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Home My WebLink About09-26-06 (2) ">2',"" U..n";"'Wl\rrnnty nlltd. Short li'nrm. ^~l. or J UOIl. Willi'" Hh..... HlIllr,Htlll,.IM.. Iridian.. 1'1\. "~'b' · ...'",., l' mttb, .. MADETHf of o.udord one thousand nine hundred day of seventy-nine (1979) In tho year . BETWEeN GEORGE C. McCULLOCH, of 328 East Orange street, Shippensburg, Cumberland County, Pennsylvania, by his Attorney-in-Fact Lloyd H. Heller, 'hereinafter called the Grantor , . and LEONARD E. WENRICK and ANITA R. WENRICK, his wife, of 218 South Fayette Street, Shippensburg, Pennsylvania, hereinafter called the . Grantees , WJTNESSETH, that in consideration of TWENTY -TWO THOUSAND NINE HUNDRED ($22,900.00) . --...-..;;-------:-----------.....;..------------------------------------...-------- DOllan,. In.dhondpoid, . the receipt whereof is hereby acknowledged, the said grantor do es hereby grant. and conveytQthe said.grantees, their heirs and assigns, ALLithat certain lot or parcel' of ground with a t~o story frame house thereon situate in the:Borough 6f Shippensburg, County of Cumberland and State of P~nsylvania, boup,dedaIld.described as follows,to wit: ON the North by Orange Street; on the East by Lot No. 38; on the South by a fC)u,rt'een . (l4)foot alley and on the West by Lot No. 36 and having thirty-two (32) feet front On Orange Street and running back at an equal width one hundred and seventy-two (l72)feet to the said alley, and being Lot No. 37 as shown in the plan of lots recorded in the Office of the Recorder of Deeds, in and for Cumberland Gounty,in Mi.scellaneous Record Book No. 12, Page 434. 8EINGLthe s~mewhich Evers S. Miller, Executor of the Estate of Bertha C. Miller, 1;)Yh::l;$d.f!f!dd,ted.Auguat 1, 1935, and recorded in the Office of the Recorder of ;:De.d.~..tn..'_d:f,()i:'Ct1l1ib~iand County, Pennsylvania, inDeed Book ,Volume 9 at Page , conveyed to George C. McCulloch andSuaie M. McCulloch, h~s wife; and the said SusieM. McCulloch passed away on September 18, 1976, thereby investing .he1;'en:tlrefeein George C. McCullo~h, Ule Grantor herein. . :~5~~~~~\~r '_~'~";',\~'~'~':~.:>~ 1:,;"" ".,~_; AND the said grantor hereby covenant S and agree S that they and each of them will warrant generallY__theproperty hereby conveyed. Exhibit "A" . ~1,' . " ,'. r,I'1{'" :':'i,. . ".~;,. .. . , '''l'''':' , .,.,:e'T.',-"",'" '1l"~~"::'::'.':."1:::':',,,"'.~' ~. -.'-' . -II;" r~-' .;,~-:::. ....,. "1J:..'!!'.,Ii;pI"..'!\!,.""'IIl!~.~'.I,,.,..~n;..JI<:.~" u.''I'!,'." ..,.i/I"""'l'n>.........;..,J~iN!III"""l!'<.W.,m91~ , APPRAISAL OF REAL PROPERTY LOCATED AT: 328 East Orange Street DR: N28/457 Shlppensburg, PA 17257 FOR: Client: Weigle & Associates PC 126 East King Street Shippensburg, PA 17257 AS OF: 3/212006 BY: Robert G Ziobrowski Ziobrowski Appraisals 1 North Second Street Chambersburg, PA 17201 Exhibit DB" Fonn GA3 - ''TOTAL for Windows" illlpraisal software by a la mode. inc. - 1-800-ALAMODE SUMMARY OF SALIENT FEATURES Subject Address 328 East Orange Street legal Description DR: N28/457 City Shippensburg County Cumberland State PA Zip Code 17257 Census Tract 132 Map Reference 32-34-2413-055 Sale Price Date of Sale $ Borrower I Client lender Client: Weigle & Associates PC Client: Weigle & Associates PC Size (Square Feet) 1,542 Price per Square Foot $ location Suburban Age 130 +/- Condition Average Total Rooms 6 Bedrooms 3 Baths Apprais~ Da1e of Appraised Value Robert G Ziobrowskl 3/212006 Rnal Estimate of Value $ 87,000 Fonn SSD -''TOTAL for Windows" appraisal software by a la mode. inc. -1-BOO-ALAMODE Ziobrowski Appraisals U 'f R 'd f I A IR rt , , m arm eSI enla ppralsa epo Filel 26516 . . The DIIDOse of this summary aplll'llisal r8llOl1 is to provide the lender/client with an accurate, and adeQuately supported, opinion of the maJbt value of the subject property. PIq)erty Address 328 East Oranae Street City ShiDDensbura Slate P A Zip Code 17257 IlomJwer Client: Weiale & Associates PC Owner of Public Record Estate of Anita R Wenrick County Cumber1and legal Description DR: N28/457 Assessor's Parcel # 32-34-2413-055 TaxYear 2006 R.E. Taxes $ 1 091.00 Neighborhood Name N/A Map Reference 32-34-2413-055 Census Tract 132 OccUjlant L Owner L Tenant r><J Vacant Special Assessments $ None rl PUD HOA$ [ J per year [J per month · Property RIghts AppraIsed IX! fee Simole o Leasehold [ ] other (describe) Assianment Type L J PtI"chase TnrlSaCtion r] RefinMce Transaction r><J Other (describe Estate lender/Client Client: Weiale & Associates PC Address 126 East King Street ShiDDensbura. PA 17257 Is the subject property currently offered for sale or has n been offered for sale in the twelve months prior to the effective date of this appraisal? DYes fX1 No Report data source(s) used, offerina price/s), and date(s). MLS I o did C8J did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not pertonned. NIA . Contract Price $ Date of Contract Is the property seller the owner of public record? l Yes r l No Data Source(s) Is there any financial assistance Ooan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? DYes ONo n Yes, report the total dollar amount and describe the nems to be paid. N/A ':',' . " ~,. ,. ".~ ,';/ "'~;:.;_~~H~~;WI~i~f~l1~'i1\" ~- .,"'1 . \ '?t"';~l:{ ;Jt~_.I~W:, ~.. j.. '^ " '.", location r= Urban SUburtlan 0 Rural Property Values C8J Increasina Stable Declinina PRICE AGE One-Unit 70% Built-lID Over 75% 25-75% ( ] Under 25% DemllldlSuoolv r l Shortaae I>< In Balance Over SuoQlv $ (000) Ivrs) 2-4 Unit 2% Growth Raoid Stable ( ] Slow Martteling Time r l Under 3 m1hs ~ 3-6 m1hs Over 6 m1hs 50 low 0 Multi-FamilY 2% . Neiahborhood Boundaries Shippensbura Area SChool District comDrised of ShiDDensburg Borouah and 750 High 200 Commercial 6% the adiacent townships. 