -f ;:.= hl . 0?C) 225,407.831 \.0 -'1 I ~_~____J (8) 360.352.33 18,436.40 238.00 (11) (12) (13) 18.674.40 341.677.93 100,000.00 (14) 241,677.93 Decedent's Complete Address: ST~ET AOORrSS . 13 East Orange Street CITY Shippensburg Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit S. Prior Payments C. Discount I STATE PA I ZIP 17257 (1 ) 10,875.5 10.473.75 551.25 Total Credits (A + B + C) (2) 11,025.00 3. Interest/Penalty if applicable D. Interest E. Penalty Total Interest/Penalty ( D + E) (3) 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 (4) 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) A. Enter the interest on the tax due. (SA) B. Enter the total of Line 5 + SA. This is the BALANCE DUE. (58) Make Check Payable to: REGISTER OF WILLS, AGENT 0.00 149.4~ 0.00 0.00 PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred; ........................................................................... 0 00 b. retain the right to designate who shall use the property transferred or its income; ........................................ 0 00 c. retain a reversionary interest; or ...................................................................................................... 0 [Z] d. receive the promise fOf life of either payments, benefits or care? ............................................................. 0 00 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration?.............................................................................................. 0 00 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? ................. 0 [Z] 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? ....................................................................................................... 0 00 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. PA 17257 DATE -3/-0 PA 17201 or dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value, _t '-~~~f"re tl"l nr for the use of the surviving spouse is 3% 72 P.S. 99116 (a) (1.1) (i)l. 1 '. - f' or dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the 0(., 0 ~A cI i9116 (a) (1.1) (ii)J. he statute does not exemot a transfer to a surviving spouse from tax, and the statutory requirements for dis till applicable even if Ie surviving spouse is the only beneficiary. ) le i \ "T') /) ::If dates of death on or after July 1, 2000: V ~ Ie tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younge It, an adoptive parent, a stepparent of the child is 0% [72 P.S. ~9116(a)(1.2)J. ~ ;).D ,e tax rate imposed on the net value of transfers to or forthe use of the decedent's lineal beneficiaries is , N I C /72 P.S. ~116(a)( 1)l. Ie tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. ~9116(a)(1.3)J. A SJDrrng-~=t:::.__. Section 9102, as an iividual who has at least one parent in common with the decedent, whether by blood or adoption. REV-1503 EX + (6-98) ~'J *' SCHEDULE B STOCKS & BONDS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Mundorff H. Ray. a/k1a Mundorff Harrv Rav 21 06 0402 All property jointly-owned with right of survivorship must be disclosed on Schedule F. ITEM NUMBER 1. DESCRIPTION Treasury Direct Account #1300-053-0576, consisting of the following: CUSIP #912828CMO, 2-3/4 note, par value of $20,000.00, maturity date 6/30/06, d/o/d value 99.60, see attached valuation CUSIP #912828EZ9, 4-5/8 note, par value of $45,000.00, maturity date 3/31/08, date of death value 99.50, see attached valuation CUSIP #912818EV8, 4-1/2 note, par value of $17,000.00, maturity date 2/15/09, d/o/d value 98.65, see attached valuation CUSIP #9128277 J5, 3-3/8 TRIN, par value of $50,000.00, maturity date 1/15/1912, d/o/d value 105.30, see attached valuation VALUE AT DATE OF DEATH 19,920.00 44,775.00 16,770.50 52,650.00 TOTAL (Also enter on line 2, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 134115.50 REV-1508 EX + (6-98) law "l SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Mundorff H. Ray a/kfa Mundorff Harry Ray 21 06 Include the proceeds of litigation and the date the proceeds were received by the estate. All property jointly-owned with right of survivorship must be disclosed on Schedule F. 0402 ITEM NUMBER 1. DESCRIPTION 1986 Oldsmobile Cutlass Supreme Brougham with 77,000 miles in good condition VALUE AT DATE OF DEATH 800.00 2. Refund of car insurance 29.00 TOTAL (Also enter on line 5, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 829.00 REV-1509 EX + (6-98) I'. .. SCHEDULE F JOINTLY-OWNED PROPERTY COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER Mundorff H Ray alkla Mundorff Harrv Rav 21 06 0402 If an asset was made joint within one year of the decedent's date of death, it must be reported on Schedule G. SURVIVING JOINT TENANT(S) NAME ADDRESS RELATIONSHIP TO DECEDENT A. Harry Ray Mundorff, Jr. 13 East Orange Street Shippensburg, PA 17257 son B c JOINTLY-OWNED PROPERTY: LETTER DATE DESCRIPTION OF PROPERTY %OF DATE OF DEATH ITEM FOR JOINT MADE INCLUDE NAME OF FINANCIAL INSTITUTION AND BANK ACCOUNT NUMBER OR SIMILAR DATE OF DEATH DECD'S VALUE OF NUMBER TENANT JOINT IDENTIFYING NUMBER. ATTACH DEED FOR JOINTL Y.HELD REAL ESTATE. VALUE OF ASSET INTEREST DECEDENT'S INTEREST 1. A. 7/1991 Vanguard Account consisting of assets as shown on 233,789.54 50. 116,894.77 attached valuation, including interest accrued to date of death 2. A 11/96 Checking Account #6933008, Orrstown Bank, including 8,614.82 50. 4,307.41 interest accrued to date of death 3. A 9/03 Certificate of Deposit #4000002146, Orrstown Bank, 45,339.71 50. 22,669.86 including interest accrued to date of death 4. A 1/05 Certificate of Deposit #4000005258, Orrstown Bank, 15,060.64 50. 7,530.32 including interest accrued to date of death 5. A 1/05 Certificate of Deposit #4000008376, Orrstown Bank, 19,005.47 100. 19,005.47 including interest accrued to date of death 6. A 8/91 Tract of real estate, with improvements thereon, situate at 13 East Orange Street, Shippensburg, Cumberland County, PA, appraised by Tim L. Ausherman, with copy attached 110,000.00 50. 