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Home My WebLink About12-11-06 REV.1500 EX :6-0C i COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT. 280601 HARRISBURG, PA 17128-0601 REV-1500 W f- :s::~"J uO:::S:: wa..U J:oo uO::-' a..ClI a.. c( ~ Z W o w <.> w o INHERITANCE TAX RETURN RESIDENT DECEDENT DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL) Goodyear Pauline .------.--. DATE OF DEATH (MM-DD.YEAR) 05-04-2004 s. DATE OF BIRTH (MM-DD-YEAR) 04-28-1930 THIS RETURN MUST BE FILED IN DUPLICATE WITH THE I REGISTER OF WillS ! SOCIAL SECURITY NUMBER (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) [X] 1 Original Return D 4. limited Estate D 6. Decedent Died Testate (Attach copy 01 Will) D 9. litigation Proceeds Received D 2. Supplemental Return D 4a, Future Interest Compromise (date of death aner 12-12-82) D 7, Decedent Maintained a Living Trust (Attach copy of Trust) D 10, Spousal Poverty Credit (date 01 dealh between 12-31-91 and 1-1-95) FILE NUMBER 2 1 0 5 o COUNTY CODE YEAR NUMBER o 0 8 3 3 SOCIAL SECURITY NUMBER 163 24 8879 D 3. Remainder Return (daleoldealh pnorto 12-13-82) D 5 Federal Estate Tax Return Required 8 Total Number of Safe Deposit Boxes D 11, Election to tax under See, 9113(A) IAttach Sch 0) THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE ANDCONF:IDENTlAL TAX INFORMATION SHOULD BE DIRECTED TO: NAME COMPLETE MAILING ADDRESS Joseph D. Buckley, Esquire FIRM NAME (It Applicable) L~w Offices of Jos~h D. Buckley TELEPHONE NUMBER (717) 249-2448 z o ~ ..J ::J ~ 0:: <( <.> w 0::: J- Z W C Z o a.. '" w 0:: 0:: o U 1237 Holly Pike Carlisle, PA 17013 1 Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) (1) (2) (3) (4) (5) 8,000.00 -0- -0- -0- -0- (8) o :-:0 -=a \J TO -}:~/- ~/.,.. fT1 ~ ~;) ~ '-')0 ~_) ~ n C :n ---I - g.? 000 00 .. , (".,) \.0 "" <::::> <::::> 0"> o ,." n :-rJ J:l rTl n'le) ~..! ) (-.:) '~ 2~-3 ~_._l In .."-) 0 C) -1'1 - ~~S fn ~~ 3. Closely Held Corporation, Partnership or Sole-Proprietorship 4 Mort9ages & Notes Receivable (Schedule D) Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) 6 Jointly Owned Property (Schedule F) D Separate Billing Requested 7, Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G or L) 8. Total Gross Assets (total Lines 1-7) (6) -0- (11) (12) (13) 17,356.05 -0- -0- :z::". ::c -0- (7) 7,627.81 (14) -0- 9 Funeral Expenses & Administrative Costs (Schedule H) (9) (10) 9.728.24 10 Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) 11. Total Deductions (total Lines 9 & 10) 12 Net Value of Estate (Line 8 minus Line 11) 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 z o !c( ~ ::J a. :E o <.> ~ - 5. Amount of Line 14 taxable at the spousal tax rate, or transfers under See, 9116 (a)(1.2) x ,0__ (15) x ,0_ (16) x ,12 (17) x .15 (18) (19) 16 Amount of Line 14 taxable at lineal rate 17 Amount of Line 14 taxable at sibling rate 18 Amount of Line 14 taxable at collateral rale 19, Tax Due 20. D CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT > > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < < -0- -0- -0- -0- -0- rJ7- Decedent's Complete Address: STREET ADDRESS 310 Hill street -- ~~------------~ _.--------- CITY Mt. Holly Springs I STATE FA Ti1P-i7065 Tax Payments and Credits: 1 Tax Due (Page 1 Line 19) 2. Credits/Payments A Spousal Poverty Credit B Prior Payments C Discount (1) -0- Total Credits ( A + B + C ) (2) -0- 3 InterestJPenalty if applicable D !nterest E Penalty TotallnteresUPenalty ( D + E ) 4 :f 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 (3) -0- (4) -0- (5) -0- (SA) -0- (5B) -0- 5 If line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE, A Enter the interest on the tax due. B Enter the total of Line 5 + SA. This is the BALANCE DUE. Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred;"""""""""""""......""....,..,..".."",,,,,,,,,,,..,,,,,,.,""".",."" 0 IKI b. retain the right to designate who shall use the property transferred or its income; """,..""".."..",,,,,,,,,,,,,...,,,,, 0 g] c, retain a reversionary interest; or""."""".""""""..""..""",,,,,,,,,,,,,,,,,,,,,,,.,,.,,,,,,,,,,,,,,,,..,,,,,,,,"'''''''' " ",,,.,,.,,." 0 [ill d. receive the promise for life of either payments, benefits or care? ",,,,,,,,,..,,.,,,,,,,.,,,,,,,,,,,,,,,,..,,,,,,.,,,,,,,,.,,,,.,,,,,, 0 ~ 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ..""..".".""",,,,,.,,,,,,.,,,,,,,,,,.,,.,,,,,,,,,,,.,,,,,,,,.,,,,.,,,,,,,,,,,,''''''."""""""" 0 [ill 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? """.,,,,,,, 0 IKI 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a benefiCiary designation? ".",,,,,,,,,,,, """ ".." " "". """."."."""""".""."."."". "" "". """ ".,,,,,,,,,,,,,,,,,,.,,,,. 0 ~ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. Under penalhes of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and behef, it is true, correct and complete. Declaration of pre parer other than the personal representative is based on an information of which prepar r has any knowledge. ~l'z;~IBLEFORFILlNGR~~~ _ -r _ -~----~--_...illL~~~7-'-?i_L/~?