170 Pred. 30 I Other 20% Neighborhood Description Shippensbura Area School District is located in the southwestem Dortion of Cumber1and County and the northeastern Dortion of Franklin Countv. Neiahborhood emDloyment oDDortunities schools shoppino. and recreational areas are ample and convenient. ShiDoensbura University Drovides a stable economic base for the neighbomood. Many neiahbomood residents commute to urban areas via Maltet Conditians 6ncluding sUPPort for the above conclusions) Market conditions in the subject neiahborhood are typical of the reaion. Mortaaae funds are available at competitive rates from many sources. Dimensions 32 x 172 x 32 x 172 Area 0.13 Acres Shape Nearly rectanaular View Averaae SpecWic Zonina ClassWication R-2 Zonina Description Residential Zonlllll Compliance rxJ lellal [J lellal NonCOnforming (Grandfathered Use) [Xl No Zoning JIIegal (describe) Is the hi!lhest and best use of subiect propertv as improved (or as proposed per plans and specifications) the present use? [2J Yes DNo If No, describe Utilities Public other (describe) Public other (describe) Off-site Improvemenll- Type Public PrIvate Electricitv [2J [J Water [2J [J street Asphalt [2J [J Gas [S! 0 Sannary Sewer 0 0 Alley Asphalt ~ 0 FEMA Soecial Flood Hazard Area r 1 Yes [S! No FEMA Flood Zone C FEMA Map # 420368 0001 A FEMA Map Date 3/15/1979 Are the utilities and off-site Imorovements tvolcal for the market area? r><J Yes [J No n No, describe Are there any altierse site conditions or external factors (easements, encroachments, environmental conditions land uses, etc.l? [J Yes IZJ No If Yes, describe The site Is sublect to alllvDlcal utilitv and drainage easements of record. There are no aODarent adverse conditions affectlna the subiect I property. 1/ of Stories 2 1 Full Basement fXI Partial Basement Exterior Walls Vinvll Ava Walls Plaster 1 Ava Type fXI Det. [J Aft. [J S-Det./End Unit Basement Area 813 sa.ft. Roof Surface ComD Shlnale 1 Ava Trim/Finish Wood 1 Ava I [S! Existina ] Proposed L J Under Const. Basement Finish 0 % Gutters & Downspouts Aluminum 1 Ava Bath Floor VinYl 1 Ava Desion (Style) 2 Storv J Outside Entry/Exit [J Sump PumP Window Type Double Huna 1 Ava Bath Wainscot None Year Built 1875 +1- Evidence of I Infestation Storm Sash/lnsulated Yes 1 No 1 Ava Car S1oraoe IXlNone Effective Aae lYrs\ 20 ] Dampness ] Settlement Screens Yes 1 Ava 1 Ortvewav # of ein Attic None Heating l FWA IL J HWBB If I Radiant Amenities Woodstove(s) # Drivewav Surface Drop Stair lX Stairs o Other HW I Fuel Gas o Fireplace(s) # Fence o Garage # of Cars ~ Floor Scuttle Coolina [J Central Air Conditionina o Patio/Deck IX Porch 2 ] Carport # of Cars Finished Heated llndividual If 1 Other 1 Pool Other JAil. o Del. o Built-in App/iances IZJ Refrigerator r:>?J Range/Oven r ] Dishwasher f 1 Disposal [l Microwave l Washer/Dryer B <J Other (describe) Finished area Ibove grade contains: 6 Rooms 3 Bedrooms 1 Bath(s) 1 542 SQuare Feet of Gross Uvina Area Above Grade Additional featlJ'8s (special enerav efficient items, etc.). Describe the condition of the DroDerty lincludino needed repairs, deterioration, renovations, remodeling, etc.). Accrued deDreciation is typical for clwellinas of this effective aae. There are no aDDarent reDairs needed. No functional or external depreciation was observed. Are there anv Phvsical deficiencies or adverse conditions that affect the livability, soundness, or structural intearity of the propertv? r l Yes LXI No If Yes, describe Does the property generally conform to the neighborhood (functional utility, stvle, condition, use, construction, etc.)? r><J Yes 1 -I No If No, describe Freddie Mac Form 70 March 2005 Page 1 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-BOO-ALAMODE 'd . I A IR rt , . , Uniform Resl entia ppralsa epo FiltH 26516 . There are 4 comoarable orooerties currentlv offered for sale in the subiect neighborhood ranoina in mice from $ 75 000 to $ 110000 There are 4 comDarable sales in the subiect neiahborhood within the oast twelve months ranaina in sale Drice from $ 75 000 to$ 110000 FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 328 East Orange Street 210 East Garfield Street 39 Spring street 212 Roxbury Road Shl.DOMbum r~r 1~~~~:rI7i~~~5: .! ~~~r'~;~; '~~:~i il ! pr~~~;A 17257 I i Proxlmltv to Subiect 0.24 miles 0.77 miles 0.81 miles Sale Price $ $ 94 $ 75 000 $ 87 500 Sale Price/Gross Liv. Area $ sO.ft. $ 74.14 sa.ft. $ 60.48 sa.ft. $ 55.80 sq.f1. Data Sourcels) '," '." '. Data Bank ML CB5280808 Data Bank ML CB5236872 Data Bank ML CB5265656 Verification Sourcels) CH Records Exterior Insoection CH Records Exterior Insoection CH Records Exterior Insoection VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + (-) $ Adiustment DESCRIPTION +1-) $ Adiustment DESCRIPTION +1-) $ Adiustment Sales or Rnancing None Seller Subsidy -3,500 Seller Subsidy -2,600 Concessions Date of Salemme 12/05 8105 7105 Location Suburban Suburban Suburban Suburban leasehold/Fee Simole Fee SlmDle Fee Fee Fee Site 0.13 Acres 0.14 Acres 0.04 Acres +10000 0.21 Acres -3 000 'Mw Averaae Averaae Averaoe Averaae Desian IStvle) 2 storY 2 StorY 112 Obi -5 000 2 StorY 2 StorY Qualltv of Construction Averaae Averaae Averaae Averaae Actual Aae 130 +1- 100 +/- 100 +/- 100 +/- Condnion Averaae Averaae+ -5 000 Averaoe Averaae Above Grade Talal I Bdrms.1 a.hs T alai I Bdrms.l Balhs T alai r Bdrms.lllalhs TalallBdrmsJ IlaIhs Room Count 6 I 3 I 1 6 I 3 /1.5 -500 6 I 4 I 1 7 I 311 Gross Uvina Area 1 542 sa.ft. 1 280 sa.ft. +5.000 1 240 sa.ft. +6 000 1 568 sa.ft. -500 Basement & Finished Full Full Full Full Rooms Below Grade Unfinished Unfinished Unfinished Unfinished Functional Utilitv Averaae Averaae Averaoe Averaoe Heatina/Caolina HW /No CAC FHA / CAC -2 000 FHA / No CAC FHA/CAC -2.000 Enerav Efficient Items None None None None Gnoe/Camort None None None None PorcI1!PatlO/Deck Porches Porches Porches Porches Net Adiustment IT otal) ." 