55,000.00 1> TOTAL (Also enter on line 6, Recapitulation) $ 225.407.83 (If more space is needed. insert additional sheets of the same size) REV-1511 EX + (12-99) . ... COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Mundorff H. Rav a/kJa Mundorff Harry Ray SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS Debts of decedent must be reported on Schedule I. FILE NUMBER 21 06 0402 ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Fogelsanger Bricker Funeral Home, funeral expenses 9,186.40 2. Spring Hill Cemetery Association, funeral expenses 550.00 3. Tim Wyrick, funeral expenses 100.00 B. ADMINISTRATIVE COSTS: 1. Personal Representative's Commissions Name of Personal Representative (s) 0.00 Social Security Number(s)/EIN Number of Personal Representative(s) Street Address City State Zip Year(s) Commission Paid: 2. Attorney Fees Joel R. Zullinger 4,500.00 3. Family Exemption: (If decedenfs address is not the same as c1aimanfs, attach explanation) 3,500.00 Claimant Harry Ray Mundorff, Jr. Street Address 13 East Orange Street City Shippensburg State P A Zip 17257 Relationship of Claimant to Decedent son 4. Probate Fees Probate petition 260.00; will 15.00; short certificates 20.00; JCP fee 10.00; 325.00 automation fee 5.00; filing return 15.00 5. Accountanfs Fees 6. Tax Retum Prepare(s Fees 7. Tim L. Ausherman, appraisal of real estate 275.00 TOTAL (Also enter on line 9, Recapitulation) $ 18 436.40 (If more space is needed. Insert additional sheets of the same size) REV.1512 EX.. (6-98) . *' SCHEDULE. DEBTS OF DECEDENT, MORTGAGE LIABILITIES & LIENS COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Mundorff H. Ray. a/k1a Mundorff. Harrv Ray FILE NUMBER 21 06 0402 Include unreimbursed medical expenses. ITEM NUMBER DESCRIPTION 1. Treasury Direct, fee on decedent's account VALUE AT DATE OF DEATH 25.00 2. Garage rental due at decedent's death 70.00 3. Dr. Davis, medical services due at death 43.70 4. Cumberland Valley Medical, services 99.30 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 238.00 REV-1513 EX + (!il-Mw' .. . . . . COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE J BENEFICIARIES FilE NUMBER 21 RELATIONSHIP TO DECEDENT Do Not list Trustee(s) NUMBER I. NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] Harry Ray Mundorff, Jr. 13 East Orange Street Shippensburg, PA 17257 Lineal 1. entire residue 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 1. 0.00 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS Orrstown Bank, Trustee of Trust Under Will for the benefit of Memorial Lutheran Church 34 East Orange Street, Shippensburg, PA 17257 TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET (If more space is needed, insert additional sheets of the same size) 100,000.00 $ 100000.00 . . ~~ ~ ~ :s ~ ~ ~ ,t ~ ~. . . JRZ - 5.1 mundorff.l October 14, 2005 LAST WILL AND TESTAMENT I, H. RAY MUNDORFF, of 13 East Orange Street, Shippensburg, Pennsylvania, being of sound and disposing mind, memory and understanding, do hereby declare this to be my will, hereby revoking any and all former wills and codicils thereto by me heretofore made. I. I direct that all my just debts and funeral expenses, including all expenses of my last illness, shall be paid from my estate as soon as practicable after my decease as a part of the expense of the administration of my estate. II. I give, devise and bequeath the sum of One Hundred Thousand ($100, 000.00) Dollars cash to Orrstown Bank, IN TRUST, nevertheless for the benefit of Memorial Lutheran Church, Shippensburg, Pennsylvania. Distribution amount as hereinafter defined shall be used by Memorial Lutheran Church for use of the Children's Department, Youth Department or for those children, ';.:Ln nE;!eo. of financial aid to attend Camp Nawakwa, the National Lutheran Youth r 7 ,,"'7 : ~ j (' _ ~ ..,,:~. .~:.1".:.'::7 Conference, as well as other child and youttrr:" 'Felated :, chtfrch J . -I . . ._~' ',-,__", J jU ;~t..J~ j C~~.~,~;j~,i I" - d ~ () '0,.. 0 '-10.) . . ~ ~ .y N ~ i activities. This bequest shall be made in memory of H. Ray and Kathleen S. Mundorff, with the church to provide a suitable plaque recognizing the gift. III. A. My trustee shall pay the distribution amount set forth below to or for the benefit of Memorial Lutheran Church, Shippensburg, Pennsylvania, quarter-annual in installments. B. The trustee shall pay to Memorial Lutheran Church, Shippensburg, Pennsylvania, in each tax year of this trust an amount (herein the "Distribution Amount") equal to four (4%) percent of the average of the fair market values of the assets of the trust as of the close of the last business day of the trust's three previous tax years (or such lesser number of tax years as are available for the first three tax years of the trust). In the case of a short tax year, the distribution shall be calculated as set forth in subparagraph C. below. In the case of contributions to or distributions from the trust, including initial funding, the Distribution Amount shall be determined as set forth in subparagraph D. below. C. For a short tax year, the Distribution Amount shall be based upon a prorated portion of the Distribution Amount set forth above comparing the number of days in the short Page 2 . . c--:s ~ c-- ---..., . . tax year to the number of days in the calendar year in which the short tax year is a part. D. In a tax year in which assets are added to or distributed from the trust (other than the Distribution Amount) (hereinafter "Adjustment Yearll), the Distribution Amount shall be increased (in the case of a contribution) or decreased (in the case of a distribution) by an amount equal to four (4%) percent times the fair market value of the assets contributed or distributed (as of the date or dates of the contribution or distribution), multiplied by a fraction, the numerator of which is the number of days from the contribution or distribution to the end of the tax year and the denominator of which is the days in the tax year. Further, the year-end values for the two tax years preceding the Adjustment Year shall be increased by the amount of such addition, or decreased by the amount of such distribution, for purposes of computing the average values used in determining the Distribution Amount for years following the Adjustment Year. E. All computations of the trust's assets' fair market value, or the value of any contributions or distributions as set forth above, shall include accounting income and principal, but no accruals shall be required. I f the trust includes assets for which there is not a ready market, the trustee shall adopt such method of valuation as trustee deems reasonable in trustee's discretion under Page 3 . . ~ ~ the circumstances. F. In addition to the Distribution Amount as determined above, the net accounting income earned in my estate and allocable to the residue shall be paid to the trust, and distributed to Memorial Lutheran Church, Shippensburg, Pennsylvania, in addition to the Distribution Amount set forth above. G. The Distribution Amounts from the trust shall be paid first from net accounting income, next from net realized short term capital gains, then from net realized long term capital gains, and as necessary from the principal of the trust. H. Should Memorial Church, Shippensburg, Lutheran Pennsylvania, cease to exist, the distribution amount shall be distributed to Shippensburg School District Foundation and Keystone Council, Boy Scouts of America with the funds to be used to help financially needy students and Boy Scouts, as