-c?p ADORE , /. 78' L/lrsl(R,./Jc..~<C;. iO(/~.I/L4~/(Q' I~TU~ ~~~P"C<J 6c./~ ;g /7(Lr" /J1far-/Ll-'o~f-r'S_- Joseph D. Buckley, Fsquire /1- Og-- ~ 17013 For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% [72 P.S S9116 (a) (11) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0% [72 P.S. 99116 (a) (1.1) (iill. The scatute does not exemot a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the survlvmg spouse is the only beneficiary. For dales of death on or after July 1, 2000: The tax rate Imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is 0% [72 P.S, 99116(a)(1.2)]. The tax rate Imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4,5%, except as noted in 72 P.S. 99116(1.2) [72 P.S. 99116(a)(1 )]. The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. 99116(a)(1.3)]. A sibling is defined, under Section 9102, as an mdlvldua' who has at least one parent in common with the decedent, whether by blood or adoption. REV-1502 EX + (12-85) *' SCHEDULE A REAL EST ATE \ ~ FILE NUMBER 21-05_00833 COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF Pauline S. Goodyear (Property jointly-owned with Right of Survivorship must be disclosed on Schedule F) All real estate should be reported at fair market value which is defined as the price at which property would be exchanged between a willing buyer and a willing seUer, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. -.ITEM~ ..... . -...... .. ~UMBER.J __. DESCRIPTION 1. I VALUE AT DATE OF DEATH .37 acre parcel of land with mobile home and building in 'Very poor condition situate at Hill Street extended, t.'tt. Holly Springs, PA (appraisal attached for two tracts of ground for Estate of Pauline Goodyear -one tract for 0,37 acres, the other tract for 0.2 acres, The 0,2 acre tract was titled in the name of Charles Goodyear, Pauline Goodyearts father-in~law. Value of both tracts together ecualled $8,000,00, The only heirs of the Estate of Charles Goodyear and Pauline Goodyear are one and the same.) 8,000.00 i _-1 s. 8,000.OC T~!AL (Also enter on line 1, Recapitulation) (If more space is needed, insert additional sheets of same size.) REV-1511 EX+ (7-881 ESTATE OF ITEM NUMBER A. 1. B. 1. 2. . COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Pauline S. Goodyear Funeral Expenses: Myers Funeral Home Funeral dress Administrative Costs: SCHEDULE H FUNERAL EXPENSES, ADMINISTRATIVE COSTS AND MISCELLANEOUS EXPENSES Please Print or Type FILE NUMBER 8 21-05-00 33 DESCRIPTION AMOUNT 4,899.00 40.00 Personal Representative Commissions Social Security Number of Personal Representative: Year Commissions paid Attorney Fees 3. Family Exemption Claimant 4. C. 1. 2. 3. 4. 5. 6. 7_ 8. -. 2,000.00 Street Address Address of Claimant at decedent's death Relationship City Probate Fees Miscellaneous Expenses: State Zip Code 100.00 Death Certificates elate husband and father-in-law} 45.00 Notice of Administration Cumberland County Law ,TournaI The Sentinel 75.00 158.81 233.81 Appraisal Postage, telephone and copy char~es 35.00 275.00 (If more space is needed, insert additional sheets of same size.) TOTAL (Also enter on line 9, Recapitulation) S 7,627.81 ~''''''.,,;o. COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES & LIENS ESTATE OF Pauline S, Goodyear FILE NUMBER 21-05-00833 Include unreimbursed medical expenses. ITEM NUMBER 1. DESCRIPTION AMOUNT Nortwest Financial 4,903,53 616,41 4,206,30 2, 3, Water biJ,l Cumberland County/Carlisle School District (Property and school taxes 2002-20051 TOTAL (Also enter on line 10, Recapitulation) $ 9,728,24 (If more space is needed, insert additional sheets of the same size) APPRAISAL REPORT 310 HILL STREET MT. HOLLY SPRINGS, PENNSYLVANIA PREPARED FOR THE ESTATE OF PAULINE S. GOODYEAR BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EASTIDGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 COpy, SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 310 Hill Street Mt. Holly Springs, Pennsylvania TAX PARCEL NUMBERS: 40-12-0340-012 and 40-12-0340-021. IMPROVEMENTS: None included in this appraisal, due to condition of the existing buildings. PROPERTY RIGHTS: Fee simple interest. OWNERSHIP mSTORY: The subject property is owned by the estate of Pauline S. Goodyear. The property was purchased on April II, 1952 for a consideration of $1.00 and on February 21, 1964 for a consideration of $1.00. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's area, an inspection of the subject property, an estimation of the property's highest and best use, consideration of all three approaches to value, and the application of those relevant to the valuation of the subject. OBJECTIVE: To estimate the market value of the subject property as unencumbered. EFFECTIVE DATE: May 24,2004. HIGHEST AND BEST USE: Use as a residential building site. COST APPROACH: N.A. SALES APPROACH: $8,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $8,000 2 . .. APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF PAULINE S. GOODYEAR the undersigned personally inspected the following described property: All those certain pieces or parcels of land situate in South Middleton Township, Cumberland County, Pennsylvania, bounded and described as follows: TRACT NO.1: On the South by Hill Street Extended, of the Borough of Mount Holly Springs~ on the West by land of Robert Keller; on the North by land of Harry Donley; and on the East by land of Charles and Violet E. Goodyear; having a frontage of 124 feet on Hill Street Extended and extending 130 feet in depth. Containing approximately .37 acre, according to the dimensions presented in the deed. TRACT NO.2: Lot of ground fronting on Hill Street being the same premises that the Cumberland County Commissioners sold to the highest bidder by deed dated August 8, 1942, and duly recorded in the Office of the Recorder of Deeds of Cumberland County in Deed Book "0", Volume 12, Page 246. Containing approximately .20 acre, according to Cumberland County Assessment Office records and being identified as tax parcel 40-12-0340-021. To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment to make this appraisal nor the compensation is contingent upon the value reported, and that in my opinion the Market Value as of May 24, 2004 is: EIGHT THOUSAND DOLLARS $8,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. ~~ Larry E. Foote Certified General Appraiser GA-000014-L 3 . " INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of May 24, 2004, Market Value is defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this defmition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and each acting in what he considers his own best interest. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. e. 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. Source: Office of the Comptroller of the Currency, 12 CFI ~34.42(f). . IDGBEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that depend upon events or a combination of occurrences which, while within the realm of possibility, are not fairly shown to be reasonably probable, should be excluded from consideration. Also, if the intended use is dependent on an uncertain act of another person, the intention cannot be considered. Based on the above defmition and after seeing the site, neighborhood, and area, it is my opinion that use of the subject property as a residential building lot is its Highest and Best Use. 4 SITE DATA ADDRESS: Hill Street Extended TOWNSlllP: South Middleton COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: Approximately .57 acre. SEWERS: On-site septic system. WATER: Public water is located at the edge of the site. ELECTRICITY: Public utility. DESCRIPTION OF THE SITE The subject site consists of two adjoining tracts of land. One of the tracts contains approximately .37 acre and the other tract contains approximately .20 acre for a total land area of approximately .57 acre. These tracts have stone road frontage along Hill Street Extended. The site is irregular in shape and is level along the front, dropping downward toward the rear of the site. There are presently three buildings and a mobile home located on the site. All of these structures are considered to be in poor condition and add no value to the subject property. It appears that there had been lawn areas around the buildings, but the entire tract is now overgrown with vegetation. 5 , . THE APPRAISAL PROCESS Three approaches to value are generally included in an appraisal report. These techniques include the cost approach, sales comparison approach, and income approach to value. The cost approach to value is based on the assumption that the reproduction cost of a building plus land value, tends to set the upper limit to value. A key assumption is that a newly constructed building would have advantages over the existing building, therefore an evaluation focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to a new facility. Due to the age of the subject improvements, the cost approach is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. The sales comparison approach to value assumes that under normal conditions, a given number of parties acting intelligently and voluntarily, tend to set a pattern from which value can be estimated. Application of this approach relies on a comparison of the subject with a sufficient number of recent transactions of comparable properties in the market, based on a common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. The initial estimate involves the net income, which a fully informed person is justified in assuming the property will produce during its remaining useful life. This estimated net income is then capitalized into a value estimate, based upon the level of risk as compared with that of a similar type and class. Since homes similar to the subject are not typically utilized as income-producing investment properties, the income approach to value is considered to be inappropriate and has, therefore, not been included in the development of this appraisal report. 