0+ [gJ- $ 7,500 [gJ+ 0- $ 12,500 rl + [gJ- $ 8,100 Adjusted Sale Price Net Adj. 7.9% Net Adj. 16.7 % Net Adj. 9.3% of ComDarables Gross Adi. 18.4 % $ 87 400 Gross Adi. 26.0 % $ 87 500 Gross Adj. 9.3% $ 79.400 IlXT did Il did not research the sale or transfer history of the subiect prooertv and comparable sales. If not, exiifain Mv research r l did 5<1" did not reveal any orior sales or transfers of the subiect property for the three years Drior to the effective date of this appraisal. Data SOUfcelsl CH Records MLS Mv resecJCh 0 did I2$J did not reveal any orior sales or transfers of the comparable sales for the year orior to the date of sale of the e sale. Data Sotrcels\ MLS Reoort the results of the research and analysis of the Drior sale or transfer history of the subject prooertv and com arable sales Ireoort additional prior sales on Daae 3\. ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 COMPARABLE SALE #3 Date of Prior Sale/Transfer None in 3 years None in 12 Months None in 12 Months None in 12 Months Price of Prior Sale/Transfer Data SourcetSl CH Records MLS MLS MLS MLS Effective Date of Data Source(sl 8/06 8/06 8/06 8106 Analysis of orior sale or transfer histOlV of the subiect Droii8rtV and comoarable sales None within the above referenced time frames. NOTE: The sublect Is In the estate of Anita R Wenrick whose Date of Death was March 2. 2006. The estimated market value is as of the 3/212006. The InsDection was made Julv 27. 2006. There was no evidence that the Dhvsical asoects ofthe Drooertv chanaed between March 2 2006 and Julv 27 2006. of Sales Comnarison Aooroach The subiect orooert; is comDatible to the neiahborhood. The comnarable sales are the closed sales most similar to the subiect Drooertv. Indicated Value bv Sales Comparison Aooroach $ 87 000 Indicated Value by: Sal.. ComD8r1101l APDioach-$ 87 000 Coat ADPI'08Ch (If develOtidl $ N/A Income Approach (If develODed) $ N/A The Sales Comoarison Aooroach is the most reliable indicator of value In this marketolace. This appraisal Is made [gJ "as is", 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, 0 subject to the following repairs or alterations on the basis of a hypothetical condllion that the repairs or alterations have been completed, or 0 subject to the followina reauired insoection based on the extraordina/V assumotion that the condition or deficiency does not reauire alteration or repair: SummarY ADoralsal Reoolt Baltel on a complete vlauallns~lon of the Interior and exterior areas of the su~ Pro':f7t' defined scope of work, statement of auumptlons and limiting condItlonsr and appraiser's cert icatlon, my (our) opinion of the market value, 8S efIn8d, of he real property that Is the subject of this report Is 87 000 II of 3/212006 . which is the date of Il18DeCtion and the effective date of thl. 8DOI'lI11I1. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE , Uniform Residential A raisal Report FHel 26516 and Is marketable in its resent condition. Its effective a e as noted is All com arable sales are settled transactions recorded in the coun deed records. Further verification sources include when available; multi-list services court house records Realtors sellers and bu MS. Ad'ustments or lack of ad'ustments for site are based u on estimated site values which are not necessaril . REPLACEMENT COST NEW OPINION OF SITE VALUE .......................................m......................... =$ DWELLING S.Ft. $ ............. =$ S.Ft. $ ............. =$ ............. =$ ............. ..$ mm....... =$ =$ m.............. =$ .................................................. =$ No If No, describe the status of completion. Are the common elements leased to or b the Homeowners' Association? No If Yes, describe the rental tenns and 0 tions. Describe common elements and recreational facilities. Freddie Mac Fonn 70 March 2005 Page 3 of 6 Fannie Mae Fonn 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMOOf . Uniform Residential Appraisal Report . File I 26516 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; Including a unit In a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the Intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appralsal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) pelform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The Intended use of this appralsal report Is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. . INTENDED USER: The intended user of this appraisal report Is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under. conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her 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 adjusbnent 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 judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in pelforming this appraisal. The appraiser assumes that the title is good and marketabl.e and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 this appraisal report whether any portion of 