the case may be, participate in school or boy scout activities. IV. I give, devise and bequeath the residue of my estate of every nature and wherever situate to my son, Harry Ray Mundorff, Jr., provided however, should my said son predecease me or die on or before the thirtieth day following my death, the residue of my Page 4 . . ~ ,~ ~ ;s ~ ~ ~ ~, estate shall be distributed as follows: A. Fifty (50%) percent thereof to Orrstown Bank to be added to the aforementioned trust for the benefit of Memorial Lutheran Church, Shippensburg, Pennsylvania. B. Fifty (50%) percent thereof to the Borough of Shippensburg with twenty-five (25%) percent to be used for the benefit of the Shippensburg Fire Department and twenty-five (25%) percent thereof to be used for the benefit of the Shippensburg Police Department. v. Any fiduciary under this will shall have the following powers in addition to those vested in them by law and by other provisions of my will applicable to all property whether principal or income, including property held for minors, exercisable without Court approval, and effective until actual distribution of all property: A. To retain any and all of the assets of my estate, real or personal, without principle of regard to any diversification of risk. B. To invest in all forms of property including stock, common trust funds and mortgage investment funds without restriction to investments authorized for Pennsylvania fiduciaries as they deem proper, without regard to any principle of diversification of risk. c. To sell at public or private sale, to exchange or to Page 5 . . ~ ~1 ....:> ~ ~ ~ ~, lease for any period of time. any real or personal property and to give options for sales, exchanges or leases, for such prices and upon such terms or conditions as they deem proper. D. To allocate receipts and expenses to principal or income or partly to each as they from time to time think proper. E. To compromise any claim or controversy. F. To distribute in cash or in kind or partly in each. G. To hold property in their names without designation of any fiduciary capacity or in the name of a nominee or unregistered. VI. I direct that all taxes that may be assessed in consequence of my death of whatever nature and by whatever jurisdiction imposed, shall be paid from my residuary estate as a part of the expense of the administration of my estate. VII. The interest of the beneficiaries hereunder shall not be subject to anticipation or to voluntary or involuntary alienation; and the principal and income shall be paid by the trustee or guardian directly to or for the use of the beneficiary entitled thereto, without regard to any assignment, order, attachment or Page 6 . . claim whatever. VIII. I appoint my son, Harry Ray Mundorff, Jr. as executor of this my will. Should my son, Harry Ray Mundorff, Jr. predecease me, fail to qualify or cease to act, I appoint Orrstown Bank as executor of this my will. IX. No bond shall be required of any fiduciary hereunder in any jurisdiction. IN WITNESS WHEREOF, I hereunto set my hand and seal to this my last will and testament, consisting of eight typewritten pages, the first six of which bear my signature in the margin for the purpose of identification this ~day of ?1V1~~~ , 2~o.s: Signed, sealed, x ~ 1)}7..- J .J) (SEAL) .7~ published and declared by the above-named testator as and for his last will and testament in our presence, who in his presence, at his request and in the presence of each other have hereunto set our hands as attesting witnesses. ~~~~L~7V d~/ ~A.~/ ~ifi \J.l c~~ f ..{~ /0/0'/ /.3w....C)p,~ {ti.t& dlAAdc[i"tL !3c o JJ - Page 7 . . We, H. RAY MUNDORFF I and ~~ L ~~ the testator and the whose names are signed to the attached or foregoing instrument, being first duly sworn, do hereby declare to the undersigned authority that the testator signed and executed the instrument as his last will and testament and that he executed it as his free and voluntary act for the purposes therein expressed and that each of the witnesses, in the presence and hearing of the said testator signed the will as witnesses and to the best of their knowledge said signer was at that time eighteen years of age or older, of sound mind and under no constraint or undue influence. ~ ;JJl~!11L~ ;restatoIJ z,!!es~ {~ll~r ~~rf~4r- Witness ( Subscribed, sworn to and acknowledged before me by the above-named signer and subscribed an.d sworn to bef~r e by the above-name~nes~ this day of ~ I 2 J. 7)- ~ ~ ;:N/al ~ Notary ~ublic - ~otarial Seal Carin L. Walter, Notary Public Chambersburg Boro. Franklin County My Commission Expires May 13, 2009 Page 8 ~ . , ..1... .,' Merk D8mron <~,lI'Oft@aewsf8.COI1P 08I28l2OO6 02:12 PM TO Chris Jadcson <cj8ekson@orrs1o.com> CC bee Subject re: Hey Mark The value of the folloWing securities as of 4/25/06= lq,1J.O '14,11' IlJr110. ~o 5P, C1~ 20m #312828CMO-$99.60 45m #912828EZ9-$99.S0 17m #912818EV8-"$98.65 SOm #9128277J5--$105.30 Mark Damron Crews 8& Associates, Inc. First Security Center 521 President Ofnton Avenue Suite 800 little ROCk, AR 72201 501.978.7992/800.766.2000 501.907.4192 Fax mdamrnneDcrewsfs.com *******~*****.****.**.*****.*********..****..***...**********************************- ********************.*.*.***********.******** IMPORTANT NOTICES: this message is Intended only for the addtessee. Please notify the sender by e-mail if you are not the intended redpient. If you are not the Intended recipient, you may not copy, disdose, or distribute this message or Its content5 to anv other person and any such actions may be unlawful. Crews, a whoIy owned non-bank affiliate d First Sea.lrI.y Banawp, does not accept time sensitive, actlon-oriented messages or transaction orders, including orders to ptKChase or sell securittes~ Via e-maU. Crews reserves the rigl1t to monitor and review the mntent of at messages sent to or from this e-mail address. Messages sent to or from tms e-mail address may be stored on Crews' e-mail system. Investment products offered through any of me fit'mI$ Retaal1nvestment Centers: lit are not insured by the FDIC or any other federal government agency * are not ~ of or guaranteed by the Bank or any Bank affiliate * may lose value @ 2004 Crews It Associates, Inc. AI rights reserved. Member SlPC, NASo and MSRB. Disclosures Services or products Offered .... this e-mail are available in the United states only. Please note that not aU of the Investments and services mentioned are available in every statE. . .. . .. August 3, 2006 Zullinger and Davis Attn: Joel R. Zullinger 20 East Surd St., Ste 6 Shippensburg, PA 17257 . Vanguard" Vanguard~ Voyager Service@ p.o. Box 1120 Valley Forge, PA 19482-1120 www.vanguard.com Re: The Estate of H. Ray Mundorff Dear Mr. Zullinger: We are responding to your letter requesting the value of the following account. Please convey our sincere condolences to the family of Mr. H. Ray Mundorff for their loss. As of April 25, 2006, the number of shares, the price per share, and the value of the account were as follows: H. Ray Mundorff, Harry R. Mundorff Jr.