6 SALES COMPARISON APPROACH In arriving at this conclusion of the value of the subject property, the appraiser made a sUlVey of properties that have sold in the area of the subject property. Consideration was given and adjustments were made on each comparable sale as to time of sale, size, location, as well as all other factors that might affect value. A resume of some of the sales considered by the appraiser is as follows: SALE NO. 1: Location: Parcel No.: Deed Ref.: Date of Sale: Grantor: Grantee: Lot Size: Topography: Utilities: Sale Price: Unit Price: SALE NO.2: Location: Parcel No.: Deed Ref.: Date of Sale: Grantor: Grantee: Lot Size: Topography: Utilities: Sale Price: Unit Price: Hill Street Extended, Mt. Holly Springs. 40-12-0340-013 Deed Book 269, Page 1254. June 7, 2005. Ronald F. and Barbara L. Kuhn. William C. Russell. 1.00 acre with 225.74 feet of road frontage. Level along frontage, sloping upward to rear of lot. Public water at the edge of the site. Electricity and telephone service at the site. $15,000 $15,000 per acre. Comer of York Road and South Middlesex Road, South Middleton Twp. 40-10-0638-035 Deed Book 265, Page 3940. October 19, 2004. Frances W. Crock. Kraig W. Wickard. .26 acre with 145 ft. on York Rd. and 167 ft. on South Middlesex Rd. Level throughout. Electricity and telephone service at the site. $5,527 $21,258 per acre. 7 SALE NO.3: Location: Parcel No.: Deed Ref: Date of Sale: Grantor: Grantee: Lot Size: Topography: Utilities: Sale Price: Unit Price: West Pine Street, Mt. Holly Springs. 40-32-2332-024 Deed Book 271, Page 4152. .53 acre. Esther M. McNaughton. Norman J. and Nancy 1. Dellinger. .53 acre. Level throughout. Water, sewer, electricity and telephone service at the site. $20,000 $37,736 per acre. The appraiser, in addition to the sales listed, also considered several additional sales in arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this page are dollar adjustments reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. After making all of the necessary adjustments, it is the appraiser's considered opinion that the indicated value of the subject property by the Sales Comparison Approach is $8,000. 8 SALES COMPARISON ADJUSTMENTS The appraiser has analyzed comparable sales and luis developed dollar adjustments, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated value of the subject; if a significant item in the comparable is inferior to, or less favorable than the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. SALE # 1 SALE #2 SALE #3 Sale Price 15,000 5,527 20,000 Land Size -4,300 + 3,100 Topography +3,000 -1,105 -2,000 Macadam Road Frontage -3,000 -3,000 -3,000 Demolition Required -3,000 -3,000 -3,000 Public Utilities +4.000 -8.000 Net Adjustment: -7 .300 -5 -16.000 Indicated Value Per Acre: 7,700 5,522 4,000 9 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report are the following approaches to value your appraiser used: Value Indicated by Cost Approach Value Indicated by Sales Comparison Approach Value Indicated by Income Approach N.A. $8,000 N.A. These approaches are representative of the market value of the subject property. I have carefully reexamined each step in each method, and I believe the conclusions accurately reflect the attitude of typical purchasers of this type property in this neighborhood. It is my belief that this reexamination has confirmed the original conclusions. The Cost Approach will result in an excellent estimate if all elements are figured accurately, because no prudent person will pay more for a property than the cost to produce a substitute property with equal desirability and utility. Purchasers of the type of dwelling typical of the subject property are more concerned with amenities than with hypothetical replacement of the property. Due to the age of the subject improvements, the Cost Approach is considered to be inappropriate and has not been included in this appraisal report. The Sales Comparison Approach was based on several recent sales of properties similar to that of the subject, all of which are located in the same general area. The adjusted sales prices are most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of May 24, 2004, is: EIGHT THOUSAND DOLLARS $8,000 10 . ' . UNDERLYING ASSUMPTIONS AND LIMITING CONDmONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. The legal description used herein is' correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable. I assume no responsibility for such conditions or for engineering which might be required to discover such factors. 