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in pelforming the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be pelformed in a professional manner. Freddie Mac Form 70 March 2005 Page 4 of 6 Fannie Mae Form 1004 March 2005 Form 1004- "TOTAL for Windows" appraisal software by a la mo~. inc. -1-800-ALAMODE . Uniform Residential Appraisal Report Fllel 26516 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal In accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that Is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the .comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area In which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an Impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in 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 this appraisal report; therefore, any change made to this appraisal is unauthorized and t will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization. or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 5 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal software by a Ja mode. inc. - 1-800-ALAMODE . Uniform Residential Appraisal Report . . File# 26516 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or Its successors and assigns; mortgage Insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or Its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves anyone or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined In applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraiSal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any Intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements. conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), Is qualified to pertorm this appraisal, and Is acceptable to pertorm this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) signatureD?~ A ~~1~1.' Name ~ G Ziobrowski Company Name Z1obrowski Appraisals Company Address 1 North Second Street Chambersburg. PA 17201 Telephone Number 717-263-4620 Email Addresszio@mris.com Date of Signature and Report 8/17/06 Effective Date of Appraisal 3/212006 State Certification # GA-000569-L or State license # or other (describe) State # State PA Expiration Date of Certification or License 6130/07 ADDRESS OF PROPERTY APPRAISED 328 East Orange Street Shippensburg, PA 17257 APPRAISED VALUE OF SUBJECT PROPERTY $ 87,000 lENDER/CLIENT Name Company Name Client: Weigle & Associates PC Company Address 126 East King Street. Shippensburg, PA 17257 Emall Address Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State license # State Expiration Date of Certification or License SUBJECT PROPERTY o Did not inspect subject property o Did Inspect exterior of subject property from street Date of Inspection o Did inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES o Did not inspect exterior of comparable sales from street o Did inspect exterior of comparable sales from street Date of Inspection Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Page 6 of 6 Fonn1004 - "TOTAL for Windows" appraisal software by a la mode. inc. - 1-800-ALAMODE Subject Photos Cou Cumberland Stale PA Zi Code 17257 Subject Front 328 East Orange Street Subject Rear SubJect Street Form PICPIX. TR - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-80D-ALAMOOE Comparable Photo Page Cou Cumber1and State PA I r ;:,k"''''':,.;'~''''~"''_.''. Zi Code 17257 Comparable 1 210 East Garfield street Comparable 2 39 Spring street Comparable 3 212 Roxbury Road Fonn PICPIX.BR - "TOTAl1or Windows" appraisal software by a Ja mode. inc. -1-800-ALAMODE Comparable Sales Map Cumberland State PA Zi Code 17257 ~./ ~_:::, : .....~ ! "_._---'--~\:._.__.~~_._', Form MAP.Comp - ''TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Building Sketch Co Cumberland State PA Zi Code 17257 ! I.~ r--...---.--------..---....-l I I' i I I I I I 1 .. \ I '1 1---'- \'1." ......-'.............., ! \ I l l..t> , -, j 4.0~- ~bl I I I I I 1 I i I r...---------...........'..-.- I )!L\ I ' , t, "", . :;;, ';}' ..... \...,.J ). 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III ...(..~ oIIItoa ~ ~ ~ ... ....-:En (t22 ,tOChOO) ~....<l..IIL _..___....-...~~ ,...... - ......... lliltlM~~~... fft ....,..... tile ,.,.a,t.wMMf II~' ........,..i4 ..... ..... .,.... ......., IN'" GIld ...., tit 1M lUll ......... t the:tt' hd~1 _Il &.tle-. IJ4, Pat: ~ lot n pa.l"Ml of era- rieb . two 'COJ:7 h'-.a Ia(tuft t~reet'i at.nabl. ta 0. ~ of tld,ppeuln,q, Couat:yl'.tf o...b_t.. .. 8ttat:. of ,...,.I...1.a, ~ .. 4Ncd~ ..,I.U...... to ..st: <Ie tile. lReh..,. o.r-. $tRetl OQ Ute JlAet >> tRt tro. !II .,. t.M 19lft:h b, * fvax1:oeI\ (14) foot e110r .4 _ t'be 1MOt 'b, 'Lot 10. . _ ....,. thtr~ <S2) feet flOA'cm 0nIl... .CT"~ aU 't\:III'.I1tt". Ndt. _ .. ~ ~"t" QP.R, ~ -' ......~-wo (111) feet: to lM 1I~ 111.,,) ad1so:tfta l"ot .." .....bOW is. tM ,1Q of lot" .........a :Is the otUea Of the han:~ct of Jle.Ild.. la. _fO'f'Cvdaer;tsrJ.d (le\lO:O..b 1KauUcI'OUII Jtea.onS look B'o~ 11. 7... 434. JaIl ctWt ... Rich h'*t. a.. M1Uer, ~ of ~ DCKC,ot _t1M c. ~. 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SIGN THE WALLET CARD AND CERTIFICATE WHERE: lNDlCA'TE.D. 2. DETACH THE WALLET CARD AND CERTIFICATE AT PERFORAnON. ROBERT GEORGE ZIOBROWSKI 1 NORTH SECOND STREET CHAMBERSBURG PA 17201 WOLFE&SHEARER APPRAISAL SERVICES .. File No. 06-082 APPRAISAL OF /~~. ~--'-- /~i~"" -------= .... ;:.-~I'.o] .",: _ .- '/' ~.', ' , i ....,c..~" . ..... . .'