-Joint Account Name Fund # Shares Price Value Accrued Dividends anguard High-Yield 029- orporate Fund Investor 9873665356 8,086.351 $6.14 $49,650.20 $241 .19 hares anguard Prime Money 030- arket Fund 9873665356 108,015.73 anguard Short-Term Investment-Grade Fund Investor Shares anguard Total Stock Market Index Fund Investor Shares $1.00 $108,015.73 $332.60 039- 9873665356 4,989.598 $10.45 $52,141.30 $150.96 734.604 $31.66 $23,257.56 Please note that the above r~ferenced joint account was established on July 25, 1991. VSLH 122005 . . . .. If you have any questions, please contact your Voyager Service Team at 800-284-7245. Voyager's business hours are Monday through Friday from 8 a.m. to 10 p.m. and on Saturday from 9 a.m. to 4 p.m., Eastern time. One of our dedicated Voyager associates will be pleased to assist you. Sincerely, Lisa M. Ficklin Register Representative Correspondence Number 20049021 Kelley Blue Book - Private Party Pricing Report - Oldsmobile, Cutlass Supreme Page 10f2 . .. It" ..look THE TlUSlfO ItfSOUaa. "",@@@,,,,,~@~-,,<~,,,,,.,,<<._....,,. ~ advertisement Quick Dealer Price Quote Search Used Car Listings Lis COMPARE NEW CARS REVIEWS & RATINGS _.- PI __ ( USED CARS "l . Home> Used Cars> 1986 > Oldsmobile> Cutlass Suoreme > Brouoham Couoe 20> EqUipment 1986 Oldsmobile~~~~..~~_~"~~~!:~..~I~,~!:Q.~g~~.~.,~Q~.~~.~Q~",,.. Trade-In Value Private Party Value Suggested Retail Value Photo Gallery Blue Book Review H:mtf&.~"fi..{.glmiiy:w#@tfffJJfi}jji!Jt!ijRlttW.f}Flff{10Zf@lW;1fk'fi#jjjj#, r#,*;, Shopping Tools Free CARFAX Record Check Auto Loan from 6.65% APR Compare Insurance Rates Payment Calculator Extended Warranty Quote Print For Sale Sign BUY A USED CAR on Blue Book Classifieds™ 1()ldsrT1()~il~ .. I c:~tla~~?~preme. l~~~il~s()rless .. ZIP Code I!.????J To View Ads, Click ; SEll YOUR. USED CAR on Blue Book Classifieds'" Reach millions of shoppers on kbb.com, Cars.com, and other popular sites. Find out more, Click FIND THE RIGHT CAR Compare Used vs. New .. BLUE BOOK'E! PRIVATE PARTY VALUE, NO PHOTO AVA.ILA.BlE Condition Value Excellent $925 Good $800 (Selected) Fair $600 a NEXT STEPS: Search Local Listings Sell Your Sedan Vehicle Details Change Equipment Engine: Transmission: Drivetrain: Mileage: V6 3.8 Liter Automatic RWD 77,000 Selected Standard Equipment Air Conditioning Power Steering AM/FM Stereo Blue Book Private Party Value Private Party Value is what a buyer can expect to pay when buying a used car from a private party. The Private Party Value assumes the vehicle is sold "As Is" and carries no warranty (other than the continuing factory warranty). The final sale price may vary depending on the vehicle's actual condition and local market conditions. This value may also be used to derive Fair Market Value for insurance and vehicle donation purposes. Vehicle Condition Ratings Check Vehicle Title History Excellent $925 "Excellent" condition means that the vehicle looks new, is in excellent mechanical condition and needs no reconditioning. This vehicle has never http://www.kbb.comlKBB/Selection/Condition.aspx 8/28/2006 .. . . June 15, 2006 TO: Law Offices of Zullinger-Davis 20 East Burd Street Suite 6 Shippensburg, PA 17257 FROM: Todd L. Miller Cust. Service Specialist P.O. BOX 250 SHIPPENSBURG PA 17257-0250 RE: ESTATE OF H. Ray Mundorff DATE OF DEATH: April 25,2006 IT IS HEREBY CERTIFIED THAT THE ABOVE NAMED DECEDENT HAD, ON THE ABOVE DATE, THE FOLLOWING ACCOUNTS WITH ORRSTOWN BANK: CHECKING ACCOUNTS ACCOUNT NO. TITLE OF ACCOUNT DATE OPENED PRINCIPAL & ACCRUED INTEREST 693308 H. Ray Mundorff 11/06/96 $8,614.22 $.60 Harry R. Mundorff, Jr. CERTIFICATES OF DEPOSIT ACCOUNT NO. TITLE OF ACCOUNT DATE OPENED PRINCIPAL & ACCRUED INTEREST 4000002146 H. Ray Mundorff 09/15/03 $45,285.15 $54.56 Harry R. Mundorff, Jr. 4000005258 H. Ray Mundorff 01/05/05 $15,036.84 $23.80 Harry R. Mundorff, Jr. 4000005438 H. Ray Mundorff 01/27/05 $27,092.17 $72.52 Harry R. Mundorff, Jr. 4000008376 H. Ray Mundorff 12/30/05 $18,949.31 $56.16 Harry R. Mundorrf,Jr. ~. . . APPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to JlD.li of the following definitions: ~ Complete Appralsal (The act or process of estimating value, or an opinion of value, performed without invoking the Departure Rule.) [J Limited Appraisal (The act or process of estimating value, or an opinion of value, performed under and resulting from invoking the Departure Rule.) This report Is one. of the following types: Self Contained (A written report prepared under Standards Rule 2-2(a) of a Complete or Limited Appraisal performed under STANDARD 1.) ~ Summary (A written report prepared under Standards Rule 2-2(b) of a Complete or Limited Appraisal performed under STANDARD 1.) D Restricted (A written report prepared under Standards Rule 2-2(c) of a Complete or Limited Appraisal performed under STANDARD 1, restricted to the stated intended use by the specified client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: [ ] The statements of fact contained in this report are true and correct. L J The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. lJ I have no (or the specified) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest wnh respect to the parties involved. [' ] I have no bias wnh respect to the property that is the subject of this report or the parties involved with this assignment. [J My engagement in this assignment was not contingent upon developing or reporting predetermined results. II My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a SUbseQuent event directly related to the intended use of this appraisal. r I My analyses, opinions and conclusions were developed and this report has been prepared, in conformny with the Uniform Standards of Professional Appraisal Practice. L! I have (or have not) made a personal inspection of the property that is the subject of this report. II No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing signRicant real property appraisal assistance must be stated.) Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-3 and 1-4, plus any US PAP-related issues requiring disclosure: -- /1 / // /: /j'. 0" ,- APPRAISER: /J i/ /./ SUPERVISORY APPRAISER (only If reqUired): 'i'~ Signature: Signature: </ . i: ( .1---...... Name: Tim.LAus~erman GAA Name: Date Signed: 5-26-2006 Date Signed: State Certification #: Ga-000149-L State Certification #: or State License #: or State License #: State: Pa State: Expiration Date of Certification or License: 6/30/2007 Expiration Date of Certification or License: I o Did [J Did Not Inspect Property Ausherman Bros. Real Estate Inc. Form 105 - 'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE ... ___ ,",VIIU.f"'l _............. V. . 