5. The information, estimates, and opinions furnished to me and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy can be assumed by me. 6. This report is to be used in its entirety and only for the purpose for which it was rendered. 7. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser or the firm with which he is connected) shall be reproduced, published, or disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication, without the prior written consent and approval of the appraiser. 8. This appraisal was prepared for the exclusive use of the client identified in this appraisal report. The information and opinions contained in this appraisal set forth the appraiser's best judgment in light of the information available at the time of the preparation of this report. Any use of this appraisal by any other person or entity, or any reliance or decisions based on this appraisal are the sole responsibility and at the sole risk of the third party. The appraiser accepts no responsibility for damages suffered by any third party as a result of reliance on or decisions made or actions taken based on this report. 11 CERTIFICATE OF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. I have no present of prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 4. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ' 7 . To the best of my knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation, and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the National Association of Realtors Appraisal Section. 12 10. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. K~ Larry E. Foote Certified General Appraiser GA-000014-L 13 PRIVACY NOTICE Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1,2001, appraisers, along with all providers of personal financial services are now required by federal law to inform their clients of the policies of the firm with regard to the privacy of client nonpublic personal information. As professionals, we understand that your privacy is very important to you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is known as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the information provided to us by you directly or received by us from others with your authorization. We do not disclose any nonpublic personal information obtained in the course of our engagement with our clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to our independent contractors, and in certain situations, to unrelated third party consultants who need to know that information to assist us in providing appraisal services to you. All of our independent contractors and any third party consultants we engage are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by us that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. We will retain records relating to professional services that we have provided to you for a reasonable time so that we are better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, we maintain physical, electronic and procedural safeguards that comply with our professional standards to insure the security and integrity of your information. 14 - . LARRY E. FOOTE REAL ESTATE APPRAISER EXPERIENCE: 1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa. Principal Broker, LaRue Development Company, Carlisle, Pa. 1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa 1972-1976: Realtor Associate, Jack Gaugben Realtor, Carlisle, Pa Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers, warehouses, and manufacturing facilities. EDUCATION: Bachelor of Business Administration, Pennsylvania State University, 1976. Associate Bachelor of Business Administration, Harrisburg Area Community College, 1974. Diploma, Carlisle Senior High School, 1965. Certificate, Pennsylvania Realtors Institute, GRI 1, GRI n, GRI m. Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-OOOOI4-L, Commonwealth of Pennsylvania Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania PROFESSIONAL DESIGNATIONS: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awarded by the Realtors National Market- ing Institute of the National Association of Realtors. CCIM: Certified Commercial Investment Member, awarded by the Realtors National Marketing Institute of the National Association of Realtors. PROFESSIONAL ORGANIZATION AFFILIATIONS: National Association ofRea1tors Appraisal Section. Carlisle Association of Realtors. Pennsylvania Association of Realtors. National Association of Realtors. Realtors National Marketing Institute. 15 . . PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members 1st Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith.s Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence. Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services. Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Orrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank 16 American Home Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firms and individuals . PHOTOGRAPHS OF mE SUBJECT IMPROVEMENTS 17 , . STREET SCENES AT THE SUBJECT PROPERTY 18