. SUMMARY APPRAISAL REPORT LOCATED AT: 328 East Orange Street Shippensburg, PA 17257 FOR: Jerry A. Weigle, Attorney at Law 126 East King Street Shippensburg, PA 17257 BORROWER: N/A AS OF: July 26, 2006 BY: William A. Bassett PA General Certified Appraiser Exhibit "C" WOLFE&SHEARER APPRAISAL SERVICES File No. 06-082 August 8, 2006 Jerry A. Weigle, Attorney at Law 126 East King Street Shippensburg, PA 17257 File Number: 06-082 In accordance with your request, I have personally inspected and appraised the real property at: 328 East Orange Street Shippensburg, PA 17257 The purpose of this appraisal is to estimate the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the estimated market value of the property as of July 26,2006 is: 68,000 Sixty-Eight Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final estimate of value, descriptive photographs, limiting conditions and appropriate certifications. Sincerely yours "...... ' '.. ..~\~ ~ ~~~~"'--, William A. Bassett PA General Certified Appraiser WOLFE & SHEARER APPRAISAL SERVICES The purpose of this summary appraisal report is to provide the lender/client with an accurate, and adequately supported, opinion of the market value of the subject property. Property Address 328 East Oranoe Street Citv Shiooensbura State PA Zio Code 17257 Borrower N/ A Owner of Public Record Estate of Leonard Wenrick Countv Cumberland LeQal Description Deed Book 28N/Paoe 457 Assessor's Parcel # Tax 10 32-34-2413-055 Tax Vear 2005/2006 R.E. Taxes $ 1 078 NeiQhborhood Name Borouah of Shiooensburo Map Reference Mao 34-2413 Census Tract 0132.00 Occupant I X I Owner henant r 1 Vacant Special Assessments $ N/A I !PUD HOA$ N/A [ lper year I Iper month .. Property RiQhts Appraised X] Fee Simple I Leasehold I I Other I describe} AssiQnment Tvpe I I Purchase Transaction I I Refinance Transaction Other (describel Estate of Anita R. Wenrick Lender/Client Jerrv A. Weiale. Attornev at Law Address 126 East Kina Street Shippensbura. PA 17257 Is the subiect property currently offered for sale or has it been offered for sale in the twelve months prior to the effective date of this appraisal? I 1 Ves xlNo Report data source(s) used, offering price(s}, and date(s}. N/ A I U did U did not analyze the contract for sale for the subject purchase transaction. Explain the results of the analysis of the contract for sale or why the analysis was not performed. N/A - Contract Price $ N/ A Date of Contract Is the propertv seller the owner of public record? Ves [ lNo Data Sourcelsl . . Is there any financial assistance (loan charges, sale concessions, gift or downpayment assistance, etc.) to be paid by any party on behalf of the borrower? UVes DNo If Ves, report the total dollar amount and describe the items to be paid. $N/A Note: Race and the racial comDOsitlon of the neighborhood are not aDDralsai factors. Neighborhood Characteristics One-Unit Housing Trends One-Unit Housing Present Land Use % Location X Urban Suburban Rural Propertv Values X IncreasinQ Stable Declining PRICE AGE One-Unit 85 % Built-Up X Over 75% 25-75% Under 25% Demand/Supply ShortaQe X In Balance Over Supply $(OOO) (yrsl 2-4 Unit 10 % . · Growth Rapid X Stable Slow Marketino Time Under 3 mths X 3-6 mths Over 6 mths 60 Low 40 Multi-Familv 5% ~ Neighborhood Boundaries East Kino Street to the north, Earl Street to the west Garfield Street to 140 HiQh 100 Commercial % . . the south Queen Street to the east. 90 Pred. 70 Other Vacant % .. Neighborhood Description The subiect property is located in the Borouoh of Shiooensburo. Shippensbura Borouoh is Icoated within both Cumberland and Franklin County. Interstate 81 intersects the Shioornsbura Marketarea south of the Borouoh providino easy access to all employment centers within Cumberland and Franklin County. Market Conditions (including support for the above conclusions) Prooertv values are currently increasino. Interest rates ranoe between 6.00 to 7.5 oer cent providino for an active market at this time. Dimensions 32' X 172' hea 5504 So.Ft. Shape Rectanoular View Residential Specific Zonino Classification Residential Zonino Description Hioh Densitv Residential Zonino Compliance I X Leoal I I Leoal Nonconformino IGrandfathered Usel I j No Zonino [lllleoal (describe) Is the highest and best use of the subject property as improved (or as proposed per plans and specifications) the present use? [X)Ves DNo If No, describe. Utilities Public Other Idescribel Public Other Idescribe) Off-site Imorovements TVDe Public Private Electricity Ixl I I Water fxl l Street Macadam [X] [ l Gas [xl I I Sanitary Sewer Ixl l Allev Rear [xl I I FEMA Special Flood Hazard hea [ ]Ves IxlNo FEMA Flood Zone C FEMA Map # 420368 0001A FEMA Map Date 3/15/1979 he the utilities and off-site improvements typical for the market area? Ix Ves I INo If No, describe. he there any adverse site conditions or external factors (easements, encroachments, environmental conditions, land uses, etc.)