1.1 ....Y ,.,,,,U ("'VI U - -- U\JlI \,r,t\ v'n,itit ._""~\.'\.i -'...., \,1 tUY n.\A1 '"",vt,, V\..t\iU"Qlll. '/.... vvvm::a . lvI/am 1 vCtvQlIl .. prooertv riohts aooraised 'X Fee Simele Leasehold Proiect Tvee PUD : Condominium IHUDNA onlvl HOA $ NA IMo. J!gjgOborhood or Project Name ShippensburQ Map Reference 34-34-2415-124 Census Tract 0132&9__________ Sale Price !I; Date of Sale NA Deseriotion and $ amount of loan charaes/concessions to be oaid bv seller N/ A ---- Lender/Client Joel Zullinaer Esauire Address Aooraiser Tim L.Ausherman GAA Address 229 North Second Street Chambersbura. Pa 17201 Location l,,J Urban [X:J Suburban R Rural Predominant Sl~e family housing Present land use % Land use change PRI AGE Built up [] Over 75% ~ 25-75% Under 25% occupancy $(OOO) (yrs) One family ~ (2<;j Not likely L j Likely Growth rate [] Rapid kX:J Stable Slow ~ Owner 95 50 Low~ 2-4 family _ 20__ [J In process Property values ~ Increasing [] Stable ;Occ . IJ Tenant 275 Hioh 175 Multi-family 10 To: := Declimng -.--.--.----- Demand/supply tN Shortage [J In balance Over supply t><J Vacant (0-5%) .1 Predominant f~ Commercial c.cc= Marketina time rx1 Under 3 mos. Fi 3-6 mos. Over 6 mos. ['I Vac.(over 5%\ 120 100 Vacant Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: Bounded by Hollar Ave to the east, Fayette St to the west, KinQ St to the north and bora line to the south. f. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): Subiect orooertv is located within the downtown section of Shippensbura. Area is a mix of residential. multi familv and small commercical :: I orooerties. Overall appeal to the market is considered as averaae. Emolovment stabilitv within the area is aood with the unemoloyment rate under 4%. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time __ such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.): Current marketinQ time is under 3 months overall demand for homes within the area is aood. Demand is currentlv outoacina suoolv of homes available. .. Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? U Yes [Xl No . Approximate total number of units in the subject project N/A Approximate total number of units for sale in the subject project ~~ Describe common elements and recreational facilities: N/A Dimensions irreaular Topography Level Site area .06 acre Corner Lot 0 Yes rg) No Size Tvolcal Specffic zoning classification and description C-1 Shape rectanaular Zoning compliance [Xl Legal D Legal nonconfr~ing (Grandfathered use) 0 Illegal o No zoning Drainage Adequate Hinhp~t R. be~1 ,,~p. .. imoroved: r5<f Present use Other use (exnlainl View Averaae Utilities Public Other Off-site Improvements Type Public Private Landscaping AveraQe Electricity CXJ Street asphalt ~ 0 Driveway Surface None Gas LZJ Curb/gutter Concrete ~ 0 Apparent easements None observed. Water fZJ Sidewalk concrete ~ 0 FEMA Special Flood Hazard Area [J Yes C8J No Sanitary sewer ~ Street lights Street ~ R FEMA Zone C Map Date 3/15/1979 Storm sewer AIIev asohalt FEMA Mao No. 4203680001 A Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): No adverse easements or encroachments were observed. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Foundation Stone Slab no Area Sq. Ft. 954 Roof -[] No. of Stories 2 Exterior Walls Alumn sid Crawl Space none % Finished 30 Ceiling ~ rx:J Type (Detl Att.) Detached Roof Surface Asohalt Basement full Ceiling tile Walls ~ C><J Design (Style) 2 sl Gutters & Dwnspts. Alumn Sump Pump ves Walls panel Floor -DQ!!L D Existing/Proposed ExistinQ Window Type Obi hunn Dampness ves Floor carpet None -[J Age (Yrs.) 96 Storm/Screens Thermo wind Settlement No Outside Entry no Unknow~ [J Effective Ane IYrs. \ 30 Manufactured House No Infestation No ROOMS Fover Livina Dininn Kitchen Den Familv Rm. Rec. Rm. Bedrooms # Baths Laundrv Other Area Sn. Ft. : Basement 1 954 Levell 1 1 1 954 Level 2 4 1 954 . Finished area above orade contains: 7 Rooms' 4 Bedroomls): 1 Bath's): 1,908 Scuare Feet of Gross Livina Area INTERIOR MaterialS/Condition HEATING Steam KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: None - Floors Cot.vinlavQ Type Steam Refrigerator [f} None 0 Fireplace(s) # None D None ~ Walls plaster,panel/ava Fuel oil Range/Oven [f} Stairs fZJ Patio None 0 Garage # of cars Trim/Finish wood/avQ Condition avn Disposal 0 Drop Stair 0 Deck None 0 Attached Bath Floor vinvl/avo COOLING no Dishwasher 0 Scuttle 0 Porch Porch LZJ Detached Bath Wainscot oanel/ava Central no FarVHood [g] Floor ~ Fence None 0 Built-In Doors holle/ava Other Microwave 0 Heated R Pool None 0 Carport Condition no Washer/Dryer n Finished n Drivewav none Additional features (special energy efficient items, etc.): Front and rear Dorch thermo reolacement windows relativelv new roof older sMe kitchen. Condition of the improvements. depreCiation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.: No adverse factors were observed normal ohvsical deoreciation associated with use subiect orooertv is in averaoe condition. .. Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject praperty.: No adverse environmental conditions were observed on the site or within the immediate neiahborhood. . . Freddie Mac Form 70 6/93 PAGE 1 OF 2 Form UA2 - 'TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE Fannie Mae Form 1004 6/93 ... <Iv'" "4' II. \!:!fOP IL.VU - 'II~ IYtalli)IIQII OIIU UVY11l VU.:tt. I IOIIUUUUf\ C2IIU IIIUUIIIOU tV I\A.ClI Porches = 5,000 conditions. No weiaht is nlaced in this annroach due to the aae of Garage/Carport _ SQ. Ft. @$ 0.00 = the imorovements. Total Estimated Cost New = $ 172,904 - Less Physical Functional Extemal Depreciation 86,4521 I =$ 86 452 Depreciated Value of Improvements . =$ 86 452 'As-Is' Value of Site Improvements =$ 5000 INDICATED VALUE BY COST APPROACH . -$ 121,452 ITEM I SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 13 E Orange St 111 East Orange St 20 Richard Ave 112 North Earl St Address Shiooensbura Shinnensbura Shiooensbura Shiooensbura Pa Proximitv to Subject .. ~.,.,. .' 1 block 1 mile 1milA ,<,. S I'.!;.~: ....iF.1 s 00 nnn '.". 104.000 = 118.000 Sales Price .....,'i.,..;....I:li Price/Gross Livino Area $ ltJli 45.92 (N~ ........ cc-, ..... .... .'. l; 61.18 rj:J pi 'B"", $ 58.07 ell !......<)...io>> Data and/or M Ls-Courthouse MLs-Courthouse MLS Verification Source Courthouse VALUE ADJUSTMENTS - DESCRIPTION +H$ Adiust. DESCRIPTION + H$ Adiust. DESCRIPTION : + H$ Adiust. Sales or Rnancing Cony 6 DOm Cony Cony 29 DOm : Concessions None None No concess Date of SalefTime 5-31-2005 +5 000 6-30-2005 +5 500 6-3-2005 +6.000 Location Averaae Averaae : Averaae Averane LeasehoWFee Simnle Fee Simole Fee simnle Fee Simole Fee Simole Site .06 acre .07 acre .11 .17A/Ava -1 000 View Averaae Averane Averaae Averane Desion and Anneal 2 st 2 st lava T 2 sUava 2 st Qualilv of Construction Alumn/ava Alumn/ava -. Frame/ava +3 000 Alumn/ava : Ane 96 100+- -. 100+- 100+- : Condition Averaae Averane Averaae Averane : Above Grade Total: Bdrms: Baths Total : Bdrms : Baths: Total ; Bdrms : Baths : Total: Bdrms : Baths: Room Count 7 : 4 1 7 : 4 : 2 : -3,000 7 : 4 : 1.5 -1,500 7 : 3 : 2 -3,000 - Gross Livino Area 1 908 So. Ft. 2 156 Sn. Ft. : -3 720 1 700 So. Ft. : +3120 2 032 So. Ft. : -1 860 - Basement & Finished Basement Full Basement Basement . : Rooms Below Grade Fam rm Unfinished +2 000 Unfinished +2 000 Unfinished +2.000 Functional Utililv Averaae Averane : Averaae Averane : HeatinolCoolino Steam/none Hw/none : Hw/none Hw/none - Enernv Efficient Items Thermo wind Swsd : Swsd Sw GaranpJCamort None None : 2 car -6 000 1 carnort -1 500 - Porch, Patio, Deck, Porches Porches Porches Porch : Rrenlacels\ etc. None None None None Fence Pool etc. None None : None None Kitchen 11I1 Std Kitchen : Std Kitchen Std Kitchen : Net Adi. (totall 1'21+ f1-$ 280 1X1+ il-$ 6120 i'X .j. l-$ 640 Adjusted Sales Price {iit;"~;;~S~ifW3~ll S ,t;i,N~,,:~.~t~l. 1./' '..:NAt',.. &~o'~l t ",,c'''',;,,, of Comoarable 99 280 . GrOsS:'2o.f%I$ 110120 118640 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): The comoarable sales are over six months old however reoresent the best most recent comnarable sales of home like the subject orooertv within the boro of Shiooensbura. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO.3 Date, Price and Data 3-5-98 N/A N/A N/A Source, for prior sales Courthouse Steb-MLS Steb-MLS Steb-MLS within year of aooraisal 1 No sale nrev vr No sale orev vr No sale orev vr Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal: Comoarable sales are closed sales. The subiect nronertv has not been listed for sale within the oast vear. INDICATED VALUE BY SALES COMPARISON APPROACH ..... . . .... '/M~. .~ Gr~s~ R~~t M~lii~lie~" $ 110000 INDICATED VALUE BY INCOME APPROACH (if Annlicable\ Estimated Market Rent S N/A N/~ ...,l; N/A This appraisal is made iLQ "as Is' U subject to the repairs, alterations, inspections or conditions listed below LJ subject to completion per plans & specifications. Conditions of Appraisal: See attached Firrea add and Jimitino conditions. Rnal Reconciliation: emohasis was olaced on the Sales Comoarison Aooroach to value which best reflects buvers within the marketolace. Cost aooroach tends to suooort this estimate of value. Income Aooroach was not utilized due to lack of comnarable sale that were rented to establish a Gross Rent Mulliolier. The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent - and limiting conditions, and market value d_n that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6-93 ). _ I (WE) ESnMATE nlE 1Wl~~DEANED' OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 4-25-2006 (WHICH IS THE DATE OF ~,...EPTI0 PTHE EFFECTIVE DATE OF THIS REPORT) TO BE $ 110,000 . APPRAISER: /~~/~/ / SUPERVISORY APPRAISER (ONLY IF REQUIRED): Sinnature / 7>/ --- Sianature [J Did Did Not Name Tim L.AlisMerJf1an GAA Name Inspect Property Date ReDort Sianed 5~6-2006 Date Renort Sioned State Certification # Ga-000149-L State Pa State Certification # State Or State License # State Or State License # State .. ,. Freddie Mac Form 70 6/93 PAGE 2 OF 2 Form UA2 - 'TOTAL for Windows" appraisal software by a la mode, inc. - l-BOO-ALAMODE Fannie Mae Form 1004 6-93 .... I LGlIUljl VV'V"1 L..Ul1l1l~OI L...~\...!UII 'C .. . 34.0' 34.0' Bath Dining Kitchen Bedrm 26.0' Bedrm 26.0' Living Bedrm Bedrm 5.0' 5.0' 7.0' Form SKT.BldSkl- "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE 7.0' ... 11..c;l!\Jl;1 VVC<1 L......UIIlI\..fCI L,:J~Ullv . .. ~I'" ~ ._.''_ n. ,'__ ..~ $'~ r)~ !f 'l' ~ ",.-P "It-. ~4. a - '- N%,r. '~6 'Ia~t .5 "oz . ~'" ~ Q'~ v' ~ ~ ..~ ~ '9 ~~ ,#0 ii-t"IP"ft)IA...~ I "t'~ ~~ "t'Q' Spring Hill Cemetery <:f qpW tl,ClU'I-Qft- MapPoint' 9;\ ~. ~ Shi pp4!nsburg Townshipl".rk Shippensburg ~WVP Pari< \ ~ ~ "'~O" (j\ #'" v~ a v,,; ~~ :?~ q. Shippell$burg Univers~y <jo o ~ ~h 't>~ '- -.0.., 0(" CJ ~ JJ .Dt ti '0' <It .-{r:#- \.~: I, ,I ..... ',\ t I "I" "'" .} ~~ ~. Q, .'t> . ~ I).~ <fl.' <I). ..... ~ 'Q. ~. N~ ~~ U} iii 0. <:,\. '-l'l~,,)\ "" <g', . l '<.1). ~ ~e (~~~\-?, #' ~ o ,yq,~ ~ .~ ~& <;;," -1~ ~~ ~"fO ~ ~e ~ v~.o/ !i' ~ 't- rj-~ ~ 0/ t# ~~ 0 ~ <'f~ ~ ~ ~ "f> <S' -q}0 ~<fIJ ~~ ~ ~J,-~ .q.~ ~.~~. .", -.'. ". '!..'. ,.....\. ;~~...... .."" li>~ ....lfl~~~ .~~~ W . tIl \ ~ ~ <;to', ~. Ajl..,........ . IDr....k"J/j.".:;:..'r~j;.' ,;l~' .,~....... ;:.f:;:".;O' I'P""" ,no J"",>:~ r i~~~' :t.: ~ ''4 ~, -1~ l -::I Q 1l.. ~~ ~1> "q. (~3~" IS'-l\ ~ $'i; <.I). ", ( " ;1: t/ Dykeman 2 : Spring :. . .9 f.' ,:..' .- .; .:-, ," ,'. l'F~. .\~9~ 1'J, ,', $ cf> ..(I ~ \ ~ tJ ,/' ; ./ '&~lbett Ave..... ,.j 1? ~\'. .' ~ :t ,(1 "" ,/ ;: '\ ;jilj ;; '!') /i I,. /.' ..I ./ @2006 MiclOsoa c." @2004N6VllQ..M/orGDT,IM. "", if <f 6''''' J ~r.f i1-&.t;Q q..t Or ~Q ~.s)J: ~ "f~ ., 'tla\(\'ll\~otlom Rd '.174' ~p ~ .!J.-",~ ~ ~q. 'b~ Ot ."'....,""'.,""%~".,,6'.'.."'.. ........,,"" .... ~ 1",,:1;;"\.'-"<:''''' .'r. ~~ ,<:;>J;.'" i ,"0,\ ~ Q' '.', 1$1 ,;,.,')!' "l' Shippensb~FV Industri~l '....... ~,I'llrl< ~e~~ .<> c;t '\lnlf Dylltl'1'lan Spring Witl>nd Park ~Sl &-ot~ r;P ~ Tusoulum .,' 'M"~n'" . ..... ~' \ ~ ~ j .<(0~\ Form MAP.LOC - "TOTAL for Windows" appraisal software by a la mode, inc. -1-BOO-ALAMODE -. ... State Pa Zip Code 17257-1999 County Cumberland This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with a convenient way to comply with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (OCC), The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC), and the Federal Reserve. This Multi-Purpose Supplemental Addendum Is for use with any appraisal. Only those statements which have been checked by the appraiser apply to the property being appraised. ~ PURPOSE & FUNCTION OF APPRAISAL The purpose of the appraisal is to estimate the market value of the subject property as defined herein. The function of the appraisal is to assist the above-named Lender in evaluating the subject property for lending purposes. This is a Federally related transaction. ~ EXTENT OF APPRAISAL PROCESS D3J The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject property and neighborhood, and selection of comparable sales within the subject market area. The original source of the comparables is shown in the Data Source section of the market grid along with the source of confirmation, if available. The original source is presented first. The sources and data are considered reliable. When conflicting information was provided, the source deemed most reliable has been used. Data believed to be unreliable was not included in the report nor used as a basis for the value conclusion. ~ The Reproduction Cost is based on Marshall And Swift supplemented by the appraiser's knowledge of the local market. 