? DVes [X)No If Ves, describe. GENERAL DESCRIPTION FOUNDATION EXTERIOR DESCRIPTION materials/condition INTERIOR materials/condition Units Ix One I lOne with Accessory Unit 1 Concrete Slab [ ] Crawl Space Foundation Walls Stn/Avo Floors Carp/Hdw/Fair # of Slories 2 Storv xl Full Basement r l Partial Basement Exterior Walls Alum/Avo Walls Plas/DW/Fair Tvpe I X Det. I I All. I I S-Det./End Unit Basement hea 825 so. ft. Roof Surface Metal/Ava Trim/Finish Wood/Fair tt X Existino L J Proposed I I Under Const. Basement Finish 0% Gullers & Downspouts Alum/Ava Bath Floor Vinyl/Fair Desion IStvle} 2 stOry ] Outside Entrv/Exit I j Sump Pump Window Type WoodDH Bath Wainscot Marolite/Fair Vear Built 1875 Evidence of I 1 Infestation Storm Sashllnsulated Yes/No Car Storaoe rl None Effective Ace IVrs) 20 1 Dampness r I Selllement Screens Yes Drivewav # of Cars Allie None Heatina I lFWA Ifx HWBB II I Radiant Amenities WoodStovels} # Driveway Surface Drop Stair X Stairs J Other I Fuel Oil Fireplacelsl # Fence Garaoe # of Cars X Floor Scullle Coolino I I Central Air Conditioning PatiolDeck X Porch Fr/Rr Carport # of Cars Finished Heated 1 Individual II I Other Pool Other All. I I Del. r 1 Built-in Appliances I I Refrioerator I I Ranoe/Oven I Dishwasher I I Disposal I I Microwave I IWasherlDrver I IOtherldescribel Finished area above orade contains: 6 Rooms 3 Bedrooms 1 Bath(s} 1 559 Souare Feet of Gross Livina hea Above Grade Additional features (special energy efficient items, etc.). Front porch. rear porch outbuildinas (shed) in poor condition. . . Describe the condition of the property (including needed repairs, deterioration, renovations, remodeling, etc.). The subiect prooerty is in fair condition with maior cosmetic and reoairs needed. Items needed is new plaster/Drywall installed in walls and ceilinas in Dinino Room and front second floor bedroom railina to second floor needs replaced. All the floor coverino needs replaced or refinished the kithchen cabinets need painted and/or reolaced. Overall the interior needs painted and various walls and ceilinos throughout the prooerty need patched. Outbuildinos are in very poor condition and should be demolished. No value aivina to these buildinas. Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property? DVes lXJNo If Ves, describe. Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)? lXJ Ves D No If No. describe. . Uniform Residential Appraisal Report File No. 06-082 Fredd,e Mac Form 70 March 2005 Produced using AClaoftware, 800.234.8727 www.aciweb.com Pagel 016 Fannie Mae Form 1004 March 2005 10~_05 033005 WOLFE & SHEARER APPRAISAL SERVICES There are 2 comoarable orooerties currentlv offered for sale in the subiect neiahborhood ranaing in orice from $ 89 000 to$ 1 00 000 There are 3 comoarable sales in the subiect neiahborhood within the aast twelve months rangina in sale orice from $ 75 000 to $ 85 000 FEATURE SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 328 East Orange Street 208 South Washington St 113 South Washington Street 39 Spring Street Address Shiooensbura. PA Shiooensbura. PA Shiooensbura. PA Shiooensbura. PA Proximitv to Subiect 0.09 MI S 0.04 MI SW 0.75 MI W Sale Price $ N/A 1$ 85 000 1$ 81 000 $ 75000 Sale Price/Gross Uv. /vea $ 0.00 sa. ft. $ 63.72 sa. ft. $ 64.29 sa. ft. 1 $ 60.48 sa. ft. Data Source(s) Insoection Court House Records/Multi-List Court House Records/Multi-List Court House Records/Multi-List Verification Source{s\ Court House Records Ct. Hs. Rec. Ct. Hs. Rec. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION <(-) S Adjustment DESCRIPTION +(-) S Adiuslment DESCRIPTION <(-j $ Adjustment Sale or Financing N/A Conv COny Cony Concessions DOM 1 DOM 63 DOM 91 Date of SalelTime N/A 6/15/2006 4/5/2006 9/6/2005 Location Urban Urban Urban Urban Leasehold/Fee Simole Fee Simole Fee simole Fee simole Fee simole Site .13 acres .04 acres .07 acres .04 acres View Residential Residential Residential Residential Desian (Stvle) 2 stOry 2 stOry 2 stOry 2 stOry Qualitv of Construction Avo/Alum Ava/Frame Ava/Alum Ava/Frame Actual Aae 131+/- Years 100 +/- vrs 100 +/- vrs 100+/- yrs Condition Fair Averaae -15,000 Averaae -15000 Averaae -15 000 Above Grade Total I Bams.! Baths Total IBams.! Baths Total IBdrms.! Baths Total IBdrms.! Baths Room Count 6 1 3 1 1 6 I 3 1 1 5121 1 8141 2 -3 000 Gross Livina /vea 1 0.00 1 559 sa. ft. 1.334 sa. ft. . 2250 1 ,260 so. ft. 2990 1 240 sa. ft. 3,190 Basement & Finished Full Bsmt Full Bsmt Full Bsmt Full Bmst Rooms Below Grade Unfinished Unfinished Unfinished Unfinished Functional Utilitv Averaae Averaae Averaae Averaae Heatina/Cooling OHWBB/None OHW/None GFHA/None OFHA/None . Enerov Efficient Items Tvoical Tvoical Tvoical Tvoical . . Garaae/Carport None 1 car aaraae -3 000 None None . . Fr/Rr Porch Fr/Rr och Fr/Rr pch Porch/Patio/Deck Fr/Rr Porch . . . Net Adiustment IT otal\ I 1+ Ixl. $ 15750 I 1+ Ixl. $ 12.010 I 1+ Ixl. $ 14810 Adjusted Sale Price Net Adj. -18.5% Net Adj. -14.8% Net Adj. -19.7% of Comoarables GrossAdi. 23.8% $ 69 250 GrossAdi. 22.2% $ 68.990 GrossAdi. 28.3% $ 60 190 I lXJ did U did not research the sale or transfer history of the subject property and comparable sales. If not, explain Mv research I ) did 1 xl did not reveal anv orior sales or transfers of the subiect orooertv for the three vears orior to the effective date of this aooraisal. Data source(s) Court House Records Mv research r l did r xl did not reveal anv prior sales or transfers of the comaarable sales for the vear prior to the date of sale of the comoarable sale. Data source(s) Court House Records Report the results of the research and analvsis of the prior sale or transfer historY of the subiect prooerty and com arable sales (reoort additional orior sales on oaae 3\. ITEM SUBJECT COMPARABLE SALE NO.1 COMPARABLE SALE NO.2 COMPARABLE SALE NO.3 Date of Prior SalefTransfer 7/10/1979 None None None Price of Prior SalefTransfer $65 890 Data Source(s) Court House Records Court House Records Court House Records Court House Records Effective Date of Data Source(s) Auaust 7 2006 Analysis of prior sale or transfer history of the subject property and comparable sales The subiect orooertv has not sold or been listed within the oast 3 Years. The comoarables sales have not sold or been listed the year orior to the current sale. Summary of Sales Comparison Approach. The subiect orooerty and comoarables are located in within the Borouah of Shiooenbura. All the comoarables are similar in aae and desian. However. the Subiect oraoertv is in fair condition with renovations and mechanical uodates needed throuahout the orooerty. Therefore this aooraiser felt that the condition adiustment was a orooer adiustment made. All the comparables are verified sales and are the best available. Indicated Value bv Sales Comnarison Approach $ 68 000 Indicated Value bv: Sales Comparison Approach $ 68.000 Cost Approach {If developedl $ N/ A Income ApProach (if develooedl $ N/ A . . This appraisal is made [R) "as is," 0 subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been completed, o subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed, or 0 subject to the fallowing required · inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: . Based on a complete vIsual inspection of the Interior and exterior areas of the subject property, defined scope of work. statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of the real property that is the subject of this report Is $ 68,000 as of July 26 2006 , which is the date of InsDectlon and the effective date of this aODralsal. Uniform Residential Appraisal Report File No. 06-082 Fredell. Mac Form 70 March 2005 Produ* USing ACI softw..... 800.234.8727 www.lCfWlb.com Page 2 of 5 Fannie Mae Form 1004 March 2005 1004_05 033005 Wolfe & Shearer Realtors WOLFE & SHEARER APPRAISAL SERVICES . . . . COST APPROACH TO VALUE (not required by Fannie Mae) Provide adequate information for the lender/client to replicate the below cost figures and calculations. Support for the opinion of site value (summary of comparable land sales or other methods for estimating site value) NtA ESTIMATED I J REPRODUCTION OR I I REPLACEMENT COST NEW OPINION OF SITE VALUE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . = $ . Source of cost data Dwelling 1,559 SQ. Ft. @$ .. .... .. .... = $ 0 . Quality rating from cost service Effective date of cost data Bsmt: 825 So.Ft. SQ. Ft. @ $ ............= $ 0 . Comments on Cost Approach (Qross livinQ area calculations, depreciation, etc.) Cost Aooroach was found inaoorooriate for this analysis due to Garage/Carport 0 SQ. Ft. lW $ ............=$ 0 . the aQe and depreciation of the subiect property. Total Estimate of Cost-New ............=$ 0 Less Physical I Functional I External Depreciation I I = $ ( 0 Depreciated Cost of Imorovements . . . . . . . .. . .. .. . . .. .. . . . . . .. . .. .. = $ 0 "As.is" Value of Site Imorovements . .. .. .. .. .. . . .. . .. . . . .. . .. .. .. .. = $ Estimated Remainin!! Economic Life (HUD and VA only) Years INDICATED VALUE BY COST APPROACH...................... = $ 0 INCOME APPROACH TO VALUE (not required by Fannie Mae) . Estimated Monthly Market Rent $ X Gross Rent Multiplier =$ Indicated Value by Income Approach Summary of Income Approach (including support for market rent and GRM) Nt A PROJECT INFORMATION FOR PUDs (if applicable) Is the develooerlbuilder in control of the Homeowners' Association (HOA)? I lYes 11No Unit type(s) I I Detached I l Attached Provide the following information for PUDs ONLY if the developerlbuilder is in control of the HOA and the subject propertv is an attached dwelling unit. Legal name of project Total number of phases Total number of units Total number of units sold . Total number of units rented Data source(s) Total number of units for sale Was the oroiect created by the conversion of an existing building(s) into a PUD? r l Yes I INo If Yes, date of conversion. . Does the proiect contain any mulli-dwelling units? I IYes I INo Data source(s) . Are the units. common elements, and recreation facilities complete? UYes UNO If No. describe the status of completion. . Are the common elements leased to or by the Homeowners' Association? UYes UNo If Yes, describe the rental terms and options. Describe common elements and recreational facilities. Uniform Residential Appraisal Report File No. 06-082 Freddie Mac Form 70 March 2005 Produced using AClsottw.., 800.23(.8727 www.lciw.b.com Page 3 of 6 Fannl' Ma, Form 1004 March 2005 1004_05033005 WOLFE & SHEARER APPRAISAL SERVICES Uniform Residential Appraisal Report File No. 06-082 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her 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 judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is subject to the following assumptions and limiting 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, except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the title is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader 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 this appraisal report whether any portion of 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, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, 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 research involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. 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, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs. or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 M",ch 2005 Produced using ACI software, 800.234.8721 www.8ciweb.com Pogo 4016 FaMie Mae Form 1004 M",ch 2005 1004_05033005 WOLFE & SHEARER APPRAISAL SERVICES Uniform Residential Appraisal Report File No. 06-082 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report. 