0 Physical depreciation is based on the estimated effective age of the subject property. Functional and/or external depreciation, if present, is specrtically addressed in the appraisal report or other addenda. In estimating the site value, the appraiser has relied on personal knowledge of the local market. This knowledge is based on prior and/or current analysis of site sales and/or abstraction of site values from sales of improved properties. [XJ The subject property is located in an area of primarily owner -occupied single family residences and the Income Approach is not considered to be meaningful. For this reason, the Income Approach was not used. D The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's knowledge of the subject market area. The rental knowledge is based on prior and/or current rental rate surveys of residential properties. The Gross Rent Multiplier is based on prior and/or current analysis of prices and market rates for residential properties. D For income producing properties, actual rents, vacancies and expenses have been reported and analyzed. They have been used to project future rents, vacancies and expenses. ~ SUBJECT PROPERTY OFFERING INFORMATION According to Owner & MLS the subject property: ~ has not been offered for sale in the past: D 30 days ~ 1 year D 3 years. D is currently offered for sale for $ D ~ for sale within the past: D 30 days D 1 year [2J 3 years for $ D Offering information was considered in the final reconciliation of value. ~ Offering information was not considered in the final reconciliation of value. D Offering information was not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum. [:gJ SALES HISTORY OF SUBJECT PROPERTY According to Franklin Co Courthouse the subject property: D has not transferred in the past twelve months. ~ has not transferred in the past thirty-six months. D has transferred in the past twelve months. ~ has transferred in the past thirty-six months. D All prior sales which have occurred in the past twelve months are listed below and reconciled to the appraised value, either in the body of the report or in the addenda. Date Sales Price Document # Seller Buyer C8J FEMA FLOOD HAZARD DATA C8J Subject property is not located in a FEMA Special Flood Hazard Area. D Subject property ~ in a FEMA Special Flood Hazard Area. I Zone FEMA Map/Panel # Map Date Name of Community C 4203680001 A 3/15/1979 Shiooensbura D The community does not participate in the National Flood Insurance Program. ~ The community does oarticinate in the National Flood Insurance Program. D It is covered by a regula[ program. D It is covered by an ~ program. Page 1 of 2 Form MPA2 - "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE -. ..... - - - The contract and/or escrow instructions were reviewed. The following summarizes the contract: Contract Date Amendment Date Contract Price Seller Estate of H.Rav Mundorff [J The contract indicated that personal property was not included in the sale. [] The contract indicated that personal property was included. It consisted of Estimated contributory value is $ Personal property was not included in the final value estimate. Personal property was included in the final value estimate. The contract indicated no financino concessions or other incentives. The contract indicated the followinQ concessions or incentives: If concessions or incentives exist, the comparables were checked for similar concessions and appropriate adjustments were made, if applicable, so that the final value conclusion is in compliance with the Market Value defined herein. ~ MARKET OVERVIEW Include an explanation of current market conditions and trends. 3 months is considered a reasonable marketing period for the subject property based on Stats from MLS ~ ADDITIONAL CERTIFICATION The Appraiser certifies and agrees that: (1) The analyses, opinions and conclusions were developed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice ('USPAP"), except that the Departure Provision of the USPAP does not apply. (2) Their compensation is not contingent upon the reporting of predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. (3) This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. ~ ADDITIONAL (ENVIRONMENTAL) LIMITING CONDITIONS The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental conditions on or around the property that would negatively affect its value. D ADDITIONAL COMMENTS /' ,/ . ~ APPRAISER'S SIGNATUR~,.I,ICENSE/CERTIFICATION 7:/ / Appraiser's Signature /ff4// Effective Date 4-25-2006 Date Prepared 5-26-2006 Appraiser's Name (printf /TW'.L~herman ~____ Phone # V"17 ) 264-6715 State Pa'/ / R'J license ~ Certification # Ga-000149-L Tax 10 # 25-1552788 D CO-SIGNING APPRAISER'S CERTIFICATION D The co-signing appraiser has personally inspected the sUbject property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. The report was prepared by the appraiser under direct supervision of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser. 0 The co-signing appraiser has not personally inspected the interior of the sUbject property and: 0 has not insoected the exterior of the subject property and all comparable sales listed in the report. D has inspected the exterior of the subject property and all comparable sales listed in the report. D The report was prepared by the appraiser under direct superviSion of the co-signing appraiser. The co-signing appraiser accepts responsibility for the contents of the report, including the value conclusions and the limiting conditions, and confirms that the certifications apply fully to the co-signing appraiser with the exception of the certification regarding physical inspections. The above describes the level of inspection performed by the co-signing appraiser. 0 The co-signing appraiser's level of inspection, involvement in the appraisal process and certification are covered elsewhere in the addenda section of this appraisal. U CO-SIGNING APPRAISER'S SIGNATURE & LICENSE/CERTIFICATION Co-Si9ning Effective Date Appraiser's Signature Date Prepared Co-Signing Appraiser's Name (print) Phone # ( ) Stale o License o Certification # Tax 10 # Page 2 of 2 Form MPA2 - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE ... . _..."""..., ___, _.:......~....t _~"'4UIl'l;; ". -- --"------"- ------------ ------- ---.- Subject Front 13 E Orange St Sales Price GLA 1,908 Total Rooms 7 Total Bedrms 4 Total Bathrms 1 Loca~on Average View Average Site .06 acre Quality AJumn/avg Age 96 Subject Rear ....,'. r'.