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of 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 at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any Offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property Or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated in this appraisal report my own personal,unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of 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 opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, 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 or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in 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 this appraisal report: therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 Match 2005 Produced using ACI software, 800.234.87V www.aciweb.com Pege 5 of6 Fannie Mae Form 1004 M...ch 2005 1004_05033005 WOLFE & SHEARER APPRAISAL SERVICES Uniform Residential Appraisal Report File No. 06-082 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves anyone or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies 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 at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER Signature \~.~-... ~~~~ Name William A. Bassett Company Name Wolfe&Shearer Appraisal Services Company Address 33 South Pitt Street Carlisle, PA 17013 Telephone Number 717-243-1551 Email Address . Date of Signature and Report ?, "' ~ '\ \ \.;. X.' . Effective Date of Appraisal July 26, 2006 State Certification # GA-001618-L or State License # or Other (describe) State # State PA Expiration Date of Certification or License June 30, 2007 ADDRESS OF PROPERTY APPRAISED 328 East Orange Street Shippensburg, PA 17257 APPRAISED VALUE OF SUBJECT PROPERTY $ 68,000 LENDER/CLI ENT Name Company Name Jerry A. WeiQle, Attorney at Law Company Address 126 East KinQ Street ShippensburQ, PA 17257 Email Address SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signature Name Company Name Company Address Telephone Number Email Address Date of Signature State Certification # or State License # State Expiration Date of Certification or License SUBJECT PROPERTY B Did not inspect subject property Did inspect exterior of subject property from street Date of Inspection ODid inspect interior and exterior of subject property Date of Inspection COMPARABLE SALES B Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street Date of Inspection FaMie Mae Form 1004 March 2005 1004_05033005 Freddie Mac Form 70 March 2005 Produced using AClaoftware, 800.234.8727 .WWW.8ciweb.com Pogo 6 016 Wolfe & Shearer Realtors State: PA --'---- . ----.------ /;;.~"~, 'of.,.. ..'c'~'~\. . '.....1.......-. "- . . .':,1!L", '""'~i1 \, ,- '''~ " ,: . .n, ~ , .,'-.',: '. "-". ..,': " File No.: 06-082 Case No.: Zip: 17257 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: July 26, 2006 Appraised Value: $ 68,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE \"um"'''''''DLC ..."U...C" I T ...nu, u "UUCntUUIYl State: PA ,// /' ,/ " ,.~ File No.: 06-082 Case No.: Zip: 17257 COMPARABLE SALE #1 208 South Washington St Shippensburg, PA Sale Date: 6/15/2006 Sale Price: $ 85,000 1 COMPARABLE SALE #2 113 South Washington Street Shippensburg, PA Sale Date: 4/5/2006 Sale Price: $ 81,000 COMPARABLE SALE #3 39 Spring Street Shippensburg, PA Sale Date: 9/6/2005 Sale Price: $ 75,000 DIMENSION LIST ADDENDUM File No.: 06-082 Case No.: State: PA GROSS BUILDING AREA (GBA) 1,559 GROSS LIVING AREA (GLA) 1,559 Area(s) Area % of GBA Living 1,559 100.00 Level 1 825 52.92 Level 2 734 47.08 Level 3 0 ---MQ Other 54 ~ Basement 0 0.00 Garage 0 ---MQ Zip: 17257 Area Measurements Area Type Measurements Factor Total Level 1 Level 2 Level 3 Other Bsmt. Garage 27.00 x 23.00 x 1.00 621.00 ~ ~ ~ 13.00 x 6.00 x -LQ.Q. 78.00 14.00 x 9.00 x J..QQ. 126.00 27.00 x 16.00 x J..QQ. 432.00 ~ 13.00 x 6.00 x 1.00 = 78.00 IKl 16.00 x 14.00 x J..QQ. 224.00 ~ ~ x x x x x x 0 0 x x_ ~ B x x_ = ~ B x x x x ~ B x x = x x = B B x x x x ~ x x x x ~ x x x x_ = ~ x x_ = x x_ = ~ x x_ = x x_ ~ B x x = x x 0 x x 0 B x x ~ ~ ~ ~ x x_ x x x x x x x x B ~ B 8 x x x x 0 8 x x 8 x x 8 x x ~ 8 x x x x = 8 ~ x x x x ~ ~ ~ x x_ = x x B x x = x x 0 0 ~ x x = 0 0 B 0 x x = 8 0 ~ x x = 0 0 x x 8 B 8 x x x x 0 0 0 0 This form was prodU<O\l on lIle ACI De'elopment RepidF..ms .y.tem (800) 234-ll727 Borrower: Nt A File No.: 06-082 Property Address: 328 East Orange Street Case No.: City: Shippensburg State: PA Zip: 17257 Lender: Jerrv A. Weiale Attornev at Law 14.0' 6.0' 14.0' I I b I~ oj 173.0' ~ CD T"" 6.0' 13.0' b FIRST FLOOR b SECOND FLOOR ex) ~ ex) <') <') CO) N b cO T"" 14.0' 14.0' b b cO cO 13.0' 13.0' Sketch by Apex IV Windows™ . AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Code Description Size Totals Breakdown Subtotals aLA1 First Floor 825.00 825.00 First Floor GLA2 Seconci Floor 734.00 734.00 23.0 x 27.0 621.00 pip Porch 54.00 54.00 6.0 x 13.0 7B.00 9.0 x 14.0 126.00 Seconci Floor 16.0 x 27.0 432.00 6.0 x 13.0 7B.00 14.0 x 16.0 224.00 TOTAL LIVABLE (rounded) 1559 6 Areas Total (rounded) 1559 FLOORPLAN .. LOCATION MAP . File No.: 06-082 Case No.: State: PA Zip: 17257 ! / \ \ \ i ! \ \ \ \ \ \. '\ 1 \ \ \ \~" ...................~_._------_..."...-....-....... \ " ". .,- -" ....'" .-- - ,;.--- ./ /". / -.-'" --' .-- ,-' ....... -' - --' ./ MAP(C)1984-2002 TELE ATLAS NA. INC Scale: 1.56 miles Prepared by Wolfe Shearer Realtors 717-243-1551 110 Address Date Price RM 8R 8ath SqFt Proximity S 328 E ORANGE ST N/A 6 3 1 1559 0.00 MI 1 208 S WASHINGTON ST 6/15/2006 85,000 6 3 1 1,334 0.09 MI S 2 113 S WASHINGTON ST 4/5/2006 81,000 5 2 1 1,260 0.04 MI Sir 3 39 N SPRING ST 9/6/2005 . 75,000 8 4 2 1,240 0.75 MI W