-~ Subject Street ~ w __.-.-.... ____ _"IIIII!'4~1 -1-;;n.:fun C' ". Comparable 1 111 East Orange St Proximity 1 block Sale Price 99,000 GLA 2,156 Total Rooms 7 Total Bedrms 4 Total Bathrms 2 Location Average View Average Site .07 acre Quality Alumn/avg Age 100+- Comparable 2 20 Richard Ave Proximity 1 mile Sale Price 104,000 GLA 1,700 Total Rooms 7 Total Bedrms 4 Total Bathrms 1.5 Location Average View Average Site .11 Quality Frame/avg Age 100+- Comparable 3 112 North Earl St Proximity 1 mile Sale Price 118,000 GLA 2,032 Total Rooms 7 Total Bedrms 3 Total Bathrms 2 Location Average View Average Site .17 NAvg Quality Alumn/avg Age 100+- -. - requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the pnce is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions. granted by anyone associated with the sale. · Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contnbu1ory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were fumished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or atterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her pnor wntten consent before the lender/client specified in the appraisal report can distnbute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consuttants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/Client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6.93 Page 1 of 2 Fannie Mae Form 1004B 6-93 Ausherman Bros. Real Estate Inc. Form ACR - 'TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE _ .. _ _ _ _ ~__ ........ .t""'~'UU' v....tloi,IVV Uliu "'!:::/II..ltoJ 1I1Ut. ... 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items at significant variation. If a significant nem in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is Inferior to, or less favorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of the comparable. ",.. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. f stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the SUbject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific res un, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a speCific valuation, or the need to approve a specific mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the SUbject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which 1 am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that 1 had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is Qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore. if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a superviSOry appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the ~prnf~1 report, have reviewed the appraisal report, agree wnh the statements and conclusions of the appraiser, agree to be bound by the appraiser's certificati,o~s ~bered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ,// ADDRESS OF PROPERty!APPRAISED: J~;:__Qr~r1gli!$t,$l:IiQPElI1l?l:lurg, fa 1 125]..J~09 ___ ./ / APPRAISER: /, ,. ~:;'~i.~ilft;==__ State Certifi ion #:(3a-()Q()J49~b_ or State license #: State: J'? ____________ Expiration Date of Certification or license: 6/3QfgQ07 SUPERVISORY APPRAISER (only if reqUired): Signature: Name: Date Signed: State Certification #: or State License #: State: Expiration Date of Certification or license: o Did o Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE " '\ P'">< ~ -. JRZ : cb August 5, 1991 THIS DEED MADE this .J.l!: day of AUfiu<;i: I , 19 91 , Between H. RAY MUNDORFF of the Borough of Shippensburg, Cumberland County, Pennsylvania, hereinafter whether one or more referred to as "GRANTOR," And H. RAY MUNDORFF and HARRY R. MUNDORFF, JR., of Shippensburg, Cumberland County, Pennsylvania, hereinafter whether one or more referred to as "GRANTEE," WITNESSETH, that in consideration of the sum of One ($1.00) Dollar, in hand paid, the receipt whereof is hereby acknowledged, the said Grantor does hereby grant and convey in fee simple to said Grantee as joint tenants with the right of survivorship and not as tenants in common, ALL the following described real estate lying and being situate in the Borough of Shippensburg, Cumberland County, Pennsylvania, more particularly described as follows: ON the South by East Orange street; on the West by property now or formerly of the Estate of Oren Clippinger; on the North by property now or formerly of Mike Rosenberry; and on the East by property now or formerly of Laura Rolar; containing in front on East Orange Street 40 feet, more or less, and extending in depth 64 feet, more or less. THE above-described real estate is the same which Gordon H. Baker and Elsie R. Baker, his wife, by deed dated July 15, 1948, recorded in Cumberland County, Pa., Deed Book , Vol. , Page , conveyed to H. Ray Mundorff and Kathleen s. Mundorffj his wife. The said Kathleen S. Mundorff died uly 6, 1991 ,thus vesting full title in H. Ray Mundorff, the Grantor herein. THIS is a transfer between parent and child and thus exempt from realty transfer tax. ~oo~ 35 fACE 447 .. <D ~ ::0 c:: c:> ~ '" n ~;; ;;:., ;-;; 1""1 "''''0 rl <,.' ;:: :;:J o ~ .." t.::~ - r"' g ;;;. C:c. ZfT -ifT -<c:: (J'1 ~CI -t: )> -u ::3 l"'V ,. ... - ,~ ... .,..... AND the said Grantor hereby warrants generally the property herein conveyed. IN WITNESS WHEREOF, the said Grantor does hereby set his hand and seal the day and year first above written. witness: 9vL K'Jj~Ar i, Z " tl~;<c' . ) l./~!I- t .j i- (Seal) STATE OF PENNSYLVANIA: . COUNTY OF C ~W\J,el"{~k~; On this the ("f:.t.. day of Ii 1#l;U rf- ,19n, before me the undersigned officer, personally a eared H. Ray Mundorff, known to me (or satisfactorily proven) to be the person whose name i,~ ..... subscribed to the within instrument, and acknowledged the foregQ,i.f1gd".~";""""f~ deed to be his act and deed and desired the same to be recor~,e3i>~a..$;t~:;~'~:<'O\ such. .r%~~t ,. ;,,)f:;~ witness my hand and official seal the day and year flrst'abeve · r;'. ." written. (Job l?,. ~ \il$it~,~~:~~~~;~~i' /" \ "'" p.., ~" ~, ~ ..." Notary Public . ...,.., ",' My commission expires: I maintain my office in: ,- , NOTI\R;A~ SEAL f vtdJA. M, SE.I."SE Nr'....:y P'fb" ~;I~~;'~;";l~~~~~[~ I hereby certify that Grantee's precise residence and post office address is: 't * tJq~ .5-1. h,' "Af ~ /7i r'7 I Dated: J/" ~Jf/ / ~~~) ~oo1(~' 35 rAtE 448 :<.~". :\~::~~,-... ~,:~-';~~r."::, State of Pennsvlvania:::j~f'~';i~''''~~' Co unty of Cu mberla nd;'li~,;:::"!;;;'~:.~~flf~:J,:.~,l~1>., Recorded in the office for the r~~~i~pg,'i1f"oeeds e$,C::, .inand for Cumber!a. nd County",' Pa... : .) .~,., f . . ""<:,~ ',. ' In' v\l'o. Book ~ VOI.~..b.__ P?lge'~1\ f j ',",itness mY' hand gnd.t-;t~i3\ o~ oHlce of " ("'" :Carlisle, PA this ,~-=_ of f1('\i,~~;l 19~ v~~ ~&ffltl l-~.~,.,.~t; r:ij;:~"~:'r~.__1 ~'r,~~:~::.,.,J""l '1.;l. ... "\. <, .{Yf',1 f\" V .